Company Interviews

Interview with Anthony Moreau, CEO, American Eagle Gold
Our previous interview: https://www.cruxinvestor.com/posts/american-eagle-gold-tsxvae-29-million-major-funding-for-multi-billion-ton-copper-gold-in-bc-6271
Recording date: 25th August 2026
American Eagle Gold Corp. (TSXV:AE | OTCQB:AMEGF) is advancing its 100%-owned NAK copper-gold porphyry project in British Columbia's Babine Porphyry District, and the past month has produced two of the strongest results in the company's history. NAK26-87, reported 18 August 2026, intersected 1,001 metres of 0.46% copper equivalent (CuEq) starting at surface, including 218 metres of 1.01% CuEq - a full kilometre of continuous copper-gold mineralisation and the longest intercept ever drilled at NAK. A week later, NAK26-89 returned 411 metres of 0.43% CuEq from 47 metres downhole, within a broader 880-metre interval of 0.30% CuEq, extending near-surface mineralisation roughly 250 metres east of the existing South Zone and opening a new target area along the southern margin of the Babine porphyry stock.
Together, these results have grown the mapped South Zone footprint to more than 700 metres east-west by 600 metres north-south, with a high-grade core extending beyond 800 metres depth, and management believes the zone remains open in multiple directions. Three additional western step-out holes - NAK26-84, -86 and -88 - returned broad, consistent copper intercepts that extend the footprint further north and west, with positive implications for future open-pit design and strip ratio.
The company is roughly a fifth of the way through an approximately 80-hole, 55,000-metre drill programme running through April 2027, with three rigs operating continuously. Management has now dedicated one rig specifically to the newly opened southern stock zone, an area it describes as among the least-tested but most prospective ground on the property, and the immediate next target is a follow-up to NAK23-09 - the 2023 "Teck Hole."
American Eagle is well capitalised to execute this programme. As at July 2026, the company reported approximately $55 million in cash (with a subsequent release citing approximately $50 million), 205 million shares outstanding, and a market capitalisation of roughly $230 million at a share price of $1.12. Management states the company is funded through 2028 without need for near-term financing. Insiders and strategic shareholders control 53% of the share register, including South32 (19.9%), Teck (12.9%) and Eric Sprott (9.5%) - none of whom, according to CEO Anthony Moreau, have sold shares since investing.
The investment case rests on combining a high-grade core with substantial surrounding bulk tonnage, a model management compares to Highland Valley. CEO Moreau has framed the strategy as proving NAK can become a mine within the current metal price cycle, positioning the asset for acquisition by a major producer. Road access, existing power and rail infrastructure, and a five-year Exploration Agreement with the Lake Babine Nation (signed August 2023) support a lower relative cost of capital versus more remote British Columbia projects.
Key catalysts ahead include continued assay releases through April 2027 (roughly 74 of 80 planned holes remain unreported), results from the newly dedicated southern stock zone rig, ongoing metallurgical test work feeding a 2027 PEA, and a targeted maiden mineral resource estimate in 2027. The primary risk remains that NAK is still a pre-resource exploration asset: reported intercepts, while long and consistently mineralised, do not yet establish confirmed tonnage or grade, and copper equivalent figures rely on assumed metal prices and recoveries pending further metallurgical work.
Learn more: https://www.cruxinvestor.com/companies/american-eagle-gold
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Interview with Luis Azevedo, Chairman and CEO, Bravo Mining
Our previous interview: https://www.cruxinvestor.com/posts/bravo-mining-tsxvbrvo-double-grades-and-resource-up-to-236-million-tons-in-tier-one-pgm-deposit-7934
Recording date: 25th August 2026
Bravo Mining (TSXV:BRVO, OTCQX:BRVMF) is advancing its 100%-owned Luanga PGM+Au+Ni deposit in Brazil's Carajás Mineral Province through a Pre-Feasibility Study guided for Q3 2026, while simultaneously extending two secondary discoveries — a nickel-copper sulphide system at the Babylon target and an early-stage copper-gold exploration programme — that management believes could add materially to the project's long-term optionality.
The immediate news is a set of assay results from drill hole DDH26LU347 at Babylon, adjacent to Luanga's North Sector. The hole intercepted 13.4 metres at 1.55% nickel, 0.33% copper and 2.02 g/t PGM+Au (including a higher-grade 6.7-metre interval at 2.25% nickel and 3.14 g/t PGM+Au), plus a separate 6.0-metre interval grading 6.81 g/t PGM+Au. CEO Luis Azevedo characterises the nickel-copper result as evidence the deposit could ultimately support underground mining grades in addition to its established open-pit resource, with a large Induced Polarisation anomaly at roughly 700 metres depth now queued for follow-up drilling.
