Company Interviews

Interview with Jonathan Egilo, CEO of Axo Metals
Recording date: 24th June 2026
Axo Metals is advancing its San Antonio gold project in Sonora, Mexico toward a potential production decision, combining ongoing drilling, engineering work, and permitting with a Preliminary Economic Assessment (PEA) expected in September. Acquired earlier this year, San Antonio is a brownfield asset with a history of heap leach gold production, most recently operated in 2021. Existing infrastructure, including a 12,000-tonne-per-day crusher and maintained processing facilities, significantly reduces development risk and upfront capital requirements.
The company’s near-term focus is the Sapuchi deposit starter pit, a near-surface oxide deposit with a low strip ratio that allows mining to begin immediately in ore. Infill drilling at Sapuchi has delivered encouraging results, including gold mineralisation in areas previously classified as waste. These findings could improve project economics by lowering effective stripping requirements and increasing recoverable material within the planned pit.
San Antonio currently hosts a resource of approximately 1.1 million ounces of gold based on a 2021 estimate at lower gold prices. Axo Metals believes this could grow to 1.5–2 million ounces through updated pricing assumptions and ongoing expansion drilling. Over a projected mine life of 10 to 12 years, the project could support annual production of 100,000 to 150,000 ounces, with additional upside from a future sulphide milling operation.
Financially, the company has raised $40 million, with additional warrant potential, and estimates that only tens of millions more are needed to reach initial production due to the project’s partially built status. With permitting underway and a clear development plan, Axo Metals is positioning San Antonio as a near-term, capital-efficient gold production opportunity, particularly attractive in a strong gold price environment.
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Interview with Craig Lindsay, CEO, US Operations of Resolution Minerals
Recording date: 24th June 2026
Resolution Minerals Limited (ASX:RML) is advancing its Horse Heaven project in Idaho at a moment when US policymakers are actively prioritising domestic supply chains for antimony and tungsten which are of limited substitutes and outsized exposure to Chinese supply concentration. China currently processes approximately 80% of global antimony supply and mines around 60% of it, a dynamic that has previously resulted in export restrictions to North America and has elevated supply security to a national policy concern.
Horse Heaven sits directly adjacent to Perpetua Resources' Stibnite project, a permitted Idaho gold mine valued at ~$4 billion that has drawn US government and military attention partly due to its antimony content. Resolution's differentiation lies in grade: its antimony veins, ranging from a few inches to a couple of feet thick, average approximately 40%, against Stibnite's sub-1% grade. Because Stibnite's antimony will be recovered only as a byproduct of gold production, Resolution's near-surface, standalone veins may offer a more direct and capital-efficient route to extraction.
Craig Lindseay, CEO of US Operations, has overseen approximately $47 million raised over the past six months, predominantly from Australian investors, and the company is now progressing toward a NASDAQ listing intended to broaden access to deeper US capital markets. Resolution is also engaging directly with federal policymakers and the Department of War, and is a member of the Defense Industrial Base Consortium, a channel for accessing critical minerals supply chain funding. Grant applications have been submitted, though outcomes remain undisclosed.
Notably, management has been explicit that government capital is not treated as a precondition for project viability. Lindsay stated that the project's high grades and near-surface mineralisation should allow it to function as a standalone development, with government support sought primarily through permitting assistance rather than direct funding dependency. This is reflected in the company's recent award of Fast-41 status, a federal designation that subjects the US Forest Service's permitting process to defined timelines via the Permitting Council, addressing what is widely regarded as the principal bottleneck across the mining sector.
On infrastructure, Resolution has acquired a 25-acre private parcel containing the historic Johnson Creek Tungsten Mill, offering more permitting flexibility than public land. The company is pursuing a phased strategy toward early revenue: existing tungsten stockpiles would be sold to third-party processors in the near term, while a bulk sample extraction permit application for a minimum of 500 tons of high-grade antimony material which is roughly equivalent to two years of US military demand is also in progress.
A 45,000-foot drill programme is underway, with results expected from late July through year-end and a maiden resource estimate targeted for Q1 2027. The project remains pre-resource and pre-permit for full-scale production, and funding, listing, and permitting outcomes remain pending.
View Resolution Minerals' company profile: https://www.cruxinvestor.com/companies/resolution-minerals-ltd
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Interview with Rupert Verco, CEO, Cobra Resources
Our previous interview: https://www.cruxinvestor.com/posts/cobra-resources-lsecobr-discovers-high-grade-copper-gold-over-74m-9534
Recording date: 24th June 2026
Cobra Resources is advancing what it describes as Australia’s only rare earth project suited to in situ recovery (ISR), a mining method that offers lower capital costs, reduced environmental impact, and faster development timelines compared to conventional techniques. Located in South Australia, the project has recently confirmed mineralisation across two prospects through sonic core drilling, supporting progress toward a maiden mineral resource estimate.
