$100 SILVER Was 'Just a Taste' of Coming 'Generational Bull Market'
Summary
Silver Bull Market: The guest frames recent volatility as typical of a generational bull market, expecting a retest and break of triple-digit silver.
Industrial Demand: Silver’s role in AI infrastructure, data centers, batteries, and solar is highlighted as a key multi-year demand driver alongside its monetary attributes.
Policy Tailwinds: Governments are recognizing silver as a critical mineral, with U.S. initiatives and China’s export controls tightening supply dynamics and elevating strategic value.
Valuation Gap: Silver miners are viewed as undervalued versus metal prices; margins should expand and investor interest could shift from majors to explorers as profits stack up.
Market Metrics: The gold-silver ratio near 62 is seen as still implying undervaluation for silver, with potential to move toward prior-cycle lows or even the mined ratio.
Company Focus: Silver 47 emphasizes U.S.-based assets in Nevada and Alaska, strong financing, active drill programs, and potential tailings reprocessing as near-term catalysts.
ETFs Mentioned: SIL and SILJ were cited as lagging the metal’s surge year-to-date, underscoring the opportunity in select miners.
Geopolitics and Security: National security and supply chain resilience reinforce a United States-centric strategy for sourcing critical minerals, including silver.
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. Today is April 2nd, 2026 and my 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 have you back on the show. >> Hi Jesse, great to be here. Thanks for having me on. It's been probably 6 months, so uh we're we're overdue for an update. Thanks. >> Yeah, and boy has a lot happened in in that 6 months, particularly in the silver market. It's been a roller coaster for silver with a parabolic run to over $116 an ounce. Uh and a massive correction which followed that saw the price drop 26% in a single trading day, staging a comeback back rally, taking a hit once again in the face of the war in Iran. We're now sitting at around $72 an ounce as of the time of this recording. Still impressive when you consider it wasn't that long ago that people thought $50 silver was crazy. So, we have to put things into perspective, but I'm wondering what you make of this price action in silver. And do you think we're ultimately headed back to triple digits? Yeah. Yeah. What a what a time it's been. What a time to be alive to use the, you know, the tired cliche, but I you know, personally, I think that this is exactly what a generational bull market looks like. We had that great run up that that pull down on all of the noise. Uh but then it stabilized and we're sitting, you know, around 70 or $75 today. And and that that whole volatility, that whole um pullback, as aggressive as it was, it lasted about 48 hours before buyers really stepped in and really stepped in. Um at the prices that we're at now, I mean, we're still up massively from the levels that we were seeing in 2024. And I just remember sitting like it was it was near the end of of 2025. Um and I remember sitting I thinking to myself like hey you know if it if it looks like it's going to continue and and through 50 and then all of a sudden I started thinking this trip this triple digit silver thing that we've been talking about and hearing about for the last while. It's like that it actually might be happening and then it did you know very quickly. So, you know, at these prices, we're we're still from a mining company perspective, we're still, I think, looking very very very very good. Um, the cost to produce are much much lower. And and of course, when uh you're you're adding this up and you double the price of silver over over 12 months or less than that, I mean, the margins for the mining companies just continue to to go up. And I really want to start seeing, you know, a few quarters of of profits and start seeing how much the silver companies really start how much cash they just start socking away, right? That that that will be really interesting and I think help to drive value going forward. Um, but I I mean the other thing just to think about high high level is that silver really is an industrial and a monetary metal. And from the industrial side, I mean we're thinking like AI data centers, we're thinking new batteries. It's not just solar panels, which of course are still expanding significantly, but it's really critical that we win the AI race, you know, with uh against China for for really a lack of a better way to put that. I mean, it's just so critical that we do that. And the only way that we can do that is storing data and storing power for that data. And silver is just critical for that. Nuclear is too, of course, but you know, silver absolutely is as well. So, you know, where do I think that this is going? you know, the base case. Um, we're definitely definitely need to need to go up and and retest that $100 limit and and break through it. Um, but but that's really where, you know, I I think that it's going like we're we're just starting a generational bull market and we just got a taste of what I think is coming. >> Yeah, very well put. Now, we've also seen governments around the world seemingly waking up to the value of silver as a strategic metal. The US has added silver to their critical minerals list. There's also a project vault that has been launched allocating $12 billion for critical minerals, a critical minerals reserve. China of course tightening export controls of the metal. One story that's flown a bit under the radar is the Reserve Bank of India permitting silver as loan collateral, which