Company Interviews

• Copper Market Inefficiencies Emerge as Supply Disruptions Meet Muted Price Action

  Compass, episode 17Our previous interview: https://www.cruxinvestor.com/posts/why-resource-stocks-dip-in-spring-rise-in-fall-7159Recording date: 30 May 2025Olive Resource Capital delivered exceptional Q1 2025 results, reporting over $1.1 million in net returns—equivalent to one cent per share—while their stock trades between three and four cents. The portfolio gained 17% during the quarter, with net asset value per share rising over 20% due to strategic share buybacks.Executive Chairman Derek Mcpherson and President/CEO Sam Pelaez attribute the record performance to a fundamental shift in investment strategy. The firm abandoned diversified holdings in favor of concentrated, high-conviction positions in companies like Omai and Troilus. "We weren't winning enough" with their previous approach, Pelaez explained, prompting the move toward fewer but stronger positions.The strong Q1 was primarily driven by precious metals exposure, particularly gold, though momentum has flattened through May. This has shifted focus toward copper opportunities, where the managers see significant potential despite market inefficiencies.A key catalyst emerged from operational problems at Ivanhoe Mines' Kamoa-Kakula facility in the Democratic Republic of Congo—one of the world's top five copper assets. Despite the flooding-related shutdown, copper prices remained surprisingly stable. "Normally when a top five copper asset shuts down the market moves," Mcpherson noted, suggesting the muted response may create entry opportunities.The copper investment landscape presents unique challenges, with only five to eight meaningful mid-cap companies available, each carrying specific drawbacks that stretch valuations. Olive Resource maintains copper exposure through junior developers including Arizona Metals, backed by Rio Tinto and Hudbay, and Sterling Metals, which recently announced impressive drill results of 359 meters at 0.36% copper equivalent.The firm's dual-portfolio approach—maintaining liquid positions for tactical trading while holding concentrated junior positions for fundamental plays—reflects sophisticated market understanding. With major copper assets going offline while demand projections grow, Olive Resource appears well-positioned for potential copper market inflection points.Sign up for Crux Investor: https://cruxinvestor.com

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• The G Mining and Champion Iron Playbook for Mining Project Success

  Interview withLouis-Pierre Gignac, President & CEO of G Mining Ventures Corp.David Cataford, CEO of Champion Iron Ltd.Recording date: 30th May 2025In an industry plagued by cost overruns and schedule delays, two mining executives have demonstrated a blueprint for successful project development. Louis-Pierre Gignac of G Mining Ventures and David Cataford of Champion Iron recently shared insights from their track records of delivering projects on time and within budget, even during the challenging COVID-19 period.Both companies prioritize building strong internal teams over relying on external contractors. G Mining employs a "self-perform approach," maintaining in-house engineering, procurement, and execution capabilities to eliminate intermediary costs and maintain direct project control. Champion Iron works with multiple specialized engineering firms but requires rigorous personnel selection, including psychometric testing to ensure effective collaboration.The executives demonstrate conservative approaches to technology adoption, preferring proven equipment with established track records over innovative but unproven alternatives. "It has to be proven somewhere else. I'm not going to be the guinea pig of anything," Gignac explains. This philosophy extends to systematic evaluation of new equipment, with teams required to visit multiple operating sites before implementation.Project control relies on simple but comprehensive reporting systems that provide real-time visibility without overwhelming stakeholders. Both companies emphasize realistic initial estimates rather than optimistic projections designed to attract investment, recognizing that artificially low capital expenditure estimates often lead to execution failures.Strategic decisions around mining methods, infrastructure sizing, and power generation significantly impact project economics. The executives note that processing plants typically represent only 30% of total capital expenditure, with indirect costs and infrastructure accounting for substantial portions often underestimated in feasibility studies.During the COVID-19 pandemic, Champion Iron demonstrated exceptional adaptability by establishing an on-site testing facility, enabling continuous construction despite government lockdowns. This $2 million investment allowed completion of a $700 million project on schedule.The companies' success illustrates that systematic management approaches, transparent communication, and empowered teams can generate substantial returns in mining project development despite inherent industry risks.Sign up for Crux Investor: https://cruxinvestor.com

