The KE Report

In this KE Report Daily Editorial, we are joined by Dave Erfle, founder and editor of the Junior Miner Junky, to break down one of the most volatile weeks in recent precious metals history. After a parabolic run in January, the sector faced a massive Friday washout that left many investors questioning the trend. Dave provides his insights on risk management, technical support levels, and why this "gentleman’s entry" might be the reset the market needed before the next leg higher.
Key Discussion Points:
Market Volatility and Technical Corrections: Dave analyzes the massive volume spikes in GDX and GDXJ, explaining why a 20% correction in gold and a 40% move in silver are actually healthy resets within a broader bull market.
Silver Stocks and Leverage Dynamics: A look at the SIL and SILJ ratios reveals why silver miners have lagged behind the metal and why the upcoming Q4 earnings season could trigger a massive sector re-rating.
M&A Trends and Copper’s Growing Role: From Eldorado Gold’s acquisition of Foran Mining to Zijin Mining’s move on Allied Gold, we explore why major producers are aggressively hunting for base and precious metal assets.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
 
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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.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins us for a Q4 operations and exploration review at their producing McCreedy West copper mine, located in Sudbury, Ontario, Canada.  We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine.
 
Q4 Operational Highlights:
 
During the quarter, McCreedy West produced 84,953 tons of ore from the 700 Copper Zone at an average grade of 1.31% copper, 0.23% nickel, 1.05 g/t platinum, 1.10 g/t palladium, 0.45 g/t gold and 15.51 g/t silver. This was an increase of 13% over Q3 as mining rates increased in November and December, following the compressed air system failure and the power related delays.
Underground development during the quarter totaled 1,688 feet, in line with Company forecasts.
With three underground diamond drill rigs turning at McCreedy West during the quarter, the drilling totaled 29,334 feet, an increase of 91% over Q3 2025.
Magna’s development crews are now fully staffed and we no longer are using mining contractors for our underground development.
The results of a Life of Mine (“LOM”) plan for McCreedy West, which will include our maiden reserve estimate, is expected to be released in the coming weeks in conjunction with our 2026 guidance.
 
Jason mentioned ending 2025 on a high note for November and December operations, with strong fourth quarter production, combined with excellent development and diamond drilling footage. This has allowed the operations team to remove low grade stopes from their mining plans and focus on quality production. Although copper is our most important metal at McCreedy West, the grades for gold, platinum and palladium during Q4 were more than double what was mined in Q3, and silver grades were up more than 40% during a period of strong precious metals prices. This highlights the unique polymetallic nature of Sudbury deposits, providing the flexibility to tailor mining operations to the prevailing commodity price trends.
 
Wrapping up we widened the scope beyond just the currently producing McCreedy West mine, to the exploration and development of the Levack Mine as another flagship asset in their portfolio. There has been a continuous series of positive polymetallic drill results coming back from different areas of the Levack Mine, with many of those consolidated into the Mineral Resource Estimate on December 31st. The Company is doing background mining planning and resource modeling to move Levack towards a mine plan of operations later in the year, which will set up the decision to move this mine back into production.
 
 
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time. 
 
Click here to follow along with the news at Magna Mining
 
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.

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) , both join me to review the news released on January 28th which announced drilling has commenced at the Company’s Darby project, with drilling at Murphy Lake North (MLN) to follow. Darby and MLN are joint ventures between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and are located 10 kilometres west of Cameco’s Cigar Lake Mine and three kilometres east of IsoEnergy’s Hurricane Deposit, respectively, in the eastern Athabasca Basin, Saskatchewan. Cosa is the operator of both projects and holds a 70% interest with Denison holding a 30% interest in each.
 
Keith starts us up highlighting the prospective geology and historic exploration work that made the Darby Project a vital component of the JV transaction with Denison. The recent identification of new drill targets as results from further analysis supports Cosa’s thesis that Darby is a mature, discovery-ready project that will receive drilling targeting uranium mineralization in the year to come.
 