is very interesting. What What do you make of these developments worldwide? Do you expect we're going to continue to see this trend um of silver being recognized as a strategic asset around the world? Yeah, I I do. And look, we've seen a sea change in the way that governments approach silver and especially the West, but also a lot of other critical minerals in the last 12 months, 2 years, because end of the day, you can't really build out the AI data center infrastructure or have a modern military without silver and a lot of other things. So I think more countries are going to follow um the lead of the United States and it's been a great lead over the last you know over this administration I'll say for sure as as focusing on finding domestic supplies of some of these critical minerals that are a choke point where we only get them from um from we'll say uh non uh non uh uh uh basically really like we get them from countries that don't operate market econ economies, non-market economies. So therefore, we're not really playing on the same playing field and we've got to fix that. So for us at Silver 47, we're really 100% focused on finding US supplies of silver uh and other critical minerals um for a lot of reasons, but also from a national security perspective. Importantly, >> are you watching the gold silver ratio at the moment? because it's sitting around 62 quite a bit down. It was at 105 in April of last year. The mean average since 1970 has been around 54, but many are saying the actual amount of silver minded every year versus gold is closer to 8:1. How much are you watching this ratio and how low do you think we could go this cycle on the gold to silver ratio? >> That's right. So putting it that way, when the real supply ratio is 8:1, that really tells us that silver is still nowhere near fair value, right? And and it's and it's great to look at averages, but of course we know the the oscillations uh on the averages can get to be extreme. Like we were at 105 last April, like you said, that was a really good point. But I let's just look at previous bull markets um in the 70s and I think in 2011 we saw in the 30s. So at 62 now, I mean, we still might double from here. And it's not crazy to say that. And if we really approach price discovery for silver, well then saying that, hey, we might get even closer to the mind ratio of 8:1, you know, I I don't think is unreasonable either. But, you know, pretty clearly pretty clearly we're we're not fairly valued on silver yet, and it could double from here relative to gold. >> Yeah, I tend to agree with those sentiments. The mining space for silver has done well. It it it has performed well. I think many would agree that it is in a bull cycle, perhaps the beginning stages of a bull cycle. However, it is not reacted as many expected considering how far and how fast the metal has run. The SIL and SIJ ETFs are barely outperforming silver itself year to date. Are you seeing silver stocks as undervalued at these levels? And if so, what do you think it will take for the market to wake up to this opportunity? Yeah, absolutely. And you know what? I have to be honest, I'm a little bit surprised uh as well that silver stocks didn't rally as much as the silver price did just just based on past bull markets. But you know how these things often go is is slowly then quickly. And I think something that's going to help start to change um the dynamics here. Number one, you know, having silver move back up again as it catches up to gold. But also number two, let's see uh the start seeing a few quarters of silver mining companies, like I was saying before, socking away large amounts of money with really high margins, you know, now that the prices are even 75. And I think that's going to start waking people up to how things could could go. And and typically as you know in these bull markets the way that thing these things work is you know big companies first uh and then you investment demand starts to move down towards um some of the smaller exploration and development companies. You know we've seen that countless times across countless commodities. So it's uh it's uh I think going to be one of those situations where history repeats itself because if there's one thing I never know I I know is that human nature never changes. So, I think uh let's just see how the next months and and years go and let's build and let's and let's do what we can here to build out um companies that uh that add value for shareholders uh over that time frame. >> Yeah. And you've set me up perfectly for the next question, which is to discuss how Silver 47 fits into the picture. As you mentioned at the top of the show, it's been a while since I had you on. So maybe for those tuning into the story for the first time and as a refresher since our last conversation, could you give us an overview of the company? >> Yeah, of course. Happy to. So Silver 47 is an American focused uh silver and critical minerals company with three projects uh Alaska, Nevada, and New Mexico with mineral resource estimates on each totaling almost 250 million silver equivalent ounces at over 300 g per ton. Um, but really that's just a starting point for us. All of the projects have clear upside um to continue to expand um significantly and we're very very well financed. We've got $54 million in the bank to really go out and add value through drilling out these deposits. Number one, while we really start to study uh the economics on them and what it will take to build um especially the project in Alaska, which you know right now is is the most advanced. Um so that that's really what what we're working on. And