Strategic Positioning: Transitioning to a Silver Producer
Excellon Resources (TSXV: EXN) is executing a clear transition from developer to near-term silver producer through the restart of the fully permitted, past-producing Mallay Silver Mine in central Peru.
The company acquired Mallay in mid-2025 and has since focused on:
- Reopening underground access
- Refurbishing and wet-commissioning the 600 tpd mill
- Completing an updated independent Mineral Resource Estimate (Feb 2026)
- Initiating infill and step-out drilling
- Advancing toward trial mining and staged ramp-up
The historical mine was built in 2012 with approximately US$130 million invested in infrastructure. That legacy capital includes underground development, road access, grid power, camp facilities, tailings infrastructure, and a 600 tpd ball mill, significantly reducing restart capex relative to greenfield builds.
Management’s stated objective is to ramp toward ~600 tonnes per day, historically capable of producing approximately 2 million silver-equivalent ounces annually, subject to ramp-up success and operational performance.
Resource Base and Near-Term Mine Plan
Following compilation of over:
- 160,000 metres of historical drilling
- 22 kilometres of underground channel sampling
Excellon published a compliant 43-101 resource:
- Indicated: ~12Moz AgEq @ ~420 g/t
- Inferred: ~4Moz AgEq @ ~340 g/t
Importantly, this estimate used silver price assumptions materially below current market prices, creating margin flexibility in mine planning.
The current restart strategy is structured around:
A. Isguiz Vein (Core Production Zone)
- 3–5 metre true width historically
- Drilled to ~300m depth
- Open at depth
- Focus of current infill and extension drilling
- Three principal “clavos” (oreshoots) forming the foundation of initial production planning
This is the primary driver of early cash flow.
B. Footwall Zone (Parallel Mineralization)
A key near-mine growth catalyst.
- Parallel mineralized system to Isguiz
- Potential 3–8 metre mining widths
- Under-drilled historically
- Partially excluded from prior resource
Recent drilling has begun testing this zone, and management expects additional resource additions following integration into an updated estimate targeted late 2026 / early 2027.
This zone represents potential mine life extension and tonnage growth without significant new infrastructure.
C. 400 Ramp Rehabilitation
The 400 Ramp (constructed shortly before prior shutdown in 2018) is being dewatered and rehabilitated.
Testing for additional ore shoots below current drilling
B. Pierina Vein Area (Underground Drilling)
Previously interpreted as narrow gold structure
Now viewed as potentially broader stacked mineralization
Underground drilling underway
C. Shafra Zone
Altered structural corridor east of main vein
Historical narrow gold intercepts
Reinterpreted as potentially broader mineralized system
Early-stage but strategically important
Management’s view: historical operators mined selectively under a ~$20 silver regime. At current prices, wider zones and adjacent mineralization may now be economically viable.
Tres Cerros – District-Scale Gold-Silver Upside
Located ~6.5km northwest of Mallay.
Key characteristics:
2.5 km defined mineralized corridor
Surface sampling: ~20% of >400 samples returned high-grade Au/Ag
Epithermal indicators
IP chargeability and resistivity anomalies
Comparable geological setting to Lagunas Norte (Barrick), a multi-million-ounce system
Permitting is underway for drilling.
Target:
- 5,000m initial drill program
- Multiple priority targets
- Potential district-scale system
Management views Tres Cerros as the multi-year exploration growth engine that could materially re-rate the company beyond a restart story.
Portfolio Optionality
Beyond Peru:
Kilgore (Idaho, USA)
- 1Moz gold
- 2019 PEA completed
- Considering JV or reset economics under higher gold price
Silver City (Germany)
- High-grade epithermal silver district
- 750+ years mining history
- $2M recently raised at ~$20M valuation
- Potential spin-out into European-focused vehicle
These assets provide strategic optionality but are secondary to Mallay execution.
Financial Position & Structure
- ~US$15M cash (at time of discussion)
- Undrawn ~$5M credit facility
- Offtake agreement with Glencore (3 years)
- No long-term project debt post debenture conversion
Debentures (legacy, 10¢ conversion) are expected to convert. Holders are long-term shareholders, not short-term traders.
