The KE Report

In this Company Update, I chat with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V: SIG | OTCQB: SITKF | FSE: 1RF), to unpack the first drill result of the year from the massive 60,000-meter program at the RC Gold Project. Mike breaks down the significance of hole 121, the deepest hole ever drilled on the project, which returned high-grade mineralization at depth. 

Key Discussion Points:

Deep Drilling: An introduction to hole 121, the deepest hole ever completed on the project, and a look at the high-grade intercepts returned from the assay lab.

Geological Implications: Why the company initiated this year's program at the Blackjack deposit and how the mineralization extends far below the currently defined open-pit boundaries.

Underground Mining Horizons: A look into the future economic trade-offs, target cut-off grades, and the structural data needed to support a future underground resource estimate.

Drill Program Scaling: An update on the progression of the 60,000-meter program, current drill counts across the Rhosgobel and Blackjack zones, and expectations for upcoming assay flow.

 

If you have any follow up questions for the team at Sitka Gold please email me at [email protected]. 

 

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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.

James Anderson, Chairman & CEO of Guanajuato Silver (TSX.V: GSVR) (OTCQX: GSVRF), joins us for a comprehensive update on Q1 2026 financials, year-to-date operations trends, the 16,000 meters of underground development work underway, and the key initiatives for their ongoing 75,000 meter drill program at each mine.

 

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, the San Ignacio mine, and their recently acquired Bolanitos Gold-Silver Mine. 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.

 

Selected Q1 2026 Highlights

 

Record Revenue of $43.1M represents an increase of 89% over the previous quarter, when revenue totalled $22.7M. Over 97% of revenue in Q1 was derived from silver and gold sales, highlighting Guanajuato Silver's position as a true precious metals producer.

Record Earnings Before Interest, Taxes, Depreciation and Amortization* ("EBITDA") of positive $13.1M, demonstrating a dramatic reversal from Q4, 2025 EBITDA of negative $21.8M.

Record Net Income of $5.7M, demonstrating the impact of improved mine operations in conjunction with rising silver and gold prices.

Record Mine Operating Income of $14.3M represents a 252% increase over the previous quarter. In Q4, 2025, the Company generated $4.0M in Mine Operating Income.

Gold production of 4,295 ounces represents a 104% increase over the previous quarter. In Q4, 2025 the Company produced 2,110 ounces of gold. The sizable increase in gold production over the quarter was largely due to the addition of production from the gold-rich Bolanitos Mine, which was acquired in January of 2026.

Silver production of 339,104 ounces for the quarter represents a 15% increase over the previous quarter. In Q4, 2025, the Company produced 295,836 silver ounces. Silver production generated 58% of total revenue; this outsized leverage to the silver market makes Guanajuato Silver an outlier within the mining industry.

Cash, cash equivalents and short-term investments totaled $30.5M at the end of the quarter; notably, the Company achieved this cash figure after paying net $30.0M in cash to close the acquisition of Minera Bolanitos S.A de C.V. on January 15, 2026.

 

James outlines their ongoing 16,000 meters of underground development work paired with the 75,000-meter drill program, currently utilizing 8 drill rigs to augment exploration initiatives. This is largest exploration program the company has ever deployed, with some areas getting the first meaningful resource expansion in many years.

 

 

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

 

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 review the key takeaways from both the Commodities Global Expo Conferences we just attended in Washington D.C. and Fort Lauderdale. He also highlights the value proposition that has his attention from 4 of the gold and silver developers which he met with at the conferences, that have put out compelling news in the recent past and that have key growth catalysts on tap in the medium-term.

 

The companies we discussed in the interview are:

 

Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) - On May 5, 2026, the Company announced the results of a positive Preliminary Economic Assessment (PEA) for its 100%-owned Auld Creek Gold-Antimony Project in the Reefton Goldfield, New Zealand.

The PEA — prepared in accordance with NI 43-101 disclosure standards and effective April 25, 2026 — highlights the potential for robust economics from a high-grade, shallow underground starter mine, supported by access to established Reefton infrastructure for efficient transporting to port.

 

Excellon Resources Inc. (TSXV: EXN) (OTC Pink: EXNRF) (FSE: E4X2) – On May 27, 2026, the Company provided a market update on operational activities at its 100%-owned Mallay silver-lead-zinc mine in central Peru.

Mill ready for pre-commissioning. All critical refurbishment and wet commissioning milestones completed; bulk-sample campaign targeted for June 2026.

~15,000 tonnes stockpiled from Isguiz vein and Footwall Zone. Surface stockpile provides representative feed for the pre-commissioning bulk-sample campaign.

Infill drilling informing updated restart planning. Results from the ~2,500-metre program are being integrated into the geological model; the Company expects to have an updated restart plan and schedule in early Q3/26.