then the last thing I'll just I'll say is that, you know, it's really hard to find good silver projects, number one, that are high-grade, number two, that are in good jurisdictions where property rights matter, like the United States. Um, you can probably count those those projects on almost one hand, if not one hand. Uh, and we're we're working on three of them. We have three of them secured. >> The company has launched a drill program recently on the eastern extension of the Tonapod district. Walk us through how it's going so far. I know you just kicked it off, but also what the plans are as this program progresses. >> Yeah, that's one I'm really excited about. And I just got back from from Tonopah actually uh yesterday. I was down there to look at some of the the drill core and and see how things were going. But perhaps let me put that the whole idea here into context. And where we're looking is the eastern extension of the historic Tonop Mining camp that is the second best silver district in Nevada. The total endowment there, if you count what we've drilled, what our neighbors have drilled, and what was mined in the first half of the 20th century, is about 500 million silver equivalent ounces. Now, that occurs over a length of 4 km. Well, we're looking now on a 4 km extension of that where over the last couple years we drilled something like 10 holes uh and almost all of them hit something, but we weren't really able to find the main structure, you know, where the main vein, the big vein. And we think that uh all of the geological work that we've done up until now until till now, excuse me, is really leading us there. So that's what we're trying to do here is take a shot at finding that where where I can go out and say, "Okay, it's a really big picture idea, but take the heart of the district that's already been mined and drilled and all of that, copy, paste over to the east, and if we can get on to that, obviously the target is is world class. I I think that's fair to say. And that's the type of shot we're trying to take. So, we're drilling 7,000 mters there now, looking for that main structure. I'm seeing all of the right signs that we want to see. Um, and really, if we start hitting something, I mean, it's it's not I don't think I'm overstepping to say that we're just not going to stop drilling. We'll just keep going. We'll just keep drilling. We're very well funded, and uh you don't really get too many opportunities like this uh in our lifetimes as exploration geologists like like myself and the team. So, uh, yeah, wish us luck. >> Absolutely. That that sounds intriguing to be sure. Now, you also discovered a new high-grade massive sulfide zone at your Red Mountain project in Alaska since we last spoke. Could you break down the details of that, maybe shed some light on the Red Mountain project and how you plan to capitalize on this discovery? >> Yeah. Yeah, happy to. So, so very high level, Red Mountain is a currently a 15 million ton deposit uh that holds about 167 million silver equivalent ounces mixed between silver but also several other critical minerals, zinc, lead, copper, uh bits of antimony, some gallium around and things like that and and of course silver uh and some gold which is nice. Um but uh as I digress, excuse me. But you what we really like about that is number one on the deposit scale, just stepping out out around where we know there's mineralization already, we think we can significantly increase the tonnage. But really big picture, the project covers about 60 km. And all along that 60 km, there's dozens and dozens of uh areas at surface that we know are high-grade that either haven't been drilled or where they are drilled have some really good indications of of like good preliminary results, put it that way. But this this thing that that we sampled and discovered um called uh for now it's called FOMO. That's a working title, by the way. Um is interesting because number one, it's massive sulfide at surface, high grade at surface. and it's in an area that we weren't expecting it to be. It's in a a group of rocks that say we weren't expecting it to be. So, it really opens up a completely new search space uh and makes our lives as as geologists more difficult because of course we want to drill the best targets first. So, we're working through all of that now. What what are we going to do this summer? But high level, we're planning to have three rigs turning there in Alaska all summer really with a focus of expanding mineralization and making new discoveries. So, more more to come on that soon. But there's a a lot for us to go through and we really have a great opportunity to build out a new district. >> You've begun metallergical test work to confirm the reprocessing potential of the historic Belmont tailings deposit at the Hughes property. In a press release, you called it a potentially significant source of contained silver that has never been systematically evaluated with modern recovery methods and that may now be economic at current silver prices. walk us through that data and how confident you are that you can achieve a positive result in terms of the economics here. >> For sure. So, yeah, that's that's an interesting uh line of thought and an avenue for us to pursue. So, uh just adjacent to the historic Belmont mine on the Hughes property in Tonapon, Nevada. All the old mine tailings are mined waste. The processor is sitting out in the desert. It's very dry and and more or less inert. It just looks like sand. It's basically crushed rock. hand sitting out in the desert that contains almost 2 million ounces of silver. Uh, and if you include the gold and