Podcasts about aisc

Interview with Keith Boyle, CEO & Director of New Found GoldOur previous interview: https://www.cruxinvestor.com/posts/new-found-gold-tsxvnfg-fully-funded-drill-program-for-2026-10527Recording date: June 9th 2026New Found Gold Corp (TSXV: NFG | NYSE-A: NFGC) is advancing two gold projects in Newfoundland and Labrador, Canada. Its flagship Queensway Gold Project hosts a NI 43-101 resource of 1.39 million ounces of indicated gold at 2.40 g/t and 0.608 million ounces of inferred gold at 1.77 g/t. The Hammerdown Gold Project, acquired in 2025, provides access to the Pine Cove Mill, a fully permitted, operational processing facility that will receive Queensway Phase 1 ore from Q4 2027, with commercial production targeted for 2028.Hammerdown is in the final stages of its ramp-up to commercial production, defined as sustained 700 tonne-per-day throughput with consistent grade from the open pit. At steady state, the operation is projected to generate $40 to $50 million per year in free cash flow at an AISC of approximately $2,500 per ounce - sufficient to cover corporate overhead and fund the exploration program. The Pine Cove Mill is being doubled in throughput capacity as part of the Phase 1 capital program, removing the need for a separate processing facility at Queensway. A $220 million financing package closed in April 2026 funds Phase 1 construction, with $148 million in cash and marketable securities held as of May 2026.Queensway Phase 1 targets approximately 100,000 ounces per year in the first two years at grades of 12 to 12.5 g/t and an AISC of around $1,300 per ounce. The PEA's base case at US$2,500 gold shows an after-tax NPV of C$743 million, an IRR of 56%, and payback of under two years. The operational team being assembled at Hammerdown, including newly promoted General Manager of Mines Mark Ross, will transfer directly to Queensway.A 90,000-metre drill program is underway across a 110-kilometre land package, with the Dropkick zone, returning intercepts of up to 42.79 g/t Au over 14.95 metres and excluded from the current MRE, among the key targets. An updated resource estimate incorporating Dropkick is expected in 2026.—Learn more: https://cruxinvestor.com/companies/new-found-goldSign up for Crux Investor: https://cruxinvestor.com

Marquette University engineering professor Andrew Sen's six-year academic career has included significant seismic design research projects and two AISC awards.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX.V: SCZ) (NASDAQ: SCZM) (FSE: 1SZ), joins me for an exclusive visual review of the Q1 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.    Q1 2026 Highlights   Revenues of $127.5 million, an 81% increase year-over-year. Gross profit of $42.9 million, a 54% increase year-over-year. Net income of $28.5 million, a 201% increase year-over-year. Adjusted EBITDA of $42.6 million, a 55% increase year-over-year. Cash and highly-liquid marketable securities of $64.9 million, a 100% increase year-over-year. Working capital of $75.9 million, a 47% increase year-over-year. Average realized price per silver ounce sold of $63.30, a 128% increase year-over-year. AISC per silver ounce sold of $31.60, a 76% increase year-over-year. Realized mining margin per silver ounce sold of $31.70, a 221% increase year-over-year. Average realized price per zinc tonne sold of $3,116, a 12% increase year-over year. AISC per zinc tonne sold of $2,729, a 32% increase year-over-year.   When discussing the financial strength of the company, Arturo also highlighted that after paying $31.5 million in taxes during this first quarter, that the company ended Q1 2026 with a healthy cash and highly liquid marketable securities position of $64.9 million, providing Santacruz with the financial flexibility to continue funding operational improvements while maintaining a strong treasury position.   At the Bolivar Mine, the recovery of the areas affected by the May 2025 localized water inflow event continues to advance; with work focused on restoring production while maintaining operating discipline. The Company continues to expect Bolivar's full recovery by Q4 2026, with the dewatering program progressing ahead of plan, and now accessing again the high-grade silver veins –  Pomabamba and Nané.   The Porco Mine remains a smaller but solid contributor, and it is strategically located in the important Potosi district.   Arturo mentions that their 1,200 tonne per day plant also assists with processing ore from the San Lucas business unit.   Next we moved over to the Caballo Blanco Group of mines, which is the lowest cost and thus highest efficiency of their operations.  Colquechaquita and Tres Amigos are the 2 producing mines, but Arturo mentioned that the Company has now brought Esperanza Mine back into production during Q1, and that it should be a profitable smaller zinc-forward mine in this Caballo Blanco complex moving forward.   Their Zimapán Mine in Mexico is their highest-volume operation and will be another area of continued growth for Santacruz Silver in 2026. The capital already invested in Zimapan into plant equipment and improving mine efficiencies will allow for more throughput, accessing higher grade areas, and improving metals recoveries.   The operations team gained access to the high-grade 960 Level of the Zimpan Mine at the end of Q4, and already demonstrated to be a more significant contributing area of production in Q1 2026 and looking forward.   San Lucas is a margin-based ore sourcing and processing business that supports plant utilization, fixed-cost absorption and operating flexibility.   San Lucas now includes ore blended from the Reserva Mine, (previously part of the Caballo Blanco complex), and may be further enhanced in the future if a dedicated processing center is acquired.   Arturo points out that since this is a “margin business” it will always be profitable, but that it will naturally see higher costs in parallel with moves higher in silver prices, and thus the higher amount needed to be paid to the small regional miners that bring in their ore to sell to San Lucas. The Company has introduced an enhanced reporting framework which provides a more complete basis for investors to assess production, costs, margins and cash generation across all business units.   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 plan once the permit is received in Q3 is to get this mine into initial ramp-up production by Q4 of 2026.    Wrapping up we discussed the potential for future accretive acquisitions in the Americas.  The board and management team are open to a currently producing mine or development-stage underground mining assets, but only if the acquisition would be accretive for shareholders and if their team can unlock value in these acquired assets.   * To view the visual presentation on YouTube click below: https://youtu.be/SCKzJarK0TQ   If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me 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.

Ian Wagner speaks with Westhaven Gold President and CEO Ken Armstrong at Deutsche Goldmesse in Frankfurt. Armstrong outlines the company's Shovelnose project in British Columbia's Spences Bridge Gold Belt, which hosts more than one million gold-equivalent ounces and a PEA showing strong economics, including low capex and sub-thousand-dollar AISC. He also discusses Dundee Corporation's staged earn-in agreement, funding up to $85 million Canadian for drilling, pre-feasibility work, and exploration across the broader belt. Westhaven trades on the TSX-V under WHN.

Interview with Paul Lock, Managing Director, Flagship Minerals Our previous interview: https://www.cruxinvestor.com/posts/flagship-minerals-asxflg-gold-copper-potential-in-chile-7407Recording date: 13th May 2026Junior exploration company Flagship Minerals has announced a maiden mineral resource estimate (MRE) for its Isidora Gold project, located in Chile's premier Maricunga gold belt. The update effectively doubles the project's resource to 2.1 million ounces of gold (115.2 million tons at 0.56 g/t) without a single meter of new exploration drilling.The dramatic resource expansion was achieved entirely through economic remodeling. Flagship optimized the cutoff grade from 0.3 g/t to 0.16 g/t in the oxide zones to reflect modern, elevated gold prices. Managing Director Paul Lock noted that the original 2010 NI 43-101 resource was calculated in a $1,000/oz gold environment, whereas the updated figures use a conservative modern baseline. Approximately 80% of the pit-constrained resource is now classified in high-confidence measured and indicated categories.Flagship is targeting a mine life of over 10 years, with a production profile of 125,000 to 150,000 ounces per year. The development strategy heavily reduces upfront capital expenditure by deploying low-cost heap leach processing for oxide and mixed materials during the first 5 to 6 years, before transitioning to sulfide treatment.The project's economics are heavily benchmarked against Rio2's neighboring Fenix project. Flagship projects all-in sustaining costs (AISC) to sit comfortably below $1,500/oz, positioning Isidora in the bottom third of the global cost curve.Learn more: https://www.cruxinvestor.com/companies/flagship-mineralsSign up for Crux Investor: https://cruxinvestor.com

Heliostar Metals CEO Charles Funk sits down with Mining Stock Daily to discuss the company's exceptional Q1 2026 results: record production of 11,743 oz gold with operating earnings of $30.9M, all achieved at an industry-leading AISC under $2,000/oz. With 60% year-over-year production growth and a clear roadmap to generate $150M annually for the next two years, HSTR is maximizing cash flow from current operations while advancing its flagship Ana Paula development project. Funk also breaks down the opportunistic Goldstrike acquisition in Utah (a 1M oz deposit with ~5-year timeline), the capital allocation strategy funding three major initiatives simultaneously, and the company's disciplined approach to share dilution—projecting 150-200k oz/year production without significant future equity issuance.

