We Need 10x More Energy and That Means SILVER Demand Will EXPLODE
Summary
Silver Demand Drivers: The podcast highlights the increasing demand for silver due to its critical role in emerging technologies such as solar panels, electric vehicles, and the expansion of the electrical grid, emphasizing its irreplaceable electrical properties.
Market Outlook: The discussion suggests that we are in the early innings of a silver bull market, with potential for significant price increases driven by both industrial demand and investment interest.
Price Projections: The conversation includes predictions of triple-digit silver prices, drawing parallels to historical price movements in the gold market and the current price ratio between silver and gold.
Silver Mining Sector: The podcast notes the strong performance of silver mining ETFs like SIL and SILJ, suggesting a potential breakout for silver miners as they outperform both gold and silver metals.
Company Focus - Silver 47: Silver 47 is positioned as a key player in the American silver market, with projects in Alaska, Nevada, and New Mexico, aiming to become a leading name in silver development.
Project Highlights: Silver 47's flagship project, Red Mountain in Alaska, boasts a large inferred mineral resource with significant exploration potential, alongside other promising projects in New Mexico and Nevada.
Strategic Goals: The company's strategy includes aggressive drilling and exploration to expand resources, with a long-term goal of building a 1 billion ounce American silver company.
Leadership and Expertise: The team at Silver 47, led by experienced geologists, is focused on leveraging their expertise to maximize exploration efforts and identify new opportunities in the silver market.
Transcript
Hello everybody and welcome into commodity culture where our goal is to make you a better investor in the commodities sector. My name is Jesse Day. Before we dive in, standard disclaimer, nothing here is investment advice. Do your own due diligence. And today's guest is the CEO of Silver 47, a mineral exploration company focused on uncovering and developing silver rich deposits in the United States. It's Gayen McNamera. Great to talk to you again. Hi Jesse. Yeah, very very nice to be back and uh good to see your face. Yes, it has been a very long time since we chatted. So, great to catch up with you again. Let's start with the current setup for the silver market as you see it. What are the main tailwinds and catalysts currently driving silver? And if you had to guess, which inning of this silver bull market would you say we're in? Yeah. Yeah. Well, let's start with the macro, you know, and look at like the supply demand fundamentals as I see them as a as a bit of a silver bull, but as I see them. So I mean from the demand side and we've got all these great new applications for silver whether it be in in in the new generation of solar panels and those build out buildouts that are going in in multiple countries. You know number one I think everybody knows about that you know now thanks to some really good work by some really good analysts but it's very important you know in a market that is maybe a give or take a billion ounces a year when you're adding a few or a couple hundred million ounces in demand in new solar every year out of nowhere like that's very material. But then something like, you know, new applications in car batteries and if we're going to build a bunch of EVs, um, whether you like them or not in the coming decades, and I think we are, you know, you just you just need much much much more silver. And and there's really no substitute for silver because of its electrical properties to the point where like, hey, look, like if we want to win this AI race, and I think we critically have to, absolutely critically have to, we're going to need to like 10 or 100x our uh our the capabilities of our electrical grid. And you don't do that without silver. You also don't do it without copper and you don't do it without uranium, but you certainly don't do it without silver. So I think that uh needs to be recognized pretty seriously. Um so that's one side the emerging industrial demand critical industrial demand you know but also just from an investment standpoint like I'm a retail investor you know I like to own silver and I think that if people start thinking that okay instead of like 0.1% of my portfolio or zero or 2% of my portfolio being in precious metals you know that's not me I'm much higher but just you know the general investor um you know what what if they go to 1 to 5% you know and silver's got to be a big part of that and there's just not really much of it to own. So that's an interesting from the demand side and then from the supply side, you know, Jesse, you know that I'm a geologist um just by training, an exploration geologist by training um and and still, you know, wear that hat a lot, although you know, it's probably not the most of my life anymore. I I can tell you from experience that good silver deposits um are are really hard to find. and good silver deposits that are high-grade in countries where property rights actually matter like the United States, you know, you're talking about a handful of of of good deposits there. So, you know, that's also interesting from the supply side. And then in terms of what inning we're in, well, I like the baseball analogy because sometimes uh innings as sometimes, you know, innings go for a long time, sometimes they go by really quickly. Um, I think we're in the early innings, you know, maybe it's the second or third inning because we've seen things perk up. I think we're out of the desert. We've seen things perk up and they're trading pretty well in terms of a silver price, you know, but I I would like to see it, you know, get through 40 and and then where where do we go? Yeah, great summary. And