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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in 3 junior gold and copper exploration stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

The companies we discussed in the interview are:

BCM Resources Corporation (TSXV: B) – On August 6th the Company announced that diamond drill hole TK20, currently in progress, has encountered over 550 m of strongly mineralized porphyry and intercalated skarn mineralization at its 100% controlled Thompson Knolls project, Utah. Hole TK20 is a vertical drill hole collared 208 m northeast of discovery hole TK8 that intercepted 510 ft (155.4 m) of mineralized skarn grading 0.66% Cu, 0.12 gpt Au, and 7.4 gpt Ag (please refer to a Company news release dated May 24, 2023 for more information). Drilling of TK20, currently at a depth of 4,062 ft (1,238.4 m), is ongoing in mineralized rock.
PJX Resources Inc. (TSX.V: PJX) (OTC: PJXRF) – On July 23, 2026 the Company announced the close of the second tranche of their non-brokered private placement for gross proceeds of $6.3 million. This financing will allow PJX to focus on two priority discovery opportunities for critical metals and gold in an established Canadian mining district. An initial 4,000 m drill program has commenced to test for a potential Sullivan-style Sedimentary Exhalative (Sedex) critical-metals discovery on the Dewdney Trail Property. At the Zinger Property, prospecting, mapping and surface sampling for gold are underway at the Gar target in advance of receiving permits to drill a potential Reduced Intrusion Related Gold System (RIRGS) for the first time.
Goliath Resources Limited (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF) – On Aug. 10, the Company reported assay results that confirm the expansion of the Golden Gate Zone to the Northeast by 320 meters of the previously known gold mineralization on its 100% owned Golddigger Property Golden Triangle, British Columbia. The Golden Gate Zone remains open laterally and at depth.

Dr. Quinton Hennigh, Advisor to Goliath and Strategic Investor commented: “When I spoke with the Company prior to this drill season, they made it abundantly clear that a considerable number of the planned drill holes would test extensions of various lode systems at the Surebet Discovery. Given that there remains exceptional opportunity to grow the systems high-grade gold footprint, I was delighted to hear this. We are now seeing the impact of this strategic decision. Drill hole GD-26-420 encountered a 6.51 g/t AuEq over 5.73 meters across the Golden Gate lode in a position 320 meters northeast of its previous limit. I believe we will continue to see many further drill extensions over the course of the rest of the 2026 and the Surebet Discovery is only going to keep on growing with every drill program.”

Mr. Roger Rosmus, Founder & CEO of Goliath states: “Our team is performing like a well-oiled machine. The goal of this 2026 drilling campaign is expansion and the directional drilling being utilized is paying off with the step outs being successful. The 320-meter step out of Golden Gate to the northeast is one example and nice surprise along the way. It is worth noting the amount of visible gold to the naked eye in the drill holes since we started drilling the Surebet discovery is unique, as well high-grade gold systems are not known to have such large footprints. After over 400+ drill holes have been completed to date the system remains open laterally and at depth. Grass roots high-grade gold systems tend to get challenging to grow them. But Surebet discovery is the opposite, we are challenging the geology and having no problems growing the system with aggressive step outs. The cadence of drill holes getting to the lab for assays is ideal, and we hope to have plenty more assay results throughout the rest of the year and into 2027.”

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and they may also be site sponsors of The Hedgeless Horseman website at the time of this recording.

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Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

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Maura Kolb, President of Dryden Gold Corp (TSX.V: DRY) (OTCQX: DRYGF), joins us for a comprehensive exploration update at numerous areas of focus across their Dryden Gold District, in Northwestern Ontario, Canada. We touch upon some of the recent news releases returning more high-grade and disseminated gold drill results at the Elora-Jubilee and Big Master areas along new parallel trends, the upcoming drilling at Mud Lake, a new land acquisition expanding the Gold Rock Camp trend, and various teams working on more ground truthing and surface exploration on the Hyndman and Sherridon regional targets.

We start off discussing how this year’s expanded 45,000 meters exploration program that is continuing to build up the high-grade drill results from last year’s drill program, confirming the thesis around the 3 geological deformation faults and folds at the Elora-Jubilee and Big Master trends at the Gold Rock Camp. There are now up to 15 parallel structures that have been delineated along this trend, and more recent results showing the geological model getting more refined.

On July 29th the Company announced recent drill results that confirm the discovery of two new gold-bearing structures at Gold Rock. A new high-grade mineralized structure between Elora and the Big Master gold systems, which was intercepted at 250-500 meters true depth being dubbed “Elora 2”. Like the multiple mineralized hanging wall structures, this new structure has no surface expression. The mineralization is comparable to the brecciated quartz veining found at Big Master. The consistency of the structural setting and mineralization, along strike and at depth, supports the interpretation that this represents a significant mineralized corridor and not merely another hanging wall structure. A second structure was discovered in a single drill hole at the historic Paymaster target. Deeper down-plunge testing is about to commence with a second drill rig will be deployed to continue to fully define the structural controls and high-grade gold footprint at Gold Rock.

We expanded the conversation to review the potential for similar look-alike types of deposits to exist along the multi-kilometer Gold Rock mineralized trend, in a “string-of-pearls” thesis. On July 16th, the Company announced having received the permits to drill the Mud Lake area to test extension targets identified through its 2025 drill program and geological mapping. Surface samples collected on a high-grade shear zone similar to Elora, where a significant fold in the mineralized structure occurs, assayed 93.00 g/t gold. There is also another new area of interest that could be a look-alike zone to the Southwest of the Elora-Jubilee system along this large trend in the Gold Rock Camp.

On July 6th the Company announced that is has entered into an option agreement to acquire 100% ownership of 123 tenured mineral claims known as the Lost Lake Property from Orebot Inc, an arm’s length party. Lost Lake is strategically located in the historic Gold Rock Mining Camp and is surrounded by the Company’s existing claims.

We touch upon the initial groundwork and drilling at the Hyndman regional area, with a lot of follow up work underway based on the exploration results released back on April 21st. Maura reiterated the importance of the large soil sampling and channel sampling programs across their district-scale land package, and how it will inform follow up targeting, when used in concert with geophysical surveys.

Click here to follow the latest news from Dryden Gold

If you have any questions for Maura, Trey, or the team at Dryden Gold, then please email them into us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Dryden Gold at the time of this recording, and may choose to buy or sell shares at any time.

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In this Daily Editorial, we explore the critical minerals sector with Howard Klein (Founder & Partner) and Matt Fernley (Partner) at RK Equity, hosts of the Rock Stock YouTube channel. Following a choppy period for commodities, the critical minerals sector is showing signs of a rebound. This discussion covers recent White House policy announcements, billion-dollar funding initiatives, and the long-term investment landscape across key battery and defense metals.

Key Discussion Points:

Critical Mineral Rebound & Market Inflection: Examines how recent liquidations cleared leverage across lithium, rare earths, and base metals, setting up a potential rebound driven by tightening supply and demand dynamics.
US Government Capital Injections: Reviews recent federal funding announcements, including over $2 billion in new commitments toward domestic supply chains, defense applications, and workforce education.
The “Missing Middle” in Processing & Infrastructure: Explores the key processing and cathode manufacturing bottlenecks that remain a central challenge for Western supply chains.
Investment Strategies in a Supercycle: Outlines how investors can evaluate project quality, balance risks across domestic versus foreign jurisdictions, and identify long-term structural opportunities.

Stock Symbols Mentioned:

MP Materials (MP)
Albemarle (ALB)
Ivanhoe Mines (IVN)
The Metals Company (TMC)
Lithium Argentina (LAAC)

Click the following links to keep up to speed with Howard and Matt:

RK Equity website – https://rkequity.com/
Rock Stock YouTube channel – https://www.youtube.com/watch?v=UchoS9EZvak
Howard Klein on X @LithiumIonBull – https://x.com/LithiumIonBull
Matt Fernley on X @matt_fernley – https://x.com/matt_fernley

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
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Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

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In this Company Update, we are joined by Simon Dyakowski, President and CEO of Aztec Minerals (TSX-V: AZT, OTCQB: AZZTF), to review recent high-grade drill results from the new North Extension Zone at the Tombstone Project in Arizona.

North Extension Zone Drilling Success: Simon details the initial drill results from the newly acquired North Extension Zone, highlighting significant high-grade gold-equivalent intercepts and what this means for project expansion.
Pending Lab Assays & Exploration Pace: Learn about the 11 completed drill holes currently pending laboratory results, covering an extensive potential strike extension.
Gold-Silver Mineralization Mix: An overview of the property-wide commodity distribution, balancing high-leverage gold targets with strong silver potential across various zones.
Upcoming Catalysts & Maiden Resource Estimate: Insight into the timeline for the upcoming Maiden Resource Estimate (MRE) expected in early Q4, along with updates on ongoing metallurgical testing and extended drilling plans.

Please email me any questions you have for Simon. My email address is Fleck@kereport.com.

Click here to visit the Aztec Minerals website – https://aztecminerals.com/

Figure 1. Plan map showing drill hole collars with Au Eq. (g/t) values from the 2025-2026 drill campaign at the Tombstone Property, southeastern Arizona. Holes reported in this release are shown in red; completed holes with assay results pending, including the eleven North Extension step-outs, are shown in green. Previously reported holes are shown in orange and 2020-2024 drill holes in white.

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

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In this Company Update, Wendall Zerb, Chairman and CEO of Red Canyon Resources (CSE: REDC / OTCQB: REDRF), joins us to discuss the latest exploration developments across the company’s mineral portfolio.

Osiris Drilling & Expansion: An update on the 2,100-meter drilling program completed at the Camp target and plans to expand the land package around the Osiris Project.
High-Priority Targets: A look into upcoming drill plans for the Nautilus Prime and EV targets, including key geophysical signatures and geological potential.
Portfolio Pipeline: Insights into ongoing exploration work across secondary assets, including the Kendal project in British Columbia and Scraper Springs in Nevada.
Capital Position & Partnership Strategy: An overview of the company’s current treasury, institutional backing, and perspective on potential strategic joint-venture partnerships.

If you have any follow up questions for Wendell please me at Fleck@kereport.com.

Click here to visit the Red Canyon website – https://www.redcanyonresources.com

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment Disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

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Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX.V: SCZ) (NASDAQ: SCZM) (FSE: 1SZ), joins us for a review of the Q2 2026 production and operational results across their portfolio of 4 producing silver-zinc mines and ore feed sourcing business in Bolivia and Mexico. We also review a few of the key growth initiatives that the company has slated for 2026 across multiple projects.

Q2 2026 Production Highlights

Primary Production Metrics:

Silver: 1,573,100 ounces
Zinc: 23,240 tonnes
Lead: 3,165 tonnes
Copper: 337 tonnes

Supplemental Production Metrics:

Silver Equivalent Production: 2,814,489 silver equivalent ounces
Zinc Equivalent Production: 59,680 zinc equivalent tonnes

Consolidated silver production increased 17% to 1,573,100 ounces in Q2 2026 from 1,341,499 ounces in Q1 2026, with quarter-over-quarter increases at all five operations. Lead production increased 18% to 3,165 tonnes and copper production increased 9% to 337 tonnes. Compared with Q2 2025, consolidated silver production increased 11%, and zinc production increased 10%, on 9% higher consolidated tonnes milled.

The improvement was driven primarily by higher processed volumes, with consolidated tonnes milled increasing 7% to 521,956 tonnes, together with higher silver head grades at Bolivar and Porco and a marked improvement in silver recovery at Zimapan.

At Bolivar silver production increased 32% quarter-over-quarter to 343,522 ounces, driven by ongoing recovery efforts in the areas affected by the localized flooding event that occurred in May 2025. San Lucas processed 22% more ore than in the prior quarter. Consolidated zinc production increased 7% to 23,240 tonnes, driven principally by higher throughput, which more than offset lower zinc grades at Bolivar and Porco. Porco delivered higher silver and zinc production, driven by stronger silver grades and improved metal recoveries, while Caballo Blanco continued to make steady, meaningful contributions.

At Zimapan, operations rebounded from the temporary constraints experienced during the first quarter, including limited ventilation in the higher-grade zones at Level 960 due to a contractor delay in completing the ventilation Robbins incline shaft, as well as repeated power interruptions caused by the local service provider’s maintenance of the power grid. As a result, metal recoveries improved across all four payable metals.

Next we transitioned to future growth, where the operations team is advancing their silver-dominant Soracaya mine towards development and near-term production. There is already a decline ramp into this project with initial stope access in 2 areas, and the plan once the permit is received in Q3 is to get this mine into initial ramp-up production by Q4 of 2026.

Wrapping up, we discussed the potential for future accretive acquisitions in the Americas. The board and management team are open to a currently producing mine or development-stage underground mining assets, but only if the acquisition would be accretive for shareholders and if their team can unlock value in these acquired assets.

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Santacruz Silver

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This week on The KE Report, we spoke with corporate leaders across seven exploration and development resource companies to bring you actionable updates on their flagship assets. We covered critical operational milestones including construction and production target timelines with Silver Tiger Metals Inc. (TSX.V: SLVR), major new gold discoveries at the Nitra project with Banyan Gold Corp. (TSX.V: BYN), environmental permit clearance heading toward production with Axo Metals Corp. (TSX.V: AXO), first concentrate production from the Mallay mine with Excellon Resources Inc. (TSX.V: EXN), inaugural drilling programs de-risking nickel assets with FPX Nickel Corp. (TSX.V: FPX), management evolution and drill updates at Wild Dog with Great Pacific Gold Corp. (TSX.V: GPAC), high-grade silver drill assays awaiting further regional results with Kingsmen Resources Ltd. (TSX.V: KNG), and first high-grade gold assays returned from big step-out drilling in the 2026 program from Goliath Resources (TSX.V: GOT).

Featured InterviewsSilver Tiger Metals: El Tigre Construction and Target First Pour Date Construction Underway: Visual construction updates showcase steady development progress on-site at the El Tigre project in Sonora, Mexico. * Production Timeline: Executive management targets the first gold and silver pour for December 2027. * De-Risking Path:* Key focus remains on advancing infrastructure, mine engineering, and operational readiness over the next 24 months.

Listen to the Silver Tiger Metals interview here:https://www.kereport.com/2026/08/03/silver-tiger-metals-visual-construction-update-at-el-tigre-first-gold-silver-pour-is-targeted-for-december-2027/

Banyan Gold: Unlocking Fresh Scale with Two New Discoveries New Discoveries: Drilling at the Nitra project in the Yukon has successfully opened two new high-priority gold discovery zones. * District Expansion: Results highlight strong potential to expand the overall footprint beyond the primary AurMac deposit area. * Next Steps:* Management details the geological significance of these intercepts and how they fit into the broader regional exploration strategy.

Listen to the Banyan Gold interview here:https://www.kereport.com/2026/08/04/banyan-gold-two-new-gold-discoveries-at-the-nitra-project/

Axo Metals: Green Light for San Antonio Gold Project Development Major Regulatory Milestone: Secured the primary environmental permit for the San Antonio Gold Project in Mexico. * Pathway to Production: Permit approval paves a clear sequence toward final site preparation, technical work, and production. * Catalysts Ahead:* Executive leadership outlines the key timeline items and near-term development goals for investors.

Listen to the Axo Metals interview here:https://www.kereport.com/2026/08/04/axo-metals-the-pathway-towards-production-at-the-san-antonio-gold-project-after-securing-the-major-environmental-permit/

Excellon Resources: Mallay Mine Moves into Active Production Operational Milestone: First concentrate production achieved at the Mallay silver-lead-zinc mine in central Peru. * Ramp-Up Operations: Focus is now on processing stability, throughput optimization, and mill performance. * Market Position:* Management shares insights on operating fundamentals and cash-flow potential in the current metal price environment.

Listen to the Excellon Resources interview here:https://www.kereport.com/2026/08/05/excellon-resources-first-concentrate-production-at-the-mallay-silver-lead-zinc-mine-operating-in-central-peru/

FPX Nickel: Testing the Advocate Target & Market Fundamentals Inaugural Drill Program: Maiden drill campaign initiated at the Advocate target to test high-grade awaruite mineralization. * De-Risking Baptiste: Drill strategy at Advocate directly complements and strengthens the larger Baptiste Nickel Project asset base. * Macro Insights:* Management addresses current global nickel market dynamics and clean-energy supply chain requirements.

Listen to the FPX Nickel interview here:https://www.kereport.com/2026/08/06/fpx-nickel-inaugural-drilling-at-advocate-de-risking-baptiste-nickel-market-fundamentals/

Great Pacific Gold: Strategic Leadership Shifts & Wild Dog Drilling Management Evolution: Recent leadership additions bring expanded corporate development and technical execution experience. * Wild Dog Exploration: Drill program update highlighting current target depth, prospective geology, and program progression. * Portfolio Strategy:* Overview of how the corporate adjustments position the company to advance its asset pipeline effectively.

Listen to the Great Pacific Gold interview here:https://www.kereport.com/2026/08/06/great-pacific-gold-management-evolution-wild-dog-drill-program-update/

Kingsmen Resources: High-Grade Silver Assays & Upcoming Regional Targets Standout Grade: Deepest hole to date at the Soledad target (LC-26-013) intersected 5.20m @ 257 g/t AgEq, including 1.40m @ 641 g/t AgEq. * Expanded Depth: Confirms silver-gold mineralization extends down-dip over a 135m vertical depth and remains open in all directions. * Assays Pending:* Exploration team is awaiting pending results from regional targets, including Saddle, Silvia, Leona, and Agilera.

Listen to the Kingsmen Resources interview here:https://www.kereport.com/2026/08/07/kingsmen-resources-exploration-update-at-las-coloradas-recapping-first-assays-from-this-season-and-awaiting-assays-from-several-regional-targets/

Goliath Resources – First Drill Assays Of The 2026 Program Return High-Grade Gold Mineralization First Results Of Season: first drill assays returned from their fully funded 2026 drill program, comprised of ~50,000 meters of systematic drilling and utilizing 7 drill rigs, at the Surebet Discovery * Big Step Outs Expand Mineralization: assays from drill hole GD-26-417 expanding the Bonanza and Golden Gate zones by 540 meters to the southwest. * Multiple High-Grade Hits: drill hole GD-26-418* expanding the Bonanza Zone 100 meters to the north and had two separate gold mineralization intercepts: 8.09 g/t AuEq over 16.00 m, including 18.39 g/t AuEq over 6.75 meters, and 4.42 g/t AuEq over 5.00 meters.

Listen to the Goliath Resources interview here: https://www.kereport.com/2026/08/07/goliath-resources-first-drill-assays-of-the-2026-program-return-high-grade-gold-mineralization-expanding-the-bonanza-zone-and-golden-gate-zone/

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Have Questions for Our Guest Executives?We want to hear from you! If you have follow-up questions for the management teams of any companies interviewed this week, or if there are specific mining and exploration companies you’d like us to feature on future shows, drop us an email anytime.

Reach out to us directly at:

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As financial markets navigate shifting macroeconomic signals, this episode brings together Brien Lundin and Marc Chandler to analyze the forces driving current precious metals price action and major bond market interventions. Together, they break down the recent rebound across precious and base metals, assess changing Federal Reserve rate expectations, and clarify the broader implications of global currency dynamics and central bank interventions.

Segment 1 & 2 – Brien Lundin, editor of the Gold Newsletter and host of the New Orleans Investment Conference, kicks off the show to discuss the strong rebound and underlying drivers in precious metals. He highlights how market perceptions of Federal Reserve rate policy are shifting in favor of metals, discusses the strong upside potential and valuation disconnects in both major and junior mining equities, and notes that copper is well-positioned for continued strength driven by demand from data centers and the AI sector.
Click here to learn more about the New Orleans Investment Conference on October 28-31. – https://neworleansconference.com/korelin/
Segment 3 & 4 – Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of the Marc to Market website, joins us to discuss key developments in global currency, interest rate, and commodity markets. Marc shares insights on central bank interventions involving the Japanese Yen and US Dollar, the impact of recent US labor data on Federal Reserve policy expectations, the driving forces behind gold’s price movements, and upcoming economic catalysts like the US CPI report.
Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.com/

If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

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Investment disclaimer:

Brien LundinMarc Chandler

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources Ltd (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF), joins us for an exploration update reviewing the first drill assays returned from their fully funded 2026 drill program, comprised of ~50,000 meters of systematic drilling and utilizing 7 drill rigs, at the Surebet Discovery on the Golddigger Property; located in the Golden Triangle, British Columbia.

35 out of 98 planned drill holes have been completed with a total of 19,931 meters drilled in 2026. All drill holes from the 2026 drill program completed to date have intersected quartz-sulphide mineralization which typically coincide with high-grade gold mineralization.

Expansion drilling will continue to focus on extending the footprint of the Bonanza and Golden Gate Zones to the East and Northeast, as well as expanding the Surebet Zone to the West. Directional drilling consisting of multiple holes stemming from a single ‘mother’ hole is being used on selected drill pads in order to minimize drill time and costs while increasing target accuracy.

Gold mineralization has been confirmed with assays from drill hole GD-26-417 expanding the Bonanza and Golden Gate zones by 540 meters to the southwest. Assays are pending on additional drill holes in these areas that could potentially confirm the expansion of the Bonanza and Golden Gate zones up to 750 meters to the southwest.

Gold mineralization has been confirmed with assays from drill hole GD-26-418 expanding the Bonanza Zone 100 meters to the north and remains open. Assays are pending on additional drill holes in these areas that could potentially confirm the expansion of the Bonanza zone up to 200 meters to the north.

Drill hole GD-26-418 had two separate gold mineralization intercepts. The first from Surebet Zone, intercepted 8.09 g/t AuEq over 16.00 m, including 18.39 g/t AuEq over 6.75 meters, including 39.99 g/t AuEq over 1.00 meters and 74.67 g/t AuEq over 1.10 meters in an interval characterized by multiple occurrences of visible gold to the naked eye (VG-NE) hosted in quartz-sulphide stockwork and breccia.
The second from Bonanza Zone expansion to the north that assayed 4.42 g/t AuEq over 5.00 meters, including 7.78 g/t AuEq over 2.79 meters, including 23.76 g/t AuEq over 0.90 meters; it remains open.

Gold mineralization has been confirmed with assays from drill hole GD-26-425 expanding the Bonanza Zone 100 meters to the west and remains open. Assays are pending on additional drill holes in these areas that could potentially confirm the expansion of the Bonanza zone up to 200 meters to the west.

This year’s program will be mainly focused on expanding their 5 Main Mineralized Zones at the Surebet Discovery. Much of the focus on these initial holes was stepping out and expanding the Bonanza Zone and Golden Gate Zone. Data compilation and interpretation is underway which will be used to potentially vector in on the indicated Motherlode causative intrusive source to this extensive high grade gold system with widespread VG-NE.

If you have any questions for Roger about Goliath Resources, then please email them to us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.

