ATEX Resources (TSX:ATX) - Phase VII Drilling to Test Scale of High-Grade B2B Breccia at Valeriano

Interview with J.W. Dumont, President of Granada Gold Mine Recording date: 21st October 2026 Granada Gold Mine Inc. (TSXV:GGM) owns the past-producing Granada Gold Project near Rouyn-Noranda, Québec, alongside the Cadillac Break in the Abitibi gold belt. The property produced over 51,400 ounces from two shafts between 1930 and 1935 and was worked again by open pit in the 1990s. Despite this history and a large resource, the company has a market capitalisation of C$7.95 million and has struggled to carry its strategies through to completion. J.W. Dumont was appointed President on September 2026. He spent almost seven years in Côte d'Ivoire, where a mining-finance venture became an operating gold mine after its original model failed. At Granada, his mandate is a corporate turnaround built on capital discipline, more transparent communication and clearing legacy liabilities and reputational issues over the next three to 12 months. The board will be reshuffled, new strategic advisers added, and Dumont expects to become CEO if the market is receptive. The 2026 mineral resource estimate reports 890,600 ounces M&I at 1.73 g/t and 865,500 ounces Inferred at 1.34 g/t which are 64% and 90% higher than in 2022. The increase came from raising the gold price assumption to about US$4,270 per ounce and lowering cut-off grades, not from drilling. No holes have been drilled since 2022. Gold traded near US$4,166 per ounce as of October 2026, so the resource's sensitivity to lower prices is a live question. Dumont said the aim is a resource that holds up at multiple price levels, but that analysis has not been published. Drilling is the main lever. Granada applied for drill permits in October 2026 and plans infill to raise confidence in existing ounces, followed by extensions along strike and at depth. Dumont set an aspirational ceiling of 100,000 metres over two years, funded in tranches of 2 to 5 million. In practice he expects to start small. The scope, budget and schedule have not been announced. The exploration case is clear on paper. Some 87% of historical drilled metres sit within one kilometre of the Granada shafts. The 1.9 km between the Aukeko and Austin-Rouyn shafts has no drill holes, and only 48 holes pass 500 metres. One hole returned 107.8 g/t gold over 4 metres from 617 metres beneath the main pit, though Dumont deferred questions on true width and continuity to his technical team. Granada also holds optionality beyond drilling. A 2016 Certificate of Authorization covers four open pits. XRT ore sorting on a 500 kg sample delivered a 2.7-times grade uplift with 88% recovery, though the feed may not be representative. An Article 30 application for on-site gravity concentration remains in preparation, and DSO and toll milling are under evaluation with no agreement in place. For investors, the case rests on execution. The key watch-items are the drill permit decision, the size and pricing of financing at C$0.035 per share against 227.3 million shares outstanding, the board and CEO changes, and early drill results from the eastern trend and the deeper zones. Learn more: https://www.cruxinvestor.com/companies/granada-gold-mine Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Heye Daun, President & CEO of Koryx Copper Our previous interview: https://www.cruxinvestor.com/posts/koryx-copper-tsxvkry-namibias-giant-copper-deposit-gets-a-major-upgrade-10548 Recording date: 20th October 2026 Koryx Copper S.A. (TSXV:KRY) is approaching the most important milestone in its turnaround of the Haib Copper Project in southern Namibia. President & CEO Heye Daun told Crux Investor during LME Week in London that the Pre-Feasibility Study will be published before the end of November 2026. He expects the results to be substantially better than the September 2025 PEA. Haib is a large Paleoproterozoic porphyry deposit with copper, molybdenum and gold, previously explored by Falconbridge, Rio Tinto and Teck. Daun’s team took control in 2024. The same group has a record of Namibian exits, including the $180 million sale of Auryx Gold to B2Gold in 2011 and the $390 million sale of Osino Resources to Yintai Gold in 2024. The March 2026 resource contains 744 million tonnes Indicated at 0.28% copper and 579 million tonnes Inferred at 0.24% copper. An infill programme of more than 55 kilometres has been completed to support the PFS. Daun cautioned that individual drill results can only move the average grade of such a large deposit so far. He pointed instead to higher-grade zones the mine plan can prioritise. The main technical change is the flowsheet. Heap leaching has been dropped from the base case after test work showed sulphide heap leaching was not viable at industrial scale. The PFS base case now crushes 48 Mtpa. Coarse particle flotation rejects about 12 Mtpa of low-grade gangue, leaving 36 Mtpa of higher-grade feed for a flotation circuit that includes Jameson cells. The PEA, by comparison, used a 28 Mtpa mill and 7 Mtpa of heap leaching. The PEA provides the baseline. It showed an after-tax NPV of $1.351 billion at 8% and $4.30 per pound copper, an IRR of 20.1%, development capital of $1.559 billion and a 3.9-year payback. It projected 92,000 tonnes per annum of payable copper over the first decade. Daun expects the PFS to show output well above 100,000 tonnes per annum, with capex between $1.5 billion and $2 billion. He said much of the capital estimate is already based on supplier quotes. Infrastructure risk has narrowed. Koryx has signed an MoA with NamPower for a 68-kilometre 220 kV grid