put it into a a silver equivalent, it's about 2.75 million ounces of silver and it might grade 60 to 70 g per ton silver equivalent, you know, which is okay. Well, that's north of 2 ounces sitting there out there in sand on the desert. So, it's just it's it's something that just if we think about it, I think, well, geez, that that could be really valuable. like you don't have to mine it, but how would you process it? So, it was looked at in starting in the 70s. Um, and the historically they were getting recoveries of between 75 and 80%. So when we plug those numbers, their old numbers into uh a modern internally some internal scoping numbers that we did, you know, at at $35 silver like we were at not too long ago, it's probably a break even operation, right? So it's like no, not really that that interesting based on what you're going to have to spend to build a plant. But at today's price, double that, well then it might look really interesting. So what we've decided to do is go back and do modern metallergy to start to really build a case for it. Uh and and really understand what what we could have, but it's the type of thing that I think that we can, you know, work on very quickly. Um and at these prices, we're certainly motivated to do so. >> Talk about silver 47 from a valuation perspective compared to other high-grade silver peers. I'd love to get some of that data and perhaps you could you could frame it for us and and uh how it leads to the to the current opportunity set being provided by the company. >> For sure. That's a that's a good that's a good one. One way I like to evaluate companies and our company um versus some of our peers, I ask myself, okay, well, if I take my enterprise value, how much is that worth? What am I getting per ounce of silver in the ground? And right now what we're getting uh is about 24 cents per ounce in the ground if you take all of our ounces and and divide it by our our enterprise value. Okay, that seems really low at least to me given that silver is $70. But how does that compare to some of our peers um some of the other US and even Mexican high-grade developers out there? And if I look at some of the other companies, you know, they get anywhere between 50 cents to $3 an ounce. So, you know, it's my job to to get out and tell people, hey, you know, we're undervalued, but every company says that, but this is a a measurable metric where we can point to and say, hey, we've got a lot of catching up to do here. And, hey, maybe we don't go to $3 right away. But I think there's a clear case for uh uh significantly for us to move significantly higher and and I think people should know about that. But also, Jesse, at the end of the day, honestly, like I we only we I just want to concentrate on what I can control, and that's uh executing at site number one, and number two, marketing the company to investors. >> You've now launched your own collectible silver rounds. This is really cool. They they look beautiful. Do you have one with you right now? If not, I'll display it on screen. Did you bring one? >> You know what? Unfortunately, I don't I don't actually. I just I just took a couple home. Um but the silver image will be on screen right now. Yeah. So, what what was the inspiration behind this design? What what made you to start decide to start issuing your own rounds? >> You know what? It's something that we've always discussed like for the past 5 years, we've been discussing it. And when First Majestic opened the first mint down in Summerland, Nevada, uh, and started offering these services, we partnered with them and and came up with a design and struck the coin and and it's perfect. you know, it's an other Nevada company. Uh, I have a dream where, hey, maybe one day the sail the the silver that we process from the tailings can be um minted there. Like I think that would be a great uh Nevada opportunity. But what the inspiration was was that um our project, much of our project um was formerly owned by Howard Hughes under the Suma Corporation. And you may know that he was really a visionary entrepreneur in his time and loved airplanes. So he set the world speed record in a plane that he really really helped design called the H1. Um so really it's a it's a tribute to the the coin and the design is a is a tribute to that pioneering spirit and quintessential American entrepreneurship that uh we really like. And of course, he has a connection to the project. So, we we thought that would be a good one. >> Really cool. I'll make sure to put a link in the description below to the shop where people can purchase that round. Now, before I let you go today, is there anything we haven't discussed? Is there anything you think it's particularly important to emphasize to potential shareholders of Silver 47? >> I'd like to highlight three quick things. Um the first is scale. We're sitting on almost 250 million silver equivalent ounces and a lot of room to run. Um the second is jurisdiction. We're working in America. Um and we're really focused on the United States. Uh and then the third, there's a catalyst rich uh 2026. We're really fully funded drilling in Tonopar right now, soon to be drilling in Alaska. Um looking at hey, unlocking value through the reprocessing study of the tailings and uh updating resource estimates. So lots lots of reasons to be a shareholder of Civil 47. >> Great. I'll put a link in the description below to the Silver 47 website as well as social media so people can follow along with the company. Gayen, as always, great having you on the show. >> Great to be on. Thanks very much, Jesse. >> 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.
