Company Interviews

Recording date: 19th June 2026
Samuel Pelaez and Derek Macpherson of Olive Resource Capital make the case that the commodity bull market remains intact despite near-term volatility — and explain exactly how they are positioning for it.
The pair cover the latest developments in the Strait of Hormuz, where a US-Iran term sheet has eased but not eliminated geopolitical risk, and assess what a structurally different Federal Reserve under new Chair Kevin Warsh means for industrial commodity demand. With crude pulling back toward $80 a barrel, Olive Resource Capital has been adding to oil and gas exposure. Takeover proceeds are being redeployed into small and mid-cap copper producers and explorers, with AI-driven data centre construction cited as a durable demand driver the market is underappreciating. Gold fundamentals remain intact, supported by expected central bank net buying and persistent global fiscal deficits.
The discussion closes with a candid look at portfolio discipline - why entry points matter as much as stock selection, and why the firm is carrying above-average cash while waiting for risk to reprice.

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Interview with Patrick Cruickshank, Director & CEO of Nine Mile Metals
Our previous interview: https://www.cruxinvestor.com/posts/nine-miles-metals-csenine-record-copper-gold-grades-drive-2026-expansion-drilling-9179
Recording date: 24th June 2026
Nine Mile Metals Ltd. (CSE:NINE) is in an active phase of exploration at its Wedge project in the Bathurst Mining Camp, New Brunswick, a region with a substantial mining history but, in the company's view, considerable untested potential. The Wedge deposit was partially mined decades ago before falling commodity prices and operational constraints brought work to a halt, and historic records suggest only a fraction of the deposit was ever extracted. Nine Mile's current strategy is built on testing the ground that was left behind, both laterally and at depth.
The company is midway through its largest drill programme to date, a 10,000-metre campaign that follows smaller efforts in the falls of 2024 and 2025. The current phase targets the eastern extension of the deposit, the western flank beyond a fault structure that disrupted earlier drilling, and the system's depth potential, alongside two additional target areas known as West Wedge and TriBag. Two completed holes have already returned long intervals of visible copper-bearing mineralisation, at 234 metres and 130 metres respectively, including a horizon at depth that does not appear in any historic record for the property. This is a meaningful distinction for investors: the company is exploring genuinely new ground rather than reinterpreting previously known mineralisation.
Beyond these results, Nine Mile has identified three separate mineralised lenses within the Wedge system, including a high-grade copper zone that returned grades between 5% and 8% copper before a fault structure interrupted the original hole. The current programme is designed to re-approach that zone from the opposite side of the fault, with deeper holes planned to test both its lateral extent and how far the broader system continues at depth. The deposit's mineralogy varies across these lenses, with the company reporting a lead-zinc-rich zone, a high-grade copper zone, and intervals of elevated silver and gold, along with reported occurrences of antimony and indium. This polymetallic character is typical of VMS systems generally, though it also adds complexity to eventual resource estimation, since grade and metal mix differ from lens to lens.
On the resource question, historic operators are understood to have extracted around two million tonnes from Wedge, with approximately half a million tonnes believed to remain. Nine Mile's own geophysical and 3D modelling work suggests the true figure may be larger, particularly given that current drilling sits outside historic mining areas entirely. Apex Geoscience, the company's technical advisor, is expected to deliver an updated NI 43-101 technical report by autumn 2026, incorporating the 2024 through 2026 drill programmes and potentially including indicated and inferred resource categories for the first time.
On funding, the company states that its 2025 programme, which produced several of the high-grade intercepts referenced above, was completed on a modest budget, and that it does not currently require additional capital to execute the 2026 campaign, while remaining open to strategic investment. For investors, the combination of new discovery zones, a forthcoming resource update, and a stated funded position offers several catalysts to monitor over the coming months with all current results remain preliminary pending certified assay confirmation.
View Nine Mile Metals' company profile: https://www.cruxinvestor.com/companies/nine-mile-metals
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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.
Learn more: https://www.cruxinvestor.com/companies/axo-metals-corp
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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.
Learn more: https://www.cruxinvestor.com/companies/cobra-resources
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