connection, backed by solar and battery storage. It has also signed an MoU with NamWater for an Orange River supply scheme. Environmental applications were lodged in August and September 2026. Valuation is the core of the pitch. Koryx benchmarks itself at 0.24 times P/NAV, below a developer median of 0.28 times. It has about C$44.6 million in cash and no debt. Daun named project financing uncertainty as the largest barrier to a re-rating. He plans to address it in 2027 through financing certainty, technical endorsement, a strategic investor and broader institutional ownership. The development schedule points to a DFS and strategic options review in 2027, with first copper estimated in 2031. For investors, the near-term catalyst is the PFS itself. The longer-term test is whether Koryx can secure a credible funding partner for a multi-billion-dollar build. Learn more: https://www.cruxinvestor.com/companies/koryx-copper Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Peter Bures, Chairman & CEO, and Michael Gentile, Strategic Advisor, of Silver Crown Royalties Recording date: 18th October 2026 Silver Crown Royalties (CBOE:SCRI | OTCQX:SLCRF) is a silver-only royalty company built around byproduct silver that does not appear in resource or reserve statements. Many gold and copper mines produce modest silver volumes. Operators are paid for that silver at the refinery but have never reported it, often because the mines predate post-Bre-X disclosure standards or because the amounts are too small to justify qualified-person sign-off. Without a reported resource, no royalty can be bought on those ounces. Silver Crown’s approach is to create them. The process starts with the operator’s refinery and metals-trader statements, reviewed under NDA. They give a payable silver-to-gold ratio grounded in actual sales. The company prefers producing mines and restarts, where that history exists. A transaction now under evaluation, and not yet signed, shows the structure. A mine with a 2:1 silver-to-gold ratio producing 15,000-20,000 oz of gold implies 30,000-40,000 oz of silver, and Silver Crown would seek a 30,000 oz annual minimum. Strategic Advisor Michael Gentile said the contracts are take-or-pay, so gold revenue covers the obligation if silver output dips. The company’s presentation adds staged investments and registration on title, and puts the royalty’s impact at about 2% of project revenue. The operator’s motivation is valuation. CEO Peter Bures said producers trade at 1-2x sales while royalty companies trade at 20-25x. Gentile framed it in NAV terms: smaller producers trade near 0.4x NAV, Silver Crown near 1x, and Franco-Nevada at 2x. A producer selling silver to Silver Crown crystallizes value on a sliver of revenue at a far higher multiple. Producers can take cash or shares. Bures said counterparties that took equity saw $1M nameplate deals grow to $3-4M in market value as the stock re-rated. Cost of capital is the constraint Gentile says he helps address. He had long avoided junior royalty companies because their discounted shares make acquisitions dilutive and the majors outbid them for quality assets. Silver Crown avoids that auction by originating its own royalties. Gentile likened the setup to Franco-Nevada in the 1980s, financing at about 5% and writing 25% IRR deals with little competition. Bures said cash flow turned positive in the second quarter of 2026 and credited Gentile’s investment with the share re-rating. Silver Crown Royalties lists 6 closed royalties across Canada, Peru, Brazil and Ecuador. It also cites a combined pipeline IRR above 25% and more than 10 active discussions at any time. The company estimates 2026 deliveries of 42,888-61,888 oz versus about 22,000 oz in 2025, and targets a first dividend in 2026. Bures expects 25% average returns to attract competitors eventually. He argued no royalty company under $1B market cap is creating new royalties today. He is also discussing parallel royalties with larger peers, splitting metals in the same orebody, though nothing is signed. The main risks are scale, counterparty performance, dependence on private data, silver price exposure and dilution from equity-paid deals and warrants. Near-term markers are the 30,000 oz transaction closing, delivery growth against the 2026 estimate, and any signed partnership. View Silver Crown Royalties' company profile: https://www.cruxinvestor.com/companies/silver-crown-royalties Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Jeremy Crozier, COO of Leviathan Metals Recording date: 18th October 2026 Leviathan Metals Corp. (TSXV:LVX) offers early-stage exposure to one of the more geologically predictable copper districts in Africa. Its 100%-owned Central Project sits on Botswana's Kalahari Copper Belt and shares a property boundary with MMG Limited's Khoemacau operations. Chief Operations Officer Jeremy Crozier said MMG acquired Khoemacau for $1.9 billion about two years ago and has since invested a further $900 million to double throughput. Those figures, as Crozier described them, frame the scale of the neighbouring system. The company's case rests on a simple geological rule. Every known copper deposit on the belt sits at the same stratigraphic position, especially where the rocks are folded into structural domes. Regional magnetic data pointed Leviathan to a dome directly south of the Khoemacau cluster, inside the same corridor that hosts the belt's known deposits. Central had never been drilled before the company started in June 2026. The first results support the model. A little over 6,000 metres of diamond core across 25 holes has intersected the target contact in 23 