I recently had the pleasure of hosting Peter Latta, President and Director of Silver Wolf Exploration, for his first appearance on our podcast. Peter is no newcomer to the silver space — he’s spent nearly 20 years in the industry and currently wears two hats: leading Silver Wolf while also serving as VP of Technical Services at Avino Silver & Gold Mines. The discussion was refreshingly straightforward, technical, and grounded. No wild promises, just a clear strategy built on leverage, discipline, and fresh ground in a proven district.Here’s my full breakdown of the key points from our conversation, plus my thoughts as someone who has followed dozens of junior explorers over the years.
We kicked things off with the big-picture view on silver, and Peter’s perspective carries weight given his hands-on experience.He remains a strong believer in silver’s dual nature — industrial metal and monetary asset. On the industrial side, the surge in solar panels, electric vehicles, and electronics continues to drive steady demand. Peter noted that this isn’t going away; if anything, it’s accelerating with the global push toward alternative energy.Investment demand has also picked up significantly, and not just in traditional Western markets. Countries like India, China, and Turkey are showing stronger appetite for physical precious metals as prices rise and geopolitical uncertainty persists. Peter views the recent consolidation after the highs as constructive — it’s creating a stable base rather than a blow-off top.When I asked about the much-discussed structural deficit, Peter was measured. He follows the Silver Institute data and COMEX open interest like everyone else, but he prefers to focus on the supply side he can actually influence. His view: it’s becoming genuinely harder to find and develop primary silver mines. Exploration budgets were gutted during lean years, major companies cut their teams, and the “easy pickings” have long since been taken. That reality, combined with ongoing global instability, points to a supportive price environment for years ahead.One nuanced point he made stuck with me: industrial users are sensitive to rapid price increases. Thrifting and substitution (already visible in parts of the solar sector) can kick in if silver runs too hot too fast. A steady, grinding higher price path would actually be healthier for long-term demand than a parabolic spike.Overall, Peter believes the market still isn’t fully pricing in the long-term supply constraints. Short-term noise keeps dominating the narrative.
What makes Silver Wolf stand out is its origin story, and Peter told it clearly.Avino has been operating successfully in Durango, Mexico, since 1968 — approaching six decades of production. The company generates positive cash flow, carries no debt, employs over 500 people locally, and trades on the NYSE with a market cap well over $1 billion.A few years ago, Peter approached Avino’s CEO and said essentially: “You have several non-core properties that have been sitting in the portfolio untouched for decades. Let’s option them into a new public vehicle, and I’ll run it with a focused exploration mandate.” Silver Wolf was the result.This structure gives Silver Wolf massive built-in advantages most juniors lack:Immediate access to experienced personnel and operational know-how in a jurisdiction they understand deeply.
Leverage on drilling contracts and local relationships to reduce costs.
Shared office space and back-office support to keep corporate overhead extremely low.
Management (including Peter) takes zero salaries from Silver Wolf to maximize dollars going into the ground.
Avino remains a significant shareholder, so interests are tightly aligned. This isn’t arm’s-length promotion — it’s a strategic vehicle backed by a producing operator.
Peter clearly lights up when talking about Ana Maria, and after our discussion, it’s easy to see why.The project is centered on the El Sarnoso intrusive — a granite body that intrudes into carbonate rocks, creating classic skarn and carbonate replacement (CRD) deposits. This same geological feature is linked to several impressive mines in the district, most notably the historic Ojuela mine (discovered all the way back in 1598) and the high-grade La Plata mine.Ojuela alone produced roughly 160 million ounces of silver over 500 years. Today it operates as a mining museum with hundreds of kilometers of underground tunnels — an incredible analog that gives Peter’s team real insight into mineralization styles, pathfinder elements, and structural controls. They’re applying that knowledge directly on the other side of the same intrusive.Importantly, Ana Maria has never been drilled by a public company. The ground was held by Avino but never prioritized. Only limited artisanal and pre-Mexican Revolution activity occurred here. It’s genuinely fresh exploration ground in a highly active silver belt.The surrounding district is packed with activity: Avino’s own mine (with hundreds of millions of silver-equivalent ounces in reserves), Southern Silver’s operations, the La Preciosa project (now under Avino), and multiple Peñoles mines. Torreón — with Peñoles’ smelter and head office — is just 15 minutes down the road. Infrastructure is excellent, and the jurisdiction is mining-friendly.
This is the exciting part — we’re in the discovery phase right now.Silver Wolf is executing a fully funded 13-hole, ~3,000-meter drill campaign. One rig is moving between pads to test multiple distinct targets along the skarn horizon. When we recorded the interview, they had just completed hole three. Peter mentioned the team is encouraged by the visuals in the core, but everyone knows assays are the ultimate truth.They’re taking their time — logging core carefully and adjusting future holes based on what they learn. Results are targeted for Q3 and Q4 2025. They haven’t locked in the release schedule yet (incremental holes vs. a full batch), but updates will come as the program advances.AI played a supporting role in targeting. It surfaced 3–4 additional targets the team hadn’t initially prioritized, which were then field-checked and incorporated. Peter was careful to frame AI correctly: it’s a powerful data tool that helps spot correlations, but it will never replace experienced geologists with boots on the ground. The rocks still tell the final story.
Ana Maria is the clear priority. A smaller property called El Libertino was included in the original option but is currently on the back burner while the team focuses on the main target.For the rest of 2025, success to Peter means developing a solid geological model of the skarn system — understanding controls, thickness, depth, and grade distribution. That knowledge will dictate next steps.Longer term, he’s pragmatic and open-ended. With nearly 20 years in the industry, Peter is committed for the long haul. Silver Wolf could evolve into a developer, acquire adjacent assets, or pursue other strategic paths depending on what the drill results deliver. They regularly see opportunities across Mexico thanks to the Avino network but want to complete and understand this program first.
This area impressed me. As of our conversation: Approximately 62 million shares outstanding
Management, insiders, and Avino collectively own ~50%
Warrants and options are currently out of the money
Sufficient cash to finish the drill program and operate through the remainder of the year
Peter emphasized the importance of efficiency. Junior exploration is high-risk, and the best way to mitigate that risk is stretching the runway, communicating clearly, and putting capital to work in the ground rather than on promotion or excessive overhead.
Closing Thoughts
Peter Latta is a technical operator first and foremost — realistic about the challenges, excited about the opportunity, and focused on execution. Silver Wolf represents the junior model done right: strong sponsor with operational muscle, clean share structure, aligned interests, virgin ground in a prolific district, and the drill bit already turning.The silver macro looks supportive, exploration capital is starting to flow again after years of drought, and discoveries remain the biggest value driver in this sector (the steepest part of the Lassonde Curve).I’ll be following the assay results and program updates closely. If the rocks cooperate, this could develop into something special.As always, this is not investment advice. Mining exploration carries substantial risk, including geological, permitting, and market risks. Please do your own due diligence, review all company disclosures, and consult professional advisors.
Huge thanks to Peter Latta for joining me on the show. It was a great first interview, and I look forward to having him back as results come in.
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