Jordan Rusche, Founder of Mining Stock Monkey, joins us for an in-depth and nuanced discussion around key metrics and trends in Q1 earnings reports from the gold and silver producers and PM royalty companies; along with which companies he is actively trading in his portfolio.    We start out getting Jordan's perspectives from this Q1 earnings season in the PM producers, touching upon initiatives around paying down debt, share buybacks, and dividends.  We counterbalance those trends with how companies are also investing in growth through mergers and acquisitions. We discuss some general takeaways in the earnings reports from how the majors are managing increasing costs from higher fuel costs to labor to sustaining capital in Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM), Barrick Mining Corporation (NYSE:B)(TSX:ABX), and Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) . We check in on the positive market reaction in the Q1 report from B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G), but Jordan also couches the enthusiasm with the fundamental factors pointing to the potential for rising AISC figures for the balance of this year. Jordan breaks down why Agnico Eagle paid a premium for Rupert Resources Ltd (TSX: RUP) (OTCQX: RUPRF) (FSE:R05), in the recent acquisition of their project in Finland. Next we shifted over to the record revenues witnessed in Q1 earnings reports from the royalty and streaming companies.  While revenues are up in a big way, that is not typically been from growing gold equivalent ounces (GEOs).  Jordan highlights the longer-term investing thesis required to realize the growth potential in production metrics in a company like Royal Gold, Inc. (NASDAQ: RGLD). Sticking with royalty companies, Jordan highlights the strong copper exposure and future growth on tap across multiple commodities in Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE).      Get 25% off Mining Stock Monkey VIP. {Limited to 10 sign ups}: https://miningstockmonkey.com/products/vip?promo=KE25MAY     Sign up for Jordan's free “Silverback Letter” here: https://miningstockmonkey.substack.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. 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, and companies profiled may be sponsors of the KE Report.

Bill Powers interviews Joe Mazumdar of Exploration Insights about Q1 2026 results from major gold miners, focusing on Newmont's 16% year-over-year production decline alongside a much higher realized gold price, modestly higher AISC, expanding EBITDA margins, and sharply higher free cash flow that is being directed to dividends and buybacks rather than major growth CapEx. Mazumdar argues reserve growth has relied on mega-mergers while organic reserve replacement and new-project spending remain limited, supporting higher commodity prices. The discussion then shifts to capital-cost blowouts at South32's Hermosa/Taylor project and the negative-NPV PEA from Arizona Metals, emphasizing recurring risks in underground projects and how majors can absorb overruns unlike juniors. They cover Kodiak/Teck's Arizona copper SpinCo concept, Trump's proposed critical minerals “project vault” and price floors, and criminal fraud charges tied to altered assays at a junior, concluding with board oversight and compensation incentives. 00:00 Intro 00:16 Newmont Q1 Results Breakdown 01:16 Margins Surge on Gold Price 03:35 Cash Returns vs Reserve Growth 05:54 Do Majors Still Explore 08:48 Why Divest Small Mines 12:21 Incentives Drive Strategy 16:00 South32 Hermosa Capex Blowout 23:13 Arizona Metals PEA Shock 27:31 Underground Project Pitfalls 28:54 Supply Crunch and M&A 30:57 Arizona Copper Spinco 34:37 Founder Shares Concerns 36:32 Critical Metals Project Vault 41:14 Assay Fraud and Enforcement 45:00 Board Pay and Incentives 48:58 Newsletter and Site Visits Joe Mazumdar's website: https://www.explorationinsights.com/ Follow Joe on Twitter: https://twitter.com/JoeMazumdar Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Karl Frank's decorated five-decade career in steel bridges has included teaching, impactful research projects, and even a study on maglev trains.

Integra Resources CEO George Salamis joins Trevor for a candid look at the company's Q3 production numbers from Florida Canyon. The conversation digs into how the eight new Cat 785 haul trucks helped drive a record mining rate, why 2026's elevated AISC is largely transient with operating costs expected to step down meaningfully in 2027, and how the upcoming June Florida Canyon technical report should expand mine life well beyond the current five-year base. George also walks through the financing picture for DeLamar — a roughly 50/50 debt/equity construct with attractive inbounds from project lenders, a Q3 2027 record-of-decision target, and spring 2028 shovel-in-the-ground — plus the 50,000-metre drill program. It's a wide-ranging update on a company that Salamis says is set to cross from net-investing into sustainable free cash flow at Florida Canyon next year, with the real re-rate moment tied to DeLamar de-risking on the permitting path.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX.V:SCZ) (NASDAQ:SCZM) (FSE:1SZ), joins me to highlight their full-year 2025 financial and operational results across their portfolio of producing mines in Bolivia and Mexico. We also review a few of the key growth initiatives that the company has slated for 2026 across multiple projects.    FULL YEAR 2025 HIGHLIGHTS:   Revenues of $326.4 million, a 15% increase year-over-year. Gross Profit of $109.4 million, a 91% increase year-over-year. Net Income of $42.2 million, a 74% decrease year-over-year1. Adjusted EBITDA of $104.6 million, a 99% increase year-over-year. Cash and Highly-Liquid Marketable Securities of $66.7 million, a 87% increase year-over-year2. Working Capital of $63.7 million, a 38% increase year-over-year. Average Realized Price per Ounce of Silver Equivalent Sold of $39.00, a 36% increase year-over-year. AISC per Silver Equivalent Ounce Sold of $30.81, a 18% increase year-over-year. Realized Margin per Silver Equivalent Ounce Sold of $8.19, a 209% increase year-over-year.   Last year was a milestone year for Santacruz, highlighted by the full debt repayment to Glencore, payment of taxes to Bolivia, and still ending the year with ~$70 million added to the treasury and materially strengthened balance sheet.  Strong silver prices throughout the year and improving mine efficiencies contributed to a revenue increase of 15%, and the margin between the average realized price of silver and AISC improved by 209%.   While total production was down 11% due to Bolivar's May 2025 flooding event, the strength and diversification of their multi-asset operating portfolio helped offset the impact, with operations remaining cash-generative and profitable. The Company continues to expect Bolivar's full recovery by Q4 2026, with the dewatering program progressing ahead of plan and driving consistent quarter-over-quarter improvements throughout the year. The Company is beginning to see the benefits of the recovery efforts at Bolivar, now accessing again the high silver-grade Pomabamba and Nané veins.   Next we moved over to the Caballo Blanco Group of mines, which is the lowest cost and thus highest efficiency of their operations.  Colquechaquita and Tres Amigos are the 2 producing mines, but Arturo mentioned that the Company has now brought Esperanza Mine back into production during Q1, and that it should be a profitable smaller zinc-forward mine in this Caballo Blanco complex moving forward.   Next we shifted over to the high-margin San Lucas Group Lucas feed sourcing business (which now includes ore blended from the Reserva Mine, previously part of the Caballo Blanco complex).  Arturo points out that since this is a “margin business” it will always be profitable, but that it will see higher costs in parallel with higher silver prices, and thus the higher amount needed to be paid to the small regional miners that bring in their ore to sell to San Lucas.   The higher costs are not an efficiency issue, but rather reflective of moves up in the metals prices themselves.   Their Zimapán Mine in Mexico will be another area of growth for Santacruz Silver in 2026, after a substantial capital investment last year into plant equipment and improving mine efficiencies and metals recoveries.   Additionally, the operations team had finally gained access to the high-grade 960 Level of the Zimpan Mine at the end of Q4, and so this will be a more significant contributing area of production starting in Q1 2026 and for several years to come.   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 plan once the permit is received is to get this mine into initial production by Q4 of 2026.    Wrapping up we discussed the potential for future accretive acquisitions in the Americas.  The board and management team are open to a currently producing mine or development-stage underground mining assets, but only if the acquisition would be accretive for shareholders and if their team can unlock value in these acquired assets.     If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me 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, and companies profiled may be sponsors of the KE Report.  

Interview with Arturo Préstamo Elizondo, Executive Chairman & CEO of Santacruz Silver Mining Ltd.Our previous interview: https://www.cruxinvestor.com/posts/santacruz-silver-tsxvscz-2026-set-for-more-gains-as-large-treasury-builds-9260Recording date: 15th April 2026Santacruz Silver Mining Ltd. (TSXV:SCZ) is a multi-asset, multi-metal producer operating across Mexico and Bolivia, with silver as its primary revenue metal. Having closed 2025 with revenues of $326 million and EBITDA of $104 million, the company's strongest financial results in recent years, the company is now entering what management believes will be a year of accelerating operational recovery and earnings growth.The most significant near-term catalyst is the recovery of the Bolivar mine in Bolivia which suffered flooding of two key veins and resulting in a cumulative loss of approximately 600,000–660,000 silver equivalent ounces over the affected period. The dewatering programme is progressing on schedule, with Q4 2025 silver production at Bolivar already up 34% quarter-on-quarter. Full capacity restoration representing a quarterly run rate of 1.0–1.2 million silver equivalent ounces from Bolivar mine is targeted for Q4 2026. This recovery alone represents a material production and cash flow uplift for the group, requiring no new capital expenditure or exploration success.Beyond Bolivar, management has guided for approximately 10% group production growth in 2026, supported by throughput and recovery improvements at Zimapan in Mexico, incremental output from the newly opened Esperanza area at Caballo Blanco, and the initial production contribution from Soracaya in Bolivia, which is expected to begin at approximately 200–250 tonnes per day in Q4 2026 ahead of a full ramp-up in 2027.On the financial side, Santacruz ended 2025 with approximately $70 million in cash achieved after paying down $40 million in Glencore debt and settling $27 million in deferred taxes during the year. The balance sheet is clean, working capital has improved materially, and the company is generating cash at a growing rate. Management's approach to capital deployment is conservative, prioritising treasury strength while exploring accretive M&A opportunities across the Americas.Two near-term transparency improvements are worth noting. First, the company is restructuring its AISC reporting to separate San Lucas from consolidated mine-level cost figures, which will give investors a significantly cleaner view of operating economics. Second, Santacruz is pursuing a graduation from the TSXV to the TSX main board, which management has identified as the trigger for launching a formal share buyback programme. Management has been explicit that it views the current share price as undervalued relative to fundamentals.The silver macro backdrop adds further support with silver demand structurally expanding due to its role in solar photovoltaics, electric vehicles, and grid-scale storage, while supply growth remains constrained by long project development timelines and the predominantly by-product nature of silver mining. Santacruz, as a primary silver producer operating exclusively in the Americas, is well-positioned to benefit from both the commodity trend and the growing Western preference for supply chain diversification.For investors, the combination of a defined operational recovery timeline, guided production growth, a strengthening balance sheet, and multiple identifiable re-rating catalysts makes Santacruz Silver a company worth following closely as 2026 progresses.View Santacruz Silver's company profile: https://www.cruxinvestor.com/companies/santacruz-silver-miningSign up for Crux Investor: https://cruxinvestor.com

Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their full year 2025 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, review the permitting process at the Lagoa Salgada VMS Project in Portugal and the key development catalysts on tap at the Mont Sorcier Iron-Vanadium project in Quebec.   2025 Financial Highlights   Annual Production for 2025 of 50,238 Gold Equivalent Ounces (“GEO”); and AISC of US$1,746 per ounce, in line with guidance 2026 Production guidance of 50,000 to 60,000 GEO weighted to H2/26 Adjusted EBITDA of $22.3 million for Q4, and $46.1 million for the full year AISC of $1,391 during Q4 vs $1,953 in Q4/24 due to higher production Completed hedging program provides full future leverage to high gold prices Focus remains on ramping up underground production during Q2/Q3, while water availability returns heap leach production to nameplate capacity and lower unit costs Extensive operational optimizations are completed and underway to reduce unit costs and expand production capabilities  70,000 meter Exploration Program positioned to support resource growth at MDN with four new owner-operated drill rigs currently turning at surface. Additionally underground is set to commence in the next couple of months.   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the quarter. With improved crushing for the quantity of ore being put on the leach pads and the contribution of new higher-grade areas from the underground mining running through the CIL plant, this will help reduce down unit costs in 2026.  We highlight how the ongoing 70,000 meter drill program will be looking to extend mine life in a substantial way and find new high-grade areas for future mine sequencing.   Next we got an update on the ongoing work from the previously announced unfavourable opinion of the environmental impact assessment (EIA) for the Lago Salgada VMS Project in Portugal. This ‘unfavourable opinion' was issued after expiry of statutory deadline under Portuguese EIA legislation. The Company maintains its position that the project has been tacitly approved. Mark reiterated that the purported unfavorable opinion was issued despite the project being the first mining project in Portuguese history to receive unanimous favourable opinion for the Project by all 17 people that make up the Technical Evaluation Committee. The Company is working on a resolution and will update the market when it has more information.   Moving on to the Mont Sorcier Iron Project in Quebec, there are final workstreams feeding into the Bankable Feasibility Study slated for release here in Q2 of 2026. Recent metallurgical test work has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%, which gets a premium in the iron marketplace.  The NPV(8%) of the is project in the prior PEA was US$1.6Billion, so even at a very low multiple being applied to this Project, it more than underpins the current market cap that the company is currently receiving, and yet the market cap doesn't even fully reflect the gold production asset.   We wrap up discussing the underappreciated valuation that the company is receiving for the both the producing MDN mine in Argentina, the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.   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.

Switzerland-based professor Dimitrios Lignos has spent the last 10 years building a worldwide hub for seismic design and assessment resources and past research.

Jordan Rusche, Founder of Mining Stock Monkey, joins me for an in-depth and nuanced discussion on the recent volatility in oil prices, gold and silver prices, and 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 how the geopolitical tensions with the US and Iran have spiked the oil price over the past week, but that he is valuing companies on their fundamental alpha, regardless of the short-term noise in the market from news.   We dissected the value proposition synergies from the news announced February 2nd about Devon Energy (NYSE: DVN) and Coterra Energy (NYSE: CTRA) announcing a merger in an all-stock transaction. The business combination will create a leading large-cap shale operator with a high-quality asset base anchored by a premier position in the economic core of the Delaware Basin.   Next we shifted over to some of the valuations in the gold producers in his portfolio. Jordan breaks down why he likes larger producers with growth on tap, highlighting the fundamental growth factors for Endeavour Mining plc (TSX:EDV) (OTCQX:EDVMF) (LSE:EDV) and strong full-year 2025 production of 1,209,000 ounces of gold at an AISC of ~1,435/oz; with a H2-2025 dividend of $200m, and >$1bn shareholder returns program. We also followed up on our discussion from earlier this month where he was spot on about some of the operational risks he had cautioned investors about with regards to  B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG), that came out of Q4 earnings, and more importantly, FY guidance for 2026.     We spend the balance of the discussing diving into why he sees the growth and value proposition as compelling in a couple royalty companies:   First, Jordan outlines the growth on tap for Royal Gold, Inc. (NASDAQ: RGLD)over the next couple of years, especially when it comes to some of the long-life assets that came into the company through the acquisition of Sandstorm Gold last year that aren't properly reflected yet due to limitations in using a DCF valuation. Second, Jordan highlights that positioning in Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) allows him to have access to Potash, Lithium, Copper, and Renewable Energy sectors; all through the diversification and reduced risk of a solid royalty company.   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 25% Discount on a 1-year subscription! (Limited to the first 10 users that sign up)   https://miningstockmonkey.substack.com/KE25 . https://miningstockmonkey.com/products/vip?promo=KE25   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.

Andy Ziccarelli traded private practice for academia and has quickly become a prominent figure in studying steel members' behavior at extreme limit states.

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 Shad@kereport.com. 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.

Ken Charles' steel industry career started because of an unexpected swerve. But it has turned into nearly five decades at joist and deck companies and recently earned him AISC recognition.

[Audio section from Video on 01-21-2026]: Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR) (OTCQX:SLVTF), joins me for a special video segment which visually unpacks the key metrics, maps, and forward-looking plan for the Preliminary Economic Assessment (PEA) for the underground mining second phase of the El Tigre Project.   We also review what the combined El Tigre Silver-Gold Project in Sonora, Mexico looks like on a valuation standpoint, when one sees the first phase surface mining stockwork zone in tandem with the underground second phase.     The bolt-on PEA is centered on the underground mining economics of the high-grade El Tigre, Sulphide, Black Shale and Seitz Kelly zones. The PEA mine design can be constructed independently of the Stockwork Zone development and is focused on the underground Mineral Resource. Prospective areas exist outside of the areas defined by the PEA and PFS with the historic “El Tigre North Mine” Mineral Resource located 700 metres to the North.   Highlights of the PEA , with a base case silver price of $38/oz and gold price of $3,200/oz are as follows (all figures in US dollars unless otherwise stated):   After-Tax net present value (“NPV”) (using a discount rate of 5%) of $304 million with an After-Tax IRR of 42.8% and Payback Period of 2.6 years (Base Case); 15-year UG mine life with 3-year historical tailings processing recovering a total of 38 million payable silver equivalent ounces (“AgEq”) or 453 thousand gold equivalent ounces (“AuEq”), consisting of 34 million silver ounces and 130 thousand gold ounces; Total Project undiscounted after-tax cash flow of $496 million; Initial capital costs of $83.5 million, including $10.9 million in contingency costs, over an expected 18-month build, and sustaining capital costs of $213 million over the life of mine (“LOM”); The 2026 PEA mine plan is designed as stand-alone to the PFS, with a potential overlap of initial capital cost of $17M (e.g., grid power, offices); Average LOM operating cash costs of $1,351/oz AuEq, and all in sustaining costs (“AISC”) of $2,019/oz AuEq or Average LOM operating cash costs of $16.05/oz AgEq, and AISC of $23.98/oz AgEq; Average annual production of approximately 2.3 million AgEq oz or 27.8 thousand AuEq oz, consisting of 2.1 million silver ounces and 8.0 thousand gold ounces (refer to Table 10 footnotes for conversion to Eq ozs); and PEA Study of the Southern Veins does not include the 38 million ounces AgEq contained in the Northern Veins (see details in updated Mineral Resource Estimate below).   We also go on to unpack all the #exploration upside still at surface, in the underground, and along the district-scale mineralized trend of a number of historic past-producing mines that will have drill programs for many years into the future.   If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Silver Tiger Metals 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 Silver Tiger Metals   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 update, Stephen Soock, VP of Investor Relations and Development at Heliostar Metals (TSX-V: HSTR | OTCQX: HSTXF), details the company's 2026 Production guidance and its path to 500,000 ounces of gold production by 2030. Interview Highlights: 2026 Production Targets: Heliostar has set guidance at 50,000 - 55,000 ounces of gold. The "center of gravity" for production is shifting to the San Agustin mine (30k-33k oz), supported by the La Colorada mine (20k-22k oz). Silver Price Tailwind: The company expects to produce ~300,000 ounces of silver this year. While budgeted at $47.50/oz, current spot prices (recently over $90/oz) could add over an estimated $8M in additional cash flow, significantly lowering gold byproduct AISC. Self-Funded Exploration: Heliostar plans to reinvest $27M of its 2026 operating cash flow into exploration. The 2030 Vision: The company aims to reach 300,000 oz/y organically through the development of Ana Paula and Cerro del Gallo, with a long-term goal of 500,000 oz/y by 2030 via strategic M&A.   Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals.  Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.com/   --------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