On the core PGM story, the PFS — pushed one quarter from Q2 to Q3 2026 — is being built around metallurgical testwork showing Jameson Cell flotation technology can lift platinum, palladium and gold recoveries by 5-10% and nickel recoveries by 5-30% against conventional Denver cells, while cutting mass pull by up to 50%. Glencore Technology has independently reviewed the metallurgical database and indicated it is prepared to issue performance guarantees on the assumptions. Azevedo argues the practical effect is a larger, more profitable pit rather than a simple recovery uplift, which is the stated reason the study needed the extra quarter.
Bravo held approximately $94 million in cash at the time of interview, which management says funds the PFS, permitting and 2026 drilling without near-term dilution. Beyond the treasury, the company has structured but not yet drawn on two further levers: an indicative $280 million offer for a portion of its gold credit, and an existing $300 million credit line from Orion. A PGM offtake has drawn interest from multiple parties but remains unpriced pending bankable feasibility numbers.
On permitting, Bravo already holds its preliminary licence and plans to submit for the Installation Licence within one to two weeks of the PFS release, targeting approval within six months to a year based on the company's track record with Brazilian regulators. A construction decision is targeted roughly six months after the PFS, with construction possible from mid-2028, pending a Q1 2027 resource update and a Q3 2027 Definitive Feasibility Study.
The 2025 PEA's vertically-integrated smelter scenario has also become more attractive: rising sulphuric acid byproduct pricing lifts that case's NPV from approximately $1.2 billion to $1.68 billion versus the base concentrate-sale case, though management has not yet decided on timing.
Separately, a copper-gold division led by 31-year Vale veteran Fabio Masotti is running IP surveying ahead of an 8,000-metre H2 2026 drill programme — a third, still unpriced source of optionality that management says could eventually support a standalone corporate structure if results warrant it.
Learn more: https://cruxinvestor.com/companies/bravo-mining
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Interview with Meredith Eades, President and CEO, EraNova Metals  
Our previous interview: https://www.cruxinvestor.com/posts/eranova-metals-dual-path-critical-minerals-play-with-30-million-infrastructure-advantage-in-canada-9037
Recording date: 24th August 2026
EraNova Metals has released the first independent economic study on its Adanac Molybdenum Project since 2008, and the numbers give investors a concrete basis for evaluating a story that has, until now, rested largely on historical potential. The Preliminary Economic Assessment (PEA), prepared by Tetra Tech Canada, values Adanac at a C$714.4 million after-tax NPV with a 23.5% IRR and a 2.6-year payback, using a US$25.00 per pound long-term molybdenum price. At the current spot price of US$31.91 per pound, President and CEO Meredith Eades said the after-tax NPV rises to C$1.29 billion, with IRR climbing to 30.2%.
What separates Adanac from many junior molybdenum stories is the amount of work already completed. The project was drilled more than 73,000 metres, advanced through a full feasibility study, and received an Environmental Assessment Certificate in 2007, before the 2008 financial crisis halted construction. EraNova estimates the value of this historical infrastructure at more than C$100 million - road access, site works and engineering that a typical greenfield developer would need years and substantial capital to replicate. Combined with a mineral resource that is 93% Measured and Indicated, the technical foundation for a Feasibility Study is already largely in place, reducing the need for extensive further drilling.
The macro backdrop adds to the case. Around 90% of the world's molybdenum supply arrives as a by-product of copper mining, and as copper operations increasingly move underground, by-product molybdenum grades and volumes are under pressure. That leaves relatively few primary molybdenum developers positioned to meet growing demand from high-strength steel applications in pipelines, energy infrastructure, aerospace and defence.
Eades is explicit that EraNova is not attempting to raise its full C$953.3 million initial capital requirement in one step. Instead, the company is using the PEA as a credibility milestone to open conversations with government funding programmes, strategic partners and potential off-takers, including molybdenum consumers such as Freeport, Centerra and Molymet. A roughly 3,000-metre engineering support drilling programme is planned to advance toward Feasibility, alongside an updated environmental assessment process conducted in continued engagement with the Taku River Tlingit First Nation.
Against a market capitalisation the company puts at approximately $10 million, the PEA's economics represent a significant disconnect from the underlying asset value - if the numbers hold through Feasibility. Risks remain: the project still requires a full Feasibility Study, updated permits, and a near-billion-dollar capital build, all of which carry execution and dilution risk as capital is raised in stages. For investors willing to accept pre-production development risk, EraNova offers a rare primary molybdenum exposure with an unusually advanced permitting and engineering head start, plus exploration optionality across the wider Ruby Creek property - including high-grade silver, gold and tungsten targets - that could deliver catalysts independent of the molybdenum development timeline.