We outline that approximately 2,500 metres are planned at Darby in winter 2026 to test initial priority targets identified that came as a result of extensive historical drill core and data review at the Delta and Charlie trends by Cosa’s Chairman Steve Blower and VP Exploration Andy Carmichael; as they relogged all historical Darby drill holes from prior project operators in June of this year. Their work confirmed desktop interpretations and generated immediate follow-up targets.
 
Andy outlines that Priority targets are the immediate vicinities of drill holes which intersected zones of coincident sandstone alteration and anomalous uranium content proximal to significant graphitic basement faults. Up to four initial target areas will be evaluated during winter 2026.
 
Drilling plans at MLN will kick off after the Darby drilling is completed, and will comprise approximately 1,200 metres and will follow up summer 2025 results at the Cyclone trend where broad zones of structure and alteration were intersected over a two-kilometre strike length. Drilling will target a 1,200-metre gap in existing drilling where a lake prevents summer access. Drilling will also test a potential trend parallel to and approximately 100 metres south of Cyclone interpreted from intensely graphitic rocks and faulting intersected in the basement of MLN25-007. 
 
If you have any questions for Keith or Andy regarding Cosa Resources, then please email them to me at Shad@kereport.com.
 
Click here to follow the latest news from Cosa Resources
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
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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.
 

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins us for an production and exploration update at the Mustang Mine, to outline the development towards Bralorne West, and to review the work going into the upcoming Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA) at their 100% owned Bralorne Gold Project in British Columbia.
 
Terry outlined what the ramp-up in production at the Mustang Mine would look like over the next few years; with a goal to get up to 500 tonnes per day (tpd) this year, and clarified the November 10th news announcing the signing of binding terms for an Ore Purchase Agreement with Ocean Partners UK Ltd for up to 1,500 tpd including a US$25 million revolving credit facility for use developing the Project and secure the pathway to ramp up production.  The Company has confirmed with Ocean Partners that it will begin shipping gold bearing material here in January 2026, and there are already stockpiles building at the port facility.
 
Initial production at the Mustang mine was sourced mostly from in-vein development from the 1090, 1105 and 1120 levels and but now development and production is progressing into the stopes at the 1060, 1045, and 1035 levels. The mining has been coming from the Alhambra Vein, BK Vein, and BK-9870 Vein, with plans to also begin accessing the Brumbie Vein in the next couple of months.
 
In 2025, a total of 35 underground diamond drill holes for 7,515 metres were completed from three drill bays in the Mustang Mine, and a total of 15 surface diamond drill holes for 5,367 metres were completed from one drill pad at Bralorne West. This work included drill hole UB-2025-016 which intercepted 99.60 g/t Au over 0.50 m within 26.48 g/t Au over 2.00 m on the BK9870 Vein. The underground resource conversion drill program was focused on infill drilling at the Alhambra, BK, and BK-9870 Veins within the Mustang Mine. All 2025 diamond drilling assays have now been received and are being incorporated into the vein model wireframes, which will feed into the upcoming resource estimate and PEA.
 
Talisker has engaged SGS Canada Inc. to complete a National Instrument 43-101 compliant Technical Report incorporating a Mineral Resource Estimate and Preliminary Economic Assessment for the Bralorne Gold Project. The MRE will update the estimate in the Company’s current Technical Report (completed in 2023) and incorporate an additional 138 drill holes (representing 31,093m of drill core), as well as the depletion of areas already mined by Talisker at the Mustang Mine in 2025. In addition, Talisker has engaged third-party consultants to complete studies regarding mining, infrastructure, process, capital and operation costs, as well as economic studies. The information from these studies will be provided to SGS for review and incorporation in the PEA. The Technical Report with both the MRE and PEA is expected to be completed during Q2 2026.
 
We review as things continue ramping up, expanding up to 500 tpd later this year, that the plan is then to keep developing over to increase mining from more areas including from Bralorne West to increase operations to 750-1,000 tpd about 2 years out. Then further out the initiative is to put in a second portal into the historic Pioneer mining area to access the Olympus Mine to the southeast of the Mustang Mine, moving throughput up to the eventual target of 1,500 tpd.
 
Additionally, we explore how the process will being upgrading the ore on site utilizing ore-sorting technology by Q3 of this year. This ore-sorting will allow for shipping higher-grade material, with less associated waste, making it even more economical to be shipped to Ocean Partners.
 