[NOTE: This is the first portion of the latest episode of The Anti-Imperialist Scholars Collective podcast.  Lots of great content has already been released on both audio and video feeds and more to come, so please make sure you subscribe to both!]  Hosted by AISC co-founder Nina Farnia, this episode features two distinguished guests and friends of AISC, Venezuela's former Vice Minister of Foreign Affairs Carlos Ron and University of Tehran professor Mohammad Marandi. We initially filmed a 2025 anti-imperialist roundup on December 30, 2025, but just a few days later the US invaded Venezuela and abducted President Nicolas Maduro and First Lady Cilia Flires. We brought our guests back after the abduction to discuss the invasion, the abduction, and the future of the Bolivarian Revolution in the face of US imperialism. Both episodes are included here. Watch the video edition on our YouTube channel  Follow AISC  X (@penandmachete)  Instagram (@penandmachete) Visit our website to join the newsletter and find our blog, The Pen is My Machete. Donations to the producer of this show, Sina Rahmani, are welcome at www.patreon.com/east_podcast

Jerry Hajjar once planned to spend his entire career as a practicing engineer, but an affinity for research pulled him into academia, where he has found a passion for sustainability, resilience, and earthquake engineering.

In this episode, Greg McKenzie, President & CEO of Silver Storm Mining (TSX.V:SVRS | OTCQB:SVRSF | FSE:SVR), outlines the company's near-term production restart at the La Parrilla Mine in Mexico and the scale of the San Diego silver project. Key Discussion Points La Parrilla Restart Background on the mine acquired from First Majestic, its 34 Moz historic output, and the path to a Q2-2026 restart with plant rehab already underway. Costs & Production Historical sub-$10/oz cash costs; modern AISC expected in the industry-standard range. Target output: ~3 Moz/year with a fast ramp to cash-flow positivity. Current Resources & Mine Life ~31 Moz AgEq across categories → supports 10+ years at planned run rate; exploration drilling planned to extend life and potentially increase production. Samsung Offtake Two-year offtake/prepay structure providing additional support for restart capital. San Diego Project Historic 210 Moz AgEq resource with large-scale upside and long-term development potential comparable to major Mexican skarn systems. Team & Shareholders Strong technical leadership, full permitting in place, and key shareholders including First Majestic (19%) and Eric Sprott (11%).   Click here to visit the Silver Storm Mining website to learn more about the Company   ------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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. (TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ), joins me to reiterate their decision to uplist onto the Nasdaq exchange in the US in early 2026, and to delve into the details of Q3 2025 financial and operational results across their portfolio of producing mines in Bolivia and Mexico.   On October 28th, the Company announced that it has applied to list its common shares on the Nasdaq Capital Market (NASDAQ); as a significant milestone in Santacruz's growth strategy. We discussed how a big board US listing will increase transparency and liquidity to an expanded American shareholder base, and he explains the rationale for going with the NASDAQ over the NYSE. Santacruz Silver paid off their loan to Glencore in September, and is generating record revenues at current metals prices; so they are in a totally different financial position than a pre-revenue junior resource stock that goes through a share consolidation. The only real change will be a higher share price and a reduced number of outstanding shares post-consolidation, simply to meet the NASDAQ listing requirements.   Q3 2025 Highlights (noted in US dollars)   Revenues of $79.99 million, a 2% increase year-over-year. Gross Profit of $20.17 million, a 28% increase year-over-year. Net Income of $16.34 million, a 7% decrease year-over-year. Adjusted EBITDA of $19.51 million, a 67% increase year-over-year. Cash & Marketable securities of $59.23 million, a 225% increase year-over-year. Working Capital of $69.20 million, a 186% increase year-over-year. AISC per silver equivalent ounce sold of $35.62, a 30% increase year-over-year.  This increased AISC was temporary for this quarter due to brief change currency FX exchange rates, Bolivar dewatering initiatives and reduces production in the quarter, and the development investment at the 960 level at Zimapan. Silver Equivalent Ounces produced of 3,424,817, a 30% increase year-over-year.   Arturo guides us through a comprehensive review of all their producing operations starting off addressing how Q3 captured the largest impacts of the water inflow event that first occurred at the Bolívar Mine in May 2025. Since then, their operations team has strengthened the pumping system at Bolívar, with the fourth line commissioned in September and then the installation of a fifth submersible line in Q4; which together have increased total pumping capacity to 340 liters per second (l/s). These improvements are facilitating the gradual dewatering and recovery of the affected zones in the Bolívar mine and production is ongoing. The Company expects production from the high-grade Pomabamba and Nané vein areas at Bolívar to resume in February 2026 and ramp up steadily through the remainder of the year.   Next we reviewed the strategic importance of the small but high-margin Porco Mine, giving the company a foothold and good visibility to the Potosi mining district.  Then rounding out the review of Bolivian assets, we moved over to the low-cost Caballo Blanco Group of mines and the high-margin San Lucas Group Lucas feed sourcing business (which now includes ore blended from the Reserva Mine). Arturo highlights how the San Lucas metals sales helped offset the lower silver production at the Bolívar Mine in Q3, and will do so again in Q4, providing a great defensive and growing asset inside their portfolio.   In Mexico, Zimapán continued to deliver stable production, reflecting consistent plant throughput and recoveries. Part of the reason for higher costs in Q2 and Q3 have been all the equipment and development work invested this year into accessing the higher-grade 960 Level at the Zimapan Mine.   This 960 Level is starting to contribute more in the latter part of the Q4 production profile from Zimapan, but will be more significant in Q1 of 2026 and beyond, with capital investment coming down, and grade and metal recoveries going up.    Wrapping up we looked ahead to 2026 and discussed future growth through exploration around current mines, the development of the Soracaya Project, and the potential for future accretive acquisitions in the Americas.   If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me 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.    

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2025 financial and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina. We discuss the aggressive 70,000 meter exploration program on tap for MDN into 2026, and unpack the key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.   Q3 2025 Financial Highlights Gold equivalent production of 13,832 Gold Equivalent Ounces (“GEO”) vs 11,437 GEOs in Q2 2025 (+21%) at an AISC of $1,915/oz Adjusted EBITDA of $11.8 million for Q3 2025, and Cash at $16.5 million Partial hedge expires end December increasing future gold sale prices Full year guidance of 50,000-55,000 GEO maintained: Heap leach production growing as expanded crushing capacity and improved recoveries result in another record of quarterly production of 10,429 GEO (+33% vs Q2) Q4 Underground mining production ramping up with underground development at Paloma advancing, and three access portals targeted to reach production stopes by year-end. CIL plant starting to receive ore from underground development, production expected to ramp up in Q4/2025 as higher-grade underground material supplants lower grade stockpile feed in the mill 20,000 meter exploration program expanded by 50,000 meters to a 70,000 meter surface program, with additional rigs to arrive in the fourth quarter   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q4 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs in the latter part of H2 2025.   Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by mid-2026, and with first production slated for early 2028.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study which has been moved back to Q2 of 2026 at the Mont Sorcier Iron Project in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.   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.  

As a student, Amit Varma had visions of doing impactful steel design research. A quarter-century later, he has made significant contributions in three important areas.

