Company Interviews

Interview with Drew Clark, President & CEO of Summit Royalties
Our previous interview: https://www.cruxinvestor.com/posts/summit-royalties-tsxvsum-secures-us50m-credit-facility-to-fund-cash-flowing-deals-push-11308
Recording date: 22nd September 2026
Summit Royalties (TSXV:SUM, OTCQX:SUMMF) is a precious metals royalty and streaming company that began trading on the TSX Venture Exchange in November 2025. In under a year it has assembled a portfolio of around 46 royalties and streams, completed the Star Royalties acquisition, bought a royalty on Newmont's Saddle North deposit and arranged its first credit facility. President and CEO Drew Clark says Summit has not raised any money since going public.
The investment case rests on a visible production step-up. Four assets currently generate revenue: a 1% NSR on West Red Lake Gold Mines' Madsen mine in Ontario, a 50% silver stream on Orezone Gold's Bomboré mine in Burkina Faso, a 2% royalty on Iwatani's Keysbrook mineral sands operation in Western Australia, and a 0.5% NSR on Denarius Metals' Zancudo mine in Colombia. Bomboré dominates for now, at an estimated 68% of 2026 revenue.
Two development assets are scheduled to enter production in 2027. Copperstone in Arizona, operated by Mining Americas, is permitted, funded and under construction, with first gold targeted for mid-2027. Summit holds a 4% gold stream there, paying 25% of spot per ounce delivered, and a maiden open pit resource is expected in H2 2026. Pitangui in Brazil, operated by Jaguar Mining, pays Summit $80 per ounce on the first 250,000 ounces before converting to a 1.5% NSR. Development is expected to start in H2 2026, subject to an installation licence.
Consensus estimates cited by Clark have revenue doubling in 2027 and again in 2028, with output above 4,000 gold equivalent ounces by 2028. Summit has not issued formal guidance but intends to. Because general and administrative costs run at $1.5 million to $2 million a year and are expected to stay broadly flat, most of that incremental revenue should reach the bottom line.
The funding model is shifting. Summit's $25 million revolving facility from National Bank of Canada, with a $25 million accordion, is undrawn and costs between 6% and 7% when drawn, depending on leverage. Clark's argument is simple. When an acquired asset's revenue exceeds its interest cost, cash flow per share rises immediately and no shares are issued. That matters for a company trading at roughly 0.7 times P/NAV, where equity is an expensive currency.
Valuation is the core of the opportunity. At a market capitalisation of US$109 million, Summit trades at the lowest P/NAV and price-to-2027 cash flow multiples in its presented peer group. Clark believes the market begins treating royalty companies as established players once revenue passes a threshold he now places near $20 million.
Longer-dated optionality comes from AurMac, Banyan Gold's 8.6 million ounce Yukon project where Summit holds 0.5% to 2.0% royalties ahead of a PEA, and from Saddle North, which Clark expects to repay its C$5 million cost within a year of production.
The risks are clear. Revenue is concentrated in Bomboré until 2027, both development assets are pre-production and could face delays, and the portfolio lacks a single cornerstone stream. Investors should track Copperstone construction, the Pitangui installation licence, the first facility drawdown and Summit's maiden guidance.
View Summit Royalties' company profile: https://www.cruxinvestor.com/companies/summit-royalties 
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Allen Sabet, CEO, Mogotes Metals 
Our previous interview: https://www.cruxinvestor.com/posts/mogotes-metals-tsxvmog-district-scale-explorer-triples-drilling-to-20000m-through-2027-11919
Recording date: 21st September 2026
Mogotes Metals Inc. (TSXV:MOG, FSE:OY4, OTCQB:MOGMF) has spent 2026 assembling a three-project copper-gold portfolio spanning three continents, and CEO Allen Sabet's pitch to investors rests on a single screening discipline applied consistently across all of them: only advance ground that already carries drilled intercepts of at least 100 metres at 1% copper-equivalent, in a jurisdiction the company can realistically permit and finance.
The flagship remains Filo Sur, in Argentina and Chile's Vicuña district, immediately south of Lundin Mining's Filo del Sol discovery. A 2025–2026 season of 6,208 metres delivered two discoveries on the Macho Muerto Fault Zone — the high-grade Albor breccia and the Cruz del Sur gold-copper porphyry — alongside expanded targets at Cuenca and Luz del Sol. Rio Tinto closed a US$15 million strategic placement in August, taking roughly 5% of the company and 15 months of project-level exclusivity on Filo Sur, ahead of a 2026–2027 season planned at up to 20,000 metres.
Beyond Filo Sur, two option-stage assets add geographic and seasonal diversification. In Montana, Mogotes holds an earn-in over Rio Tinto's Copper Cliffs porphyry: US$16 million of exploration spend buys 51% of the project, with Rio Tinto entitled to pay US$32 million within 90 days of that stage completing to buy back a 2% controlling interest. Drilling of 8,000–9,000 metres is planned pending permits, potentially starting before winter. In Kazakhstan, a three-year option over the Beskauga deposit gives Mogotes access to a historical, unverified resource of several million gold-equivalent ounces at drilling costs the company describes as among the lowest available anywhere — supported by its own on-site sample-preparation lab. Up to 50,000 metres of drilling is planned this year, targeting a preliminary economic assessment within six months.
