The KE Report

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins us to review the ramp up in throughput in operations at the La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines:  La Guitarra, Coloso, and Nazareno.   We look ahead to the ongoing 2-phase plant expansion and upcoming increased 30,000 meters of drilling planned across the La Guitarra District slated to begin here in Q4.  Additionally, we discussed the path forward at the recently acquired Del Toro mining complex, and the increased drill program there to 30,000+ meters of drilling across that property package starting next year.

 

Throughput at the Guitarra processing plant has significantly increased following Phase 1 expansion modifications to the existing crushing and milling circuits. Daily production has reached up to a steady 720 tonnes per day ("tpd"). This represents more than a 40% increase versus the previous nameplate capacity of 500 tpd.

 

Further modifications to increase capacity are scheduled to be made following the commissioning of the new 11x12 ball mill, which is now installed. Sierra Madre has also accelerated underground development, and started the groundwork for the permitted dry stack tailings facility expansion.  This is a key component of the eventual Phase 2 plant expansion plan to increase throughput to 1,200 tpd to 1,500 tpd.

 

Development has been accelerated at all three of the mines within La Guitarra - Guitarra, Nazareno and Coloso - to provide feed to the expanded plant. Approximately 2.6 kilometers of development drives have been completed since June 2026. As haulage ramps are being driven both vertically and downward from the 180-access level, this ramp development is expected to allow for additional production areas to be developed. Since July 2026, over 800 meters of access and production drives have been completed.

 

For the balance of the discussion Alex outlined the aggressive 30,000+ meter exploration plan about to commence across the La Guitarra district land package. There will be a drilling focus on the East District, at past producing historic mining areas like Mina de Agua and El Rincon.

 

The company will also embark on a parallel 30,000+ meter program next summer across their Del Toro complex.  In June 2026, Sierra Madre closed the acquisition of the Del Toro silver mine, adding a past-producing, fully permitted asset of 3 mines and a 3,000 tpd plant to its Mexico-focused silver and gold portfolio.

 

Click here to follow the latest news from Sierra Madre Gold & Silver

 

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to us at either Fleck@kereport.com or Shad@kereport.com.

 

In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver at the time of this recording, and may choose to buy or sell shares at any time.

 

 

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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.

In this Company Update, Eric Roth, President and CEO of Capella Minerals (TSX-V: CMIL / OTCQB: CMILF), joins me to provide a comprehensive exploration update across the company's portfolio of copper, gold, and critical mineral projects in Finland and Spain.

Hessjøgruva Permitting and Tümad Earn-In: Drill permits are officially in hand for the high-grade copper-cobalt-zinc project in central Norway, paving the way for an upcoming partner-funded drill program of up to 8,000 meters aimed at delivering a maiden 43-101 mineral resource estimate..

Solana IOCG System in Spain: Progress on target generation and modified earn-in terms across a 200-square-kilometer land package hosting over 100 kilometers of cumulative high-grade vein strike length.

Hunting for the Buried Tier-1 Engine: The geological rationale behind using ground gravity geophysics to pinpoint the large iron oxide copper-gold "mother source" driving mineralization.

Reconnaissance Drilling at Killero West: Key structural and geochemical findings from initial core drilling in Finland and what the presence of narrow high-grade copper veins means for tracing surface gold anomalies.

 

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

 

Click here to visit the Capella Minerals website to learn more about the Company. 

 

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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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review his key takeaways from the Precious Metals Summit in Beaver Creek.  The conversation then moves into how he is evaluating opportunities in lieu of the recent correction in gold, silver, and copper juniors.  We also review a site visit that he just came back from with a copper explorer operating in British Columbia.

 

We start off discussing the mining conference dynamics as attendees, but then dial into what Erik was looking for in the meetings he took.  This touches upon reflections on investor sentiment, the deluge of sector newsflow, company valuations, and portfolio management.  

 

He points out that often times the news released by junior companies over the last few weeks was actually positive, and further derisked or advanced their projects, and yet only got a muted response with the bearish sector backdrop during the month of September.  This macro backdrop pressuring a sector-wide correction was there at the same time as many company key press releases hit; which had retail investors making an erroneous correlation that given news was not positive. 

 

This is one of the setups and sector disconnects that Erik looks forward to exploiting in his own portfolio.  He is looking for improving value propositions in exploration stocks, that have put out compelling news in the recent past, which sets up future news releases, and thus they have key alpha growth catalysts on tap in the medium-term.

 

We wrapped up getting Erik’s reflections from a recent site visit he just returned from with the team at Red Canyon Resources Ltd. (CSE: REDC | OTCQB: REDRF | Frankfurt: I91) in British Columbia, Canada.  The Company’s core goal is to make impactful copper discoveries and has a portfolio of 100%-owned copper and copper-gold porphyry exploration projects.

 

The 100%-owned Kendal copper project in west-central British Columbia is a priority project for the Company. The 2026 exploration program including an independent vectoring study and expanded geochemical surveys have been completed.  A 3DIP geophysical survey is currently in progress.

