Weekend Show – Matt Geiger & Dan Steffens – Junior Mining Breakout and Energy Price Reset
This weekend’s KE Report dives deep into two pivotal commodity trends:
Matt Geiger of MJG Capital outlines why it’s “game on” for junior mining stocks with a breakout on the TSX Venture, while Dan Steffens of the Energy Prospectus Group unpacks the tug-of-war between fear-driven oil pricing and strong natural gas fundamentals.
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- Segment 1 & 2 – Matt Geiger, Managing Partner at MJG Capital, kicks off the show to discuss the improving outlook for junior mining stocks, highlighting that while the TSX Venture isn’t as mining-heavy as in past cycles, rising capital flows and exploration activity suggest a potential early-stage bull market for juniors. He also unpacks selective M&A trends in gold and silver, why copper still needs higher prices to incentivize development, and how he’s cautiously managing a strong-performing, junior-heavy portfolio amid growing market optimism.
- Click here to visit the MJG Capital website to learn more about Matt’s fund.
- Segment 3 & 4 – Dan Steffens, President of the Energy Prospectus Group, joins us to unpack the fundamentals driving oil and natural gas prices, rig count trends, and where he sees near-term upside.He explains why U.S. oil production may have peaked, how LNG export growth is tightening the natural gas market, and highlights two Canadian gas-weighted companies, Spartan Delta and Journey Energy, as attractive plays amid rising gas demand and discounted valuations.
- Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.
Key Takeaways From The Natural Resource Stock Expo In Atlanta – Part 1
Excelsior Prosperity w/ Shad Marquitz (05-29-2025)
Guanajuato Silver $GSVR, West Red Lake Gold $WRLG, Scottie Resources $SCOT, Angkor Resources $ANK, Sonoro Gold $SGO, Mandalay Resources $MND
https://excelsiorprosperity.substack.com/p/key-takeaways-from-the-natural-resource
Succinct Summation of the Week’s Events
Peter Boockvar – Substack – May 30, 2025
https://peterboockvar.substack.com/p/succinct-summation-of-the-weeks-events-228
Magna Mining Reports First Quarter 2025 Operating and Financial Results
May 29, 2025
– The acquisition of a portfolio of base metal assets in the Sudbury basin from KGHM International closed on February 28, 2025.
– The Company announced the closing of a $33.5 million private placement financing on March 5th, 2025.
– The quarter included 1 month of production from the newly acquired McCreedy West Copper mine.
– McCreedy West produced 790,000 lbs of copper equivalent payable in March. The total ore processed was 20,388 tonnes at an average grade of 3.01% copper equivalent.
– End of period cash balance of $38.3 million.
https://magnamining.com/magna-mining-reports-first-quarter-2025-operating-and-financial-results/
Santacruz Silver Reports Year End 2024 Financial Results
28 May 2025
>> FY 2024 Highlights
– Revenues of $283 million a 13% increase year-over-year.
– Gross Profit of $57 million, a 1670% increase year-over-year.
– Net Income of $165 million, a 1594% increase year-over-year.
– Adjusted EBITDA of $53 million, a 200% increase year-over-year.
– Cash and cash equivalents of $36 million, a 622% increase year-over-year.
– Working Capital was $46 million at the end of FY 2024.
– Cash cost per silver equivalent ounce sold of $21.90, a 16% increase year-over-year.
– AISC per silver equivalent ounce sold of $26.01, a 15% increase year-over-year.
– Silver Equivalent Ounces produced of 18,651,701, a 1% decrease year-over-year.
https://santacruzsilver.com/santacruz-silver-reports-year-end-2024-financial-results/
Impact Silver Announces Q1 2025 Financial Results with Near-Doubling of Revenue & Positive EBITDA of $1.0 Million
27 May 2025
“The Company is pleased to report revenue of $10.7 million for Q1 2025, double the $5.3 million reported in Q1 2024. This significant increase was driven by the commencement of new production at the Plomosas mine and higher commodity prices. EBITDA for Q1 2025 was $1.0 million, marking a strong recovery from the negative $3.6 million in Q1 2024. Net loss for the quarter was $0.1 million, a notable improvement compared to the net loss of $4.4 million in the same period last year. This reflects a substantial year-over-year improvement, as inflationary pressures on costs eased and commodity prices remained strong, supported by a higher aggregate production volumes. At quarter-end, the Company had $6.6 million in cash and no structured debt.”