Sabet frames the three-project structure as intentional rather than opportunistic: Filo Sur drills in the Southern Hemisphere summer, Copper Cliffs and Beskauga in the Northern Hemisphere season, spreading news flow and reducing the single-season, single-catalyst risk that typically affects one-asset explorers. The company reports a treasury of approximately C$75 million, which it says funds the coming year's combined ~80,000-metre programme.
The risks scale with the structure's ambition. Two of the three projects remain contractually contingent — Mogotes must keep meeting staged spending commitments to retain or grow its interest, and Rio Tinto's Copper Cliffs buy-back right could cap Mogotes' ultimate ownership at a minority stake. The Beskauga resource has not been verified under current NI 43-101 standards. And running three permitting and drilling programmes concurrently across Argentina/Chile, the United States and Kazakhstan introduces jurisdictional and currency exposure that a single-asset peer would not carry.
For investors, the near-term catalyst set is unusually dense for a company of this size: Kazakhstan assays within months, a possible Montana drill start in October, and Filo Sur's own season running inside Rio Tinto's 15-month exclusivity clock. Whether that translates into a re-rating depends on whether Mogotes can execute all three simultaneously without diluting shareholders or ceding control of the projects it has spent the past year assembling.
Learn more: https://www.cruxinvestor.com/companies/mogotes-metals
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Recording date: 16th September 2026
Olive Resource Capital's Samuel Pelaez and Derek Macpherson used this Compass episode, recorded the day after the Federal Reserve's September rate decision, to address two distinct but connected investor questions: what the Fed's move means for the resource complex, and what the fund is watching for as it heads into the year's two most important precious metals conferences.
The headline takeaway is that neither guest sees the unanimous 25 basis point hike to 3.75-4.00% as a meaningful threat to their long-term commodity thesis. The muted reaction in gold and the US Dollar Index, alongside a US two-year Treasury yield already signalling further hikes, supports their view that the move was fully priced in rather than a genuine surprise to markets, even if it surprised the guests personally. More importantly for positioning, Pelaez's framing of gold's correlation with real rather than nominal interest rates offers a specific, testable lens for investors trying to judge how much further tightening the metal can absorb before its monetary debasement thesis is genuinely challenged. Investors should note the tail risk both guests raised without dwelling on: a hiking cycle aggressive enough to tip the US into recession remains a historical possibility that could force a more disruptive repricing than a single 25 basis point move.
On timing, the pair's read that the Fed is unlikely to hike again at its 27-28 October meeting, a week ahead of the US midterm elections, is a near-term calendar marker worth tracking against actual Fed communication over the coming weeks, rather than treating it as settled.
The conference-season discussion carries the more actionable content for stock-pickers. The core shift the pair identify from a market where companies needed to prove they could raise capital to one where most already have it and now need to prove they can deploy it, this reframes what investors should listen for in company presentations this autumn: tangible project milestones and catalysts, not just balance sheet strength. Olive's specific focus on finding a copper name to replace Arizona Sonoran Copper following its acquisition signals where the fund sees the next wave of M&A activity concentrating, and its continued but qualified conviction in Gladiator Metals offers a concrete example of a name investors may want to benchmark against whatever emerges from Beaver Creek and Colorado Springs.
The Bravo Mining anecdote is worth flagging as a broader behavioural point rather than a stock-specific one: both guests explicitly warn against anchoring too heavily on a name's history, whether that's a story once dismissed as overvalued or one an investor has simply stopped tracking. For a fund with Olive's track record of identifying re-rating candidates before broader market recognition, that openness to revisiting prior "no"s is itself a signal of where they expect this cycle's opportunities to concentrate: not necessarily in new discoveries, but in familiar names whose valuations or fundamentals have shifted enough to warrant a second look.
Learn more: https://cruxinvestor.com
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Stephen Mullowney, Director & CEO of TRX Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/trx-gold-tsxtnx-doubling-gold-production-through-expansion-and-re-investment-allocations-4208
Recording date: 16th September 2026
TRX Gold Corporation (TSX:TRX) (NYSE American:TRX) has spent five years turning the Buckreef Gold Project in Tanzania from a stalled exploration asset into a self-funding gold producer, and its preliminary fiscal 2026 results are the clearest evidence yet that the model is working. Full-year gold production reached a record 29,650 ounces, a 57% increase on 2025 and the top end of the company's own guidance range, while Q4 alone delivered 8,173 ounces, up 28% year-on-year. Realised gold prices which rose 46% for the full year to approximately $4,386 per ounce compounded the production gains into a run-rate EBITDA CEO Stephen Mullowney puts at approximately $80 million today, with a stated target of $200-250 million within two to three years.
