The KE Report

By KE ReportBusiness Investing

The KE Report episodes

August 28Brian Leni - Cash Management, Junior Valuations, and Rebound Opportunities in Gold & Copper
In this Daily Editorial, we are joined by Brian Leni, Founder and Editor of Junior Stock Review. Following a strong rebound across precious and base metals equities, Brian shares his perspective on current market dynamics, portfolio discipline, and why maintaining a strategic cash position remains a core risk-management tool. We explore the contrasting outlooks for gold and copper, step through a practical valuation framework for development-stage companies, and discuss how to evaluate high-upside exploration plays before a formal resource is defined.
Key Discussion Points:
Cash Allocation & Risk Management: The strategic reasoning behind holding a cash buffer during market rebounds and how macro headwinds dictate a disciplined capital deployment strategy.
Gold vs. Copper Risk-Reward: Why gold serves as a durable, all-weather asset while copper offers potential leverage accompanied by broader economic uncertainties.
DCF Modeling for Developers: A quantitative look at how to evaluate development-stage assets, account for capital expenditure inflation, and spot disconnects between market valuations and asset quality.
High-Conviction Valuation Disconnects: A case study on project synergies, infrastructure proximity, strategic backing, and mitigating structural risks such as warrant overhangs.
Evaluating Early-Stage Explorers: Key criteria for positioning in drill-stage stories, assessing management execution, and capturing exploration upside in an uncertain market.

Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in - https://www.juniorstockreview.com/

Click here to watch the latest Field Notes video - https://www.youtube.com/@FIELD_NOTES

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
27 min
August 28Impact Silver – Q2 2026 Revenue Increased by 124%, Gross Profit Up 756%, Exploration Strategy At Zacualpan Mines, Plomosas, And Regional Targets
Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT) (OTCQB: ISVLF), joins me to outline the key takeaways from the Q2 2026 financial and operations, and provides an update on the current production and exploration upside at the Zacualpan Silver-Gold District, as well as the move-forward plan on the Plomosas Zinc-Lead-Silver Mine in Chihuahua, Mexico.

The Company has 4 underground mines and 1 open-pit mine all feeding into the Guadalupe processing plant in the Zacualpan Silver-Gold District; with a number of other past-producing silver and gold mines across their district-scale land package being explored for future development.

Q2 and H1 Financial Results:
The Company reported Q2 2026 revenue of $22.0 million, representing a 124% increase over $9.8 million in Q2 2025, driven by higher realized silver prices and increased grades and production at the Zacualpan silver-focused operation.
Net income for Q2 2026 improved to $2.8 million, or $0.01 per share, compared to a net loss of $2.0 million, or $(0.01) per share in Q2 2025.
For the first six months of 2026, consolidated revenue grew to $53.1 million up from $20.5 million in the prior-year period. Q2 2026 gross profit reached $8.7 million compared to $1.0 million in Q2 2025, bringing six-month gross profit to $29.1 million compared to $3.2 million a year earlier.
For the six-month period ending June 30, 2026, net income reached $14.1 million, or $0.04 per share, compared to a net loss of $2.1 million, or $(0.01) per share, in 2025.
At quarter-end, the Company had $52.2 million in cash, and no long-term debt. During the quarter, 4.0 million share purchase warrants were exercised for proceeds of $1.4 million.

Fred highlighted the financial benefits of higher silver prices combined with improved grades from the Kena vein at Zacualpan, which together drove a substantial increase in revenue and a second consecutive quarter of significant net income. Zacualpan continued to benefit from ongoing mine and mill improvements, with Q2 2026 production at the Zacualpan-Guadalupe mill increasing 8% to 36,908 tonnes from 34,173 tonnes in Q2 2025. More importantly, silver equivalent production from the Guadalupe Complex increased 39% to 221,385 ounces, compared with 159,298 ounces a year earlier.

Fred outlined the high-grade drill results on the north extension of the Carlos Pacheco Vein System at its producing Noche Buena silver-gold mine located 4km southwest of its Guadalupe. The company is currently evaluating the potential rehabilitation of the Capire Mill, as a potential area to process the Carlos Pacheco ore

At Plomosas, the Company took decisive action in the previous quarter to temporarily suspend underground mining while they reassess the operation’s cost structure and evaluate options for its longer-term future, including the processing of third-party feed through our plant. After sufficient drilling and interpretation is completed, then the plan is to work towards a more efficient and sustainable mine plan of operations for the longer-term. He also mentioned that the Company is currently in advanced-stage discussions on toll-milling arrangements at their Plomosa plant with a few nearby third-party operators; which they believe could generate cash flow during the current suspension of mining at Plomosas.

