The KE Report

James Anderson, Chairman & CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to celebrate the recognition of their team receiving awards for both the Top 50 TSX Venture and OTCQX stock exchanges for their Company performance last year.  We then spend the balance of the discussion outlining the key initiatives for their ongoing 75,000 meter drill program at each mine area, for a comprehensive exploration update across their portfolio of projects. 

 

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, the San Ignacio mine, and their recently closed transformational acquisition of the Bolanitos Gold-Silver Mine from Endeavour Silver. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.  In addition to these 5 producing mines, the Company also has 3 past-producing exploration and development projects in their portfolio at the El Horcon Mine, Pinguico Mine, and Cebada Mine.

 

This 75,000 meter drill program will see the exploration work on most of these projects, and we circled around to the key initiatives at each mine.  Currently the drills have been turning at Topia, El Cubo, and El Horcon; with many assays at the lab to be released in the months to come.

 

On February 5th, the Company announced a new Mineral Resource Estimate for the Company's 100% owned Valenciana Mines Complex, where the updated inferred mineral resources increased by 630% to 20.3M AgEq Ounces ~(2.27 Mt @ 142.2 g/t Ag and 1.55 g/t Au, containing10.4 Moz Ag and 113 Koz Au). James outlined that this resource update reflects the strength and continuity of the underlying Veta Madre mineral system at Valenciana, and reinforces their confidence in the long-term viability and expanded potential of the project.

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at [email protected].

 

In full disclosure, Shad is a shareholder of Guanajuato 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 Guanajuato Silver

 

 

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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.

Shaun Heinrichs, President and CEO of 1911 Gold Corp (TSXV: AUMB) (OTCQX: AUMBF), joins me to for a comprehensive visual exploration and development update for advancing their True North Project, which includes a permitted mine and mill complex located on the Company’s 100%-owned Rice Lake Gold property, spanning  61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada.

 

Shaun outlines how 1911 Gold believes its land package is a prime exploration opportunity, on a brownfield site, with the potential to develop a mining district centered on expanding resources and eventually moving back into the development of the past-producing True North complex.  In addition to the permitted mine, there is a 1300 tpd permitted mill in place, which is expandable to 2250 tpd, which would have access to cheap hydroelectric power, and there is a permitted tailings area.

 

We unpack the key metrics from the Preliminary Economic Assessment (PEA), released to market on February 10th.  Shaun also highlights that this PEA doesn’t include any of their drilling for the last 2 years, or the drilling they are doing this year, and is modeled off only a portion of the prior 2018 resource estimate.  Towards the end of this year the Company will be releasing an updated Resource Estimate incorporating the last few years of drilling, and then an updated PEA incorporating that larger resource model.

 

The initial PEA released this month outlines a robust gold mining operation utilizing the fully built and permitted infrastructure, including shafts, underground workings, and the processing and tailings management facility. 1911 Gold has estimated the infrastructure replacement value as being in excess of $400 million. The plan targets steady-state production of 58,114 ounces per annum with a mine life of 11 years.

 

PEA Highlights:

 

Robust Economics (After-tax):  At a long-term gold price of US$3,000 per ounce (“oz”) there is a Net present value (“NPV”) (5%) of $391 million, internal rate of return (“IRR”) of 105%, and a payback period of 2.2 years

At a constant gold price of US$4,800/oz, the NPV(5%) grows to $998 million, with no calculated IRR due to no years with a negative cash flow, and an almost immediate payback period of under 1.0 year.

Fully Permitted, Low Capital Project: Initial capital expenditures (“Capex”) of $59.2 million, utilizing the currently built and permitted payable infrastructure. Additional Capex of $46.7 million during the first 2 years of ramp-up.

Processing: Average diluted mill head grade of 4.32 grams per tonne gold (“g/t”, “Au”) with gold recoveries of 93.5% over the LOM.