we have seen silver get very close to $40 recently. It has now reached 14-year highs. Adjusted for inflation, however, we would need tripledigit silver. I if we go back to 1980, it has to be around $200. But even if we ignore that, some people say that was an anomaly. If we go back to 2011, we're still looking at over $100. Is that a realistic proposition in your view? And what do you make of uh the the the thought out there that tripledigit silver is a real possibility? Well, I I think it's more than a real possibility. I think it's just only a matter of time. But that back to the innings analogy, like we don't know how long these innings are are going to last, right? If one team does better than the other. And you know, we've had this position in silver where there's concentrated commercial short positions that you know, you look at uh the hours of trading when the ComX is open versus the hours of trading when you know, you're trading silver on the foreign markets. And if you only trade in the foreign markets, you're up like 500 or 600% in the last couple few years. I mean, that like that that's got stink written all over it. So, you know, I think it's only a matter of time, but yeah, look at things like gold. Like if we reverse the gold market to the late the late 90s, you know, it's trading at, you know, a few hundred bucks an ounce. Fast forward to today and you would have said then like even that appreciation from a couple few hundred bucks an ounce to, you know, well over a thousand if in a few years, 5 years, if you had told that to people then in the late 90s, they probably would have laughed at you, right? So like I I think it's possible given where it's been in the past, given the price ratio, you know, and where that's been in the pra in the past and the mind ratio like I think silver is mined at 7 or 8:1 um in terms of silver to gold like mines coming out of the ground and the price ratio is like 90 to1. Well, like you perhaps I'm a broken record on this because myself and and some very well-known other people have been beating the drum on this for years, but it just it doesn't really add up. Well, silver is outperforming gold year to date. It is said that silver usually lags in a precious metals bull market at first and then catches up and exceeds gold on a percentage gained basis. Do you think we're getting close to significant silver outperformance over gold? You know, I I want to say yes. You know, I want to say yes for sure. You know, I'm but I think that that in general that thesis is is correct. It's just what's that price ratio going to go to when it does come down and where is gold going to be at that point? You know, when it does come down to say sub50, I mean, we're trading at $3,000 gold right now, right? So, I mean, that's a pretty clear case for that triple digit silver just on its on its own right now. But if gold continues to trade up and there's just so many fun discussions to have around, you know, what the US is doing and and uh the tariffs on gold and there's no tariffs on gold and then they're going to revalue all of the gold that may or may or may not be in uh you know, the Federal Reserve vaults, right? And and then what's that going to be worth? Um like we really really could just be in in this the early innings again of a precious metals bull market in general. But I think pragmatically from an investment point of view, even speaking, you know, selfishly, taking my putting my hat on as a as a retail investor, you know, when when we start to see that that collapse in the price ratio and silver's running relative to gold as as usually happens, you know, I think that's when we know that things are really on and and and to watch the market really watch your investments really closely at that at that point. That's one of those good problems to have. Let's hone in on the silver mining sector because it's been quietly putting in a strong performance year to date. The SIL ETF has greatly outperformed both gold and silver, the metals, and is absolutely crushing the broad market. SJ also putting in an equally strong performance, both up around 60% year to date. Are we on the cusp of a major breakout for the silver miners in your view? You know, I I do think we're we're right there. You know, like look at the silver price. you know, breaking through 38 was key resistance. You know, the SIL and the SILJ are also great indicators when we start to see them up like to those levels. You know, again, like the the word cusp is important. I'm I'm a little bit hesitant to say, you know, I want to be here being like we're on the cusp, you know, and all of that good stuff. Um, and I I really hope we are and I'm planning accordingly. Well, let's discuss how Silver 47 fits into the picture. Could you start by giving us an overview of the company? Sure. Sure. So, Silver 47 uh is a company that's focused on American silver rich projects uh in Alaska, Nevada, and New Mexico. Uh and I recently joined the company as CEO on August 1st as part of a merger um with another company called Sum that I founded uh in 2020. So, what we're looking at now, we merged these companies because we really we really don't think there's much out there for investors to own in the American silver space and and we want to be a real go-to name uh in that. And that's that's what we're building our company towards for that market, you know, when it does really come in the next hey maybe couple few months, right? So we're developing three um projects what we're working on now and I'd say the flagship is called Red Mountain in Alaska. Um it hosts a very large in inferred mineral resource over 160 million ounces of silver equivalent uh at about 330 gram per ton silver equivalent. But companywide, um, we're looking at 247 million silver equivalent ounces. Um, all of, uh, except for 10 million ounces are