Geiger stays away from small silver producers.
Geiger is sharp but doesn’t have all the answers, or the only successful approach.
He also doesn’t have exposure to midtier PM producers or or small gold producers, or advanced developers, or optionality plays. Those are all some of my favorite areas to invest and where I’m heaviest weighted.
I’ve actually been trimming back gains in gold mid-tier producers to add more to the smaller silver producers, as it is finally their turn to start getting more investor interest and capital.
Matt’s mostly in advanced or early stage explorers for gold, silver, copper, then royalty companies, and a lot of prospect generators. I personally have never loved prospect generators and rarely have much exposure to them.
He’s 80% in pre-revenue companies, and the 20% with revenue are only royalty companies. I’d never have that much exposure to pre-revenue companies personally.
I also don’t have near as much exposure to the drillplays as he or others take on, and think it’s crazy not to have been positioned in the PM producers for the last couple of years…but there are lot’s of different investing styles or approaches that work.
To each their own…
Santacruz(SCZ) okay, something substantial there but the same cannot be said for Impact. Maybe they can have a good run, totally dependent on price of metal. Much the same goes for Guanajuato stumbling around there down in Mexico.
Santacruz Silver is really a mid-tier producer now. It is producing about 18 million silver equivalent ounces per year (which is more than Silvercrest or Gato or MAG Silver or Endeaour or Aya were or are). Before First Majestic acquired Gatos it was only doing about 21-22 million silver equivalent ounces per year. So SCZ is in a whole different snack bracket.
As for Impact, Guanajuato, and Silver X; they are some of the key small silver producers that have been in the penalty box for much of this move in the PMs over the last 2 years, but I believe they are about to hit the stretch in this PM bull market where they have big improvements to their financials and operations over the next few quarters. Sierra Madre is a smaller silver & gold producer that is also just into commercial production that I’m very bullish on for the next 2 year roadmap they’ve laid out.
As silver stays up in the low to mid $30s and heads into the high $30s these companies are going to see outsized improvement metrics compared to the mid-tier and senior silver producers that are already humming right along. I believe these smaller silver stocks are really going to surprise a lot of resource investors over the next 12-18 months and could offer some easy multi-fold returns. Additionally, for each of those 4 companies solid exploration results from their ongoing programs will still give them more torque compared to the medium to larger producers.
I’m planning on interviewing Impact Silver in the week to come, and just interviewed Guanajuato last week. Also stay tuned down the road for another update with Silver X and Sierra Madre. All 4 companies are actually just starting to turn the corner operationally and financially with their Q1 results. Q2 should be a step-change even better for each of those 4 companies.
Look forward to the impact interview. Definitely high on my list to get back into ….. especially with the number of people who crap on it. 😉
Yeah, I’m looking forward to that discussion as well Wolfster, and actually like that there are so many PM investors still negative on these small silver producers and still punishing them for past underperformance instead of skating to where the puck is going….
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Guanajuato Silver (GSVR.V) was up 16.7% today
Sierra Madre Gold and Silver (SM.V) was up 10.2% today
Impact Silver (IPT.V) was up 9.5% today
Silver X Mining (AGX.V) was up 7.7% today
Just sayin’…. 🙂
https://www.tradingview.com/x/q0WiyX60/
NatGas : Lower Likely (Bensignor?)
https://www.tradingview.com/x/745Sx5ex/
DOLLAR : Bullish Gartley Formation
https://www.tradingview.com/x/ihYtA5P3/
GOLD : 50% Pull Back : 3366->3246
(GDX Tracking Positively)
https://www.tradingview.com/x/E7P6hng6/
SILVER : Gartley Trading Range?
Breakout at 34.57 (spot).
34.86 (spot) next.
It’s Time to Mine: Securing Critical Minerals
Ryan McEntush and Erin Price-Wright – May 29, 2025
“Critical minerals are the quiet enablers of modern power. They sit at the heart of technologies that define contemporary life and security, including electric vehicles, satellites, precision-guided weapons, batteries, and more. They are called ‘critical’ not merely because of their unique properties or limited substitutes, but because the supply chains that deliver them are fragile. They stretch across continents, and are vulnerable to geopolitical maneuvering, trade dependencies, and the erosion of industrial capacity.”