$100 SILVER Was 'Just a Taste' of Coming 'Generational Bull Market'
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. Today is April 2nd, 2026 and my 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 have you back on the show. >> Hi Jesse, great to be here. Thanks for having me on. It's been probably 6 months, so uh we're we're overdue for an update. Thanks. >> Yeah, and boy has a lot happened in in that 6 months, particularly in the silver market. It's been a roller coaster for silver with a parabolic run to over $116 an ounce. Uh and a massive correction which followed that saw the price drop 26% in a single trading day, staging a comeback back rally, taking a hit once again in the face of the war in Iran. We're now sitting at around $72 an ounce as of the time of this recording. Still impressive when you consider it wasn't that long ago that people thought $50 silver was crazy. So, we have to put things into perspective, but I'm wondering what you make of this price action in silver. And do you think we're ultimately headed back to triple digits? Yeah. Yeah. What a what a time it's been. What a time to be alive to use the, you know, the tired cliche, but I you know, personally, I think that this is exactly what a generational bull market looks like. We had that great run up that that pull down on all of the noise. Uh but then it stabilized and we're sitting, you know, around 70 or $75 today. And and that that whole volatility, that whole um pullback, as aggressive as it was, it lasted about 48 hours before buyers really stepped in and really stepped in. Um at the prices that we're at now, I mean, we're still up massively from the levels that we were seeing in 2024. And I just remember sitting like it was it was near the end of of 2025. Um and I remember sitting I thinking to myself like hey you know if it if it looks like it's going to continue and and through 50 and then all of a sudden I started thinking this trip this triple digit silver thing that we've been talking about and hearing about for the last while. It's like that it actually might be happening and then it did you know very quickly. So, you know, at these prices, we're we're still from a mining company perspective, we're still, I think, looking very very very very good. Um, the cost to produce are much much lower. And and of course, when uh you're you're adding this up and you double the price of silver over over 12 months or less than that, I mean, the margins for the mining companies just continue to to go up. And I really want to start seeing, you know, a few quarters of of profits and start seeing how much the silver companies really start how much cash they just start socking away, right? That that that will be really interesting and I think help to drive value going forward. Um, but I I mean the other thing just to think about high high level is that silver really is an industrial and a monetary metal. And from the industrial side, I mean we're thinking like AI data centers, we're thinking new batteries. It's not just solar panels, which of course are still expanding significantly, but it's really critical that we win the AI race, you know, with uh against China for for really a lack of a better way to put that. I mean, it's just so critical that we do that. And the only way that we can do that is storing data and storing power for that data. And silver is just critical for that. Nuclear is too, of course, but you know, silver absolutely is as well. So, you know, where do I think that this is going? you know, the base case. Um, we're definitely definitely need to need to go up and and retest that $100 limit and and break through it. Um, but but that's really where, you know, I I think that it's going like we're we're just starting a generational bull market and we just got a taste of what I think is coming. >> Yeah, very well put. Now, we've also seen governments around the world seemingly waking up to the value of silver as a strategic metal. The US has added silver to their critical minerals list. There's also a project vault that has been launched allocating $12 billion for critical minerals, a critical minerals reserve. China of course tightening export controls of the metal. One story that's flown a bit under the radar is the Reserve Bank of India permitting silver as loan collateral, which is very interesting. What What do you make of these developments worldwide? Do you expect we're going to continue to see this trend um of silver being recognized as a strategic asset around the world? Yeah, I I do. And look, we've seen a sea change in the way that governments approach silver and especially the West, but also a lot of other critical minerals in the last 12 months, 2 years, because end of the day, you can't really build out the AI data center infrastructure or have a modern military without silver and a lot of other things. So I think more countries are going to follow um the lead of the United States and it's been a great lead over the last you know over this administration I'll say for sure as as focusing on finding domestic supplies of some of these critical minerals that are a choke point where we only get them from um from we'll say uh non uh non uh uh uh basically really like we get them from countries that don't operate market econ economies, non-market economies. So