The KE Report

Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT) (OTCQB: ISVLF), joins me to outline the key takeaways from the Q2 2026 financial and operations, and provides an update on the current production and exploration upside at the Zacualpan Silver-Gold District, as well as the move-forward plan on the Plomosas Zinc-Lead-Silver Mine in Chihuahua, Mexico.

 

The Company has 4 underground mines and 1 open-pit mine all feeding into the Guadalupe processing plant in the Zacualpan Silver-Gold District; with a number of other past-producing silver and gold mines across their district-scale land package being explored for future development.

 

Q2 and H1 Financial Results:

 

The Company reported Q2 2026 revenue of $22.0 million, representing a 124% increase over $9.8 million in Q2 2025, driven by higher realized silver prices and increased grades and production at the Zacualpan silver-focused operation.

Net income for Q2 2026 improved to $2.8 million, or $0.01 per share, compared to a net loss of $2.0 million, or $(0.01) per share in Q2 2025.

For the first six months of 2026, consolidated revenue grew to $53.1 million up from $20.5 million in the prior-year period. Q2 2026 gross profit reached $8.7 million compared to $1.0 million in Q2 2025, bringing six-month gross profit to $29.1 million compared to $3.2 million a year earlier.

For the six-month period ending June 30, 2026, net income reached $14.1 million, or $0.04 per share, compared to a net loss of $2.1 million, or $(0.01) per share, in 2025.

At quarter-end, the Company had $52.2 million in cash, and no long-term debt. During the quarter, 4.0 million share purchase warrants were exercised for proceeds of $1.4 million.

 

Fred highlighted the financial benefits of higher silver prices combined with improved grades from the Kena vein at Zacualpan, which together drove a substantial increase in revenue and a second consecutive quarter of significant net income. Zacualpan continued to benefit from ongoing mine and mill improvements, with Q2 2026 production at the Zacualpan-Guadalupe mill increasing 8% to 36,908 tonnes from 34,173 tonnes in Q2 2025. More importantly, silver equivalent production from the Guadalupe Complex increased 39% to 221,385 ounces, compared with 159,298 ounces a year earlier.

 

 

Fred outlined the high-grade drill results on the north extension of the Carlos Pacheco Vein System at its producing Noche Buena silver-gold mine located 4km southwest of its Guadalupe. The company is currently evaluating the potential rehabilitation of the Capire Mill, as a potential area to process the Carlos Pacheco ore

 

At Plomosas, the Company took decisive action in the previous quarter to temporarily suspend underground mining while they reassess the operation’s cost structure and evaluate options for its longer-term future, including the processing of third-party feed through our plant. After sufficient drilling and interpretation is completed, then the plan is to work towards a more efficient and sustainable mine plan of operations for the longer-term.  He also mentioned that the Company is currently in advanced-stage discussions on toll-milling arrangements at their Plomosa plant with a few nearby third-party operators; which they believe could generate cash flow during the current suspension of mining at Plomosas.

 

 

If you have any follow up questions for Fred about Impact Silver, then please email me at  Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Impact 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 Impact 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.

Fred Bell, President and COO, of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), joins me to review the key metrics from their record Q2 financials, updates on their key producing and development royalty and streaming assets, and the organic growth profile in front of the company over the next few years.

 

Q2 2026 Financial Highlights

 

Quarterly Revenue of US$23.8 million, the Company’s second highest quarterly result, and up 127% over revenue plus attributable share of Caserones in Q2 2025;

Record Gold Equivalent Ounces (“GEOs”) of 5,248 for Q2 2026 (3,184 in Q2 2025), and record 10,231 GEOs for H1 2026 (7,790 in H1 2025);

Adjusted EBITDA of US$17.4 million, up 99% over adjusted EBITDA in Q2 2025, reflecting increased operating leverage and portfolio performance;

Record operating cash flow of US$15.5 million, up 8% over adjusted operating cash flow in the comparative period;

Cash and cash equivalents of US$74.2 million as of June 30, 2026, together with the Company’s undrawn credit facility, provide significant financial flexibility to support continued growth;

On track to meet GEO and revenue guidance of 17,000-21,000 GEOs for 2026, driven by significant contributions from Karlawinda, Bonikro, Timok, and Caserones.