in the inferred category. It's just a big global resource. Um, and our valuation is is actually really interesting. We get about 33 cents uh, EV per ounce in the ground when all of our peers get over a dollar. So, there's a clear room, a clear reason for rerating there. But also, we're not just sitting back on that. We're aggressively expanding our deposits and looking for additional M&A targets with the idea of building a 1 billion ounce American silver company. Could you guide us through your main portfolio of projects? You mentioned Red Mountain there. Um, if you could give us some highlights from that, as well as your other two main projects, the progress you've made so far and the next steps moving forward as well. Yeah. Yeah, perfect. So, let's let's start at Red Mountain and expand a little bit. It's uh it sits on a 15 million ton massive sulfide deposit and I won't get too far into the weeds uh on on what that means as a geologist um with a lot of room to grow both by stepping out around where we know there's mineralization um incrementally systematically but also the project uh has about a 60 km long belt of rocks that host similar styles of zones that just like aren't drilled like up to I think we just uh we just tabulated this and there's 35 additional mineral occurrences on the project many of which are undrilled and where they are drilled it they represent a preliminary discovery. So we see now, hey, we're sitting on 160 plus million silver equivalent ounces there and like it's 1% explored, 2% explored, maybe call it 5% explored to be really generous, you know. So the upside there is just extensive. So that's one project and we're drilling there now um aggressively um getting the drills turning, stepping out uh infill drill holes. Um there's some very very large uh very very positive I should say drill results there from the past that I think we can expect similar results for um in the fall when we start putting them getting the assays back and and publishing those. So that's that's one project. Um the next project that we're going to be drilling is in New Mexico. It's called the Mugion District. And this comes from our former company, my former company I should say, uh, Suma Silver, where we spent uh, a couple years, couple a few seasons I should say, of drilling there and building a 32 million ounce, um, um, resource. But again, it's a similar story. That one's just silver and gold. Um, it's a sim it's a similar story in that we've drilled 2 km of the 75 km present on the property of prospective veins. So like again under five 5% explored and we've got that 32 million ounce resource there as a starting line very much a starting line. So so that's the another project. And then a third project which we plan um tentatively planning to be drilling in the wintertime uh is in Nevada. Um it's the eastern extension of the historic and high-grade Tonap mining district um which in its day was like one of the prolific wild west mining towns that really helped shape um that state in the western United States. You know, there was famous Wild West characters like Wyatt boned a bar there at one point, that type of flavor, but you know, it shut down in in uh around 1950 and didn't really see too much modern exploration. We have the eastern extent of that. Um started drilling that in uh uh 2020 uh and started in the historic part of the district where we we kept drilling, kept hitting building ounces. is we've got a 44 mill resource there, but also we have a 4 km extension of the entire district to the east that's like almost completely unexplored except for a few holes that we've put in and uh hit pretty good and uh need to get back there and keep stepping out around those holes and looking for the main structure um because the size of the prize there is just so is just so potentially so large if we're successful. And in my experience, I think our chances are pretty good. So, uh yeah. Yeah, that's the summary of the projects. You mentioned drilling at Red Mountain. Uh you recently released a review of drill targeting there in Alaska. Can you walk us through the details and how they will inform your plans there moving forward? Yeah, that's interesting. So, like I was saying, there's an additional 35 mineralized occurrences and showings on the property that aren't really explored. And this work goes back to PE people who worked on it before us. um going back to like the 1970s, several several groups have built this large exploration database that we're compiling and putting together and giving a real modern lens to and saying starting from not from scratch but from square one and assessing each one individually on its own, you know, over time. And these these span like a 60 km um trend of rock. So there's a lot to look at, but there's also, like I said, 35 things for us to follow up on. And it's really important because this project isn't just silver and gold. It's it's also what got what I call poly metallic critical metal upside where there's things like indium, gallium, very importantly antimony, uh zinc, you know, sitting at surface and they're all together and and this type of these massive sulfide deposits are like a sink for all different types of metals. it just collects metals in a a basin or sink is just a very simple analogy where you know so so we've got to put a put our exploration caps on here over time you probably next summer test some of these targets and I just the main takeaway from that is that the upside in this area on this project it's a lot more than the than the nice 15 million tons we have so far the good good 50 million tons we have so far that's two occurrences there's another 30 that aren't explored well could you give us some insight into the team behind Silver 47 and how you plan to leverage their expertise. Perhaps starting with yourself. Uh you mentioned you're