The KE Report

In this Daily Editorial, we welcome Craig Hemke, founder and editor of the TF Metals Report, to dissect a highly volatile session across the commodities landscape. Amid shifting headlines out of the Middle East and a see-saw reaction in traditional stock indices, Craig breaks down why hard assets are reacting inversely to standard war-narrative headlines and what it means for macro-investors moving forward.
Key Discussion Points
Geopolitical Headlines vs. Market Reality: Why the reopening of tensions in Iran initially triggered a pullback in precious metals, and why theater often drives early-morning price action over baseline fundamentals.
The Copper and Silver Correlation: An analysis of Copper’s push toward new all-time highs and how this powerful industrial demand component is acting as a safety net to keep Silver well above its key technical baselines.
Fiat Currency Dilution & Global M2 Money Supply: How a 17% explosion in global M2 money supply over the last two years forces a structural re-pricing of hard assets across the board.
Historic Lows in Commitment of Traders (COT) Open Interest: A look into why futures market open interest is sitting at 20-year lows during a commodities boom, and what happens when institutional money inevitably rushes back in.
Navigating Liquid Air Pockets and Volatility: Why thin market liquidity is causing staggering single-day moves in Silver and Gold, and how investors can brace for near-term technical decisions around the 50-day and 200-day moving averages.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
For more market commentary & interview summaries, subscribe to our Substacks: 
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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.

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins us to outline all the development work building towards mill pre-commissioning and trial mining ramp up into production over the next few quarters at their flagship Mallay silver-lead-zinc mine, located in the Cerro de Pasco area of Peru. We then review the value proposition and optionality across their other 3 projects: Tres Cerros, Kilgore, and Silver City. 
 
Mallay Development Highlights:
 
Mill ready for pre-commissioning. All critical refurbishment and wet commissioning milestones completed; bulk-sample campaign targeted for June 2026.
~15,000 tonnes stockpiled from Isguiz vein and Footwall Zone. Surface stockpile provides representative feed for the pre-commissioning bulk-sample campaign.
Infill drilling informing updated restart planning. Results from the ~2,500-metre program are being integrated into the geological model; the Company expects to have an updated restart plan and schedule in early Q3/26.
Drilling underway to test mineralized extensions: Two rigs active at site targeting extensions of the Isguiz system at depth, the Pierina gold target and Mallay Deeps — a downhole electromagnetics ("DHEM") exploration target; a third rig is expected at Shafra in June.
Operational team strengthened. New Operations Manager appointed at Mallay; technical capacity expanded in the resource modelling, mine planning, and contract management areas.
Dewatering of the 400-ramp advanced. Rehabilitation of the 400-ramp is now underway, providing access to Isguiz below the 4090 level.
 
The work completed over the last several months, includes finishing the mill refurbishment, assay lab upgrades, completion of the initial infill drill program and the expansion to three drill rigs.   This positions the Company to begin testing the process plant in a measured way. Shawn outlines that their operations team is treating June as a bulk-sample exercise, which is designed to validate metallurgy, grades, recoveries, and concentrate quality.   There will then be a steady commissioning of the mill via underground mining and surface stockpiles for the second half of the year, ramping up towards nameplate capacity at 600 tpd by year end.
 
There is also an systematic exploration program underway with the goal of further resource definition and expansion testing extensions of the Isguiz system at depth, the Pierina gold target, and the exploring along the broader Shafra Zone.  With current silver prices materially above the US$30/oz assumptions used in their February 2026 Mineral Resource Estimate, they believe there are footwall areas and expansion areas that can convert into economic ore and then come into the future mine plan.
 
In 2025, Excellon secured an off-take agreements with Glencore for their lead and zinc concentrates, Shawn outlined that their internal studies project a run-rate of 600 tonnes per day of production, producing approximately 2-2.5 million silver equivalent ounces per year, and with a target All-In Sustaining Cost (AISC) of US$17 per AgEq ounce.  They are also open to eventual expansion of the plant once more mineral resource growth and data comes back in from all the drilling underway and on tap for the for the foreseeable future.
 
