The KE Report

Recorded on September 30th:  Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the updated mineral resource estimate, based on only the M&I conversion drilling for its 100% owned Tonopah West project located in West-Central Nevada, United States.   We then get into all the expansion drilling that has just been completed, with many assays still pending, that will be building towards the upcoming expanded resource estimate in Q1 2026, and then followed by an updated PEA.

HIGHLIGHTS:

We then shifted over to the additional resource expansion exploration program at Tonopah West, where drilling commenced in September 2024, and targeted expansion potential along a one-kilometer northwest trend between the Denver-Paymaster and Bermuda-Merten vein groups (“DPB”) south resource area and the Northwest (NW) Step Out resource area. There will be a second expanded resource update in Q1 next year that incorporates all the expansion drilling towards the NorthWest Step Out, and the Eastern Expansion area off DPB South towards the Ohio mine area.   After that resource has been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA next year.

We wrap up discussing the financial health of the company due to the early exercise of warrants, bringing in around $5Million dollars into the company’s treasury.  Now that the market has seen the continuity of the mineralization holding together better than many had modeled in the recent M&I resource estimate update, in conjunction with the anticipation of how higher silver and gold prices will positively impact the economics of the project, more warrants are being exercised early to position for the coming catalysts on tap over the next 2 quarters.  

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at [email protected].

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

We’re joined by Brien Lundin, editor of Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5). Shad and I will both be attending, and we hope to see many of you there as well.

Brien shares his insights on the remarkable run in precious metals equities and where opportunities still remain, from development-stage “optionality plays” to the surge in exploration success stories.

Key discussion points:

Stocks & themes discussed: Prospector Metals (TSX.V:PPP - OTCQB:PMUSP), Centerra Gold (TSX:CG - NYSE:CGAU).

Click here to learn more about the New Orleans Investment Conference on November 2-5.

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Graham Downs, President and CEO of Cascadia Minerals (TSX.V: CAM) (OTC: CAMNF), joins me for an update on their 4,000 meter and 13 drill hole exploration program at their newly acquired Carmacks Copper-Gold Project in the Yukon, Canada.

We start off having Graham outline what attracted Cascadia to the Carmacks Project, which led to the acquisition of Granite Creek Copper earlier this year.   He discusses the high-grade copper intercepts reported in historical drilling, and even from the most recent drilling back in 2021.  There is also a meaningful gold credit in results across the property and plenty of exploration work to do for expanding the known resources and stepping out from prior high-grade areas. 

We discuss that some of the other properties in the company’s portfolio like the Catch Property in the Yukon which got some work last year, and some upcoming exploration results that should be coming back this year from their Macks, Milner, and Rosy properties.

We discuss the financial health of the company with a little under CAD $5M in the treasury, as well as some of the key stakeholders in Cascadia Minerals, such as Hecla Mining, Barrick Gold, and activist investor Michael Gentile, and  management stake, as well as the tight share structure.  The company is cashed up for this exploration season, and will still have some funds left over to begin more work next year.

If you have any questions for Graham regarding Cascadia Minerals, then please email those into me at [email protected].

Click here to follow along with the latest news from Cascadia Minerals

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In today’s KE Report Daily Editorial (Oct 1), we’re joined by Dave Erfle, founder and editor of Junior Miner Junky, to break down the latest surge in precious metals.

Key discussion points:

Stocks / ETFs discussed: GDX, GDXJ

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

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José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me to review the year-to-date operations from the Tangana Mine at the Nueva Recuperada Project, located in central Peru.  We then spend the balance of the interview unpacking the operational and exploration growth initiatives for the Company, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025.

We start off by having José outline some of the step changes being made to control waste dilution and increase grade from the Tangana mining unit from the end of last year and throughout the first 3 quarters of 2025.  We touch upon the improving financials and operations, but he outlines that there are processes in place to significantly impact those metrics in a more meaningful way on a move-forward basis.   In addition to the increasing grade there will be a focus on growing the production throughput from 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720 tpd, and they are seeking permits at present to expand to 1,000 tpd.   The recently announced PEA then envisions a further expansion of the existing mill to 1,500 tpd and then the addition of a 2nd 1,500 tpd mill, taking throughput up to 3,000 tpd by 2029.

The increase in material will be through increasing mining at the Tangana unit, but then adding in both the Plata Mining Unit and Red Silver Mining Unit.   This brings up the potential for expansion of high-grade silver resources from the Plata and Red Silver deposit areas and how those areas will fuel the future growth of the Company.

If you have any questions for José regarding Silver X Mining, then please email those into me at [email protected].

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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join me to review the next batch of silver and gold drill assays returned on September 30th, from the ongoing Phase V exploration program; which is focused on the Oculto East and JAC zones at their wholly-owned Diablillos property in Salta Province, Argentina. 

These 6 drill holes continue to expand oxide-hosted gold mineralization to the east of the Oculto deposit and oxide silver mineralization within the JAC zone, highlighting the continued strong exploration upside potential across the Diablillos system.

Oculto East: Numerous broad zones of continuous gold mineralization intercepted, including:

JAC: Strong near-surface silver mineralization continues to expand the Mineral Resource potential, including:

John pointed out that these latest drill assays highlight the strong continuity of wide gold zones at Oculto East, together with additional near-surface silver mineralization at JAC. Importantly, these results continue to expand both gold and silver resources well beyond the current Mineral Resource conceptual open pit, and they further demonstrate the scale of Diablillos Project to keep growing.

