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**SILVER Investors!** You Best FOCUS on This! 🔥 (Precious Metals Update + Silver47 CEO) · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:00
  Historic moves in the silver market and it's an exciting time
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  to be a silver developer and explorer.
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  Today we have a special guest, Galen McNamara.
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  He's the CEO of Silver 47. We're going to get his take on
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  what's happening right now in the silver market and then we're
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  going to talk about what's going on specifically at his company
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  Silver 47. They have three huge Silver X
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  exploration development stage projects, all in the United
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  States. I'll let him tell us about those
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  later in our interview. Galen, welcome back to Ron's
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  basement. Great.
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  Thanks to thanks. Thanks for having me back on and
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  great to be back. You know, you're just telling me
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  backstage how the first time I was on two years ago, the silver
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  price was something like $24.00. And what what a difference two
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  years has made? Yeah, the said technically I
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  think it was October 28th of 2023.
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  I went and checked and the silver price closed at $22.79.
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  I think I remember us, you know, talking about what a great value
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  silver and the silver miners were at that point.
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  So I think we've got a lot more people now joining us in the
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  silver sector. I can tell you that from, you
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  know, continuing to the put out content, there's more and more
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  people coming in every day. And it really has been a
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  historic move that we've seen in silver.
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  I know we could talk about this for hours, but any kind of high
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  level observations you've had about what's going on in the
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  silver market? Well, it's, it's been a wild
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  month or two or or something like that where we've seen the
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  price move up to 120, which was, you know, not something that I
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  think any of us thought would happen so quickly.
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  And then pulling back to a little over $70.
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  And I think today it's, it's just over 80.
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  I mean, that type of volatility is a hallmark of a bull market.
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  And I think if we go back to the bull marks of the past, we see
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  that those types of pull backs actually have happened.
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  And I don't want to say regularly because I feel like
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  there was a, a Friday a couple weeks ago that was just a very
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  rare day to the downside, but just a, a very, very rare day
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  because we really did get going so much, so fast.
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  I remember being at, I think it was Christmas dinner and, and
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  looking at the futures price in Asia and going on when these
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  markets open tomorrow, things are going to get crazy.
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  And, and they, and they certainly did.
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  So it's been a wild ride. Personally, I'm, I'm strapped in
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  for it for the duration, but the, you know, one thing that I
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  keep coming back to is that, you know, I, I look at the price of
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  silver in Shanghai because that's become almost mainstream
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  now. We're seeing that on X all the
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  time and on all social medias. And it just really does seem to
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  be leading what we're seeing here in North America, both in
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  the futures and on the spot price.
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  And it and it, and it just, it just screams of this disconnect
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  between East and West and where do we have these abundance of
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  paper contracts where there's, you know, hundreds of paper
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  contracts out for every ounce of, of silver and registered
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  vaults while it's here in the East.
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  So I mean, let's make of that what we can, but you know,
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  that's just something that I find interesting.
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  Yeah. And I hear a lot of leaders in
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  the precious metal sector saying that another difference with
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  this rally is that previous rallies were kind of based on
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  the in the on the futures markets on more speculation,
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  whereas this rally has has kind of unfolded over a little bit
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  longer period of time. And it's actually been a
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  physical driven rally that it's the actual physical demand from
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  China, from India, from other even Europe we're reading about
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  now that there's this massive actual physical demand for the
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  metal and it and it begs the question like where's the future
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  supply of silver going to come from?
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  Well, that's it. That is a really good question.
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  And not only where's the future supply going to come from, but
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  where's it going to come from domestically, because most of
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  the refining capacity right now is in Asia and everyone knows
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  that critical minerals are at the forefront.
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  Silver is not one of them. And you can't just turn on mine
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  supply with a snap of your fingers, especially in first
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  world countries, because you have to walk through,
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  unfortunately, years and years of of regulatory stuff from when
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  you make a discovery onward. Now that's getting a lot better
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  now with the current administration, but we just have
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  environmental and and Labor Standards here that are the best
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  in the world and just take a little bit more time.
