The KE Report

Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to provide his outlook on the valuations of gold, silver, antimony, and tungsten stocks when contrasted against the volatility we’ve seen in the metals over the last couple weeks and months.

 

Sean remains bullish for medium-term and longer-term in the precious metals, because all the fundamental macroeconomic and geopolitical factors are still in place and haven’t changed. 

 

However, after the wild price volatility in both directions for gold and silver in January and early February, he believes that we are likely now going to trend sideways in a price range for the near-term; basing for a while before the next move to the upside.

He’s recently taken some solid profits in silver stocks, since he expects further sector consolidation.

Sean noted how the Chinese policy and trends in physical precious metals markets have had an outsized effect, sending prices in the precious metals first higher, and then were a big catalyst for the corrective moves lower in the metal, leading the pricing moves that the western exchanges then followed. 

Despite harvesting gains in other silver stocks, he is considering getting back into First Majestic Silver Corp. (NYSE: AG) (TSX: AG) for their production profile and strong anticipated revenues and free cash flows from Q4 heading into Q1.

 

With regards to critical minerals, Sean remains quite interested in the metals of strategic importance to the US and the world at large, like rare earths, uranium, antimony, and tungsten.

 

We reviewed the big news out this week that Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) announced it has entered into a joint venture with United States Antimony (NYSE American: UAMY) to build a new antimony processing facility at the Galena Silver Mine in Idaho. He likes this partnership since these companies are actually producing and processing antimony and have the US government as potential partner to sell to.

Sean is not really interested in the many other exploration stocks that now claim they have exposure to antimony too, because their projects are simply not close to producing this defense metal anywhere in the near-term. The one exception would be the quality and advanced stage of the project that Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) has recently gotten permitted, and that a fellow contributor at Weiss Ratings has provided a research report on.

With regards to tungsten, Sean has had his subscribers positioned in Almonty Industries Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) for exposure to this defense metal, in a Canadian company, operating in Asia, but listed on the big board on the US Nasdaq exchange.

 

 

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

 

Click here to learn more about Resource Trader

 

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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.

José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me for a comprehensive video overview their aggressive growth plan to increase throughput levels from the Tangana Mine silver production and via increases to the plant capacity of the Recuperada Plant.  In tandem to those workstreams, their team has ongoing development and exploration work programs at both the Plata Mine and Red Silver Mine areas for new production to begin about a year out which will augment the consolidated production at their Nueva Recuperada Project, located in central Peru.

 

We start off by having José outline some of the step changes in the current focus on growing the production throughput at Tangana from the current 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720 tpd.  Then they are seeking permits in the middle of this year to expand the plant throughput to 1,000 tpd by the end of 2026.

 

Then looking ahead 2-3 years, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025, they will increase the Recuperada Plant capacity up to 1,500 tpd, and also build a new Tangana Plant also with 1,500 tpd capacity, taking throughput up to 3,000 tpd by 2029.

 

The vision is to increase mining, development, and grade from the Tangana unit to eventually feed the new plant, with higher grade material from both the Plata Mining Unit and Red Silver Mining Unit eventually feeding the Recuperada Plant.   When both plants are running at full capacity with 3,000 tpd the projected output would be over 6 million silver equivalent ounces of production per annum.

 

We spend the balance of the interview unpacking the ongoing 40,000 meter drill program, and aggressive exploration initiatives across their district-scale land package.   There are multiple goals for this largest drill program to date focused on further delineating the higher-grade areas of each area, updating the confidence in the continuity of known resources with infill drilling, while still looking to make new discoveries along strike and at depth.

 

Wrapping up with discuss the fiscal health of the company, reviewing the news out January 27th regarding the private placement offering by the Company of up to C$60 million aggregate principal amount of secured convertible debentures, potential exercise of in the money warrants, and organic revenue generation from mining.  These elements coming together will fund the company’s initiatives to be able to keep growing the operations organically for the years ahead.

 

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

 

In full disclosure, Shad is a shareholder of Silver X Mining 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 Silver X 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.

In this company update, we are joined by Steve Barley, Chairman and CEO of Magma Silver (TSX.V:MGMA - OTCQB:MAGMF - FSE:BC21), to discuss the upcoming drill program at the Niñobamba silver and gold Project in Peru. Following our initial introduction to the story in November, the company is now moving into a two-phase, 4,000-meter drilling campaign aimed at confirming historical results and testing new geological theories.

Key Discussion Points:

Phase 1 Drill Strategy: Steve outlines the initial 2,000-meter program at the Jorimina Zone, which focuses on confirming historical results from Newmont.

Targeting District Scale: The conversation covers the distinct mineralization across the 8km x 2km system, including the silver-dominant Niñobamba Main zone and the 2-kilometer silver anomaly identified at the Randypata Zone.

A Pure Precious Metals Play: Magma Silver remains focused on primary silver and gold.

Strong Financial Position: With approximately $5 million in the bank and recent warrant exercises, the company is fully funded for its 2026 exploration goals.

Please email me with any follow up questions for Steve - [email protected].

Click here to visit the Magma Silver website to learn more about the company - https://magmasilver.com/ 

 

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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 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.

Paul Huet, CEO and Chairman of Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS), joins me for an exclusive video interview to unpack the big news out today announcing the formation of the new joint venture with United States Antimony (NYSE American: UAMY) to build a new antimony processing facility at the Galena Silver Mine.