therefore, we're not really playing on the same playing field and we've got to fix that. So for us at Silver 47, we're really 100% focused on finding US supplies of silver uh and other critical minerals um for a lot of reasons, but also from a national security perspective. Importantly, >> are you watching the gold silver ratio at the moment? because it's sitting around 62 quite a bit down. It was at 105 in April of last year. The mean average since 1970 has been around 54, but many are saying the actual amount of silver minded every year versus gold is closer to 8:1. How much are you watching this ratio and how low do you think we could go this cycle on the gold to silver ratio? >> That's right. So putting it that way, when the real supply ratio is 8:1, that really tells us that silver is still nowhere near fair value, right? And and it's and it's great to look at averages, but of course we know the the oscillations uh on the averages can get to be extreme. Like we were at 105 last April, like you said, that was a really good point. But I let's just look at previous bull markets um in the 70s and I think in 2011 we saw in the 30s. So at 62 now, I mean, we still might double from here. And it's not crazy to say that. And if we really approach price discovery for silver, well then saying that, hey, we might get even closer to the mind ratio of 8:1, you know, I I don't think is unreasonable either. But, you know, pretty clearly pretty clearly we're we're not fairly valued on silver yet, and it could double from here relative to gold. >> Yeah, I tend to agree with those sentiments. The mining space for silver has done well. It it it has performed well. I think many would agree that it is in a bull cycle, perhaps the beginning stages of a bull cycle. However, it is not reacted as many expected considering how far and how fast the metal has run. The SIL and SIJ ETFs are barely outperforming silver itself year to date. Are you seeing silver stocks as undervalued at these levels? And if so, what do you think it will take for the market to wake up to this opportunity? Yeah, absolutely. And you know what? I have to be honest, I'm a little bit surprised uh as well that silver stocks didn't rally as much as the silver price did just just based on past bull markets. But you know how these things often go is is slowly then quickly. And I think something that's going to help start to change um the dynamics here. Number one, you know, having silver move back up again as it catches up to gold. But also number two, let's see uh the start seeing a few quarters of silver mining companies, like I was saying before, socking away large amounts of money with really high margins, you know, now that the prices are even 75. And I think that's going to start waking people up to how things could could go. And and typically as you know in these bull markets the way that thing these things work is you know big companies first uh and then you investment demand starts to move down towards um some of the smaller exploration and development companies. You know we've seen that countless times across countless commodities. So it's uh it's uh I think going to be one of those situations where history repeats itself because if there's one thing I never know I I know is that human nature never changes. So, I think uh let's just see how the next months and and years go and let's build and let's and let's do what we can here to build out um companies that uh that add value for shareholders uh over that time frame. >> Yeah. And you've set me up perfectly for the next question, which is to discuss how Silver 47 fits into the picture. As you mentioned at the top of the show, it's been a while since I had you on. So maybe for those tuning into the story for the first time and as a refresher since our last conversation, could you give us an overview of the company? >> Yeah, of course. Happy to. So Silver 47 is an American focused uh silver and critical minerals company with three projects uh Alaska, Nevada, and New Mexico with mineral resource estimates on each totaling almost 250 million silver equivalent ounces at over 300 g per ton. Um, but really that's just a starting point for us. All of the projects have clear upside um to continue to expand um significantly and we're very very well financed. We've got $54 million in the bank to really go out and add value through drilling out these deposits. Number one, while we really start to study uh the economics on them and what it will take to build um especially the project in Alaska, which you know right now is is the most advanced. Um so that that's really what what we're working on. And then the last thing I'll just I'll say is that, you know, it's really hard to find good silver projects, number one, that are high-grade, number two, that are in good jurisdictions where property rights matter, like the United States. Um, you can probably count those those projects on almost one hand, if not one hand. Uh, and we're we're working on three of them. We have three of them secured. >> The company has launched a drill program recently on the eastern extension of the Tonapod district. Walk us through how it's going so far. I know you just kicked it off, but also what the plans are as this program progresses. >> Yeah, that's one I'm really excited