Click here to follow the latest news from Goliath Resources

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

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Scott Emerson, President and CEO of Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) joins us for an exploration update where the company reported on July 22nd results from the first assays from its ongoing fully funded diamond drilling campaign, from hole LC-26-013, drilled on the Company’s 100%-owned Las Coloradas silver project in the Parral mining district of the Central Mexican Silver Belt, Chihuahua, Mexico.

Highlights:

LC-26-013 (new): 5.20 meters @ 257 g/t AgEq (114 g/t Ag) within a broader alteration zone (130.0–246.9m), including 641 g/t AgEq (425 g/t Ag) over 1.40m (236.55–237.95m) — among the highest-grade silver intercepts reported by Kingsmen to date, and the deepest hole in the Soledad fence.
LC-25-010 (previously reported, Sept. 24, 2025): 1.45 meters @ 1,028 g/t AgEq (455 g/t Ag) (190.25–191.70m), including 1,742 g/t AgEq (770 g/t Ag) over 0.70m (190.85–191.55m), within a broader zone of 138 g/t AgEq over 13.35m (64.3 g/t Ag).
LC-25-005 (previously reported, January 19, 2026): 15.7 meters @ 74 g/t AgEq (46 g/t Ag), including an upper zone of 704 g/t AgEq (460 g/t Ag) over 0.35m and a lower zone of 1,379 g/t AgEq (848 g/t Ag & 0.87 g/t Au) over 0.6m.

Drill hole # LC-26-013, the deepest hole drilled to date at the Soledad system, intersected significant silver-gold mineralization 54 meters down-dip of previously reported hole LC-25-010, confirming that high-grade mineralization at Soledad continues to grow at depth. Together with previously reported holes, LC-25-005 and LC-25-010, the fence of three holes has now intersected silver-gold mineralization over a minimum of 135 meters of vertical depth, and a new structural target has been identified. Mineralization remains open at depth and along strike. This result demonstrates the continuity of the high- grade silver mineralization and expands the known mineralized footprint.

We go on to discuss some of the key exploration targets at Las Coloradas, based on the various data sets from mapping, sampling, historic data, and surveys flown that their team has compiled in the prioritized targets for this season. The initial follow-up drilling has been testing deeper and stepping out around the historic Mine Target and DBD Target. Additionally, other regional targets like Saddle, Silvia, Leona, Agilera, and La Plata areas will be tested. Then later in the year the company will transition over to drilling a number of targets at their Almoloya Project.

If you have any questions for Scott regarding Kingsmen Resources, then please email those in to us at Fleck@kereport.com or Shad@kereport.com.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for our monthly longer-format discussion on macroeconomic factors moving the markets, turning up the summer heat in resource stocks coming into August. He also shares portfolio management strategies in select gold, silver, copper, rare earths, and uranium stocks.

We start off reviewing some shifts in macroeconomics movers:

A reduction in strength in US Dollar, with the dollar index moving back below 100
Recent rolling over of interest rates, which had previously been rising based on anticipated hawking Fed policy from Warsh’s prior meetings and statements
Improving US economic data on some fronts may have the Fed in a more neutral position
A desensitization of geopolitics around the US/Iran negotiations and the supposed reopening of the Strait of Hormuz.
US treasury financial intervention to support Japan, staving off their potential need to liquidate US treasuries, or any rapid unwind of the carry trade.
Capex investments in AI data-center build-outs are ongoing.

The conversation then transitioned from macroeconomics into recent uplift in gold, silver, and precious metals stocks. Nick is less animated by PM seasonality trends coming out of the Summer Doldrums, pointing to the changes in the US dollar and interest rates as the key factors that have led to this recent sector bounce.

He mentioned that this lull in the summer doldrums in both sentiment and weak price action was a common theme from the recent Rule symposium; and conceded that in the later summer, once more investors are back from vacations and more focused on the markets again, that this may bring in more trading volumes and participation.
We highlighted the wave of sector news on tap from now into September conference season. All this coming news can provide fundamental catalysts, from compelling Q2 earnings results in PM producers, to key upcoming milestones and studies for developers, and then all the summer drill programs.
Nick highlighted PM stocks moving on recent news like Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF), Hannan Metals Limited (TSXV: HAN) (OTC: HANNF), San Lorenzo Gold Corp. (TSXV: SLG) (OTCQB: SNLGF), and Osisko Gold Group Inc. (NYSE: OGG, TSXV: OGG).
He pointed out that the market is still not rewarding exploration news that shows some geological “smoke” but didn’t hit “fire,” mentioning his portfolio position in Quartz Mountain Resources Ltd. (TSXV:QZM)(OTCQX:QZMRF)
There are some companies with he remains animated by for all the coming assay results from ongoing drill programs like Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF)

Next we switch over to the continued strength in copper, making new all-time highs again this week. While we note the strong demand fundamentals, and supply constraints, Nick explains that the influx of copper into the US, and pricing arbitrage compared to London or Shanghai exchanges, may be due to investors positioning in front of potential tariff announcements on copper from the Trump administration.

Copper stocks we discuss are Gladiator Metals Corp. (TSXV: GLAD) (OTCQB: GDTRF), Hudbay Minerals Inc. (TSX: HBM) (NYSE: HBM), and Ero Copper Corp. (TSX: ERO, NYSE: ERO).

When reviewing where Nick is seeing the most government focus in the commodities sector, he highlights it is clearly in the Critical Minerals. While multiple sectors from uranium, to lithium, to heavy rare earths have been sold down lately, the supply chain chokepoints outside of China remain, and the fundamentals for these strategic metals continuing to improve.

Nick highlights the ongoing direct investment and policy initiatives into the rare earths processors, separators, recyclers, noting prior government investments into Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ), Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), MP Materials (NYSE: MP), and USA Rare Earth, Inc. (Nasdaq: USAR).
He flags the recent $725 million financing commitment from the Department of War, U.S. Office of Strategic Capital, for Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) which was approved to support infrastructure and capacity to process rare earth elements and other critical materials domestically.
CoTec Holdings Corp. (TSXV:CTH)(OTCQX:CTHCF) is company he remains animated by for similar reasons, due to their exposure to recycling material to extract and produce rare earth magnets and strategic materials. He believes this could attract government interest like is has in the aforementioned companies.

Click here to follow Nick’s analysis and publications over at Digest Publishing

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In today’s Daily Editorial, we are joined by Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network. Joel breaks down the relentless momentum across major stock indices as market averages hit new record territory. We explore whether technical price action supports a continued rally or if tech sector laggards signal caution ahead.

Key Discussion Points:

Market Momentum & Technical Support: How recent breakouts past historic resistance levels are establishing new technical foundations for the broad market.
Intra-Sector Tech Rotation: Why profit-taking in high-flying chipmakers and hyperscalers is feeding capital into other index components rather than triggering broad selloffs.
CapEx Spend vs. Earnings Justification: How big tech giants are attempting to validate massive AI capital expenditure and what that means for supplier supply chains.
The Post-IPO Life Cycle of SpaceX: Key technical levels, lockup expiration dynamics, and how institutional accumulation typically plays out following initial public offerings.

Click here to visit Joel’s PreMarket Prep website – https://www.premarketprep.com/

Click here to visit the Stock Trader Network – https://www.stocktradernetwork.com/

Stocks & Symbols Mentioned: S&P 500 Index ($SPY / S&P Futures), Nasdaq-100 ($QQQ), Dow Jones Industrial Average ($DIA), Russell 2000 ($IWM), NVIDIA ($NVDA), Microsoft ($MSFT), Apple ($AAPL), Micron Technology ($MU), SanDisk ($SNDK), Western Digital ($WDC), Walmart ($WMT), Costco ($COST), Netflix ($NFLX), T-Mobile ($TMUS), Gilead Sciences ($GILD), SpaceX

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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

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In this Company Update, Alex Heath makes his debut as the newly appointed Chief Executive Officer of Great Pacific Gold Corp. (TSXV: GPAC | OTCQX: GPGCF | FSE: 0B3). Alex outlines his transition into the CEO role, highlighting executive continuity, strategic discipline, and the ongoing multi-target exploration program at the Wild Dog Project in Papua New Guinea.

Key Discussion Points:

Executive Leadership & Board Evolution: Alex addresses recent management shifts, explaining why the changes reflect an evolution rather than a pivot in strategy.
Corporate Background & Financial Discipline: A look into Alex’s extensive mining finance experience and how capital preservation remains a core priority.
Wild Dog Project Exploration Progress: An overview of current drilling across primary targets, including recent completion at Cassie Ridge and the shift to Magiabe
High-Grade Discovery Potential & Target System: Why testing multiple distinct targets along the trend provides significant upside potential.
Program Timelines & Lab Assays: Expected completion dates for the ongoing drill campaign alongside realistic assay turnaround expectations.

If you have any follow up questions for Alex please me at Fleck@kereport.com.

Click here to visit the Great Pacific Gold website – https://gpacgold.com/

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In this company update, Martin Turenne, President and CEO of FPX Nickel (TSX-V: FPX – OTCQB: FPOCF), returns to discuss the inaugural 4,000-meter drill program at the Advocate Nickel Property in Newfoundland. He outlines how the exploration alliance with JOGMEC works, shares key milestones in de-risking the flagship Baptiste Nickel Project in British Columbia, and offers analysis on the shifting structural dynamics of the global nickel market.

Key Discussion Points:

Inaugural Drill Program at Advocate: Overview of the 4,000-meter maiden drill campaign targeting high-priority awaruite nickel targets in Newfoundland.
The JOGMEC Alliance: Breakdown of the strategic 60/40 exploration alliance with Japan’s JOGMEC and the long-term vision for project development.
De-Risking the Baptiste Project: Updates on the environmental assessment permitting process in British Columbia and target timelines for feasibility work.
Macro Nickel Market Dynamics: Analysis of changing supply management strategies in Indonesia, evolving cost structures, and long-term price expectations for nickel.

If you have any follow up questions for Martin please email me at Fleck@kereport.com.

Click here to visit the FPX Nickel website.

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Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins me to celebrate the key company milestone of first concentrate production at their flagship 100%-owned Mallay Silver-Lead-Zinc Mine, located in central Peru. He outlines all the continued development work building towards the commissioning of the mill, and the steady ramp-up into production growth over the next few quarters. We also review the big exploration focus for infilling mineralization, testing at deeper levels of the mine that have been dewatered, and exploration at near-mine targets.

Highlights:

First Concentrate Production: Since restarting on a pre-commissioning basis on July 2, 2026, the Mallay concentrator has operated consistently, processing approximately 12,000 tonnes of material and producing concentrates containing approximately 29,200 ounces of silver, 319,000 pounds of lead and 456,000 pounds of zinc. Initial concentrate shipments are expected in August 2026 with payment to be received during the quarter.
Mill Throughput: The Company is targeting a controlled rate of approximately 400 tonnes per day during the pre-commissioning period, providing a sustained operating window for metallurgical optimization during ramp-up.
400 Ramp: The main accessway below the 4090 Level is now dewatered to the point where rehabilitation can begin. Rehabilitation of the 400 Ramp is the next step toward providing access to areas of the Mine below the 4090 Level.
Drilling Underway: Three drill rigs are active, targeting confirmation drilling at depth and near-mine exploration. Results will be reported separately.
Mine Ramp-Up Underway: Mine activities are advancing through 2026, prioritizing access below the 4090 Level where mineralization is expected to widen. Updated mine planning and scheduling is underway.

We then briefly review the value proposition and optionality across their other 3 projects: Tres Cerros, Kilgore, and Silver City. Shawn points out there will be a lot of news to announce over the second half of this year and into early next year from exploration to operations at Mallay, the spin-out of Silver City, and exploration targeting at Tres Cerros and Kilgore.

Click here to follow the latest news from Excellon Resources

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In this Daily Editorial, we are joined by Craig Hemke, Founder and Editor of TF Metals Report, to examine the strong rebound across the precious metals sector.

Interview Highlights:

Precious Metals Rebound: Craig breaks down the technical and fundamental forces behind the recent strength in gold and silver as key support levels hold firm.
Macro Catalysts & Currency Moves: An analysis of recent joint Treasury and Bank of Japan interventions, their impact on the US Dollar Index, and shifting interest rate expectations.
Technical Breakouts & Mining Equities: A look at crucial short- and long-term moving averages across metals and major mining ETFs that are shifting algorithmic trading and sentiment back to the buy side.
Key Economic Data to Watch: A preview of upcoming economic reports, central bank policy gatherings, and macro factors that could influence market direction through the second half of the year.

Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 4 more advanced junior gold and copper exploration and development stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

The companies we discussed in the interview are:

Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF) – On August 4, the Company reported one of the highest-grade-thickness drill intercepts to date from the Joss area at the Company’s Beartrack-Arnett located in Idaho, U.S.A. This year’s 5,500-meter drilling program at Beartrack-Arnett targeted the potential expansion of high-grade underground sulphide Mineral Resources, last drilled in 2022.
Hole BT26-255D intercepted: 3.43 grams per tonne (“g/T”) gold over 131.7 meters drilled width at 543 meters downhole; including a high-grade interval of 6.56 g/T gold over 42.5 meters drilled width at 632 meters downhole, including 11.58 g/T gold over 12.1 meters drilled width1 at 639 meters downhole.
Westward Gold Inc. (CSE: WG, OTCQB: WGLIF) – On August 4, the Company announced assay results and mapping interpretations for the first of three trenches completed over the SSD Target (“SSD”) at the Company’s Toiyabe Hills Property in Lander County, NV. The 177-metre trench – part of Westward’s 468-metre program in advance of drilling – was completed near the Roberts Mountains Thrust and five gold zones were identified in the trench (using a cut-off of 0.14 g Au/t); including a significant sub-interval of 13.4 metres of 6.55 g Au/t, within 34.8 metres of 2.84 g Au/t. The ability to produce high-grade gold is a notable characteristic of major systems in the Cortez District.
Miata Metals Corp. (TSXV: MMET) (FSE: 8NQ) (OTCQX: MMETF) – On July 29, the Company announced that La Mancha Resource Fund SCSp, a fund advised by La Mancha Resource Capital LLP, has via its subsidiary agreed to upsize its previously announced strategic investment in Miata accordingly. La Mancha will purchase, through a non-brokered private placement, 32,390,229 Shares at a price of C$0.41 per Share for aggregate gross proceeds to the Company of approximately C$13,279,994, to maintain its pro forma strategic investment of 19.9% of the Company.
Red Canyon Resources Ltd. (CSE: REDC | OTCQB: REDRF | Frankfurt: I91) On July 30, the Company announced the completion of the initial phase of its planned 2,500 metre diamond drill program at its 100% owned Osiris copper–gold project in central British Columbia, originally announced on June 8, 2026. Follow-up plans include testing additional, recently upgraded drill targets.
The Company has completed eight drill holes totalling 2,079 m at the Camp target within the Osiris Project. Based on this initial drilling, the Company interprets the Camp target to host an alkalic copper-gold mineral system with geological similarities to the Mount Polley and Mount Milligan mines in British Columbia.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

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Dave Erfle, Founder of the Junior Miner Junky, joins me to review the latest price action in the precious metals sector, his technical outlook, major support thresholds, and the historical cycles keeping long-term investors grounded. We also delve into why he recently added 3 new gold names to his retirement account, and key lessons learned from 3 heavily-weighted JMJ portfolio positions.

Key discussion points:

Precious Metals Could Be Building A Base For The Next Leg Higher: Gold, silver, and the PM stocks have essentially held at key support, and quit going down, with selling exhaustion showing up in the summer doldrums. It could be that the PM sector is just beginning to emerge from a multi-month correction within a larger secular bull market.

Technical Levels To Watch On The Gold Sector ETFs: An analysis of key weekly support and resistance levels on both GDX and GDXJ. Dave also points to the longer-term historical peaks for consideration, and even what price levels he considers the “all clear” threshold on if they are obtained.

Rotating Oil Profits Into 3 New Gold Positions: Dave shares that a few weeks back he cashed out some well-earned oil stock profits, and rotated them into 3 stocks within his personal retirement account (not the same as the Junior Mining Junk Portfolio). We review the fundamental reasons, and importance of having a solid watchlist to pull from.

Alamos Gold Inc. (TSX:AGI; NYSE:AGI)
Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA)
New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP)

Learning Lessons From 3 Key JMJ Portfolio Positions: We discuss how his due diligence evolved on the projects, key recent catalysts, quality management teams, key stakeholders, jurisdiction diversification, share structure, and more on these heavily weighted portfolio positions.

Montage Gold Corp. (TSX: MAU) (OTCQX: MAUTF)
AbraSilver Resource Corp. (TSX: ABRA) (OTCQX: ABBRF)
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter – https://www.juniorminerjunky.com/

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Jonathan Egilo, President and CEO of Axo Metals Corp. (TSXV: AXO), joins us for a comprehensive re-introduction to this gold, silver, and copper exploration and development company, focused on advancing and developing their San Antonio project in the state of Sonora, Mexico down the pathway towards production.

We start of discussing the acquisition of the San Antonio Gold Project from Osisko Development Corp back on January 27th, which was transformational for the company. The total resources at San Antonio stand at 576koz gold (Au) and 1.37moz silver (Ag) grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category, with 544koz Au and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the Inferred category across all deposit types (oxide, transition and sulphide).

Jon points out that higher gold and silver prices today will allow for a lower cut-off grade, which will grow the resources. Additionally the company has been conducting infill drilling, but is now stepping out with drilling to expand the know resources. The company will be updating and releasing a Mineral Resource Estimate along with a Preliminary Economic Assessment (PEA) later in the year.

Axo Metals announced on July 27th that the Mexican Federal Environmental Department (“SEMARNAT”) has issued a positive decision approving the Environmental Impact Statement (“Manifestos de Impacto Ambiental” or “MIA”) for the San Antonio gold project located in the State of Sonora. This landmark environmental permit approval validates the merits of the San Antonio project, and grants the primary authorization required for the construction and operation of the mine.

Jon highlights that the team is hard at work on metallurgical testing, engineering work, and assessing what will equipment will need to be added to expand the heap leach pads and get back into production next year. After the resource update and PEA is out later this year, it will help crystallize the detailed engineering and capex needed, which is modest, considering all the brownfield infrastructure already in place from prior operations.

Axo’s second project is the La Huerta property, a new copper discovery in Jalisco, Mexico. Initial exploration has yielded high-grade copper both at surface through sampling programs, and at depth through initial drilling. The Company is focused on continuing to define near-surface mineralization along the La Huerta Trend, expanding mineralization at depth, and targeting new discoveries in an underexplored district.

If you have any questions for Jon regarding AXO Copper, then please email me at Shad@kereport.com.

Click here to follow the latest news from AXO Metals Corp

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Tara Christie, CEO of Banyan Gold (TSXV: BYN / OTCQB: BYAGF) breaks down initial drill results from the company’s Nitra Project, where first-pass drilling has uncovered two brand-new gold discoveries. With visible gold logged at both Roaring Fork and Seattle Creek, the team is seeing early proof of district-scale potential across their 830-square-kilometer land position.

Key Discussion Points:

Initial Nitra Drill Hits: What the first-ever drill holes at Roaring Fork and Seattle Creek tell us about these new target zones.
Ramping Up Rigs: Why Banyan is adding a third drill rig to expand the Nitra program toward 10,000 meters.
Big-Picture Geology: How these new discoveries tie back to the main AurMac deposit and surrounding regional trends.
Upcoming Catalysts: Timelines for ongoing assay flow from the 70,000-meter campaign and work toward the Q4 Preliminary Economic Assessment (PEA).

If you have any follow up questions for Tara please email me at Fleck@kereport.com.

Click here to visit the Banyan Gold website – https://banyangold.com/

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Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR) (OTCQX:SLVTF), joins me for a visual construction update of the surface heap-leach mine; with commissioning and first pour targeted for December, 2027; at the El Tigre Silver-Gold Project in Sonora, Mexico. We review the work already completed, the work yet to come, the future advancement of the underground mine at El Tigre, and the exploration program around the historic North Tigre Mine that is underway.

Key construction updates at El Tigre:

Build out of Mexican engineering and construction team is nearing completion with a total of 166 persons on site and 100,000-man hours logged since start of construction
Detailed engineering by Kappes, Cassiday & Associates (“KCA”) and Kappes, Cassiday del Norte S de RL de CV (“KCN) pursuant to the Engineering Procurement and Construction Management Contract (“EPCM”) for the Project is proceeding on schedule
Procurement on long lead items is complete, including crusher plant, conveyer and stacking system, and the Merrill-Crowe plant and refinery
Land clearing, and flora/fauna management for the total construction area is 60% complete
Installation of construction offices has been completed
Engineering for improvements to the 46 km road built from Colonia Morelos to El Tigre is complete. The contract to improve this road has been awarded and work has begun, with 25% of road improvements complete
The major earthworks contract has been awarded for the heap leach, ponds and crusher platforms and these earthworks have commenced
Comision Federal de Electricidad (“CFE”) have granted access to grid electrical power for the El Tigre Project
Long lead items such as crusher, conveyor, stacking and Merrill-Crowe have been ordered.
Mine commissioning and first pour on track to commence in December 2027.

We discussed the larger growth plan to keep advancing the derisking and development of the underground mine at El Tigre, moving the economics from the current Preliminary Economic Assessment (PEA) to a PFS, and some of the synergistic advantages of having a large build team and engineers on site for the surface heap-leach mine, that can then transition over to working on the underground, reducing down some of the assumed upfront capex in the PEA.

Additionally, the Company is now expanding the scope across their district-scale land package, and has been conducting exploration drilling targeting the high-potential vein systems north of the main El Tigre area, near the historic North Tigre Mine. This priority zone aligns directly with the El Tigre North Mine Design outlined in Section 24 of the Company’s recently filed PEA (dated January 20, 2026). First results will start being released to the market in the months to come.

If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Silver Tiger Metals

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Seven interviews, seven very different catalysts. Q2 Metals (TSXV: QTWO) is riding high-grade lithium hits into a fully-funded summer drill program. Troilus Mining (TSX: TLG) just got fast-tracked by the Quebec government on permitting. Cerrado Gold (TSX.V: CERT) posted a big production jump and just added years of mine life next door. Sitka Gold (TSXV: SIG) locked up 100% of a property sitting on a 2+ million ounce gold discovery. Summit Royalties (TSX.V: SUM) just armed itself with a $50 million war chest for its next deals. Silver Storm Mining (TSX.V: SVRS) is shipping concentrate again after its restart. And Novo Resources (TSX: NVO) is stepping up drilling on some very promising gold targets in Western Australia.

Full breakdowns (and where to listen) below.

Q2 Metals – A Lithium Project That Keeps Getting De-RiskedWinter assays just wrapped, and the drill bits haven’t stopped turning.

High-grade spodumene hits over wide intercepts closed out the 10,000-meter winter program at Cisco
A fresh 20,000-meter summer campaign is now underway, targeting infill, resource conversion, and expansion all at once
With a PEA coming this fall and roughly $75M in the treasury, the whole program is fully funded through the next set of catalysts

Listen: Q2 Metals — De-Risking the Cisco Lithium Project

Troilus Mining – Quebec Just Put This Project on the Fast TrackGovernment backing doesn’t get much more direct than this.