 

We also weave in a comprehensive review of the several key optimization initiatives ongoing at their silver-copper-gold-antimony-lead producing Galena Complex, located in Idaho, USA; as well as at the EC120 mine at their Cosalá Operations, located in Sinaloa, Mexico.  Additionally, we reviewed the development plan into first production this year after closing the acquisition of the Crescent Silver Mine, located just 9 miles away from their Galena Complex in Idaho.

 

Highlights of The Joint Venture Between Americas Gold & Silver and US Antimony

 

The JV, which will be 51% owned by Americas and 49% by US Antimony, will provide a mine-to-finished antimony #production solution to secure the supply chain for this critical mineral within the United States.

U.S.-Based Vertical Integration: The JV will construct a new antimony processing plant in Idaho’s Silver Valley. This construction and processing business will be overseen by representatives of each company.

Americas-Controlled Feedstock and Site: Americas will contribute the site under existing operating permits for the JV Facility at its Galena Complex in Idaho and will sell antimony feed material mined from the Galena Complex to the JV on market terms. While Americas material will have priority, the JV Facility will also have the potential to process material from other mines.

Operational and Market Expertise: US Antimony will contribute its knowledge and technical expertise in constructing and operating these types of facilities and will provide the JV with access to its extensive antimony marketing network including the U.S. Government.

 

We start off with Paul outlining the multifaceted approach to optimizing their Galena mining complex this year, comprised of 3 shafts and 2 mills currently being underutilized, but setting up for a marked incremental increase in production growth over the next few years. The company invested big in 2025 in a new fleet of mobile equipment to improve efficiencies and uptime, and in a 2-phase upgrade initiative for the hoist at the No. 3 Shaft, where the motor was upgraded to a larger more powerful one, increasing the amount of tonnes that can be raised each day.

 

Paul reviewed the increased silver production growth on tap from the Company after a key shift at Galena from the ‘Cut and Fill’ mining method using handheld jacklegs, to a mechanized Long Hole Stoping mining method, which is far more efficient and still quite precise and able to mine at narrow widths down to 1 meter wide. There is capacity at their 2 mills to accept larger amounts of throughput as mining capacity expands

 

Next we talked about the initiatives to grow resources through exploration and grade-driven growth, building upon future mine sequencing following up on the successful exploration at the 034 vein at the 5200 level and the 149 vein at the 4300 level.   There will also be aggressive drilling ongoing at the recently acquired nearby Crescent Mine as well as in the Cosala operations in Mexico; with the goal to go from 7 mines turning at present across the portfolio of projects with a target of getting up to 20 drill rigs turning by early next year.

 

Paul laid out the development and exploration work slated at the Crescent, located just 9 miles from the Galena Complex, after the acquisition of this fully permitted past-producing mine which will be advanced for a restart here in 2026.  The Crescent Mine will provide a supplementary high-grade source of feed to their 2 mills at Galena, further utilizing processing capacity.   The mineralized material at Crescent is very similar to the tetrahedrite material at Galena which contains high grade Silver and significant by-product potential from antimony and copper, which meshes perfectly with their strategy to maximize the production value across all metals.

 

Wrapping up, we shifted down to the Cosalá Operations in Mexico, where the Company has been investing in exploration to extend the San Rafael mine, and most importantly it has been tunneling over into a new area of the El Cajon mine called the EC120 mine, which will now see increased silver production in the years to come. This brought up the point that this company is one of the few North American silver-focused producers with the objective of having 87% of its revenue generated from silver in the year to come.

 

 

If you have any questions for Paul regarding Americas Gold and Silver, then please email those to me at [email protected].

 

In full disclosure, Shad is a shareholder of Americas Gold and 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 Americas Gold and 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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to reflect on the continued disconnect we are seeing in valuation that many of the gold and silver stocks are receiving in their market caps, compared to what the value of their ‘banked success’ of defined resources in the ground are worth; or in light of the expanding net present values of their economic studies when analyzed at today’s spot prices.

 

We review the many investors are getting worried that they’ve already missed the moves in most companies, simply because they’ve run up multiple-fold.  However, those investors are not really considering that the big moves higher on the charts are coming off incredibly oversold valuations that were not reflective of the value created even at much lower metals prices.   Now that gold and silver have run up so much higher, many of the stocks are actually just as undervalued now as they were before they put in big 3x or 5x moves to the upside.

 

“Some of the highest margin of safety I’ve ever seen in this sector is still present despite some of these juniors having gone up X multiples.”

 

At anywhere near today’s spot prices most projects should actually be fetching far higher valuations, even using conservative multipliers for resources or using the advanced economic studies in place.  We contrast this current undervaluation seen across most of the sector PM stocks against other more richly valued periods, like back at the peak of the sector surge back in 2016.   Back at that point in time, even though metals had started moving up sharply, there were many stocks that were still subeconomic and yet were pricing in future higher metals price values that far exceeded their economic studies or value of their resources.  This is why things topped and took years to consolidate afterwards, which is a very different converse situation than what we are seeing play out in today’s market.

Erik points out that there seems to be a general disbelief of current metals prices and reluctance to even value companies somewhere between base case assumptions and current prices.   This disbelief is keeping the sector ripe with opportunities and climbing the proverbial “wall of worry;” which is not one one typically sees at or near market tops. 

 

 

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

 

 

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.