Weekend Show – Joe Mazumdar & Dave Erfle – Mid Year Review Resources: Gold, Silver, Copper, Juniors
With the first half of 2025 now in the books, on this Weekend’s Show we conduct a mid-year review of the resource sector. Joe Mazumdar of Exploration Insights and Dave Erfle of Junior Miner Junky break down what’s driving metals prices, why equities are outperforming, and whether the junior rally has legs. From gold’s momentum to copper’s supply crunch, this episode maps the capital rotation underway.
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- Segment 1 & 2 – Joe Mazumdar, editor of Exploration Insights, joins the KE Report to recap a strong first half of 2025 for the resource sector, led by gold equities, platinum, uranium, and copper. He discusses how rising metal prices and widening margins boosted performance, while juniors ramped up drilling thanks to renewed financing. Despite this strength, developers remain undervalued, with M&A activity slowly returning, driven mainly by intermediates seeking near-term production.
- Click here to visit the Exploration Insights website to follow along with Joe.
- Segment 3 & 4 – Dave Erfle, founder and editor of The Junior Miner Junky, joins us for a mid-year recap focused on precious metals, highlighting the drivers behind gold’s 25% surge in the first half of 2025 and the growing investor rotation into silver and junior mining stocks. He emphasizes the weakening U.S. dollar, sovereign debt concerns, and strong central bank gold buying as catalysts, while noting gold equities’ outperformance, rising silver momentum, and even renewed investor interest in copper amid a potential stagflationary environment.
- Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.
Sibanye Stillwater could hardly look more bullish.
https://schrts.co/WbRGcVCh
Sibanye has doubled in 3 months; I was looking at it one week ago. DT
The breakdown continues. Gold broke more uptrend support versus silver this week which is obviously a good thing for the rest of the sector.
https://schrts.co/szQWgPyh
Commodities Update – Mid-Year Review Gold, Silver, Copper, Uranium
Excelsior Prosperity w/ Shad Marquitz 07/04/2025
https://excelsiorprosperity.substack.com/p/commodities-update-mid-year-review
Gold and silver put in major lows in 2022 after setting bear traps and GDX put in an even more significant (all-time) low versus FNV in 2022. GDX:FNV has doubled since that low and this is still just the beginning. The message? Risk beats safety in a bull market.
https://schrts.co/EIdSBsJA
IPT appears to be starting its next leg higher…
https://schrts.co/xEUJnzcU
Could we call that a toe hold, not a leg?
It moved 103.5% off of April’s low and did so with significant strength and volume. That’s a legit leg.
And now we have a 5 year fork breakout that set the bar a lot higher than I needed…
https://schrts.co/Hhgqdhdr
Terry, you really should address your biases.
You’ve got an irrational problem with IPT but no problem with KTN even though it:
– fell exactly as much as IPT following their 2020 highs (88.8%)
– just announced massive share dilution to raise $20M (equal to 21% of the current market cap)
– is up just 94% since its long term low while IPT is up 115%
To be clear, my outlook for both companies remains very bullish (yes, VERY).
Matthew, biases going in both directions. In Q1 2025 they break even after 25 years of pitiful silver production and bragging about this. I sold my share 1.5 years ago and it still hasn’t got back to that SP. It is just a pathetic inconsequential little company in a less than favorable jurisdiction and not worth an investment.
So you sold at the top of the last rally and shit on the stock the whole way down to its most recent low and are still crapping on it after it’s doubled on its most recent run. Can’t say I remember you mentioning where you moved your money to instead. Don’t bother giving me one of those hindsight claims. Step up and tell us where you money is now instead so we can compare the performance going forward of your recommendations vs IPT.
Just as I expected, not even an attempt at explaining why KTN warrants your respect despite its inferior performance. Here’s another stat for you: KTN is still down 28% since its January 2016 low while IPT is UP 195% since its own January 2016 low.
So how about those miners of consequence that impress you so? Do you mean the likes of Pan American? It is among the biggest and most respected silver miners and like most, it has performed better than most pure plays since it cheats with more gold production than silver production. It is currently up 516% since bottoming in January 2016 but was up 675% in 2020. Yup, it sure is up a lot more than IPT but those who should be in the junior space know that that fact is completely meaningless. Following that January 2016 low IPT went up almost 1,100% (almost 12x) in 8 months. Then, following its 2018 low it went up 550% or 475% in 4-5 months following its “covid” low.
Optionality (leverage) is the name of the game and few “consequential” miners deliver it like IPT.
It’s a zinc miner now, not silver. Let’s call it IPZ.
Most silver miners are zinc miners and IPT still mines more silver than zinc. The bottom line is, in this case, the bottom line and IPT got a great deal on that zinc property (which includes plenty of potential for other metals).
And of course you still can’t explain why KTN gets your approval but IPT does not. Funny stuff.
Still just the beginning:
https://schrts.co/MKkYpjxB
The end of the beginning happens near .50 Cdn…
https://schrts.co/HGnNBzNS
Terry, I just interviewed Fred at Impact Silver last month and he mentioned that even with Plomosas production there is still a lot of silver included, and that overall their production mix is still about 75% silver as far as metals exposure.