If you have any follow up questions for Fred about Impact Silver, then please email me at [email protected].
In full disclosure, Shad is a shareholder of Impact Silver at the time of this recording and may choose to buy or sell shares at any time

Click here to follow the latest news from Impact Silver

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
23 min
August 28Elemental Royalty – Q2 Financials Reported Record Quarterly GEOs and Operating Cash Flow, Multiple Years Of Growth Ahead
Fred Bell, President and COO, of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), joins me to review the key metrics from their record Q2 financials, updates on their key producing and development royalty and streaming assets, and the organic growth profile in front of the company over the next few years.

Q2 2026 Financial Highlights
Quarterly Revenue of US$23.8 million, the Company’s second highest quarterly result, and up 127% over revenue plus attributable share of Caserones in Q2 2025;
Record Gold Equivalent Ounces (“GEOs”) of 5,248 for Q2 2026 (3,184 in Q2 2025), and record 10,231 GEOs for H1 2026 (7,790 in H1 2025);
Adjusted EBITDA of US$17.4 million, up 99% over adjusted EBITDA in Q2 2025, reflecting increased operating leverage and portfolio performance;
Record operating cash flow of US$15.5 million, up 8% over adjusted operating cash flow in the comparative period;
Cash and cash equivalents of US$74.2 million as of June 30, 2026, together with the Company’s undrawn credit facility, provide significant financial flexibility to support continued growth;
On track to meet GEO and revenue guidance of 17,000-21,000 GEOs for 2026, driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones.

Fred highlighted again that Q2 will be their second quarter with their new dividend policy, which provides investors the option of being paid in either cash or Tether Gold tokens, (which are backed by physical gold). This leads into a discussion about the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.

We go on to do a rapid-fire review of their key cornerstone gold and copper assets within their royalty portfolio of 18 cash-flowing royalties, 28 advanced development assets, and ~250 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.

Wrapping up we discuss the optionality they have for future accretive transactions with their cash on hand and access to the revolving credit facility. Fred recaps the transformative year that the Company has had over the last 12 months since announcing the merger of Elemental Altus and EMX Royalty, the uplisting to the Nasdaq, the multiple acquisitions made, the handful of generative asset transactions executed on, their large increase in liquidity, and the potential for a valuation rerate as more institutions can now position in the stock and they are now getting added into various indexes.

Click to follow the latest news from Elemental Royalty Corp

Elemental Royalty Corp – Visual Tour Through The Key Producing and Development Royalty Assets
https://youtu.be/241kg_E_bGI

To see a comprehensive list of all Elemental Royalty Corp assets:
https://www.elementalroyalty.com/our-assets/

If you have any follow up questions for Dave or Fred at Elemental Royalty Corp, then please email those to me at [email protected].
In full disclosure, Shad is a shareholder of Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
29 min
August 27Novo Resources - Exploration Roadmap For H2 2026, San Cristobal Valuation
Welcome to this Company Update on the KE Report. In this episode, I sit down with Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF), to discuss the company’s updated corporate presentation, strong balance sheet, and exploration roadmap across Australia.
Strengthened Balance Sheet and Asset Revaluation: An updated valuation of the San Cristobal Mining holding and recurring dividend revenue.
High-Priority Copper-Gold and IOCG Targets: A focus on the Tooliunga project and the initial steps toward drilling.
Near-Term Drill Programs at Tibooburra and Teichman: Details on near-term drilling campaigns designed to follow up on high-grade surface sampling and historical workings across New South Wales and Western Australia.
Regaining 100% Ownership at Egina and Expanding Belltopper: Why the return of the Egina tenure presents a major opportunity following millions in partner expenditure, alongside the strategy for building ounces at Belltopper in Victoria.

Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is [email protected].