about. And I just got back from from Tonopah actually uh yesterday. I was down there to look at some of the the drill core and and see how things were going. But perhaps let me put that the whole idea here into context. And where we're looking is the eastern extension of the historic Tonop Mining camp that is the second best silver district in Nevada. The total endowment there, if you count what we've drilled, what our neighbors have drilled, and what was mined in the first half of the 20th century, is about 500 million silver equivalent ounces. Now, that occurs over a length of 4 km. Well, we're looking now on a 4 km extension of that where over the last couple years we drilled something like 10 holes uh and almost all of them hit something, but we weren't really able to find the main structure, you know, where the main vein, the big vein. And we think that uh all of the geological work that we've done up until now until till now, excuse me, is really leading us there. So that's what we're trying to do here is take a shot at finding that where where I can go out and say, "Okay, it's a really big picture idea, but take the heart of the district that's already been mined and drilled and all of that, copy, paste over to the east, and if we can get on to that, obviously the target is is world class. I I think that's fair to say. And that's the type of shot we're trying to take. So, we're drilling 7,000 mters there now, looking for that main structure. I'm seeing all of the right signs that we want to see. Um, and really, if we start hitting something, I mean, it's it's not I don't think I'm overstepping to say that we're just not going to stop drilling. We'll just keep going. We'll just keep drilling. We're very well funded, and uh you don't really get too many opportunities like this uh in our lifetimes as exploration geologists like like myself and the team. So, uh, yeah, wish us luck. >> Absolutely. That that sounds intriguing to be sure. Now, you also discovered a new high-grade massive sulfide zone at your Red Mountain project in Alaska since we last spoke. Could you break down the details of that, maybe shed some light on the Red Mountain project and how you plan to capitalize on this discovery? >> Yeah. Yeah, happy to. So, so very high level, Red Mountain is a currently a 15 million ton deposit uh that holds about 167 million silver equivalent ounces mixed between silver but also several other critical minerals, zinc, lead, copper, uh bits of antimony, some gallium around and things like that and and of course silver uh and some gold which is nice. Um but uh as I digress, excuse me. But you what we really like about that is number one on the deposit scale, just stepping out out around where we know there's mineralization already, we think we can significantly increase the tonnage. But really big picture, the project covers about 60 km. And all along that 60 km, there's dozens and dozens of uh areas at surface that we know are high-grade that either haven't been drilled or where they are drilled have some really good indications of of like good preliminary results, put it that way. But this this thing that that we sampled and discovered um called uh for now it's called FOMO. That's a working title, by the way. Um is interesting because number one, it's massive sulfide at surface, high grade at surface. and it's in an area that we weren't expecting it to be. It's in a a group of rocks that say we weren't expecting it to be. So, it really opens up a completely new search space uh and makes our lives as as geologists more difficult because of course we want to drill the best targets first. So, we're working through all of that now. What what are we going to do this summer? But high level, we're planning to have three rigs turning there in Alaska all summer really with a focus of expanding mineralization and making new discoveries. So, more more to come on that soon. But there's a a lot for us to go through and we really have a great opportunity to build out a new district. >> You've begun metallergical test work to confirm the reprocessing potential of the historic Belmont tailings deposit at the Hughes property. In a press release, you called it a potentially significant source of contained silver that has never been systematically evaluated with modern recovery methods and that may now be economic at current silver prices. walk us through that data and how confident you are that you can achieve a positive result in terms of the economics here. >> For sure. So, yeah, that's that's an interesting uh line of thought and an avenue for us to pursue. So, uh just adjacent to the historic Belmont mine on the Hughes property in Tonapon, Nevada. All the old mine tailings are mined waste. The processor is sitting out in the desert. It's very dry and and more or less inert. It just looks like sand. It's basically crushed rock. hand sitting out in the desert that contains almost 2 million ounces of silver. Uh, and if you include the gold and put it into a a silver equivalent, it's about 2.75 million ounces of silver and it might grade 60 to 70 g per ton silver equivalent, you know, which is okay. Well, that's north of 2 ounces sitting there out there in sand on the desert. So, it's just it's it's something that just if we think about it, I think, well, geez, that that