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• Odyssey Marine Exploration (NASDAQ:OMEX) - Igniting Ocean Mining Boom with Billion-Dollar Projects

  Interview with Mark Gordon, CEO, Odyssey Marine ExplorationRecording date: 29 May 2025Odyssey Marine Exploration (OMEX) represents a unique investment opportunity in the emerging seafloor mining industry, leveraging three decades of deep ocean expertise to address global critical mineral shortages. The publicly traded company has successfully transitioned from historic shipwreck recovery to modern mineral extraction, positioning itself as a first-mover in an industry valued in the billions.The company focuses on two strategic mineral categories essential for human needs: phosphate for fertilizer production and polymetallic nodules containing battery metals crucial for electrification. CEO Mark Gordon explains the operational advantage: "We learned how to use complicated equipment in the deep ocean, how to execute difficult projects in difficult environments." This expertise translates directly from archaeological recovery to geological extraction, utilizing the same sophisticated sonar systems, remotely operated submarines, and specialized vessels.Odyssey's most advanced project involves phosphate extraction off Mexico's Pacific coast, where the resource is valued in the billions under 43-101 standards. The project awaits final environmental approval following successful NAFTA arbitration against previous political interference. Mexico currently imports over 50% of its phosphate requirements, creating substantial domestic market potential. "Mexico could turn into a net exporter almost instantly with this project," Gordon notes.In the Cook Islands, Odyssey holds strategic minority stakes in two companies exploring cobalt-rich polymetallic nodules, with combined valuations approaching $9 billion. These investments provide battery metals exposure without direct operational requirements.Recent catalysts include President Trump's pro-mining executive order and Mexico's new science-friendly administration under President Sheinbaum. Gordon anticipates significant developments within 30-90 days for Mexico and 6-12 months for Cook Islands projects.The macro environment strongly supports seafloor mining development. As Gordon observes, "the critical minerals mankind is going to need into the future has to come from the 70% of our earth that's underwater because the 30% of the dry surface has been pretty exhausted." This fundamental resource constraint, combined with unprecedented demand for electrification and food security, positions Odyssey at the forefront of a transformational industry shift toward ocean-based mineral extraction.Learn more: https://www.cruxinvestor.com/companies/odyssey-marine-explorationSign up for Crux Investor: https://cruxinvestor.com

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• Skeena Gold & Silver (TSX:SKE): Permits, Refinancing, and Feasibility - Catalysts Lining Up.