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
19 min
August 27Joel Elconin - Assessing Market Breadth, Crypto Breakouts, and S&P 500 Technicals
In this Daily Editorial, we are joined by Joel Elconin, Co-host of the PreMarket Prep Show and Founder of the Stock Trader Network, for a comprehensive discussion on US equity momentum, shifting market breadth, and critical technical levels across major asset classes.
AI Catalysts & Sector Rotation: How NVIDIA earnings are reigniting momentum across software and hardware while drawing liquidity away from defensive areas.
Healthcare & Biotech Momentum: The unexpected ways artificial intelligence integration is driving historic breakouts across biotech and pharmaceutical leaders.
Macro Resilience vs. Headwinds: Why broad equity markets continue to shrug off geopolitical tensions, seasonal trends, and upcoming economic data.
Crypto Consolidation Breakout: The primary catalysts and institutional dynamics driving Bitcoin sharply out of its multi-month trading range.
S&P 500 Technical Outlook: Critical retracement levels, support tests, and near-term consolidation zones for traders watching cash and futures indices.
Stocks & Symbols Mentioned: NVDA, CRM, CRWD, OKTA, MU, MRNA, MRK, XBI, XLV, QQQ, SPY, BTC

Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/

Click here to visit the Stock Trader Network - https://www.stocktradernetwork.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
11 min
August 27Aztec Minerals - Major Land Consolidation at Tombstone, Expanding Drill Targets & Path to Maiden Resource
In this Company Update, Simon Dyakowski, President and CEO of Aztec Minerals (TSX-V: AZT, OTCQB: AZZTF), discusses the strategic land consolidation around the historic Tombstone Gold-Silver Project in Arizona and outlines upcoming exploration catalysts.
District-Scale Land Consolidation: A walkthrough of the multi-year consolidation effort, securing the remaining key private land holdings, patented claims, and historic high-grade silver mines, expanding the property footprint over sixfold.
Drill Program Progress & Pending Assays: An update on the 22,000-meter drilling campaign, initial high-grade step-out intercepts in the north target area, and expectations for the remaining 11 pending drill holes.
Maiden Resource & Expansion Strategy: Insights into how the upcoming maiden mineral resource estimate will be established across the 1.4-kilometer strike and how future step-out drilling will target new western and southern expansion zones.
Treasury & Exploration Runway: An overview of the company's financial standing, sitting with over $3 million in cash and incoming warrant exercises to fully fund ongoing exploration into the fall season.

Please email me any questions you have for Simon. My email address is [email protected].

Click here to visit the Aztec Minerals website - https://aztecminerals.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
10 min
August 26GoGold Resources – Construction Has Commenced At The Los Ricos South Underground Mine – Review of Q3 Financials From Parral Mine
Brad Langille, President & CEO, of GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), joins us to highlight their key news released on August 25th, which announced the formal commencement of site construction at the fully-funded Los Ricos South in Jalisco, Mexico. This milestone follows the completion of a feasibility study in 2025 and the granting of the project permit from the Mexican Government in June of this year. We also outline that Los Ricos North is the next development project in the cue after the Los Ricos South mine build, and we review Q3 financials and operations from their operating Parral Mine.

GoGold Resources is fully financed with a robust cash position of US$284 million, strong cash flow from production at Parral, and zero debt as they begin construction at Los Ricos South. The decision to advance detailed engineering early gave their team a meaningful head start on ordering long-lead time equipment, which should support an effective execution of the build and keep the build on track for first gold pour in June 2028.

Update on construction and engineering activities:
Underground mining contractor has been selected. Portal construction is scheduled for Q4 2026, with initial mine development to begin in January 2027.
Additional geotechnical drilling is currently underway to define exact portal locations and overall underground conditions, which will aid in further optimization of the underground mine plan, with specialist support provided by WSP Geotechnical Engineering.
Detailed plant design by M3 and DENM Engineering is approximately 85% complete.
RMS (Responsible Mining Solutions) is advancing the detailed design of the paste backfill plant.
Orders for all critical long-lead time equipment have been placed, including the SAG mill, tailings filter, crusher, electrical switchgear, Merrill-Crowe plant, conveyors, slurry pumps, hydrocyclones, feeders and screens.
The EPCM contractor (M3) is now on site for the construction phase. GoGold has also appointed a construction manager who is currently at site.
The earthworks contractor has been mobilized to site, work has commenced at the plant site.
As part of its environmental mitigation program, GoGold has launched a regional mitigation program that includes the planting of 20,000 trees to support local reforestation.

