*Updated With Interviews* We’re At PDAC 2025 – Here’s Who We’re Talking To and Why It Matters

PDAC is almost here again, and for those of us in the mining investment space, it’s the event that sets the tone for the year ahead. This year, I’ll be on the ground in Toronto with the Crux Investor team, ready to interview 37 mining companies over four days.

That’s a packed schedule - but we wouldn’t have it any other way. This is where deals are made, investor sentiment is gauged, and you get a real feel for which companies have momentum and which ones are spinning their wheels.

But it’s not just about the companies we sit down with - PDAC is the ultimate networking event. We’ll be meeting with investors, analysts, and industry insiders to get real-time insights on where capital is flowing, what commodities are in favour, and which companies are positioning themselves for a big year.

Who Are We Speaking With?

We’ve curated our interview lineup to cover a broad mix of mining companies—from early-stage explorers hunting for the next big discovery, to producers generating cash flow and looking to expand. Did you know you can see which interviews we have lined up 7-days out by visiting cruxinvestor.com and scrolling down the homepage to our Interviews section? And below we'll update you as the interviews are in and published...

Commodity Breakdown

No surprise here—gold dominates our interview schedule. Investors still see it as a hedge in a shaky economic environment. But we’re also speaking with companies in uranium, copper, silver, and nickel, which are critical for energy transition and infrastructure.

We’ll be paying close attention to how these companies are funding their projects and whether investors are still backing exploration, or if the focus has shifted to safer, more advanced plays.

Catching Up with Familiar - Well Rated - Companies & Meeting New Names

One of the best things about PDAC is catching up with companies we already know well - the ones we’ve tracked, interviewed, and followed through various stages of development. But we’re also looking forward to introducing our investor audience to a few names that are new to us.

This year, we’re sitting down with:

• Cerro de Pasco – Unlocking value from historical mining operations in Peru.
• Avino Gold & Silver – A silver producer with assets in Mexico, bringing an interesting angle to the silver market.
• Centaurus Metals – A nickel-focused explorer in Brazil, well-positioned to benefit from the EV and battery metal boom.

Each of these companies brings something different to the table, and we’re excited to dig into their business models, strategies, and ultimately their investment potential.

How Do Our PDAC 2025 Companies Score?

At Crux Investor, we don’t just interview companies at random - we take a data-driven approach to figuring out which companies are worth investors’ time.

That’s where the Crux Investor Index (CII) comes in. Previously, this was an internal rating system we used to track companies. It has been public for a few years now so investors can use it as another data point when evaluating mining opportunities.

The CII is a weighted score out of 10, and we update it quarterly (or sooner if there’s material news or an interview that changes our outlook). We assess companies across key areas like:

• Commodity price risk
• Jurisdictional and geological risk
• Community relations and financial strength
• Technical and operational execution
• Management track record and shareholder returns

Now, let’s get into the numbers.

Key Takeaways from Our PDAC 2025 Interviewees:

• Average CII Score: 6.76 – That’s well above the market average, meaning we’ve lined up a strong batch of investible opportunities.
• Most companies score between 6 and 8, which tells us that while they have strong fundamentals, they still have risks to navigate.
• Developers and producers score highest – This aligns with what we’re seeing in the broader market: later-stage companies are attracting more capital than high-risk explorers.

Most companies in the mining space don’t score highly - over 64% of companies score 4 or lower in our database, and only 9% score 7 or above. That’s a reality check for anyone thinking all mining companies are investible.

The chart below breaks down how our PDAC companies are scoring, giving a snapshot of how our interviewees compare to the broader market.

Of course, the CII isn’t a “buy” or “sell” signal - it’s just one of many tools we use to assess investment potential - a lot of your own decision making will be based on your risk appetite! But if you think we’ve missed something that could change a company’s rating, we’re always open to hearing about it.

Why PDAC 2025 Matters for Mining Investors

Beyond the individual companies we’re speaking with, PDAC is where we take the temperature of the mining industry as a whole. Some key themes we’ll be watching:

• Are capital markets warming up to mining again?
• Are financings happening? Who’s raising money, and who’s struggling?
• Are investors focused on gold safety plays, or is risk appetite growing for exploration / early-stage development?
• Are we going to see more M&A in 2025? The cost of capital is rising - will juniors team up, or will the big players start making moves?

We’ll be asking the tough questions and bringing you real insights straight from the industry’s decision-makers. If there’s anything you want us to ask the CEOs we’re sitting down with, let us know—we’ll be watching the comments closely.

Stay tuned—it’s going to be a fascinating week at PDAC 2025.

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