Cash Costs and AISC: Producing gold at a cash cost of US$1,390/oz and all in sustaining cost (“AISC”) of US$1,897/oz.

Near-Term Production: Production due to start in the first half of 2027 with test mining and a bulk sample planned for the second half of 2026.

Production Growth: 1911 Gold has identified excellent potential to increase production by developing recently discovered zones such as San Antonio Southeast, San Antonio West, and Shore which are adjacent to existing infrastructure and not included in the study, in addition to regional targets.

 

This led us into the ongoing aggressive exploration program underway at surface for shallow high-grade targets as well as at depth, at their 2 new discoveries: the San Antonio West and San Antonio Southeast. The ongoing drilling is expanding the known resources of around 1.1 million ounces of gold in all categories.

 

With regards to regional targets, there was a 2,200-metre (“m”) diamond drill program completed in December at the Ogama-Rockland gold deposit, located approximately 27 kilometres (“km”) southeast of the True North Gold Project. One surface drill rig was mobilized and commenced drilling on December 12, 2025, and focused on resource expansion and confirmation drilling, with a separate resource update due out from this area later this year.

 

If you have any questions for Shaun regarding 1911 Gold Corp, then please email them into me at [email protected].

In full disclosure, Shad is a shareholder of 1911 Gold 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 1911 Gold Corp

 

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 introduction, we are joined by Dan Rodriguez, Co-Founder and CEO of Mercado Minerals. Mercado Minerals (CSE: MERC) is a silver-focused exploration company with two projects in the mining region of Sinaloa, Mexico. Dan provides an in-depth look at the company’s dual-asset strategy, the technical team’s proven track record, and the upcoming milestones.

Key Discussion Points:

The Copalito Flagship Project: Dan details the history and potential of this advanced-stage asset, which boasts 81 historical diamond drill holes and 8 kilometers of strike length across six known silver and gold veins.

2026 Drill Program: Insights into the planned 3,000-meter drill campaign at Copalito, funded by a recent $6.6 million raise, aimed at confirming high-grade mineralization and testing new targets.

The Zamora Grassroots Opportunity: An overview of the Zamora project, a high-grade prospect that has returned significant channel and grab samples but has never been drill-tested.

World-Class Technical Team: A look at the expertise behind Mercado, including team members with deep ties to the success of Vizsla Silver and the discovery of the Napoleon vein.

Financial Runway and Strategy: A breakdown of the company's current $6 million cash position and how capital is being deployed to maximize shareholder value through the 2026 field season.

 

Click here to visit the Mercado Minerals website to learn more about the company. 

 

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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.

Jordan Rusche, Founder of Mining Stock Monkey, joins me for an in-depth and nuanced discussion on the recent gold and silver price volatility, his approach to valuing precious metals mining stocks and royalty companies; along with which companies he is actively trading in his portfolio.

 

We start out reviewing where we are in this precious metals cycle, with Jordan pointing out that most prior bull markets lasted 7-10 years.  He highlights that the gold price has been heading higher ever since its major bottom at $1045 back in December of 2015:

“We are 10 years into this gold bull market already. That might suggest that we’re getting towards the end of things…. However, if the US dollar keeps heading lower, towards 0, then upside in how high the silver and gold prices can go is infinite.”

When asked if the move to triple digit silver was the blow off top, or if we’ll see silver back over $100 in this cycle – Jordan reiterated that he still believes we’ll see higher metals prices before this bull market runs its course.

 

 

Next we shifted over to some of the valuations in the gold producers in his portfolio.

He still will look at each company though the lens of spot gold and silver pricing, but also will present his subscribers with a more conservative case using $50 silver and $4,000 gold.

Jordan breaks down why he likes larger producers with growth on tap, highlighting the fundamental growth factors for Equinox Gold.

We discuss why he recently sold half his shares in B2Gold, due to the increasing risk profile and potential for disappointing market guidance in the near-term.