In this KE Report Company Update, Stephen Soock, VP of Investor Relations & Development at Heliostar Metals (TSX-V:HSTR - OTCQX:HSTXF - FSE:R0G1), breaks down a busy month of news across financials, operations, and exploration. Key Discussion Highlights: Q3 Financials Record ~9,000 GEOs produced; strong net income; quarter-end cash US$34.6M plus unsold ounces; ~US$6.5M spent on exploration. Costs & Guidance Cash costs ~US$1,500/oz, AISC ~US$1,800/oz; Q4 costs to rise with San Agustin restart but still within guidance. La Colorada & San Agustin La Colorada steady production from stockpiles ahead of a 2026 shift to higher-grade open-pit mining. San Agustin restart underway with first ore expected by year-end and strong cash flow in 2026. Ana Paula PEA Robust economics at US$2,400 gold; >US$1B NPV at US$3,800 gold; ~100,000 oz/yr at ~US$1,000 AISC once built. Drill Program Expansion Increased to 20,000m following impressive hits, including 83m of 17 g/t Au; continued potential to extend mine life. Development Timeline Feasibility, permitting, and financing work in progress; construction decision targeted H1 2027; production H2 2028. Upcoming Catalysts SGA PFS, more drill results, La Colorada permit updates, and San Agustin's first production. Please email me at Fleck@kereport.com with any follow up questions for Stephen.    Click here to visit the Heliostar Metals website to learn more about the Company   ------------ For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me for a review of Q3 2025 operations and production metrics from its Segilola Gold mine, and for the Company's ongoing exploration and development programs in Nigeria, Senegal and Cote D'Ivoire.   Segilola Q3 2025 Financial Highlights   19,650 ounces ("oz") of gold ("Au") sold at an average gold price of US$3,535 per oz. Cash operating cost of US$783 per oz sold and all-in sustaining cost ("AISC") of US$1,129 per oz sold. Revenue of US$69.9 million (vs Q3 2024: US$40.2 million). Net profit of US$43.1 million (vs Q3 2024: US$17.5 million). EBITDA of US$51.8 million (vs Q3 2024: US$27.4 million). Adjusted net cash of US$81.0 million (vs Q3 2024: US$3.2 million).   Segilola Operational Highlights   Gold poured totaled 22,617 oz during Q3 2025. 250,459 tonnes ("t") of ore processed during Q3 2025, at an increased equivalent throughput rate of 2,722 tonnes per day. Mill feed grade was 3.11 grammes per tonne ("g/t") Au. Process plant recovery performance has improved compared to recent quarters and during Q3 it operated at an average of 94.3%. 386,558 t of ore mined during the Period, at an average grade of 2.26 g/t Au. The ore stockpile increased by 2,977 oz to 44,069 oz of Au at an average grade of 0.83g/t Au.  This is more than one year of process plant supply and offers flexibility and low risk for future process plant production.   Segilola Exploration The Segilola life of mine extension drilling program continued during Q3, with diamond drilling taking place to test the depth extensions of the Segilola deposits. A mining consultancy was engaged for a high-level review of the underground potential to support the continuation of the drilling program. The Group is aiming to define an updated resource as of end of 2025. Regional surface exploration continued across several of its licenses; mainly south of the Segilola Gold mine.   Douta Project – Senegal   During the Quarter, a reverse circulation ("RC") drilling program and metallurgical testwork was completed on the Baraka 3 Prospect, aimed at extending the recently discovered drilled mineralization towards the north and south. Subject to finalizing metallurgical tests on the Baraka ore, it should satisfy the Group's strategy at Douta to delineate an initial 500,000 oz oxide resource at the start of the mine life. The Group continued to progress the final workstreams for the Douta Pre-Feasibility Study ("PFS"), which it aims to release in Q4 2025. Thor announced the signing of a binding sale and purchase agreement with International Mining Company SARL ("IMC") to acquire the remaining 30% interest in Douta for a total consideration for the acquisition is a payment of US$3.0 million in cash with 50% payable on signing and 50% payable at completion and a 1.25% average Net Smelter Royalty capped at US$60.0 million. The Group also announced that it acquired an initial 65% interest in the Bousankhoba Exploration Permit, an early-stage gold exploration permit located contiguous to the east of the Company's Douta West permit. Bousankhoba contains several continuous soil geochemical anomalies, some of which have had historical early-stage drilling with encouraging results, including 10 m at 3.6 g/t Au and 2 m at 52 g/t Au.   Cote D'Ivoire exploration projects   During the Quarter, Thor completed an initial RC drilling program at the Guitry Project, comprised of 4,604 m in 41 holes. The drilling campaign successfully intersected several high-grade mineralized lodes which remains open. At the Marahui Project mapping and rock sampling progressed during the Quarter, with more than 250 samples collected. Further exploration drilling activities are planned at Guitry and Marahui and scheduled to continue for the next eight months during the dry season.     If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.   Click here to follow the latest news from Thor Explorations   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.

Tu dis que tu aimes l'horreur.Que tu peux enchaîner films, creepypastas et faits divers les plus sordides ou un bon Podcast Horreur.Mais as-tu déjà demandé… pourquoi ?Dans cet épisode de Dans l'Ombre des Légendes, Chandleyr explore l'envers psychologique de l'addiction à l'horreur :Ce que ton cerveau recherche vraiment derrière chaque frisson.Les raisons conscientes… et surtout inconscientes, qui t'attirent vers la peur.Comment un Podcast Horreur devient parfois un refuge, un exutoire… ou un miroir de tes désirs les plus sombres.Ce n'est pas qu'un divertissement.C'est un langage que ton esprit comprend… et qui en dit beaucoup plus sur toi que tu ne l'imagines.

Upstream Data CEO and Founder Steve Barbour joins the pod to talk about the state of bitcoin mining and why he's not sold on the hybrid AI-bitcoin miner trade. Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Steve Barbour, CEO of Upstream Data, joins us for a bitcoin mining palate cleanser! We cover the current state of mining economics, his take on some of the new ASIC models coming to market, oil and gas markets, the infrastructural / operational differences between AI/HPC data centers and mining farms, and why he believes Bitcoin mining is entering a new phase of maturity with sustainable business models. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Mining difficulty at all-time highs • Energy partnerships crucial for profitability • Home mining still viable for enthusiasts • Public miners face market pressure • Equipment costs down significantly • Operational efficiency key to survival Timestamps: 00:00 Start 04:11 Miner sentiment check 07:37 How much more downside? 11:28 ASIC market 14:18 Bitdeer & AISC sales 19:43 Proto ASIC design 23:18 Oil field mining 27:51 Renewables 30:00 Miner retrofit 35:58 NatGas Generators 39:53 Oil prices 41:26 Bits vs atoms 43:44 Lawsuit

Subscribe to the Blockspace newsletter for market-making news as it hits the wire! Welcome back to The Mining Pod! Today, Steve Barbour, CEO of Upstream Data, joins us for a bitcoin mining palate cleanser! We cover the current state of mining economics, his take on some of the new ASIC models coming to market, oil and gas markets, the infrastructural / operational differences between AI/HPC data centers and mining farms, and why he believes Bitcoin mining is entering a new phase of maturity with sustainable business models. Subscribe to the newsletter! https://newsletter.blockspacemedia.com **Notes:** • Mining difficulty at all-time highs • Energy partnerships crucial for profitability • Home mining still viable for enthusiasts • Public miners face market pressure • Equipment costs down significantly • Operational efficiency key to survival Timestamps: 00:00 Start 04:11 Miner sentiment check 07:37 How much more downside? 11:28 ASIC market 14:18 Bitdeer & AISC sales 19:43 Proto ASIC design 23:18 Oil field mining 27:51 Renewables 30:00 Miner retrofit 35:58 NatGas Generators 39:53 Oil prices 41:26 Bits vs atoms 43:44 Lawsuit

Reflections from international school leaders on ethics, practice, and what the future may hold. About Warren Apel Warren is the Director of Technology at The American School in Japan, co-founder of the edtech startups Scholastico and Ecoballot, and Global Project Coordinator for the World Digital Schools Project. With over 20 years of experience in international education, he has served at schools in Japan, India, Egypt, and the Netherlands. Warren is a Google for Education Certified Innovator, Apple Distinguished Educator, and National Board Certified Teacher. A frequent presenter at NESA, EARCOS, ECIS, ISTE, Google, and Apple education events, he brings expertise in AI in education, K–12 cybersecurity, technology integration, data analysis, and teacher training. His mission is to improve learning through the purposeful and well-managed use of technology. Warren Apel on Social Media LinkedIn: https://www.linkedin.com/in/warrenapel/  School Website: https://www.asij.ac.jp/ About Greg Clinton Greg Clinton is the Head of School at the American International School Chennai. Before this role, he served as Director of Technologies and Research & Development at AISC and has taught literature and philosophy in schools and universities across Peru, India, Sudan, Japan, and the United States, including Stony Brook University and Colegio Franklin Delano Roosevelt in Lima. Greg is the co-founder of IB Score Reports, an educational data service used by over 200 schools worldwide. He holds a Master's degree in Philosophy and a PhD in Comparative Literary and Cultural Studies. Greg is also a founding member of the global AI in Education Collaborative and leads the Near East South Asia Council of Overseas Schools (NESA) digital school project. Greg Clinton on Social Media LinkedIn: https://www.linkedin.com/in/greg-clinton/  School Website: https://www.aischennai.org/ Resources If you're interested in tracking trends of which AI models are gaining popularity, this report from Andreessen Horowitz is excellent. https://a16z.com/100-gen-ai-apps-5/ Podcast episode with author David Yeager (People I Mostly Admire ep 160 How to Help Kids Succeed) (web link) It gets into how non-cognitive skills—like self-regulation, agency, and focus—are foundational to student success. It explores why simply limiting screen time or enforcing rules isn't enough, and instead emphasizes building environments that foster long-term habits and motivation. His book 10 to 25: The Science of Motivating Young People: A Groundbreaking Approach to Leading the Next Generation―And Making Your Own Life Easier unpacks this even more.  It's not hard to make the connection between top-down rules about screen time and top-down rules about using AI. If parents or teachers want kids to obey the rules, we need to give kids agency and involve them in setting their own boundaries. Ryan Tannenbaum The Scout Mindset: Why Some People See Things Clearly and Others Don't, by Julia Galef John Mikton on Social Media LinkedIn: https://www.linkedin.com/in/jmikton/ Twitter: https://twitter.com/jmikton Web: beyonddigital.org Dan Taylor on social media: LinkedIn: https://www.linkedin.com/in/appsevents  Twitter: https://twitter.com/appdkt  Web: www.appsevents.com Listen on: iTunes / Podbean / Stitcher / Spotify / YouTube Would you like to have a free 1 month trial of the new Google Workspace Plus (formerly G Suite Enterprise for Education)? Just fill out this form and we'll get you set up bit.ly/GSEFE-Trial  