  Interview with Walter Coles, Executive Chairman of Skeena Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/skeena-resources-tsxske-fully-funded-high-grade-gold-poised-for-production-5657Recording date: 29th May 2025Skeena Gold & Silver is developing the Eskay Creek Mine in British Columbia, positioned to become one of the world's largest gold-silver mines when production begins in early 2027. This project represents a compelling investment opportunity with exceptional economics, significant upside potential, and multiple near-term catalysts that could drive substantial share price appreciation.The project's economics are truly remarkable. At $3,200/oz gold price, Eskay Creek boasts an after-tax NPV of $4.5 billion and an extraordinary 72% internal rate of return. This translates to a payback period of just over six months on the $700 million construction cost. Most impressively, Skeena's all-in sustainable cost per ounce is projected at less than $600 for the first six years of production, compared to approximately $1,700 for major producers like Barrick and Newmont. "We have a project that's super super low on the cost curve, enormously profitable per ounce of production.", explains Coles. This cost advantage creates exceptional profit margins even at much lower gold prices.Skeena has secured comprehensive financing through Orion Resource Partners, removing a major uncertainty that typically impacts junior developers. The $750 million package includes equity, a gold stream, and debt facilities. Since announcing this funding, Skeena's stock has nearly tripled from around $6 to $17 Canadian. The company is now exploring refinancing options to reduce its cost of capital as the project de-risks.Beyond the base case, Skeena is advancing several value-enhancement initiatives. The company plans to extend the mine life from 12 to 15-16 years by incorporating the high-grade Snip deposit and the Albino Lake waste facility. Additionally, Skeena has identified significant antimony, lead, and zinc content worth potentially 2.2 million tons of waste tailings that could be recovered with minimal additional costs.Investors can look forward to several near-term catalysts such as final permits expected in Q4 2025, refinancing of the Orion loan facility in Q1 2026, updated feasibility study in the first half of 2026, and production commencement in early 2027.Skeena's partnership with the Tahltan First Nation adds another layer of strength to the project. The company signed the first agreement in Canada giving a First Nation formal consent rights over a mining project, creating a true partnership that reduces social and political risk factors.For investors seeking exposure to precious metals with significant upside potential, Skeena offers a rare combination of exceptional grade, economics, and execution capability in a tier-one jurisdiction. As the company advances toward production and begins generating substantial cash flow, the valuation gap with producing peers is likely to close, potentially delivering substantial returns to investors who position themselves ahead of these developments.View Skeena Gold & Silver's company profile: https://www.cruxinvestor.com/companies/skeena-resourcesSign up for Crux Investor: https://cruxinvestor.com

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• Cabral Gold (TSXV:CBR) - Brazilian Gold Project Advances Toward Mid-2025 Production Decision

  Interview with Alan Carter, President & CEO of Cabral Gold Inc.Our previous interview: https://www.cruxinvestor.com/posts/cabral-gold-tsxv-cbr-near-term-production-pivot-advances-6950Recording date: 28th May 2025Cabral Gold Corp (TSXV:CBR) is positioning itself as a compelling transition story in the junior mining sector, advancing its Cuiú Cuiú gold project in northern Brazil from exploration toward near-term production through an innovative low-cost strategy. CEO Alan Carter has architected a development approach centered on extracting gold from saprolite—weathered rock material resembling mud—through heap leach processing, offering significant advantages over traditional hard rock mining.The company's starter operation targets a 60-meter thick saprolite layer requiring no drilling, blasting, or crushing, making it "an earth moving exercise basically, not a rock mining exercise," according to Carter. Metallurgical testing has yielded exceptional results, with 70% gold recovery achieved within 12 days compared to months typically required for heap leach operations. The September 2024 Preliminary Feasibility Study outlined $37 million USD in capital costs, generating a 47% post-tax Internal Rate of Return at $2,250 per ounce gold. With current gold prices around $3,250 per ounce, Carter projects approximately $2,300 per ounce profit margins.Beyond the starter operation lies significant district-scale potential. Historic placer production of 2 million ounces at Cuiú Cuiú compares to just 200,000 ounces at neighboring Tocantinzinho, which became a 2.5 million ounce deposit. Cabral's soil anomaly spans 7 kilometers versus 1.2 kilometers at Tocantinzinho, while the company has identified 50 exploration targets compared to six at the neighboring mine.Recent drilling has delivered impressive results, including 12 meters at 27 grams per tonne and 49 meters at 2 grams per tonne across multiple new discoveries. Following a successful $15 million CAD financing, the company has mobilized multiple drill rigs to advance various targets toward resource estimates.Carter has invested $2 million CAD personally, demonstrating management alignment while rejecting traditional dilutive financing models. The company expects a construction decision by mid-Q2 2025, with production targeted for mid-2026, positioning Cabral to generate cash flow for district-wide exploration while avoiding excessive shareholder dilution.View Cabral Gold's company profile: https://www.cruxinvestor.com/companies/cabral-goldSign up for Crux Investor: https://cruxinvestor.com

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