Company Interviews

Interview with Peter Bures, Chairman & CEO of Silver Crown Royalties
Our previous interview: https://www.cruxinvestor.com/posts/silver-crown-royalties-slcrf-silver-pure-play-royalty-unlocking-unreported-ounces-12426
Recording date: 6th November 2026
Silver Crown Royalties Inc. (CBOE:SCRI, OTCQX:SLCRF) builds a silver-only royalty portfolio by buying byproduct silver from gold and copper operators, with the stated objective of becoming a dividend-paying company tied to the silver price. Two announcements in quick succession have reshaped its outlook. The company reported third quarter results showing royalty revenue of C$1.61 million, up 541% year on year, and net income of over C$379,000 for its second consecutive profitable quarter. Attributable deliveries were 18,063 ounces (oz), unchanged from the second quarter, while revenue fell 14% quarter on quarter on a lower average silver price. The balance sheet showed C$7.72 million in cash and term deposits, C$15.49 million in working capital and no debt.
Silver Crown announced a definitive agreement, dated October 31, to acquire a royalty on 90% of payable silver from Soma Gold’s El Bagre Gold Mining Complex in Antioquia, Colombia, for US$10 million in cash. The structure pays Silver Crown the greater of 90% of payable silver until 305,500 oz are delivered, after which a 7.5% silver net smelter return (NSR) royalty applies for the life of the operation. US$3 million is due at closing, targeted by November 30, 2026, and US$7 million follows once Soma’s existing gold financier releases its security and Silver Crown registers first-ranking security. If that discharge is not completed by December 31, 2026, Silver Crown can require Soma to buy back the royalty for US$3 million plus interest.
The company is targeting a roughly 29% increase in attributable silver ounce revenue in 2027 and 57% in 2028 from the deal. Chairman and Chief Executive Officer Peter Bures states the  current annualized run rate is about 75,000 oz from PPX Mining’s Igor 4 project in Peru and Pilar Gold’s recently restarted PGDM complex in Brazil.
Further upside comes from three 1% NSR royalties on Titiminas Silver’s Madre Sierra deposit in Peru, where the operator is targeting a 2027 restart and 2.5 million to 3.5 million silver-equivalent oz a year by 2029. Bures said 25,000 to 30,000 oz is plausible at the small-scale stage. The Elk Gold and Scotia mine royalties are excluded from management’s figures.
Valuation is the main debate. Silver Crown trades at about 53 times trailing twelve-month sales and 38 times annualized third quarter sales on a C$243 million market capitalization, against 25 to 35 times for royalty peers under $1 billion. Risks include closing conditions and the security discharge at El Bagre, operator credit, and silver price exposure.
For investors, the near-term tests are the El Bagre first-tranche closing by November 30, 2026, the security registration targeted by December 31, 2026, and the Madre Sierra restart in 2027.
View Silver Crown's company profile: https://www.cruxinvestor.com/companies/silver-crown-royalties
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Interview with Ross McElroy, Director & CEO of F3 Uranium
Our previous interview: https://www.cruxinvestor.com/posts/f3-uranium-tsxvfuu-lines-up-drilling-exploration-catalysts-under-new-leadership-12242
Recording date: 6th November 2026
F3 Uranium Corp. has expanded its fall drilling at the Patterson Lake North (PLN) Project in Saskatchewan’s western Athabasca Basin after a step-out hole about 1 km east of the Tetra Zone discovery returned new radioactivity. One hole intersected 5 discrete intervals of anomalous radioactivity, each 0.5 m to 1.0 m wide, between 352.0 m and 649.5 m downhole in strongly altered basement rock. The peak of 4,400 cps, recorded from 610.5 m to 611.0 m, is the highest handheld reading F3 has logged in an exploration hole on PLN outside the JR and Tetra zones. Assays are pending.
The hole tested up-dip of an earlier step-out that had shown encouraging alteration without radioactivity. CEO Ross McElroy said the follow-up confirmed the same alteration and structural preparation and added radioactivity. He is not expecting high grade, offering a loose estimate of around 0.25% U3O8, and F3’s release cautions that handheld readings do not reliably correlate with assay grades. Two other holes, about 1.3 km southeast and 1.6 km south of Tetra, hit strong alteration but no radioactivity above 300 cps. The approximately 3,350 m winter program around Tetra returned one reportable interval of 0.5 m at 0.06% U3O8.
F3 has added a second rig dedicated to the new area through the December freeze-up, while the first rig tests regional targets. The summer and fall program started at about 4,000 m in roughly half a dozen holes and is now targeting about 5,500 m to 6,000 m, with crews returning by mid-January. McElroy said the direction of the controlling structure can only be found by drilling, and that continued spending depends on hole-by-hole improvement. Results will shape the 2027 program.
