Interview with Hayden Locke, CEO & Jose Antonio Merino, CFO of Marimaca CopperOur previous interview: https://www.cruxinvestor.com/posts/marimaca-copper-tsxmari-industry-leading-economics-meet-growth-potential-7830Recording date: 10th November 2025Marimaca Copper has secured environmental approval for its oxide copper project in northern Chile, marking a significant milestone that positions the company to break ground by the end of Q1 2026. The approval, granted through Chile's Declaration of Environmental Impact (DIA) pathway, represents years of strategic planning and proactive stakeholder engagement that distinguished the company's approach from typical mining development.The DIA approval followed submission of a comprehensive 4,800-page document that underwent rigorous review by 17 separate government agencies. Each agency examined whether the project would generate "significant environmental impact" within their specific scope, from water resources and flora to archaeology and air quality. Managing Director Jose Antonio Merino emphasized that the pathway selection was not arbitrary but rather "a result of your environmental impact assessment," with the company's design qualifying for the streamlined DIA process by demonstrating minimal environmental impact.Marimaca's strategic approach centered on designing the project around environmental sensitivities from the outset rather than retrofitting considerations after engineering completion. This methodology, while adding approximately one quarter to the submission timeline, proved instrumental in securing approval. The company also engaged proactively with local communities despite no regulatory mandate, opening dialogue about expectations and concerns that informed the final community engagement plan.The approval arrives amid favorable shifts in Chile's political environment, where Merino noted "more consensus in the Chilean political and regulatory agencies about the importance of economic growth" compared to the environmentalist wave of four to five years ago. CEO Hayden Locke views the timing as optimal, stating that "the next 5 to 10 years in copper is going to be very favorable, and we are coming to market with a new project at exactly the right time."With primary environmental approval secured and remaining sectoral permits considered low-risk, Marimaca has successfully navigated what Locke described as permitting issues that have "delayed junior companies in some cases by two decades," positioning the oxide project for near-term construction commencement.Learn more: https://www.cruxinvestor.com/companies/marimaca-copperSign up for Crux Investor: https://cruxinvestor.com
Producer Cash Flows Fuel New Wave of M&A and Strategic Gold Investments
Recording date: 4th November 2025The gold mining sector demonstrated extraordinary financial performance in Q3 2025, with gold stabilizing near $4,000 per ounce and silver between $47-49 after a recent $300 pullback. Major producers generated unprecedented free cash flow despite market volatility, positioning the sector for sustained growth.Agnico Eagle Mines produced exceptional results with $3 billion in revenue and 66% gross margins, generating $1.2 billion in free cash flow at all-in sustaining costs of $1,400 per ounce. At current gold prices, this translates to approximately $17-18 million in daily free cash flow. Newmont Corporation similarly posted strong performance with $8 billion in revenue and $1.6 billion in free cash flow from 1.4 million ounces produced.Despite Federal Reserve rate cuts temporarily reducing global liquidity flows, the fundamental investment case for precious metals remains robust. Market weakness may extend through November, but recovery is anticipated approaching December's Fed meeting as monetary debasement trends continue supporting sector strength.M&A activity accelerated significantly with Fresnillo acquiring Probe Gold for $780 million cash, marking the world's largest primary silver producer's expansion into Canadian gold assets. This departure from Mexican operations may signal jurisdiction concerns given limited recent permitting activity. Coeur Mining's acquisition of New Gold demonstrated valuation arbitrage opportunities, with the U.S.-domiciled company leveraging its 50% premium to double operational scale while achieving 40% net accretion.Strategic investments are flowing downstream from major producers to developers and explorers. Gold Fields invested $50 million in Founders Metals targeting Suriname projects, while B2Gold deployed $10 million into Prospector Metals for Yukon exploration. These investments represent modest commitments relative to daily free cash flow generation Agnico's $180 million Perpetua investment equals just ten days of current free cash flow.The preference for cash transactions injects capital directly into specialist mining funds likely to redeploy within the sector, creating a multiplier effect. Development-stage assets trading at 0.4 times net asset value versus full NAV multiples for producers enable immediate accretion through strategic acquisitions.This capital migration down the market capitalization structure from major producers to mid-tier companies, developers, and explorers represents an early-stage phenomenon with substantial additional activity expected as producer profitability compounds at sustained gold prices.Sign up for Crux Investor: https://cruxinvestor.com
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From Exploration to Exit: The Strategic Framework for Junior Resource Investment
