Ted Butler

Metals & Mining Analyst for The Morgan Report, In Gold We Trust Report, Silver Advisor, Sound Money Report & The Prospector.

[Ted Butler @TedJButler]

Thanks for having me @Handre! Was a pleasure

[Handre @Handre]

Here is a 45-minute show to get you up to speed on everything about silver.

We talk about the macro, supply, demand, mining, silver relative to gold, and bitcoin, and Ted's trips around South America to visit silver mines.

A big thanks to Ted Butler(@TedJButler) from @SoundMoneyRpt for joining me!

https://t.co/QuUqmu1gF5

[Handre @Handre]

Here is a 45-minute show to get you up to speed on everything about silver.

We talk about the macro, supply, demand, mining, silver relative to gold, and bitcoin, and Ted's trips around South America to visit silver mines.

A big thanks to Ted Butler(@TedJButler) from @SoundMoneyRpt for joining me!

https://t.co/QuUqmu1gF5

[Ted Butler @TedJButler]

Silver47 @Silver47co is set to launch a fully funded 10,000m drill program at Red Mountain, Alaska.

3,000m will target resource expansion at Dry Creek, which already hosts 168.6M AgEq oz at 336 g/t AgEq.

Another 7,000m will test discovery targets across a 60 km mineralized trend, including Hunter, FOMO, Glacier Creek, Sheep Creek, and WTF East.

Three rigs. Multiple targets. Busy summer ahead.

@peter_krauth's Full Analysis inside today's Silver Advisor:

https://t.co/rLT6a3tnpw

[Ted Butler @TedJButler]

Outcrop’s @OCG_Silver's next resource update keeps getting more interesting.

New Aguilar hits include:

• 1,660 g/t AgEq over 0.60m ETW
• 1,405 g/t AgEq over 0.80m ETW
• 1,157 g/t AgEq over 0.76m ETW
70,000m+ drilled since 2023 resource.

My full analysis in today's Silver Advisor:
https://t.co/tQICfjnlG5

@Mining_Hub_ map:
https://t.co/PGAM80ilky
@peter_krauth

[Ted Butler @TedJButler]

Aya’s @AyaGoldSilver's Zgounder numbers are hard to ignore:

• 2,176 g/t Ag over 8.4m
• 1,867 g/t Ag over 6.0m
• 1,464 g/t Ag over 4.8m
• 1,330 g/t Ag over 4.6m

9,250m drilled so far. Just 31% of the 2026 program complete.
High grade. Continuity. More drilling ahead.
$AYA #Silver

@peter_krauth shares more inside today's Silver Advisor
https://t.co/ZDu2o4zUMY

[Ted Butler @TedJButler]

In silver exploration, the setup has to be judged on more than headline grades.

I’m looking at scale, continuity, ownership, funding, and whether the next drill program can actually test the thesis.

@CapitanSilverC's Cruz de Plata project checks enough of those boxes to warrant a closer look.

Still early, but the technical work is beginning to suggest the system may be larger than the market is currently pricing in.

I break down the case here:
https://t.co/wlTxfhbspe

Join the discussion on @OrestocksDotCom:
https://t.co/cI4pqe9FJF

In Silver We Trust.
@peter_krauth

[Ted Butler @TedJButler]

Silver is moving sideways.

That’s the chart. Not the whole story.

This week in Silver Stock Investor, @peter_krauth covers 3 developments silver investors should watch, including the In Gold We Trust @IGWTreport chapter, plus positive updates from 4 portfolio companies.

Subscribers get it all inside today's Silver Stock Investor:
https://t.co/bK3F2eydNt
In Silver We Trust.

[Ronnie Stoeferle @RonStoeferle]

The 2020s will go down as an inflationary decade...

Exactly as forecasted in our #IGWT2020: https://t.co/GXoxSynZE5

[Ted Butler @TedJButler]

@silverguru22 Looking forward to it, David!

[Ted Butler @TedJButler]

Vizsla Silver @VizslaSilver just secured a ~US$10M unsecured working capital facility for Panuco through Mexican government-backed mining lender FIFOMI.

➡️5-year term.
➡️2-year grace period on principal repayments.
➡️A strong signal as Panuco continues moving toward development.