a geologist by trade. So if you could talk about your own background as well, that'd be great. Sure. I I'll try to be as, you know, as brief as possible when talking about myself. But yeah, myself, I'm a geologist going back almost 20 years now. I graduated u with my bachelor's degree in 2007. Um, I've worked uh all over Canada, lots of places in the United States, you know, looking for precious metals deposits, but also uranium deposits are is another, you know, commodity that's near and dear to my heart. Uh before founding the predecessor to to this company um Suma Silver, I spent about four years managing the drilling um for NextG Energy um and really really leading the drill out of that from site which was a very rewarding and interesting uh uh time for sure um given what that you know became then um which was great. But, you know, my my real passion was always looking for precious metals and and that's how I and I always liked the the western United States in these wild west mining districts. And that's really what led me to found Suma was was having that in mind and going into these places that have seen a lot of historical work or historical exploration or historical mining but haven't seen much or any modern exploration because we just have these ideas and tools at our disposal now that you know the oldtime miners were very good but they just didn't have the same tools that we have from drilling technology that that they didn't have then to you know even software just being able to visualize uh rocks and the earth in 3D. D, you know, lets us think in four dimensions and the fourth dimension is time. That's very helpful. Um, so that's myself. I got a little bit off track there. That's myself. Um, the chairman of our company who was the uh CEO of Silver 47 uh before the merger has stayed on as executive chair and we're we're working very closely together to advance these project and and identify new opportunities. Uh is Gary Thompson. He's also a geologist by uh training um as well. Um he founded another company called Brixton Metals that he's full-time CEO of um but I think did a great job of of putting Silver 47 together originally um and uh has been very good at at finding projects um in the field. Um right now um we're led by our VP operations Chris York. Uh he's actually at site right now. Um he's a guy that has extensive uh exploration and drilling experience uh in the United States. um especially drilling experience actually, but he's also got a master's degree in geology, which is very rare. Um and and he really um spearheads our exploration efforts um at whatever site we're at. Joined us from Heckla a few years ago and hasn't really looked back. Um uh Daniel Verrell um also a very well um wellrespected American geologist is at site now as well. you know, as we get into this new project for us that we're working on because we're on the Suma came from Suma Silver and really learn about where we're going and how big this thing can get. Um, another geologist, uh, Chris Lesley was one of the gentlemen that discovered the Blackwater gold deposit here in British Columbia, something like 8 million ounces in the reserve categories right now, and he was a co-iscoverer of that. You know, helps us really maximize our exploration efforts. And then last last but not least, um Virginia Gay um is really working up some of the exploration targets um for us uh in uh Alaska um right now, the ones that were uh in that most recent press release. And you know, I've just gone through a bunch of geologists that probably no one's ever heard of, but really that's our focus here. It's a really collaborative effort between top-notch people that are passionate about exploration, and that's been some of our secret sauce so far. Great. Well, what are the main catalysts and news flow in your opinion that will be coming out of the company for the remainder of this year and into 2026 that you think people should be focused on? Yeah, so we're very we're very heavily drills focused right now and certainly for the next say 6 or 8 months. Um, we're building ounces on our deposits, Red Mountain to start. And, you know, like when a company's drilling, you know, that's that's a really good reason to own a stock because, you know, one drill hole can can change everything. Um, but also, you know, especially at Red Mountain, we're re-evaluating geological models. We're stepping out around mineralization. We're adding geological confidence to the posit, you know, we if we if we think that it will be uh viewed positively, we'll consider putting out a resource update. And if that resource update, you know, is positive, well then we and we think it'll support a really good PA, well then we'll walk that path as quickly as we can, too, as aggressively as we can, too. So, lots coming in the next 12 months for us. And is there anything we haven't mentioned or anything you think it's important to emphasize about Silver 47 uh that you think potential shareholders of the company should be aware of? Yeah, you know, I think like there this is this is what we're building here is the American silver development name with American projects um for investors and that's really my goal. That's my focus and we're going to look to continue to add ounces both through the drill bit and other potential M&A opportunities um to get to that goal of a billion ounces. But one thing at a time and one day at a time and we're going to put our heads down and work very hard. Fantastic, Gayen. Well, this has been a great conversation. And I'm going to put links in the description below to the Silver 47 website as well as social media for people who want to follow along with the company. Thank you so much for coming on. It's been a blast. Thanks, Jesse. Thanks for having me on. Talk to you soon. Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.