The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project’s prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system.  Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work.
 
Kilgore, is an advanced gold project in Idaho with over 1 million ounces of gold delineated in all categories, and the Company is considering bringing in a JV partner to assist with moving this project forward in exploration and further derisking.
 
Silver City, a high-grade epithermal silver district in Saxony, Germany, with a long history of almost 800 years of silver production.  Shawn has stated publicly that they are looking at spinning out this asset into a new European-focused silver exploration vehicle. There was just $2million raised in the private holding company for data compilation and for presenting the market with a more defined value proposition and drill program.
 
Click here to follow the latest news from Excellon Resources
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
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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.

John Rubino, {Substack https://rubino.substack.com/}, joins me for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies parsing the Q1 financial data.  We review all of the revenue and cashflow being generated on their balance sheets, and where all that cash is going as a return of capital to shareholders.  We also touch upon the ongoing geopolitical uncertainties and macroeconomic catalysts that are leading to volatility in gold, silver, oil, critical minerals, and the related resource stocks.
 
We start off reviewing the various return of capital approaches to entice investors of PM stocks through share buybacks, by paying dividends, and through looking for accretive merger or acquisition targets.
 
Next we focus on if we are still in a bull market for the precious metals complex, after the parabolic move higher earlier in the year.
 
John points out that the reasons for the prior PM bull markets topping out were for different macroeconomic reasons, from Fed policy and central bank policies, to interest rates, currency pairs, and global trade frictions.
He goes on to unpack the reasons this bull market is still on very sound footing, where global financial uncertainty is ever-present, and the desire for nations to print more money, force lower interest rates, and inflate their way out of the current challenges. These  will underpin higher gold and silver prices.
 
 
Turning to the extreme volatility in both directions in the precious metals equities thus far in 2026 – John sees opportunities for placing low-ball bids in quality gold and silver stocks that have corrected by 30%-50% off their January and February highs, or using dollar-cost averaging to position in to a good cost-basis over the fullness of time.
 
He also points to using option strategies to make profits on the way down to eventually buying a stock one already wants to accumulate at a lower pre-determined strike price.
We note again that PM stocks have responded positively to Q1 earnings, but that are still not fully factoring in these higher metals prices, which is giving investors an edge to accumulate existing positions or initiate new positions in stocks that had previously run away to the upside into the current weakness.
 
Beyond the precious metals, we then broadened out the discussion beyond all the monetary policy trends and fiat money units sloshing around the markets, to discuss all the government fiscal policy initiatives to encourage mineral development, extraction, and processing around the world.
 
This has had noticeable impacts on critical minerals pricing and awareness in commodities like lithium, nickel, silver, and the more niche specialty metals.
Additionally, we review how large manufacturers and end-users of all these raw materials are getting more involved in partnering upstream with the mining companies for securing sourcing for their supply chains.
 
Wrapping up we spend some time getting John’s outlook on the subsector of royalty companies, their financial health as evidenced by Q1 earnings, and the ongoing M&A cycle within this group of resource equities.
 
Click here to follow John’s analysis and articles over at Substack
 
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.

In this episode, I sit down with Simon Dyakowski, President and CEO of GSP Resource Corp (TSXV: GSPR), for an in-depth company introduction focused on the Alwin-Mer Project located in the heart of British Columbia's prolific Highland Valley. Simon shares insights into the company’s tight share structure, recent financing, and the upcoming summer drill program.
Key discussion points include:
The Alwin Mine Project History: Discover the background of this past-producing high-grade copper mine and how it fits into the shadow of giants like Teck Resources’ Highland Valley mine.
The Mur Project’s Porphyry Potential: An overview of the historical work that points toward an expansive, shallow copper system ripe for modern, deeper drilling.
The Summer Phase 1 Drill Strategy: Insight into the specific targets the company will drill, including the western gold zone at Alwin.
Untapped Precious Metal Credits: Why historic data overlooked potentially significant gold and silver values, and how GSP plans to capture this hidden value.
Distressed Valuation & Market Tailwinds: A breakdown of GSP’s tight share structure and the regional momentum driving a major camp renewal.
 