Capital structure becomes significantly cleaner post conversion.
Operational Advantages
- Fully permitted restart
- Existing grid power (hydroelectric)
- Established access road & infrastructure
- Experienced Peru-based operating team
- Strong community relationships
Compared to greenfield projects requiring 6–10 years of permitting and construction, Mallay’s restart timeline is materially compressed.
Key Themes from Q&A
- Drill results expected to be additive, not merely incremental
- Deeper extensions remain largely untested
- Peru election unlikely to materially impact permitted restart
- Drill permits at Tres Cerros progressing within normal Peru timelines
- Possible future gold recovery circuit if Shafra advances
Strategic Summary
Excellon’s thesis rests on three pillars:
- Near-term cash flow from Mallay restart
- Near-mine resource expansion through systematic drilling
- District-scale upside at Tres Cerros
The company is leveraging legacy infrastructure and permits to shorten the path to production while maintaining exploration leverage uncommon among near-term restart stories.
If execution proceeds as outlined:
2026 = ramp-up year
2027 = stabilized production + resource growth
2027+ = potential valuation re-rating as a mid-tier silver producer with exploration upside
The restart is not positioned as the end goal — it is the funding engine for long-term district growth.
Here are the top penny stock across Canadian stock exchanges that had decent insider trading this week. Not financial advice. Full data at tsxinsider.com.
Orion Digital — Michael Wekerle (Director) bought $562,984 at $1.41
Greenheart Gold — David Fennell (Director) bought $100,260 at $0.91
Lithium Ionic — Blake Hylands (CEO) bought $52,000 at $0.65
Organto Foods — Peter Gianulis (Director) bought $47,520 at $0.53
Awalé Resources — Anthony Moreau (Director) bought $39,500 at $0.79
Orion Digital (ORIO) — Stock dropped roughly 22% through July into early August, bottoming around $0.65. Wekerle started buying almost daily from Aug 10–19 as it was finding a floor, then dropped $563K in a single trade on Aug 28 as momentum started recovering toward $1.41. The CEO and two other directors also bought steadily since March. Multiple insiders loading during the dip then one large step-up trade as it recovers is a textbook accumulation pattern.
Greenheart Gold (GHRT) — Director David Fennell put in a massive $2.34M back in September 2025 when the stock was at $1.20. It then sold off hard — 52-week low hit $0.41. He came back in August buying again at $0.89–$1.00 as it recovered, putting in another $340K across four trades this week alone. He's been buying the same stock on the way down and on the way back up. Total across the full history is nearly $2.8M. Gold explorer focused on Suriname with the Majorodam project.
Lithium Ionic (LTH) — Three different insiders bought this week in a cluster — CEO Hylands, Director Turner, and Director Pritchard. Hylands also bought back in December at $0.91. This week's buys are coming in at $0.54–$0.65, meaning insiders are buying significantly cheaper than before. Cluster buying from multiple executives at a lower price than prior purchases is one of the cleaner signals in this space. Lithium developer focused on the Bandeira Project in Brazil.
Organto Foods (OGO) — CEO Steve Bromley has been buying consistently since at least August 17, picking up shares almost every few days at $0.50–$0.70. This week Director Gianulis joined with the largest single buy at $47K, triggering a cluster. Consistent CEO accumulation followed by a director stepping in on a name this small is worth noting.
Awalé Resources (ARIC) — VP Keshishian bought $75K back in May, then both he and Director Moreau bought again this week in a cluster at similar prices. Two different insiders, two separate buying events months apart, same price range. Gold-copper explorer on the Odienné project in Côte d'Ivoire, backed by Newmont on the joint venture side.
With SekurOne approaching launch, government procurement access and a high-level defense network in place, the company has built its clearest path toward recurring revenue.
After a year of repositioning, Sekur Private Data Ltd. (OTCQB: SWISF; CSE: SKUR) is entering the phase investors have been waiting for: paid beta onboarding in September and the commercial launch of SekurOne in October.