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  And that's a good thing. But again, you can't just turn
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  on production, you know, like this in a material way.
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  Yeah, I heard Phillips Baker, the previous CEO of Hekla, the
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  America's biggest and oldest silver mining company, he was on
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  a Kitco article of I'm sorry, interview a few weeks ago.
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  And he said he thought the earliest that we could see any
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  kind of an uptick in output of silver from the mining sector
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  would be be the year 2030. And then, you know, on top of
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  that, yeah, this is a a physical driven rally.
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  It's a fundamental driven rally. You know, you and I kind of
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  joked around at the beginning of this interview back in October
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  of 2023 when the silver price was at $22.00.
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  There weren't a lot of people out exploring and developing new
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  silver mines. And like you said, it takes
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  years, if not sometimes decades for, for for for discoveries and
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  for new mines to come online. I want to give you a compliment.
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  I say this to the other CE OS in the exploration and development.
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  Like you were kind of a visionary, right?
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  I mean, there weren't a lot of people 23510 years ago looking
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  for silver that can fill this pipeline that's empty now.
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  And I think it's, you know, a compliment to you into what
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  you're doing with Silver 47. I mean, you've got three big
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  projects and I am a shareholder. I have to disclose that and Full
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  disclosure, but I was a shareholder in your previous
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  company that that was a that was merged in to create Silver 47.
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  And I wanted to find companies that had silver big projects in
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  the ground in good jurisdictions and there just aren't a lot of
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  them. So with that introduction, will
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  you walk us through what's going on with Silver 47 because I'm
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  very excited. Maybe we'll start up at the
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  north with Red Mountain in Alaska.
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  Kind of tell us what's what's there now and and what you're
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  excited about in the future. Yeah, that sounds good.
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  Well, you know, thanks very much for the compliment.
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  It just goes back to the fact that, well, first of all, I'm a
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  geologist. I've always been exploring for
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  precious metals for generally for gold and silver, but also
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  for uranium and copper and zinc and other things a little bit
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  too, but very passionate about gold and silver.
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  And you know, I've always known that good silver projects are
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  really hard to find. Therefore, they're valuable and
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  good silver projects in a place like the United States where
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  property rights matters, put it that way, you know, or even, or
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  even more difficult to find. So I can probably count the, the
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  projects that would fit that would check that box for me in
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  the United States on if not one hand, then almost one hand.
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  And you we've got three of them. So yeah, I, I, we're very, we've
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  been fortunate to have worked through the hard times and now
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  are in a position to really add value to these projects.
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  So let let me start with the project in Alaska.
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  It's called the Red Mountain project.
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  It's about 60 miles South of Fairbanks.
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  It covers something like 40 miles of a belt of good rocks
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  that can host these types of high grade deposits that we're
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  after. Then in Alaska, it's very much a
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  critical mineral mix with a lot of silver in play.
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  Where there's silver, there's zinc, there's lead, there's a
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  little bit of antimony, there's a little bit of gallium, there's
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  a little bit of Indium, there's a little bit of tin even.
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  The only thing in the deposit that's not a critical mineral is
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  gold. So I, I figure if there's one to
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  have, it's that in total, if I combine them all and just to
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  keep it very simple in terms of silver equivalent oz, there's
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  something like 167,000,000 silver equivalent ounces in the
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  deposit so far. But I would say that that is the
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  property is probably less than 5% explored.
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  To put it conservatively, there's dozens and dozens of
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  high grade showings at surface that either haven't been drilled
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  or where they are drilled. You know, you, it looks like
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  just in my professional opinion, the, you know, the makings of
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  what could be discoveries. And then I know about that.
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  The way that these deposits form, what we know just from
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  years of exploration as an industry is that these types of
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  deposits usually form in clusters.