Click here to visit the GSP Resource website to learn more about the company and project - https://gspresource.com/ 
 
------------------
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.

In this Company Update, Alicia Milne, President and CEO of Q2 Metals (TSXV: QTWO | OTCQB: QUEXF | FSE: 458) joins me to share insights into the commencement of the 20,000-meter drilling program at the Cisco Lithium Project in Quebec, the strong institutional interest backing the recent C$70million financing, and the highly anticipated winter drill results on the horizon.
Key Discussion Points
The $70M Summer Drilling Blitz: An overview of the 20,000-meter summer drill program and how the team plans to split the budget between critical infill drilling and high-upside expansionary targets.
Geological Consistency at Cisco: Insights into why the wide, high-grade spodumene pegmatite intervals discovered so far are lowering risk and changing the infill drill spacing requirements.
Testing New Horizons: A look into unexplored regional targets, including mysterious outcrops to the east and under-drilled zones to the south that could signal a district-scale play.
The Road to Feasibility: A breakdown of how ongoing metallurgical testing, baseline environmental studies, and the upcoming Preliminary Economic Assessment (PEA) might feed into a definitive feasibility study by late 2026 or early 2027.
 
Click here to listen to our last interview with Alicia, recapping the maiden Resource Estimate for the Cisco Lithium Project. 
 
If you have any follow up questions for Alicia or would like more information on any aspect of the Company please email me at Fleck@kereport.com. 
 
Click here to visit the Q2 Metals website - https://www.q2metals.com/
 
-------------------
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.

In this The KE Report Weekend Show, we sit down with top market analysts to dissect the charts across multiple asset classes and dive deep into the rapidly evolving critical minerals sector. First, fund manager Dana Lyons shares crucial technical indicators for precious metals, copper, energy equities, and the broader S&P 500. Then, Howard Klein and Matt Fernley of RK Equity join the show to expose the under-discussed bottlenecks in the critical minerals supply chain and how US-China dynamics are shifting the math for western investors. 
 
Segment 1 & 2 - Dana Lyons, a fund manager and editor of the Lyons Share Pro website, joins us to share his technical analysis and market outlook. Dana highlights critical support and resistance levels for commodities like gold and copper, shares his specific trading strategies for shifting momentum within technology, energy, and software sectors, and provides a broader analysis of the overall market health, bond trends, and cryptocurrency price action. 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/
 
Segment 3 & 4 - Howard Klein and Matt Fernley, partners at RK Equity, discuss the recent structural changes in the critical minerals sector, highlighting how the ongoing conflict in the Middle East has restricted the global sulfur supply and directly disrupted downstream nickel and cobalt processing. They also analyze the emerging trends in heavy rare earth element demand, evaluated new visual clay processing techniques, and debated the long-term feasibility of domestic lithium production and government-backed price floors. 
RK Equity website - https://rkequity.com/ 
Rock Stock YouTube channel - https://www.youtube.com/watch?v=UchoS9EZvak 
Howard Klein on X @LithiumIonBull - https://x.com/LithiumIonBull
Matt Fernley on X  @matt_fernley - https://x.com/matt_fernley 
 
If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
 
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.
 

[Recorded on 05-28-2026]  Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to review how he is trading opportunities in drone and counter-drone stocks on the back of news that broke on Thursday May 28th that the US government may be investing directly into drone technology for defense.  Additionally, we discussed how the government is also investing directly into or shaping favorable policy initiatives around the critical minerals sector.
 