Geologically, McElroy expects any mineralization east of Tetra to be a separate occurrence on a shared east-west corridor. Tetra itself turned out to have east-west controls despite north-south conductors, and conductors farther east in the Broach area also run east-west. He pointed to the Carter corridor, which hosts the Lightning occurrence outside F3’s ground, as a possible link.
F3 held about $16.8 million in cash on November 3, 2026, against a market capitalization of about $70 million. Flow-through funds must be spent by the end of 2027, and McElroy is looking at a minimum of about $8 million in 2027 ground spending. Denison Mines’ $15 million convertible debenture carries a 9% quarterly coupon, convertible at $0.56. McElroy expects to keep paying about a third of interest in shares.
The JR Zone holds 11.8 Mlb of Indicated U3O8 at 4.41%, including 10.8 Mlb at 12.23%. McElroy said PLN needs about 2 to 3 times that scale, roughly 30 Mlb or more, and sees JR as potential satellite feed for mills NexGen and Paladin are expected to build in the early 2030s. Watch items include the step-out assays, second-rig results through mid-December, the January restart, and the consolidation.
View F3 Uranium's company profile: https://www.cruxinvestor.com/companies/f3-uranium-corp
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Interview with Todd Anthony, Director & CEO of Pacifica Silver
Recording date: 4th November 2026
Pacifica Silver Corp. is an exploration company drilling the 100%-owned Claudia Silver-Gold Project in Durango State, Mexico. The 11,876-hectare property covers most of the historic El Papantón Mining District and holds more than 30 km of known veins. CEO Todd Anthony said only about 10% of those veins had been drill-tested before Pacifica’s work began. Anthony spent 2010 to 2023 at First Majestic Silver, and he said that experience shaped which Mexican states he was willing to work in.
The company took over the project in July 2025 and drilled 7,992 m in 29 holes that year. Its fully funded Phase II program began in mid-January 2026, was expanded to 30,000 m, and had reached over 27,900 m in 118 holes by October 26, with 4 rigs operating. Anthony said roughly 75% to 80% of this year’s holes have tested the Aguilareña Vein, the site of a 94 m historical shaft.
Results released raised mineralized strike across the Aguilareña, Central and Justina veins to more than 3.9 km, an increase of about 1.4 km, or 56%. A step-out about 500 m south on the Central Vein returned 8.72 g/t Au and 49 g/t Ag over an estimated true width of 5.04 m, including 35.83 g/t Au and 159 g/t Ag over 1.03 m. The company reports an emerging shoot of about 750 m of strike and 100 m down-dip, open along strike and at depth. Aguilareña now measures about 2.7 km of strike and 225 m down-dip, although grades on the new southern extension are lower than in the shoot north of the shaft.
Anthony’s investment case starts with near-surface grade and low costs. He put all-in drilling at about $140 per meter, and the project lies about 15 km by paved road from Santiago Papasquiaro, so crews can stay in town. Durango ranks 4th most peaceful of 32 Mexican states in the 2026 Mexico Peace Index, and the company cites drill permits in roughly 45 days. The mining method is undecided, with a small pit and ramp-accessed underground mine under discussion, and metallurgical testing is still to come.
Pacifica is targeting a maiden resource in 2027. Anthony said between 60,000 m and 70,000 m of drilling will feed it, with an internal cut-off under consideration for the end of the first quarter of 2027. Most of the estimate is planned to come from Aguilareña, with contributions from Central and Justina. A first drill test at Lizeth, a 250 m wide zone in the north, is targeted for the same quarter, and a hit could delay the resource so that Lizeth can be included.
Anthony put the market capitalization at about $75 million and cash at about $20 million at the time of the interview, while the October presentation shows C$61 million at October 15 and C$26.9 million in cash at March 31. Staged payments to Silverstone begin at US$7 million if a Measured and Indicated resource is disclosed. Pacifica must also drill at least 50,000 m and publish a technical report disclosing Measured or Indicated resources by December 31, 2029, or the project returns to Silverstone unless the premium is renegotiated. Claudia has no current mineral resource, and the company describes the investment as highly speculative.
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Interview with Stephen G. Roman, President & CEO of Global Atomic Corp.
Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxglo-africas-highest-grade-uranium-mine-could-match-all-us-production-7873
Recording date: 4th November 2026
Global Atomic is building the Dasa uranium mine in Niger, which is described as the highest-grade uranium mine in Africa. The company owns 80% through SOMIDA, and the Niger Government holds 20%. The largest change in the story is financing. On September 16, 2026, the DFC board approved a debt facility of up to US$414.2M, made up of a term loan of up to US$397.4M and a US$16.8M cost overrun facility. Roman said the process took 4 years. The approval does not close the loan, and drawdown remains subject to conditions.