We Need 10x More Energy and That Means SILVER Demand Will EXPLODE
Summary
Transcript
Hello everybody and welcome into commodity culture where our goal is to make you a better investor in the commodities sector. My name is Jesse Day. Before we dive in, standard disclaimer, nothing here is investment advice. Do your own due diligence. And today's guest is the CEO of Silver 47, a mineral exploration company focused on uncovering and developing silver rich deposits in the United States. It's Gayen McNamera. Great to talk to you again. Hi Jesse. Yeah, very very nice to be back and uh good to see your face. Yes, it has been a very long time since we chatted. So, great to catch up with you again. Let's start with the current setup for the silver market as you see it. What are the main tailwinds and catalysts currently driving silver? And if you had to guess, which inning of this silver bull market would you say we're in? Yeah. Yeah. Well, let's start with the macro, you know, and look at like the supply demand fundamentals as I see them as a as a bit of a silver bull, but as I see them. So I mean from the demand side and we've got all these great new applications for silver whether it be in in in the new generation of solar panels and those build out buildouts that are going in in multiple countries. You know number one I think everybody knows about that you know now thanks to some really good work by some really good analysts but it's very important you know in a market that is maybe a give or take a billion ounces a year when you're adding a few or a couple hundred million ounces in demand in new solar every year out of nowhere like that's very material. But then something like, you know, new applications in car batteries and if we're going to build a bunch of EVs, um, whether you like them or not in the coming decades, and I think we are, you know, you just you just need much much much more silver. And and there's really no substitute for silver because of its electrical properties to the point where like, hey, look, like if we want to win this AI race, and I think we critically have to, absolutely critically have to, we're going to need to like 10 or 100x our uh our the capabilities of our electrical grid. And you don't do that without silver. You also don't do it without copper and you don't do it without uranium, but you certainly don't do it without silver. So I think that uh needs to be recognized pretty seriously. Um so that's one side the emerging industrial demand critical industrial demand you know but also just from an investment standpoint like I'm a retail investor you know I like to own silver and I think that if people start thinking that okay instead of like 0.1% of my portfolio or zero or 2% of my portfolio being in precious metals you know that's not me I'm much higher but just you know the general investor um you know what what if they go to 1 to 5% you know and silver's got to be a big part of that and there's just not really much of it to own. So that's an interesting from the demand side and then from the supply side, you know, Jesse, you know that I'm a geologist um just by training, an exploration geologist by training um and and still, you know, wear that hat a lot, although you know, it's probably not the most of my life anymore. I I can tell you from experience that good silver deposits um are are really hard to find. and good silver deposits that are high-grade in countries where property rights actually matter like the United States, you know, you're talking about a handful of of of good deposits there. So, you know, that's also interesting from the supply side. And then in terms of what inning we're in, well, I like the baseball analogy because sometimes uh innings as sometimes, you know, innings go for a long time, sometimes they go by really quickly. Um, I think we're in the early innings, you know, maybe it's the second or third inning because we've seen things perk up. I think we're out of the desert. We've seen things perk up and they're trading pretty well in terms of a silver price, you know, but I I would like to see it, you know, get through 40 and and then where where do we go? Yeah, great summary. And we have seen silver get very close to $40 recently. It has now reached 14-year highs. Adjusted for inflation, however, we would need tripledigit silver. I if we go back to 1980, it has to be around $200. But even if we ignore that, some people say that was an anomaly. If we go back to 2011, we're still looking at over $100. Is that a realistic proposition in your view? And what do you make of uh the the the thought out there that tripledigit silver is a real possibility? Well, I I think it's more than a real possibility. I think it's just only a matter of time. But that back to the innings analogy, like we don't know how long these innings are are going to last, right? If one team does better than the other. And you know, we've had this position in silver where there's concentrated commercial short positions that you know, you look at uh the hours of trading when the ComX is open versus the hours of trading when you know, you're trading silver on the foreign markets. And if you only trade in the foreign markets, you're up like 500 or 600% in the last couple few years. I mean, that like that that's got stink written all over it. So, you know, I think it's only a matter of time, but yeah, look at things like gold. Like if we reverse the gold market to the late the late 90s, you