That is still best-in-class exposure to silver compared to the vast majority of other “silver” companies that average 20%-50% silver in their metals mix.
Now, if they are successful in their exploration at both Plomosas and around the Zacualpan district then they may add in more gold and copper to their metals mix over the fullness of time but that isn’t going to dampen most metals investors enthusiasm for the stock.
______________________________________
Here is the part of that interview with Fred where I ask him specifically about their metals mix and the new knock against them that they are getting more “Zinc” focused, which he fielded back very well.
Nice charts Matthew, thank you!
Bluebird Mining – well this is different! I found out about it here:
https://www.youtube.com/watch?v=inI0SC3Zj4A
So I find myself praying that some of my bad choices try this trick so I can unload them and move on –
Great VIDEO MIKE…………. thanks…….
the guy has a great take on the SCAMMers……
Seems Trumpster and sons and wife,… profited very nicely….
Convenient that some legislation was enacted to protect the fraud…
If you are convicted of fraud which is what scammers deal in you should be sentenced to wear a sandwich board for the rest of your life detailing your activities. LOL! DT 😉
Interesting video Mike on all the companies that failed in business (like Bluebird Mining that was briefly mentioned), but are now converting to Bitcoin Treasury companies and seeing multibagger returns as a result.
It is crazy that investors in the US, Japan, and now Great Britain are paying a premium in stock valuations to the underlying value of the Bitcoin holdings, when they could just own the Bitcoin themselves or in the US own the Bitcoin ETFs themselves instead of getting ripped off paying up for Microstrategy (now just Strategy) or all these defunct biotech and tech and hotel companies and even mining companies now rebranding as Bitcoin treasuries.
As fraud expands, regulators are eliminated and DOJ looks the other way. Maybe We should do a KER Meme coin. No wonder the West’s central banks are reluctant to recognize physical metals. They prefer paper (electronic) markets whereby they can be controlled without oversight.
Good idea lakedweller2. Stay tuned for the launch of the KER meme coin! 😉
I thought it was a GREAT HEADS UP…………. on what is going on ……. with BIT CON…. and ALL THE COINS… BUNCH OF JUNK….. This is worse than the ROMAN EMPIRE…. FRAUD EVERYWHERE…
MICRO …. Strategy ….. BS artist coming out of the woodwork and being EXPOSED for what they are…
BEST VIDEO OF THE WEEK……….. IMO
I agree Jerry. I have never trusted the theory of bitcoin but this video was an eye opener how another form of derivative goes unchallenged by the regulators. This fits the definition of theft by deception and Wall Street rushes to take advantage. Another Scam as a business plan. Coupled with Market Intervention in stock markets, schemes to divest houses by Hedge Funds, Transfer of wealth of the future US Treasury, citizens United buying politicians, alteration of accounting rules, obligating individuals to excessive debt, eliminating public services, privatizing institutions out of reach of the general public, etc … it appears the agenda is the demise of property rights in the public.
If you want answers to questions you can search ‘ask deepseek’ and it will give you good answers in seconds…in English.
Western AI only wants to further control global south.
Thanks LAKE for the backup………… appreciate the comment….
Seasonality wise, July has been the best year for Freeport!
https://stockcharts.com/freecharts/seasonality.php?symbol=fcx&compare=
I’m glad you pointed that out because it caused me to take a look a Brixton which is now very much a copper play. To my surprise, it closed 9 of the last 10 Julys higher and the one that didn’t close higher closed unch. COPX closed 7 of the last 10 months higher and BHP closed 6 out of 10 higher.
Yes! and today was a good day to purchase more FCX. I also bought VALE
Blue Bird…… BAG HOLDERS….. the only thing you are going to get is wind at the end…
that is NOT INVESTING…..not even as good as gambling…. Hole in the ground , hole in your head…
PURE BS……….
at zerohedge……
300% Increase In American Investors Defrauded By ‘Pump’n’Dump’ Stock Fraud:
Scammers push victims to buy low-priced stocks in emerging companies, promising high returns and even vowing to cover losses…
For those who didn’t notice, June delivered silver’s highest monthly close since August, 2011, 166 months ago. The previous high monthly close this year happened in March which was the highest since September, 2012, a 150 month high.
https://schrts.co/ChpPmvFQ
Yes.,,,, I think ,I pointed that out…. on the 2nd quarter HIGH closing…. when I was talking to Glen
Any thoughts on sandstorm gold being taken over by Royal Gold?
Before today, I’d bet some people thought we had a H&S top in IPT:SLV.
https://schrts.co/DHQimAJX
After today you have a new company there called IPZ, with a little silver and a sliver of gold on the side. In 20+ years of mining its total silver production barely equals what an SCZ produces in a few quarters, as an example.
IPT up 16.67% just today alone. Sorry missed your big winners you were suggesting. It’s all about making money and so far you have contributed nothing but a solid contrarian indicator. Cheers.
Good for you Wolfster finally making money in IPZ. Impact measures its silver reserves in tens of million ounces, where other silver miners have hundreds of millions of ounces. If you want silver, IPZ is not the place to be.