“Unlike bulk commodities such as iron or copper, many critical minerals are not extracted in high volumes as primary targets. Instead, they are typically recovered as byproducts or sourced from complex ore bodies that demand specialized processing. Their scarcity isn’t always geological; it’s often logistical, technical, political, and, most of all, economical. As an old quip has it: rare earths are not actually rare — just rarely worth the trouble.”
“In many cases, though, there are no viable substitutes for these minerals in their most critical applications. Rare earth magnets, for example, remain unmatched in efficiency; lithium-ion batteries still lead in energy density and commercial readiness. In 2022, the United States government officially designated 50 “critical minerals,” and some of the most strategically significant — including rare earths, lithium, cobalt, nickel, graphite, copper, and uranium— are laid out in the table below:”
https://a16z.com/its-time-to-mine-securing-critical-minerals/
In Canada, defaulting on a mortgage typically leads to the lender pursuing legal remedies to recover the debt, which often involves selling the property. If the sale proceeds don’t cover the outstanding balance, the borrower remains liable for the deficiency. The lender may also pursue foreclosure, which gives them legal title to the property, or use a power of sale, allowing them to sell the property without obtaining legal title.
On May 30th 2025, Wolfster stated:
If the bank forecloses on you for missed payments and then sells your house for less than what you owed that negative equity becomes unsecured debt just like a credit card which you can claim bankruptcy for.
In Canada, you can’t claim negative equity as unsecured debt, just like I said Wolfster. DT
Sure DT. You’re right and all the experts know nothing….. explain how if the house is sold how it can be secured debt????…..do you know anyone who has walked away from a home??? I do. They did as they were told. Ran up all their credit cards except their Amex card and stopped paying the mortgage. Handed over their keys and walked away. Mortgage was more than the house was worth. Never paid the bank a dime…..but what do I know compared to self anointed expert. How’s the Great Depression???🤡
With you Wolfster it’s always someone you know or something that happened to you, you never look at what the facts are its always the I seen and I done crowd. Small town thinking never cuts it with the real facts. You never think beyond yourself, whatever happens to you is what goes on everywhere else. LOL! DT🤣🤣🤣
Well I guess small town thinking found a loop hole you big city slickers haven’t found. 🤣🤣🤣. if it’s been done by someone it’s an actual fact …not what you claim to be a fact….. and just for a little extra insight for you I grew up in Toronto. Have only been in Alliston for the last 12 yrs…..oops. Got something else wrong there. I’m actually from the big city. Another DT fact goes into the fake news category. 😮
And Wolfster, if you went into a court of law and you told a judge what your friend had told you about his mortgage the judge would look at you and say, “it is not admissible in a court of law it is hearsay.” LOL! LOL! LOL! DT 😉😉😉
and Wolfster you might have been born or grown up in a big city, but you found your roots when you moved to Alliston Ontario. LOL! DT
Ignorance is bliss DT. It becomes unsecured credit when the home is sold. Bankruptcy discharges you of all unsecured credit except for fraud and spousal and child support. Might include student loans too…..but doesn’t include amount owing after the foreclosure sale if one exists. Don’t see a judge for that. Cheers.
And I’ll leave it at that cuz I know you will need to get in the last word. Spin the conversation elsewhere to distract from being wrong. You’d make a great MAGA cohort if you were American.
Wolfster, you must be naive if you believe the system can forgive mortgage default, we have the highest rate of mortgage defaults in Canada right now. How sweet it would be if you could walk into a bank and say here are the keys to my property that I don’t want anymore because it is worth less than when I bought it and/or I can’t keep up with my payments and walk away from my signed agreements. You can’t declare bankruptcy on mortgage debt, if that was the case banks wouldn’t lend out money to buy a home and we would all be renters including you. The Banks would be our landlords. If you have an education, it is wasted on you because you don’t know how to think. DT 🤣🤣🤣
Key Takeaways From The Natural Resource Stock Expo In Atlanta – Part 2
Excelsior Prosperity w/ Shad Marquitz (06-01-2025)
Denarius Metals (CSE: DMET) (OTCQX: DNRSF), Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF), Paramount Gold Nevada Corp. (NYSE American: PZG), Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF), Questcorp Mining (CSE: QQQ) (OTCBB: QQCMF), and more…
https://excelsiorprosperity.substack.com/p/key-takeaways-from-the-natural-resource-9b0