Interview with Diane R. Garrett, President & CEO of Hycroft Mining

Our previous interview: https://www.cruxinvestor.com/posts/hycroft-mining-nasdaqhymc-more-high-grade-silver-as-resource-grows-by-over-50-9321

Recording date: 22nd March 2026

Hycroft Mining Holding Corporation (NASDAQ: HYMC) has executed a dramatic transformation from debt-burdened developer to well-capitalised exploration story, driven by high-grade silver discoveries that are redefining one of the world's largest precious metals deposits in Nevada.

The company's turnaround centres on a comprehensive balance sheet restructuring that eliminated all debt and secured $200 million in cash through institutional investment. The debt, which was accruing at $1 million monthly with 2027 maturity, had prevented institutional participation despite growing asset interest. Combined with earlier investments from Eric Sprott and Tribeca, the restructuring delivered a shareholder base that is now 85% institutional, providing a minimum three-year funding runway.

What attracted this institutional capital was the discovery of high-grade mineralisation at the Vortex and Brimstone zones. Recent drilling returned intercepts exceeding 500 grams per tonne silver over 35 metres, fundamentally changing perceptions of an asset historically characterised as low-grade bulk tonnage. In February 2026, Hycroft announced a 55% resource increase, incorporating these discoveries alongside improved metallurgical recoveries. The deposit now totals approximately 16.5 million ounces of gold and 600 million ounces of silver.

Management is prioritising development of these high-grade underground systems over the large low-grade deposit, aiming for a smaller 3,500-5,000 tonne per day operation that offers superior margins and faster production. The 2026 exploration program has tripled to 24,000 metres across four rigs, targeting system expansion and a preliminary economic assessment by early 2027.
The Brimstone system remains open in all directions and at depth, with geological indicators including deep magmatic sources suggesting substantial expansion potential. Hycroft is applying this geological model across its largely unexplored land package, seeking additional high-grade discoveries.

Despite possessing over $1 billion in existing infrastructure, established permits, and Nevada's premier jurisdiction advantages, Hycroft trades at an estimated 40-50% discount to greenfield peers, presenting potential rerating opportunity as high-grade scale is demonstrated through continued drilling and economic studies.

View Hycroft Mining's company profile: https://www.cruxinvestor.com/companies/hycroft-mining-holding-corporation

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Interview with Colin Smith, Director & CEO of Toogood Gold

Our previous interview: https://www.cruxinvestor.com/posts/toogood-gold-tsxvtgc-expanding-high-grade-discovery-in-newfoundland-8643

Recording date: 19th March 2026

Toogood Gold Corporation (TSXV:TGC) has emerged as a compelling discovery-focused explorer following exceptional drill results at its Quinlan target in Newfoundland and the strategic acquisition of Nevada's Table Mountain epithermal project. The company's recent operational updates reveal a systematic approach to advancing high-quality targets across two of North America's premier gold jurisdictions.

At Quinlan, Toogood achieved a perfect 30-for-30 drill success rate, with every hole intersecting both the gold-bearing felsic dyke and mineralization. The discovery has doubled in strike length from 200 meters to over 400 meters while remaining open in both directions. The standout intercept of 29 meters at 2.3 grams per tonne gold near surface, with higher-grade zones approaching half an ounce, establishes the target's economic potential despite averaging 3-5 meters in true thickness.

The company's breakthrough deployment of ground penetrating radar (GPR) technology successfully mapped dyke structures under cover, enabling a step-out discovery 150-200 meters along strike. This proven methodology now provides a systematic tool to test 45 identified felsic dyke occurrences across the southwestern block.

Perhaps most significantly, Toogood validated the Melange contact as a new discovery vector. Three inaugural holes at this previously undrilled 10-kilometer geological boundary all intersected gram-to-multi-gram gold, confirming historical surface sampling. The southwestern Quinlan holes—delivering the program's best results—are vectoring toward where the Quinlan trend and Melange contact converge, creating a high-priority structural intersection target.

Simultaneously, the company secured a binding letter of intent for Nevada's Table Mountain project, featuring a 4-kilometer by 2-kilometer alteration cell matching the footprint of the 16-million-ounce Silicon-Merlin system. Outcropping epithermal quartz veins with textbook characteristics show no evidence of previous drilling despite anomalous to multi-gram gold values.

With $3.2 million in treasury plus $600,000 in flow-through financing, Toogood maintains adequate capital to advance systematic exploration programs at both projects without immediate dilution, targeting Q3 2026 for Nevada drilling while expanding Newfoundland's geological understanding through regional geochemistry.

View Toogood Gold's company profile: https://www.cruxinvestor.com/companies/toogood-gold

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Interview with Lachlan Wallace, Managing Director of Investigator Silver

Our previous interview: https://www.cruxinvestor.com/posts/investigator-resources-asxivr-paris-silver-project-advancing-towards-dfs-4726

Recording date: 19th March 2026

Investigator Resources (ASX:IVR) is advancing the Paris Silver Project in South Australia, positioning itself as Australia's only pure play silver mining operation at a time when global silver markets face persistent supply deficits. The company's recently completed definitive feasibility study demonstrates compelling project economics with a pre-tax net present value of $1.2 billion at $80 per ounce silver, a 93% internal rate of return, and an 11-month payback period.

Managing Director Lachlan Wallace, who previously delivered the Kanmantoo underground mine on-time and on-budget during his tenure at Hillgrove Resources, brings proven mine-building credentials to the project. Under his leadership, Investigator has deliberately designed Paris for financeability rather than maximizing headline economics, using conservative silver price assumptions of $48 US per ounce—materially below current spot levels—to ensure the project remains robust under various stress scenarios.

The Paris deposit offers significant geological advantages for low-cost production. The shallow, flat, tabular ore body starts just 10 meters below surface and measures 400 meters wide by one kilometer long, ideal for efficient bulk open pit mining. The company's mining strategy front-loads higher-grade zones in the first two years, delivering average head grades of 130 grams per ton compared to the 90 grams per ton life-of-mine average, driving rapid cash generation and early debt repayment.

With $65 million recently raised and a total capital requirement of approximately $260 million Australian, Investigator is well-funded to advance detailed engineering, infill drilling, and permitting activities. The company is targeting debt financing for the remaining capital, with Wallace reporting positive reception from US-based institutional funds and debt providers.

At a current market capitalization of approximately $170 million, Investigator trades at a significant discount to its project value. As Australia's only pure play silver producer, the company offers direct leverage to silver price movements, with every $1 US movement translating to $42 million in life-of-mine project value—positioning shareholders to benefit from structurally supported silver markets facing ongoing supply-demand imbalances.

View Investigator Resources' company profile: https://www.cruxinvestor.com/companies/investigator-resources

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