Troilus was selected as one of the first projects to benefit from Filon, a new Quebec government initiative designed to speed up permitting for strategic mining projects
70 MW of hydroelectric power is now secured for the project through Hydro-Québec
Detailed engineering is fully mobilized, with 40+ bid packages already out for tender across major process equipment and infrastructure

Listen: Troilus Mining — Engineering, Hydro Power & the Filon Initiative

Cerrado Gold – Production Jumped, and the Mine Life Just Got LongerThe numbers moved in the right direction, and a well-timed acquisition adds even more runway.

Q2 production came in at 15,415 GEO vs. 11,437 GEO a year ago, with H1 production up to 28,257 GEO
The newly acquired Falcon Properties could extend heap leach operations and add new mineable material quickly
Full-year guidance of 50,000-60,000 GEO is holding, while a legal win in Portugal keeps the Lagoa Salgada project on track

Listen: Cerrado Gold — Q2 2026 Operations & Exploration Update

Sitka Gold – Full Control of a Multi-Million-Ounce DiscoveryThey just bought out their partner on the property doing all the heavy lifting.

Sitka has moved to acquire 100% of the Clear Creek Property, home to the Rhosgobel discovery and its 2.25 million ounce inferred gold resource
A massive 60,000-meter drill program is underway in 2026, with 45,000 of those meters dedicated to Clear Creek alone
The RC Gold Project now hosts 1.29M oz indicated and 3.83M oz inferred gold, and it’s still growing

Listen: Sitka Gold — 100% Acquisition of Clear Creek & Exploration Update

Summit Royalties – $50 Million Just Landed for the Next DealsA war chest built for exactly this moment in the royalty cycle.

A new credit facility with National Bank of Canada opens up US$25M immediately, with an accordion feature that can push total availability to US$50M
The portfolio already holds 48 royalties and streams, with 2 development-stage assets moving toward production by year-end
Management is targeting both fresh royalty creation and accretive acquisitions of existing streams with this new firepower

Listen: Summit Royalties — $50M Credit Facility & Growth Strategy

Silver Storm Mining – The Restart Is Shipping ConcentrateFrom idle to producing – and backed by some heavyweight names.

First concentrate shipments are out the door at La Parrilla, with a clear ramp-up path toward a 3-million-ounce silver-equivalent run-rate
A 15,000-meter drill program is targeting both surface and underground extensions to replace mined ounces
The project is backstopped by a multi-year Samsung offtake deal and major shareholders including First Majestic and Eric Sprott

Listen: Silver Storm Mining – Restart & First Concentrate Shipments

Novo Resources – Chasing High-Grade Gold in Western AustraliaTwo promising targets, one aggressive Phase 2 plan.

A 2,700-meter RC drill program is underway to build on previous high-grade hits at the Clone Prospect
Pioneer South features a 600-meter trend of outcropping gold quartz reefs with standout rock chip assays waiting to be drill tested
The earn-in JV structure is progressing through key expenditure and operational-control milestones

Listen: Novo Resources — Phase 2 Drilling & JV Earn-In Strategy

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Got a question for any of the companies we interviewed this week – or want us to cover a company you’re following? Email us anytime at Fleck@kereport.com or Shad@kereport.com. We read every one.

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In this Weekend Show on The KE Report, Shad and I set the stage with a KER QuickTake on commodity movements, central bank policy, and precious metals price action following recent Fed developments. We then feature Rick Bensignor to provide a technical breakdown of gold, silver, copper, and crude oil, alongside actionable insights into equity sector rotations and key price levels for investors.

Segment 1 & 2 – A replay of our KER Market QuickTake, posted Wednesday. We review the commodities market on the KER Market Quick Take, discussing key trends in precious metals, copper, oil, and critical minerals. We highlight how elevated interest rates, a strengthening US dollar, and geopolitical tensions in the Middle East continue to weigh on the metals and mining equities amid the traditional summer doldrums.
Segment 3 & 4 – Rick Bensignor, President of Bensignor Investment Strategies, wraps up the show by analyzing technical market trends across metals, energy, and U.S. equities. Rick breaks down key support and resistance levels for gold, copper, and oil while evaluating market breadth and the ongoing sector rotation from tech into value sectors like healthcare and financials.
Click here to visit the In The Know Trader website – https://intheknowtrader.com/

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A wide-ranging macro breakdown on gold, oil, natural gas, and the looming catalysts for volatility with Jeff Christian (CPM Group) and Josef Schachter (Schachter Energy Report)

Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

Segment 1 & 2 – Jeff Christian, Managing Partner at CPM Group, joins the show to discuss how the recently passed U.S. tax bill could significantly increase deficits and economic uncertainty, reinforcing long-term support for gold. He highlights strong global investment demand, particularly through gold ETFs, even as the metal trades sideways near record highs. Christian notes rising institutional short positions and the potential for physical market tightness around the August futures contract. Geopolitical risks and a surge in global money supply remain key catalysts that could drive gold and silver higher in the second half of the year.
Click here to visit the CPM Group website to learn more about the firm.
Segment 3 & 4 – Josef Schachter, founder of the Schachter Energy Report and Eye on Energy Substack, joined us to share his latest insights on the oil and natural gas sectors. He discussed why U.S. production remains strong despite falling rig counts, how efficiency gains like pad drilling and polymer floods are reshaping conventional oil, and why LNG demand and Alberta power needs may drive a natural gas rebound—especially for Canadian producers. He also highlighted key contrarian opportunities in beaten-down Canadian gas stocks, select dividend-paying oil equities, and ETFs like XLE and OIH if markets pull back to April levels.
Click here to learn more about The Schachter Energy Report

Jeff ChristianJosef Schachter

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Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to highlight the key milestone of the first development ore being milled at Nicola Mining’s Craigmont Mill located in Merritt, British Columbia. Talisker announced on July 7th that the Company has commenced milling and processing of run of mine material from the Mustang Mine vein material extracted from the 1060 and 1075 development levels. We unpacked this major positive milestone for the Company, and what the ramp up in to production will look like for the second half of this year.

Talisker continues to develop on the 1060, 1075, 1105 and 1120 levels with in-vein development active on the BK vein on the 1075 level and both the BK and BK9870 veins on the 1105 level. Long-hole drilling in preparation for the mining and extraction of the first stope is underway targeting the 3264 stope from the Alhambra vein located between the 1060 and 1075 levels. Blasting and extraction of the first stope is expected to occur later this week.

We review that main area of focus for the development declines and work up until this point in time has been in the unmined area, between the historically mined Bralorne and King mines, now referred to as the Mustang Mine. We shift over to the measured ramp-up of throughput from mined ore at the Mustang Mine with throughput now above 200 tonnes per day (tpd) and the goal to get that up to 250 tpd by year-end. Moving into next year it is anticipated that throughput can rise from 300 tpd, up to 500 tpd, and then eventually 750 tpd in the years thereafter. That will involve pulling in material from the unmined areas between the historic Bralorne and Pioneer mines as a second eventual area of focus.

In addition to being amenable to toll milling at nearby processing centers with spare capacity, there is a second study underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the key milestones and news on tap for the balance of this year.

If you have any follow up questions for Terry then please email me at Shad@kereport.com.

Click here to follow the latest news from Talisker Resources

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Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins me for an in-depth technical and fundamental look at both the medium-term risks and long-term opportunities in the precious metals space, how he approaches trimming back winning trades, and 2 type of earlier-stage PM stocks that he’d consider rotating some capital down into.

Key topics discussed:

Longer-term technical pattern in gold has been very bullish, especially after having put in the highest quarterly close on record in Q2 at $3307.
Despite the strength in gold, Jordan is looking for where we’ll see a corrective move in gold, and what the percentage depth may be, though the lens of analogs to the 1972 and 2005 breakouts in gold. We discuss what a corrective move in gold would look like based on what pricing does leading up to that point, and Jordan could see a scenario where gold makes it up to near $4,500 before starting a more meaningful 20-30% corrective move. He also clarifies the nuances between a periodic correction and the eventual cyclical bear market within a multi-year secular bull market.
This leads to a discussion on trimming small amounts off winners along the way versus the types of signals that it may be time to sell larger portions of a position or the entire position. He puts some context around 3 key criteria for consideration when trimming or selling: 1) how overbought the whole sector is as a macro theme, 2) the percentage weighting of a stock that has run inside one’s portfolio (preferring that no position gets above 10%), and 3) the value calculation of a company and it’s potential upside at a given point, relative to other stocks that may have more potential upside.
Next we shift over to the technical outlook for silver, the importance of the 2nd strongest silver close on a quarterly basis ever to $36.10, the decisive move above $35 resistance, where we are now solidly in the $37’s, and the upcoming resistance at $41-$42.
We discuss the nature of silver stocks in particular to front run higher prices in advance and discount those moves higher in the underlying metals price before they occur. This can lead to more muted moves when the higher prices are actually achieved, and there can be a slowdown in momentum, because the valuations have already priced those moves when the pricing breakouts first start happening.
While discussing the anticipated strong revenues and earnings in Q2, Jordan feels the forward-looking market has mostly priced those in for both gold and silver producers overall. He does make the point that individual select cases may still surprise some to the upside, but those will be more isolated cases where those particular companies overachieved in the quarter.
When looking at the intermarket analysis of gold to US general equities, the picture in Q1 was much more constructive in Q1 where many breakouts in ratio charts were confirmed, but the strong action in Q2 of US equities blasting up to new highs does have Jordan watchful to make sure that trend doesn’t accelerate over a longer period. He reiterated that we want to see money rotating out of weaker general equities and making its way to gold if the accelerated move to $4,500 gold is to come to fruition.
He also points out that in addition to US equities advancing on gold in Q2, that we also saw silver, and precious metals stocks advancing on gold last quarter, so in some ways that was a constructive catchup trade.
Wrapping up Jordan unpacks the 2 types of scenarios that would have him looking to move some capital out of the quality growth-oriented producers and best-in-class developers down into the more speculative junior resource stocks. One group would be companies that have smaller resources that aren’t getting noticed, but have a legitimate pathway to moving their resources over critical thresholds like 100 million ounces of silver or over 2-2.5 million ounces of gold. The second group would be advanced explorers and developers that are trading at a discount due to perceived flaws, but that these flaws are able to be overcome and thus a rerating to a better valuation is possible.

Click here for exclusive stock picks and Jordan’s deeper analysis at The Daily Gold.

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Joel Elconin, Co-Host of the PreMarket Prep Show and Co-Founder of the Stock Trader Network, joins me for a wild trading session as the general US stock indexes blast to new all-time highs, and many tech and growth stocks have some very volatile trading in this risk-on environment.

Key topics include:

The S&P 500 and Nasdaq blasted up to new all-time highs in Thursday’s trading session. We talk about what a different week we are having compared to what many projected we’d have, initially thinking the Trump reciprocal tariffs were coming off this week. Instead they were pushed back and the TACO trade is alive and well.
Travel and leisure stocks surged, with notable moves higher this week from Delta Airlines and Royal Caribbean. This brings up the concept of “digital nomads” and how as many as 50 million individuals are taking their digital work with them to travel more and work in multiple destinations.
Growth stock are in and value stocks are out. Berkshire Hathaway, one of the preeminent value stocks has been in a downtrend since May, coinciding both with the markets breaking higher, and Warren Buffett stepping down from the company he built over multiple decades.
Tesla remains resilient, no matter how many tangents Elon Musk goes on publicly. Joel reviews technical levels in (TLSA), but points out that it is somewhat of a cult stock, and there always ends up being a bid come in for this “love stock.”
There has been an unusual opportunity developing in the trading arbitrage since the new market darling CoreWeave, Inc (CRWV) announced its intention to acquire Core Scientific (CORZ). Joel breaks down how the pair trade evolved with a “buy the rumor sell the news” effect, and how there wasn’t a good way to borrow short against CoreWeave, so the arbitrage got wider, but there was uncertainty on if the deal will go through keep some investors from buying Core Scientific. The gap is starting to narrow more, but it could still be a compelling arb-trade for those traders with the right risk tolerance temperament.
MP Materials (MP) skyrocketed up roughly 50% on Thursday’s session after the US government became their largest shareholder. US Defense Department just announced becoming MP Materials’ biggest shareholder in a multibillion-dollar deal to boost output of rare earth magnets and help loosen China’s grip on the materials used to build weapons, electric vehicles and many electronics.

Click here to visit Joel’s PreMarket Prep website.

Click here to visit the Stock Trader Network.

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Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins me to overview their 4 precious metals projects, with an emphasis on the recent closing in May of the acquisition of the past-producing Mallay Silver Mine, with plans to move this mine back into production by Q2 of 2026. We then review the large exploration potential across their other 3 projects: Tres Cerros, Kilgore, and Silver City.

We kick things off having Shawn highlight why the company updated their project profile to focus on the jurisdiction of the Cerro de Pasco area of Peru, when acquiring both the Mallay Silver Mine and Tres Cerros exploration projects in the transaction announced in October of 2024, and closed on in May of this year. Excellon has been a producing silver company in the past, and the management team and board had solid in-county experience in Peru, this transaction seemed like a perfect fit for taking the company to the next level.

Mallay was built and operated by Buenaventura from 2012 to 2018, with US$115 million of historical investment. The mine went into care and maintenance in 2018 due to low silver prices (~US$16.00 per ounce) and a change in strategic priorities at Buenaventura. Annual production by Buenaventura (2013 to 2017) averaged 1.3 million ounces of silver, 9,100 tonnes of zinc and 6,500 tonnes of lead.

Excellon announced a few months back that it has secured off-take agreements with Glencore for their concentrates, and is working to put a NI 43-101 economic study in place this year, to outline specific metrics for the move back into production. Shawn outlined that their internal studies project a run-rate of 600 tonnes per day of production, producing approximately 2-2.5 million silver equivalent ounces per year, and with a target All-In Sustaining Cost (AISC) of US$17 per AgEq ounce. Shawn points out that they will also be engaging in an aggressive exploration program to demonstrate the resources can be grown and the mine life extended in a substantial way.

The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project’s prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system. Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work.

Kilgore, is an advanced gold project in Idaho with over 1 million ounces of gold delineated in all categories, and the Company is considering bringing in a JV partner to assist with moving this project forward in exploration and further derisking. Silver City, a high-grade epithermal silver district in Saxony, Germany, with a long history of almost 800 years of silver production. Shawn has stated publicly that they are looking at various options, but are entertaining the idea of spinning out this asset into a new European-focused exploration vehicle.

Wrapping up we reviewed the industry experience the Excellon management team and board has in both moving projects into production as well as a pedigree of exploration success. We discussed that the company is cashed up after their financing and off-take agreement, to conduct the key work and studies on tap over the next 6-9 months as the company moves toward a production decision.

If you have questions for Shawn regarding Excellon Resources, then please email those in to me at Shad@kereport.com.

Click here to follow the latest news from Excellon Resources

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Jayant Bhandari, a private strategic resource investor that consults many high-net-worth investors and institutions, joins me to share his outlook on both gold and copper demand, as well as 3 different arbitrage trade opportunities in resource stock mergers, and the value proposition he sees in 2 gold exploration companies.

We start off in a general discussion about the macroeconomic and geopolitical tensions underlying the consistent bid in the gold price to higher levels. At these higher prices he is not adding to his gold positions, but he is holding his positions bought at lower levels and anticipates pricing to keep advancing higher in most global currencies for medium to longer term.

We also discussed the higher average pricing we’ve seen in copper (and this interview was recorded on Monday before Trump floated the plan to place a 50% tariff on copper coming into the US). Jayant focused on the economic health in China being more robust that often covered in Western media outlets, and that despites the US/China tariff war, he still anticipates their internal growth will underpin consistent demand for copper and many other commodities.

The balance of the discussion focuses on value arbitrage setups in 3 resource stocks being acquired, and opportunities in 2 gold explorers that he holds in his own portfolio. The companies that we reviewed are:

Arbitrage trade in the merger of Mandalay Resources Corp (TSX: MND, OTCQB: MNDJF) and Alkane Resources Limited (ASX: ALK)
Arbitrage trade in the merger of Granite Creek Copper Ltd. (TSX-V:GCX) (OTCQB: GCXXF) and Cascadia Minerals Ltd. (TSX-V:CAM) (OTCQB:CAMNF)
Arbitrage trade in the merger of Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) and Premier American Uranium Inc. (TSXV: PUR, OTCQB: PAUIF)
Value proposition in the exploration strategy for Aztec Minerals Corp. (TSX-V: AZT), (OTCQB: AZZTF).
Value proposition in the exploration strategy for Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF).

Wrapping up, Jayant shares more information about why listeners may want to attend his Capitalism and Morality conference on August 22-23rd this year in Vancouver. KER listeners can get a 10% discount off admission using coupon code KEReport25.

https://jayantbhandari.com/capitalism-morality-2025/

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Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to outline the importance of the imminent Preliminary Economic Assessment (PEA) on the underground mine at their 100% owned, silver-gold El Tigre Project in Mexico. We then expand the conversation to highlight some upcoming blue-sky regional drilling that the exploration team will commence this fall around the La Protectora historic mine on trend with El Tigre. Wrapping up we also have Glenn separate the facts from the media hyperbole as it relates to mining and permitting in Mexico.

With the open-pit Pre-Feasibility Study (PFS) solidly in place at El Tigre, and the operations team ready to hit the ground running just as soon as the final permits are received, the focus then shifted to building towards the upcoming PEA on the underground mine. The team has been compiling the last 5 years of work delineating the 113 million ounces of silver equivalent resources in the high-grade veins, shale, and sulphide zones underground portion of El Tigre, the metallurgical studies, and engineering work to be able to release the PEA by month’s end. This report will center around the already permitted underground scenario utilizing an 800 tonnes-per-day (tpd) mill, and focusing on the initial first 10 years of mine life.

Glenn points out that during the PFS study on their open pit at El Tigre, that the 3rd-party qualified contractor noted when also reviewing their underground resources that they could add between 73-100 million more ounces simply by tightening up the drilling density in a number of areas. We discuss the clear expansion potential beyond what will be highlighted in these initial economics.

Next we widened the vision of the company to their large district scale land position and how El Tigre is focused on just 2.5kms of a 20+ kilometer trend, peppered with a number of historically producing mines to both the south and the north. The board has decided the time is right to step out and start doing regional exploration at the next key target of interest; around the La Protectora mine, located to the north of El Tigre. Glenn mentioned that their exploration team has been on site there for the last couple months, mapping, sampling, and doing some targeting work to be able to start drilling there this Fall.

Wrapping up we focus on the misunderstandings from investors and the media with regards to the operational and permitting environment in Mexico, how the positive meetings between the government and mining companies have been ignored, and why the hyperbolic statements from some market commentators and the media have made a big deal about the “no new concessions” will be granted, not understanding the most mining concessions have already been granted for tens or hundreds of years now, so that won’t really matter, and doesn’t have anything to do with permitting on existing concessions.

If you have any follow up questions for Glenn about Silver Tiger, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Silver Tiger Metals

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out July 7th that announced the re-logging of drill hole GD-24-280 assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters in a third rock package within the high-grade gold Bonanza Zone and Surebet Discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This leads to a larger discussion about prior press releases related to the overall 75 hole relogging program, and then the early visual results from the ongoing, 60,000 meters of new drilling, which will be the largest exploration program to date.

The increase to this year’s early exploration focus on relogging these holes is in light of the newly discovered widespread abundant visible gold seen with the naked eye in multiple reduced intrusion related gold (RIRG) dykes, as well as in the calc-silicate altered breccia which now means there is gold in 3 distinct rock pages on the property. Roger describes the news release from back on June 23rd as really being the roadmap of what to expect as anticipated previously drill holes of interest and highlights a number of holes that are pending assays back from the lab. This re-logging initiative of core drilled between 2021 – 2024 is significantly expanding the area of strong gold potential, and takes the number of holes that have now intercepted ‘visible gold’ up to 94%.

Then we shifted over to the larger 60,000 meter drill program that is currently underway and still at the early stages, but Roger highlights the press release from July 2nd, where dill hole# GD-25-302 intersected 6 occurrences of gold visible to the naked eye within a 96.50 meter mineralized interval from 89.50 meters to 186.00 meters within sulphide rich calc-silicate veins in altered andesite with high density veining. This hole is still in progress and is the first deep hole drilled on Surebet designed to go to a depth of 1,000 meters to test the area believed to have strong potential to contain the Motherlode magmatic source responsible for the 1.8 km2 area of high-grade gold mineralization that remains wide open at the Surebet Discovery; assays are pending for drill hole GD-25-302.

There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season, so click on the link down below to follow along with all the news from the Company as it hits the newswires.

If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.

In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.

Click here to follow the latest news from Goliath Resources

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President and CEO of Banyan Gold (TSX.V:BY – OTCQB:BYAGF), Tara Christie returns to discuss the updated Mineral Resource Estimate at the AurMac Project in the Yukon.

Key Milestone: Over 2.27 million ounces of gold converted to the Indicated category at 0.63 g/t Au, marking a major step forward in project de-risking ahead of a planned PEA in Q4.

Tara breaks down:

The significance of the conversion from Inferred to Indicated resources
Higher-grade zones emerging at both the Powerline and Airstrip deposits
The strategic 30,000-meter drill program underway, with ~60 holes still to report
Exploration upside, starter pit potential, and progress on metallurgical test work
Cash position ($18M) and funding through the PEA and winter drilling

For follow-up questions for Tara, leave a comment or contact us directly. My email address is Fleck@kereport.com.

Click here to visit the Banyan Gold website.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the final set of assay results released from its Resource Expansion Program showing significant width and high-grade silver and gold drill intercepts in step-out drilling at its 100% owned Tonopah West Project in Nevada, United States.

Blackrock’s resource expansion program at Tonopah West, which commenced in September 2024, consisted of 18 drillholes totalling 10,802 meters (35,438 feet) of drilling, targeted expansion potential along a one-kilometer northwest trend between the Denver-Paymaster and Bermuda-Merten vein groups (“DPB”) south resource area and the Northwest (NW) Step Out resource area.

HIGHLIGHTS:

TXC25-144 cut 10.12 metres grading 467 grams per tonne (g/t) silver equivalent (AgEq) (283 g/t silver (Ag) & 2 g/t gold (Au)), including 3.51 metres of 1,020 g/t AgEq (620 g/t Ag & 4.43 g/t Au);
TXC25-145 encountered multiple zones of high-grade mineralization which included 0.67 metres of 3,264 g/t AgEq (2,008 g/t Ag & 13.93 g/t Au) within 11.58 metres grading 327 g/t AgEq (186 g/t Ag & 1.56 g/t Au) and 2.32 metres grading 401 g/t AgEq (242 g/t Ag & 1.76 g/t Au);
TXC25-153 drilled 0.7 metres of 724 g/t AgEq (437 g/t Ag & 3.18 g/t Au) within 5.73 metres of 156 g/t AgEq (96 g/t Ag & 0.67 g/t Au);
Step-out drilling has established continuity of high-grade gold & silver mineralization over significant widths that runs 500 metres along drill-defined strike from the existing DPB resource shell to the northwest; and
Targeting is now underway to bridge mineralization on remaining 500 metres of vein corridor to NW Step Out resource area.

