Company Interviews

Interview with Nathan Kong, CEO of Bayan Mining & Minerals
Recording date: 17th April 2026
Bayan Mining and Minerals is emerging as a rare earths and critical minerals story built around two themes: geological proximity to a proven U.S. rare earth district and technology that could improve downstream processing economics. Its Desert Star project in California sits just 4.5 km from Mountain Pass, the only producing rare earth mine in the United States, and early surface sampling has returned grades as high as 6.68% total rare earth oxides, giving the company a credible exploration target in a strategically important jurisdiction.
The near-term catalyst is a maiden 1,000-meter reverse circulation drilling program scheduled for June 2026, with results expected in July or August. Bayan says the program will test both shallow high-grade anomalies and deeper extensions, with the geological model suggesting a possible carbonatite system at depth and monazite mineralisation near surface. The company has framed success around meaningful intercepts and retains flexibility to expand drilling quickly if early holes are encouraging.
What differentiates Bayan from a standard junior explorer is its licensing of four rare earth processing patents from Colorado School of Mines. Those technologies include a single-stage leach approach and other separation and recovery methods designed for bastnaesite-dominant ores like those at Mountain Pass, where they were developed and tested. The strategic appeal is not only higher recoveries and lower processing complexity, but also a stronger position for U.S. government support as Washington pushes to rebuild domestic critical minerals supply chains.
Bayan also has portfolio depth. Its Bayan Springs gold-silver project in Nevada’s Carlin Trend provides additional upside and downside protection, while the company’s cash balance of $2.8 million gives it runway for multiple drill campaigns without immediate funding pressure. Overall, the investment case rests on a convergence of location, geology, technology licensing, and policy tailwinds that could make Bayan a notable participant in the U.S. rare earth buildout.
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Interview with Zac Dolesky, Founder & CEO of Super Copper
Recording date: 15th April 2026
Super Copper is a small but increasingly well-defined copper explorer in Chile’s Atacama region, and its story is shifting from groundwork to drilling. The company’s Cordillera project now hosts a kilometre-scale anomaly that could become its first major discovery test, while the Castilla project offers a second pipeline of upside.
Founded by Zac Dolesky after years of direct investing in metals and technology, Super Copper listed on the Canadian Securities Exchange and OTCQB in October 2024. Since then, it has assembled a technical team that includes experienced copper specialists and built a portfolio in one of the world’s premier mining belts.
Cordillera is the main focus. Recent IP work outlined an 800m-plus strike anomaly that remains open along strike and at depth, with the target beginning around 200m below surface and extending beyond 400m vertically. Historical core and surface sampling have strengthened the model, including copper grades reaching 10% at surface and broader mineralized intervals that support the geophysical interpretation.
That data is now feeding into an imminent drilling campaign. Super Copper plans about 5,000m across 8 to 10 holes, targeting roughly 500m depth, with drilling expected by the end of Q2 2026 and first assays in Q3 2026.
The company has also shown unusual capital discipline for a junior explorer. It raised only about $3.5 million over several years before closing a recent $9.75 million financing at $0.75 per share, and it has done so with only 54 million shares outstanding.
That combination of a tight share structure, a funded drill program, and a large target in Chile’s Atacama copper belt gives Super Copper near-term catalyst potential. The main risk is still exploration success, but the company has moved far enough along that the next round of drilling should provide a meaningful read on whether Cordillera is a genuine copper discovery.
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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-tsxvnfg-announces-75-million-loan-facility-agreement-for-queensway-9477
Recording date: 15th April 2026
New Found Gold Corporation is officially making the leap from an exploration company to an active gold producer. The company recently secured a robust new financing package that replaces a previous debt agreement, signaling strong institutional confidence. This unsolicited deal matches the original debt terms but adds a significant equity investment priced at the current market value with zero discount. This long-term partnership fully funds the CA$155 million capital cost for their flagship Queensway project in Newfoundland and includes a safety net for potential construction overruns.
The company's development timeline is moving aggressively to capitalize on this funding. Right now, New Found Gold is expanding its existing Pine Cove Mill processing capacity to handle upcoming production rather than building an entirely new facility. Their secondary Hammerdown project is already ramping up and is expected to hit commercial production in the second half of this year, generating steady interim cash flow. Meanwhile, construction at the primary Queensway site kicks off this summer. With engineering contractors already on site and permits expected shortly, Queensway remains perfectly on track to deliver its first gold by the end of 2027.
Financially, the Queensway project offers massive upside. The mine targets an initial annual output of roughly 100,000 ounces of gold. Thanks to an estimated all-in sustaining cost of just $1,300 per ounce, the project could generate over $300 million in free cash flow every year at current gold prices. By balancing debt and equity, CEO Keith Boyle and his team deliberately chose to limit financial strain, prioritizing guaranteed execution over avoiding minor shareholder dilution. Ultimately, this strategic funding ensures New Found Gold can comfortably build its operational future while leveraging strong margins in today's thriving market.
