The KE Report

In this Company Update, we sit down with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF). Craig provides comprehensive updates across the company's energy-saving and energy-storage product portfolio, addressing recent milestones, customer testing, and commercial rollouts.

Commercial Launch and Market Potential of G FLUID⁠™: An overview of the company’s newly announced graphene water-based additive designed for data centers and industrial cooling systems.

Scaling and Distribution Strategy for Thermal Management: A discussion on the pathway to market for G FLUID⁠™, leveraging existing distributor networks like Nu-Calgon, customer testing procedures for cooling loops, and near-term commercial sales expectations.

Next-Generation Graphene Battery Progress and Branding: Insights into the updated branding strategy for GMG’s fast-charging graphene battery cells, key life-cycle testing metrics (0–100% full charge cycles in six minutes), and ongoing collaborations with partners like Rio Tinto and BIC.

Disrupting the Global Market with G® LUBRICANT: An exploration of customer feedback showing up to 15% fuel savings, ongoing trials across major global industrial and oil companies, and how distributor partnerships are driving adoption.

 

Please keep the questions coming! Email me at Fleck@kereport.com.

 

Click here to visit the GMG website to learn more about the Company - https://graphenemg.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.

In this Company Update, I sit down with Tara Christie, President and CEO of Banyan Gold (TSX-V: BYN | OTCQB: BYAGF). While Banyan Gold is widely known for expanding its 8.5+ million-ounce resource at the AurMac Gold Project, this interview shifts focus toward early-stage regional exploration and discovery across the adjacent Nitro Project. Tara unpacks the latest developments from the 70,000-meter drill program, breaking down the strategy behind targeting new discoveries and outlining what investors can expect in the coming months.

High-Grade Discovery at Seattle Creek: Initial assays from the first hole at Seattle Creek returned promising near-surface intercepts, including high-grade silver alongside notable gold intervals.

Regional Exploration Strategy: Why Banyan is dedicating 10,000 meters across 11 distinct regional targets.

Expanding Beyond AurMac: How discovery potential at Nitro could significantly complement the existing multi-million-ounce AurMac deposit.

Assay Turnaround and Flow of News: Details on how multi-lab logistics are speeding up results and when the market can expect updates on pending drill holes.

Prioritizing Future Targets: The step-by-step process Banyan’s technical team uses to evaluate core, determine follow-up holes, and set the stage for next year’s exploration pipeline.

 

If you have any follow up questions for Tara please email me at Fleck@kereport.com. 

 

Click here to visit the Banyan Gold website - https://banyangold.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. (TSX.V: SCZ) (NASDAQ: SCZM) (FSE: 1SZ), joins us for a review of the strong Q2 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.

 

Q2 2026 Highlights

 

Revenues of $113.5 million, a 55% increase year-over-year.

Gross profit of $51.1 million, a 102% increase year-over-year.

Adjusted EBITDA of $46.7 million, a 74% increase year-over-year.

Cash and highly-liquid marketable securities of $72.8 million, an 82% increase year-over-year.

Working capital of $86.1 million, a 43% increase year-over-year.

Net income of $2.0 million, a 90% decrease year-over-year, reflecting the impact of the non-recurring tax event and non-cash CVR revaluation discussed below.

Average realized price per silver ounce sold of $72.17, a 118% increase year-over-year.

AISC per silver ounce sold of $21.87, a 25% increase year-over-year.

Realized mining margin per silver ounce sold of $50.30, a 222% increase year-over-year.

Average realized price per zinc tonne sold of $3,302, a 12% increase year-over year.

AISC per zinc tonne sold of $2,219, a 46% increase year-over-year.

Realized mining margin per zinc tonne sold of $1,083, a 24% decrease year-over-year.

 

We had Arturo unpack for listeners how the net income for the quarter was significantly impacted by two non-recurring tax events associated with changes in Bolivia’s exchange rate and inflation assumptions, as well as a non-cash fair value adjustment related to the Glencore contingent value rights (CVRs). He points out that these items obscure the underlying strength of their operating performance this quarter.

 

The largest impact on net income was an unusually high $36.1 million income tax expense caused by two non-recurring events. One event was the result of the revaluation of the Boliviano following the change in the official exchange rate from 6.96 to 9.77 Bolivianos per U.S. dollar, a 40% decrease. The income tax expense was also impacted by a non-recurring taxable gain related to a reduction in their decommissioning and restoration provision, which was driven by forecasted lower inflation over the lives of our mining operations in Bolivia.

