Company Interviews

Interview with Peter Akerley, President & CEO of Erdene Resource Development Corp.
Our previous interview: https://www.cruxinvestor.com/posts/erdene-resource-development-tsxerd-first-gold-flows-as-multi-mine-district-strategy-unfolds-8931
Recording date: 6th June 2026
Erdene Resource Development has entered a new phase as a gold producer with the successful commissioning of its Bayan Khundii mine in southwestern Mongolia. The operation reached commercial production in early 2026 and is already generating strong financial results, including roughly C$100 million in revenue and EBITDA margins մոտ 50%. However, the company’s immediate priority is improving ore grades, which are currently around 2.5 g/t compared to the 3.8 g/t reserve target. Addressing dilution and optimizing processing are expected to significantly lower costs and boost cash flow.
The mine was developed through a 50/50 joint venture with Mongolian Mining Corporation (MMC), whose local expertise and workforce enabled construction to be completed in just 22 months at a cost of $120 million. This partnership remains central to operations, while Erdene retains long-term upside through a royalty structure that increases its economic share after certain production thresholds are reached.
Looking ahead, Erdene is focused on expanding production within the Khundii Minerals District. Near-term opportunities include integrating the high-grade Dark Horse satellite deposit and evaluating a heap leach facility to process lower-grade material, potentially adding up to 35,000 ounces annually. Exploration success to the west of the current pit could also extend mine life and increase output.
Beyond Bayan Khundii, the company holds additional assets that are not fully reflected in its valuation. These include the Altan Nar gold-polymetallic project and the large Zuun Mod molybdenum-copper deposit, with a preliminary economic assessment expected in late 2026. Financially, Erdene is in a solid position with no corporate debt and plans to fully repay project-level debt by 2027, after which it may prioritize expansion, dividends, or share buybacks.
View Erdene Resource Development's company profile: https://www.cruxinvestor.com/companies/erdene-resource-development
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Interview with Rudi Deysel, Managing Director & CEO of West Wits Mining
Our previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-delivers-first-gold-and-sets-course-on-expansion-pathway-9773
Recording date: 5th June 2026
West Wits Mining has reached a pivotal stage in the development of its Qala Shallows gold project in South Africa, marking a transition from early-stage infrastructure work to direct ore extraction. The company has successfully completed a key underground decline and broken into Level 2, enabling access to the primary ore body and setting the foundation for improved production performance.
This milestone allows the operation to shift from extracting lower-grade development ore—previously diluted by surrounding waste rock—to higher-grade stoping ore sourced directly from the reef. As stoping activities expand, gold grades are expected to progressively increase toward a target of approximately 3 grams per tonne, improving recoveries, reducing unit costs, and strengthening overall project economics.
Operational readiness has been supported by new mining equipment and an expanded fleet, enabling simultaneous work across multiple mining faces. This enhances flexibility, reduces downtime, and supports consistent production rates while reinforcing safety and operational discipline.
West Wits is also advancing a scoping study, due by the end of July 2026, to define the optimal pathway for scaling the project to a steady-state production target of 70,000 ounces per year by 2028. The study will evaluate mining methods, processing options, and infrastructure requirements, including the potential use of third-party facilities versus a standalone plant.
Financially, the company is nearing closure of a syndicated debt facility that will fund remaining capital requirements through to projected break-even, estimated within 30 months of the feasibility baseline.
Beyond Qala Shallows, West Wits is progressing exploration at its Bird Reef Central project, aiming to establish a resource from a gold-uranium target. Together, these developments position the company for multi-asset growth within the historically significant Witwatersrand Basin.
View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-mining
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Interview with Heye Daun, President & CEO of Koryx Copper
Our previous interview: https://www.cruxinvestor.com/posts/koryx-copper-inc-tsxvkry-institutional-capital-backs-haib-development-pfs-by-year-end-9455
Recording date: 4th June 2026
Koryx Copper is advancing the Haib copper-molybdenum-gold project in Namibia into what could become one of the world’s significant long-life copper operations. The company is targeting annual production of approximately 120,000 tonnes of copper, with a mine life exceeding 30 years, positioning Haib among a limited group of large-scale development-stage projects globally.
A major shift in the project’s economics comes from the introduction of coarse particle flotation (CPF), a proven processing technology that enables early rejection of about 25% of low-grade material while losing only a small fraction of contained copper. This significantly increases the effective grade of processed ore, lifting copper equivalent grades to around 0.5% in the first decade—well above historical perceptions of Haib as a low-grade deposit.
Koryx has also simplified the flowsheet by eliminating heap leaching and moving to a fully flotation-based system. This change not only reduces operational complexity but allows recovery of molybdenum and gold byproducts, adding roughly 15% to project value. Combined with an improved strip ratio and optimized mine plan, these enhancements are expected to increase net present value and key economic metrics by 20–30%.