 

Fred highlighted again that Q2 will be their second quarter with their new dividend policy, which provides investors the option of being paid in either cash or Tether Gold tokens, (which are backed by physical gold).  This leads into a discussion about the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.  

 

We go on to do a rapid-fire review of their key cornerstone gold and copper assets within their royalty portfolio of 18 cash-flowing royalties, 28 advanced development assets, and ~250 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.

 

Wrapping up we discuss the optionality they have for future accretive transactions with their cash on hand and access to the revolving credit facility.  Fred recaps the transformative year that the Company has had over the last 12 months since announcing the merger of Elemental Altus and EMX Royalty, the uplisting to the Nasdaq, the multiple acquisitions made, the handful of generative asset transactions executed on, their large increase in liquidity, and the potential for a valuation rerate as more institutions can now position in the stock and they are now getting added into various indexes.

 

Click to follow the latest news from Elemental Royalty Corp

 

Elemental Royalty Corp – Visual Tour Through The Key Producing and Development Royalty Assets
https://youtu.be/241kg_E_bGI

 

 

To see a comprehensive list of all Elemental Royalty Corp assets:

https://www.elementalroyalty.com/our-assets/

 

If you have any follow up questions for Dave or Fred at Elemental Royalty Corp, then please email those to me at  Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Elemental Royalty Corp 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.

Welcome to this Company Update on the KE Report. In this episode, I sit down with Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF), to discuss the company’s updated corporate presentation, strong balance sheet, and exploration roadmap across Australia.

Strengthened Balance Sheet and Asset Revaluation: An updated valuation of the San Cristobal Mining holding and recurring dividend revenue.

High-Priority Copper-Gold and IOCG Targets: A focus on  the Tooliunga project and the initial steps toward drilling.

Near-Term Drill Programs at Tibooburra and Teichman: Details on near-term drilling campaigns designed to follow up on high-grade surface sampling and historical workings across New South Wales and Western Australia.

Regaining 100% Ownership at Egina and Expanding Belltopper: Why the return of the Egina tenure presents a major opportunity following millions in partner expenditure, alongside the strategy for building ounces at Belltopper in Victoria.

 

Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  

 

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 

 

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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 Daily Editorial, we are joined by Joel Elconin, Co-host of the PreMarket Prep Show and Founder of the Stock Trader Network, for a comprehensive discussion on US equity momentum, shifting market breadth, and critical technical levels across major asset classes.

AI Catalysts & Sector Rotation: How NVIDIA earnings are reigniting momentum across software and hardware while drawing liquidity away from defensive areas.

Healthcare & Biotech Momentum: The unexpected ways artificial intelligence integration is driving historic breakouts across biotech and pharmaceutical leaders.

Macro Resilience vs. Headwinds: Why broad equity markets continue to shrug off geopolitical tensions, seasonal trends, and upcoming economic data.

Crypto Consolidation Breakout: The primary catalysts and institutional dynamics driving Bitcoin sharply out of its multi-month trading range.

S&P 500 Technical Outlook: Critical retracement levels, support tests, and near-term consolidation zones for traders watching cash and futures indices.

Stocks & Symbols Mentioned: NVDA, CRM, CRWD, OKTA, MU, MRNA, MRK, XBI, XLV, QQQ, SPY, BTC

 

Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/

 

Click here to visit the Stock Trader Network - https://www.stocktradernetwork.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, Simon Dyakowski, President and CEO of Aztec Minerals (TSX-V: AZT, OTCQB: AZZTF), discusses the strategic land consolidation around the historic Tombstone Gold-Silver Project in Arizona and outlines upcoming exploration catalysts.

District-Scale Land Consolidation: A walkthrough of the multi-year consolidation effort, securing the remaining key private land holdings, patented claims, and historic high-grade silver mines, expanding the property footprint over sixfold.

Drill Program Progress & Pending Assays: An update on the 22,000-meter drilling campaign, initial high-grade step-out intercepts in the north target area, and expectations for the remaining 11 pending drill holes.

Maiden Resource & Expansion Strategy: Insights into how the upcoming maiden mineral resource estimate will be established across the 1.4-kilometer strike and how future step-out drilling will target new western and southern expansion zones.

Treasury & Exploration Runway: An overview of the company's financial standing, sitting with over $3 million in cash and incoming warrant exercises to fully fund ongoing exploration into the fall season.

 

Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 

 

Click here to visit the Aztec Minerals website - https://aztecminerals.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.