 
If you have any follow up questions for Terry regarding Talisker Resources, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Talisker Resources 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 Talisker 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.
 

In this daily editorial, we are joined by Craig Hemke, Founder and Editor of the TF Metals Report, to dissect one of the most volatile periods in recent precious metals history. Following a historic Friday sell-off that saw silver drop over $30 in a single day, Craig shares his perspective on whether this is the end of the bull run or a standard - albeit violent - consolidation phase.
Analyzing the Friday Flush: Craig discusses the "mind-blowing" price action in silver and gold, noting that despite the record-breaking one-day drop, silver still managed to end the month in positive territory.
The "Warsh" Factor and Fed Speculation: We evaluate the market’s reaction to the nomination of Kevin Warsh for the Federal Reserve, questioning the narrative that a "hawkish" Fed shift is the true driver behind the metals' decline.
Technical Gaps and Institutional Maneuvers: The discussion covers the filling of technical gaps in the GDX and the impact of month-end profit taking, option expirations, and delivery cycles on the Comex.
Mining Stock Valuations vs. Metal Prices: Craig explains why the fundamental outlook for producers like Agnico Eagle, Newmont, and Kinross remains incredibly strong as they move into a quarter with significantly higher average selling prices.
Long-term Conviction vs. Short-term Volatility: A look at the difference between trading momentum and long-term investing in a system where the dollar continues to lose value against the "stable unit" of gold.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.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.

In this episode of the KE Report, we sit down with TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot.
The markets recently witnessed a historic "elevator drop" in precious metals, with Silver plummeting nearly 40% in a single day. TG shares the "detective work" that allowed him to warn his subscribers days before the crash by monitoring unusual volume in inverse leveraged ETFs. Beyond the metals, we explore a broader "vibe shift" affecting semiconductors, crypto, and small caps, and why a defensive posture might be the only logical move in a murky macroeconomic environment.
Key Discussion Points
The Anatomy of a Crash: How extreme parabolic moves in Gold and Silver signaled an imminent correction and why vertical moves rarely end well for late buyers.
The "Inverse" Smoking Gun: Identifying the massive volume spikes in ZSL, GDXD, and GLL that served as a precursor to the historic Friday sell-off.
Resource Stocks and Double Tops: Analyzing why Uranium and Rare Earth miners like UEC and UUUU are struggling to decouple from the broader metals weakness.
Crypto’s Three-Tier Split: Why Bitcoin miners are no longer a monolith, as companies like HUT pivot toward AI power generation while digital treasuries like MSTR face technical breakdowns.
Summary of Stocks & ETFs Mentioned
Precious Metals/Inverse ETFs: Silver ($SILVER), Gold ($GOLD), $ZSL (UltraShort Silver), $GDXD (Bear 3X Miners), $GLL (UltraShort Gold), $AGQ (Ultra Silver).
Energy & Resources: $UEC (Uranium Energy Corp), $UUUU (Energy Fuels), $USR (U.S. Rare Earths), $COPX (Copper Miners), $CPER (Copper Index).
Crypto & Tech: $BTC (Bitcoin), $ETH (Ethereum), $MSTR (MicroStrategy), $MARA (Marathon Digital), $HUT (Hut 8), $IBIT (iShares Bitcoin Trust), $SMH (Semiconductor ETF).
 
Click here to visit the Simpler Trading website - https://www.simplertrading.com/
Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.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.

[Recorded January 28th, 2026] Dr. Thomas Mumford, President of Scottie Resources (TSX.V:SCOT) (OTCQB:SCTSF), joins us to review some recent high-grade gold assay results at both the Blueberry Contact Zone and Scottie Gold Mine area from the 2025 exploration season.  Additionally, we get an update on the targeting preparation for the largest drill program to date planned in 2026, and the Feasibility Study workstreams underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.
 