Roman names 3 conditions. The first and probably most important is an export port, and he said US embassies in Benin, Nigeria and Algeria are working on a route. The second matches the mining permit term to the DFC loan, which was extended from 7 to 10 years, while Niger’s permits typically renew every 5 years. Roman said Niger has agreed to a 10-year rollover. The third is a government-to-government agreement between the US and Niger.
Costs have reset. Direct project costs are US$653.0M and total project costs are US$777.6M. Roman attributes the increase mainly to time, saying each year of border closures and logistics issues cost US$100M, or US$300M over 3 years, and puts the capital estimate about 70% above the original. The company is reviewing the numbers for its third-quarter report.
On site, about 830 people are working. Underground development is down 4 levels, with 1 more in the first phase, and water inflows and rock quality are better than planned. A pilot plant is being shipped to site for operator training. Roman is targeting plant completion by the end of 2027 and shipments in the second half of 2028. The presentation estimates about 20 months of plant construction once financing is available, and first drawdowns are targeted for the second quarter of 2027, so those dates need to be read together.
Dasa’s 2024 Feasibility Study shows 68.1 Mlb U3O8 over 23 years at 4,113 ppm, with a target of about 4 Mlb a year at 1,000 tpd. After-tax NPV8% is US$917M at US$75/lb and US$1,621M at US$105/lb, on a 100% basis and before the cost update. Contracts are now around US$100/lb, according to management. Market capitalization was C$199M at C$0.33 on October 31, 2026. Roman reports at least half a dozen utilities calling for supply since the DFC news.
View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corp
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Interview with Darcy Vis, VP Exploration of GoldInxs Mining Corp.
Recording date: 2nd November 2026
GoldInxs Mining Corp. has started the first modern, systematic drill test at its flagship Fishpot Project in central British Columbia. The maiden program is planned at approximately 2,000 m of diamond drilling over 8 to 10 holes on the over 5,500-hectare property with only 378 m of historic drilling in 2 holes and no drilling since 1995. Vice President Exploration Darcy Vis explained how the program is designed to show whether a large alteration footprint holds a valuable mineralized system.
Vis generated the targets himself, starting from geology and trace geochemistry and then adding geophysics. Magnetic data showed where features lay but not their depth, so the company used a 53.4-line-km 3D IP survey to set azimuths and dips. A satellite-based Virtual DRILL system by Ripplinger, added further depth estimates. Vis said he has never had success drilling blind geophysical targets, and that chargeability anomalies alone could reflect pyrite or graphitic sediments. The company therefore requires a target to connect to other evidence.
Drilling opened at the Lightening Zone, where resistivity above 800 ohm-m and chargeability above 20 mV lie beneath a 2 km by 500 m surface zone of intense silica alteration, with overlapping Au, Ag, Cu, Bi, Sb and Zn anomalies. The other priority zones are Thriller, Believin’, Luftballon, Southside and BullsEye. Surface rock samples returned up to 5.65 g/t Au, 11.35 g/t Ag and 0.42% Cu, which the company states are not indicative of expected drill grades.
The geological model is Artemis Gold’s Blackwater Mine, approximately 65 km away, which holds proven and probable reserves of 334.3 Mt at 0.78 g/t AuEq, containing approximately 8.0 Moz Au and 62.2 Moz Ag. Vis cited similar sericite and kaolinite alteration, fine-grained disseminated sulfides and similar volcanic rocks. GoldInxs is targeting lower-grade, bulk-tonnage mineralization. The company states that no mineral deposit has been identified at Fishpot and that the similarities do not imply comparable mineralization.
Labs are quoting approximately 7 to 8 weeks, and GoldInxs is targeting first results early in the new year. Vis said wide zones of silica, veining or breccia would be encouraging even with gold around 0.1 g/t or below 0.5 g/t, since a single core is a small sample within a 2 km target. Propylitic or phyllic alteration would support the porphyry concept. Mineralization keeps the drill on a target for multiple holes, and a poor result moves it to the next zone.
GoldInxs closed C$1.25 million across 2 tranches. Vis said the funds cover this program and all assays, after which the company must raise again. As of October 2026, the company had 45,999,802 shares outstanding and 69,083,381 fully diluted. The property is under option from Golden Tiger Minerals, controlled by director Barry Miller, with up to 100% available subject to a 2% NSR. A 5-year area-based permit covers 12 holes, and an amendment is planned. First assay results and the terms of the next financing are the next markers for the investment case.
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