Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to review the Q1 2025 operations and financial metrics showing profitability from the very first quarter of commercial production at the La Guitarra Mine and processing plant, in Mexico. We also look a number of future development and exploration value drivers for the Company across their district-scale land package.

Q1 2025 Highlights

• Net Revenues: Silver revenues for the quarter totalled $2.34 million ($31.13 per ounce) and gold revenues totalled $2.89 million ($2,828 per ounce).
• The Company sold 75,137 ounces of silver ("Ag") and 1,022 ounces of gold ("Au") or 165,093 silver equivalent ("AgEq") ounces, based on the ratio of Au and Ag prices realized for each shipment in the period.
• Cost of sales was $3.6 million, approximately $21.84 per AgEq ounce sold.
• All-in-sustaining costs per AgEq ounce sold of $28.98 per ounce, compared to $32.18 in Q4 2024.
• Gross Profit was $1.2 million.
• Cash provided by operating activities was $535,000.
• Current assets, including cash, totaled $4.3 million at March 31, 2025, up from $3.5 million in Q4 2024.

Q1 2025 Operational Details

• Mine Operations: Milled 39,167 tonnes of material, silver recoveries averaged 79.21% while gold recoveries averaged 78.77%.
• Production: Produced 70,176 ounces of silver and 1,001 ounces of gold.
• Coloso Mining: On April 29 2025, Sierra Madre announced the start of underground mining at the Coloso mine within the Guitarra Complex. The estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins. During the ramp up of Coloso mining, various blending percentages for mill feed will be tested to ascertain best recovery procedures.

Alex then lays out the envisioned plan is to run the mill at 500 tpd most of next year, at the slated commercial production throughput. However, he then also shares the pathway forward where a modest amount of equipment can be purchased and installed to grow the mill throughput to 650 TPD in 2026, and then all the way up to 1,000+ TPD by the end of 2027. In addition to the potential of growth through production, we also discuss the leverage that a silver and gold producer like Sierra Madre will have to the potential of rising metals prices in 2025 and 2026.

Next we shift over into the larger growth vision of the company, as it will turn it’s it focus to exploring this district scale land package the end of next year, funded through organically generated revenues. The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines. Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure at the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already. Moving the Coloso Mine back into production will be another near-term area of future expansion, which could see supplementary production complimenting the current production coming out of La Guitarra.

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Sierra Madre Gold & Silver at the time of this recording.

Click here to follow along with the latest news from Sierra Madre Gold & Silver

In this KE Report company update, we catch up with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF), to dive into the company’s latest developments across all divisions - graphene production, G® Lubricant, batteries, and THERMAL-XR®.

Key topics include:

• Second Generation Graphene Plant: Early works are underway on a next-gen production facility that will boost graphene output 20x - up to 10 tonnes annually using the same inputs. This modular, scalable design could enable global rollout, with full commissioning targeted by mid-2026.
• Cost Efficiency and Environmental Advantage: The Gen 2 process is expected to significantly lower graphene production costs - potentially below the cost of mining graphite.
• G® Lubricant Commercialization: New independent engine tests show a 10% fuel saving and 33% drop in emissions. Sales have launched globally via g-lubricant.com, with distributor discussions underway. U.S. sales are pending EPA approval.
• Battery Division Progress: GMG is working with a top-tier U.S. battery innovation center to streamline pouch cell development. Craig outlines a timeline for customer testing and commercial readiness.
• THERMAL-XR® + Strategic Partners: While EPA approval is still needed for the U.S., interest remains strong - particularly from data centers and industrial HVAC users. New packaging and website updates are helping broaden access. OEM partnerships and licensing discussions are also discussed.

For follow-up questions, email fleck@kereport.com. Stay tuned for another GMG update in about a month!

Click here to visit the GMG website to learn more about the Company.

Taj Singh, CEO, and Adam Cegielski, President of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), join me to review their recent analyst site visit, the acquisition of EMX Royalty’s Nordic Business Unit, the pending drill assays from the Aida Target at the Paubäcken Project, drilling commencing this summer at the Nippas Target at the Storjuktan, and then the Harpsund Target at Paubäcken, all located on their 100% owned property along the Gold Line Belt of Sweden.

We start off with Adam recapping the key takeaways from their analyst and strategic shareholders site visit to see the flagship Barsele Project in a Joint Venture with Agnico Eagle, and then out to see the ongoing drilling at the Aida Target at Paubäcken. This led into a discussion about the growing institutional and analyst coverage of the company, and the keen interest from investors in the exploration upside along the Gold Line Belt, as well as the value already underpinning the company at the 2.4 million ounces of gold delineated at Barsele.