Additionally, their net income was further affected by a $15.8 million non-cash fair value adjustment to the consideration payable balance arising from the CVRs granted to Glencore. The value of the CVR liability is merely a valuation of the payouts that could occur up to the end of 2032. The payments are only triggered when the month’s average LME zinc price exceeds $3,850 per tonne, a threshold that has not been exceeded since the inception of the agreement in 2024. Its important to consider that any payments triggered by higher zinc prices would be accompanied by increased sales revenues from the higher price. Excluding the loss from the change in fair value of the CVR, net income for the quarter would have been $17.8 million.”

 

At Bolivar silver production increased 32% quarter-over-quarter to 343,522 ounces, driven by ongoing recovery efforts in the areas affected by the localized flooding event that occurred in May 2025. San Lucas processed 22% more ore than in the prior quarter. Consolidated zinc production increased 7% to 23,240 tonnes, driven principally by higher throughput, which more than offset lower zinc grades at Bolivar and Porco. Porco delivered higher silver and zinc production, driven by stronger silver grades and improved metal recoveries, while Caballo Blanco continued to make steady, meaningful contributions.

 

At Zimapan, operations rebounded from the temporary constraints experienced during the first quarter, including limited ventilation in the higher-grade zones at Level 960 due to a contractor delay in completing the ventilation Robbins incline shaft, as well as repeated power interruptions caused by the local service provider’s maintenance of the power grid. As a result, metal recoveries improved across all four payable metals. There will be the first NI-43-101 compliant maiden resource estimate released in the next month at Zimapan, with the goal to demonstrate the mineral inventory has replenished the ore that has been mined and milled over the last few years, and even grown the resources.

 

Next we transitioned to future growth, where 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 team has been working on an optimization plan.  Once the permit is received in September, the plan is to get the mine into initial ramp-up production by Q4 of 2026.

 

Wrapping up, we discussed the potential for future accretive acquisitions in the Americas, and various other growth drivers on tap that could create the catalysts for a rerating higher, that would be more in alignment with other mid-tier silver producer peers.

 

 

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to us at Fleck@kereport.com or 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.

In this Daily Editorial, we welcome back Dave Erfle, founder and editor of The Junior Miner Junky, to analyze the historic momentum this month across the precious metals complex and what lies ahead for resource investors.

Historic Price Action & Sector Rebound: A look at the sharp recovery across gold, silver, and major mining equities following multi-month corrections.

Producer Fundamentals & Cash Flows: How record earnings, expanded profit margins, and robust Q2 financial performance are attracting generalist capital.

Lagging Silver & Junior Valuation Discounts: The technical setup for silver and why high-risk juniors on the TSX Venture offer substantial relative value.

Portfolio Strategy & Capital Rotation: Tactical perspectives on taking profits in outperforming developers and rotating into under-the-radar opportunities.

Critical Minerals & Base Metals Exposure: Assessing the market's growing appetite for strategic assets, government-backed critical minerals, and copper fundamentals.

 

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: 

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.

Saf Dhillon, President & CEO of iMetal Resources, Inc. (TSXV: IMR) (OTCQB: IMRFF) (FSE: A7VA), joins me to introduce the company, infrastructure advantages, prior drill results, and the exploration strategy moving forward at their flagship Gowganda West Project in Ontario, Canada.

 

Gowganda West borders the Juby Deposit, operated by McFarlane Lake Mining, and it is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp. 

 

This greater geological trend is famous for gold mineralization and meaningful deposits, and the company has already made a gold discovery. Future drilling will be focused along trend of the 2023 discovery drill hole # IMGW23-04, that returned 48.5m of 0.85 g/t Au starting at 316.5m.

 

2025 Drilling Highlights:

A total of 2,640 metres were completed in 6 holes to expand the mineralized footprint of IMGW23-04 along strike and up and down dip.

McFarlane Lake Mining Limited, contiguous to the northwest has identifed a parallel zone to it’s Juby Zone within the regional Ridout-Tyrrell Deformation Zone, the 826 Zone, which appears to trend into the area of the 2025 drilling.

 

On August 18 the Company confirmed that its previously announced non-brokered private placement closed and issued 30,000,000 Units, at a price of $0.10 per Unit, for gross proceeds of $3,000,000.  The Offering included participation by McFarlane Lake Mining Limited (CSE: MLM) in the amount of 14,200,852 Units. As a result, MLM now holds approximately 19.9% of the outstanding common shares of the Company.

 

In connection with the Investment, the Company and MLM have entered into an investor rights agreement pursuant to which MLM is entitled to nominate one member of the board of directors of the Company and to advise the Company on exploration activities at the Company's Gowganda West property.

 

The two companies are currently in the process of sharing data, and in conjunction with outside technical advisors, are developing the plan for this year’s drill program.

 

 

If you have any further questions for Saf about iMetal Resources, then please email those in to me at Shad@keport.com.

 

Click here to follow the latest news from iMetal Resources Inc

 

 

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.