know, it's trading at, you know, a few hundred bucks an ounce. Fast forward to today and you would have said then like even that appreciation from a couple few hundred bucks an ounce to, you know, well over a thousand if in a few years, 5 years, if you had told that to people then in the late 90s, they probably would have laughed at you, right? So like I I think it's possible given where it's been in the past, given the price ratio, you know, and where that's been in the pra in the past and the mind ratio like I think silver is mined at 7 or 8:1 um in terms of silver to gold like mines coming out of the ground and the price ratio is like 90 to1. Well, like you perhaps I'm a broken record on this because myself and and some very well-known other people have been beating the drum on this for years, but it just it doesn't really add up. Well, silver is outperforming gold year to date. It is said that silver usually lags in a precious metals bull market at first and then catches up and exceeds gold on a percentage gained basis. Do you think we're getting close to significant silver outperformance over gold? You know, I I want to say yes. You know, I want to say yes for sure. You know, I'm but I think that that in general that thesis is is correct. It's just what's that price ratio going to go to when it does come down and where is gold going to be at that point? You know, when it does come down to say sub50, I mean, we're trading at $3,000 gold right now, right? So, I mean, that's a pretty clear case for that triple digit silver just on its on its own right now. But if gold continues to trade up and there's just so many fun discussions to have around, you know, what the US is doing and and uh the tariffs on gold and there's no tariffs on gold and then they're going to revalue all of the gold that may or may or may not be in uh you know, the Federal Reserve vaults, right? And and then what's that going to be worth? Um like we really really could just be in in this the early innings again of a precious metals bull market in general. But I think pragmatically from an investment point of view, even speaking, you know, selfishly, taking my putting my hat on as a as a retail investor, you know, when when we start to see that that collapse in the price ratio and silver's running relative to gold as as usually happens, you know, I think that's when we know that things are really on and and and to watch the market really watch your investments really closely at that at that point. That's one of those good problems to have. Let's hone in on the silver mining sector because it's been quietly putting in a strong performance year to date. The SIL ETF has greatly outperformed both gold and silver, the metals, and is absolutely crushing the broad market. SJ also putting in an equally strong performance, both up around 60% year to date. Are we on the cusp of a major breakout for the silver miners in your view? You know, I I do think we're we're right there. You know, like look at the silver price. you know, breaking through 38 was key resistance. You know, the SIL and the SILJ are also great indicators when we start to see them up like to those levels. You know, again, like the the word cusp is important. I'm I'm a little bit hesitant to say, you know, I want to be here being like we're on the cusp, you know, and all of that good stuff. Um, and I I really hope we are and I'm planning accordingly. Well, let's discuss how Silver 47 fits into the picture. Could you start by giving us an overview of the company? Sure. Sure. So, Silver 47 uh is a company that's focused on American silver rich projects uh in Alaska, Nevada, and New Mexico. Uh and I recently joined the company as CEO on August 1st as part of a merger um with another company called Sum that I founded uh in 2020. So, what we're looking at now, we merged these companies because we really we really don't think there's much out there for investors to own in the American silver space and and we want to be a real go-to name uh in that. And that's that's what we're building our company towards for that market, you know, when it does really come in the next hey maybe couple few months, right? So we're developing three um projects what we're working on now and I'd say the flagship is called Red Mountain in Alaska. Um it hosts a very large in inferred mineral resource over 160 million ounces of silver equivalent uh at about 330 gram per ton silver equivalent. But companywide, um, we're looking at 247 million silver equivalent ounces. Um, all of, uh, except for 10 million ounces are in the inferred category. It's just a big global resource. Um, and our valuation is is actually really interesting. We get about 33 cents uh, EV per ounce in the ground when all of our peers get over a dollar. So, there's a clear room, a clear reason for rerating there. But also, we're not just sitting back on that. We're aggressively expanding our deposits and looking for additional M&A targets with the idea of building a 1 billion ounce American silver company. Could you guide us through your main portfolio of projects? You mentioned Red Mountain there. Um, if you could give us some highlights from that, as well as your other two main projects, the progress you've made so far and the next steps moving forward as well. Yeah. Yeah, perfect. So, let's let's start at Red Mountain and expand a little bit. It's uh it sits on a 15 million ton massive sulfide deposit and I won't get too far into the weeds uh on