These various data points will be incorporated into the upcoming updated resource estimate incorporating the M&I drilling due out by September, and then there will be a second resource update early next year that incorporates all the expansion drilling towards the NorthWest Step Out, and the Eastern Expansion area off DPB South towards the Ohio mine area. After both resources have been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA.

We wrap up discussing the larger vision to get permitted to go underground and start working a trial mining study, where the bulk sample should be sizeable, and will verify assumptions on geology, ground conditions, recovery rates, and will be a payable event from the processed mineralized material. These various catalysts are all opportunities for the company to rerate higher, in addition to just rerating more in alignment with the metrics the handful of other high-grade silver peers are receiving at present.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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Ken MacLeod, President and CEO of Sonoro Gold Corp (TSXV: SGO) (OTCQB: SMOFF), joins me to review the value proposition for their flagship Cerro Caliche Gold Project, and the exploration and development initiatives to move it into open-pit gold and silver production within ~12 months of receiving their final permit in Mexico.

This 1,400-hectare property confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. With only 30% of the property’s identified mineralized zones drilled and assayed, the Company filed an updated Mineral Resource Estimate (MRE) in March 2023 based on a total 55,360 meters of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.

In October 2023, the Company filed a new Preliminary Economic Assessment (PEA) demonstrating the potential viability for a 9-year open pit, heap leach mining operation. Using a gold price of US $1,800 per ounce, the project has an after-tax net present value discounted at 5% (“NPV5”) of US $47.7M and an Internal Rate of Return (“IRR”) of 45%. Using a gold price of US $2,000 per ounce, the project has an after-tax NPV5 of US $77M and an IRR of 63%. We discussed that with precious metals prices so much higher that the project has grown in value considerably, and the Company is working on an updated PEA for Q3 of this year, factoring in the ability to bring in material previously sterilized, and the cost efficiencies of the higher gold and silver prices.

Ken reviews the potential for resource expansion once the mine is in production, funded through organic revenue generation. We also discussed the bench strength and experience of the management team and board, the strong inside ownership and separate the signal from all the media noise as it relates to permitting in Mexico and their anticipated receipt of their MIA for environmental impact later this year.

If you have questions for Ken regarding Sonoro Gold, then please email those into to me at Shad@kereport.com.

Click here to follow the latest news on Sonoro Gold

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Craig Hemke, founder and editor of TF Metals Report, joins us for a timely discussion ahead of the July 9th tariff deadline. We open with expectations around the expiration of the 90-day tariff pause and examine whether a renewed trade war could trigger short-term volatility, or present another “buy the dip” opportunity for metals.

Gold and silver may have more room to run, but will a falling dollar and global demand keep fueling this bull market?

Topics covered include:

The fading impact of geopolitical risks on gold
Institutional momentum and quarterly breakout trends in gold and silver
Why silver’s recent breakout above $35 could be the start of a bigger move
The role of the falling U.S. dollar and surging M2 money supply
What sideways gold prices mean for miners, M&A, and re-rated project economics
Differentiating between long-term secular trends and short-term policy noise
Could we be entering a broader reflationary environment, with capital finally flowing into commodity equities?

Click here to visit Craig’s website – TF Metals Report

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in the corporate news and strategies from 4 gold and silver exploration companies that have also seen participation from large strategic investors in their most recent financings.

The companies we discussed in the interview are:

Goliath Resources Ltd (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0)
Valkea Resources Corp. (TSXV: OZ) (OTCQB: OZBKF)
First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQB: FNMCF) (FRA: HEG0)
In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

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Big Money Moves, Royalty Growth, and Reviving Strategic ResourcesThis week on the KE Report, we spotlight major capital injections, portfolio shifts, and U.S. resource independence strategies. From royalties to silver and tungsten, each interview reveals pivotal developments shaping the future of these companies.

Elemental Altus Royalties (ELE) – Tether Moves In: A Crypto Giant Buys Into Mining Royalties Elemental Altus brings in Tether Investments as the largest strategic shareholder in a $30M deal. * This marks a first-of-its-kind move* linking blockchain capital with royalty assets. * The company gains long-term financial strength while keeping project ownership intact.
Listen to the full interview

Vizsla Silver (VZLA) – $100M Secured: Copala Development Speeds Up Fully funded to build the Copala test mine at the Panuco Project. * Strategic partners like Precious Metals Streaming firm* anchor the financing. * Copala remains one of Mexico’s most exciting high-grade silver zones.
Listen to the full interview

Metalla Royalty & Streaming (MTA) – Advancing Royalties and Cash Flow Growth Rapid portfolio development across long-life, development-stage assets*. * Growth in near-term revenue from assets transitioning into production. * Positioned to benefit from the rising tide in precious metals.
Listen to the full interview

Heliostar Metals (HSTR) – La Colorada Stockpile Drilling Delivers Cash Flow Potential Drilling confirms shallow, easy-to-access ounces* in the stockpile zones. * Generating near-term revenue with low CapEx at La Colorada. * Development at Ana Paula continues to position Heliostar for future growth.
Listen to the full interview

American Tungsten (AMTC) – Reviving Critical Mineral Production in Idaho Plans to bring the historic IMA Mine back online to produce tungsten, molybdenum, and silver. * One of the only U.S.-based tungsten development plays*, filling a strategic gap. * Strong demand from defense and tech sectors could drive future offtake deals.
Listen to the full interview

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Got questions for the companies? Or ideas for who we should feature next?
Email us at Fleck@kereport.com and Shad@kereport.com

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With the first half of 2025 now in the books, on this Weekend’s Show we conduct a mid-year review of the resource sector. Joe Mazumdar of Exploration Insights and Dave Erfle of Junior Miner Junky break down what’s driving metals prices, why equities are outperforming, and whether the junior rally has legs. From gold’s momentum to copper’s supply crunch, this episode maps the capital rotation underway.

Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

Segment 1 & 2 – Joe Mazumdar, editor of Exploration Insights, joins the KE Report to recap a strong first half of 2025 for the resource sector, led by gold equities, platinum, uranium, and copper. He discusses how rising metal prices and widening margins boosted performance, while juniors ramped up drilling thanks to renewed financing. Despite this strength, developers remain undervalued, with M&A activity slowly returning, driven mainly by intermediates seeking near-term production.
Click here to visit the Exploration Insights website to follow along with Joe.
Segment 3 & 4 – Dave Erfle, founder and editor of The Junior Miner Junky, joins us for a mid-year recap focused on precious metals, highlighting the drivers behind gold’s 25% surge in the first half of 2025 and the growing investor rotation into silver and junior mining stocks. He emphasizes the weakening U.S. dollar, sovereign debt concerns, and strong central bank gold buying as catalysts, while noting gold equities’ outperformance, rising silver momentum, and even renewed investor interest in copper amid a potential stagflationary environment.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

Joe MazumdarDave Erfle

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In this KE Report daily editorial, Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market blog joins to dive into the surprising U.S. jobs data and what it means for Fed policy, the U.S. dollar, and global markets.

Jobs Report Surprise: The June nonfarm payrolls rose by 147,000, defying expectations of a weaker print. While headline numbers were stronger, falling labor force participation and softer hourly earnings point to a gradually slowing labor market.
Fed Rate Cut Outlook: The data pushed back market confidence in a July rate cut and weakened expectations for a September move. Marc still sees a September cut as most likely – especially with slowing economic growth and tariff policy uncertainty on the horizon.
Tariffs, Tax Cuts & the Deficit: We discuss the looming July 9th tariff deadline, the new tax bill’s impact on deficits, and the long-term consequences of structurally high U.S. spending. Marc flags growing concerns over who will fund future U.S. debt and how markets may eventually react.
Dollar Under Pressure: The dollar’s downtrend may continue as the Fed lags behind other central banks in easing. With most global central banks front-loading rate cuts, U.S. divergence could weigh on the greenback.
Trickle-Down Tensions: Can Reagan-era tax cut logic still hold in today’s economy? Marc challenges the trickle-down narrative, pointing to rising inequality and persistent fiscal imbalances.

Click here to visit Marc’s site – Marc To Market.

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Ali Haji, CEO of American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9), joins me to introduce this exploration and development company focused on bringing onshore tungsten mining and production capabilities to the United States through its derisked past-producing IMA Mine in Idaho.

We start off discussing the dynamics around this strategic defense metal, where the majority of tungsten supply is controlled by China, and is a necessary component in a wide array of defense applications, including but not limited to the production of ammunition, armored equipment, artillery, and space exploration. Today, tungsten is a classified critical metal by the U.S Department of Defense due to its strategic military importance, lack of domestic production capabilities, and growing tensions with China; in November 2024, China announced a global ban on all of its tungsten exports

Next we shifted over to the tungsten, molybdenum, and silver resources in place and the infrastructure advantages of the IMA Mine as an advanced, past producing brownfields site, located on patented mining claims in Idaho. There has been a substantial amount of capital has spent over many years to advance and build the project by various mining companies, including the Bradley Mining Company, Inspiration Development Co. (subsidiary of Anglo American PLC), and American Metal Climax. There is solid infrastructure including roads, tier-1 low-cost power supply, water rights, and a mining-oriented labor force nearby, which can help fast-track this project back into production, with a low capex anticipated to be ~$20 Million.

There is planned 6,000 foot drilling program for this summer, to expand the tungsten, molybdenum, and silver mineral resources, and this will be utilized for an updated Resource Estimate, and the upcoming Preliminary Economic Assessment (PEA) due out later this year. The company will also be conducting a trial mining and bulk sample exercise where mineralized material will be shipped to 2 different smelters for processing, and will also bring in non-dilutive capital to the company. Ali highlights that all these factors demonstrate the potential for a readily permittable short-term, small scale tungsten production operation of around 500 tonnes-per-day to start with as soon as 12 months out.

Wrapping up, we focused on Ali’s professional background, and the experience of members of the management team and board, as well as the financial health of the company. The company has a financing in place to fund the immediate financial needs for this year’s exploration and derisking work, and is pursuing the debt package for the capex needed to rehabilitate the mine and move it back into production. Additionally, there is the opportunity to secure key strategic partnerships and non-dilutive financing with the U.S. Department of Defense, Department of Energy, and Defense Advanced Research Projects Agency and those discussions have begun and applications are being filed.

If you have any questions for Ali regarding American Tungsten, then please email those in to me at Shad@kereport.com.

Click here to follow the latest news from American Tungsten

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In this company update, Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF – FRA: RGG1), joins me to break down the latest drill results from the Truckshop stockpile at the La Colorada Project, and how these low-capex sources of gold could fund the next stage of development.

Key Topics: Truckshop Stockpile Drill Results: Comparing drill result average grade to the grades currently being mined from the Junkyard stockpile. * Development Pathway: Stockpiles are part of a phased approach – starting with low-cost processing, then open-pit expansions, followed by underground potential. * Upcoming Plans*:

+ **Internal resource and metallurgy studies** to fast-track Truckshop material to production possibly by year-end.
+ **El Dorado Stockpile drilling** begins soon – expected to be a major source of 2026 production.
+ **Ana Paula Project**: 15,000-meter drill program underway; results expected later this summer.

Financial Position: Ended Q1 with $27M cash and no debt, funding aggressive exploration and development without dilution.

Charles also previews an upcoming technical report on pit expansions and hints at longer-term growth through untapped exploration potential at La Colorada.

Send in your questions for Charles Funk to be answered in future interviews. My email address is Fleck@kereport.com.

Click here to visit the Heliostar Metals website to learn more about the Company.

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In this company update, we welcome back Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA), for a comprehensive discussion on the company’s growth trajectory, asset updates, and strategic financing moves.

Key Highlights: Revenue growth accelerating: Metalla expects ~$12M USD in 2025 revenue (~4,000 GEOs), with a path toward $50–75M annually by decade’s end – without new acquisitions. * New producing assets*:

+ **Toktenzino** and **La Guitarra** came online on time and on budget in late 2024.
+ **Endeavor Mine (Australia)** began commercial production; expected to be Metalla’s largest cash-flowing asset by 2026.

Flagship growth catalyst: The Côté-Gosselin royalty, validated by Franco-Nevada’s $1B+ acquisition, could become a tier-one cornerstone asset for Metalla.
Long-term upside: Development-stage assets like Copper World, Wharf, and Amalgamated Kirkland add multi-decade exposure and potential cash flow.
Capital to scale: A new $75M USD credit facility (announced June 25) allows Metalla to pursue larger, accretive, non-dilutive acquisitions.

Brett also emphasizes what sets Metalla apart from other royalty companies:

Clean, high-quality portfolio with long-life assets
Top-tier counterparties (majors and mid-tiers)
Multi-decade reserve life across key royalties

Metalla’s 2025 Asset Handbook is now available on their website. Click here to visit the Metalla website.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a bigger-picture and candid conversation around investor sentiment, disconnects in valuations that we are seeing across the sector in most of the gold and silver stocks, but especially in the junior PM stocks.

We dive into how price assumptions used in economic studies and their associated Net Present Values (NPV) are so low and conservative that it is likely doing the industry overall a disservice and not reflecting anywhere close to the modern day reality in the metals prices or current project values. As a result most companies are trading at tiny fractional metrics of where they should be, and much of this stems from a shell-shocked sector trying to use very low 3-year trailing averages in underlying precious metals price assumptions, but it is almost to the point of absurdity when compared to today’s spot prices.

On many corporate presentations, when looking at stale-dated economic studies, or even newer ones that have sensitivities tables, they have base cases still using $1,800 gold and $22 silver, and upside cases that only go up to $2,400 or $2,600 gold… or $24 -$28 silver. If one is lucky enough to find sensitivity tables that go up to $3,000 gold or $30+ silver, it still doesn’t even present investors with numbers on where the actual spot prices are in either metal at much higher prices. Erik makes the point that most of these presentations “upside cases” should really be their “downside cases.”

Metals prices have been at $3,200-$3,500 gold and solidly above $30 silver in the $32-$35+ range for many months now, but there are hardly any economic studies that even incorporate prices where they have been for some time, much less legitimate upside cases from here. We point out that the mining industry doesn’t really need to be optimistic, we just need companies to start being more realistic in where their intrinsic values are at present. There is no other sector of the market that so deeply discounts its present value, or is stuck looking backwards at prices from 3 years ago, and the mining sector is not playing to it’s strengths today. If the sector wants to attract generalist investors, then it needs to at least show valuations of projects at the current metals prices in its sensitivity tables and use metals assumptions values that are not so far divorced from todays prices.

When you combine the recovering sector sentiment that is still not believing current metals prices are going stick, with ounces in the ground valuations still often in the $20-$60 range, and takeover premiums that barely move those metrics to over $100 per ounce, when the current producers margins are $1,500-$2,000 per ounce of gold, then it is an environment where we could still see big reratings higher if the metals prices just channeled sideways. Erik highlighted that even if gold went down to $2,800, the good gold junior developers should probably still go higher just to catch up to valuations that even factor in those prices.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

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In this KE Report company update, I’m joined by Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN – OTCQB:BYAGF), and Duncan MacKay, Vice President of Exploration. Banyan is advancing its flagship AurMac Gold Project in the Yukon, where a fully funded 30,000-meter drill program is underway.

Key points include:

Drill Progress: Over 16,000 meters completed to date, with three rigs turning since April. Focus is on expanding and upgrading high-grade zones at the Powerline and Airstrip Deposits, which collectively host over 7 million ounces of gold.
Visible Gold Discovery: Duncan details the first-ever visible gold seen at Airstrip, intersected within a high-grade skarn zone. This opens up new geological potential and supports the broader intrusion-related gold system model.
Targeting and Modeling: Banyan has upgraded its logging and data systems, enabling real-time 3D geological modeling. This enhances drill targeting precision, especially in zones that could support a starter pit in the upcoming PEA.
Regional Exploration: The team is allocating ~10% of drilling to test regional targets outside the current resource area, including underexplored zones with strong soil and geophysical signatures.
Catalysts Ahead: Expect drill results from July through November, with a Preliminary Economic Assessment (PEA) planned for Q4 2025.

If you have any follow up questions for Tara please email me at Fleck@kereport.com.

Click here to visit the Banyan Gold website.

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I’m joined by Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF), to discuss the company’s newly launched 5,000-meter drill program at the Tombstone Gold-Silver Project in Arizona.

This is the largest single drill program ever undertaken at Tombstone, targeting both shallow oxide gold-silver mineralization and deeper CRD (carbonate replacement deposit) style polymetallic mineralization.

Key topics covered in this interview:

Drill Plan Breakdown: 3,200 meters of RC drilling (16 holes) + 1,800 meters of core drilling (3 holes)
Deeper Exploration: First tests of CRD mineralization below the Bisbee Group into Paleozoic limestones
Targeted Areas: Resource-oriented step-outs to the west and pure exploration drilling to the south and east
Discovery Potential: Following up on a 2023 bonanza-grade hit of 569 g/t AgEq over 25.9 meters
Funding Secured: $3.6M recently raised, fully funding this program without near-term dilution risk

Simon also provides insight into expected assay timelines and how this program could position Aztec for a re-rating, especially with silver prices on the rise.

For follow-up questions, contact me directly and I’ll get Simon to respond in a future update. My email address is Fleck@kereport.com.

Click here to visit the Aztec Minerals website.

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Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector, how the longer-term contracting cycle is setting up with utility companies, and what he is watching and how he is positioning in the uranium equities as we’ve started to see a bounce across the sector the last 2 months. This is a longer-format discussion building upon our prior conversations in 2024, because even more key news and developments have been announced in the nuclear and uranium sector.

We start off reviewing the 4 executive orders out of the Trump Administration in May that deal with the nuclear and uranium industries, and what this means for the sector and public perception. We spend some time discussing both the tailwinds from the broader generalist interest in Small Modular Reactors (SMRs) and nuclear stocks, but also make the larger point about the attractive supply/demand fundamentals that already existed and still exist, even without AI datacenter electricity demand or even modeling in the SMRS. The global reactor fleet is only continuing to grow, with more new reactor builds in the East, plus mine restarts and mine extensions. There are growing initiatives globally, coming out of the COP29 conference for many nations to triple their nuclear power capacity by 2050.

Transitioning over the supply environment from the uranium mining companies, we’ve seen a flurry of news all year out of US and African producers struggling to ramp up production, noting the slower than anticipated restart of the Langer Heinrich Mine operated in Namibia by Paladin Energy (ASX: PDN) (OTCQX: PALAF). Additionally, with Kazakhstan being the largest uranium swing producer via Kazatomprom, we’ve seen guidance lowered the last couple years due to a shortfall of sulphuric acid, and increased taxes on production, with both expected to crimp output. Then, there were even more surprises when Kazatomprom announced a big decrease in their JV production for Canada with Cameco (CCO.V) (CCJ).

Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), and in specific the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), initially anticipated to start bringing on production by 2028 are also seeing timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing demand.

Wrapping up, Justin weighs in on which types and what stage of uranium mining stocks have his interest, and why he remains bullish on US producers and developers, and select Canadian developers and explorers.

Click here to visit the Uranium Insider website.

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Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q1 2025 operations and financials at Minera Don Nicolas in Argentina, the transformative recent acquisition of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec.

Q1 2025 M.D.N. Operating Highlights:

Q1/25 production of 11,163 Gold Equivalent Ounces (GEOs)
Full year guidance of 55,000-60,000 GEO maintained
Adjusted EBITDA of $4.8 million for Q1, 2025 and Cash balance over US$20m
AISC of $1,932/oz; Unit costs set to decline as production increases (target AISC US$1,500-1,700/oz )
Q1/25 Adjusted EBITDA of $4.8 million
Record heap leach production of 6,897 GEO During the Quarter
Secondary crusher operational and underground development started

Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. We discuss the positive impact that the newly installed secondary crusher will bring to production starting at the tail-end of Q2, but then on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased.

The production profile will start growing in Q3 with the underground mining having now commenced. With higher gold prices, the CIL plant continued to process lower-grade stockpiles and is planned to continue processing low grade stockpiles through Q2/25, after which it will be blended with new high-grade material from the underground mining operations, and this will increase the average grade throughput at the mill.

Another area of future growth will be the 20,000 meter drill program to start exploring the open pit resources, as well as identifying for more satellite open-pits at surface. Having gone underground, there is also now the potential for underground exploration work to begin targeting new areas of mineralization or further defining existing areas of mineralization.

Next we unpacked the recent Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile. The Environmental Impact Assessment approval expected imminently, and there will be an optimized Feasibility Study released in Q3, a construction decision in Q4 of 2025. Construction is targeted for early 2016, with first production slated for H2 2027.

We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.

If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.

Click here to see the latest news from Cerrado Gold.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the final batch of high-grade silver and gold assays returned from the M&I Conversion drill program on its 100% owned Tonopah West project in Nevada, United States. Importantly, the company has also released tables with all the M&I drilling data that will be feeding into the updated resource estimate due out at the end of Q3 in September.

HIGHLIGHTS:

TXC25-139 cut 9.05 metres grading 367 grams per tonne (g/t) silver equivalent (AgEq) (182.8 g/t silver (Ag) & 2.04 g/t gold (Au)) from 187.5 metres, including 0.82 metres grading 2,886 g/t AgEq (1,411 g/t Ag & 16.13 g/t Au), Ag/Au ratio 90:1;
TXC25-150 drilled 2.84 metres grading 671.5 AgEq (367 g/t Ag & 3.41 g/t Au) from 162.3 metres, including 0.76 metres grading 1,554 g/t AgEq ( 819 g/t Ag & 8.14 g/t Au);
TXC25-146 intercepted 1.16 metres of 1,111 g/t AgEq (615 g/t Ag & 5.50 g/t Au) from 189.5 metres;
Results from the entirety of the M&I Conversion Program have validated the geologic model, successfully establishing continuity of the high-grade shoots bearing robust geometry over 350 metres. The shoots remain open to the Northwest and downdip;
Significant new zones of near-surface mineralization were encountered during the M&I Conversion Program at higher-than-average grades up-dip from the existing resource shell;
Modelling of the M&I Conversion Program drillholes is now underway with an updated mineral resource estimate on Tonopah West on track for Q3, 2025; and
Assay results for 7 drillholes from the Company’s Northwest step out resource expansion area are currently pending.

We review that in addition to higher confidence ounces, where there is now tighter drill spacing and ounces are going to be moving into the measured and indicated categories from inferred, that the resources will be growing in size, raising the overall high-grade deposit to even higher average grades, and there is more up-dip mineralization that will be factoring into the early year economics of the Project. These various data points will be incorporated into the upcoming updated resource estimate due out by September, and will be answering some of the unanswered questions, with a high probability of facilitating a rerating in the valuation of the Tonopah West Project.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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We’re joined by Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, for an in-depth look at short-term risks and long-term opportunities in the precious metals space.

Jordan kicks off with a cautionary technical read: major ETFs like GDX, GDXJ, and HUI are flashing overbought signals across all key moving averages. Despite this, he points out that not all stocks are stretched, especially among select juniors, which are just beginning to move.