2025 drilling continues to deliver excellent results from the Blueberry Contact Zone.
Hole SR25-420 intersected 34.3 grams per tonne “g/t” gold over 3.30 metres, including a high-grade interval of 90.8 g/t gold over 1.0 metres within the Lemoffe vein zone.
Hole SR25-424 intersected 9.97 g/t gold over 9.70 metres, including 21.1 g/t gold over 2.45 metres. Of the 27,000 metres drilled in 2025, only ~16,000 metres have been reported to date.
There are still 11,000 meters of drilling from the Blueberry Contact Zone to release from last year’s program, once received back from the assay lab.
 
Drilling continues to deliver at the Scottie Gold Mine area from last year’s drill program.
Hole SR25-445 intersected 14.8 grams per tonne “g/t” gold over 9.80 metres, including a high-grade interval of 69.8 g/t gold over 2.0 metres within the M-Zone.
Additional strong M-Zone results include 21.1 g/t gold and 50.6 g/t silver over 3.45 metres in hole SR25-410 and 17.6 g/t gold over 4.40 metres in hole SR25-439.
Multiple drill holes (SR25-408, 419, 427 and 445) also intersected gold mineralization within the Wolf Zone, highlighted by an intercept of 7.56 g/t gold over 1.65 metres in hole SR25-408.
These results represent the conclusion of 2025 drill results from the Scottie Gold Mine and associated vein zones, i.e., P-, M-, N-, L-, and Wolf Zones.
 
The Company is planning to initiate a ~50,000 meter drill program for 2026, which will be the largest exploration program to date.  More information will be detailed once all the 2025 drill results from the Blueberry Contact Zone have been assimilated into the geological model. 
 
The recent PEA outlined a robust Direct-Ship Ore (“DSO”) development scenario for the Scottie Gold Mine Project, with strong economics and leverage to the current gold price environment, and additional upside potential through local toll milling.  The DSO process was successfully demonstrated during this trial mining and Bulk Sample, which was mined at the Bend Vein pit at the Scottie Gold Mine Project, then mucked, visually sorted, and crushed over the 2025 summer season.
 
90% of the payment from the bulk sample has already been received, with the final 10% payment still due.  It will reconcile any difference between estimated and final ounces and will be priced based on metal values at the time grades are finalized and agreed upon.  It is estimated that gold sold will have generated a net profit of ~CAD$9Million for the Company.
 
Thomas outlines the plan to move straight into work streams for a Feasibility Study (FS), with actual cost estimates and more detailed economics, as the next major economic study to be undertaken.  The FS is slated to take about 8-10 months after all the 2025 drill results from the 27,309 meter program are all returned and integrated into their updated resource model.  The Company is also collecting data for environmental baseline studies in preparation for the upcoming permitting process. 
 
Click here to follow the latest news from Scottie Resources
 
If you have any questions for Thomas regarding Scottie Resources, then please email us at Fleck@kereport.com or  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Scottie Resources 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.

This weekend’s show is all about markets that look unstoppable… right before they get tricky. Dana Lyons digs into extreme metals volatility and the “tell” hidden in volume, while Dan Steffens explains why natural gas and energy equities may have more staying power than most investors expect - especially if you focus on cash flow and dividends.
 
Segment 1 & 2 - (Recorded Thursday January 29th) Dana Lyons, portfolio manager and editor of The Lyons Share Pro, kicks off the KE Report Weekend Show to break down the extreme volatility in gold, silver, and the mining stocks, explaining what his quantitative models, volume signals, and risk-adjusted returns are saying about potential short-term tops, profit-taking, and how traders should manage gains amid parabolic commodity moves. This is a critical interview for all precious metals investors to listen to. 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/
 
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, joins the KE Report to break down the sharp volatility in natural gas driven by extreme winter weather, storage drawdowns, and LNG exports, while also sharing his bullish outlook on gas prices, selective oil opportunities, and key U.S. and Canadian energy stocks across producers, dividends, and pipelines.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/
 
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.

