'Mind-Blowing' Rise in SILVER is 'Just the Beginning': James McDonald

Commodity Culture: Interview with James McDonald, CEO of Coupney Silver – January 14th, 2026

Key Concepts:

• Silver Bull Market: A period of sustained price increases for silver, currently experiencing a rapid acceleration.
• Geopolitical Risk: The impact of global political instability on safe-haven asset demand (gold and silver).
• PEA (Preliminary Economic Assessment): A study outlining the economic viability of a mining project.
• Maiden Resource: The first official estimate of mineral reserves at a deposit.
• Step-Out Drilling: Drilling conducted beyond the known limits of a mineralized zone to expand resource estimates.
• g/t (grams per tonne): A unit of measurement for ore grade, indicating the concentration of valuable metals.
• SIL ETF: An Exchange Traded Fund focused on silver mining companies.

I. Silver Market Dynamics & Geopolitical Influences

The interview focuses on the recent surge in silver prices, reaching approximately $90 per ounce as of January 14th, 2026. James McDonald notes the surprising speed of this increase, exceeding expectations even among silver bulls. He anticipates this bull market will last “several years,” drawing parallels to the 2002-2012 commodity bull run. Bank of America has reportedly issued a price target of $130-$140 for silver in the coming year.

A significant factor discussed is China’s implementation of export controls on silver, requiring state approval for exports. McDonald views this as a geopolitical move designed to restrict physical silver availability and potentially a key trigger for the recent price surge. He emphasizes China’s role as a refiner of silver, even if the metal doesn’t originate there.

Geopolitical uncertainty, including Trump’s arrest of Venezuelan President Maduro, tensions with China, and the potential for conflict with Iran, is acknowledged as contributing to safe-haven demand for gold and silver. However, McDonald argues that fundamental factors – specifically central banking policies and debt creation – are the primary drivers of the price increases, evidenced by the correlation between the money supply curve and gold/silver prices since the 1990s/2000s.

II. Silver Mining Sector Performance & Coupney Silver Overview

Despite the soaring silver price, the SIL ETF (tracking silver mining companies) has not kept pace with the metal’s performance. McDonald expects this to change, following the typical pattern of producers and developers leading the gains, followed by explorers. He anticipates significant profit increases for silver producers in Q1 2026, with a potential $50/ounce boost to production costs given the price increase from $40 in Q3 2025.

Coupney Silver is an exploration company focused on silver discoveries in the Sierra Madre region of Mexico. The company currently has four discovered deposits, including:

• Colomba: The flagship project, with a current resource of 54 million ounces of silver, with a goal to increase it to 100 million ounces through a 50,000-meter drill program (currently 14,000 meters completed). High-grade silver mineralization makes it viable at various price points.
• Lassiara: Contains 50 million measured and indicated ounces, plus 11 million inferred ounces at a grade of 102 g/t. Financial modeling suggests profitability at silver prices above the mid-$30s, making it attractive at current levels.
• Two other unnamed deposits are also held by Coupney Silver.

III. Colomba Drill Program & Results

Recent drill results from the Colomba project (released earlier in January 2026) focused on the D vein, Lupe, and B2 veins. The results demonstrate:

• Continued wide zones of mineralization at depth.
• High grades and good widths in the Lupe B2 veins, indicating significant potential for expansion.
• Step-out drilling is successfully expanding the known mineralized envelope.

The ongoing 50,000-meter drill program is designed to expand existing resources and provide data for future resource updates.

IV. Coupney Silver Team & Strategy

McDonald highlights the strength of the Coupney Silver team, emphasizing their experience in the junior resource sector. Key personnel include:

• James McDonald (CEO): 35 years of experience in the junior resource sector, including involvement in the development of Alamos Gold.
• Luis Moyá (Chief Geologist): Experienced geologist overseeing on-site operations.
• Roberto Jordan (Project Manager): Manages project logistics and execution.
• Gustavo Ggo: The individual who initially identified the Colomba property.
• Ken Barry (Chairman): Experienced in bringing mines into production.
• Joe Juffrey, Tony Rea, Ron Miller: Board members with expertise in finance, legal, and technical aspects of mining.

Coupney Silver’s strategy is to transition from an exploration company to a developer, with the ultimate goal of either being acquired by a larger producer or financing and building their own mines. Permitting and environmental studies have already begun at Colomba, and similar preparations are planned for Lassiara.

V. 2026 Catalysts & Future Outlook

Key catalysts for Coupney Silver in 2026 include:

• Ongoing Drill Results from Colomba: Regular news flow from the 50,000-meter drill program.
• PEA for Lassiara: Commencement of a Preliminary Economic Assessment for the Lassiara deposit.
• Advancement of Other Deposits: Evaluation and potential development plans for the remaining two deposits.

McDonald emphasizes the potential for significant value creation as the company progresses towards development and demonstrates the economic viability of its projects. He notes the volatility expected in the silver market but believes a new, higher price base will emerge, benefiting all of Coupney Silver’s deposits.

Quote: “We’re emerging out of 2026. We want to go from an explorer increasing the resource base to a developer with this incredible pipeline of projects uh four projects uh all sort of lined up in the pipeline.” – James McDonald.

Conclusion:

The interview paints a bullish picture for silver, driven by both fundamental economic factors and geopolitical uncertainty. Coupney Silver is well-positioned to benefit from this environment, with a strong portfolio of silver projects in Mexico, a seasoned team, and a clear strategy for growth. The company’s ongoing exploration efforts at Colomba and planned development studies at Lassiara represent key catalysts for shareholder value in 2026 and beyond.