We delve into the resources, DFS-stage economics, and anticipated production profile from their flagship Los Ricos South Project. Then we have Brad outline the pathway forward and further augmentation of their production profile a few more years out from the Los Ricos North development and exploration project in the state of Jalisco.

Rounding out the discussion we get a Q3 financial and operations update from their producing Parral Tailings mine, in the state of Chihuahua. The cashflows from this mine will continue to fund the development and exploration at both Los Ricos South and Los Ricos North.

Highlights for the quarter ending June 30, 2026:
Record operating cash flow of $26.3 million USD
Cash of $284 million USD
Revenue of $27.8 million on the sale of 419,986 silver equivalent ounces (SEO) at an average realized price per ounce of $66.09
Net income of $10.9 million
Production of 477,464 SEO, consisting of 268,673 silver ounces, 3,036 gold ounces, 88 tonnes of copper, and 116 tonnes of zinc

If you have any follow up questions for Brad on GoGold Resources, then please email us at [email protected] or [email protected].
In full disclosure, Shad is a shareholder of GoGold Resources at the time of this recording and may choose to buy or sell shares in the market at any time.

Click here to follow the latest news from GoGold Resources

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
25 min
August 26Graphene Manufacturing Group - Launching G FLUID⁠™, Advancing Battery Development, and Scaling G® LUBRICANT
In this Company Update, we sit down with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF). Craig provides comprehensive updates across the company's energy-saving and energy-storage product portfolio, addressing recent milestones, customer testing, and commercial rollouts.
Commercial Launch and Market Potential of G FLUID⁠™: An overview of the company’s newly announced graphene water-based additive designed for data centers and industrial cooling systems.
Scaling and Distribution Strategy for Thermal Management: A discussion on the pathway to market for G FLUID⁠™, leveraging existing distributor networks like Nu-Calgon, customer testing procedures for cooling loops, and near-term commercial sales expectations.
Next-Generation Graphene Battery Progress and Branding: Insights into the updated branding strategy for GMG’s fast-charging graphene battery cells, key life-cycle testing metrics (0–100% full charge cycles in six minutes), and ongoing collaborations with partners like Rio Tinto and BIC.
Disrupting the Global Market with G® LUBRICANT: An exploration of customer feedback showing up to 15% fuel savings, ongoing trials across major global industrial and oil companies, and how distributor partnerships are driving adoption.

Please keep the questions coming! Email me at [email protected].

Click here to visit the GMG website to learn more about the Company - https://graphenemg.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
32 min
August 26Banyan Gold - New High-Grade Gold & Silver Discovery At Seattle Creek On Nitra Project
In this Company Update, I sit down with Tara Christie, President and CEO of Banyan Gold (TSX-V: BYN | OTCQB: BYAGF). While Banyan Gold is widely known for expanding its 8.5+ million-ounce resource at the AurMac Gold Project, this interview shifts focus toward early-stage regional exploration and discovery across the adjacent Nitra Project. Tara unpacks the latest developments from the 70,000-meter drill program, breaking down the strategy behind targeting new discoveries and outlining what investors can expect in the coming months.
High-Grade Discovery at Seattle Creek: Initial assays from the first hole at Seattle Creek returned promising near-surface intercepts, including high-grade silver alongside notable gold intervals.
Regional Exploration Strategy: Why Banyan is dedicating 10,000 meters across 11 distinct regional targets.
Expanding Beyond AurMac: How discovery potential at Nitro could significantly complement the existing multi-million-ounce AurMac deposit.
Assay Turnaround and Flow of News: Details on how multi-lab logistics are speeding up results and when the market can expect updates on pending drill holes.
Prioritizing Future Targets: The step-by-step process Banyan’s technical team uses to evaluate core, determine follow-up holes, and set the stage for next year’s exploration pipeline.

If you have any follow up questions for Tara please email me at [email protected].

Click here to visit the Banyan Gold website - https://banyangold.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
14 min
August 25Santacruz Silver – Strong Q2 2026 Financials and Operations and Ongoing Growth Initiatives Across Producing and Development Assets
Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX.V: SCZ) (NASDAQ: SCZM) (FSE: 1SZ), joins us for a review of the strong Q2 2026 financial and operational results across their portfolio of 4 producing silver-zinc mines and ore feed sourcing business in Bolivia and Mexico. We also review a few of the key growth initiatives that the company has slated for 2026 across multiple projects.