could be really valuable. like you don't have to mine it, but how would you process it? So, it was looked at in starting in the 70s. Um, and the historically they were getting recoveries of between 75 and 80%. So when we plug those numbers, their old numbers into uh a modern internally some internal scoping numbers that we did, you know, at at $35 silver like we were at not too long ago, it's probably a break even operation, right? So it's like no, not really that that interesting based on what you're going to have to spend to build a plant. But at today's price, double that, well then it might look really interesting. So what we've decided to do is go back and do modern metallergy to start to really build a case for it. Uh and and really understand what what we could have, but it's the type of thing that I think that we can, you know, work on very quickly. Um and at these prices, we're certainly motivated to do so. >> Talk about silver 47 from a valuation perspective compared to other high-grade silver peers. I'd love to get some of that data and perhaps you could you could frame it for us and and uh how it leads to the to the current opportunity set being provided by the company. >> For sure. That's a that's a good that's a good one. One way I like to evaluate companies and our company um versus some of our peers, I ask myself, okay, well, if I take my enterprise value, how much is that worth? What am I getting per ounce of silver in the ground? And right now what we're getting uh is about 24 cents per ounce in the ground if you take all of our ounces and and divide it by our our enterprise value. Okay, that seems really low at least to me given that silver is $70. But how does that compare to some of our peers um some of the other US and even Mexican high-grade developers out there? And if I look at some of the other companies, you know, they get anywhere between 50 cents to $3 an ounce. So, you know, it's my job to to get out and tell people, hey, you know, we're undervalued, but every company says that, but this is a a measurable metric where we can point to and say, hey, we've got a lot of catching up to do here. And, hey, maybe we don't go to $3 right away. But I think there's a clear case for uh uh significantly for us to move significantly higher and and I think people should know about that. But also, Jesse, at the end of the day, honestly, like I we only we I just want to concentrate on what I can control, and that's uh executing at site number one, and number two, marketing the company to investors. >> You've now launched your own collectible silver rounds. This is really cool. They they look beautiful. Do you have one with you right now? If not, I'll display it on screen. Did you bring one? >> You know what? Unfortunately, I don't I don't actually. I just I just took a couple home. Um but the silver image will be on screen right now. Yeah. So, what what was the inspiration behind this design? What what made you to start decide to start issuing your own rounds? >> You know what? It's something that we've always discussed like for the past 5 years, we've been discussing it. And when First Majestic opened the first mint down in Summerland, Nevada, uh, and started offering these services, we partnered with them and and came up with a design and struck the coin and and it's perfect. you know, it's an other Nevada company. Uh, I have a dream where, hey, maybe one day the sail the the silver that we process from the tailings can be um minted there. Like I think that would be a great uh Nevada opportunity. But what the inspiration was was that um our project, much of our project um was formerly owned by Howard Hughes under the Suma Corporation. And you may know that he was really a visionary entrepreneur in his time and loved airplanes. So he set the world speed record in a plane that he really really helped design called the H1. Um so really it's a it's a tribute to the the coin and the design is a is a tribute to that pioneering spirit and quintessential American entrepreneurship that uh we really like. And of course, he has a connection to the project. So, we we thought that would be a good one. >> Really cool. I'll make sure to put a link in the description below to the shop where people can purchase that round. Now, before I let you go today, is there anything we haven't discussed? Is there anything you think it's particularly important to emphasize to potential shareholders of Silver 47? >> I'd like to highlight three quick things. Um the first is scale. We're sitting on almost 250 million silver equivalent ounces and a lot of room to run. Um the second is jurisdiction. We're working in America. Um and we're really focused on the United States. Uh and then the third, there's a catalyst rich uh 2026. We're really fully funded drilling in Tonopar right now, soon to be drilling in Alaska. Um looking at hey, unlocking value through the reprocessing study of the tailings and uh updating resource estimates. So lots lots of reasons to be a shareholder of Civil 47. >> Great. I'll put a link in the description below to the Silver 47 website as well as social media so people can follow along with the company. Gayen, as always, great having you on the show. >> Great to be on. Thanks very much, Jesse. >> 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.