Learn more: https://www.cruxinvestor.com/companies/new-found-gold
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Interview with Luke Norman, Executive Chairman of US Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/us-gold-corp-nasdaqusau-fully-permitted-fs-imminent-2027-28-target-9430
Recording date: 15th April 2026
US Gold Corp (NASDAQ:USAU) has unveiled a definitive feasibility study (DFS) for its CK Gold project in Wyoming, confirming robust economics and a clear path toward production. At a base gold price of $3,250 per ounce, the study outlines an after-tax Net Present Value (NPV) of $635 million and an Internal Rate of Return (IRR) of 27%, nearly triple the value from the previous prefeasibility analysis. At current spot prices near $4,500, the project’s potential soars to a $1.4 billion NPV with a 50% IRR, underscoring exceptional leverage to gold markets.
The 11-year open-pit mine will produce roughly 90,000 ounces of gold equivalent annually, supported by strong copper demand, simple near-surface mining conditions, and full permitting. All operational licenses including mine, industrial, and environmental permits are secured and non-revocable under Wyoming law, removing a major development risk.
Capital expenditure is projected at $400 million, including a healthy contingency buffer. US Gold plans to lower costs through used equipment purchases and contractor negotiations, taking advantage of abundant local mining services. Debt financing proposals cover up to 80 percent of the required capital, with favorable terms reflecting the project’s de-risked status.
Further upside includes recovering 300,000 ounces of gold from tailings boosting recoveries from 70% to over 97% and monetizing waste rock valued at $800 million to $1 billion as construction aggregate. The company is also examining cyanide-free processing alternatives to improve sustainability.
With commodity prices near record highs and North American mining assets in short supply, Copper King stands out as a shovel-ready, financed, and fully permitted project. Executive Chairman Luke Norman calls it “a uniquely de-risked opportunity” poised to benefit from a mining sector hungry for secure, high-return developments.
View U.S. Gold's company profile: https://www.cruxinvestor.com/companies/us-gold-corp
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Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.
Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-2026-set-for-more-gains-as-large-treasury-builds-9260
Recording date: 15th April 2026
Santacruz Silver Mining Ltd. (TSXV:SCZ) is a multi-asset, multi-metal producer operating across Mexico and Bolivia, with silver as its primary revenue metal. Having closed 2025 with revenues of $326 million and EBITDA of $104 million, the company's strongest financial results in recent years, the company is now entering what management believes will be a year of accelerating operational recovery and earnings growth.
The most significant near-term catalyst is the recovery of the Bolivar mine in Bolivia which suffered flooding of two key veins and resulting in a cumulative loss of approximately 600,000–660,000 silver equivalent ounces over the affected period. The dewatering programme is progressing on schedule, with Q4 2025 silver production at Bolivar already up 34% quarter-on-quarter. Full capacity restoration representing a quarterly run rate of 1.0–1.2 million silver equivalent ounces from Bolivar mine is targeted for Q4 2026. This recovery alone represents a material production and cash flow uplift for the group, requiring no new capital expenditure or exploration success.
Beyond Bolivar, management has guided for approximately 10% group production growth in 2026, supported by throughput and recovery improvements at Zimapan in Mexico, incremental output from the newly opened Esperanza area at Caballo Blanco, and the initial production contribution from Soracaya in Bolivia, which is expected to begin at approximately 200–250 tonnes per day in Q4 2026 ahead of a full ramp-up in 2027.
On the financial side, Santacruz ended 2025 with approximately $70 million in cash achieved after paying down $40 million in Glencore debt and settling $27 million in deferred taxes during the year. The balance sheet is clean, working capital has improved materially, and the company is generating cash at a growing rate. Management's approach to capital deployment is conservative, prioritising treasury strength while exploring accretive M&A opportunities across the Americas.
Two near-term transparency improvements are worth noting. First, the company is restructuring its AISC reporting to separate San Lucas from consolidated mine-level cost figures, which will give investors a significantly cleaner view of operating economics. Second, Santacruz is pursuing a graduation from the TSXV to the TSX main board, which management has identified as the trigger for launching a formal share buyback programme. Management has been explicit that it views the current share price as undervalued relative to fundamentals.
The silver macro backdrop adds further support with silver demand structurally expanding due to its role in solar photovoltaics, electric vehicles, and grid-scale storage, while supply growth remains constrained by long project development timelines and the predominantly by-product nature of silver mining. Santacruz, as a primary silver producer operating exclusively in the Americas, is well-positioned to benefit from both the commodity trend and the growing Western preference for supply chain diversification.
For investors, the combination of a defined operational recovery timeline, guided production growth, a strengthening balance sheet, and multiple identifiable re-rating catalysts makes Santacruz Silver a company worth following closely as 2026 progresses.
View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-mining
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