We then dive into:

Rotation into juniors and silver stocks, with Jordan’s proprietary junior silver index up 83% in just two months
Silver’s breakout above $35 and upside targets toward $41, including key resistance and closing levels to watch
A historical analog of gold bull markets, comparing today’s setup to the explosive 1970s and the slower 2005 cycle
Why Jordan believes $4,500+ gold is possible, and how to manage the cyclical corrections likely to occur along the way
The importance of individual stock selection and timely trimming as volatility increases in a true bull market

Jordan also highlights a critical takeaway: bull markets reward active management, and identifying which stocks still offer value will be key as momentum rotates.

For exclusive stock picks and deeper analysis, visit TheDailyGold.com.

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Jim McDonald, President and CEO of Kootenay Silver (TSX.V:KTN – OTCQX: KOOYF), joins me to unpack the news out June 17th announcing the completion of the high-grade maiden Mineral Resource Estimate on its 100%-owned Columba Silver Project, located in Chihuahua, Mexico.

Key takeaways from this Maiden Mineral Resource Estimate at the Columba Project:

54.1 Moz of silver, 25.2 Mlbs of lead, and 65.6 Mlbs of zinc (Inferred category)
5.92 Mt grading 284 gpt silver, 0.19% lead, and 0.50% zinc
All the mineralized veins remain wide open to expansion along strike, to depth or both.
Vein continuity is excellent
5 to 6 meters Vein width average across all zones
Silver grades are excellent across the mineralized structures

We discuss the benefit of the 54 million ounce resource being in pure silver, but also still having extra lead and zinc mineralization above the headline number. Jim mentions that some areas of mineralization at depth may lend to higher pockets of base metals and will be explored with future drilling. With regards to the silver mineralization having the average grade of 284 grams per tonne (gpt), Jim puts this in context with other silver mines in Mexico and globally that are in production at much lower levels, and this is why the company used a 150 gpt economic mining cutoff grade for this resource.

The Company will continue with step out drilling of several kilometers of undrilled veins, as well as selective infill on wide-spaced intervals on the known D, B, F, I, and Lupe veins. Jim highlights that their exploration team has designed an additional 50,000 meters of drilling planned at Columba, with the first 20,000 to 30,000 meters focused on expanding the known resource.

Jim also compares Columba’s wide, high-grade intercepts to the other more bulk-tonnage resources that the Company has in their portfolio of other projects, outlining this being Kootenay’s most promising project to date; but also pointing out that Kootenay Silver’s combined resources at all projects is well over 300 million ounces of silver equivalent, and should have good leverage to rising underlying metals prices.

If you have any follow up questions for Jim please comment below or email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Kootenay Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Kootenay Silver

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In this Daily Editorial, I’m joined by Mike Larson, Editor-in-Chief at MoneyShow, to dissect what’s moving the markets. With oil spiking back into its multi-year price range and gold consolidating near record highs, Mike walks us through the interplay of geopolitical risk, central bank policy, and investor sentiment.

Key discussion topics:

Oil rebounds on Israel-Iran conflict: Crude jumps from $67 to $75 as tensions escalate. Mike explains why the market remains balanced, not overheated, thanks to U.S. supply strength and strategic OPEC+ maneuvering.
Gold’s leadership and the broadening metals rally: Gold remains strong, but silver, platinum, and copper are joining the move. Mike outlines why the rotation across metals is a sign of deeper institutional interest, not just safe-haven buying.
Macro market limbo: With the S&P 500 hovering around 6,000 and little Fed action expected until fall, Mike explains why investors are still stuck in a “wait and see” mode watching for real policy movement from DC or further global catalysts.
Trade deals and tariff noise: Despite headlines, Mike argues that many recent “deals” are more political theater than substance, leaving global markets largely unchanged.

Plus, Mike shares how new investors, many coming from crypto and tech, are starting to show interest in metals and miners, marking a possible shift in capital allocation.

Click here to find out about the upcoming MoneyShow conferences.

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Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update on all derisking work and development work that is building towards a Pre-Feasibility Study (PFS), including the excellent metallurgical results released today at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.

We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) released in June 2023.

The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category. Leif highlights that there has a been a fair bit of infill drilling completed over the last 2 years where more ounces will be moving from the inferred category and into the measured and indicated category when it gets updated along with the coming PFS.

The 2023 PEA outlined a base case after-tax NPV8% of C$2.1 billion and IRR of 20% based on long-term commodity price assumptions of US$4.00/lb copper, US$15.00/lb molybdenum, US$23/oz silver, and US$1,800/oz gold plus foreign exchange of 0.77 USDCAD. There is a projected 30-year mine life with total payable production of 5.8 billion pounds (2.6 million tonnes) of copper equivalent (CuEq), including 3.7 billion pounds (1.7 million tonnes) of copper.

Leif outlines that these economic metrics will see marked improvements in the upcoming PFS, based on a few different factors. The larger amount of resources in the indicated category will be a factor, as will the the geotechnical drilling showing the potential for steeper pit walls, and the inclusion of mineralization previously below the pit shell from that 2023 study. The conversation then shifted to the recent successful metallurgical tests that demonstrated improved recoveries for copper and molybdenum into the bulk concentrate, as well as the separation into the separate copper and moly concentrates.

Highlights of the metallurgical testing:

27 variability composites tested, covering all major rock and alteration types spatially distributed across all areas and depths of the proposed open pit
Over 60 flotation tests conducted to optimize parameters and improve recoveries
Locked cycle testing achieved up to 90.7% Cu and 93.0% Mo recovery to bulk concentrate grading 29.7% Cu
Excellent copper-molybdenum separation confirmed, with Mo recoveries of 94.6% and 95.6% from bulk concentrates across the main hypogene and supergene composites respectively

Wrapping up we discussed a number of factors from what the permitting process will look like, the potential for government funding for critical minerals projects in British Columbia and Canada, the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of, and how the size and scale of the Berg stacks up to other large copper development assets in Canada.

If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Surge Copper at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Surge Copper

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In this episode of the KE Report, we reconnect with Jim Tassoni, CEO of Armor Wealth Strategies, for a comprehensive momentum-focused outlook across key markets – including silver, gold, U.S. equities, bonds, and energy. As an active trader, Jim shares what he’s trading now, where he’s raising stops, and how he’s navigating risk in these markets.

Discussion highlights:

Silver momentum builds: Entry points in futures and SIL; targeting a potential move to $39–$40.
Gold stalls: Recent long position and what’s needed for upside continuation.
Equity market strength: After being “too bearish,” Jim’s now long futures and letting momentum lead.
Small caps and IWM: Half-sized position with a tight stop—cautiously optimistic.
Bond positioning: Short TLT, long shorter durations; why he avoids long-term treasuries.
Crude oil breakout: A recent win trading the spike driven by geopolitical risk.
Dollar breakdown risk: Holding a profitable USD short unless trend reverses.
Sell strategy: Why he lets the trend lead and stops manage the exit.

Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading.

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Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), both join me to review the news released on June 17th, announcing a 3,000-meter summer drilling program targeting the Hurricane and Cyclone trends on the Murphy Lake North, which contains up to 2 kilometers strike length of the extension of geology underpinning the Hurricane deposit.

Murphy Lake North is a joint venture between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest, and Denison will fund its portion of this upcoming program to retain a 30% interest in the Murphy Lake North Joint Venture..

Highlights of summer exploration program:

Largest drill program to date on the Project with a planned 3,000m in 7-8 drill holes
Drilling at the Hurricane trend will follow up significant sandstone alteration and structure intersected during the winter 2025 drill program. The final drill hole from that program intersected a significant zone of sandstone-hosted alteration and structure, overshooting optimal target by 25 metres; zone is open along strike in both directions.
Drilling at the sub-parallel Cyclone trend to the south will follow up sandstone alteration and continue evaluation of the eastern extension of over 5 kilometres of untested conductive strike

Andy walks us through the extension of the Hurricane Trend, where the historic exploration holes were drilled, and where the 4 drill holes from the winter drill program were located. Not only did they find the right faulting and geological structure, but they also found the alteration zone in the sandstone that tells them they are vectoring in on the right areas. He went on to highlight that with the increase in exploration along the Larocque Lake corridor post-2018, the parallel Cyclone trend has quickly become one of the most prospective and underexplored conductive trends in the eastern Athabasca.

The Company is also pleased to provide an update on its 70% owned Darby project, also in a JV with Denison, located 10 kilometres west of Cameco’s Cigar Lake uranium mine.

Cosa’s reinterpretation of historical data has flagged the 95B, 96D, and 4A conductive trends as initial high-priority exploration targets within the Darby Project.
Relogging historical core at Darby to confirm and identify compelling drill ready targets developed from desktop interpretations of historical work

We also had Andy touch upon the recent news from May 28th which reported results from the ambient noise tomography (“ANT”) surveys at the Company’s 100% owned Ursa and Orion uranium projects in the Athabasca Basin, Saskatchewan. Target areas characterized by kilometre-scale ANT velocity anomalies that span the unconformity have been identified at Ursa and Orion and may reflect significant uranium bearing hydrothermal systems. Drilling on trend with all target areas has intersected weak uranium mineralization, altered and geochemically enriched structural zones, and graphitic basement rocks; features consistently found near all tier-1 deposits in the eastern Athabasca Basin

Keith wraps us up covering the fundamental strength of their larger portfolio of projects, along with the financial strength of the company, which is well-funded to proceed with their summer drill program and initiatives on other properties.

If you have any questions for Keith or Andy regarding Cosa Resources, then please email them in to me at Shad@kereport.com.

Click here to follow the most recent news from Cosa Resources

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Inflection Resources (CSE:AUCU – OTCQB: AUCUF) significantly expands its copper-gold exploration footprint with the acquisition of 12 early-stage projects from Newmont, spanning New South Wales and the Northern Territory.

President and CEO Alistair Waddell joins me to discuss the strategic fit of this acquisition, which includes:

11 IOCG targets in the Northern Territory – large-scale, shallow cover projects originally generated by Newcrest and lightly explored before the Newmont merger.
Bell River Project in the prolific Macquarie Arc, adjacent to some of Australia’s largest copper-gold operations.

Alistair explains why these projects align with Inflection’s focus on tier-one scale discoveries, how the company will integrate them alongside the ongoing AngloGold Ashanti exploration earn-in partnership, and what early exploration data suggests about future drill targets.

We also get an update on current drill work at the Trangie Project, where recent drilling intercepted porphyry-style mineralization, and what’s ahead for other projects within and outside the AngloGold earn-in.

Key themes covered:

Strategic rationale behind acquiring Newmont’s Australian projects
Integration with existing exploration portfolio
Ongoing exploration with AngloGold Ashanti
Newsflow expectations for H2 2025

Have questions for Alistair? Send them my way, I’ll include them in future interviews – Fleck@kereport.com.

Click here to visit the Inflection Resources website to learn more about the Company.

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Craig Hemke, Founder & Editor TF Metals Report, joins us for his weekly editorial to break down the latest moves in the U.S. Dollar, the precious metals sector, and positioning in the silver market.

Key Themes Covered:

U.S. Dollar Breakdown: With the DXY falling below 98, approaching multi-year lows, Craig discusses how this weakness acts as a tailwind for precious metals and broader commodities. He outlines the inverse tick-for-tick trading patterns between the dollar and gold, especially during key Fed events.
Silver COT Warning Signs: Despite silver pushing above $36, Craig flags caution based on the CoT (Commitment of Traders) report positioning. Speculative interest may be topping out, creating the potential for a pullback tied to July contract expirations and positioning rollovers.
Gold/Silver Ratio Outlook: While some traders use the gold-silver ratio to toggle exposure, Craig remains focused on fundamental and technical price action. He wouldn’t be surprised to see the ratio revisit 100 before silver regains momentum.
Silver Stocks Divergence: We analyze the recent disconnect between silver prices and the underperformance of silver equities like SIL and SILJ, even amid record volume. Craig discusses how shallow market depth and investor skepticism may still be suppressing upside despite stronger silver pricing.
Gold’s Long-Term Drivers: With central banks continuing to add to gold reserves and global debt exploding (e.g., $116,000/second added to U.S. debt in May alone), Craig emphasizes that fiat devaluation remains the core bullish case for gold in the years ahead.

Visit https://www.tfmetalsreport.com for more of Craig’s insights

Drop your questions in the comments and subscribe for future updates. Or email me at Fleck@kereport.com.

Upcoming Webinar! Thursday, June 19th @ 12pm PT (3pm ET), featuring Volt Lithium! Alex Wylie, CEO, Co‑Founder & President will be presenting and taking all your questions. The company has an innovative “bolt-on” solution turning oil & gas produced water into lithium and critical minerals.

Click here to register for free!

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that caught his attention in the news from 3 earlier-stage gold and copper exploration companies. These explorers are going after drill targets on large potential Tier-1 deposits that would be of interest to senior producers if discoveries are made.

The companies we discussed in the interview are:

Inflection Resources Ltd. (CSE: AUCU / OTCQB: AUCUF / FSE: 5VJ)
Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50)
Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) (OTCQB: KBXFF)
In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording. Additionally, Shad is a shareholder of all 3 companies at the time of this recording.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

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Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins us for his outlook on the precious metals, critical minerals, and energy sector and the related resource stocks he is heavily positioned in his portfolio, that have had significant newsflow in the recent past towards development of their projects.

We start off getting the key macroeconomic factors that have him bullish on both gold and silver, and why he believes their pricing moves to the upside over this year can be maintained and continue to reach higher levels.

We review the newsflow and recent milestones from Omai Gold Mines (TSXV: OMG) (OTCQB: OMGGF), and the anticipated value drivers for 2025 in this gold exploration and development company operating in Guyana. He focuses in on drilling at both Wenot and Gilt Creek, and the updated resource estimate and combined economic study as coming catalysts. With regards to silver and gold exposure, he has gotten positioned in Excellon Resources Inc. (TSXV: EXN) (OTC: EXNRF) due to their recent acquisition of the past producing Mallay Silver Mine in Peru, to move it back into production. The Company is also advancing a portfolio of gold, silver and base metals assets including the Kilgore Project, an advanced gold exploration project in Idaho that has compelling economics at today’s PM prices.

Shifting over to critical minerals, Doc Jones highlights his long-standing interest and key portfolio position in Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), which has now moved into copper production, with solid nickel and PGM co-credits at their McCreedy West Mine in Sudbury, Ontario. Another key portfolio position in the critical minerals with copper, zinc, gold, and silver is Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF). The company has had continued encouraging polymetallic metallurgical results and successful exploration expanding in mineralization in multiple areas at their flagship IBW Project. He also outlined that the pending legal proceedings on the Aznalcollar zinc-lead-silver Project as another potential value driver.

Wrapping up we shifted over to traditional energy getting his outlook on both oil and natural gas, but why he is favoring investing in Canadian nat gas companies like Peyto Exploration & Development Corp. (TSX: PEY) and Birchcliff Energy Ltd. (TSX: BIR) due to the uptick in underlying natural gas prices he is anticipating in the year to come. He goes on to highlight the benefits of picking up energy stocks that pay investors good dividends while they are waiting for higher eventual equity prices.

*In full disclosure, Doc Jones holds a position in these companies discussed at the time of this recording, but is not compensated by any company to market them. These are simply his views and opinions as to why he likes investing in them, but this is not investment advice.

Click here to follow Doc Jones on Ceo.ca

Click here to follow Doc Jones on X/Twitter

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This week’s company interviews cover exploration expansions, major financing moves, and production milestones. From high-grade gold and silver hits in Argentina to uranium upside in Sweden and a fresh drilling campaign in Wyoming—momentum continues across the metals and energy space. Dive in to hear directly from executives about what’s next.

Uranium Upside in Sweden – District Metals (TSX.V: DMX)
A quiet player in uranium is stepping into the spotlight.

Advancing projects in Sweden with strong government tailwinds.
Focused on near-surface, unconformity-style uranium.
Broadening exposure as uranium equities regain strength.
Listen to the Interview

Strategic Partnerships in Scandinavia – Capella Minerals (TSX.V: CMIL)
Building quietly in Finland and Norway through JVs.

Active partnerships with EV metals potential.
Exploration updates from multiple fronts.
Cash-conservative growth through earn-ins.
Listen to the Interview

Expanding Beyond Newfoundland – Exploits Discovery (CSE: NFLD)
The growth story moves into Québec and Ontario.

New property acquisitions mark a strategic shift.
Keeping optionality alive while evaluating core Newfoundland assets.
Portfolio diversification narrative in play.
Listen to the Interview

Q1 Operational Progress – Magna Mining (TSX.V: NICU)
Drilling and development at two Sudbury-area mines.

Solid quarter from McCreedy West, with ramp development underway.
Exploration heating up at the Levack Mine.
Nickel and copper demand backdrop still favorable.
Listen to the Interview

Market Reacts to Drill Results – Astra Exploration (TSX.V: ASTR)
High-grade hits drive share price action.

Results from La Manchuria deliver multiple mineralized zones.
One hole pending due to over-limit grades.
CEO explains follow-up plans for summer.
Listen to the Interview

Shovel-Ready in Ontario – Generation Mining (TSX: GENM)
Copper-palladium exposure with permits in hand.

Marathon Project set to move when funding aligns.
Asset derisked; waiting on macro tailwinds.
Insights into permitting process and partner potential.
Listen to the Interview

Back in the Homestake Belt – Dakota Gold (NYSE: DC)
Two flagship projects in a world-class gold district.

Richmond Hill and Maitland showing real potential.
Historic production region with new high-grade targets.
Permitting and drill strategy shared.
Listen to the Interview

Big-Name Backing – Fury Gold Mines (TSX: FURY)
Agnico Eagle invests $4.3M ahead of busy summer.

Committee Bay drilling is the top priority.
Multiple programs across Nunavut and Québec.
Exploration upside paired with institutional confidence.
Listen to the Interview

Nordic Roll-Up Begins – First Nordic Metals (TSX.V: FNM)
From site visits to assays, the next phase is starting.

Acquired EMX’s Nordic business unit.
Summer drilling programs launching at multiple targets.
Company evolution detailed by management.
Listen to the Interview

Tech & Energy Crossover – Graphene Manufacturing Group (TSX.V: GMG)
Advanced materials meet commercial applications.

Second-gen graphene production ramping up.
Updates on lubricants, batteries, and Thermal XR.
Outlook on product demand and scaling.
Listen to the Interview

Production and Optionality – Sierra Madre (TSX.V: SM)
Q1 results and mining begins at Coloso.

Operational ramp-up underway in Mexico.
Extended debt facility adds financial runway.
Commentary on First Majestic’s involvement.
Listen to the Interview

Wyoming Gold Campaign – Relevant Gold (CSE: RGC)
5,000 meters of drilling starting now.

Apex Target in the Bradley Peak Camp being tested.
Prior success and model-driven targeting.
Why the team sees significant discovery potential.
Listen to the Interview

New Discovery in the NWT – Rackla Metals (TSX.V: RACK)
Drilling kicks off at the Grab project.

Untested gold system now being drilled.
Geophysics + geochem anomalies lined up.
Discovery potential in a frontier district.
Listen to the Interview

Like what you’re hearing?
Subscribe and leave a review on YouTube, Spotify, Apple Podcasts, or X/Twitter.

Have questions for the companies we interviewed—or want us to interview one you’re following? Email us at Fleck@kereport.com and Shad@kereport.com.

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This weekend’s KE Report show features a compelling doubleheader: Jeff Christian of CPM Group breaks down silver’s explosive breakout and the rotation into overlooked metals like platinum and palladium, while Dana Lyons of Lyons Share Pro shares why the S&P is poised for new highs and where the strongest opportunities lie across global markets and commodities.

Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

I’m hosting a webinar next Thursday, June 19th @ 12pm PT (3pm ET), featuring Volt Lithium! Alex Wylie, CEO, Co‑Founder & President will be presenting and taking all your questions. The company has an innovative “bolt-on” solution turning oil & gas produced water into lithium and critical minerals.

Click here to register for free!

Segment 1 & 2 – Jeff Christian, Managing Partner at the CPM Group, kicks off this weekend’s show to break down the recent breakout in silver, platinum, and palladium, and whether the precious metals rally is sustainable. He discusses the rotation of investor capital from gold into other metals, the technical and fundamental drivers behind silver’s surge, and why sustained $40 silver and higher gold prices are realistic heading into 2026 amid global political and economic uncertainty.
Click here to visit the CPM Group website to learn more about the firm.
Segment 3 & 4 – Dana Lyons, fund manager and editor of The Lyons Share Pro, wraps up the Weekend Show to discuss his technical outlook on global equity markets and commodities. He explains why his models point to a likely breakout to new all-time highs in U.S. markets, highlights growing relative strength in sectors like industrials and financials, and outlines why Europe and select international markets may offer even better opportunities right now. He also weighs in on commodities, noting silver and uranium as standout performers, and analyzes ETF trends in the mining space.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.

Jeff Christian Dana Lyons

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Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q1 2025 financial results along with a comprehensive review of all operations. Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.

Q1 2025 Highlights

Revenues of $70.3 million, a 34% increase year-over-year.
Gross Profit of $27.9 million, a 6882% increase year-over-year.
Net Income of $9.5 million, a 93% decrease year-over-year1.
Adjusted EBITDA of $27.5 million, a 2202% increase year-over-year.
Cash and cash equivalents of $32.5 million, a 706% increase year-over-year.
Working Capital of $51.7 million, a 7530% increase year-over-year.
Cash cost per silver equivalent ounce sold ($/oz) of $17.84, a 16% decrease year-over-year.
AISC per silver equivalent ounce sold of $22.34, a 8% decrease year-over-year.
Silver Equivalent Ounces produced of 3,688,129, a 5% decrease year-over-year.

Q1 2025 Production Highlights:

Silver Equivalent Production: 3,688,129 silver equivalent ounces
Silver Production: 1,590,063 ounces
Zinc Production: 20,719 tonnes
Lead Production: 2,718 tonnes
Copper Production: 279 tonnes
Underground Development: 10,135 meters

Arturo discussed the very strong revenues, gross profit, cash and cash equivalents, adjusted EBITDA, and working capital up substantial in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early.

Additionally, there was better setup with San Lucas ore-feeding business absorbing the Reserva Mine ore to blend with ore from the small-scale miners, and with it not being blended with Tres Amigos and CQCQT. This made Caballo Blanco much more efficient with better metals recoveries, as well as the San Lucas operations improving efficiencies.

The water issues at Bolivar were limited to just this quarter and resolved and the reason Zimapan was higher cost this quarter was because they just bought some new equipment to optimize operations (like 3 new Scoop trams), and to take advantage of the higher-grade 960 Level. Those were both one-off effects taken in Q1, but resolved for Q2 and moving forward for the balance of the year.

Wrapping up we reviewed the plan in place to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company’s commitment to financial discipline and a strong balance sheet. The plan’s primary objective is to save the Company US$40 million. The Company successfully completed payments to Glencore of USD$17.5 million by the end of Q1, and will be paying the remaining of USD$22.5 million by October 31, 2025.

