مورغان ليكستروم، المؤسس المشارك والرئيس التنفيذي لشركة ستريمكس - سلسلة مقابلات

Morgan Lekstrom is the Co-Founder and Chairman of Streamex, and current CEO of Premium Resources a publicly traded critical metals company.  Mr. Lekstrom brings nearly two decades of experience in the global commodities sector to the forefront of blockchain innovation. With a deep understanding of commodity operations, corporate strategy, and engineering execution, Morgan is passionate about bridging the gap between traditional resource industries and emerging digital technologies.

Morgan is a strong advocate for the transformative potential of real-world asset tokenization in the commodity sector. He believes blockchain can drive transparency, unlock new forms of capital, and improve efficiency across the entire commodity value chain from development to production and asset ownership. Through his leadership at Streamex, Morgan is committed to pioneering the tokenization of commodities and proving how blockchain can modernize one of the world’s oldest and largest industries on the planet.

ستريميكس is a publicly traded financial technology company building institutional-grade infrastructure to bring traditional commodities and other real-world assets on-chain, with a primary focus on gold tokenization. The firm develops regulated, yield-bearing digital financial products that represent physical assets like gold and potentially other commodities, aiming to unlock liquidity, fractional ownership, and 24/7 settlement using blockchain technology while complying with securities regulations. Its flagship initiative centers around GLDY, a gold-backed digital token designed for institutional and accredited investors, and the broader platform integrates token issuance, trading infrastructure, and proof-of-reserve mechanisms to support transparent, scalable on-chain markets for real-world assets.

You co-founded Streamex Corp. after spending years inside traditional mining and capital markets. What specific gaps or inefficiencies in commodities and asset financing convinced you that tokenization wasn’t just an enhancement, but a fundamentally better market structure?

When you sit inside the traditional mining and royalty world long enough, you realise how secular and siloed it really is. You have incredible assets and cash flow streams locked inside structures that only a handful of big players can touch, and there is essentially no true aftermarket for an individual royalty or a slice of a stream. You can’t easily buy, trade, or price a single royalty on its own merits; you’re forced into owning the entire company wrapper and all the associated risk. To me, tokenization wasn’t about adding a digital gloss to the same system; it was the only logical way to break those assets down into individual components, give funds and investors direct exposure to the parts they actually want, and introduce real liquidity and price discovery into a market that has historically been closed and friction-filled. I genuinely believe this is how these instruments will trade in the future, just like anything else on an exchange, but with far better transparency and access.

Until now, your role as Chairman was more strategic and non-executive in nature. As Executive Chairman, how does your involvement change in practice, and which parts of Streamex’s execution do you feel most required deeper leadership at this stage?

For me, this shift was less about “fixing” a leadership gap and more about recognising that the company had reached a point where it needed all hands fully on deck. Henry and I co-founded Streamex. We’ve worked closely with Mitch for a long time, and we’re bringing in strong board members, so the foundation was there. But as we moved from building to launching a product, it became clear that I had to be all in operationally, not just strategically. I stepped away from running another company as CEO, increased my own capital commitment, including putting another half a million Canadian into the market as an insider who can’t sell, and committed my time to driving execution around product rollout, partnerships, and market education. This is a product that can fundamentally change how financial instruments are traded, and that required me to be directly involved day-to-day rather than watching from the sidelines.

The company has fully repaid its Yorkville convertible debentures and canceled the unused SEPA facility. From an investor standpoint, how important was it to reset the capital structure before pushing forward with expansion and new product launches?

Deleveraging the balance sheet was critical because a company without debt simply has a lot more strategic freedom, and, quite frankly, a company with no debt can’t go broke in the same way. When you’re heavily levered, your balance sheet dictates the kind of capital you can raise and when you can raise it, which becomes a real constraint just as you’re trying to scale. Yorkville was a good partner and did exactly what we needed in that period, and we wanted to make sure they were repaid in full, with a very attractive return – effectively the equivalent of about 14 months of interest paid back in roughly two months, which annualises to something in the 80%-plus range. By paying them out and cancelling the unused facility, we removed those restrictions, extended our runway, and put ourselves in a position where we can execute our plan with meaningful cash in the bank and without that “final headache” of balance-sheet overhang.

Streamex consistently emphasizes “institutional grade” tokenization rather than retail crypto adoption. What does that distinction mean operationally when it comes to compliance, custody, counterparties, and regulatory alignment?

Operationally, “institutional grade” starts with building the product inside the regulatory framework rather than hoping to retrofit compliance later. Listing publicly, being audited, and subjecting ourselves to that level of scrutiny was intentional because it signals to institutional counterparties that this isn’t just another experimental crypto platform. Our focus is on markets where the dominant flows are institutional – gold alone trades roughly 233 billion a day, and that’s overwhelmingly institutional activity, not retail. So, we designed Streamex to plug into that environment: regulated structures, institutional custody, insurance, and one-to-one backing, with an instrument that is hyper-transparent on-chain, instantly settled, and fully trackable. Everything from compliance to counterparties is geared toward large, regulated players who need comfort that what they are buying fits within existing rules and risk frameworks.