In this high-stakes editorial, we sit down with Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market blog, to dissect one of the most volatile trading days in recent memory.
As we record on Friday, January 30th, the markets are reeling from a historic "crash" (maybe) in precious metals, with Silver plummeting over 30% in a single session. We explore whether this is a simple technical correction or the end of a massive momentum trade, while diving into the geopolitical tensions - from the Middle East to Canadian energy deals - that are reshuffling the global board.
Key Discussion Points
The US Dollar’s Counter-Attack: Analyzing the recent "free fall" to 95.5 on the DXY and why a technical rebound toward the 97.00 level is likely ahead of upcoming jobs data.
The Precious Metals Correction: Making sense of the staggering moves in Gold and Silver, and why Marc views this as a "snap-back" of a dangerously overextended rubber band.
Quantitative Red Flags: Using Bollinger Bands and standard deviations to identify "three-sigma" events - extreme readings that signaled the market was dangerously stretched.
The Energy and Geopolitical Shift: A look at the US "Armada" in the Middle East, Canadian energy pivots toward China and India, and the sudden volatility in Uranium and Rare Earths.
Mastering Risk Management: Why "knowing where the exits are" is more important than price targets during unhinged market moves.
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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.
 

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (NASDAQ:SCZM) (TSX.V:SCZ) (FSE:1SZ), joins me to highlight  their uplisting onto the Nasdaq exchange in the US in January, and to delve into the details of Q4 2025 operational results across their portfolio of producing mines in Bolivia and Mexico. We also review a few of the key growth initiatives that the company has slated for 2026 at multiple projects.
 
On January 21st the Company announced it would commence trading at the market open Nasdaq Capital Market, under the symbol “SCZM.”  We discussed how this big board US listing will increase transparency and liquidity to an expanded American shareholder base, and he explains the rationale for going with the NASDAQ over the NYSE was because they are a growth-oriented company.
 
Q4 2025 Production Highlights:
Silver Equivalent Production: 3,739,019 silver equivalent ouncesSilver Production: 1,343,607 ouncesZinc Production: 23,846 tonsLead Production: 3,000 tonsCopper Production: 287 tons
 
During Q4 2025, Santacruz delivered a solid quarter-over-quarter improvement in consolidated production, and a 34% increase in silver equivalent production compared to Q3 2025.   This was led by a meaningful recovery at the Bolívar mine, and supported by strong performance at Caballo Blanco, Zimapán, and San Lucas. At Bolívar, the Company is beginning to see the benefits of the recovery efforts at the high silver-grade Pomabamba and Nané veins following the May 2025 flooding event, which resulted in higher production throughput, and improved operating conditions. However, access to the highest-grade areas remained partially constrained, and recovery activities continued throughout Q4 2025, with a full recovery expected over the course of 2026.
 
 
Next we moved over to the low-cost 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 been working to bring the Esperanza Mine back into production by late February or early March, and that it should be a profitable smaller zinc-forward mine in this Caballo Blanco complex moving forward.
 
Their Zimapán Mine in Mexico will be another area of growth for Santacruz Silver in 2026, after capital investment last year into plant equipment and improving mine efficiencies and metals recoveries.   Additionally, the operations team finally gained access to the high-grade 960 Level of the Zimpan Mine at the end of Q4, and so this will be a more significant contributing area of production starting in Q1 2026 and for several years.
 
Next we shifted over to the high-margin San Lucas Group Lucas feed sourcing business (which now includes ore blended from the Reserva Mine, previously part of the Caballo Blanco complex). Arturo highlights how the San Lucas metals sales helped offset the lower silver production at the Bolívar Mine in both Q3 and Q4, and it will continue to be a strong contributing business unit, providing a great defensive and growing asset inside of their overall portfolio.
 
Another key project that will help the company grow production, starting in late 2026, is the Soracaya Project.  Soracaya is a high-grade, silver-rich project, featuring mineralization along reactivated faults with replacement and brecciated sulphides, geological characteristics typical of some of the world’s most productive silver deposits. Since 1999, more than 29.6 km of drilling across 90+ holes has provided extensive geological data, supporting robust resource modeling and preliminary mine planning.  There are already twin declines into this project with initial stope access, and the plan is to work throughout  2026 to get this mine into initial production by Q4 of 2026.
 
Wrapping up we discussed the potential for future accretive acquisitions outside of the company in the Americas.  The board and management team are open to either already producing assets or development-stage underground mining assets, but only if the acquisition would be accretive for shareholders and if their team can unlock value in the acquired assets.
 
 
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.
 
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.