Company Interviews

Interview with Marco Roque, President & CEO of Cassiar Gold Corp.
Our previous interview: https://www.cruxinvestor.com/posts/cassiar-gold-corp-tsxvgldc-whoever-comes-in-on-cassiar-is-going-to-make-a-lot-of-money-9480
Recording date: 17th March 2026
Cassiar Gold Corp. (TSXV:GLDC) operates an advanced exploration project in northern British Columbia with a resource base and infrastructure profile that management believes the market has significantly mispriced. The company controls 2.3 million ounces at its Taurus deposit, comprising 1.9 million inferred ounces at 0.95 grams per tonne and 410,000 indicated ounces at 1.43 grams per tonne. With 91% of these ounces within 150 meters of surface and the deposit remaining open in all directions, the geological foundation provides both near-term development potential and longer-term expansion opportunity.
What distinguishes Cassiar from typical exploration companies is its existing infrastructure position. The property holds valid mine permits, a permitted 300 ton-per-day mill, paved road access, grid power, 25 kilometers of underground workings, and 160 kilometers of access roads. President and CEO Marco Roque emphasizes that these pre-existing assets represent hundreds of millions in sunk capital that competing projects would need to spend and years of permitting timeline already completed.
Despite these advantages, Cassiar trades at approximately $32 Canadian per ounce of enterprise value with an $80 million market capitalization, well below the $50-900 per ounce range management cites for comparable peers. The company's strategic positioning centers on dual development optionality: high-grade underground veins averaging 10-20 grams per tonne capable of generating 30,000-60,000 ounces annually with minimal capital requirements estimated at $3 million Canadian, alongside longer-term open-pit development of the bulk tonnage deposit.
The critical path to production involves re-permitting tailings facilities to current British Columbia standards, estimated at 1.5-2 years, though direct shipping ore arrangements could compress this timeline by 25-33%. With current gold prices creating potential margins exceeding $5,000 per ounce on high-grade material versus $200-300 margins in previous years, management believes the risk-reward profile for near-term development has fundamentally improved, driving increasing strategic interest and supporting the company's transition from exploration toward production.
Learn more: https://www.cruxinvestor.com/companies/cassiar-gold
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Interview with Richard Drechsler, President & CEO of Trifecta Gold
Recording date: 17th March 2026
Trifecta Gold is positioning itself as the next potential discovery story in Yukon's Tombstone Gold Belt, where exploration companies have identified over 20 million ounces of new gold resources since 2020. Led by CEO Richard Drechsler, a 20-year Yukon exploration veteran, the company is systematically exploring reduced intrusion-related gold systems in a geological corridor that has transformed Snowline Gold from a penny stock into a multi-billion dollar company.
The company's corporate structure reflects strong institutional backing. Three cornerstone investors control 40% of outstanding shares: Condire Investors holds 20%, Crescat Capital 10%, and an HNW investor group another 10%. Management owns approximately 11% with no seed stock dilution, ensuring alignment with shareholders. All positions were acquired through private placements or market purchases, with the initial 2024 round priced at 15 cents.
Trifecta's inaugural 2025 drilling program at the Rye project delivered encouraging results. Six holes systematically tested different geological environments around a target intrusion located 14 kilometers from the North Canol Road. The first hole intersected 37 meters of over one gram per ton gold, while another hole encountered 1,400 grams per ton silver over two meters. Core samples showed vein densities comparable to or exceeding those at Banyan Gold's successful project, with the correct gold-bismuth-tellurium metal signature present in over 90% of samples.
The technical team brings targeted expertise. Moira Smith, who co-authored papers on intrusion-related systems and worked at Alaska's Pogo deposit, joined the advisory committee alongside Fred Graybeal, former ASARCO chief geologist. The company benefits from logistical support through Archer, Cathro & Associates, which has explored Yukon since 1965.
With $3 million in treasury, including $2 million in flow-through funds, Trifecta plans to mobilize in June for a July-September drilling campaign at Rye. Results are expected from September through year-end. Beyond Rye, the company controls nine additional untested properties in the belt, providing multiple discovery opportunities as it pursues what Drechsler describes as "front end of that LAN curve" value creation.
View Trifecta Gold's company profile: https://www.cruxinvestor.com/companies/trifecta-gold
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Interview with Dr. Mark Williams, President & CSO, and  J. Roderick Matheson, Director & CEO of Marvel Bioscience Corp.
Recording date: 16th March 2026
Marvel Biosciences is advancing MB-204, a first-in-class treatment for social withdrawal conditions across autism spectrum disorder, depression, and Alzheimer's disease. The clinical-stage biotechnology company targets an underserved therapeutic area affecting millions globally, with autism prevalence reaching one in 36 children in the United States and depression impacting one in eight adults currently on antidepressants. The addressable market spans hundreds of billions of dollars in healthcare costs and lost productivity.
The compound is based on a modified version of an approved Parkinson's medication, providing an established safety foundation for clinical development. Preclinical data demonstrates rapid symptom reversal within one hour of oral dosing in animal models. In head-to-head comparisons, MB-204 outperformed trofinetide, the only FDA-approved Rett syndrome treatment, across all measured behavioral endpoints. Critically, animals treated with MB-204 maintained improvements for two to three weeks after treatment cessation, suggesting semi-permanent neurological changes, while trofinetide benefits disappeared immediately upon stopping.