on what that means as a geologist um with a lot of room to grow both by stepping out around where we know there's mineralization um incrementally systematically but also the project uh has about a 60 km long belt of rocks that host similar styles of zones that just like aren't drilled like up to I think we just uh we just tabulated this and there's 35 additional mineral occurrences on the project many of which are undrilled and where they are drilled it they represent a preliminary discovery. So we see now, hey, we're sitting on 160 plus million silver equivalent ounces there and like it's 1% explored, 2% explored, maybe call it 5% explored to be really generous, you know. So the upside there is just extensive. So that's one project and we're drilling there now um aggressively um getting the drills turning, stepping out uh infill drill holes. Um there's some very very large uh very very positive I should say drill results there from the past that I think we can expect similar results for um in the fall when we start putting them getting the assays back and and publishing those. So that's that's one project. Um the next project that we're going to be drilling is in New Mexico. It's called the Mugion District. And this comes from our former company, my former company I should say, uh, Suma Silver, where we spent uh, a couple years, couple a few seasons I should say, of drilling there and building a 32 million ounce, um, um, resource. But again, it's a similar story. That one's just silver and gold. Um, it's a sim it's a similar story in that we've drilled 2 km of the 75 km present on the property of prospective veins. So like again under five 5% explored and we've got that 32 million ounce resource there as a starting line very much a starting line. So so that's the another project. And then a third project which we plan um tentatively planning to be drilling in the wintertime uh is in Nevada. Um it's the eastern extension of the historic and high-grade Tonap mining district um which in its day was like one of the prolific wild west mining towns that really helped shape um that state in the western United States. You know, there was famous Wild West characters like Wyatt boned a bar there at one point, that type of flavor, but you know, it shut down in in uh around 1950 and didn't really see too much modern exploration. We have the eastern extent of that. Um started drilling that in uh uh 2020 uh and started in the historic part of the district where we we kept drilling, kept hitting building ounces. is we've got a 44 mill resource there, but also we have a 4 km extension of the entire district to the east that's like almost completely unexplored except for a few holes that we've put in and uh hit pretty good and uh need to get back there and keep stepping out around those holes and looking for the main structure um because the size of the prize there is just so is just so potentially so large if we're successful. And in my experience, I think our chances are pretty good. So, uh yeah. Yeah, that's the summary of the projects. You mentioned drilling at Red Mountain. Uh you recently released a review of drill targeting there in Alaska. Can you walk us through the details and how they will inform your plans there moving forward? Yeah, that's interesting. So, like I was saying, there's an additional 35 mineralized occurrences and showings on the property that aren't really explored. And this work goes back to PE people who worked on it before us. um going back to like the 1970s, several several groups have built this large exploration database that we're compiling and putting together and giving a real modern lens to and saying starting from not from scratch but from square one and assessing each one individually on its own, you know, over time. And these these span like a 60 km um trend of rock. So there's a lot to look at, but there's also, like I said, 35 things for us to follow up on. And it's really important because this project isn't just silver and gold. It's it's also what got what I call poly metallic critical metal upside where there's things like indium, gallium, very importantly antimony, uh zinc, you know, sitting at surface and they're all together and and this type of these massive sulfide deposits are like a sink for all different types of metals. it just collects metals in a a basin or sink is just a very simple analogy where you know so so we've got to put a put our exploration caps on here over time you probably next summer test some of these targets and I just the main takeaway from that is that the upside in this area on this project it's a lot more than the than the nice 15 million tons we have so far the good good 50 million tons we have so far that's two occurrences there's another 30 that aren't explored well could you give us some insight into the team behind Silver 47 and how you plan to leverage their expertise. Perhaps starting with yourself. Uh you mentioned you're a geologist by trade. So if you could talk about your own background as well, that'd be great. Sure. I I'll try to be as, you know, as brief as possible when talking about myself. But yeah, myself, I'm a geologist going back almost 20 years now. I graduated u with my bachelor's degree in 2007. Um, I've worked uh all over Canada, lots of places in the United States, you know, looking for precious metals deposits, but also uranium deposits are is another, you know, commodity that's near and dear to my heart. Uh before founding