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me Shad@kereport.com.

In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Santacruz Silver

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Joel Elconin, Co-Host of the PreMarket Prep show and founder of the Stock Trader Network, returns to share his seasoned perspective on a volatile end to the week.

Despite overnight geopolitical shocks – including missile strikes into Iran – the U.S. markets staged an impressive rebound, once again showcasing their resilience and buy-the-dip mentality. Joel breaks down the technicals behind this Friday’s rebound, why he sees this kind of trading day as more bullish than a straight-up rally, and how investors are reacting to the ever-changing headlines.

Key discussion topics:

Why Joel sees today’s recovery as a stronger bullish signal than typical rally days
The importance of the 6,050 resistance zone in the S&P and what it means heading into next week
“TACO trade” (Trump Always Chickens Out) and market reactions to tariff uncertainty
Diminishing impact of economic data on market direction
Sector rotation: value stocks, defense names, solar, oil, and biotechs coming back into focus
Technical levels to watch in small caps (IWM) and oil (USO), and gold’s push back toward all-time highs
Global markets outperforming the U.S. in some cases – why Joel is cautious at current levels

Visit PreMarket Prep and Stock Trader Network for more of Joel’s insights.

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In this KE Report company update, Simon Ridgeway, Founder and CEO of Rackla Metals (TSX.V:RAK – FSE:RLH1), provides a full overview of the company’s newest exploration focus: the Grad Property in the Northwest Territories.

Following a grassroots discovery in 2024, Rackla is now mobilizing for a 4,000–5,000 meter drill program targeting what may be a large-scale, intrusive-related gold system within the Tombstone Gold Belt. Drilling is set to begin in early July.

Project History: Rackla entered the Tombstone Gold Belt in 2022 after the Snowline discovery, targeting underexplored intrusive bodies further east.
Grad Discovery: Staked in July 2024 after land reopened by the South Dene First Nation and NWT government. Initial sampling revealed veining and chip channels up to 38m of 1.8 g/t gold.
Drill Strategy: Two main zones to be tested – base and top of a 400m cliff. If continuity is confirmed, longer step-out holes may follow.
Fully Funded: With ~$10M in the treasury, drill permits secured, and logistics in place, the team is ready to execute. First assay results are anticipated in early August.

Simon details what success would look like in the initial drill results, shares thoughts on assay lab timelines, and explains why this virgin gold system could be a major new discovery.

Click here to visit the Rackla Metals website.

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Welcome to The KE Report Weekend Show!

This weekend’s show is focused on how tariffs, or the potential of tariffs, are impacting the gold, oil and natural gas markets and related equities.

Please go back through our website (https://www.kereport.com/), Podcast (https://rebrand.ly/KER-Podcast) and YouTube Page (https://www.youtube.com/@theKEReport) to listen to all our market commentary and company interviews. Please subscribe and leave us a review as well.

Segment 1 & 2 – Jeff Christian, Managing Partner at the CPM Group kicks off the show to discuss the factors driving gold prices near $3,000/ounce, the influx of gold and silver into the U.S. due to potential tariffs, and the overall market trends. Jeff explains the implications of arbitrage and the role of futures contracts. The conversation also touches on how the Trump administration’s policies are impacting the markets and the potential shifts in investment behavior towards precious metals as a safe haven. Additionally, Jeff provides insights into the outlook for Platinum and Palladium markets and investor focus on gold over other metals.
Click here to visit the CPM Group website to learn more about the firm.
Segment 3 and 4 – Dan Steffens, President of the Energy Prospectus Group wraps up the show by shifting our focus to the energy sector. We discuss the current landscape of oil and natural gas prices, explore the impacts of tariffs, particularly on Canadian oil production, and uncover investment opportunities in the market. Dan provides insights into the implications of steel tariffs, the tight global oil market, and spotlights promising stocks like Diamondback Energy and Viper Energy.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis

Jeff ChristianDan Steffens

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Galina Meleger, Vice President, Investor Relations at Skeena Gold & Silver (TSX: SKE, NYSE: SKE) joins me to discuss the recent rebranding, progress at the Eskay Creek project in the Golden Triangle of B.C., and the critical $750 million financing package from Orion Resource Partners.

Key topics include a $750 million financing package from Orion Resource Partners, permitting updates, early works activities, and work plans for 2025. Galina elaborates on the importance of the financing package, which includes an equity component, a gold stream and a loan, along with its strategic benefits.

Additionally, the permitting process and the significance of early works activities are addressed, emphasizing the Company’s intention to maintain its project timeline.

We also delve into the Company’s valuation, potential upside, and strategic investment in TDG Gold, allowing Skeena to leverage promising new discoveries in the region.

Click here to visit the Skeena Gold & Silver website.

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to dive into the dynamics of the gold stock sector, exploring the roles of major, mid-tier, and junior equites.

Brien shares his insights on the current market environment, the impact of consolidation among major miners, and the abundance of promising projects available. We also discuss key factors for evaluating development and exploration plays, including jurisdictions, company strategies, economics, and project potential.

Click here to learn more about the Gold Newsletter.

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John Rubino, [Substack https://rubino.substack.com/ ], joins us to break down the fundamental reasons why gold has been continuing to break higher thus far in 2025, and why he expects to see silver, and the junior gold and silver stocks have a compelling catch-up trade.

We start off discussing some of the potential implications of the policies from the new incoming Trump administration, and what it means for inflation, the deficit, consumer spending, tariffs, and global trade. We also look at how the uncertainty around tariffs, debt, and inflation may play into Fed policy, interest rates, the US dollar, and other global fiat currencies. There are a mix of elements factoring into the further buying of gold by both central banks and global citizens in the current macroeconomic environment.

Next we shift over to the gold equities, and how some of the larger producers have started to have a solid response and moves higher reflecting the higher underlying precious metals prices, and how this will attract more momentum buyers or those generalists filtering for earnings and revenue growth. However, we’re just starting to enter the phase where the junior gold developers and explorers may start receiving more volume and a bid in the market.

Wrapping up we shift over to the performance of the silver price, the associated fundamental drivers, and the silver stocks. John expects to see the gold:silver ratio up near 90 bring in more buying interest in both silver and the related equities, and he expects this cycle will be no different than past cycles where silver and the silver stocks eventually outperform gold and the gold equities respectively. John outlines why he likes both pure play silver stocks, as well as precious metals stocks with a nice balance of gold and silver; throwing in exposure to copper as another potential commodity that some companies are adding into their asset mix and project portfolios.

Click here to visit John’s Substack to keep up to date on his market and economic commentary.

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David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me to provide an update on the recent multi-element drill results returned at El Cura, along with continued metallurgical testing and other derisking work being conducted which will feed into a resource update next month and upcoming Pre-Feasibility Study later in the year to advance the polymetallic Iberian West Project (IBW), located in southern Spain.

We start by discussing the exploration and development potential at El Cura, and what is being learned through the additional drill results just released to the market today on February 13th. Highlights include:

Drillhole EC037 intersected 9.3m grading 1.1% copper, 0.7% lead, 2.1% zinc, 1.2 g/t gold and 34.8 g/t silver, including 2.5m grading 1.7% copper, 0.9% lead, 3.8% zinc, 2.0 g/t gold and 47.3g/t silver;
Drillhole EC036 intersected 5.2m grading 2.1% copper, 1.3% lead, 2.8% zinc, 1.6 g/t gold and 65.5 g/t silver;
Drillhole EC034 intersected 1.1m grading 2.2% copper, 2.0% lead, 6.7% zinc, 3.5 g/t gold and 148.2 g/t silver.

David walks us through how El Cura is located into between La Infanta and La Romanera, but more closely resembles La Romanera, returning higher gold values along with the base metals. Each of these 3 deposit areas plays into the larger development strategy where the earlier stage mining at La Infanta can now drift through El Cura on the way to the development of La Romanera, bringing in El Cura as a future economic driver much earlier in the mining sequence. We discuss all the derisking work going on in the background building toward the PFS later this year, as well as an update on the environmental permits anticipated to come in over the next couple months.

We wrap up noting the ongoing exploration work at the earlier-stage Nuevo Tintillo Project, and got an update on where things are in the courts, with the sentencing portion of the legal proceedings kicking off in early March, furthering the clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.

If you have any follow up questions for David regarding Emerita Resources, then email those in to me at Shad@kereport.com.

Click here to follow the latest news from Emerita Resources

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Andy Bowering, Chairman and interim-CEO at Apollo Silver (TSX.V:APGO – OTCQB:APGOF – FSE:6ZF0) joins us to introduce the Company, focused on the two asset, the Calico Project, in California and the Cinco de Mayo Project in Mexico.

At the Calico Silver Project, Andy walks us through its acquisition, historical resource, geological setting, and possible economic studies planned for this year. He highlights the significant silver and barite resources at Calico and the potential for gold discoveries. Additionally, Andy addresses concerns related to mining in California, emphasizing the project’s mining-friendly location and existing infrastructure.

The discussion then shifts to the Cinco de Mayo project, a high-grade, historic carbonate replacement deposit (CRD) system. Andy dives deep into the complex history of the project, including previous ownership, substantial past drilling efforts, and the social challenges faced. However, Andy reveals recent positive developments: a new pro-development executive in the community and ongoing efforts to secure a social license. He explains Apollo’s strategy to engage with the local community, develop partnerships, and navigate social challenges to unlock the project’s full potential.

Click here to visit the Apollo Silver website.

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD – OTCQX:KLDCF – FSE:3WQ0) joins me to discuss two significant drill programs now underway at the South Uchi Project, in Ontario, and the Frotet Project, in Quebec.

The maiden drill program at the South Uchi project in the Red Lake district of Ontario is significant, involving an $8 million funding agreement with Auranova Resources (private company), encompassing up to 15,000 meters of drilling. Zach outlines the systematic approach being taken to explore one large, over 6km, target. This will be the first drilling ever on this project.

We also delve into the Frotet Project in Quebec, owned by Sumitomo Metal Mining, where Kenorland holds a 2% NSR royalty. This program is a 23,000-meter winter drill program aimed to further define the Renault gold system. Zach explains the goals behind this drilling, including infill operations to support a potential maiden resource estimate.

Additionally, we discuss Kenorland’s broader asset portfolio, including upcoming maiden drill programs funded by partners such as Centerra and Newmont, and extensive exploration plans in the James Bay region and Northwestern Ontario.

Financially, Kenorland is well-positioned with an approximate budget of $36 million for the year, of which around $30 million will be funded by partner companies, and around $25 million in the bank.

If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at Fleck@kereport.com.

Click here to visit the Kenorland website.

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Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to review the first assay results from the drilling campaign being conducted from underground drill pads targeting the high-grade silver veins, and the Sulfide and Shale Zones on its 100% owned, silver-gold El Tigre Project in Mexico.

Highlights from the drilling program include the following:

Hole ET-24-627: 3.0 meters grading 1,526.3 g/t total silver equivalent from 297.5 meters to 300.5 meters, consisting of 833.5 g/t silver, 0.13 g/t gold, 0.87% copper, 6.22% lead and 13.24% zinc within 17.3 meters grading 309.0 g/t total silver equivalent from 297.5 meters to 314.8 meters consisting of 160.0 g/t silver, 0.12 g/t gold, 0.18% copper, 1.34% lead and 2.68% zinc in the Sulfide Zone.
Hole ET-23-626:8 meters grading 321.0 g/t total silver equivalent from 253.5 meters to 258.3 meters, consisting of 254.1 g/t silver, 0.10 g/t gold, 0.33% copper, 0.33% lead and 0.61% zinc within 17.1 meters grading 140.0 g/t total silver equivalent from 242.0 meters to 259.1 meters consisting of 95.4 g/t silver, 0.09 g/t gold, 0.13% copper, 0.29% lead and 0.54% zinc in the Sulfide Zone.

This underground drilling work will continue with 1 drill rig, and all the prior data and other derisking work that the company is busy with in the background will be building toward a Preliminary Economic Study on the underground mining phase, set to release later in Q2. We discussed that banks and institutional analysts are now taking notice of these underground drill results, with Desjardins, Ventum Capital Markets, and SCP Research, all issuing updates and upgrades to their share price targets following this recent news.

Additionally, we also circled back to the ongoing permitting developments and more mining permits just issued by the new political administration in Mexico. Now that permits have started getting granted in Mexico, he feels it is just a matter of time before the first open-pit permits start getting issued in the first half of 2025. Glenn points out that this permitting visibility will be a very meaningful catalyst for the company and many Mexican mining projects across the board to get rerated significantly higher.

If you have any follow up questions for Glenn about Silver Tiger, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Silver Metals at the time of this recording, and may choose to buy or sell shares at any time.

Click here to follow the latest news from Silver Tiger Metals

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Lauren Megaw, VP of Corporate Development for Reyna Silver (TSXV:RSLV)(OTCQX:RSNVF), joins me to provide a re-introduction to this junior silver and gold exploration company and their 4 key projects located in Nevada and Mexico. We review their most recent exploration program from the Gryphon Project, as well as the upcoming exploration program being planned at Batopilas Project.

We start off discussing their option to acquire 70% of the 12,058-hectare “Gryphon Summit Project” in Nevada, as well as the importance of consolidating their interest in Grypon with the acquisition of Reyna Gold in October 2024. The Gryphon Project shows features indicating uniquely superimposed/overprinted Silver-Lead-Zinc-Copper Carbonate Replacement (CRD), Carlin Gold and Critical Metals mineralization. Also in Nevada, Reyna Silver is advancing its option to acquire 100% of the “Medicine Springs Project” where Reyna Silver is exploring a potentially significant Silver-Lead-Zinc-Copper CRD-skarn-Porphyry system.

Next we shifted focus down to Reyna Silver´s Mexican assets, which include the 100% owned “Guigui Project” and “Batopilas Project”, both located in Chihuahua State. The Guigui Project covers the interpreted source area for the Santa Eulalia Carbonate Replacement Deposit District and Batopilas covers most of Mexico´s historically highest-grade silver system. The focus of their next exploration and drill program in 2025 will be focused at multiple precious metals targets across the Batopilas Project, at the Silver Zone, Banda Este, and Cobriza Zone.

Wrapping up we focused on the management team, board, and key technical advisors on the team behind Reyna Silver, as well as the key investing stakeholders, share structure, and financial health of the company.

If you have questions for Lauren on Reyna Silver, then please email them into me at Shad@kereport.com.

Click here to follow the latest news on Reyna Silver

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Chris Temple, Editor of The National Investor join us to delve into the renewed interest in base metals and critical minerals amid recent tariff threats from the Trump administration.

We discuss how these tariffs could impact the U.S. economy, consumer prices, and global trade. Chris provides historical context on tariff policies and gives a detailed analysis of the potential investment opportunities and risks in various metals and commodities such as tungsten, antimony, copper, nickel, and uranium.

We also explore the challenges in U.S. resource development, focusing on the need for making national projects economically viable despite global pricing pressures.

Click here to follow along with Chris at the National Investor.

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Dave Erfle, Editor of the Junior Miner Junky, joins us to focus on some of the opportunities and trends he sees in the junior precious metals stocks. We start off noting how the larger gold and silver producers, and highest quality developers have already made nice moves to the upside. Dave outlines that we may be entering the part of the PM cycle to finally move down the risk curve into the junior development-stage companies with ounces in the ground; that will have good optionality to rising metals prices.

We then delve into the potential catalysts to see even more mergers and acquisition transactions in the junior mining sector, and what attributes to identify in potential takeover candidates. We also consider that the majors already have large pipelines of development projects, and so the M&A deals may need to come from the cashed up mid-tier producers acquiring juniors or from mergers of equals among junior developers.

Wrapping up we get Dave’s outlook on silver, the silver stocks, the persistently high gold:silver ratio, and that really we aren’t going to see a big uptick in the speculative side of the sector with more participation from generalist investors until we see some of the hot money come out of the cryptos and A.I. / tech stocks.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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We are back with another special technical analysis video with long-time KE Report blog contributor Bob (aka BDC). We review some prepared charts analyzing gold, silver, uranium miners via the ETF (URNM), nat gas, and Northern Dynasty (NAK) through the lens of various technical tools like Fibonacci levels, Chapman Waves, and Gartley Patterns.

Bob also shares the value and functionality of his proprietary Saturation Table, which demonstrates trend quality via numeric signals for spotting potential market turns at tops and bottoms in a given sector ETF or equity.

Click here to follow Bob’s technical analysis at his website Fibonomics

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX – OTCQB:DMXCF – Nasdaq First North: DMXSE SDB) joins me to discusses the recent approval of the 2025 exploration budget by the joint technical committee between District and Boliden Minerals AB (“Boliden”), focusing on the Tomtebo and Stollberg properties in Sweden. Additionally, he provides an update on the commencement of an updated mineral resource estimate for the Viken Energy Metals Deposit.

The discussion covers the recent approval of the 2025 exploration budget by the District and Boliden joint technical committee for the Tomtebo and Stollberg properties. Garrett provides detailed plans for the exploration, including drilling intentions at various historic mines and key targets being drilled this year. We also discuss Boliden’s dual strategy for the drill program focused on both new discoveries and adding resources for development.

Moreover, we touch upon the Viken energy metals deposit, where an updated mineral resource estimate is underway to integrate multiple metals, and the potential to expand the deposit. Garrett outlines the timeline and costs for this update and elaborates on the implications of lifting the uranium moratorium in Sweden and its impact on future drilling.

Finally, Garrett summarizes upcoming news and milestones, including assay results and drilling updates.

If you have any follow up questions for Garrett please email me at Fleck@kereport.com.

Click here to visit the District Metals website to learn more about the Company.

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Jim Tassoni, CEO of Armor Wealth Strategies joins us to discuss the trading opportunities he sees in this current market environment.

Jim highlights the myriad of opportunities and potential pitfalls for short-term investors, particularly in sectors that have lagged behind the major tech names. He shares his insights on the financial sector’s potential benefits from high-interest rates, the outlook for both long and short-term interest rates, and the strategic positioning within the bond market.

Jim also delves into his current strategies regarding gold and precious metals, explaining why he has favored the metal over gold miners.

Additionally, he touches upon the implications of Trump administration tariffs and their broader economic impact. Concluding with a focus on energy and oil investments.

Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share charts and analyses of recent market reactions to significant news events, such as the DeepSeek impact on AI and tariff news. Despite these challenges, the market has shown resilience, notably in the S&P index, which has held up well without hitting dramatic highs or lows.

TG emphasizes the strength beneath the market’s surface, noting a rotation from mega-cap stocks (the Mag 7) to small caps, indicating a ‘risk-on’ environment. He provides detailed analyses of various sectors, highlighting opportunities in small caps, nuclear sectors, and even underperforming names. Incorporating technical analysis and future market predictions, TG’s insights offer valuable guidance for traders and investors.

Click here to visit TG’s site – Profit Pilot

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss the attractive value proposition he sees in 3 different gold – copper junior explorers. These companies have all released important news as catalysts over their last 2 weeks, which sets up future news releases to build upon their current work programs.

Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) report today exceptional gold intercepts of 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters plus a second separate interval assaying 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 both from a high-grade gold intrusive feeder dyke that remains open at Surebet on its 100% controlled Golddigger Property in the Golden Triangle, B.C.

Hannan Metals Ltd (TSXV:HAN)(OTC PINK:HANNF) report a significant gold mineralization at its 100%-owned Previsto project in Peru. Channel sampling has revealed high-grade alkalic-type epithermal gold mineralization with 69.1 m at 2.4 g/t gold (“Au”) including 26.0 m at 5.4 g/t Au. The finding, which remains open in all directions, is situated within a larger 6 km x 6 km epithermal-porphyry cluster, further indicating the potential for a major new mineral district.

Inflection Resources Ltd. (CSE: AUCU / OTCQB: AUCUF) is pleased to provide an update on drilling completed in late 2024 on the Trangie and Duck Creek projects in New South Wales, Australia conducted under a joint-venture Exploration Agreement with AngloGold Ashanti Australia Limited.

In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording. Additionally, Shad holds a position in Goliath Resources at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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Justin Reid, President and CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), joins me for a comprehensive update of the key derisking work programs, additions to personnel, detailed engineering, more drilling initiatives, permitting updates, and working on building the capital stack for the Troilus Project located in northcentral Quebec, Canada.

We start off discussing four new team members on Troilus that will be bringing in key experience on the engineering, development, construction, and execution on the move to take the project into a producing mine over the next few years. On January 28th the Company announced that it has awarded BBA Inc. (“BBA”) the contract for basic and detailed engineering work for the copper and gold Troilus Project; which is a key milestone on the path to construction. BBA is a leading Canadian engineering consulting firm with over 40 years of experience that played a significant role in the development of some of Canada’s most successful and largest gold operations, including the Canadian Malartic Mine and Detour Lake.

Next we touched up on the importance of infill drilling for gaining higher confidence ounces in the resource and for the mining sequence, as well as near-pit drilling where he touched upon the positive drill results forming part of a 1,866-metre exploratory drill program on its newly discovered “West Rim” VMS (Volcanogenic massive sulfide ore deposit) target, located within 150 metres of the North Reserve Pit Shell.

We also get into the permitting timelines, where Justin highlights the ongoing work the company has been doing for years, in tandem with maintaining the already fully permitted areas of the Project. The last big receivables for the permitting being the environmental and mine closure permits will be kicking off soon with a look to receive them back in late 2025, or more likely early 2026

Wrapping up we discuss the capital stack starting to come together and reviewed the 4 different LOIs adding up collectively to US$1.3billion that were each announced in November news releases from the German export credit agency (“ECA”) Euler Hermes, the Finland ECA, Finnvera plc and the Swedish export credit agency, EKN, and Export Development Canada (EDC). Justin goes on to explain how they will not need to utilize all those ECA funds, where they can also strike the balance between those inputs being converted over to tradition debt, equity, forward sales, and royalty or streams that will be coming together to form the capital stack for project construction. This also highlights the importance of the copper concentrate components of the copper to these other organizations, even more so than the gold, and makes the Troilus Project very financeable.

If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.

Click here to follow along with the latest news from Troilus Gold

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Craig Hemke, Editor of TF Metals Report joins us to discuss the balance between tariffs and the gold price.

Craig offers insights into the Commitment of Traders (COT) report, discussing investor positions, especially the large speculators’ net long positions. Craig also delves into the complexities of gold’s physical movement and delivery on the Comex, potentially influenced by tariffs and broader economic strategies.

The conversation expands to include the impacts of potential U.S. tariff policies, the role of central bank demand, and the intriguing topic of gold-backed bonds. Craig further speculates on the broader implications for the gold market amid rising prices, institutional demand, and central bank policies.

Click here to visit Craig’s website – TF Metals Report

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Rick Mazur, President and CEO of Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins us to provide an update on the drilling set to commence and the Global Uranium option to earn-in to the Northwest Athabasca Joint Venture; partnered with NexGen, Cameco, and Orano in the Athabasca Basin of Saskatchewan. We also dig into the value proposition at the Company’s 8 other uranium exploration projects around the Athabasca Basin.