holes. Handheld XRF has detected copper in practically every hole. Lead and zinc, which typically accompany or surround copper in these systems, are also present. Crozier said this suggests the copper readings form part of a broader trend rather than isolated spot anomalies. The critical caveat is grade. XRF is spot data, it is incomplete and it does not provide grades. Most laboratory assays are still outstanding. Until they arrive, investors are assessing geological confirmation rather than economic mineralisation. The drilling has also sharpened the target. The fold is somewhat asymmetrical, and the northern limb has emerged as a structural system that the company views as a strong trap for copper. The 10,000-metre programme allows Leviathan to define and test targets in stages within the same campaign. Even so, current targeting covers only three or four kilometres of a 24-kilometre strike, leaving considerable ground for follow-up. Management has been measured on expectations. Crozier said he could not promise a resource or an economic study. The plan for 2027 is a faster drilling pace and more detailed exploration aimed at defining a coherent target. Jurisdiction is a supporting strength. Crozier said Botswana's Department of Mines did everything it said it would during the renewal of the main Central licence, which took place while Leviathan was negotiating the deal. The country offers established infrastructure, contractors and technical expertise, and Leviathan's crew is almost entirely Botswanan. Leviathan also has a second front in uranium. On October 19, 2026, it announced an RC and open-hole percussion programme of up to 2,500 metres at Serule and Foley. Serule adjoins Lotus Resources' Letlhakane project, and 2024 drilling by the former owner returned grades of 196 to 1,247 ppm U3O8 at depths of 65 to 130 metres. The near-term watch-list is clear. Investors should track laboratory assays from Central, the completion of the 10,000-metre programme, the definition of northern-limb targets and the first results from Serule and Foley. Assays will determine whether Central's geological resemblance to Khoemacau extends to grade. Learn more: https://www.cruxinvestor.com/companies/leviathan-gold Sign up for Crux Investor: https://cruxinvestor.com/subscribe

Interview with Bart Jaworski, CEO and Co-founder of Group Eleven Resources Corp. Our previous interview: https://www.cruxinvestor.com/posts/group-eleven-resources-tsxvzng-ballywire-strike-extends-17-12307 Recording date: 18th October 2026 Group Eleven Resources Corp. (TSXV:ZNG) is exploring the Ballywire discovery in Ireland, next to Glencore’s ground and its Pallas Green zinc deposit. Ahead of Michael Gentile’s European investor roadshow, co-founder and CEO Bart Jaworski explained how the project’s investment case has shifted since the discovery hole in September 2022. A hole cut 10.8 m grading 10.0% Zn+Pb and 109 g/t Ag and drilling since then has outlined 2 linked systems. The first is a zinc-lead-silver system that typically grades about 10% Zn+Pb with 50 to 150 g/t Ag, higher silver than is usual in Ireland. The second is a set of near-vertical copper-silver structures, each 2 to 3 m thick. Jaworski said the copper-silver system has now been intersected over 1,700 m and appears to run for most of the length of the zinc discovery. The shift in emphasis is clear. Jaworski said the company is steering its technical team toward copper, which he regards as the bigger prize. The 2 systems appear to share the same plumbing, so drilling for one should help find the other. Germanium sits inside sphalerite, the zinc mineral, and should be recovered with it, although metallurgical testwork has not yet been done. Scale remains largely untested. About 30,000 m across roughly 91 holes has gone into Ballywire, mostly into 1 of 4 gravity anomalies on a 6 km trend. Jaworski said the company is only a quarter of the way through that trend. Group Eleven held C$16.2 million in cash at June 2026, including a C$12.0 million bought deal, and had a market capitalization of C$224.1 million at September 2026. Drilling has stepped up to 4 rigs, with a fifth possible later this year. The company is targeting about 70,000 m of drilling, most of it in 2027. Jaworski said that includes about 50,000 m at Ballywire and about 15,000 m on a target he described as a mirror image of Pallas Green, south of Glencore’s deposit on the Limerick volcanic complex. The presentation lists approximately 67,000 m funded and up to 75,000 m subject to detailed planning. The share register adds weight. Glencore holds 12.8% of basic shares and Michael Gentile 13.6%. Glencore invested in 2019 and joined the board in 2020. Gentile first invested in 2020, 2 years before the discovery hole, and Jaworski said his following has helped lower the company’s cost of capital. The policy backdrop is supportive. Jaworski said copper and germanium are classed as critical under the European Union’s Critical Raw Materials Act and zinc is not. Ireland offers 6 mines permitted over 60 years, established infrastructure and nearby European smelters. Jaworski also pointed to the new Irish Minerals Fund as a possible future source of local support. The watch-list for 2027 is drilling on the 3 untested gravity anomalies, the first holes into the Pallas Green look-alike target and any metallurgical testwork on germanium. Together, those results will show whether Ballywire is a single deposit or the start of a larger camp. View Group Eleven's company profile: https://www.cruxinvestor.com/companies/group-eleven-resources-corp Sign up for Crux Investor: https://cruxinvestor.com/subscribe