the predecessor to to this company um Suma Silver, I spent about four years managing the drilling um for NextG Energy um and really really leading the drill out of that from site which was a very rewarding and interesting uh uh time for sure um given what that you know became then um which was great. But, you know, my my real passion was always looking for precious metals and and that's how I and I always liked the the western United States in these wild west mining districts. And that's really what led me to found Suma was was having that in mind and going into these places that have seen a lot of historical work or historical exploration or historical mining but haven't seen much or any modern exploration because we just have these ideas and tools at our disposal now that you know the oldtime miners were very good but they just didn't have the same tools that we have from drilling technology that that they didn't have then to you know even software just being able to visualize uh rocks and the earth in 3D. D, you know, lets us think in four dimensions and the fourth dimension is time. That's very helpful. Um, so that's myself. I got a little bit off track there. That's myself. Um, the chairman of our company who was the uh CEO of Silver 47 uh before the merger has stayed on as executive chair and we're we're working very closely together to advance these project and and identify new opportunities. Uh is Gary Thompson. He's also a geologist by uh training um as well. Um he founded another company called Brixton Metals that he's full-time CEO of um but I think did a great job of of putting Silver 47 together originally um and uh has been very good at at finding projects um in the field. Um right now um we're led by our VP operations Chris York. Uh he's actually at site right now. Um he's a guy that has extensive uh exploration and drilling experience uh in the United States. um especially drilling experience actually, but he's also got a master's degree in geology, which is very rare. Um and and he really um spearheads our exploration efforts um at whatever site we're at. Joined us from Heckla a few years ago and hasn't really looked back. Um uh Daniel Verrell um also a very well um wellrespected American geologist is at site now as well. you know, as we get into this new project for us that we're working on because we're on the Suma came from Suma Silver and really learn about where we're going and how big this thing can get. Um, another geologist, uh, Chris Lesley was one of the gentlemen that discovered the Blackwater gold deposit here in British Columbia, something like 8 million ounces in the reserve categories right now, and he was a co-iscoverer of that. You know, helps us really maximize our exploration efforts. And then last last but not least, um Virginia Gay um is really working up some of the exploration targets um for us uh in uh Alaska um right now, the ones that were uh in that most recent press release. And you know, I've just gone through a bunch of geologists that probably no one's ever heard of, but really that's our focus here. It's a really collaborative effort between top-notch people that are passionate about exploration, and that's been some of our secret sauce so far. Great. Well, what are the main catalysts and news flow in your opinion that will be coming out of the company for the remainder of this year and into 2026 that you think people should be focused on? Yeah, so we're very we're very heavily drills focused right now and certainly for the next say 6 or 8 months. Um, we're building ounces on our deposits, Red Mountain to start. And, you know, like when a company's drilling, you know, that's that's a really good reason to own a stock because, you know, one drill hole can can change everything. Um, but also, you know, especially at Red Mountain, we're re-evaluating geological models. We're stepping out around mineralization. We're adding geological confidence to the posit, you know, we if we if we think that it will be uh viewed positively, we'll consider putting out a resource update. And if that resource update, you know, is positive, well then we and we think it'll support a really good PA, well then we'll walk that path as quickly as we can, too, as aggressively as we can, too. So, lots coming in the next 12 months for us. And is there anything we haven't mentioned or anything you think it's important to emphasize about Silver 47 uh that you think potential shareholders of the company should be aware of? Yeah, you know, I think like there this is this is what we're building here is the American silver development name with American projects um for investors and that's really my goal. That's my focus and we're going to look to continue to add ounces both through the drill bit and other potential M&A opportunities um to get to that goal of a billion ounces. But one thing at a time and one day at a time and we're going to put our heads down and work very hard. Fantastic, Gayen. Well, this has been a great conversation. And I'm going to put links in the description below to the Silver 47 website as well as social media for people who want to follow along with the company. Thank you so much for coming on. It's been a blast. Thanks, Jesse. Thanks for having me on. Talk to you soon. Commodity Culture is a series on commodities and natural resources. If you would like to see more, be sure to subscribe and hit the bell notification so you're always up to date with the latest episodes.