Next, Taj walks us through a few key drilling targets located at their Paubäcken Project, getting the exploration work this year. We touch upon the high-priority Aida Target (which is awaiting assays in the near-term), the Harpsund target which has shown promising Base-of-Till (BOT) drilling, surface till sampling, and geophysics that is gearing up to be drilled this summer, and the further ongoing targeting work at the Brokojan target.

Pivoting over to their Storjuktan Project, there have been some exciting developments at five new regional targets with gold-in-till anomalies matching geophysical data in both the north and south, with the Bråna target even showing outcropping mineralization and becoming a new target of interest for this year. Nippas is still the most derisked target at Storjuktan, and drilling is anticipated to be starting imminently in this next phase of the 25,000 meter exploration program.

Wrapping up Adam lays out the case for even more institutional coverage to be announced in the months to come, the strong financial position the company is in with over $7million still in the treasury for their ongoing exploration program, and the growing interest on Sweden as a jurisdiction for gold development projects.

If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them to me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of First Nordic Metals at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from First Nordic Metals

In this KE Report company update, we’re joined by Tim Clark, President and CEO of Fury Gold Mines, and Bryan Atkinson, SVP of Exploration, to unpack a busy year ahead.

The conversation starts with a key milestone: Agnico Eagle’s $4.3 million strategic investment in Fury, signaling growing institutional confidence and a renewed focus on the Committee Bay Gold Project in Nunavut. Tim outlines why the structure of this deal, an equity stake rather than a project specific investment, preserves upside while aligning Fury with a major regional player.

Bryan then shares details on Fury’s upcoming 5,000-meter drill program at Committee Bay, marking the first drilling since 2021. The program targets high-grade extensions at Three Bluffs and brand-new regional shear zones with strong discovery potential.

The update continues with Fury’s growing Quebec portfolio, including:

• Sakami Project - Drilling begins imminently, targeting confirmation and expansion of a broad gold zone.
• Eau Claire Project - High-grade, road-accessible gold deposit with existing M&I resources and room to grow.
• Comments on strategic positioning around the Éléonore Mine, now owned by Dhilmar, and what this means for consolidation prospects.

As a recap… Drills mobilizing in 10 days. Three major programs planned. High-grade targets across the board.

If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com.

Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news.

Dr. Robert Quartermain, Co-Chairman, Director and CEO of Dakota Gold (NYSE American: DC), joined me for an update on their Richmond Hill Project and Maitland Gold Project, both located in the historic Homestake District of South Dakota, near existing mining infrastructure. The company is advancing its Richmond Hill project toward eventual surface heap leach gold operation as soon as 2029, and expanding the high-grade gold mineralization discovered at the Maitland Gold Project toward an initial resource estimate.

We start having Robert share his background in the industry, as he was previously the Executive Chairman of Pretium Resources Inc., which he founded in October 2010. Prior to Pretium, he was President and Chief Executive Officer of Silver Standard Resources Inc. (now SSR Mining Inc.) for 25 years from 1985-2010. Not only does he have a wealth of experience in developing and constructing producing mines, but he has assembled a solid management team and board filled with industry veterans that have worked in either the Homestake Mine, before it closed down, or the currently producing nearby Warf Mine, operated by Coeur Mining.

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

S-K 1300 Mineral Resource (Heap Leachable):

• 65 M oz M&I Gold, 2.61 M oz Inferred Gold
• 1 M oz M&I Silver, 22.8 M oz Inferred Silver

Dakota Gold has engaged the current consulting groups based on their capabilities to deliver an Initial Assessment with Cash Flow (IACF) in mid-2025 (similar to a PEA). This economic study will be based on a 30,000 ton per day crushing circuit, and further the project towards ultimate production. The Company continues Feasibility planning with M3 as the overall Study Manager as well as the lead for processing, while RESPEC will manage the mining and environmental aspects

There are currently two drill rigs turning at Richmond Hill. In 2025, the Company expects to drill ~80,000 feet (24,384 meters) using a combination of Reverse Circulation and Core drilling. The primary focus of the program is to collect metallurgical samples for the Feasibility Study, infill, and expansion resource drilling in the northeast corner of the Project area. This area is expected to be mined at the beginning of the mine plan and is higher-grade than the overall deposit.