Learn more: https://www.cruxinvestor.com/companies/eranova-metals
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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-tsxnfg-construction-still-on-track-10918
Recording date: 14th August 2026
New Found Gold's transition from exploration company to emerging Newfoundland gold producer reached a milestone with its move to the TSX main board, a step CEO Keith Boyle frames as recognition of the company's operational progress over the past 18 months. The listing upgrade is intended to widen access to institutional capital and stock indices unavailable on the TSX Venture Exchange, with Boyle noting the company currently splits roughly 60% of trading volume on New York exchanges and 40% on the TSXV, and expects the TSX move to lift Canadian volume without reducing US liquidity.
Operationally, the company is running a two-track strategy. Hammerdown, a smaller open-pit gold mine acquired as part of the Maritime Resources transaction, is being ramped toward a 20,000-25,000 ounce annual run rate and is expected to be declared in commercial production within months. Boyle was explicit that Hammerdown was never intended to be a major cash generator - its purpose is to cover general and administrative costs and exploration spend, freeing the balance sheet to focus on the larger Queensway project.
Queensway itself is being built in phases rather than as a single large-scale mill, a decision Boyle said was made specifically to reduce the size of financing required at each stage. Phase one, a 700-tonne-per-day open pit feeding an expanded Pine Cove mill, is fully funded through to first ore delivery - targeted for the fourth quarter of next year - following a $220 million financing announced in April. The company expects production to climb toward 120,000-125,000 ounces annually by 2028 and 175,000-200,000 ounces from 2031, as later, larger phases come online.
A key near-term catalyst is the forthcoming updated mineral resource estimate and preliminary economic assessment for Queensway. Rather than moving straight to a feasibility study, the company is choosing to publish an updated PEA so investors can see the full multi-phase project, since phases two and three have not yet received enough infill drilling to be classified beyond inferred resources. Phase one, by contrast, has been de-risked through 5-by-5-metre grade control drilling and orders already placed for the mill conversion, which Boyle said supports a feasibility-level capital cost estimate for that portion of the project.
On exploration, New Found Gold is directing roughly 45% of its expanded 90,000-metre, $40-million-plus 2026 drill programme toward new discovery targets rather than infill - including strike extensions east of the high-grade core, ground picked up along the Appleton Fault from the November Exploits Discovery acquisition, and follow-up drilling at Pulse Pond/Greenwood Pond and Duder Lake. Boyle said per-ounce discovery costs have fallen from roughly $145 for the initial resource to below $100 currently, comparing favourably with M&A-driven ounce additions in the sector, which he put at $500-600 per ounce. For investors, the story combines a funded near-term production ramp with an aggressive, discovery-weighted exploration budget, and the updated Queensway study will be the next major data point to watch.
View New Found Gold's company profile: https://www.cruxinvestor.com/companies/new-found-gold
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Recording date: 21st August 2026
Omai Gold Mines emerged as the central focus of Olive Resource Capital’s latest market review after releasing a preliminary economic assessment that highlighted the project’s potential scale. At a gold price of $3,600 per ounce, Omai’s after-tax net present value was estimated at $4 billion, increasing to $5.5 billion at $4,200 gold. The study outlined average annual production of 350,000 ounces over an 18-year mine life, including several years above 400,000 ounces, and $8.1 billion in cumulative undiscounted cash flow. Although the market initially reacted cautiously, Olive argued that investors are still adjusting to the multibillion-dollar capital requirements of large mine developments in a higher-gold-price environment.
Olive also viewed Prospector Metals’ sharp selloff as a potential opportunity. The company’s shares fell about 40% following early Yukon drill results that did not immediately match the prior year’s standout intercepts. However, only two full holes and part of a third had been reported from a 44-hole program. With the company funded for its drilling campaign and management indicating it had identified a high-grade structural core, Olive added shares at approximately $0.80 to $0.90. The stock subsequently rebounded roughly 25% from its low.
K92 Mining reported more than US$300 million in quarterly cash flow and reached a net-cash position while advancing its Stage 3 expansion. The company also announced a planned CEO succession, with John Lewins becoming non-executive chairman and internal executive David Medilek taking over as CEO. Olive characterized the change as a continuity move rather than a change in strategy.
The broader second-quarter reporting season reinforced copper’s growing importance. Copper accounted for more than half of BHP’s EBITDA while being Rio Tinto’s largest contributing group (alongside aluminum and lithium), both firsts. Supply disruptions, constrained inventories and US stockpiling contributed to tighter copper markets. This renewed attention on miners with copper exposure, including DPM Metals, which generated record revenue and free cash flow. Olive was more cautious on Eldorado Gold, arguing that McIlvenna Bay is principally a zinc asset despite being widely described as a copper project.
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