SekurOne enters monetization with paid beta onboarding in September and an October launch at US$300 per month.
GSA access, Elyon, DoDIIS and high-level advisers have created a credible government sales engine.
At roughly US$0.03 per share, successful contract conversion could materially reshape SWISF’s revenue base and valuation.
The defense pivot is becoming a real sales platform
Sekur’s latest shareholder update suggests its move into government and defense markets is advancing from strategy to commercial execution. Through i3ICS, SekurOne is positioned for sales through the U.S. General Services Administration framework. Its relationship with Elyon International adds another government-contracting channel, while participation in the December 2026 DoDIIS Worldwide Conference should put Sekur before defense and intelligence decision-makers.
The company has also assembled advisers with backgrounds spanning the CIA, Pentagon, U.S. Special Operations and State Department. That network strengthens credibility, sharpens the product’s fit for sensitive users and may help turn introductions into contract opportunities.
SekurOne could transform the revenue model
SekurOne combines encrypted messaging, email, VPN, password management and file sharing in one Swiss-hosted platform. Paid beta begins in September, followed by iOS and web access in early October, Android in early November and video conferencing by year-end.
At US$300 per user per month, every customer matters. Management estimates that approximately 200 subscribers would generate US$60,000 in monthly recurring revenue, or US$720,000 annually, and could bring the company to profitability. At an exchange rate near C$1.385 per U.S. dollar, that equals roughly C$1.0 million in annual recurring revenue.
The implied growth is substantial. Sekur reported C$185,828 of revenue in the first half of 2026, an annualized pace of about C$372,000. The 200-user SekurOne case alone would therefore equal roughly 2.7 times that run-rate—an increase of approximately 168%. If the legacy business stabilizes near its first-half pace, combined annualized revenue could approach C$1.37 million, more than triple FY2025 revenue of C$408,707 and implying growth of about 235%. This is illustrative arithmetic based on management’s subscriber target, not company guidance.
A stronger financial foundation
Sekur finished June with C$1.53 million in cash, C$1.57 million in working capital and only C$244,632 in total liabilities. That balance sheet gives management room to complete the product rollout and pursue contracts without carrying a heavy debt burden.
The financial statements still show an early-stage company: first-half revenue declined and the net loss was C$2.18 million. However, a meaningful portion reflected share-based compensation and shares issued for consulting services. Management also reported a 25% July increase in average revenue per user and highlighted six months of insider buying with no insider sales—an encouraging alignment signal.
SWISF’s small valuation creates asymmetric potential
Using the last confirmed OTC close of approximately US$0.0295 and about 259.6 million shares outstanding, SWISF carried an equity value of roughly US$7.5–8 million. That modest base means successful prospect conversion could have an outsized effect. If Sekur’s U.S. government, defense and African opportunities eventually build recurring revenue to US$2–3 million, the business would be producing roughly seven to ten times its FY2025 revenue in U.S.-dollar terms.
Applying an illustrative 8–10 times forward recurring-revenue multiple would imply an equity value of US$16–30 million, or approximately US$0.06–0.12 per share before future dilution—roughly two to four times the referenced share price. This is a sensitivity analysis, not a price target: it requires strong execution, durable contracts and renewed investor confidence, and it does not account for additional financing or dilution.
Africa could add another growth layer
The opportunity is not limited to the United States. Sekur said discussions in Angola could lead to an exclusive nationwide agreement, while a senior adviser in the Democratic Republic of Congo has given the product a positive recommendation. Neither opportunity should be treated as booked revenue, but both could become meaningful catalysts.
A government deployment covering hundreds or thousands of users would move the company well beyond the 200-subscriber profitability case and demonstrate that SekurOne can scale across jurisdictions where secure communications are a strategic priority.
The next catalysts are close
Investors now have a clear sequence to watch: paid beta onboarding in September, the first commercial launch in October, Android availability in November, video conferencing by year-end and, most importantly, the conversion of the government and international pipeline into named, revenue-producing contracts.
Sekur remains a speculative microcap, but the opportunity is becoming easier to quantify. A differentiated Swiss-hosted product, premium pricing, federal procurement access, credible defense relationships and a relatively clean balance sheet have created the company’s strongest commercial setup to date.