 

Wrapping up we dive into some of the valuations he is looking at with regards to both the smaller and larger royalty companies, and why he is generally favoring the larger royalty and streaming companies.

 

Initially we unpack the many advantages that the royalty and streaming companies have over traditional mining companies, and why can participate in long-term value creation, and pull back less during corrective moves.

He mentions that over a year ago he was more constructive on valuations of the smaller to mid-sized royalty companies, until they have since moved up to levels that seem more fairly valued, or even overvalued.

He wants to focus on royalty and streaming companies that can aggressively reinvest revenues in growth, and many of the junior companies use up large percentages of revenues and free cash flows paying general and administrative expenses, giving them less capital to invest in new acquisitions.

He discusses why he issued a sell alert recently to his subscribers with regards to the price-adjusted risk in Orogen Royalties, with regards to its valuation before it corrected down. 

In contrast larger companies like Franco Nevada, Wheaton PMs, and Royal Gold pay their G&A out of just 2%-3% of their incoming revenues, with a big portion funded by just the interest made on cash on their balance sheets.

Jordan highlights some large recent very large transactions executed by Royal Gold, Wheaton PMs, and Triple Flag as the kinds of value accretive growth that he is attracted to in the senior companies in this sector.

 

Jordan is extending a limited-time offer to KE Report listeners for those that would like to be become new Mining Stock Monkey subscribers.  Claim Your 10% Discount! (Limited to the first 10 users)

https://miningstockmonkey.com/products/vip?promo=KE10
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https://miningstockmonkey.substack.com/kereport10
 

Click below to follow Jordan's YouTube page, where he'll be putting up some new content soon:

https://www.youtube.com/@MiningStockMonkey/videos

 

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.

Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to highlight the major company milestone last month of declaring commercial gold production at their 100% owned Madsen Mine; located in the Red Lake Gold District of Northwestern Ontario, Canada.  Additionally, we discuss both the exploration and development upside to access new high-grade areas of Madsen, and also to incorporate the satellite Rowan deposit into the expanded growth in their production profile over the next couple of years.

 

The Company announced on January 12th that the Madsen Mine achieved commercial production as of January 1, 2026. The mill averaged 689 tonnes per day (“tpd”) in December 2025. This represents 86% of permitted throughput of 800 tpd and meets the Company’s internal commercial production requirement of 30 consecutive days of mill throughput at 65% or greater of permitted capacity. Operational stability, the other internal requirement, is also in place at Madsen. Consistent strong mill recoveries, which averaged 94.6% in December, enabled production of 3,215 ounces of gold.

 

Shane outlines how diligently the operations team has worked to achieve commercial production only seven months after completion of the bulk sample.  While they are not at full production capacity here in early 2026, the plan it to continue to ramp up from this strong base, and then reach sustained permitted capacity by mid-2026.  For this first quarter (Q1) of 2026, the mill feed will come predominantly from the 4447 area, the high-grade zone in South Austin that the Company defined in 2025. Mill feed is expected to average in excess of 6 grams per tonne gold (“g/t Au) in Q1.

 

Next we review all the development work in their underground operations that led up to gaining the confidence mining at Madsen since the middle of last year, opening of stopes in multiple areas like Austin and South Austin in addition to McVeigh.  Then we look ahead to other areas of growth like the new 904 high-grade zone in Lower Austin, the potential to drift over to Fork for 2027, as well as the potential to supplement mill throughput with ore from the satellite Rowan deposit in the next couple years. There has been ongoing drilling at these areas over the last few months which will continue moving forward, further defining the areas for expanded resources and future production growth.

 

 

If you have any follow up questions for Shane regarding West Red Lake Gold, then please email me at [email protected].

 

In full disclosure, Shad is shareholder of West Red Lake Gold Mines 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 West Red Lake Gold Mines

 

Click here to watch the Corporate Video showcasing the move into commercial production at the Madsen Mine.

 

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.