Q2 2026 Highlights
Revenues of $113.5 million, a 55% increase year-over-year.
Gross profit of $51.1 million, a 102% increase year-over-year.
Adjusted EBITDA of $46.7 million, a 74% increase year-over-year.
Cash and highly-liquid marketable securities of $72.8 million, an 82% increase year-over-year.
Working capital of $86.1 million, a 43% increase year-over-year.
Net income of $2.0 million, a 90% decrease year-over-year, reflecting the impact of the non-recurring tax event and non-cash CVR revaluation discussed below.
Average realized price per silver ounce sold of $72.17, a 118% increase year-over-year.
AISC per silver ounce sold of $21.87, a 25% increase year-over-year.
Realized mining margin per silver ounce sold of $50.30, a 222% increase year-over-year.
Average realized price per zinc tonne sold of $3,302, a 12% increase year-over year.
AISC per zinc tonne sold of $2,219, a 46% increase year-over-year.
Realized mining margin per zinc tonne sold of $1,083, a 24% decrease year-over-year.

We had Arturo unpack for listeners how the net income for the quarter was significantly impacted by two non-recurring tax events associated with changes in Bolivia’s exchange rate and inflation assumptions, as well as a non-cash fair value adjustment related to the Glencore contingent value rights (CVRs). He points out that these items obscure the underlying strength of their operating performance this quarter.
The largest impact on net income was an unusually high $36.1 million income tax expense caused by two non-recurring events. One event was the result of the revaluation of the Boliviano following the change in the official exchange rate from 6.96 to 9.77 Bolivianos per U.S. dollar, a 40% decrease. The income tax expense was also impacted by a non-recurring taxable gain related to a reduction in their decommissioning and restoration provision, which was driven by forecasted lower inflation over the lives of our mining operations in Bolivia.
Additionally, their net income was further affected by a $15.8 million non-cash fair value adjustment to the consideration payable balance arising from the CVRs granted to Glencore. The value of the CVR liability is merely a valuation of the payouts that could occur up to the end of 2032. The payments are only triggered when the month’s average LME zinc price exceeds $3,850 per tonne, a threshold that has not been exceeded since the inception of the agreement in 2024. Its important to consider that any payments triggered by higher zinc prices would be accompanied by increased sales revenues from the higher price. Excluding the loss from the change in fair value of the CVR, net income for the quarter would have been $17.8 million.”

At Bolivar silver production increased 32% quarter-over-quarter to 343,522 ounces, driven by ongoing recovery efforts in the areas affected by the localized flooding event that occurred in May 2025. San Lucas processed 22% more ore than in the prior quarter. Consolidated zinc production increased 7% to 23,240 tonnes, driven principally by higher throughput, which more than offset lower zinc grades at Bolivar and Porco. Porco delivered higher silver and zinc production, driven by stronger silver grades and improved metal recoveries, while Caballo Blanco continued to make steady, meaningful contributions.

At Zimapan, operations rebounded from the temporary constraints experienced during the first quarter, including limited ventilation in the higher-grade zones at Level 960 due to a contractor delay in completing the ventilation Robbins incline shaft, as well as repeated power interruptions caused by the local service provider’s maintenance of the power grid. As a result, metal recoveries improved across all four payable metals. There will be the first NI-43-101 compliant maiden resource estimate released in the next month at Zimapan, with the goal to demonstrate the mineral inventory has replenished the ore that has been mined and milled over the last few years, and even grown the resources.

Next we transitioned to future growth, where the operations team is advancing their silver-dominant Soracaya mine towards development and near-term production. There is already a decline ramp into this project with initial stope access in 2 areas, and the team has been working on an optimization plan. Once the permit is received in September, the plan is to get the mine into initial ramp-up production by Q4 of 2026.

Wrapping up, we discussed the potential for future accretive acquisitions in the Americas, and various other growth drivers on tap that could create the catalysts for a rerating higher, that would be more in alignment with other mid-tier silver producer peers.

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to us at [email protected] or [email protected].
In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Santacruz Silver

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
26 min

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