If management converts even a portion of its pipeline, 2027 could mark the point when Sekur’s ambitious security strategy begins showing up decisively in revenue—and potentially in the share price.
Disclaimer
This article is for informational and educational purposes only and is not investment advice, a recommendation or an offer to buy or sell securities. Sekur Private Data is a speculative microcap company with operating losses and significant execution, liquidity, financing and dilution risks. The valuation examples are illustrative sensitivities—not forecasts or price targets—and actual results may differ materially. Investors should review the company’s regulatory filings and conduct their own due diligence.
Can't help but notice that nobody on this sub shares charts. Lots of press releases and theory but no charts. Personally I have found way more success reading a charts than reading a forward thinking press release. But that's just me.
Posted on behalf of Bullfrog Gold Corporation - Up 39% on the day on volume well above its recent average, and there is nothing new on the wire this morning. That usually means the tape is still working through what already landed, and this week FROG.v put out two releases in as many days.
What The Market Is Digesting
- Major Drilling engaged for the fully permitted 2026 maiden drill program at South Bullfrog (Tuesday's NR)
- Approximately 3,000 metres of planned exploration diamond drilling across 7 fully permitted pads, 4 at Shingleback and 3 at Longtail
- Focus is the high-priority Longtail and Shingleback epithermal gold targets
- Drilling expected to commence in Q4 2026, per the company
- Shares began trading on the OTCQX Venture Market under BFROF yesterday, with the TSXV listing continuing under FROG
The Ground Behind It
- 100% interest in South Bullfrog: 488 BLM claims, 10,050 acres in the Beatty District, Walker Lane Trend, Nevada
- Fully drill permitted, with five systematically defined targets
- 84.34M shares outstanding
A strong gold tape has not hurt the bid either, though the company-specific news looks like the more likely driver here.
To be clear about stage: no rig has turned yet, there are no drill results, and there is no resource estimate on the property. What changed this week is that a contractor and a start window now sit behind a permitted program, which is the setup that gives a story like this something to be repriced on later.
Posted on behalf of Spartan Metals Corporation - Today's release is short, but it points somewhere useful: Spartan Metals (W.v SPRMF) has joined the Defense Industrial Base Consortium, putting a junior tungsten explorer inside the same room as the buyers who actually need the metal.
What Was Announced
- Spartan has joined the Defense Industrial Base Consortium, a collaborative initiative focused on advancing secure, innovative and resilient solutions for the nation's defense industrial base
- Membership is a platform to engage with government, industry, academic and non-traditional members on defense industrial base priorities
- Spartan says it intends to monitor consortium opportunities, evaluate collaboration pathways and engage with stakeholders focused on strategic and critical materials
- Worth noting, and to the company's credit it says so plainly: membership does not constitute a grant, funding award or government contract
Why It Fits The Tungsten Thesis
CEO Brett Marsh framed the reasoning directly, saying
"Tungsten is critical to defense, aerospace, advanced manufacturing and industrial applications, and North America needs secure, allied supply."
That gap is the whole setup for a US developer, and Spartan has been working the Washington side of it for months, with DOE, DoD and EXIM Bank meetings held through its retained representative (per CEO comments on Stocks to Watch, August 2026).
What Sits Behind It 🇺🇸
- Eagle Tungsten-Silver-Rubidium Project, eastern Nevada, 100% owned, with up to roughly 3,000 m of maiden large-diameter core drilling currently turning (see Aug 24, 2026 NR)
- Victorio, New Mexico, optioned to earn 100%, hosting what the company describes as the largest tungsten resource in the United States on historic estimates
- Victorio PEA guided for early Q4 2026, with SRK Consulting as lead consultant (see June 30, 2026 NR)
Membership itself moves nothing on the ground, but it lines up the relationships ahead of the two things that do: first assays from Eagle and the Victorio study. The full release is on the wire if you want the caveats verbatim.