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to review their Q3 operations and key financial metrics, further debt repayment, ongoing metallurgical studies and development work, expanded exploration programs.  He provides insights on key upcoming growth initiatives through improving grades and better precious metals recoveries across both of Luca's producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.    Third Quarter 2025 Highlights   Safety: continued emphasis on safe, disciplined operations with strengthened housekeeping and visible leadership engagement across both sites. Throughput increased: consolidated tonnes milled of 250,807 (+66% vs. prior year), supported by increased plant availability at both mines which has resulted in higher metal output: Gold increased 51%, Silver increased 97%, Zinc increased 78%, Lead increased 81%, Copper increased 43% over Q3 2024. Profitability indicators: Adjusted EBITDA of $4.3 million for the quarter and positive year-to-date adjusted net earnings of $12.8 million, a reflection of greater operational performance. Revenue momentum: Revenues of $35.0 million (+94% vs. prior year), supported by higher sales volumes and increased realized precious-metal prices (gold +28%, silver +18%). Campo Morado performance: production in Q3 improved year-over-year (+75% ZnEq pounds) on higher grades, notably zinc (+30%) and silver (+27%) and increased volumes (+43% tonnes milled per day). Cash costs decreased to $1.09 per payable ZnEq pound (-14% vs. prior year) with AISC of $1.43/lb slightly increased (+8%) from the same quarter in the prior period, reflecting increased sustaining capital development and the commencement of a significant exploration program at the mine (all of the Company's exploration expenditures are included in AISC). Tahuehueto ramp-up: 77,548 tonnes milled, setting a record of 969 tonnes milled per day in the quarter (+187% vs. prior year), with AuEq production up 74% year-over-year. As a result of increased volumes, direct cost per tonne reduced to $149 (-22%). Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year. Increased grades and the benefit of this capital development are expected to decrease AISC at Tahuehueto in the subsequent periods. Investment for reliability: sustaining capital investment of $8.7 million in the quarter ($19.0 million YTD) to accelerate underground development and exploration drilling, positioning both mines for improved grades and operating flexibility. The Company made significant progress in exploration, with multiple high-grade intercepts at both operations. Repaid $2.5 million in debt. Operations going forward:  Both Tahuehueto and Campo Morado are expected to enter higher-grade areas which, combined with the strong milling rates observed at both mines, is expected to drive increased production, improved recoveries, and lower unit costs through year-end.   Dan goes on to highlight both the expanded CAD$25Million exploration program, with both underground drilling and surface drilling going on at Campo Morado and Tahuehueto, in the first meaningful drill campaign in over a decade. In addition to targeting new high-grade gold and silver areas, like the Reforma zone, there is also a concerted effort to expand mineralization and extend the mine life for both projects. The company is also engaged in ongoing metallurgical testing to improve recovery rates for their 5 metals, and 3 concentrates.     If you have any question for Dan regarding Luca Mining, then please email those into us at Fleck@kereport.com  or Shad@kereport.com.   In full disclosure Shad is a shareholder of Luca Mining 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 Luca Mining   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.

Michael Konnert, CEO of Vizsla Silver, discusses the positive market response to their Feasibility Study, emphasizing the importance of maintaining key financial metrics in line with previous assessments. Panuco now hosts an After-Tax NPV (5%) of US$1,802 million, After-Tax IRR of 111%, Initial Costs of US$173 million, Average Annual Production of 17.4 million oz AgEq at AISC of US$10.61 per oz AgEq.

Roqayah is off this week, so Kumars is joined from the top of the show by historian and returning guest Alexander Aviña. Alex is Associate Professor of History at Arizona State University, contributor to the newsletter Foreign Exchanges on Substack, author of Specters of Revolution: Peasant Guerrillas in the Cold War Mexican Countryside, and a founding member of the new Anti-Imperial Scholars Collective (AISC).  Alex and Kumars spend the hour digging into Alex's essay for the AISC's The Pen is My Machete blog, "Unity or Submission? The Great Yankee Risk," about the Trump administration's escalating plans for regime change—or regime collapse—in Venezuela.  Follow Alex on Twitter @Alexander_Avina and find his latest long-form analysis at anti-imperialists.com, foreignexchanges.news, and more.  If you want to support the show and receive access to tons of bonus content, including Roqayah's weekly column "Last Week in Lebanon," you can subscribe on our Patreon for as little as $5 a month. Also, don't forget to subscribe, rate, and review the show on Apple Podcasts. We can't do this show without your support!!!  

NOTE: I have been helping the great people over at the Anti-Imperialist Scholars Collective launch their new show.  Lots of great content has already been released on both audio and video feeds and more to come, so please make sure you subscribe to both! Imperialism's Political, Economic, and Military Machinations On this episode of the AISC podcast, members Bikrum Gill and Navid Farnia address the US's ongoing military buildup in the Caribbean and the energy conflict between the US and China. They also provide more analysis of the Gaza "ceasefire" and comment on the flareup between Afghanistan and Pakistan. Follow AISC on X (@penandmachete) and Instagram (@penandmachete).  Visit anti-imperialists.com to join the newsletter and find our blog, The Pen is My Machete.  Donations to the producer of this show are welcome at www.patreon.com/east_podcast.

A chance to fill in as an adjunct professor pulled Matt Reiter toward a full-time academic career. Five years in, he teaches various design classes and is developing guiding principles for an engineering buzzword.

In this KE Report company update, I speak with Nick Appleyard, President & CEO of TriStar Gold (TSX.V:TSG - OTCQB:TSGZF), for a detailed overview of the company's flagship Castelo de Sonhos Gold Project in Pará State, Brazil. The discussion revisits the May 2025 Pre-Feasibility Study (PFS) and outlines why TriStar's 2.5 million ounces of gold (1.4 million in reserves) represent an undervalued asset. Key Discussion Highlights: Robust Resource & Reserves: The project hosts 2.5Moz total gold, including 1.4Moz of reserves, supported by over 75,000m of drilling. The deposit remains open and continuous, with mineralization starting at surface. Project Economics: The May 2025 PFS outlined an AISC of $1,111/oz and an initial CAPEX of ~US$300M (including 20% contingency). Even at $1,500 gold, the project remains profitable. Favorable Geology: The Esperança South zone anchors the project's economics - hosting a 6km-long, shallowly dipping orebody averaging ~1.3 g/t Au with 98% metallurgical recovery. Permitting & Legal Update: TriStar's key LP environmental permit remains in full standing. A pending court clarification expected in November 2025 should resolve current legal challenges, followed by advancement toward the construction permit by late 2026. Strong Downside Protection: At current valuations (~C$60M market cap), TriStar trades below 0.1x NAV. Click here to visit the TriStar Gold website to learn more about the Company and Project.  Email me any follow up questions for Nick - Fleck@kereport.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. 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.

Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF – FSE:RGG1), joins me to discuss a series of key updates across the company's portfolio in Mexico. We focus on the new La Colorada Technical Report, high-grade drill results from Ana Paula, and the expanding development and production pipeline. Key Discussion Highlights: La Colorada Technical Report: Upside case based on $3,500/oz gold delivers a post-tax NPV of US$243M and 168% IRR. Base case uses $2,300/oz gold with a $1,626/oz AISC and a 6-year mine life producing ~286,000 ounces of gold. Fully funded development plan utilizing internal cash flow from San Antonio and stockpile production - no dilution required. Expansion & Exploration Potential: Drilling at Veta Madre Plus could add ~28,000 ounces and ~$30M in cash flow through a larger pit shell. Additional upside from high-grade zones at depth and near-mine exploration around Creston and other targets. Ana Paula Drill Results: Standout intercept: 88m grading 8.8 g/t gold from 88m downhole. 15,000m infill and conversion program underway; expanding to three rigs. Upcoming PEA this quarter to outline underground economics, followed by a feasibility study targeting construction decision for 2028 production. Resource: 710,000 oz M&I and 450,000 oz inferred with goal to convert total to M&I. Strong Financial Position: ~$30M cash (end of Q2) with increasing Q3 balance expected. Please email me at Fleck@kereport.com with any follow up questions for Charles.    Click here to visit the Heliostar Metals website to learn more about the Company.    -------------- 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.