Marvel's clinical strategy prioritizes orphan disease indications, specifically Rett syndrome and Fragile X syndrome, where Phase 3 success rates exceed 50% due to genetically homogeneous patient populations and validated regulatory pathways. The company has completed manufacturing of clinical-grade material and toxicology studies, positioning MB-204 for immediate Phase 1 entry in Australia within six to twelve months. The Australian regulatory environment offers efficient processes and a 43% research tax credit that significantly reduces development costs.
Marvel holds composition of matter patents in China and Japan, with additional jurisdictions pending. The company has engaged in preliminary partnership discussions, aligning with neuroscience sector dynamics where approximately 70% of companies complete licensing or acquisition deals before Phase 2. Historical precedents show neuroscience acquisitions typically occur at valuations exceeding $80 million at this stage. Trading at $9 million CAD market capitalization, Marvel represents a significant discount to comparable Phase 1 neuroscience firms, with several peers valued between $100-400 million.
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Interview with Stephen Twyerould, President & CEO of Gunnison Copper
Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxmin-nears-copper-production-start-in-september-2025-7847
Recording date: 13th March 2026
Gunnison Copper has released an updated Preliminary Economic Assessment for its flagship Arizona copper project, demonstrating $2 billion in after-tax net present value and positioning the asset as a prime acquisition target in North America's critical minerals sector. The study shows a 22.7% internal rate of return with $1.5 billion in capital requirements, representing a $700 million improvement in NPV over the company's previous assessment completed just 12 months earlier.
The project is designed to produce 80,000 metric tons of copper cathode annually over a 21-year mine life, generating $6-7 billion in cumulative free cash flow. The substantial NPV improvement stems primarily from operational and technical enhancements rather than commodity price assumptions, including the strategic integration of the high-grade Strong & Harris satellite deposit and incorporation of innovative mineral sorting technology.
Strong & Harris, located 3 kilometers from the main Gunnison pit, grades 0.8% copper—nearly three times typical Arizona operating grades—and added $190 million to NPV by leveraging shared infrastructure rather than operating as a standalone development. The company has also incorporated an on-site acid plant to eliminate dependency on volatile Mexican imports, contributing an additional $200-250 million to project value while providing competitive advantage.
CEO Stephen Twyerould was direct about the company's strategic path forward, stating the firm is "unlikely to build this thing" independently. Instead, management is focused on delivering a fully-permitted Preliminary Feasibility Study with reserves within 18-24 months to maximize shareholder value through a potential transaction. The company benefits from a streamlined state-level permitting process without federal nexus, leveraging existing permits that require only amendment.
Currently trading at a $220 million market capitalization—approximately one-third the valuation multiples of comparable Arizona copper developers—Gunnison represents what Twyerould describes as exceptionally rare: a mid-tier scale project approaching fully-permitted status in a tier-one jurisdiction with proven management execution capability.
View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copper
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Interview with Oliver Turner, VP, Corporate Development of Americas Gold & Silver Corp.
Our previous interview: https://www.cruxinvestor.com/posts/americas-gold-silver-tsxusa-new-usa-critical-minerals-hub-to-be-built-9246
Recording date: 13th March 2026
Americas Gold & Silver is executing an ambitious expansion strategy at its flagship Galena mine in Idaho, backed by what management argues is a significant valuation disconnect in the market. Trading at 0.7-0.85 times net asset value according to consensus analyst models, the company sits well below the peer group average of 1.5x NAV despite operating the world's third highest-grade primary silver mine.
The company recently announced its largest exploration program in history, comprising 64,000 meters of drilling primarily focused at Galena. Recent results have delivered impressive intercepts approaching 5 kilograms per ton of silver, accompanied by substantial copper and antimony byproducts. The program builds on two major 2025 discoveries, including the 34 vein which has expanded to a target of 6-7 million ounces.
Management's production goal centers on returning Galena to 5 million ounces annually, matching historical 2002 output levels. This target underpins a three-year operational transformation plan focused on modernization, equipment upgrades, and transitioning to more efficient mining methods. The strategy emphasizes dual objectives: increasing throughput while simultaneously improving grades through targeted drilling of high-grade zones.
Executive Vice President Oliver Turner emphasized the management team's proven track record, having previously scaled production from near-zero to 200,000 gold ounces annually at both Coeur Mining and Klondex using identical operational strategies. The team's execution capability represents a key differentiator as the company navigates its growth phase.
Strategic initiatives include a joint venture with US Antimony to construct an antimony processing facility at Galena, maximizing payability for critical mineral byproducts, and the acquisition of the nearby Crescent mine to generate operational synergies.
With $130 million in cash and a $50 million undrawn credit facility, all planned growth initiatives are fully funded without requiring additional capital raises. At current silver prices above $84 per ounce, the company generates robust operating cash flow while investing in production expansion.
View Americas Gold & Silver's company profile: https://www.cruxinvestor.com/companies/americas-gold-silver-corporation
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