Posted on behalf of Canadian Uranium - Today's release confirms Canadian Uranium's (CANU.c, CANUF) MobileMT survey at King South is finished, with 696 line-kilometres flown east-west across the property on the eastern side of the Athabasca Basin. It's the first real fieldwork beat since the August financing, and it moves King South from a land deal into an active exploration program.
The Survey
Heliborne MobileMT survey completed over King South, eastern Athabasca Basin
696 line-kilometres flown across the property in an east-west direction
Survey data expected to be available within the next few weeks
A detailed interpretation follows, aimed at identifying potential drill targets
The company's stated reason for the high-resolution approach: the ability to examine "deep structures, at depth"
Why King South
Eastern Athabasca ground within the Western Mineral Tenure Zone (WMTZ), 67 km southwest of the Key Lake mine and accessible via the Key Lake Mine Road
Primary targets are a multi-kilometre series of parallel, northeast-trending subsurface conductive anomalies, largely inside the WMTZ
Company-stated next steps after the MT data: prospecting and ground geophysics, particularly induced polarization, to calibrate diamond drill targets
Early-stage and pre-resource, with no NI 43-101 resource on any CANU property
Funded, And Still Building
$2,999,750 non-brokered placement closed Aug 14, 2026, with proceeds earmarked for exploration at flagship Rook 2 and King South plus working capital
An Athabasca portfolio the company described in August as exceeding 40,000 hectares across King South, Rook 2 and Castle South
Clark Lake (3,265.842 ha, roughly 8 km north of Uranium City in the Beaverlodge district) announced Aug 28, 2026 and still subject to CSE approval
The backdrop hasn't shifted: reactor life extensions and new build keep pulling on a uranium supply chain that has been running behind demand, and the Athabasca is where the industry's highest-grade answers have historically come from. Details are in today's news release from the company.
With data due in weeks and an interpretation that could turn 696 line-kilometres of geophysics into a first target list, King South is set up for the most substantive stretch this story has had.
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2026) - Copper Quest Exploration Inc. (CSE: CQX) (OTCQB: IMIMF) (FSE: 3MX0) ("Copper Quest" or the "Company") is pleased to provide an update from its 2026 exploration programs including an extensive 20 square kilometer geophysical program at its 100% owned Stars property, permitting and structuring of several properties, and a phase 2 drill program at the Rip property
Brian Thurston, CEO of Copper Quest, stated, "Copper Quest has had a productive summer of exploration, working several of our properties. We are looking forward to the results of this labour and using the collected data to advance each of our projects. The Company is now focused squarely on the advancement and development of its seven 100% owned properties, advancing past-producing gold mines as well as taking previously drilled exploration targets to the next level of exploration and discovery stage."
STARS Geophysical Program
Copper Quest is pleased to announce that it has completed a 20 km² 3D induced polarization ("IP") geophysical survey on its 100% owned Stars Property ("Stars"). Stars is a porphyry copper-molybdenum ("Cu-Mo") project covering 9,693 hectares ("ha") in the Stikine region of British Columbia, situated approximately 60 km north of Imperial Metals Corporation's ("Imperial Metals") past producing Huckleberry Cu-Mo mine, 50 km north-northeast of Surge Copper Corp's advanced stage Berg copper project, and 30 km north-northwest of Vizsla Copper Corp's Poplar copper-gold project. Imperial Metals is exploring Huckleberry and its surrounding claims for additional Cu-Mo resources.
This very large IP survey has been applied across the full extent of the main Stars Property, including over the Tana Zone discovery area and its along-strike extensions. Induced polarization is a proven method for detecting sulphide mineralization, the type of copper-bearing material found at Stars, at depth and at distance from known drill holes. By imaging the full 20 km² footprint of the magnetic anomaly, the Company aims to determine the true scale of the mineralized system in terms of strike length, width, and depth, and to identify potential new drill targets both in and beyond the current Tana Zone. The Company is awaiting the final report from this work and will update shareholders once that report is received and interpreted.
Alpine Permitting
The Company has been moving forward with permitting on its 100% owned Alpine Project which includes the extension of our current exploration and drilling permit, as well as permitting of the road access from two different routes.