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  And when they get to be really good, you have, I would say
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  projects of national importance that in Canada, you know, helped
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  really shape the histories of the country.
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  So that's the type of shot we're trying to take here.
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  But we've got a huge, we've got a very strong resource base at
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  167,000,000 silver equivalent ounces to start and open from
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  there. So what we're going to do this
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  summer is well actually before this summer.
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  And what we're doing right now is we're updating that resource
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  estimate just based on some drilling that's been done over
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  the last few years and some very extensive geological modelling
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  that we've done in house that we now have the expertise to do
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  that perhaps this project hasn't seen before.
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  That's number one. And if those numbers look good,
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  I think it can lead into a preliminary economic assessment,
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  which will help us talk about, you know, the economic impacts
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  that a project like this can have on the company, but also on
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  the state. So we're working through that.
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  But what we'll do this summer is we're planning to have a
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  significant drill program, up to 4 drill rigs and, and around
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  15,000 meters to really prove up the deposit and try to make new
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  discoveries on the rest of the project.
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  So we'll be very, very busy up there and that's Alaska.
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  Wow. 4 drill rigs this summer, that's significant, I would say,
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  correct? Yeah, very significant, very
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  significant. Exactly.
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  That's probably the largest program that the project has
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  seen to date. Wow, Wow.
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  OK, so if we head a little bit to the South or maybe a lot bit
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  to the South, but we land in Nevada and I know that there's
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  another big exciting project there as well, the Hughes
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  project. Yeah.
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  Walk us through kind of what you have there now and then what we
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  can be excited about with the Hughes project in the future.
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  Yeah. So the Hughes project is one
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  that at least me personally, I've been working on since the
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  beginning of the predecessor company.
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  It's what really got me into silver in Nevada.
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  And of course, Nevada is known as the Silver State, and it's
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  because of these two old Wild West mining places.
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  One's the Comstock, and that's a little up to the north of us.
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  The other is the Tonopah Mining District, and we're on the
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  eastern half of the Tonopah Mining District and its
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  extensions. It was a prolific producer
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  between around 1900 and around a little bit before 1950, but
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  hadn't really seen much or any modern exploration on our
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  project before we started working on it in 2020.
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  So through the, through the, through the, through the desert,
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  I'll call it through the tough times.
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  We drilled out a 44 million silver equivalent oz resource
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  that's just silver and gold and about say 70 say 60% of the
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  value is silver. And we also when I first went
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  down there, I I saw that the extension of the district to the
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  east was open for claim staking. So I staked it on behalf of the
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  company. And then subsequently over the
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  the last few years we've just kind of chipped away on
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  exploration holes out there and all but one of them have hit the
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  best one being 3 meters of 14150g per ton silver
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  equivalent. So what we're going to do here
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  starting in March, we're going to have a 7000 meter program
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  maybe just to start if we're successful where we test for the
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  extension of the entire historic Tonopah mining district.
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  And if we can find it, the the size of the prize is potentially
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  very large because this is a district that over 4 kilometers,
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  you know, between what was mined in the past, between what we've
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  drilled and what a neighbor of ours has drilled is 500 million
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  silver equivalent oz over 4 kilometers.
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  But we have a 4 kilometer extension where our exploration
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  holes, all but one is hit. But what we haven't found yet is
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  the main structure, the main vein, the big vein, the Veda
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  Madre. If we can find that, then, you
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  know, hopefully we're on to something and then and then
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  we'll see what happens. But that's the goal for this
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  program coming up in March, and that's the main question we're
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  trying to answer. Wow, wow.
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  So yeah, I think it's safe to say that based on history, we
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  know there's a lot of silver in Nevada, There's a lot of silver
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  at that specific location. And as you were talking, it
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  dawned on me, I think you said they mined up through the like
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  1950s. That means there was like a 75
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  year period where exploration, technology, new ways of finding
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  silver obviously made some pretty big advancements.