 

Highlander Silver Corp. (TSX, NYSE American: HSLV) – On April 07, 2026, the Company provides a portfolio update following the successful completion of its acquisition and combination with Bear Creek Mining.

Daniel Earle, President and CEO of Highlander Silver, commented:

“Highlander Silver is well positioned to fast-track project advancement across its portfolio of high-quality silver assets. This includes a focus on high-impact exploration, project optimization, and site preparation for development of Corani, the largest fully permitted primary silver project in the world, as well as permitting at San Luis, one of the highest M&I resource grade projects in both the gold and silver sectors.

As of March 31, the Company had an unaudited cash balance of approximately US$100 million and no debt.

The Mercedes gold-silver mine also made a positive cash contribution in its first month of operations following restructuring under our stewardship. We provide a summary of our baseline plans below and forecast a year-end cash balance of approximately US$60 million.

This reflects a disciplined approach to spending that delivers on our core objectives while preserving flexibility to scale up our exploration programs later in the year.”

 

Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) – On May 12, 2026, the Company announced that its wholly owned Mexican subsidiary, Minera Mar de Plata (“MMP”), has executed three binding Letters of Intent (the “LOIs”) with two residents of Sonora, Mexico to acquire a 100% interest in 24 mineral concessions, and up to a 51% interest in five additional mineral concessions, located adjacent to the Company’s Cerro Caliche gold project in Sonora, Mexico. The Vendors are at arm’s length to the Company and to its associates and affiliates.

Sonoro believes the acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones.

 

 * In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

 

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.

Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT) (OTCQB: ISVLF), joins us to outline the key takeaways from the Q1 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.

 

Q1 2026 Highlights:

 

The Company reported Revenue increased to $31.2 million, nearly three times $10.7 million in Q1 2025, driven by higher silver prices, higher grades, and increased mill throughput at the Zacualpan Silver Operation.

Gross profit grew almost ten-fold to $20.3 million, from $2.2 million in Q1 2025.

Net income for the quarter was $11.3 million, or $0.03 per share, marking a return to profitability following a net loss of $0.1 million in Q1 2025.

At quarter-end, IMPACT held $45.3 million in cash, $4.0 million in guaranteed investment certificates ("GICs"), working capital of $48.0 million, and carried no long-term debt.

 

Fred outlined that the company delivered their strongest quarterly net income in the history of the Company — all while continuing to invest in development and exploration. While the higher silver price environment is clearly part of the story, he pointed to the bigger story being what is happening on the ground at Zacualpan: higher grades, higher throughput, and the meaningful contribution from the newly developed Kena Vein at the Guadalupe Mine.

 

Next, we shifted over to all the ongoing exploration work across Zacualpan district, where their 2 rigs have been continually turning at various targets.  Fred reviewed the high-grade exploration targets intercepted at their newer Kena Discovery at the Guadalupe Mine, and how this higher grade was going to increase their overall grade profile, as seen in Q1 numbers.  Additionally, there has been drilling over the last year at the San Ramon Deeps and San Ramon South area at the San Ramon Mine, both a gold-rich and a silver-rich vein respectively at the Alacran Mine, some silver targets like San Antonio at the Mina Grande Mine, and most recently some solid higher-grade precious metals results from the Carlos Pacheco exploration area.

 

Shifting over to the Plomosas Mine: They reduced expenditures in Q1 by making the decision to temporarily suspend underground mining, while they conduct more exploration and modeling of the mineralization.  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 us at [email protected] or [email protected].

 

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

 

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 sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a deep dive into the shifting dynamics across the broader commodities complex. Darrell provides an insider’s look at what is currently driving activity on the trading desk, breaking down the major macroeconomic and geopolitical themes influencing critical resource markets.

Key discussion points include:

CRB Index Resilience: An overview of the index's ongoing strength, current consolidation patterns, and how today's macro environment compares to multi-year highs.

Geopolitical Pressures on Crude Oil: A look into the supply-demand fundamentals, the quickening drawdowns of the U.S. Strategic Petroleum Reserve (SPR), and why the future curves tell a deeper story than current spot prices.

Natural Gas Stability: Why the natural gas market remains highly neutral despite localized shifts, alongside an outlook on how expanding LNG export capacity will impact long-term pricing differentials.

Base Metals Outperformance: The structural demand drivers behind copper’s massive run, code-driven regional arbitrage, and why the global push for artificial intelligence and power infrastructure is transforming the sector.

Securitization of Supply Chains: A broader analysis of why nations are aggressively moving to secure domestic resource pipelines and what this new era of resource nationalism means for the future of metal prices.

Precious Metals Consolidation: An assessment of the current corrective phase in gold and silver, and what key economic factors are needed to spark the next leg higher.

 

Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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.