Dave shares the key takeaways their geological team is getting from the continued silver mineralization continuing to the west at JAC, while the gold mineralization is continuing to be delineated in Oculto East.   He mentions that they now believe the higher-grade gold intercepts are just the top of a porphyry deposit at depth, and more holes will be testing this in the future, as well as the deeper hole targeting a different porphyry target at Cerro Viejo.   Additionally, we circle back to the Sombra target identified in the Phase IV drill program last year, and how it is possible that there is a parallel trend that could extend from Sombra up to Oculto East, and that more drilling will focus on that thesis in the future.

Wrapping up John takes us through a number of ways that the company could still keep rerating higher, not just based on the thousands of meters of ongoing drilling, but also in light of how significant the higher silver and gold spot metals prices are to their project economics, and how the prior economics were run at substantially lower consensus metals prices.   The Company is doing all the derisking work all building towards their ongoing Definitive Feasibility Study due out in early 2026, which in tandem with permits expected to be received, will be the triggers for a construction decision.

If you have any follow up questions for John or Dave regarding at AbraSilver, then please email them into me at  [email protected].

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Fresh off the Metals Investor Forum in Vancouver, Cory and Shad recap the sentiment, company buzz, and investor conversations across the floor.

Key topics

Stocks / symbols mentioned

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the news release today, on September 30th, announcing that the Company has entered into of a binding term sheet with Sailfish Royalty Corp. to acquire the Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA, through the acquisition of 100% of Mt. Hamilton LLC, the direct owner of the Mt. Hamilton Project, through a series of transactions. Sailfish will acquire MH LLC on an arm's length basis from Mt. Hamilton Holdings LLC, and subsequently transfer the interests to Mako in consideration for a corporate gold stream, and a 2% net smelter return ("NSR") royalty on the Mt. Hamilton Project from Mako. Neither Mako nor Sailfish will issue any equity to complete these transactions.

The Mt. Hamilton Project has all major state and federal permits to allow construction of an open pit, heap leach gold-silver project, and has a current mineral resource estimate with an effective date of September 23, 2025 (the "Mt. Hamilton MRE") that was prepared by James N. Gray, P.Geo., of Advantage Geoservices Ltd., out of Vancouver, British Columbia.

Additionally, we discussed the 2nd layer of mineralization and value proposition of the Mt Hamilton Project, because it also hosts a tungsten/copper/molybdenum target, located below and independent of the gold and silver Mt. Hamilton MRE. This tungsten target has been defined by over 100,000 ft of historical exploration drilling. In a report by the Department of the Interior, dated August 25, 2025, tungsten (W) was named as one of the top 10 critical metals listed by their estimated probability-weighted impact of supply disruptions on the U.S. economy.  There is the potential to seek government funds allocated for the development of critical minerals for this portion of the deposit down the road as another potential opportunity.

We also unpack the anticipated mining to begin in Q4 at the Moss Mine, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in late 2026 and production by H2 of 2027.   This is a longer-format interview where we get into many nuances of operations and coming catalysts in all 4 jurisdictions.

If you have any further questions for Akiba regarding Mako Mining, then please email them into me at  [email protected].

Click here for a summary of the recent news out of Mako Mining.

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We’re joined by Glenn Mullan, President & CEO of Val-d’Or Mining (TSX.V:VZZ), for a company introduction and update. Val-d’Or Mining is a prospect generator with over 50 projects across Quebec and Ontario. The company is advancing its portfolio through strategic partnerships, most notably with Eldorado Gold.

Key discussion points:

Click here to visit the Val-d’Or Mining website to lean more about the company’s project portfolio. 

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David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins us to review the news out to the market on September 19th that announced the granting of exploration permits for the San Antonio and Terranova claims, adjacent to and expanding the footprint of their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.

These 2 new properties add an additional 181 hectares to Emerita’s wholly owned Iberian Pyrite Belt holdings, taking the Company’s total mineral property holdings in the IBW area to 8,144 hectares. The IBW Project hosts three Volcanogenic Massive Sulphide (VMS) deposits, which comprise NI 43-101 compliant mineral resource estimates from the La Romanera, La Infanta and El Cura deposits.

The San Antonio license is located southwest of the Company’s large claim referred to as the Ontario license and is directly along the geological trend of the IBW Project’s La Romanera deposit. For future reference, these claims, along with those formerly referred to as “Ontario” will be treated as a single exploration project area and referred to as the “San Antonio Project”.

The Terranova license also occurs along this mineralized trend along strike of La Romanera and extends the Company’s mineral property close to the border of Portugal. There are several historic small-scale mines on the Terranova license that were mined up to the mid-20th century; including the Vuelta Falsa Mine and the Trimpancho Mine.  Exploration can commence immediately in these newly permitted areas and the Company is developing plans for exploration work on these claims along with the larger San Antonio project.

The company also announced in that same press release from September 19th that Emerita has entered into a letter of intent (“LOI”) with Western Metallica Resources Corp. to acquire 100% ownership of the Nueva Celti Copper Project located 75 km northeast of the city of Seville in the province of Andalusia, Spain; with historic mining operations and situated in the Ossa Morena geological massif.

We discuss all the derisking work going on in the background at the IBW Project, building toward the Pre-Feasibility Study (PFS) for late Q4 of this year, or Q1 of next year, as well as an update on the key environmental permits anticipated to come in over the next couple months.

We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.

If you have any follow up questions for David regarding Emerita Resources, then email those in to us at either [email protected] or [email protected].

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