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  So now in the in the modern times where we're looking at
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  things through a different set of eyes.
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  That's 100% correct. The old timers were great the
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  the original maps from the USGS from 1911.
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  The geological maps are, are extremely accurate where we can
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  be drilling a hole that might be 1000 feet and hit a hit a
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  contact that a guy in 1911 projected within like 4 meters
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  or something like that. But then say say within like 10
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  feet or something like that, which is great.
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  But you know, those got, they also didn't have the same
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  technology that we have now to do exploration.
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  They had the ideas, but they didn't have the drilling
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  technology. They didn't have the 3D
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  modelling software that we have now that just speeds up the
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  visualization process greatly. And we did, when we first
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  started working on this project, we did such extensive geological
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  modelling from 1500, old maps that we put into the into the
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  software and immediately came up with drill targets, not with AI,
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  just with human intelligence and started hitting right away.
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  But the other thing that's interesting here on this project
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  is that there's a 2.74 million silver equivalent Oz resource in
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  mine tailings. So it's basically crushed up
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  sand in the desert on private property probably 500 feet off
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  of US Hwy. 95 that at, hey, at $35 silver, it's probably a
• 14:44
  break even operation, you know, like we were a year ago.
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  But at $80 silver, we think it could look very, very, very
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  good. We think it could be produced
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  quickly. But before we start talking
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  about that, we have to do the legwork.
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  So we're, we're starting the metallurgical work now
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  historically was 80%. That's when Howard Hughes's
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  people were working on it in the 1970s.
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  So we're going to take some a modern approach to, to
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  metallurgy and potentially reprocessing that I'm starting
• 15:11
  now and working through it very quickly.
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  But you know, I'm, I'm personally pretty excited about
• 15:16
  that. Yeah, Yeah.
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  Now I could provide potentially some cash flow to the company
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  with, I mean, obviously almost 0 mining cost.
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  Is that a a safe assessment? Yeah, exactly.
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  And and the caveat being could because we have to do the study
• 15:32
  to sure to figure that out, but I'm just talking about what you
• 15:36
  know, my intuition. So yes.
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  Yeah, yeah, yeah. Well, because I've, I've, I've
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  heard that before. There's a giant old mine down in
• 15:44
  Peru, I think it's Cerro de Pasco, Yeah, where they're doing
• 15:48
  the same type thing. And if correct me if I'm wrong,
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  but like a lot of times 85% of the cost or 80% of the cost of
• 15:57
  of getting silver is actually the mining cost itself.
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  So if the tailings are there. So that.
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  Yeah, that's AI. Didn't know about that.
• 16:04
  That's an interesting. Yeah, that's an interesting
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  development. So so we started up in Alaska,
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  huge amount of silver in the ground.
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  Great, exciting things to come. We just talked about Hughes.
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  If we go even further, just a little bit to the South, but we
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  land in New Mexico at your Mogi on project, which I know is
• 16:24
  really exciting as well. Can you give us some insight
• 16:28
  into what's going on there? Yeah, absolutely.
• 16:31
  So Mogi On is down in southwestern New Mexico.
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  It's a large and largely unexplored vein field that would
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  be like a brother to the Mexican vein fields that the Spanish
• 16:44
  have been mining going back 500 years.
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  So we're drilling there now and we're drilling underneath some
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  of the old stoves, some underneath some of the old
• 16:52
  mines, looking for extensions to those ore bodies, intersections
• 16:58
  between structures, which is which is important from a
• 17:00
  geological perspective. It's a small program because we
• 17:03
  had a permitting window there, but we still wanted to get a few
• 17:06
  things done while we had a chance.
• 17:08
  And, and that's a it's, it's just, it's probably the best
• 17:12
  remaining Bainfield left in the United States.
