Interview with Charlie Greig, CEO of Metal Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/metal-energy-tsxvmerg-unlocking-ontarios-massive-lithium-potential-drilling-dec-2023-4221

Recording date: 19th February 2026

Metal Energy Corp (TSXV: MERG) is preparing to drill its first holes on the NIV copper-gold-molybdenum porphyry project in British Columbia's Toodoggone district, one of the province's more active mineral exploration corridors. The company is led by Charlie Greig, a veteran exploration geologist whose prior work contributed to the assembly of the GT Gold Saddle discovery — a porphyry deposit sold for approximately $450 million in 2021. Greig and his technical partner, geophysicist Alex Walcott, have been building a dataset on the NIV property since 2010, funding much of the early work themselves before bringing in outside capital.

The NIV property covers roughly 5 kilometres of strike length and sits in the same volcanic and intrusive rock package that hosts established porphyry deposits elsewhere in the Toodoggone. Soil geochemistry shows elevated copper, gold, and molybdenum values running continuously along the trend, while induced polarisation surveys have identified chargeability anomalies at depth consistent with a sulphide-bearing system. Porphyry-style sheeted veining visible at surface adds further geological weight to the target. Critically, all three datasets — geochemistry, geology, and geophysics -align spatially, giving the team a well-defined set of drill targets ahead of its first program.

The project has drawn strategic investment from two significant industry names. Centerra Gold, which operates a mine approximately 40 kilometres to the north, and Teck Resources have each taken a 9.9% equity stake following independent technical review. Their involvement provides both financial support and meaningful third-party validation of the project's geological merits.

The 2026 drill program is expected to total between 5,000 and 6,000 metres across 10 to 12 holes. Nearby, Amarc Resources' AuRORA copper-gold discovery in the same district serves as a direct geological analogue, while an adjacent Northwest Copper drill intercept confirms porphyry-style mineralisation within 1–2 kilometres of NIV ground.

View Metal Energy's company profile: https://www.cruxinvestor.com/companies/metal-energy

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Interview with
Shane Williams, President & CEO of West Red Lake Gold Mines
Alex Black, Executive Chairman of Rio2 Ltd.

Recording date: 13th February 2026

Rio2 Limited and West Red Lake Gold Mines have successfully transitioned from developers to producers, achieving commercial production after years of navigating construction challenges and capital constraints. In a mid-February 2026 discussion, executives Alex Black of Rio2 and Shane Williams of West Red Lake shared the operational realities facing newly producing mining companies in a favorable commodity price environment.

Both executives emphasized the importance of slow, measured ramp-ups rather than rushing to full capacity. This approach allows proper development of operational systems, procedures, safety protocols, and team training alongside physical production increases. Rio2 targets 60,000 to 70,000 ounces in 2026 at its Fenix Gold Project in Chile, with expansion potential to 300,000 ounces annually pending water infrastructure development. West Red Lake sees a pathway to 150,000 ounces annually with relatively modest capital investment for mill expansion.

The discussion highlighted significant operational challenges often underappreciated by retail investors. West Red Lake battles extreme cold conditions with January temperatures reaching minus 45 degrees Celsius, where any plant stoppage results in complete mill freezing. Rio2's Fenix Gold operation faces high-altitude cold at nearly 5,000 meters elevation, space constraints in open-pit operations, and the complexity of mining an extinct volcano with three separate peaks.

Labor shortages emerged as a critical industry-wide issue. Williams noted that decades of industry struggles have depleted skilled workforces in Canada, Chile, and Australia, with skill levels materially lower than 20 years ago. Both executives stressed that operational success depends primarily on building, empowering, and retaining talented teams willing to work through challenges methodically.

The conversation revealed frustration with market dynamics, as development-stage companies with impressive feasibility studies often receive higher valuations than cash-flowing producers. Both executives expect re-rating as they demonstrate consistent quarterly execution. Black predicted significant M&A activity in 2026, with both companies actively pursuing strategic acquisitions while positioning themselves as potential takeover targets within three to five years.

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