Recording date: 7th March 2026

Olive Resource Capital is off to a strong start in 2026, with the fund up approximately 25% year-to-date following an exceptional 160% return in 2025. The gains have been driven primarily by precious metals holdings, including positions in Omai, Arizona Sonoran, and West Point Gold. Two major portfolio exits have recently validated the fund's investment approach, even as geopolitical tensions introduce near-term volatility.

The fund's most significant development was the acquisition of Arizona Sonoran by Hudbay, announced during PDAC week in an all-stock deal valuing Arizona Sonoran at approximately $9.35 per share. Olive had followed the company since its private-stage days, building its position opportunistically over time. Management at Arizona Sonoran executed on every stated objective — maximising the resource and resolving the complex Nuton joint venture — ultimately clearing the path for Hudbay's offer and delivering a substantial multiple on the fund's cost basis.

The second exit involved Sailfish Royalties, where Olive realised approximately 4x returns after the company sold its Spring Valley royalty asset. With initial purchases around $1.00 per share and the stock trading near $4.40 following the announcement, the position generated roughly 400% returns over two years — a strong outcome for a lower-risk royalty investment.

The annual PDAC mining conference in Toronto drew approximately 42,000 registrants, an all-time high well above the historical range of 20,000–30,000. Beyond the headline numbers, fund managers Samuel Pelaez and Derek Macpherson noted the quality of emerging deal flow: genuinely new companies, freshly acquired projects, and existing stories advanced meaningfully by new exploration results — not simply recycled ideas repackaged for a stronger market.

Recent military actions involving the United States, Israel, and Iran, combined with softer economic data from China and the U.S., have triggered a flight to liquidity that pulled mining equities down 10–15% across some positions. The fund had proactively raised cash ahead of the weakness using seasonal trading models and currently holds approximately 10% in cash, which it plans to deploy opportunistically into pullbacks.

Despite near-term uncertainty, Olive maintains a positive full-year outlook, anticipating a potential rotation into copper later in 2026 as commodity leadership evolves and actively searching for a replacement copper name following Arizona Sonoran's sale.

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Interview with Nolan Peterson, CEO, Atlas Salt

Our previous interview: https://www.cruxinvestor.com/posts/atlas-salt-tsxvsalt-salt-market-insight-with-nolan-peterson-9255

Recording date: 5th of March 2026

Atlas Salt has commenced construction activities at its Great Atlantic Salt project in western Newfoundland, marking a significant milestone for what could become North America's first new salt mine in over 25 years. CEO Nolan Peterson outlined the company's development progress during the 2026 PDAC conference in Toronto, emphasizing both the advancement of physical construction and an aggressive financing campaign to capitalize on favorable market conditions.

The company has initiated a $100 million early works package approved by the Newfoundland government, with current activities including site clearing, ground preparation, and infrastructure development optimized for winter ground conditions. The roadmap for 2026 encompasses establishing site pads, road access, power infrastructure, and preparatory work for underground drift development. This early phase represents the first component of a $600 million CAD total capital program.

Atlas Salt is pursuing a financing structure targeting 60% debt from infrastructure banks, sovereign wealth funds, and export credit agencies, with the remaining 40% from equity investors. The company has engaged Endeavour Financial to structure the project financing package, while market interest has created opportunities to accelerate capital raising beyond original timelines. Peterson noted that heightened awareness of salt shortages has prompted earlier engagement from potential financial partners.

The project addresses documented supply constraints in North American deicing markets, where no new mine construction has occurred in a quarter-century. The Great Atlantic operation will shorten supply chains to key northeastern markets while offering stable, recession-proof cash flows over a projected 25-year mine life based on current reserves, with potential for an additional 50 years from identified resources.

The company benefits from an exceptionally supportive regulatory environment, having secured environmental assessment approval in just two months. With 100% battery-electric operations planned, the project positions as both an infrastructure solution and an environmental showcase. Peterson's focus on strategic partnerships and project de-risking suggests multiple near-term catalysts as the company advances toward production.

Learn more: https://www.cruxinvestor.com/companies/atlas-salt

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Interview with Brian Miller, Director & CEO of Astra Exploration

Our previous interview: https://www.cruxinvestor.com/posts/astra-exploration-tsxvastr-high-grade-argentine-discovery-opens-in-multiple-dimensions-9016

Recording date: 5th March 2026

Astra Exploration (TSXV: ASTR) is a junior precious metals company with a focused two-country portfolio in Chile and Argentina, and a clear near-term strategy centred on its La Manchuria gold-silver project in Santa Cruz province. Following a strong PDAC 2026, the company is well positioned heading into what could be a transformational period of exploration.

La Manchuria is a low sulphidation epithermal system with a dual-target structure. Near surface, the company has confirmed an expanding bulk disseminated gold-silver system — one that has grown with every drill programme conducted to date. Deeper in the system lies the primary prize: a potential high-grade feeder zone, the kind of structure that drives the most significant epithermal discoveries in Patagonia. Astra has been methodically building toward testing that target, beginning with near-surface drilling to establish scale and validate the geological model before committing capital to deeper holes.

Two programmes have now been completed, totalling 7,500 metres across 36 holes. Of the 25 holes drilled in the second programme, 13 have been released with results. Twelve remain pending from the laboratory and are expected to be published by the end of March 2026. These represent a near-term, defined news pipeline that does not require the company to raise capital or commence new fieldwork to deliver.

The third programme — another 5,000 metres — is set to begin within approximately one month. Astra holds roughly $4 million in cash, sufficient to fund this programme in full. The budget was structured at the time of the company's $6.2 million raise to ensure exactly this kind of operational continuity. The third programme will begin to shift focus toward deeper targets, moving the company closer to the high-grade feeder discovery scenario that underpins its long-term investment case.

Argentina's operating environment has also improved significantly. Under President Milei's administration, permitting has accelerated and foreign investment capital is flowing into the country at a pace not seen in recent years. Santa Cruz province permits year-round drilling, removing the seasonal constraints that limit many other jurisdictions and enabling a consistent cadence of results throughout 2026.

Beyond Argentina, Astra holds two Chilean projects — Pampa Paciencia, adjacent to two operating copper mines, and a high sulphidation target in the active Maricunga belt — that provide strategic optionality without requiring meaningful near-term capital. Pre-drill work is planned at Cerobio in Chile in the coming weeks, with the potential to unlock value through partnership or joint venture as the belt attracts renewed attention following Chile's improved political backdrop.

For investors, the proposition is straightforward: a funded explorer with an expanding near-surface discovery, a high-grade feeder thesis yet to be tested at depth, a defined catalyst schedule across the next 60 to 90 days, and a macro tailwind from both gold prices and an improving Argentine investment climate. Astra enters the next phase of its programme with momentum, capital, and a story that is only beginning to register with the wider market.

View Astra Exploration's company profile: https://www.cruxinvestor.com/companies/astra-exploration

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