• 17:15
  I don't know of any other on any better options or any other
• 17:19
  candidates really. And I was in, to put that into
• 17:22
  perspective, I was just down there last week with some
• 17:25
  geologists and visiting the geologists that were doing the
• 17:29
  drilling there. And we did a little property
• 17:31
  tour and I was up on the North End of the on the project.
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  That's maybe I want to say 3 or 4 miles from where we're
• 17:39
  drilling and you can, you can walk out the same vein that
• 17:43
  we've drilled at surface. It has great smoke in it, no
• 17:48
  fire, but great smoke. And it's not drilled And you
• 17:52
  just, you just if that was in Mexico or in Nevada, you know
• 17:56
  it, it would have been pinned with drill holes 50 years ago.
• 18:00
  So in that sense, it's a very rare and unique and I think
• 18:04
  valuable opportunity to start there.
• 18:06
  We've got 32,000,000 oz drilled out over several programs, but
• 18:10
  that's probably on again, less than 5% of the veins on the
• 18:14
  project, definitely much less than five, I mean less than 5%.
• 18:17
  So yeah, it's just that it's, it's the potential there is is
• 18:22
  very strong. Yep, and you said it was if not
• 18:25
  the best, you think 1 of potentially one of the best vain
• 18:30
  fields in the United States left right now?
• 18:32
  Is that correct? Absolutely.
• 18:34
  Absolutely. Wow, and and very little
• 18:36
  exploration, correct? Yeah, very little exploration.
• 18:40
  Almost none. Most of the vain field is
• 18:42
  unexplored. Until until Silver 47 and Galen
• 18:45
  showed up correct. And the team, definitely.
• 18:47
  And the team, yeah, yeah, yeah, definitely the team.
• 18:50
  So thank you for giving us kind of a have a great synopsis of
• 18:55
  all three of those projects. I know it's a a lot of
• 18:57
  information and there's a lot going on.
• 19:00
  If we look at the big picture numbers, if you add it all
• 19:03
  together, you talked about the number of silver equivalent
• 19:06
  ounces in the ground. What's the grand total with all
• 19:09
  three of the projects together? That's it.
• 19:11
  It's 247 million silver equivalent Oz grand total.
• 19:15
  Actually it's 237 inferred and another 10 indicated, but I'm so
• 19:20
  it's say approaching 250 million silver equivalent oz.
• 19:24
  We're not stopping there. We have 55,000,000 Canadian
• 19:28
  dollars in the bank that we're ready to deploy and are
• 19:31
  deploying this year into materially changing the resource
• 19:35
  base, trying to make new discoveries, stepping out and
• 19:39
  we're really excited to be able to do that.
• 19:41
  Yeah, yeah. Well, you, you, you answered my
• 19:43
  next question. What you know, what's the, what,
• 19:45
  what does the bank account look like?
• 19:47
  But it sounds like you've got a lot of money that you're going
• 19:50
  to be able to deploy on all three of these exciting projects
• 19:54
  throughout 2026 and possibly even beyond.
• 19:58
  And beyond, yes, definitely. And beyond and that that's
• 20:02
  exactly right. And if ever there was a time to
• 20:05
  go for it, it's now. So we're going to take our
• 20:08
  Scott. It's the most exciting time ever
• 20:11
  in the world of silver overall. If I'm a value shopper, Galen,
• 20:17
  I'm, I like to get a great value.
• 20:19
  And one of the things that attracted me to the predecessor
• 20:22
  company because you're previously was Suma Silver who
• 20:26
  owned the Hughes project in the Mogian project that was then
• 20:30
  merged with Silver 47. But it was the value of of what
• 20:35
  I was paying per oz for silver in the ground.
• 20:39
  Can you elaborate on that a little bit?
• 20:41
  I think the viewers really need to hear the kind of the value
• 20:45
  proposition. There, I can.
• 20:46
  So from our from our, how do we value, how are we valued based
• 20:50
  on every oz in the ground? Well, we got about $0.41 per oz
• 20:55
  just on an EV basis. Yeah, if you look at some of our
• 20:59
  peers, like $3 and up, you know, so there's a clear value gap
• 21:05
  there that, you know, we need to close and and that's not gonna
• 21:07
  be done like with a snap of our fingers.