On February 4th the Company announced that the exploration permit has been received and exploration is underway on the Northwest Athabasca (NWA) Project, located along the northwest shore of Lake Athabasca in Saskatchewan, Canada. Global Uranium Corp. (CSE: GURN) (OTCQB: GURFF) entered into an option agreement with Forum, acquiring the right to purchase up to 75% of Forum’s interest in the Forum / NexGen Joint Venture with NexGen Energy Ltd. by spending $20 million in exploration. This joint venture is part of the Northwest Athabasca Joint Venture with Forum, Cameco Corporation, and Orano Canada Inc. to explore and develop the NWA Project. Camp construction will begin shortly and diamond drilling will commence by March. Forum Energy Metals is the Operator of the Northwest Athabasca Project.

Rick outlines that about 2,000 meters of diamond drilling is anticipated to commence by March and the objective is to at Andy, Zone 2A, and Opie, following up on some of the success from prior exploration work in 2013, and if time allows testing additional high-priority targets at Gomer and Spring Bay. Additional geophysical surveys such as gravity, resistivity and detailed magnetics will be initiated once the camp is in place.

In addition to the work that will be going on at this project, we zoom out and give Rick the opportunity to unpack the opportunities and other JVs going on with a number of their other 8 projects around the Athabasca Basin. He highlights their option potential their 100% owned projects and highlights the potential at a couple of their JV projects like the Grease River, Fir Island Project, and Henday Projects.

If you have questions for Rick on Forum Energy Metals, then please email them into us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Forum Energy Metals

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins us to take a deep dive into the complex world of tariffs.

We discuss the wide-reaching effects of U.S. tariffs on China, Canada, and Mexico, and explore how these policies impact global markets, consumer prices, and multinational companies. The conversation also covers retaliatory measures by other countries, the role of central banks, and the nuances of globalization versus de-globalization. Marc shares insightful perspectives on the implications for economic policy, market dynamics, and future trade relations.

Click here to visit Marc’s site – Marc To Market.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins me to provide an extensive recap of the latest US economic data, including inflation reports (CPI and PPI), retail sales, and industrial production figures. Marc emphasizes the significance of the CPI, noting its slight increase, and discusses the implications for future inflation trends and the potential for a Fed rate cut in December.

We recap Jerome Powell’s comments from this week which influenced market sentiment and led to significant market drop by the end of the week. Marc explains how the market’s reaction to Powell’s indication that the Fed is not in a rush to cut rates affected various indices, including the S&P, NASDAQ, and small-cap stocks.

We also analyze the recent performance of the US dollar, its driving factors, and how it compares globally. Additionally, we delve into the bond market’s behavior, especially in light of contradictory movements against Fed expectations.

Looking ahead, the conversation covers anticipated economic events and their potential to shift market directions, such as upcoming jobs and inflation data, as well as key political appointments.

Click here to visit Marc’s site – Marc To Market.

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Welcome to The KE Report Weekend Show. This weekend’s show is packed with analysis on gold and gold stocks, energy markets, small cap stocks, Bitcoin and the major markets. All considering what potential policies Trump enacts while President.

This week we are attending the New Orleans Investment Conference. If you will be there please drop us a line – fleck@kereport.com and shad@kereport.com. If you can’t make it but want us to sit down with any company exhibiting at the conference please email us. Click here to find out which companies and speakers will be in attendance.

Segment 1 and 2 – Richard Postma, AKA Doc, joins us to analyze the precious metals correction, including the underperformance of mining stocks versus the metals, sentiment shifts to risk-on investments, Gold vs cryptocurrencies, specific PM stock opportunities and technical insight.
Segment 3 and 4 – Mike Larson, Editor in Chief at MoneyShow, wraps up the Weekend Show discussing the market’s reaction to the Trump presidency and the resulting ‘Trump trade.’ The discussion covers various asset classes and sectors including Bitcoin, small caps, financials, crude oil, and precious metals. We explore the implications of potential policy changes, particularly around tariffs, energy production, and taxes, and their impact on domestic versus multinational companies.
Click here to find out about the upcoming MoneyShow conferences.

Doc Mike Larson

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Doug Ramshaw, President of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us outline the key takeaways from news announced on October 28th about the acquisition of Sabre Gold Mines Corp. (TSX: SGLD) (OTCQB: SGLDF), and the potential of dual-track development for both the Copperstone Mine in Arizona and the Cerro De Oro Project in Zacatecas, Mexico.

Doug points out that this acquisition creates a more diversified North American platform for gold production, beyond the Santana gold mine operations (Sonora, Mexico), and that the addition of Copperstone (Arizona, US), in concert with the development of Cerro De Oro can be developed in tandem in a dual-track approach. He clarifies that this development of the underground Copperstone mine in Arizona is definitely not a pivot away from open-pit mining or the focus in Mexico, but rather a wise tuck-in acquisition to further expand their resource base and production profile. The site at Copperstone has significant infrastructure and permits in place, and the Company already has a mill in storage that will be moved to site next year, and will allow their technical group to quickly advance the project into production.

Switching to the capital management side of the business, Doug shares that Minera Alamos is also in discussions with lenders in connection with potentially expanding existing finance facilities to accommodate the development of both Copperstone as well as their Cerro de Oro project in Mexico, which is awaiting permit approvals. He mentions that this merger is a great example of how complementary assets can be combined to de-risk and scale up a development platform simultaneously.

At the Santana Mine, operations are moving right along sourcing ore from the Nicho Main Zone, and it will remain about a 20,000+ ounces per year production center for the company. With Copperstone slated to produce roughly 40,000 ounces per year of gold, and Cerro De Oro slated to produce 60,000 ounces per year of gold; there is a clear pathway to 120,000 ounces of gold per year starting in 2026. After all 3 mines have ramped up to commercial production, then there is also the Fortuna Mine in Mexico that will move into development as mine number 4.

If you have any follow-up questions for Doug regarding Minera Alamos, then please email us at Shad@kereport.com and Fleck@kereport.com, and we’ll get them address by management.

In full disclosure, Shad is a shareholder of Minera Alamos at the time of this recording.

Click here to follow along with the latest news at Minera Alamos

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Joel Elconin, Co-Host of the PreMarket Prep Show joins me to discuss the recent market downturn triggered by Fed Chair Powell’s hawkish comments on Thursday.

We analyze the effects on the bond market, individual stocks, and the continued pullback in precious metals. Joel also shares his insights on the stabilization of interest rates and the performance of mega-cap tech stocks, which have been a large contributor to the recent market weakness. Additionally, we touch on the dynamics of the bond market, the performance of financial sectors, and the implications of U.S. policy under Trump.

Click here to visit Joel’s PreMarket Prep website.

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Kelly Malcolm, President and CEO of Borealis Mining (TSX.V: BOGO – FSE: L4B0) joins me to discuss results from the recent 3,500 meter drill program at the Borealis Project in Nevada. The results released on November 14th were from the Graben Deposit, revealing headline numbers of over 4 g/t gold over 21 meters and 2.25g/t gold over 99 meters.

I have Kelly recap the project’s historical resources, including a 2011 pre-feasibility study (PFS), and plans for future mining operations. We also cover the recent expansion of the Borealis property through staking and other companies that hold land in the area, like Headwater Gold and Heckla.

Kelly outlines Borealis’s M&A strategy focusing on acquiring smaller, high-margin assets and achieving quicker cash flow, as well as the Company’s financial position and continued gold production from the oxide heap leach operation. Upcoming news on drilling results, gold production, and potential acquisitions are also highlighted.

Please email me any follow up questions you have for Kelly. My email address is Fleck@kereport.com.

Click here to visit the Borealis Mining website to learn more about the Company.

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Jon Gilligan, President and COO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive update of the exploration, development, and future value drivers at both the Black Pine and Goldstrike oxide gold, open-pit, heap leach Projects in the Great Basin.

We start off reviewing the key metrics from the Pre-Feasibility Study announced on October 10, 2024:

Open pit, run-of-mine (no crushing) heap leach operation with a one-year construction period and initial capital expenditure of $327 million
Average annual production of 183 thousand ounces of gold in years 1 to 5 with Life-of-Mine average annual production of 135 thousand ounces of gold
All-In Sustaining Cost for years 1 to 5 of $1,205 per ounce of gold and LOM AISC of $1,380 per ounce of gold
$552 million After-Tax Net Present Value (5%) with a 32% After-Tax Internal Rate of Return and a 3.3 year payback at a base case gold price of $2,000 per ounce
$1.296 billion After-Tax Net Present Value (5%) with a 62% After-Tax Internal Rate of Return and a 1.5 year payback at spot gold prices of $2,600 per ounce

Additionally there is still a lot of room for exploration expansion at Black Pine, where the ongoing 20,000 ounce exploration program is exploring 7 key target areas for expanding near-surface mineralization and looking for more potential satellite pits. Jon also provides a detailed roadmap of the timeline of permitting milestones and derisking initiatives in front of the Company over the next 2.5-3 years through targeted construction and first gold pour.

Next we got an overview of the Goldstrike Project in southwestern Utah, key derisking work on water rights, optimization studies, and the growing importance of antimony mineralization value as a co-credit to the gold in this Project.

We wrap up reviewing the financial health of the company, after the news announced October 7th of the sale of the non-core TV Tower copper gold project, located in Biga Province, northwest Türkiye, where the Company has received US$3.7 million representing the Company’s share of the payment due upon closing; with the remainder of the gross proceeds will be paid in two stages as follows:

US$2.2 million on October 4, 2025.
US$2.6 million on October 4, 2026.

This gives Liberty Gold a solid treasury of near $11million at present, and plenty of capital to advance the ongoing exploration and derisking work programs at both Black Pine and Goldstrike moving into 2025.

If you have any questions for Jon regarding Liberty Gold, the please email me at Shad@kereport.com.

Click here to follow the latest news from Liberty Gold

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD – OTCQX:KLDCF – FSE:3WQ0) joins me to provide updates from the Frotet and Chebistuan Projects, as well as answer your questions on a couple other projects in the Company’s portfolio.

We start with the recent high-grade gold drill results from the Frotet project in Quebec, where Kenorland holds a 4% royalty. This project is being advanced by Sumitomo Metal Mining. Drill hole highlights include Hole 24RDD223 which intersected 26.67 g/t over 3.30m. I also ask Zach about the significance of the 3D model for the project and possibility of an initial resource estimate later next year.

We then discuss the upcoming phase 2 drill program at the Chebistuan project, being earned-into by Newmont Corporation. Zach recaps last year’s discovery and future drilling plans.

Zach shares updates on their South Uchi project and discusses potential partnerships, as well as news flow from other projects in the company’s diverse portfolio, including the Hunter Project with Centerra Gold.

If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at Fleck@kereport.com.

Click here to visit the Kenorland website.

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Maura Kolb, President of Dryden Gold Corp (TSX.V: DRY) (OTC: DRYGF), joins me for an exploration update at the Gold Rock Camp, Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.

We start off discussing more recent drill results from their Phase 5 drill program at the Elora area of the Gold Rock Camp Project, with Hole KW-24-024 intercepting the mineralized zone at approximately 190 meters from surface and returning 8.93 g/t gold over 12.45 meters, including 32.96 g/t gold over 2.73 meters. Maura points out the significance is that we are seeing wide intercepts of gold, and that these holes from Phase 5 are pushing the depth component even lower and showing continuity of mineralization.

This Phase 5 exploration program consisted of nine drill holes totaling 1,598 meters focused on the depth expansion at Elora and Big Master 1 gold systems and infill drilling at Big Master 2. We also recap some of the prior work done at both Big Master 1 and 2, as a parallel structure to Elora. The Company is now kicking off their Phase 6 exploration program at Elora, with plans to put in 5 more deeper holes to keep stepping out along strike and at depth expanding the mineralized shoot.

Next we panned back to the larger overall land package to discuss 2 other key regional targets where the exploration team has been working on ground-truthing and a surface exploration focus, that will be generating future drill targets at both the Sherridon and Hyndman areas of the Project. Maura outlines how this systematic exploration approach is starting to demonstrate the kind of size and scale to the Project to be of more interest to potential strategic partners.

If you have any questions for Maura regarding Dryden Gold, then please email them in to me at Shad@kereport.com.

Click here to follow the latest news from Dryden Gold

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Dave Erfle, Editor of the Junior Miner Junky joins me to discuss the recent correction in the precious metals and precious metals stocks. Dave provides insights into the current market trends, key support levels for gold and silver, and the impacts of political and economic factors including the U.S. election, China policy and Fed rate cuts. Additionally, the discussion covers the performance of major ETFs like GDX, GDXJ, and SIL, and what investors should watch in the coming weeks.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joins me to discuss the recent drill results from the Valley deposit on the Rogue Project, and a new gold and silver anomaly on the Cynthia Project. Both projects are in the Yukon in the Tombstone Gold Belt.

We focus on the Valley deposit drill results, highlighting holes 91 and hole 88 in terms of their gold grades and their role in expanding the deposit. Scott also sheds light on the infill and expansion drilling strategies and their impact on further growing and de-risking the current resource.

We then discuss the new gold and silver target, the intersection target, on the Cynthia project. I ask Scott how the Company plans to explore all the new targets the Company has generated while also focusing on Valley deposit.

If you have any follow up questions for Scott please email me at Fleck@kereport.com.

Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.

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Elemental Altus Royalties will host a webinar next week to discuss the company’s third quarter financial and operating results.

Join Elemental’s CEO, Frederick Bell, and CFO, David Baker, for a webinar to discuss the company’s third quarter financial and operating results.

When: Tuesday, November 19th at 8 am PT / 11 am ET
Register here: https://loom.ly/X1GKFM4

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John Darch, Chairman and Director, and Ken MacLeod, President and CEO of Sonoro Gold Corp (TSXV: SGO) (OTCQB: SMOFF), both join me to introduce the Cerro Caliche Gold Project, and the exploration and development initiatives to move it into open-pit production within 12 months of receiving their final permit in Mexico.

John and Ken review the potential for resource expansion, the bench strength and experience of the management team and board, the financial health of the company, the strong inside ownership and backing with even a private unsecured loan, and the plan to grow exploration and resource expansion through the organic revenues generated once the mine is put into production.

If you have questions for John and Ken regarding Sonoro Gold, then please email those into to me at Shad@kereport.com.

Click here to follow the latest news on Sonoro Gold

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Peter Scott, Senior Vice President and CFO of Obsidian Energy (NYSE:OBE – TSX:OBE) joins us to recap the Company’s Q3 financial results and growth initiatives.

The Company’s strong Q3 performance saw a 34% increase in funds flow from operations year-over-year driven largely by the Peace River area. We discuss key production figures, including an average of 39,700 BOEs/day, with September averaging over 40,000 BOE/d. Peter shares insights into the company’s growth focus in the Peace River area and the different formations leading the growth, upcoming drilling plans, and balancing debt reduction with capital returns to shareholders through share buybacks and dividends. Additionally, we discuss market sensitivities and potential impacts of fluctuating oil prices on future operations.

If you have any follow up questions or want any additional information on Obsidian Energy please email me at Fleck@kereport.com.

Click here to visit the Obsidian Energy website.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to unpack the post-election “Trump Trade,” which has been strong buying in cryptos, crypto stocks, tech stocks, and large US equities, but conversely strong selling in gold, silver, commodities, and resource stocks. We also discuss renewable energy and nuclear energy trends, as it relates to policies under question now from the 2022 Inflation Reduction Act.

We start off reviewing the correction and consolidation seen over the last 2 weeks in gold, silver, and the PM stocks, and why Sean could see a corrective move in the yellow metal back down to $2475. He explains why he sold many gold and silver equities last week to pull profits, and rotated more funds into Bitcoin via the iShares Bitcoin Trust (IBIT) and crypto related stocks like MicroStrategy Inc (Nasdaq: MSTR) and Marathon Digital Holdings (NASDAQ: MARA) to keep riding that trend higher. This leads to a discussion on the dynamics around gold versus bitcoin, and the different drivers for each. Sean points to 3 key factors in policy changes and company adoption of cryptos that has been bullish for that sector, but also makes the case that despite the corrective move in gold, silver, and the PM equities, that he still believes there is far more upside left in the ongoing precious metals bull market medium to longer-term.

The conversation then pivots into the opportunities Sean is seeing in US equities, particularly in online finance and fintech with ETFs like Amplify Transformational Data Sharing ETF (BLOK), and companies like Block, Inc. (NYSE: SQ). Additionally, Sean remains constructive on large companies and mega-cap tech stocks that can weather the higher for longer interest rates, like Nvidia, Amazon, and Alphabet/Google.

Next we discuss how the Trump administration has been vocal about revoking portions of the Inflation Reduction Act targeting funds for renewable energy, critical minerals, and even nuclear power. Sean believes sectors like wind and solar energy may indeed languish, for a number of reasons, but is far more bullish on the uranium equities and nuclear power stocks. We wrap up with a nuanced discussion on the importance of having a diversified investing approach and how Sean approaches his own diversified portfolio.

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

Click here to learn more about Resource Trader

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Matt Badiali, Editor of The New Energy Investor published under Mangrove Investor, joins us to discuss the potential changes the Trump presidency could bring to the critical minerals market and the broader energy sector.

We delve into Trump’s stated plans to roll back funding for the Inflation Reduction Act and its downstream impacts on critical minerals like battery metals and copper. Additionally, we explore the implications for sectors such as nuclear power and hydrogen energy. As the government changes hands, Matt shares insights into how companies might adapt and what strategic shifts might occur, both in the U.S. and globally.

Click here to visit the Mangrove Investor website to follow along with what Matt is writing.

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Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN – OTCQB:BYAGF) joins me to discuss the Company’s latest drill results from the Powerline deposit at the AurMac Gold Project in the Yukon.

Tara discusses high-grade results of up to 539 g/t gold, the strategic importance of infill drilling, and the potential impact on the updated resource and PEA coming next year. The project already hosts a 7 million oz gold resource, all in the inferred category.

Tara outlines Banyan Gold’s drilling strategy for 2024, which included 21,000 meters in 118 holes, and highlights the Company’s financial position and future plans, including a 2025 resource update and PEA. Tara also touches on the broader exploration potential across the property, which will be tested next year, and the company’s revenue from camp rentals and services.

If you have any follow up questions for Tara please email me at Fleck@kereport.com.

Click here to visit the Banyan Gold website.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss three junior resource companies with recent news out to the market; where he is attracted to the current value proposition.

We discussed how the capital markets window has been open for copper-nickel-PGM explorer, developer and near-term producer Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), and gold explorer First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF). On November 4th, Magna Mining was able to just raise $21.85 Million in a private placement, and First Nordic announced Oct 30th a bought deal private placement of C$10 Million. We outline how those funds will likely be utilized to advance their respective projects and the catalysts each company has in front of them.

We wrap up discussing the news out on November 8th, with regards to the Integra Resources (TSXV: ITR) (NYSE American: ITRG) business merger with Florida Canyon Gold Inc. (TSXV: FCGV), and the trend of junior developers buying producing assets to move their pipeline of projects forward without the need to repeatedly go back to market for capital raises.

In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording. Additionally, Shad holds positions in both Magna Mining and Integra Resources at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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Chad Peters, President and CEO of Ridgeline Minerals (TSX.V:RDG – OTCQB:RDGMF), joins me to unpack the key takeaways from the high-grade gold assay results for core hole SW24-006, at the Swift gold project, currently being operated under an exploration earn-in agreement with Nevada Gold Mines (“NGM”). We also outlined other value drivers at that Selena Project being optioned to South32, as well as updates at the Black Ridge, and 100% owned Big Blue Projects, all located in Nevada.

Drillhole SW24-006 is the first of up to three deep core holes planned for the 2024 program and was drilled to a total depth of 918.2 meters (“m”). The hole was designed to test favourable carbonate host rocks along the projection of the Mill Creek thrust fault, a significant structural control and conduit for gold mineralization at Swift. SW24-006 returned a highlight intercept of 1.1m grading 10.4 grams per tonne (“g/t”) gold (“Au”) within 2.7m grading 7.0 g/t Au starting at 676.3m downhole. Next we discussed the significance of hole #7 being drilled, stepping out 1km from hole #6, but also only 300 meters away from hole #3. NGM is exploring using a framework approach to mineralization and structure, searching for large Carlin-style deposits. Nevada Gold Mines is also doing some earlier-stage ground work at Black Ridge, gearing up for a drill program next year.

We wrap up by reviewing the 2025 exploration plans for the 100% owned Big Blue Porphyry Project, and also the Selena Project as South32 continues to option into the Project, where next will see drilling on 4 different projects.

If you have any follow up questions for Chad regarding Ridgeline Minerals, then please email me at Shad@kereport.com.

Click here to visit the Ridgeline website and read over the recent news.

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In this episode we chat with TG Watkins, Director of Stocks at Simpler Trading, and editor of the Profit Pilot website.

We dive into the market responses to the recent US elections, with a focus on sector out performances including small caps and tech. TG provides insights into the bullish trends in space stocks, driven by partnerships between Elon Musk and Trump’s administration, and the growth potential in tech stocks related to AI. We also explore the recent correction in commodities, with TG analyzing why precious metals are struggling while uranium looks poised for growth. Additionally, TG gives his technical analysis on cryptocurrencies like Bitcoin and Ethereum, and their significant breakout patterns.

Click here to visit TG’s site – Profit Pilot

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Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT – OTCQB: VLTLF) joins me to recap the latest announcement regarding the successful reduction of the processing time for the Company’s direct lithium extraction (DLE) field operations from oilfield brine in West Texas from two hours to under 30 minutes.

Alex explains the implications of this advancement, including the ability to scale production and potential reductions in costs. We also cover the production of lithium chloride concentrate and battery-grade lithium carbonate, the current state of field operations, plans for scaling up, and pathways to achieving cash flow by 2025.

If you have any follow up questions for Alex please email me at Fleck@kereport.com.

Click here to visit the Volt Lithium website to learn more about the Company’s DLE technology.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins us to recap last week’s market moving news and look ahead to next week.

The conversation recaps the past week’s market volatility, the Republican’s sweep in the election, and China’s monetary policy announcement. Discussions include the potential impacts of Trump’s election win on U.S. economic policies, the Fed’s interest rate cut, and global market reactions. We explore the anticipated effects of deregulation on business sectors, the ongoing geopolitical uncertainties in Europe and Asia, and the dynamics of the U.S. dollar against other currencies. We then wrap up with predictions on next week’s market movers, particularly focusing on the U.S. inflation (CPI) data.

Click here to visit Marc’s site – Marc To Market.

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Welcome to The KE Report Weekend Show. It was a busy week with the US election and Fed meeting dominating market headlines. I have to say I’m glad the week is behind us and we can look ahead to the last 2 months of 2024. However the selloff in metals and the stocks was not pleasant.

On this weekend’s show we focus on how the election results could impact metals markets. A focus is on the precious metals, copper and critical minerals. We hope you all enjoy the show!