 

Recent work on Company’s 100%-owned Osiris project in central British Columbia has outlined new high-priority areas at Nautilus and EV (see news releases September 14, 2026, and August 14, 2026). Fall exploration work is ongoing including, planned initial diamond drilling at the EV and Nautilus targets.

 

 

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

 

 

For more market commentary & interview summaries, subscribe to our Substack reports:

 

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.

Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQX:KGFMF) (FSE:9700), joins us to review the first assay result back from the lab from their fully-funded 15,000 metre drill program in 2026.  There will be many more assays coming back from the lab over the months ahead from their multi-pronged approach to various copper-gold targets across the Hank-Mary district of the Hwy 37 Project, in the Golden Triangle, British Columbia. 

 

On September 21st, the Company reported that drill hole # HW-26-015 contained visible gold and the assay returned 8.8 m of 20.33 g/t Au, 937.6 g/t Ag, 2.98% Cu, 11.08% Zn and 0.99% Pb (38.50 g/t AuEq) from 462.0 m, within a broader zone of 27 m grading 13.61 g/t AuEq (7.33 g/t Au, 322.0 g/t Ag, 1.01% Cu, 4.05% Zn, 0.54% Pb) from 461.0 m to 488.0 m. HW-26-015 was designed to test the Hank porphyry Cu-Au target, first identified in drill hole HW-25-011, and intersected a high-grade polymetallic vein containing visible gold on the shoulder of porphyry-style mineralization.

 

This assay result is the first received this season and covers a single 27 m interval within HW-26-015. Standard multi-element assay results for the remainder of the hole are pending. To date this season, 13 diamond drill holes have been completed, and 4 are in progress, for a total of approximately 9,500 m across the Hank-Mary District.

 

Highlights from this release include:

 

Sub-intercept of 8.8 m of 38.50 g/t AuEq

Visible gold observed within a high-grade polymetallic (Au-Ag-Cu-Zn-Pb) vein
Hydrothermal alteration, veins, and base metal mineralization continue below the reported intercept before transitioning into porphyry alteration and mineralization

Visually strongest mineralization at the Hank Porphyry observed to date in HW-26-019

4th diamond drill was added to the HWY 37 Project

Over 9,500 m drilled in 17 holes, including 4 holes in progress

 

If you have questions for Dustin regarding Kingfisher Metals, then please email those to us at Fleck@kereport.com or Shad@kereport.com.

 

 

Click here to follow the latest news from Kingfisher Metals

 

 

For more market commentary & interview summaries, subscribe to our Substack reports:

 

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.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX: SCZ) (NASDAQ: SCZM) (FSE: 1SZ), joins me to review the acquisition of a 500 tpd mill dedicated to their San Lucas ore-sourcing business; which will then free up milling capacity at their 3 other mining complexes in Bolivia. In addition, we discuss the growth on tap at their Zimapan Mine in Mexico, the near-term production that should begin by year-end at their Soracaya Project, and the potential for future project acquisitions.

 

On September 18th, the Company announced the acquisition of a 500-tonne-per-day ("tpd") milling facility located in Bolivia, comprising two 250-tonne-per-day processing circuits, each equipped with selective flotation systems for the recovery of lead and zinc with high-grade silver contents. The newly acquired facility will be solely dedicated to processing ore sourced through the Company's wholly-owned Bolivian subsidiary, San Lucas, providing additional milling capacity to support continued expansion of its third-party ore-sourcing business.

 

By transitioning materials from San Lucas to the acquired facility, Santacruz will free up capacity at its existing three mine processing facilities at Bolivar, Porco, and Caballo Blanco, allowing the Company to advance its mine development plans and increase production from its own operations in Bolivia without internally competing for available processing capacity.

 

This milling facility is expected to be commissioned during the fourth quarter of 2026 and to reach commercial production by year-end 2026. The total investment in the milling facility is expected to be approximately US$14 million, inclusive of acquisition, commissioning and all costs required to bring the facility to commercial production.

 

Next we shifted over to the combination of exploration success at the Level 960 and the improved efficiencies at the Zimapan Mine in Mexico.  Operations will be stepping up over the next few quarters from processing higher grade material at better costs.

 

Additionally, the operations team is advancing their silver-dominant Soracaya mine, where there is already a decline ramp into this project with initial stope access in 2 areas. The company has been working on the optimization plan and getting equipment lined up to start mining.  Once the permit is received in the near-term, then the plan is to get the mine into initial ramp-up production by December of 2026. Full production will begin in 2027 with the potential to add another 2-3 million ounces of mostly silver contribution to the company’s production profile.

 

Wrapping up, we discussed their guidance this year for just over 10 million ounces of silver equivalent production, and the delta in their lower valuation compared to other mid-tier silver producing peers.  Arturo highlights their clean balance sheet, lack of royalites or stream hindering financials, and the potential for future accretive acquisitions in the Americas; in addition to the growth initiatives at all their current mines that could be catalysts for a rerating higher.

 

 

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me at 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 Substack reports:

 

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.