Interview with Keith Boyle, CEO of New Found Gold and Victor Cantore, President & CEO of Amex Exploration Inc.Recording date: 16th October 2025New Found Gold and Amex Exploration represent a new generation of Canadian gold developers taking a pragmatic path from exploration to production, leveraging high-grade resources and phased build strategies to minimize dilution and accelerate cash flow.New Found Gold CEO Keith Boyle outlines how the acquisition of Maritime Resources positions the company to become a near-term producer at its Queensway Project in Newfoundland. The addition of a toll milling option significantly reduces capex and execution risk, allowing production to begin as early as this year. Boyle emphasizes a disciplined focus on free cash flow over headline NPVs, noting that the “recipe” for success lies in simplicity—high-grade veins, modest throughput, and strong jurisdictional advantage. New Found's 110-kilometre-long land package offers large-scale exploration upside, but the near-term focus remains on monetizing high-grade ounces to self-fund further growth.Amex Exploration CEO Victor Cantore echoes similar themes from Quebec, where the company plans to transition its Perron Project into production through toll milling before constructing its own 2,000 tpd facility. With 2.3 Moz grading 6.14 g/t, including 831 koz at 16.2 g/t in the Champagne Zone, Cantore highlights the project's exceptional grades, manageable $146M capex, and robust margins at current gold prices. At an AISC of just C$1,165/oz, Amex expects significant free cash flow potential even at conservative gold assumptions.Both CEOs emphasize maintaining exploration momentum alongside staged production, funding drilling through early cash flow rather than equity dilution. Boyle and Cantore view this as a shift from the traditional “drill and dilute” model toward a “build and cash flow” strategy, underpinned by high-grade, low-tonnage deposits in tier-one jurisdictions. With gold prices above US$4,000/oz, both companies see 2026–2027 as pivotal years for generating meaningful cash flow and establishing a new generation of profitable Canadian gold producers.—Learn more: https://cruxinvestor.com/companies/new-found-goldhttps://cruxinvestor.com/companies/amex-explorationSign up for Crux Investor: https://cruxinvestor.com

Gold prices climbed 1% to $4,203 as markets rallied on strong earnings and dovish comments from the Fed, raising hopes for a rate cut. Bank of America reported a 23% profit jump, while Fed Chair Jerome Powell cautioned that the labor market is softening.In mining news, Indonesia's PT Arsari Tambang eyes a $422 million Canadian acquisition, and Capstone Copper secured up to $360 million in funding for its Santo Domingo Project in Chile. Brixton Metals hit high-grade gold at its Trapper target in British Columbia, with assays up to 57.2 g/t gold. TDG Gold extended mineralization at Aurora West and is adding a third drill rig after strong results.Kalo Gold announced a bonanza-grade discovery in Fiji, while Alaska Silver identified new mineralization at its Illinois Creek project. Revival Gold brought on a new VP for corporate development, and production updates saw Aya Gold & Silver post record quarterly output and Allied Gold cut AISC by 10%.

Gold and silver have extended their historic run, with gold up 8 of the last 9 months (~50% YTD) and silver up over 60% YTD. Meanwhile, the mining ETFs (GDX, GDXJ, SIL, SILJ) have posted massive gains - GDX up 125% this year. Craig Hemke, founder and editor of the TF Metals Report, joins me to break down why this move is not parabolic speculation but part of a recurring pattern - and why miners may just be getting started. Key Topics Breakout structure: Gold's fourth major breakout in two years follows the same rhythm — multi-month consolidations followed by 15–20% surges. Craig explains why the late-August breakout fits that roadmap and how far it could extend into year-end. Silver's acceleration: Structural supply deficits, record industrial demand, and a FOMO-driven futures trade are propelling silver toward its prior highs. Craig outlines why $49–50 may trigger a short consolidation before a push into new territory. Miners' earnings leverage: With record quarterly average prices for gold and silver, falling energy costs, and strong margins, miners are set for spectacular Q3 results. Craig highlights why mid-tier, low-AISC producers offer the best torque and why developers remain undervalued on a per-ounce basis. Flows & valuation reset: Even 1% of the $20 trillion combined market cap of the “Mag 6” mega-caps could buy the entire GDX ten times over. A small rotation into miners could rewrite valuation norms as ETF and fund flows broaden across the sector. Macro backdrop: With the U.S. government shutdown delaying data and upcoming CPI/PPI releases, markets remain focused on the Fed's next move. Craig also points to ongoing currency debasement, de-dollarization, and central-bank buying as key tailwinds for gold demand. Investor playbook: Why “buy-the-dip” behavior persists, how to identify quality producers with low costs, and why the absence of 2011-style M&A suggests this bull market still has room to run.   Stocks / symbols mentioned: GDX, GDXJ, SIL, SILJ, CDE, FNV, WPM   Click here to visit Craig's website – TF Metals Report   ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Jaclyn Whelan has focused on railway bridges for her entire engineering career and recently led a task group that developed a vital new resource for designing them.

Rick Van Nieuwenhuyse of Contrango ORE provided his comments on the latest quarterly financials from the company. Production during the second quarter of 2025 continued to exceed quarterly guidance with record high net income of $15.9 million. During the quarter 17,764 ounces of gold was sold with cash costs of $1,416 per ounce of gold sold and all-in-sustaining costs ("AISC") of $1,548 of gold sold.

In this discussion we talk with Professor Corinna Mullin who is a member of the Anti-Imperialist Scholars Collective.  Corinna Mullin is an anti-imperialist academic who teaches political science and economics. Her research examines the historical legacies of colonialism and the role of capitalist expansion and imperialist imbrications in producing peripheral state “security dependency,” with a focus on unequal exchange, super-exploitation, resource extraction, and other forms of surplus value drain/transfer as well as resistance. Corinna has also researched and published academic works on border imperialism, struggles around the colonial-capitalist university, fascism, multipolarity, and national liberation, with a focus on the Maghreb, West Asia, and Turtle Island. Corinna was a member of the Steering Committee for the International Peoples' Tribunal on U.S. Imperialism and organizes with CUNY for Palestine and Labor for Palestine. She serves on the Steering Committee of the Professional Staff Congress (PSC)-CUNY's International Committee and is a member of the Delegate Assembly. Full bio from AISC. In this discussion we primarily discuss her piece, Zionism, Imperialism, and the Struggle Against Global Fascism: Palestine as the ‘Hornet's Nest' of US Empire from the Anti-Imperialist Scholars Collective blog The Pen Is My Machete  And a little bit on her piece The ‘War on Terror' as Primitive Accumulation in Tunisia: US-Led Imperialism and the Post-2010-2011 Revolt/Security Conjuncture from Middle East Critique  Also I say more about this in the episode, but Dr. Mullin was fired from CUNY as a result of her stance and organizing with respect to Palestine. We will include a statement from AISC on this and a Statement in Solidarity with CUNY Faculty and Students Facing McCarthyite Retaliation for Palestine Solidarity which we have signed.  There are also a number of other calls to action for faculty and students at CUNY that we will include in the show description. Corinna talks about those at the end of the episode and we strongly encourage folks to support those calls to action it only takes a minute of your time. In this discussion Dr. Mullin talks a little bit about Dr. Ali Kadri's The Accumulation of Waste: A Political Economy of Systemic Destruction and it just so happens that we have a study group on that exact book starting on October 1st, it's available to everyone who supports the show, whether through patreon, BuyMeACoffee or as a YouTube member of the show. Details on that study group and how to join it are linked in the show description. But just to note that there are only about 40 spots left in the group as we publish this, so if you want to join us, make sure you do so ASAP to reserve your space. Calls to Action:  "Hadeeqa Arzoo Malik is being made an example of for the sake of setting the tone across the nation at public universities, as they seek further control over the student movement for Palestine. City College President Vincent Boudreau has already denied her appeal for a drop to the charges, without even an acknowledgement to the 2,000+ calls and emails from the community that demanded her reinstatement. Now, it is time to escalate both our tactics against CUNY and whom we pressure— Take it to the Board of Trustees. Your rage is needed to make it loud and clear that CUNY's repression will not go uninterrupted.  CALL CUNY STUDENT AFFAIRS: 646-664-8800 EMAIL THE BOT: https://tinyurl.com/Defendhadeeqaarzoo" Free Tarek Bazrouk! Tarek is a 20-year-old Palestinian from NYC, unjustly convicted of federal charges stemming from his participation in protests against the genocide in Gaza. "Demand Immediate Reinstatement of Terminated Adjunct Faculty and Defend Academic Freedom Send a letter to Brooklyn College President Michelle Anderson, CUNY Chancellor Félix Matos Rodríguez, and CUNY Board Chairperson William Thompson urging them to reinstate the fired adjunct faculty and protect the rights of CUNY students and workers who stand in solidarity with Palestine. The targeting of these individuals is part of a broader assault on higher education and academic freedom. Their fight is our fight—silencing them is an attack on us all. Send your letter here ➔" Sanctuary & Popular University Network (SPUN statement & instagram) Related conversations: War is the Basis of Accumulation with Ali Kadri Charisse Burden-Stelly on Black Scare/Red Scare  Link to the latest issue of Middle East Critique & the conversation with Matteo Capasso   “Attica Is an Ongoing Structure of Revolt” - Orisanmi Burton on Tip of the Spear, Black Radicalism, Prison Rebellion, and the Long Attica Revolt  Heading Towards Invasion? The US Empire's Campaign Against Venezuela with José Luis Granados Ceja  Palestine's Great Flood with Max Ajl

Urban living has shaped architect Ho-gyeum Kim since his childhood, and his experience in New York sparked an award-winning design concept.