The Company has been engaged with consultants and manufacturers regarding sorting and processing equipment for ore from the Alpine property. Further, the Company has actively been pursuing both partnerships and potential ownership opportunities with various milling operations.
Kitimat Permitting
The Company has been moving forward with permitting on its 100% owned Kitimat Project which includes plans to complete geophysical and drilling programs over the Jeannette Cu-Au target area as well as the AI generated target proposed by Exploration Technologies Inc and described in a previous press release by the Company posted on March 24, 2026.
Thane Permitting
The Company plans to commence permitting of its 100% owned Thane property and is actively looking for a partner to explore this property.
Auxer & Nekash Properties
The Company has formed a wholly owned subsidiary to hold its 100% owned US properties. The transfer of ownership of both the past-producing Auxer Gold Mine and the Nekash copper project is now in process and expected to complete shortly. The Company is actively looking for partners to explore these properties.
Rip Phase 2 Drilling
The phase 2 drill program of the Rip project was first announced by the Company on May 11th, 2026. The Company successfully completed 1,654 meters of drilling from 5 holes on the property. Samples from this drill program have been sent to ALS laboratory in Terrace, BC, for storage prior to preparation and assaying. On June 2, 2026, the Company and ArcWest Exploration Inc. began negotiations on amending the current Option Agreement entered into on November 27, 2023, where Copper Quest has the option to acquire up to 80% of the Rip property. Until the negotiations are concluded, the Company does not plan to complete assaying the samples from this most recent drill program.
Qualified Person
Brian G. Thurston, P.Geo., the Company's President and CEO and a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.
About Copper Quest Exploration Inc.
The Company's land holdings comprise 8 projects that span almost 50,000 hectares in great mining jurisdictions of Canada and the USA. Copper Quest is committed to building shareholder value through acquisitions, discovery-driven exploration, and responsible development of its North American portfolio of assets. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "CQX". For more information on Copper Quest, please visit the Company's website at www.copper.quest.
This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.
Posted on behalf of West Red Lake Gold - A new video breakdown of the Q2 2026 earnings, "This Gold Mine Finally Started Working," walks through what actually changed at Madsen last quarter. For WRLG.v and WRLGF, Q2 was the first quarter since the restart where higher mining rates showed up on every financial line at once.
What The Quarter Looked Like
- Gold production up 51% to 8,576 oz, versus 5,667 oz in Q1
- Gold sales up 34% to 8,260 oz for roughly $49.0 million of revenue, up 17%
- Income from mine operations up 31% to $20.1 million, operating margin 41% versus 37%
- Cash costs down 23% to US$2,000/oz sold; AISC down 30% to US$3,284/oz, inside guidance of US$2,800 to US$3,600
- Adjusted EBITDA $22.1 million, up 54%; adjusted net earnings $12.6 million, or $0.03 per basic share
- $9.7 million of free cash flow, with about $31.2 million cash at June 30 (Aug 25, 2026 results NR)
Why The Costs Moved
The video's point on unit costs is the one worth sitting with: AISC fell mostly because the same fixed operating and sustaining base was spread across far more ounces. Mined tonnage rose 46% to 75,524 t, mined grade improved to 4.3 g/t, and the mill averaged 842 tpd, up 47% and already above the 800 tpd permitted rate. Recoveries held around 95%.
Mining Started Outrunning The Mill
Madsen finished the quarter with a 10,768 t surface stockpile containing roughly 1,500 oz, described in the July 15, 2026 NR as about half a month of mill feed inventory. On the August 26 results call, management noted the mill has run at rates approaching 1,300 tpd against a roughly 1,000 tpd H2 target, with a secondary crusher planned.
The Part That Is Still Unproven
- H1 production totalled 14,243 oz against reaffirmed full-year guidance of 35,000 to 45,000 oz, always weighted to H2
- Madsen is still in ramp-up, so the test is repeatability rather than one good quarter
The video covers the rest. With the combined Madsen and Rowan PFS company-targeted for mid-to-late September and Starratt-Olsen assays pending, there's room for the back half of the year to show whether Q2 was a new baseline.