Recording date: 17th October 2025Jeff Phillips has spent three decades navigating the volatile junior resource sector, developing an investment philosophy he describes as "parental supervision" rather than traditional activism. His approach involves taking substantial positions of 4-10% ownership in carefully selected companies and providing strategic guidance on capital raising, shareholder composition, and development milestones.Central to Phillips's strategy is maintaining a concentrated portfolio of just 10-14 meaningful positions across different commodities and exploration models. He argues that excessive diversification—he cites investors holding 97 or more junior resource stocks—makes portfolio management impossible and dilutes the impact of successful investments. His mathematical reasoning is straightforward: even a 10,000% return becomes insignificant if spread across too many positions.Share structure represents Phillips's primary investment criterion. He seeks companies where 50-60% of outstanding shares are held by fully reporting insiders and major shareholders whose holdings must be publicly disclosed. This concentration indicates genuine long-term commitment, contrasting sharply with companies claiming high insider ownership where only minimal percentages are actually reported. Phillips has recently taken this preference further, requesting year-long lock-ups on his investments rather than standard four-month holds to prevent warrant flipping and allow management to execute their programs.Management quality ranks equally important. Phillips invests exclusively with proven teams who have previously built companies, made significant discoveries, or successfully navigated projects to exit. He avoids "lifestyle" management teams who perpetually raise money without building substantial value, focusing instead on those pursuing tier-one discoveries through what he calls "elephant hunting."Phillips believes the sector is entering a generational bull market driven by government supply security concerns and direct state investment in critical metals projects. He favors copper, uranium, rare earths, and antimony, though he cautions investors to expect periodic corrections or "rain delays" rather than uninterrupted appreciation. His typical holding period extends five to six years, reflecting the patient capital required for junior exploration companies to advance through development stages and create meaningful shareholder value.Sign up for Crux Investor: https://cruxinvestor.com
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West Wits Mining (ASX:WWI) - First Gold Production Achieved as South African Project Goes Live
Interview with Rudi Deysel, Board MD & CEO OF West Wits MiningOur previous interview: https://www.cruxinvestor.com/posts/west-wits-mining-asxwwi-gold-producer-doubles-npv-to-500m-with-81-irr-in-updated-dfs-7533Recording date: 30th October 2025West Wits Mining (ASX:WWI) has successfully transitioned from project developer to gold producer, achieving a significant milestone on October 14, 2025, with its first underground ore production in South Africa's renowned Witwatersrand Basin. Managing Director and CEO Rudi Deysel confirmed that following a three-month mobilization period beginning in July, the company completed its first physical blast and ore transport from the mine.The project's unique structure allows for simultaneous development and production, facilitated by previous early works that established an operational footprint. "We actually produced our first ore around the 14th of October. So that was the first physical blast and first transport of ore out of the mine," Deysel stated. Stockpiles are being transported to Sibanye Stillwater's Ezulwini processing plant under tolling arrangements, enabling the company to generate revenue while advancing development.Early results have exceeded expectations, with production tracking marginally above resource model forecasts. Ground conditions have proven excellent, with fresh rock and strong stability allowing rapid advancement of the one-east and one-west temporary declines. Drilling and blasting cycle times are completing within single shifts, with the operation progressing toward multi-blast approvals that could double production capacity at working faces.West Wits has implemented modern hydropower technology over traditional compressed air systems common in older South African mines, delivering significant power savings by eliminating compression losses and leakage issues. The company has also deployed digital infrastructure including volume scanning, electronic sampling systems, and real-time vibration monitoring.The project remains fully funded through to steady-state production of 70,000 ounces annually, with an eight-to-nine-month payback period at current gold prices. Management maintains a disciplined focus on establishing sustainable mining practices and quality standards during this critical ramp-up phase, while pursuing a longer-term growth target of 200,000 ounces per annum within three years. "Once you prove yourself as a good operator and you deliver what you promised then you really get financial partners that support you," Deysel emphasized.View West Wits Mining's company profile: https://www.cruxinvestor.com/companies/west-wits-miningSign up for Crux Investor: https://cruxinvestor.com
An insight into junior mining and opportunities to invest.
Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster.
Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.
Australia