We start off discussing next generation defense and how integral drones have become on as a key aspect of battlefield protection. Sean points out that many nations have invested big into this technology, and that hot conflicts in Ukraine and Iran have changed modern warfare.
Some of the companies we discussed include: Unusual Machines, Inc.(NYSE American: UMAC), Red Cat Holdings, Inc. (NASDAQ: RCAT),  Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), and Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO).
Sean reiterates that investors need to do proper due diligence as not all companies are run well or have the right technology. He points out AeroVironment, Inc. (NASDAQ: AVAV) as a cautionary note of a company that has struggled even in a bullish sector.
He also points out that counter-drone and counter-measure tech companies, like V2X, Inc. (NYSE: VVX), have done incredibly well in this environment.
 
The discussion then pivots to the US government also putting funding and proactive policy initiatives into the critical minerals stocks.
He narrows down this wide range of minerals to a focus on getting exposure to the defense metals like antimony, heavy rare earths, tungsten, and niobium, or conductive metals like copper and silver.
Some critical minerals stocks that he and his subscribers have traded well are: MP Materials Corp. (NYSE: MP), Critical Metals Corp. (NASDAQ: CRML), and USA Rare Earth, Inc. (NASDAQ: USAR), Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ), Taseko Mines Limited (TSX: TKO) (NYSE American: TGB), Almonty Industries Inc. (NASDAQ: ALM) (TSX: AII), and American Rare Earths (ASX: ARR) (OTCQX: ARRNF).
 
He views periods of time where these critical minerals stocks correct as opportunities where investors that missed a stock on the way up, get another opportunity to accumulate into these pullbacks for the longer-term trends in motion. He stresses the need to understand the extreme volatility in this sector, to focus on companies with a legitimate pathway to production, and that may have received government funds in the past.
 
Wrapping up Sean highlights just how important this administration proposing implementing price floors to certain niche critical minerals sectors will be for encouraging development of projects that can then depend on the government being a steady buyer at a set prices higher than prevailing market prices.
 
Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends
.
Click here to learn more about Resource Trader
 
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.

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q1 2026 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, review the permitting process at the Lagoa Salgada VMS Project in Portugal and the key development catalysts on tap at the Mont Sorcier Iron-Vanadium project in Quebec.
 
Q1/26 MDN Operating Highlights:
Q1 Gold equivalent production of 12,842 Gold Equivalent Ounces (“GEO”) vs 11,163 GEO in Q1 2025
Heap leach production of 8,787 GEO continues to increase as water availability improves
Underground development work continued at an accelerated pace, with record development meters during the period
Access to new underground ore zones expected in Q2 2026, delivering higher-grade ore to the CIL plant, improving head feed grade, and increasing production
CIL plant continues to process a blend of stockpile material and additional ore from underground development, resulting in total production of 4,055 GEO in Q1 through the CIL plant
Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results.
Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly
Full year production guidance of 50,000-60,000 GEO maintained
AISC of $1,348/oz Au during Q1 2026
Record Adjusted EBITDA of $28.7 million for Q1 2026, benefiting from unhedged gold position
Strong Cash Position of $31.4 million at quarter end
 
Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the first quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside.  We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing.
 
Next we got an update on the ongoing work from the previously announced unfavourable opinion of the environmental impact assessment (EIA) for the Lago Salgada VMS Project in Portugal. This ‘unfavourable opinion’ was issued after expiry of statutory deadline under Portuguese EIA legislation. The Company maintains its position that the project has been tacitly approved. Mark reiterated that the purported unfavorable opinion was issued despite the project being the first mining project in Portuguese history to receive unanimous favourable opinion for the Project by all 17 people that make up the Technical Evaluation Committee. The Company is working on a resolution and will update the market when it has more information.
 