At the Maitland Gold Project the Company is currently assessing the exploration data collected to date from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource. The work is expected to be completed in the fall of 2025. To date the JB Gold Zone has encountered a number of high-grade intersections which average 10.76 g/t Au over 4.0 meters.

With the recent financing announced March 20, 2025, the Company currently has a cash balance of $47 million as noted in the filed 10Q as at March 31, 2025, and is fully financed through the IACF and the subsequent completion of its Feasibility Study on the Project.

If you have any questions for Bob Quartermain regarding Dakota Gold, then please email those in to me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Dakota Gold at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Dakota Gold

Jamie Levy, President and CEO of Generation Mining Limited (TSX:GENM, OTCQB: GENMF), joins me for an update on their fully-permitted and shovel-ready Marathon Copper-Palladium Project in Northwestern Ontario. We talk resources, key metrics from the Feasibility Study, options for the upcoming mine financing, and the potential for funding support from the province of Ontario.

We start off talking about he robust resources at Marathon with 1.1 billion lbs of copper, ~4 million ounces of palladium, and 1.3 million ounces of platinum, with some additional co-credits from gold and silver. Jamie highlights the importance of developing domestic sources of these strategic metals in Canada, and the interest from the provincial and federal governments on expediting the construction of new mines and sources of supply in country.

The Feasibility Study estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals.

We discuss the capital stack coming together starting off with the Wheaton Precious Metals stream, which consisted of an early deposit of $40 million (received) and then an upcoming $200M construction payment for 100% gold and 22% platinum production. Endeavour Financing has also helped set up a mandate letter for banking syndicate of Export Development Canada, ING Capital LLC and Societe Generale to arrange a Senior Secured Project Finance Facility of up to $540M. Conditional on final diligence and debt capacity. Additionally, there are ongoing discussions for $200M of deeply subordinated debt, and the potential for government grants.

Wrapping up we discussed the experience of the team in developing and building prior mines, and why they'd prefer to build Marathon internally, but are still open to the options of JV partners or a project scale if it was the best value creation for shareholders.

If you have any questions for Jamie regarding Generation Mining, then please email those in to me at Shad@kereport.com.

Click here to follow the latest news from Generation Mining

Astra Exploration (TSX.V:ASTR - OTCQB:ATEPF - FSE:S3W) CEO Brian Miller returns to share assay results from the company's initial drill program at the La Manchuria gold-silver project in Argentina.

Since our last conversation in February, Astra has completed a 2,468-meter, 11-hole program targeting extensions and parallel structures in the project's main zone. The market took notice after the company reported three out of four holes that returned high-grade intercepts.

Brian breaks down:

• Key results from the first four holes and why 108A stands out
• The structural complexity and vein density of the system, including up to 20 individual vein structures in one section
• How Astra is stepping beyond historic drilling to expand the known mineralized footprint
• Expectations for remaining assays and timing for the next drill program
• Current treasury position (~C$2M) and next steps for drilling once field conditions improve

With a more bullish gold market backdrop, strong results like these are finally being rewarded. Astra is positioned for a potentially transformative year.

Visit Astra's website to review the latest news releases. Email questions to follow up with Brian on the next update - Fleck@kereport.com

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition and key takeaways from the recent site visit that he took to see the First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) projects along the Gold Line Belt of Sweden.

We start off getting some of the nuances around using the collective wisdom of other institutional site visit attendees and various members of the First Nordic team on-site to get a better understanding of the various projects, key targets identified, exploration work underway, and what criteria other investors and analysts were weighting more heavily.

The conversation then turned to the underlying value in the 2.4 million ounces of gold defined so far in the Barsele Project, in a JV with Agnico Eagle. Erik outlines that some member of Agnico Eagle were present at the site visit and outlined 7 drill targets they’d be going after for this year’s exploration program.

We also discussed the amount of drilling focus that the Aida target has received at the Paubäcken Project, with many assays pending release from the lab, and some showing visible gold. When Erik was there the team finished up drill hole #38. The exploration team at First Nordic has also done a lot of targeting work for upcoming drilling at the Harpsund target, and more targeting underway at the Brokojan target.

The Storjuktan Project is also seeing drilling get underway at the Nippas target, which has had a lot of targeting work completed thus far. Additionally, there are several other regional targets at Storjuktan that different geologists and analysts were animated by, particularly Bråna to the south, due to mineralization that is outcropping at surface.

We wrap up discussing the financial health of the company to continue the ongoing 25,000 meter drill program across the Gold Line Belt.

* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website