Interview with Lon Shaver, President of Silvercorp Metals Inc.Our previous interview: https://www.cruxinvestor.com/posts/silver-demand-rises-as-supply-struggles-to-keep-pace-7082Recording date: 9th July 2025Silvercorp Metals presents a compelling investment opportunity as a proven silver producer positioned to capitalize on favorable market dynamics and structural shifts in silver demand. With nearly two decades of profitable operations in China, the company has demonstrated exceptional operational resilience, maintaining profitability and free cash flow generation even during challenging market conditions.The company's competitive advantage lies in its exceptionally low-cost production structure. With all-in sustaining costs (AISC) of just over $12 per ounce compared to current silver prices trading in the $35-36 range, Silvercorp generates substantial profit margins that provide significant cash generation capacity. This cost efficiency stems from mature operations and operational expertise developed over 20 years of continuous production.President Lon Shaver believes the silver market has entered "a new paradigm" where prices are "unlikely to trade below $30 and more likely to touch $40." This fundamental shift is driven by silver's dual nature as both a precious metal investment vehicle and critical industrial commodity. The convergence of traditional investment demand with accelerating industrial consumption creates multiple demand drivers supporting higher price levels.Silvercorp's growth strategy centers on disciplined geographic diversification while maintaining focus on precious metals production. The company is constructing a new mine in Ecuador, targeting production commencement in 2027. Crucially, this expansion is funded entirely through internally generated cash flows, avoiding shareholder dilution through equity raises. As Shaver explained, "We've built up this cash balance to be able to go out and grow the company, we are self-funding some initial growth programs."The company's financial strength provides strategic flexibility for opportunistic growth. Rather than pursuing aggressive expansion that could strain resources, Silvercorp has built substantial cash reserves from profitable operations. This approach reduces execution risk while maintaining financial flexibility for future opportunities in an industry where management describes the project pipeline as "skinny."Silver's industrial applications continue expanding across solar panels, electric vehicles, electronics, and renewable energy infrastructure. The metal's superior electrical and thermal properties make it irreplaceable in advanced technologies. Simultaneously, monetary policy uncertainty drives investment demand for precious metals, with silver offering accessible entry points compared to gold.Supply constraints compound favorable demand dynamics. New mine development faces increasing regulatory hurdles, extended permitting timelines, and technical challenges. Limited new supply additions benefit established producers like Silvercorp with proven operational capabilities and existing production capacity.Beyond the Ecuador project, Silvercorp maintains strategic optionality through its position in New Pacific Metals, providing exposure to silver growth assets in Bolivia. This structure allows participation in potential future production growth while limiting direct development risks.The silver mining sector's ongoing consolidation creates opportunities for larger, more efficient operators. Silvercorp's scale, operational expertise, and financial strength position it favorably as either a consolidator or strategic partner. The company's nearly two-decade track record of profitable operations across multiple market cycles demonstrates management expertise and operational resilience.For investors seeking exposure to silver's structural growth opportunity, Silvercorp offers established profitability, substantial profit margins, strategic growth initiatives, and financial strength. The combination of low-cost production, geographic diversification, and favorable market fundamentals positions the company to capitalize on what management views as a fundamental shift in silver pricing dynamics.View Silvercorp Metals' company profile: https://www.cruxinvestor.com/companies/silvercorp-metalsSign up for Crux Investor: https://cruxinvestor.com

Fraser Reid did not envision becoming a sustainability champion when he began his structural engineering career, but he has flourished in that space and found an industry niche where he's comfortable.

How can a deeper understanding of materials and a closer collaboration with builders reshape the way we design?In this special episode of Practice Disrupted, we spotlight a hidden gem for architects: the Architecture Center at the American Institute of Steel Construction (AISC). While AISC has long been a technical hub for engineers, the Architecture Center is working to change that perception, offering architects the tools, knowledge, and support to innovate with steel.Evelyn is joined by Nima Balasubramanian, Director of Architecture at the AISC Architecture Center, and Parke MacDowell, an Associate Principal and the Director of Fabrication at Payette Architects. Nima details the Center's mission to be a resource "for architects, by architects," bridging the gap between design and fabrication by making technical information more accessible and fostering connections with the fabrication industry.Parke offers a compelling perspective from the world of practice, sharing how Payette's in-house fabrication group uses physical models and prototypes to foster shared agency, accelerate decision-making, and expand the role of the architect. He argues that embedding fabrication into a firm's process starts not with expensive tools, but with a cultural shift and by building direct relationships with specialty trade fabricators."For me the architecture center is all about forging connections, and that's connections between the designer and the builders who execute their ideas. It's about establishing a common language and a common knowledge base. It's that shared territory which accelerates innovation." - Parke MacDowellThe conversation also touches on practical concerns, including steel supply chains and project costs, and explores the future of the profession. Nima shares the Architecture Center's upcoming initiatives, such as hands-on welding workshops and steel mill tours, designed to give architects tangible experience with the material they specify. Parke concludes with a powerful call for architects to recognize the agency they have to shape a more equitable built environment for everyone.Guests:Nima Balasubramanian is the Director of Architecture at the American Institute of Steel Construction (AISC), where she leads the Architecture Center. A former practicing architect, she is now focused on building out the center's mission to provide architects with the resources, knowledge, and support they need to work more effectively and efficiently with structural steel, bridging the gap between design and fabrication.Parke MacDowell is an Associate Principal and the Director of Fabrication at Payette Architects in Boston. As both a licensed architect and a fabricator with a background in welding, his work sits at the intersection of craft and community. He uses fabrication to drive design excellence, foster shared agency among project teams, and broaden the role of the architect in the building process.Is This Episode for You?This episode is for you if: ✅ You want to learn about the resources the AISC Architecture Center provides for architects. ✅ You are interested in how to better integrate fabrication and making into your design process. ✅ You are a small firm owner wondering how to collaborate more effectively with builders and fabricators. ✅ You are curious about hybrid steel-timber structural systems. ✅ You believe architects have a responsibility to broaden their agency and reclaim territory in the building process.What have you done to take action lately? Share your reflections with us on social and join the conversation.

How can architects build better relationships with materials - and each other?In this episode of Practice Disrupted, Evelyn Lee sits down with Nima Balasubramanian, Director of Architecture at the American Institute of Steel Construction (AISC), to explore how architects can deepen their material knowledge, challenge industry norms, and find joy in alternative career paths. Nima's story takes us from long nights at overworked firms to welding workshops and global entrepreneurship—and along the way, she invites us to imagine a better way of practicing architecture.Nima opens up about her early days in traditional firms where overwork was rewarded, not questioned. She speaks candidly about the toll it took on her health, family, and sense of purpose—and how two pregnancy losses ultimately pushed her to reexamine her future in the profession. After launching her own practice in the Netherlands and experiencing a radically different approach to work-life balance, Nima returned to the U.S. with a new perspective—and an openness to roles that extended beyond conventional practice.Today, she leads AISC's Architecture Center, where she works to bridge the gap between architects and the steel industry. Through hands-on learning experiences like job site tours and welding workshops, Nima is helping architects reconnect with material craft and access information in ways that are practical, visual, and engaging. She and Evelyn discuss what it means to build collaborative cultures, the power of small shifts in firm leadership, and how designers can advocate for healthier, more sustainable ways of working.“When we give architects the chance to pick up a welding torch, to walk a steel mill, to actually feel the material—that's when real learning happens. It's not about memorizing data sheets. It's about creating experiences that stay with you and inform your design choices.”- Nima BalasubramanianThe episode concludes with encouragement for anyone exploring nontraditional paths: your architecture education is not wasted—it's a foundation. Nima shares how skills like communication, empathy, and project management translate far beyond firm life, and offers advice for others navigating career transitions, burnout, or culture misalignment in their current roles.Guest: Nima Balasubramanian is the Director of Architecture at the American Institute of Steel Construction (AISC), where she leads the Architecture Center in creating tools, events, and resources that connect architects more deeply with the steel industry. Trained as an architect in India and the U.S., Nima has worked across three continents, founded her own practice, and held leadership roles in both design and operations. Her mission today is to champion hands-on, human-centered approaches to material education and professional development.Is This Episode for You?This episode is for you if: ✅ You're an architect curious about career paths outside of traditional practice ✅ You're burned out and wondering what else is possible ✅ You want to reconnect with materials and craft in your work ✅ You're thinking about how firm culture affects health, happiness, and retentionWhat have you done to take action lately? Share your reflections with us on social and join the conversation.