More inside today’s (always free) Silver Advisor:
https://t.co/eeWd9DE6Tu

[Ted Butler @TedJButler]

ESGold @ESGold_Corp just checked off another important box.

Ocean Partners agreement:

• Long-term buyer for Montauban doré
• Access to up to C$9M in non-dilutive working capital
• Supports construction, commissioning and ramp-up

We included the ANT model because it shows mineralization may extend well beyond the old mine zones. More inside today's Silver Advisor:
https://t.co/b3Vg14uU47
Full video:
https://t.co/qwZW2dxTHy

More on Montauban via @Mining_Hub_ :

https://t.co/fh8ztUAiXW
@peter_krauth

[Ted Butler @TedJButler]

@JpCortez27 Cheers, mate! Same to you

[Ted Butler @TedJButler]

Much appreciated, Ronnie! Silver has plenty of "room to boom" in 2026 and beyond.

[Ronnie Stoeferle @RonStoeferle]

Another great piece by @TedJButler for the @SoundMoneyRpt:

Silver's Investment Explosion: The Boom That Still Has Room https://t.co/aJx7rUQd9z

[Ted Butler @TedJButler]

Tomorrow’s new Silver Advisor pick has the setup I like:

Bonanza-grade silver.
Fully funded drilling.
Tight structure.
Experienced team.
Major re-rating potential.

The market hasn’t caught on yet. That’s the opportunity. In Silver We Trust.

@peter_krauth
@TheGoldAdvisor

[Ted Butler @TedJButler]

@AyaGoldSilver keeps putting numbers on the board at Boumadine.

890 g/t AgEq over 51.5m
Including 1,504 g/t AgEq over 19.3m
665 g/t AgEq over 20.4m
746 g/t AgEq over 14.9m
11 rigs. 69,000m drilled this year. 360,000m planned through 2027.

The market barely reacted. I think that changes.
More in Silver Advisor:
https://t.co/wuGPVZFetE

Project on @Mining_Hub_ :

https://t.co/w8GabROGlA

[Ted Butler @TedJButler]

Sierra Madre @SierraMadreSM just checked a big box.

COFECE approval is now in hand for Del Toro.

The numbers are what matter:

• 62.5 km of underground development
• 3,000 tpd plant capacity
• Restart process targeted for 2027
• Potential production in 2028
That is not blue-sky speculation. That is infrastructure, scale, and a clearer path toward a second silver asset in Mexico.
With La Guitarra already expanding, Sierra Madre is building leverage to silver at the right time.
Ted dives in today’s Silver Advisor:

https://t.co/NyWJqqm8PK
@peter_krauth
@TheGoldAdvisor

[Ted Butler @TedJButler]

GR Silver’s @GRSilverMining update is not just corporate housekeeping.

The key item is permitting.

SEMARNAT has confirmed that a new Environmental Impact Authorization is not required for the former Plomosas Mine. That removes a potentially lengthy hurdle and moves the Bulk Sampling Test Mining program closer to reality.

At the same time:

• Three rigs turning
• Fully funded 20,000m program
• Road upgrades underway
• Resource update + PEA targeted for H2 2026
That is real progress.
I break it down here:
https://t.co/2aYR6mePW0

@peter_krauth @TheGoldAdvisor

[Ted Butler @TedJButler]

Avino’s @Avino_ASM latest numbers deserve attention.

• 127Moz reserve
• 301Moz resource
• Revenues up 109% YoY
• 30,000m of drilling planned
The market likes headlines. I like execution.
In @peter_krauth's interview with management, Avino lays out a clear roadmap built around free cash flow, exploration, and expansion at both Avino and La Preciosa.

Worth your time if you follow silver developers.

https://t.co/6ZqHarkvQy

@TheGoldAdvisor

[Ted Butler @TedJButler]

Yesterday’s Aya @AyaGoldSilver results were not minor.

890 g/t AgEq over 51.5m
665 g/t AgEq over 20.4m
746 g/t AgEq over 14.9m
That’s grade, width, and continuity across a 5.4km trend.
Add 11 rigs, 69,000m drilled so far in 2026, and a 360,000m campaign through 2027.

The stock barely moved.

That disconnect may not last.
@peter_krauth dives into it inside Silver Advisor:

https://t.co/UjqWdByZWj