Gold is often cited as an obvious real-world asset to tokenize, yet many prior platforms failed to gain real traction. What structural or market conditions do you believe finally make tokenized gold viable now?

Gold has always been one of the largest total addressable markets in the world; it has had value, it has value, and it will continue to have value; but historically, it has been a kind of “pet rock” in portfolios, with no yield attached. What’s different now is that we can deliver gold in a regulated, security-like format that can sit comfortably in portfolios managed by investment advisors, wealth managers, and retirement planners. The ability to offer exposure to one-to-one backed gold with a yield changes the conversation completely, because you’re no longer asking allocators to choose between a safe store of value and income; you can give them both in a structure they’re already set up to hold. That combination of regulatory readiness, yield, and on-chain transparency is what finally makes tokenized gold a viable, scalable product rather than just a niche experiment.

You’ve described this moment as a convergence between traditional commodity markets and regulated blockchain infrastructure. What changed regulatorily, technologically, or institutionally that allowed this convergence to become realistic rather than theoretical?

The last three to four years have been transformative in terms of who is showing up at the table. You now have major firms like BlackRock and Securitize not just talking about tokenization, but actively building and launching tokenized products, and you have venues like the New York Stock Exchange discussing 24/7 tokenized exchanges as a serious roadmap item. That kind of institutional and regulatory engagement signals that tokenization has shifted from a theoretical “future of finance” narrative to a practical infrastructure discussion. At the same time, the technology has matured to a point where you can actually deliver frictionless, nearly instant settlement and high transparency at scale, which makes the old, friction-filled way of trading look increasingly obsolete. Streamex is positioning itself on that cutting edge, where traditional commodity flows and regulated blockchain rails finally meet in a way that satisfies both institutional risk committees and end investors.

Streamex enters 2026 debt-free following a $35 million public offering. How do you think about pacing growth and infrastructure investment while operating under the visibility and expectations of the public markets?

One of the reasons we chose to be public is precisely because we wanted that visibility; we want people to see us grow in real time and hold us accountable for execution. Coming into 2026 debt-free with ample cash allows us to invest aggressively where it matters, product, infrastructure, and team, without being forced into capital raises dictated by short-term market conditions. Our focus now is less on what the market will give us and more on what we can deliver operationally, because we don’t need to raise money in the near term to execute our plan. That gives us the ability to pace growth intelligently: move fast where we already see strong demand, build out infrastructure in lockstep with real usage, and avoid the trap of over-building ahead of the curve just to chase headlines.

Tokenization is often discussed as a long-term opportunity, but investors want to understand near-term demand. Where are you already seeing real commercial adoption today, and which use cases are moving fastest from pilot to production?

Gold is clearly one of the fastest-moving real-world use cases you see activity and interest from all directions, because it maps so naturally onto tokenization. Beyond gold, treasuries and other yield-bearing instruments are moving quickly as well, because tokenization lets you package familiar risk with improved liquidity, transparency, and settlement. When you see firms like BlackRock tokenizing funds and turning them into securities on-chain, that’s not a theoretical proof-of-concept; that’s real AUM shifting onto blockchain rails. You also have governments and regulators openly discussing tokenization, and even the President of the United States talking about it, which reinforces that this is now part of the mainstream financial dialogue. The net effect is that we’re already in a world where tokenization is being done actively, not something people are simply planning to do “one day.”

Many tokenization platforms talk about disrupting finance, while others focus on quietly integrating with it. Which camp does Streamex truly belong to, and how intentional has that positioning been when engaging with regulators, institutions, and legacy market participants?

We’re very much in both camps: we’re disrupting how assets can trade using tokenization, but we’re doing it by delivering value-added products to traditional finance rather than trying to burn the system down. That balance has been highly intentional from day one when we talk to regulators, institutions, and legacy players. What we’re bringing to market, one-to-one backed gold with yield that can be actively traded outside of the traditional futures and derivatives frameworks, has never really existed in this form before. It’s groundbreaking because it allows an ETF, for example, to hold our product as a store of gold without paying to hold it, and then benefit even more once you layer in yield. That’s why we’re already seeing a sector rotation mindset, with some ETF providers looking at us and saying, “We’re better off using your structure than paying to sit in the old one.”

When you look ahead two to three years, what indicators would signal that Streamex has truly succeeded—even if those signals aren’t immediately obvious in quarterly revenue figures?

Success for us over the next two to three years starts with the depth and breadth of our product suite, the size of each fund, the successful launch of multiple products, and a progression from gold into silver, royalties, streams, and beyond. We want to see a strong, scaled team and a genuine cultural following around what we’re building, because that usually precedes and supports durable financial performance. While a stock is not a company and a company is not a stock, over time, sustained operational performance tends to be reflected in share price, even if markets move around in the short term. Strategically, we’re focused on being the disintermediation point between gold and the U.S. dollar. Our shares are priced in dollars, our products are in commodities, and as trading volumes and fee-based revenues grow, that dynamic can create a powerful double-edged sword effect for value creation. When you see those elements diversified products, growing funds, an engaged ecosystem, and fee flows translating commodity activity into U.S. dollar earnings, that’s when you’ll know Streamex is truly succeeding.

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