What differentiates TRX Gold from many junior producers pursuing similar growth is how that growth is being financed. The company is mid-build on a new 3,500 tonnes-per-day (tpd) SAG/ball mill circuit, running alongside its existing, recently upgraded 2,000 tpd plant, for a theoretical combined capacity of 5,500 tpd which is comfortably above the 3,000 tpd envisioned in the company's May 2025 PEA. The roughly $50 million cost is being funded entirely from operating cash flow, with the company carrying zero debt and $30 million of cash on the balance sheet, plus undrawn credit facilities. Management's stated fallback, should more capital be required, is debt rather than equity which is a meaningful distinction in a sector where dilution is often the default financing tool.
The operating jurisdiction adds a further layer to the case. Buckreef sits in Tanzania's Geita Region alongside established operations run by Barrick, AngloGold Ashanti, Perseus and Shanta, giving TRX Gold access to local contractors, supply chains and banking relationships that reduce build risk relative to more frontier settings. The project itself is held through a 55/45 joint venture with Tanzania's state mining company, Stamico, with TRX Gold holding board control and capital recovery preference on its approximately $30 million project loan; management is in discussions to move toward a more standard national resource framework, which would address the currently dilutable nature of the government's 45% interest.
Near-term catalysts include continued ramp-up of the mill upgrades already boosting throughput and recovery, tangible construction progress on the new SAG/ball mill circuit, and an updated PEA expected by early 2027 that should formalise a revised, open-pit-first mine sequence. Exploration capacity is also scaling quickly, from two drill rigs currently to five within four to six months, targeting both resource growth at the existing 1.5-million-ounce-plus resource base and new discoveries across ten geophysical targets and the Stamford Bridge and Anfield zones. Recent addition to the MVIS Global Junior Gold Miners Index adds a structural liquidity catalyst on top of the operational story. The principal risks are the model's sensitivity to a sustained gold-price pullback and the still-unresolved Stamico framework renegotiation which are both worth monitoring though neither appears to threaten the current growth trajectory.
Learn more: https://www.cruxinvestor.com/companies/trx-gold
Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Rob Bruggeman, Director & CEO of Outcrop Silver
Our previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-gold-tsxvocg-12m-drilling-to-expand-high-grade-silver-resource-7129
Recording date: 16th September 2026
Outcrop Silver & Gold Corporation (TSX:OCG) has repositioned its investment case around a more rigorously classified, and larger, mineral resource at its 100%-owned Santa Ana project in Tolima, Colombia. The September 14, 2026 Updated Mineral Resource Estimate reports 29.9 million ounces silver-equivalent (AgEq) Indicated at 518.7 g/t, plus 27.9 million ounces AgEq Inferred at 368.5 g/t - a combined 57.8 million ounces across 13 vein systems, built on 130,006 metres of drilling. Despite total drilling nearly tripling since the 2023 maiden estimate, Indicated ounces grew a comparatively modest 23.5%, because the company applied a stricter classification standard requiring minimum drill-hole support - evidence, management argues, of a more defensible resource rather than a diluted one.
The update comes under new leadership. Rob Bruggeman, an equities analyst by background who previously chaired Aberra Silver through its growth from under $10 million to over $2 billion in market capitalisation, became President and CEO roughly five months ago. He has been explicit that he prioritised a realistic resource over headline size, and has brought in Colombia-based geologist Carlos Torres as Vice President of Exploration.
Grade remains Santa Ana's standout feature: at 518.7 g/t AgEq Indicated, it compares favourably to publicly disclosed primary silver peers, with individual veins - Las Maras, El Dorado, Paraiso and Guadual - running from roughly 590 to 855 g/t AgEq. Metallurgical recoveries of 96.3% silver and 98.5% gold, from a simple gravity-plus-flotation flowsheet, support management's view that initial capital costs can stay low, aided by existing highway, power and water infrastructure at the site.
The next catalyst is a Preliminary Economic Assessment, starting end of September 2026 and expected in early 2027. Management has sized a preliminary target of roughly 800-1,000 tonnes per day, built from combined Indicated and Inferred resources, with a minimum mining width of one metre reflecting Colombia's cost-effective, labour-intensive cut-and-fill mining methods. A pilot plant, estimated at approximately C$5 million, is planned as an execution proof point ahead of any larger build decision.
Exploration upside remains material: twelve known vein systems are not yet included in the resource, and the 17-kilometre mineralized corridor remains open at both ends. At the company's historical drilling productivity of roughly 445 ounces AgEq added per metre, reaching a stated 100 million ounce target would require an estimated 95,000 further metres of drilling - about two-and-a-half years at the current 35,000 metre annual pace.
Ownership and financing support the story: Eric Sprott holds approximately 20% and Jupiter Asset Management approximately 9%, with C$15 million cash and C$8 million in in-the-money warrants as of August 2026. Colombia's government has also repealed ten restrictive mining resolutions as of September 2026 and targeted $4 billion in mining investment through 2030. Management's explicit near-term goal is to shift the market's valuation approach from a rough in-situ ounce metric toward a discounted cash flow basis - a shift the PEA is designed to enable.
Learn more: https://www.cruxinvestor.com/companies/outcrop-silver-gold
Sign up for Crux Investor: https://cruxinvestor.com/subscribe