A defining feature of the project is its high-value rare earth composition. Approximately 43% of the mixed rare earth carbonate (MREC) basket consists of heavy rare earths, including nearly 5% dysprosium and terbium—elements critical for electric vehicles and wind turbines and typically more valuable than light rare earths. This positions Cobra competitively among global ionic clay projects.
Technical results further support ISR viability. Permeability testing has demonstrated strong hydraulic connectivity, with transmissivity rates of around 8 metres per day and 80% tracer recovery within two days. These metrics suggest efficient leach cycles of 30–60 days and support well-field spacing that enhances operational efficiency. Importantly, high tracer recovery also indicates effective containment, a key requirement for regulatory approval.
The project may also benefit from natural sulfide oxidation within the orebody, which can generate sulfuric acid in situ. This could offset a significant portion of reagent costs, typically around 30% of operating expenses in ISR projects, improving overall economics.
Cobra plans a low-cost pilot study using existing infrastructure and ANSTO’s facilities to validate the ISR process, followed by a scoping study. With supportive regulatory conditions in South Australia and proven ISR analogues in similar geological settings, the project presents a differentiated, capital-efficient pathway to rare earth production amid rising global demand for critical minerals.
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Interview with Farhad Abasov, Chairman, Millennial Potash
Our previous interview: https://www.cruxinvestor.com/posts/millennial-potash-tsx-vmlp-the-worlds-next-low-cost-potash-producer-6383
Recording date: 15th June 2026
Millennial Potash is advancing a large-scale potash project in Gabon that it positions among the world’s largest undeveloped deposits. The company has defined an estimated 6 billion tonnes of measured, indicated, and inferred resources from drilling across just 4% of its 1,500 square kilometer licence area, leaving significant potential for further expansion. This scale, combined with a relatively low projected cost structure and proximity to key agricultural markets, underpins the project’s investment appeal.
A central component of the project’s development is support from the US International Development Finance Corporation (DFC), which has provided a $3 million grant for feasibility work and may offer construction debt financing, subject to project milestones. Additional backing from US government entities reflects growing strategic interest in diversifying global potash supply, which is currently concentrated among a small number of countries. Millennial aims to complete feasibility and environmental studies by early 2027, secure full financing by mid-2027, and begin construction later that year using solution mining, a lower-capex method than traditional underground mining.
The company is targeting a capital structure with 60–65% debt to limit equity dilution and is seeking off-take agreements tied to upfront financial participation rather than simple purchase contracts. At the same time, management is exploring strategic partnerships or acquisition opportunities, drawing on its track record of selling previous potash projects to major industry players.
Infrastructure development, including access to an existing port and a proposed deepwater facility, could support scaling production from an initial 800,000 tonnes annually to as much as 4–5 million tonnes over time. Positioned near underserved African markets and major importers like Brazil, the project aligns with broader trends toward supply diversification in the global fertilizer sector.
Learn more: https://www.cruxinvestor.com/companies/millennial-potash-corp
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Interview with Eric Zaunscherb, Chairman, Critical Elements Lithium
Our previous interview: https://www.cruxinvestor.com/posts/critical-elements-lithium-tsxvcre-high-value-rose-project-on-the-path-to-fid-3510
Recording date: 16th June 2026
Critical Elements Lithium is positioning itself as a standout developer in the recovering lithium sector, anchored by its fully permitted Rose Lithium-Tantalum project in Quebec. Unlike many peers, the company has already cleared two major development hurdles: environmental approvals and a formal agreement with the Cree Nation. This significantly shortens its path to production and reduces execution risk.
A 2023 feasibility study outlines robust project economics, including annual production of 200,000 tonnes of spodumene concentrate, a net present value of US$2.2 billion, a 66% internal rate of return, and a rapid 1.8-year payback period. These estimates are based on conservative pricing assumptions below current market levels, suggesting additional upside as lithium prices recover.
Beyond its flagship asset, Critical Elements is actively advancing exploration at the nearby Rose West discovery. Early drilling has already expanded the deposit footprint multiple times, and ongoing work is expected to further grow the resource. Importantly, Rose West can be integrated into the existing project without requiring separate permitting, potentially enhancing long-term production and project value.
The company also holds a strategic 20% carried interest in the Nisk Joint Venture, alongside equity in partner Power Metallic. This exposure provides additional upside through a polymetallic discovery that is not fully reflected in Critical Elements’ current valuation.
Despite its strong fundamentals, the company trades at a significant discount to peers and analyst targets, largely due to uncertainty around project financing. However, with a well-defined asset, supportive infrastructure, and multiple growth drivers, Critical Elements is positioned for a potential re-rating as the lithium market improves and financing clarity emerges.
Learn more: https://www.cruxinvestor.com/companies/critical-elements-lithium
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