The project will require an estimated $1.8 billion in capital expenditure, making a strategic partnership the most likely development path. Koryx is actively engaging potential partners, including major mining companies, commodity traders, and institutional investors, with joint ventures or acquisition scenarios viewed as probable outcomes.
Located in Namibia, a stable and mining-friendly jurisdiction, Haib benefits from established infrastructure, regulatory clarity, and access to power and water resources. With global copper demand rising due to electrification trends and limited new supply, Haib’s scale, improved economics, and long mine life position it as a compelling asset in the evolving copper market.
View Koryx Copper's company profile: https://www.cruxinvestor.com/companies/koryx-copper
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Recording date: 5th June 2026
Global financial markets are exhibiting a striking disconnect between geopolitical risk and investor behavior, as major U.S. equity indices simultaneously reached record highs despite escalating tensions in the Strait of Hormuz. Ongoing missile exchanges and a fragile ceasefire between the United States and Iran have done little to unsettle equities, creating what market observers describe as a “Goldilocks” environment where negative macro risks are largely ignored. At the same time, attention has narrowed sharply toward the anticipated $75 billion SpaceX initial public offering, which is drawing liquidity away from bonds, Bitcoin, and commodities.
The scale of the SpaceX IPO is expected to have meaningful mechanical effects on markets. With rapid inclusion into major indices, institutional investors are likely to position ahead of forced index buying, potentially diluting existing index constituents. This dynamic has contributed to strong performance in select equity sectors, particularly technology, while other asset classes lag.
In contrast to declining gold and oil prices, copper has emerged as a standout performer. Supply-side constraints - including reduced production guidance from major miners such as Freeport-McMoRan, Ivanhoe Mines, and Codelco - have tightened the market. Additional risks stem from the Strait of Hormuz, a critical transit route for sulfuric acid used in copper processing. Stronger-than-expected industrial data from both the United States and China has further reinforced demand for the metal.
Meanwhile, developments in the mining sector highlight emerging friction in global dealmaking. Chinese regulators have raised concerns that Zijin Mining’s proposed acquisition of Allied Gold is overpriced, signalling potential constraints on future outbound mergers and acquisitions.
Against this backdrop, investors are adopting a cautious stance. Elevated cash positions and expectations of summer volatility - driven by geopolitical uncertainty, IPO-related liquidity shifts, and seasonal commodity weakness - suggest that while markets appear calm, underlying risks remain significant.
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Interview with William Sheriff of Manhattan Metals
Recording date: 22nd May 2026
Manhattan Metals Corp is a pre-IPO gold and silver company with a business model that is straightforward in concept but rare in practice: acquire small, high-grade gold deposits in Nevada that major mining companies overlook, and process them through a centrally owned mill to generate near-term cash flow. The company was founded by Bill Sheriff, a veteran geologist with decades of exploration experience in Nevada and a track record of executing this exact model in the Yukon.
The core insight behind Manhattan Metals is that Nevada, one of the most gold-rich states in the US, with more than 300 identified gold districts, contains hundreds of viable deposits that sit idle because they do not meet the scale requirements of major producers. A deposit of 250,000 ounces of gold is worth over one billion dollars at current prices. Yet without a mill and without institutional-scale tonnage, it generates nothing. Manhattan Metals is positioning itself as the entity that provides the missing infrastructure.
The company has already acquired a 400-ton-per-day gravity flotation mill which is a tangible hard asset that distinguishes it from the majority of junior mining companies whose primary asset is a future promise. The mill needs to be relocated and repermitted, a process expected to take approximately two years, and site selection is the near-term priority before a public listing proceeds. A smaller 20-to-25-ton-per-day circuit is also planned for exceptionally high-grade, low-tonnage material.
Manhattan Metals currently controls seven Nevada properties, including one with a historic resource of several hundred thousand ounces and an underexplored high-grade vein system with only three drill holes completed. Beyond its owned assets, the company has identified more than 50 additional candidate deposits and owns an in-house reverse circulation drilling rig to validate them cost-effectively. The technical team includes a senior metallurgist with international milling and heap-leach experience which Sheriff acknowledges is in short supply across the industry.
The investment case rests on several distinct pillars. First, the strategy addresses a segment of the market with no meaningful competition, as both major miners and conventional juniors are oriented toward different scale targets. Second, the model is designed to generate revenue relatively quickly compared to traditional junior mining timelines, reducing the dilution risk that characterizes most early-stage resource companies. Third, management has signaled a long-term intention to pay dividends, an unusual and investor-friendly commitment in this sector.
The primary risks are permitting timeline uncertainty, the pre-revenue nature of the company, and the operational complexity of moving and reestablishing a milling facility. These are real and material considerations. However, the combination of a proven operator, owned infrastructure, an in-house drilling capability, and a clearly defined pipeline of assets positions Manhattan Metals as one of the more substantively prepared pre-IPO mining companies currently approaching public markets.
For investors seeking gold exposure grounded in operational execution rather than speculative exploration, Manhattan Metals represents a proposition worth evaluating closely as it moves toward its public listing.
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