Silvercorp is undervalued with lots of potential. Coeur you have to pay up for. Hecla is all North American and they have weekly options which I find useful at times. I don’t own any silver companies, mostly selling options for income using SLV, AGQ, HL, PAAS….
One other thing that bothers me about Impact is the use of Fred’s family accounting company to do the books which seems like a conflict of interest.
Terry, I just interviewed Fred at Impact Silver last month and he mentioned that even with Plomosas production there is still a lot of silver included, and that overall their production mix is still about 75% silver as far as metals exposure.
That is still best-in-class exposure to silver compared to the vast majority of other “silver” companies that average 20%-50% silver in their metals mix.
Now, if they are successful in their exploration at both Plomosas and around the Zacualpan district then they may add in more gold and copper to their metals mix over the fullness of time but that isn’t going to dampen most metals investors enthusiasm for the stock.
______________________________________
Here is the part of that interview with Fred where I ask him specifically about their metals mix and the new knock against them that they are getting more “Zinc” focused, which he fielded back very well.
You mentioned a lot of other silver companies there but none of them have more exposure to silver at present than Impact Silver does.
The only 2 companies that have a greater percentage of silver production is Aya Gold & Silver upwards of 100%, and Americas Gold and Silver which are guiding to have 80% exposure to silver by Q4 of this according to CEO Paul Huet and on their Corporate slide deck.
– Pan American Silver (PAAS) only had 19% silver exposure prior to their recent takeover of MAG silver, which will boost that back up to approximately 27% silver in the production now.
– Hecla has 39% silver in their production.
– First Majestic has 43% silver in their production.
– Fresnillo (the largest silver producer) has 46% in their silver production.
– Santacruz Silver has 48% silver and 50% zinc in their production. (so they have more zinc exposure than Impact Silver does, but still more silver exposure than any of those aforementioned senior producers)
– Silvercorp has 62% silver in their production
– Endeavour Silver has 67% silver their production.
—> So again, all those companies actually have less silver percentage exposure in their production mix than Impact Silver currently does at ~75% silver in their production.
The fact that you focus on its production instead of its exploration potential is a sign that you should avoid the sector altogether.
As a supplement to its financings, the production has been nothing but a good thing but it’s the massive land they control that makes it appealing. It has not been tested by modern methods prior to IPT and even the waste rock left by the Spaniards is high grade by today’s standards. And there are many thousands of old workings. This bull market will provide the capital needed for much more aggressive drilling. Contrary to popular belief, the last true bull market ended in 2006 and was a modest one.
Btw, SLV is up 1.86% so far this month while IPT is up 34.62%. That’s 18.6x leverage to silver. Exactly the kind of leverage that I told you and jonsyl would remain intact when the secular bull resumed. Not bad for a zinc company.
They are very secretive with their information. Months go by with no news. Now all these good drill results released by them. They have all their own drilling rigs operating, tight control of their information so I am skeptical about anything reported by them. And top management have very few shares in the company, just collect pay cheques.
Luckily your perception of management is way off. Management and insiders, btw, hold 10% which is plenty. 20% is held by the likes of Sprott,
As for the lack of bankable ounces, that’s a good thing in my opinion and I’ve said so here since long before you got here. The plan has been to conserve capital and avoid debt. Drilling off a lot of ounces, especially above the “inferred” category, is expensive and unnecessary for a company like IPT. Although there have been plenty of others like you that require 43-101 resources in order to find confidence in a company. I’d bet my portfolio that IPT’s properties hold more silver and other valuables than KTN’s and as this bull market proves itself I’d also bet that it will finally make sense to drill like they never have before AND increase production. The company has in fact done a stellar job of preserving the share structure when you properly account for the Plomosas acquisition.
In twenty years of mining Impact has only produced about 13 moz of silver, with reserves of 35 moz.
KTN has drilled up hundreds of millions of ounces. No limit to Kootenay’s potential.
Ten percent shares held by management? Never seen that number before, more like <1% is the reported number. And 20% held by Sprott and others?? I doubt that also.
Share ownership is listed on page 7 of their corporate presentation.
The other institutional investors include GR Asset, BCV, Commodity Discovery, EOP, and Crescat. Sprott is not new to IPT. I don’t know if he goes in and out of it or has carries a long term position but I’ve seen his name listed as an owner repeatedly since around 2007. As for management and insiders, 10% is not new.
Your IPT ownership numbers are not available on their site where you say. Inside ownership is less than 1%, managers are juzt collecting paycheques and have little interest i the company for their own investments. The likes of Sprott does not own 20%. I don’t know where you are getting these numbers.
Here you go Terry:
https://impactsilver.com/site/assets/files/6099/2025-03-iptpptx.pdf
PAGE 7!
And, FFS, you are embarrassingly and irresponsibly wrong about management.
Terry, you need Michael.
https://www.youtube.com/watch?v=l60MnDJklnM
No reason to believe these unsubstantiated numbers reported on IPT website
Institutional..20%
Management..10%
Far different numbers reported elsewhere
For the first time since April, 2023, XAU:GLD has closed a week above the 200 week MA and 250 week EMA.
https://schrts.co/WAfbhDEG