Moving on to the Mont Sorcier Iron Project in Quebec, there are final workstreams feeding into the Bankable Feasibility Study slated for release here in Q2 of 2026. Recent metallurgical test work has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%, which gets a premium in the iron marketplace.  The NPV(8%) of the is project in the prior PEA was US$1.6Billion, so even at a very low multiple being applied to this Project, it more than underpins the current market cap that the company is currently receiving, and yet the market cap doesn’t even fully reflect the gold production asset.
 
We wrap up discussing the underappreciated valuation that the company is receiving for the both the producing MDN mine in Argentina, the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.
 
 
If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to see the latest news from Cerrado Gold.
 
 
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.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for our monthly longer-format discussion on different macroeconomic factors and market reactions to the war in the Middle East, his key takeaways from 2 different site visits to South Dakota and Wisconsin, and investing strategies in select copper, gold, and critical minerals stocks.
 
We start off reviewing the mix of macroeconomic movers and knock-on effects from geopolitics as it relates to the closure of Strait of Hormuz, the US/China meetings last week, projections around central bank monetary policy options, rising bond yields and interest rates, a strengthening US dollar, GDP growth, rising inflation, sovereign debt loads, and AI datacenter buildouts.   
 
The US stock markets have shrugged off most of these economic datapoints and geopolitical news, continuing to blast up to new all-time highs over the last week. He points out that the CRB commodities index has also been strong lately, lead by base metals, soft commodities, and the energy space.
 
 
When reviewing the commodities,  it has been hard to ignore the strength in the copper pricing, which has been up at all-time highs over the last few weeks of May, and Nick shares his approach is to investing in the copper equities.
 
For exposure to the base metals producers he has been positioned in the iShares MSCI Global Metals and Mining Producers ETF (PICK), which has performed quite well over the last year and especially in 2026.
Nick reiterated points from our prior conversation about 2 of the copper developers with good investor engagement, solid pounds in the ground resources, and good fundamental catalysts being: Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) and Aldebaran Resources Inc.  (TSX-V: ALDE) (OTCQX: ADBRF).  
Nick highlighted the recent acquisition of Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) by Hudbay Minerals Inc (TSX, NYSE: HBM) and how that may be used as a good case study and lens for consideration of other advanced copper development assets and what kind of projects and jurisdictions may interest the senior producers.
Gladiator Metals Corp. (TSXV: GLAD) (OTCQB: GDTRF) is a copper and gold exploration story in Nick’s portfolio that just released some high-grade intercepts in the Yukon, and still has a lot of drilling on tap for this season as a catalyst.
When reviewing why he prefers safer jurisdictions in the Americas for copper investing, he did point out a company like Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) is an exception, due to the quality of the management team to navigate the risks when operating in Africa.
 
Next we got a boots-on-the-ground recap of Nick’s 2 recent company site visits:
Lion Rock Resources Inc. (TSXV: ROAR) (FSE: KGB) (OTCQB: LRRIF) – The company recently announced Phase One drill results at their Volney Project in South Dakota. The system features high-grade lithium, tin and tantalum hosted within spodumene-bearing LCT (Lithium-Cesium-Tantalum) pegmatites.
GreenLight Metals Inc. (TSXV: GRL) (OTCQB: GRLMF)- GreenLight is a Wisconsin-focused exploration company advancing copper-gold and gold projects across the Penokean Volcanic Belt-one of North America's most prospective VMS districts. GreenLight's Wisconsin portfolio includes the Bend copper-gold deposit, the Reef high-grade gold project, and the Lobo and Lobo East massive sulfide targets.
 
We wrapped up getting the near-term technical price support levels that Nick is watching for in gold. 
For now he is not concerned about gold falling into a true bear market, and he is treating the pullback we’ve seen in the precious metals a buying opportunity.
Any short-term consolidation in pricing should be juxtaposed against the fundamental structural drivers for the longer-term precious metals bull market that are all still solidly in place.
He’s been using periods of sector weakness in the PMs to add to positions in both GDXJ and Royal Gold, Inc. (NASDAQ: RGLD), along with some other junior precious metals stocks.
 
