Kuya Silver - Q2 Production Growth at Bethania and High-Grade Sampling at Silver Kings
The KE Report Aug 12, 2026
Summary
Kuya Silver posted record Q2 production at Bethania, with June averaging 68 tons per day on the way to the 350 tons-per-day phase-one target.
Bethania silver-equivalent grades climbed from about 6 ounces per ton early in Q2 to 6.6 in June, with recoveries improving to 82%.
Contractor onboarding is the key lever for hitting 350 tons per day; current sales keep the balance sheet strong ahead of Q2 financials.
Silver Kings surface sampling in Ontario returned up to 168 grams per ton silver and 0.36% cobalt, pointing to a possible low-capex production add.
Frontier tailings at 74 grams per ton silver date from 60-100 years ago and could be re-run with modern metallurgy at $5M-$20M capex.
David Stein's takeaways
- Top takeaway Frames the Q2 production record as one milestone in a much longer ramp-up, expecting results to keep improving through year-end 2026 and into 2027 as underground infrastructure is completed and more stopes come online.
- Argues that grade and recovery volatility at small mining rates will smooth out toward the resource average once 10-15 stopes are active simultaneously at the 350 tpd phase-one target, since recoveries correlate strongly with grade.
- Highlights the purpose-built Bethania plant as a separate, longer-term silver-recovery lever ā expecting to squeeze a few extra percentage points of recovery, especially for silver, once that plant is commissioned, on top of the grade-driven recovery trend.
- Positions Silver Kings' surface stockpiles and tailings (notably the frontier tailings grading ~74 g/t Ag and the Kerr Lake mill stockpile carrying silver plus cobalt) as a low-capex, low-geopolitical-risk 'free' Canadian optionality beyond the Bethania upside.
- Outlines a sequenced Silver Kings plan: drive the homogeneous tailings to a resource estimate first with parallel metallurgical work, then address the nuggety blast stockpiles, with the medium-term ambition of a production decision that could add several hundred thousand to a million ounces of silver per year.