• 21:09
  It's gonna take a lot of, you know, hard work and, and us
• 21:12
  getting our story out there. But hey, like if we go from
• 21:16
  $0.40 to $0.80, that's a double, right?
• 21:20
  So, I mean, yeah, there's just a there's a clear case for us to
• 21:23
  play some catch up here in a good market.
• 21:26
  Yeah, absolutely. That alone, plus the fact that
• 21:30
  through your exploration efforts you could act potentially,
• 21:33
  obviously add a lot of bounces to that 247,000,000 number that
• 21:38
  we talked about earlier. Exactly, exactly.
• 21:42
  So, you know, of course the building out Oz takes drilling,
• 21:45
  but historically what we've done as a company, as we've
• 21:48
  discovered silver for $0.25 an ounce give or take, and I think
• 21:51
  that's a pretty good value proposition.
• 21:53
  Yeah, that's accretive even at even at the value proposition
• 21:58
  now of $0.41 per oz based on the EV number that that you shared
• 22:04
  with us earlier. What about the shareholder
• 22:08
  registry? Insider ownership?
• 22:10
  Eric Sprott? Anyone big that's invested in
• 22:13
  the company? Yeah.
• 22:15
  So our largest shareholders are Eric's broad and management
• 22:19
  that's about 9% each management and board.
• 22:23
  And and then our other largest shareholders are resource
• 22:27
  focused funds and family offices generally from both the United
• 22:31
  States and Canada. OK, OK, excellent.
• 22:35
  Boy, I know I'm forgetting to ask you something.
• 22:38
  Is there anything that I forgot to ask you that you want to
• 22:40
  share with our audience before we wrap things up?
• 22:43
  You know what, nothing specific. I would just say like, please
• 22:47
  put Silver 47 on your watch list because this year's going to be
• 22:50
  very, very busy for us as we aggressively add value to all
• 22:54
  three of our US Silver projects. Yeah.
• 22:57
  And and you know, just from me personally, as I disclosed
• 23:00
  earlier, I've owned the stock, I own stock in the predecessor a
• 23:03
  company Suma Silver. When I think about the value of
• 23:08
  getting silver in the ground in the United States at this price,
• 23:13
  plus the upside potential with the exploration, I'm excited to
• 23:17
  see where things go during 2026, Galen, because it sounds like
• 23:21
  you've got a great plan of attack for all three of the
• 23:24
  projects and potential catalyst, potential catalyst that we could
• 23:28
  be hearing about throughout 2026 on all three of the projects.
• 23:33
  Before I forget, if you have one more second, I want to show the
• 23:35
  viewers the company website. Let me pull that up first.
• 23:40
  Here we are guys, silver-47.com and it's pretty cool.
• 23:45
  If you go over here and hover over the projects, they all flip
• 23:48
  down Red Mountain, Hughes Project and Mogi on.
• 23:52
  And there's a few other smaller projects that I think aren't
• 23:55
  necessarily the focus of the company right now, but those are
• 23:59
  kind of waiting there as well. Galen for potential future
• 24:02
  exciting. Correct, correct.
• 24:04
  And we're considering what the best ways, the best way for
• 24:09
  those projects for us to get value from now because we're
• 24:11
  probably not getting any, but there's, there's three quality
• 24:14
  projects there. Awesome, awesome.
• 24:16
  Hey, on behalf of myself, on behalf of the viewer who's
• 24:20
  joined us and learned a lot about Silver 47 and your
• 24:24
  insights into what you see happening in the overall silver
• 24:27
  market, thank you for joining us today, and I'll look forward to
• 24:32
  talking to you next time. Galen.
• 24:34
  Of course. Thank you, Roland.
• 24:35
  Great to be on the show.