Click here to follow Nick’s analysis and publications over at Digest Publishing
 
 
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.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX.V: SCZ) (NASDAQ: SCZM) (FSE: 1SZ), joins me for an exclusive visual review of the Q1 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.
 
 Q1 2026 Highlights
 
Revenues of $127.5 million, an 81% increase year-over-year.
Gross profit of $42.9 million, a 54% increase year-over-year.
Net income of $28.5 million, a 201% increase year-over-year.
Adjusted EBITDA of $42.6 million, a 55% increase year-over-year.
Cash and highly-liquid marketable securities of $64.9 million, a 100% increase year-over-year.
Working capital of $75.9 million, a 47% increase year-over-year.
Average realized price per silver ounce sold of $63.30, a 128% increase year-over-year.
AISC per silver ounce sold of $31.60, a 76% increase year-over-year.
Realized mining margin per silver ounce sold of $31.70, a 221% increase year-over-year.
Average realized price per zinc tonne sold of $3,116, a 12% increase year-over year.
AISC per zinc tonne sold of $2,729, a 32% increase year-over-year.
 
When discussing the financial strength of the company, Arturo also highlighted that after paying $31.5 million in taxes during this first quarter, that the company ended Q1 2026 with a healthy cash and highly liquid marketable securities position of $64.9 million, providing Santacruz with the financial flexibility to continue funding operational improvements while maintaining a strong treasury position.
 
At the Bolivar Mine, the recovery of the areas affected by the May 2025 localized water inflow event continues to advance; with work focused on restoring production while maintaining operating discipline. The Company continues to expect Bolivar’s full recovery by Q4 2026, with the dewatering program progressing ahead of plan, and now accessing again the high-grade silver veins –  Pomabamba and Nané.
 
The Porco Mine remains a smaller but solid contributor, and it is strategically located in the important Potosi district.   Arturo mentions that their 1,200 tonne per day plant also assists with processing ore from the San Lucas business unit.
 
Next we moved over to the Caballo Blanco Group of mines, which is the lowest cost and thus highest efficiency of their operations.  Colquechaquita and Tres Amigos are the 2 producing mines, but Arturo mentioned that the Company has now brought Esperanza Mine back into production during Q1, and that it should be a profitable smaller zinc-forward mine in this Caballo Blanco complex moving forward.
 
Their Zimapán Mine in Mexico is their highest-volume operation and will be another area of continued growth for Santacruz Silver in 2026. The capital already invested in Zimapan into plant equipment and improving mine efficiencies will allow for more throughput, accessing higher grade areas, and improving metals recoveries.   The operations team gained access to the high-grade 960 Level of the Zimpan Mine at the end of Q4, and already demonstrated to be a more significant contributing area of production in Q1 2026 and looking forward.
 
San Lucas is a margin-based ore sourcing and processing business that supports plant utilization, fixed-cost absorption and operating flexibility.   San Lucas now includes ore blended from the Reserva Mine, (previously part of the Caballo Blanco complex), and may be further enhanced in the future if a dedicated processing center is acquired.   Arturo points out that since this is a “margin business” it will always be profitable, but that it will naturally see higher costs in parallel with moves higher in silver prices, and thus the higher amount needed to be paid to the small regional miners that bring in their ore to sell to San Lucas. The Company has introduced an enhanced reporting framework which provides a more complete basis for investors to assess production, costs, margins and cash generation across all business units.
 
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 plan once the permit is received in Q3 is to get this mine into initial ramp-up production by Q4 of 2026.
  
Wrapping up we discussed the potential for future accretive acquisitions in the Americas.  The board and management team are open to a currently producing mine or development-stage underground mining assets, but only if the acquisition would be accretive for shareholders and if their team can unlock value in these acquired assets.
 
* To view the visual presentation on YouTube click below:
https://youtu.be/SCKzJarK0TQ
 
If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me Shad@kereport.com.
 
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.
 
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