Segment 1 and 2 – Joe Mazumdar, Editor of Exploration Insights joins us to provide an in-depth analysis of how Trump’s policies might influence the precious metals market, critical minerals, and mining regulations. We also explore potential changes in energy policies and their effects on metals like silver and copper, along with the state of the M&A landscape in the mining industry
Click here to visit the Exploration Insights website to follow along with Joe.
Segment 3 and 4 – Matt Geiger, Fund Manager and Managing Partner at MJG Capital wraps up the show by focusing on the junior resource stocks. We delve into historical market cycles, the impact of political changes on resource companies, and the current M&A activity in the mining industry. Matt also shares his thoughts on recent drill results out of Ridgeline Minerals.
Click here to visit the MJG Capital website to learn more about Matt’s fund.

Joe MazumdarMatt Geiger

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Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion on the macroeconomic factors continuing to move the precious metal sector, and some pro tips on investing junior silver stocks. This is a longer-format conversation where we cover many areas of consideration like the recent US election outcome, another Fed rate cut, a corrective move in silver and gold after hitting new recent highs, margin expansion in the producers, which stocks have the most torque, merger and acquisitions, juniors with news catalysts, and much more…

The company examples that Peter and I provide for our review of the silver equities at various points in the discussion include: Gatos Silver, Inc. (TSX: GATO) (NYSE: GATO), First Majestic Silver Corp. (TSX: AG) (NYSE: AG), Coeur Mining (NYSE: CDE), SilverCrest Metals Inc. (TSX: SIL; NYSE American: SILV) , Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF), MAG Silver Corp. (TSX / NYSE American: MAG), Endeavour Silver Corp. (NYSE: EXK; TSX: EDR), Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTC: GSVRF), Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF), GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP), Silver Wolf Exploration Ltd. (TSXV:SWLF)(OTCQB:SWLFF), and Argenta Silver Corp. (TSXV: AGAG).

Click here to visit Peter’s site and follow along with his analysis of the silver sector

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This interview is part of a series of interviews that were recorded live from the floor of Josef Schachter’s Catch The Energy conference in Alberta on October 19th.

Phil Hodge, President and CEO of Pine Cliff Energy (TSX:PNE – OTCQX:PIFYF) sat down with me to provide an investment overview of the Company.

Unlike companies that rely heavily on drilling, Pine Cliff has grown through strategic acquisitions over its 13-year history. Phil explains the benefits of the Company’s low decline rate, conservative capital allocation, and focus on dividend sustainability. He touches on the hedging strategy, recent acquisitions, and the company’s future acquisition plans. The interview also delves into Pine Cliff’s financial health, including the Company’s approach to debt repayment.

If you have any follow up questions for Phil or want more information on any aspect of the Company please email me at Fleck@kereport.com.

Click here to visit the Pine Cliff Energy website.

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Chris Temple, Editor and Publisher of the National Investor, joins us to for a longer-format nuanced discussion on the US equity markets, US dollar, gold, and the real health of the economy, after this week’s Republican party sweep in the elections, and after the Fed has just cut rates again in November as anticipated. We get into many different areas of the economy, potential paths forward, and hard decisions and proposed solutions that will need to be considered as we roll into 2025.

We start off discussing the Trump trade rally we saw in US equities, and curiously the US dollar post election results and Fed rate cuts, but yet a selloff in gold and the precious metals sector as the uncertainty of the election results and outlook on geopolitical tensions have now eased some. Chris gets into a number of initiatives that the new Trump administration will need to consider to navigate the challenging setup with stickier inflation and even stagflation expected if tariffs are implemented, how tax cuts must be balanced with real, but dubious, budget cuts, and reflecting back on different points in history looking for analogs to this kind of macro backdrop we are facing moving forward.

Chris lays out potential pitfalls and potential solutions that are on the table, if this administration has the will to enact them, and unpacks a potential infrastructure fund proposed that would bypass the Federal Reserve, and dependency on greater and greater central banking debt.

Click here to follow along with Chris at the National Investor website.

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Dave Erfle, Editor of the Junior Miner Junky joins us to discuss the market reactions for gold, silver, GDX, GDXJ, SIL and SILJ following the US election results. We delve into correction post election, the impact of the Fed’s recent rate cuts, and his thoughts on future direction for PMs. Dave shares his insights on gold’s recent corrections, the geopolitical and monetary influences driving market volatility, and Trump’s potential deregulation policies for the mining sector. Additionally, Dave provides analysis on trends in ETFs like GDX and GDXJ and the interplay between gold and silver prices.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Frank Callaghan, President and CEO of Golden Cariboo Resources Ltd. (CSE:GCC) (OTC:GCCFF), joins us to introduce this exploration company focused at their flagship Quesnelle Gold Quartz Mine, in the Cariboo Mining District of British Columbia.

We start off getting a broader sense of how the company came together and their team’s past success in this mining district, and how their geologists vectored in on exploring for gold at the greenstone belt contact zone at their Quesnelle Gold Quartz Mine. The exploration team has already drilled 19 holes, of which 15 assays have been released to the market, and is going to continue on drilling year-round, with a small break for the holidays and any frigid winter temperatures. Much of the drilling has been testing the approximately 1km area between the Main Zone and Halo Zone, and earlier this week some groundwork and soil samples show prospectivity for future drilling stepping out about another 1km. There is a strong geophysical signature helping out with targeting, that also extends on to their neighbor’s, Osisko Development’s land package, pointing to the potential of district scale mineralization.

If you have any questions for Frank regarding Golden Cariboo, then please email us at either Shad@kereport.com or Fleck@kereport.com.

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to discuss the market’s reactions to Donald Trump’s election victory, focusing on the resource sector. Key topics include the short-term fluctuations in precious metal prices, the impact of the rising U.S. federal debt, and the future economic landscape under the Trump administration. We also talk about the potential benefits of reduced regulations on resource companies with assets in the US and the ongoing support for gold amidst financial uncertainties.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us to discuss the recent market reactions following the U.S. election results. Key topics include the setup and positioning of markets prior to the election, the impact of investor hedging, volatility analysis, and sector-specific movements. Dana also offers insights on the broader implications for various indices, including cryptocurrencies, and the potential for continued strength in the broad averages.

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.

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Michael Williams, Founder and Executive Chairman of Aftermath Silver Ltd. (TSXV: AAG) (OTCQB: AAGFF), joins me to introduce the vision behind this exploration company focused on expanding and derisking the silver, copper, and manganese mineralization at their flagship Berenguela Project in Peru, and secondary Challacollo Silver-Gold Project in Chile.

We start of diving into the asset and polymetallic silver, copper, and manganese components contained in the current resources in both the Measured and Indicated as well as Inferred mineral categories. We then get into the nuances as far as how the processing would be envisioned producing silver dore, copper cathodes, and then high-purity manganese crystallization as end products. This ties into their infrastructure advantages being near both road and rail at the Project.

The company is currently drilling to increase confidence in the mineralization and move some of it up in categories from inferred into indicated in the upcoming resource estimate update slated for Q1 of 2025. The next key milestone after that will be the Preliminary Economic Assessment (PEA) slated for later next year, where it will incorporate economics around all the metallurgical testing, mine planning, and updated resources. We also discuss the experience and bench strength of the management team and board, as well as the key strategic shareholder in Eric Sprott.

If you have any questions for Michael regarding Aftermath Silver, then please email them in to me at Shad@kereport.com, and we’ll get them answered directly, or in future interviews.

Click here to follow the latest news from Aftermath Silver

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A special Daily Editorial with your hosts, Cory Fleck and Shad Marquitz, breaking down today’s market reaction to the US election results.

We discuss the clearer-than-expected election outcomes with Trump winning the presidency, Senate, and House, and how this has created a sense of certainty among investors. The episode covers significant market movements including the rise in the S&P, NASDAQ, Dow, Russell, and Bitcoin, as well as the performance of the U.S. dollar and 10-year yield. We also delve into sector analysis, including the mixed reactions of precious metals, the strong performance of energy stocks, and potential implications for the automotive sector. We close by discussing the broader implications for U.S. dominance and economic trends under Trump’s pro-business stance.

Click here to listen to all the other Daily Editorials on the KE Report.

Please remember to subscribe to our podcast. Search “The KE Report” in your podcast player.

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Andrew Thomson, President and CEO of Palamina (TSX.V:PA & OTCQB:PLMNF) joins me recap the initial drill results from the Usicayos Gold Project in Peru.

Despite some market disappointment leading to a stock drop, Andrew details the results from the Sol De Oro East zone and visual gold from the Sol De Oro South zone, explaining the scout drill program and encouraging consistent gold grades encountered. He dives into the challenges faced during drilling, the structures and mantos identified, and the enthusiasm around hitting visible gold and mineralized intrusives. Andrew also talks about future drilling plans, the importance of further tests, and the optionality within Palamina’s portfolio, including their copper and silver projects and equity and royalty in Winshear Gold’s project, being drilled currently.

If you have any follow up questions for Andrew please email me at Fleck@kereport.com.

Click here to visit the Palamina website to learn more about the Company.

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Colin Padget, President and CEO of Founders Metals (TSX.V:FDR – OTC: FDMIF – FRA:9DL0) joins me to provide an overview of the Company and the Antion Gold Project, in Suriname.

We discuss the Company’s acquisition of the Antino Gold Project in Suriname in 2023, highlighting its significant stock growth on the back of positive drilling results. With a 45,000 meter drilling program in 2024, Founders Metals aims to advance a number of targets while earning into a 75% interest in the Project through a three-stage process, currently holding 51% of the project.

The conversation delves into historical work on the Project, key current drilling targets, and the strategic advantage of owning their diamond drill rigs which reduce operational costs. Additionally, Colin shares insights about the team’s expertise, particularly praising new board member Chris Taylor from Great Bear Resources. Financially, the Company boasts a robust $37 million in cash and a tightly controlled share structure, with significant institutional investments from Dynamic Funds and BlackRock. As they prepare for 2025, the discussion concludes with expectations for continuous news flow and further advancements in their exploration efforts.

If you have any follow up questions or topic you would like Colin to address please email me at Fleck@kereport.com.

Click here to visit the Founders Metals website.

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Alistair Waddell, President and CEO of Inflection Resources (CSE:AUCU – OTCQB: AUCUF) joins us to recap yesterday’s news (October 3rd) reporting drill results from the phase two exploration program at the Duck Creek project, in partnership with AngloGold. Alistair discusses the Company’s exploration strategy focused in Eastern Australia, particularly the northern extension of the Macquarie Arc, which is largely unexplored and hidden under sedimentary cover. Despite the challenges of drilling these large undercover targets, new geophysical surveys and technology like ambient noise tomography are being employed to hone in on potential copper and gold porphyry systems.

Recent drill results indicate promising pathfinder elements such as arsenic, suggesting proximity to porphyry systems. Alistair also shares insights into the partnership with AngloGold, which includes a substantial multi-phase funding agreement allowing for continued exploration without financial contribution from Inflection.

If you have any follow up questions for Alistair please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Inflection Resources website to learn more about the Company.

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Brain Skanderbeg, President and CEO of GFG Resources (TSX.V:GFG – OTCQB:GFGSF) joins me to outline the Company’s focus on exploration at its projects in the TImmins Gold District, in Ontario. The Company holds the Goldarm, Pen and Dore Projects. See the map below to better understand the location of each project.

We kick off with an overview of GFG’s recent drill results at the Aljo target within the Goldarm Project, which nearly doubled the Company’s stock price. Brian elaborates on the focus of their drilling program, which aims to unearth high-grade gold deposits in a region rich with infrastructure and potential for economic mining operations.

We also touch on GFG’s other exploration targets, including Montclerg, on the Goldarm Project and the Muskego target, on the Pen Project. Muskego, a large-scale greenfield target, is set to be drilled in Q1 of 2025.

Brian also discusses the recent sale of the Rattlesnake Property in Wyoming, generating over $3 million in non-dilutive financing for the Company.

Please email me with any follow up questions for Marc. My email address is Fleck@kereport.com.

Click here to visit the GFG Resource website to read over all the recent news releases.

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Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins us for an introduction to this brand new precious metals producer, currently ramping up towards commercial production by year-end, at the La Guitarra Mine, in Mexico. The La Guitarra Mine complex is a permitted, past-producing underground mine, which includes a 500 t/d processing facility that operated until mid-2018; which was purchased from First Majestic Silver (TSX: AG) (NYSE: AG) in 2023, and just went into trial mining on June 25th of this year.

The Company announced on September 24th, that it has generated in excess of $2.4 million in revenues since the commencement of the test mining and milling phase at the Guitarra mine complex. Daily throughput rates of economically interesting silver and gold mineralization have averaged 350 tonnes per day (TPD) over the past 30 days. Alex shares with us that the plan is to incrementally move it up to 400 TPD next month, and then up to 500 TPD by year-end, where commercial production can be declared. He also shares the pathway forward to growth where after a full year of 500 TPD production slated for 2025, that there process to grow the mill throughput to 650 TPD in 2026, and then all the way up to 1,000+ TPD by the end of 2027.

Next we got into the larger growth vision of the company, as it will turn it’s it focus to exploring this district scale land package the end of next year, through organically generated revenues. The property hosts 8 different past-producing mines, with the 2 first priorities being to explore around the El Rincon and Mina de Agua mines. Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure at the nearby Coloso Mine, that First Majestic had put quite a bit of sunk cost into already that will be an area of future expansion.

We wrap up discussing the benefits of having First Majestic as a key 44.9% stakeholder, where they have provided data, employees, and a small loan to the Company at favorable terms. Management and insiders hold a heavier 24.8% stake in the company, with no outstanding warrants, and with several key members of the management team that have worked and operated the La Guitarra mine in the past.

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email us at either Shad@kereport.com or Fleck@kereport.com.

In full disclosure, Shad is a shareholder of Sierra Madre Gold & Silver at the time of this recording.

Click here to follow along with the latest news from Sierra Madre Gold & Silver

Click here to see the latest Corporate Presentation for Sierra Madre Gold & Silver

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Kelly Malcolm, President and CEO of Borealis Mining (TSX.V: BOGO) joins me to introduce the Company’s strategy at the Borealis Mine in Nevada. Since listing the Company in August they have announced 2 gold pours and have a drill program underway.

We focus on the Borealis Mine, historical production, historical resource and drill plans to validate and expand the resource. Borealis Mining acquired the project in April 2023, which has a historical resource base of over 1.8 million ounces of gold (in the Measured & Indicated category). The focus now is on expanding the resource through drilling and identifying new targets.

I then have Kelly discuss the recent gold pours and infrastructure on the project. Kelly also recaps his background in the resource sector and highlights the management team behind Borealis.

Please email me any follow up questions you have for Kelly. My email address is Fleck@kereport.com.

Click here to visit the Borealis Mining website to learn more about the Company.

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https://youtu.be/bXwVv0T4WjQSimon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to discuss the drill program at the Tombstone Project, in Arizona, that commenced on October 1st. The 12 hole, 2,000 meter program is focused on the Westside area of the Project.

In this video Simon walks us through the history of the Westside area, including the recent acquisition of the Westside claim that includes the old Westside Mine. He outlines the work completed to build out the drill targets and the overall strategy of the current program to expand the Tombstone mining district.

Please email me any questions you have for Simon. My email address is Fleck@kereport.com.

Click here to visit the Aztec Minerals website.

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Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me a candid conversation on the political change in administrations in Mexico yesterday and what it means for the mining sector. We also discuss the exploration and development work has been building towards an imminent Pre-Feasibility Study (PFS) on the open-pit mine at the El Tigre Silver-Gold Project in Mexico; with plans to have the Preliminary Economic Assessment (PEA) out on the underground mining second phase out in the first half of 2025.

We start by recapping the complete sea-change in sentiment that the silver stocks in Mexico have seen from depressed valuations over the last couple of years, to the recent upswing in prices, with more reratings likely to still come once the mining permits start being issued again in H1 of 2025. Glenn shares the key takeaways he heard from the new President, Claudia Sheinbaum’s, public address; which reiterated that foreign capital investment was safe within their country. He also reminds listeners that it will be a process to get new cabinet positions filled and for staffing up the new administration, but that he expects the permits will start getting granted next year, and this could be a very meaningful catalyst for Mexican mining projects to get rerated significantly higher once the first one is announced.

Next we pivoted over the catalysts on tap at Silver Tiger, with the imminent PFS on the open-pit portion of the El Tigre Project, which is more gold dominant, coming out in the next couple weeks. There has been a lot of drilling done to move categories from inferred into indicated, as well as metallurgical testing, preliminary engineering work, permitting, and social licensing. The exploration focus will then be shifting over to, once again, drilling down into the deeper underground targets with the high-grade silver veins and high-grade shale that is going to be feeding into the PFS for the underground in the first half of next year. There is going to be a steady stream of newsflow emanating from the Company over the next few months.

If you have any follow up questions for Glenn about Silver Tiger, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording.

Click here to follow the latest news from Silver Tiger Metals

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins me to review the optioning of the Destiny Gold Project to Caprock Mining, and an overall update on all the derisking initiatives and ongoing exploration field work on their flagship Hope Brook Project, located in southwestern Newfoundland.

We start off unpacking the news announced September 24th, that Big Ridge Gold has entered into a non-binding Letter of Intent with Caprock Mining Corp. (CSE: CAPR) for the option of its 100% owned Destiny gold property, 75km Northeast of Val d’Or, Quebec. Mike outlines the terms of this transaction, why they are thrilled to be working with Caprock Mining as a partner, and why this is a value accretive transaction for Big Ridge Gold shareholders.

Next we dive into some of the derisking work the company has been working on a Hope Brook, including completing it’s Environmental Baseline work, and reviewing an ore sorting study to potentially be able to upgrade material not previously economic to include in resources. All of this work, along with more planned geotechnical holes are tying into the next key milestone of advancing the Hope Brook Project towards a Preliminary Economic Assessment (PEA).

Additionally, we discussed all the reconnaissance work the exploration team has been doing out in the field, following up on the 39 line-km of MAG and 29 line-km of IP geophysics surveys completed last year, working towards developing a drill program on newly defined extensions to Main & 240 Zones, as well as other areas like the Chetwynd target. These exploration results from the sampling and backpack drill rig doing shallow holes at surface, will be tying together into the targeting work for another drill program in 2025.

We also discussed again the details from the acquisition of Gold Island Inc, earlier this year, which added in some key working capital, along with options on three high quality gold exploration assets from Gold Island in the Baie Verte area.

Wrapping up Mike outlined the financial health of the company, after recently closing a $1.5Million Private Placement, where resource activist investor, Michael Gentile, increased his holdings back up to a 9.9% stake in the Company.

If you have any follow up questions for Mike regarding the Big Ridge Gold, then please email me at Shad@kereport.com.

Click here to follow the latest news at Big Ridge Gold

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Jim McDonald, President and CEO of Kootenay Silver (TSX.V:KTN – OTC:KOOYF) joins us to recap the drill results released on September 23rd and outline where the rest of the 20,000 meter drill program will be focused.

Five drill holes were released, including three infill holes aimed at filling gaps in previous drilling and two step-out holes expanding the strike length of the D vein. Jim highlights the continuity and growth of the D-Vein, which now has a strike length extended to approximately 1,275 meters. Additionally, we explore the potential connection between the D and B veins and discuss the implications for future drilling plans.

Jim provides a holistic view of the three main veins (D, B, and F) and their potential for resource estimation. He outlines the company’s strategy for using directional drilling to optimize costs and target mineralization more effectively.

Lastly, we touch upon Kootenay Silver’s financial health, with a current budget of around $7 million and plans to complete a 20,000-meter drill program by the end of the year, aiming for a maiden resource estimate. Make sure to check out the maps and long sections linked below to visualize the drilling results and future targets.

Click here to visit the Kootenay Silver website to read over the corporate presentation and recent news.

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Francois Motte, CFO of Aclara Resources (TSX:ACA) joins me to provide an update on the Company’s heavy rare earth projects; the Carina module in Brazil and the Penco module in Chile.

Starting with the Carina Module which has seen a 77% increase in inferred mineral resources, which will further extend the life of the mine. The updated Preliminary Economic Assessment (PEA) for Carina, announced on September 5th, projects an after-tax NPV at an 8% discount rate of $1.5 billion USD with a base case price forecast, and $2.2 billion USD using incentive price forecast (excluding Chinese supply). The internal rate of return stands at 27% over a 22-year mine life. Francois offers insights into these projections and the price forecasts used. We also cover the company’s strategic government relations, including an MOU with the state of Goias in Brazil.

Additionally, we examine the progress in Chile, particularly the EIA observations for the Penco Module and the steps to advance permitting.

Throughout the discussion, Francois highlights the Company’s ongoing metallurgical testing, drilling programs, and feasibility studies expected to conclude in the coming years. With these updates, investors can anticipate milestones such as updated resources, advanced metallurgical results, and permitting progress

Please email me any follow up questions you have for Francois. My email address is Fleck@kereport.com.

Click here to visit the Aclara website to learn more about the Company.

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Luc ten Have, private resource investor and Founder of www.GoldDiscovery.com and https://www.resource100.com/ , joins us to review his key takeaways from the Precious Metals Summit in Beaver Creek a couple of weeks back, some of the forgotten prospect generators and developers that still have value drivers or a compelling value proposition at current pricing, the importance of which kind of strategic investors are positioned in juniors to move the needle, the growing value of tier one royalty assets in the marketplace, and then information in the functionality around his resource investing tools over at his Resource 100 website.

https://ceo.ca/@luctenhave

Click here to follow Luc Ten Have on X/Twitter:

https://www.resource100.com/dashboard/movers

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Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA) joins us for an operational update and ramp up details from Campo Morado and Tahuehueto, both in Mexico.

Dan outlines the company’s recent financing to aid in the production turnaround and future goals, including generating more free cash flow, improving recoveries at Campo Morado, and reaching commercial production at Tahuehueto.

For 2024, Luca expects to produce 60,000-70,000 ounces, mostly from Campo Morado, with a goal to potentially double production in the near term, all from the two assets.

On the exploration front, efforts at both sites are set to recommence after a decade to grow resources and make new discoveries. Dan explains the capital management strategy, including debt repayment from free cash flow and plans to fund further exploration.

Please email any follow up questions for Dan. My email address is Fleck@kereport.com.

Click here to visit the Luca Mining website.

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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), join us to review more drill holes that have been released from the ongoing 20,000 meter Phase 4 diamond drill campaign expanding the Oculto Zone to the NorthEast and the JAC Zone to the SouthEast, on their wholly-owned Diablillos property in Salta Province, Argentina. We also discuss the new TITAN geophysical survey results and targeting for upcoming drilling of some porphyry targets at Cerro Blanco and Cerro Viejo.

We start off having John and Dave recap the recent wide-intercept silver mineralization returned from the next batch of drill holes released from expanding the Oculto and JAC areas.Holes DDH 24-017, DDH 24-021 and DDH 24-024 were drilled in the Oculto northeast area and designed to expand the existing known shallow mineralization. Holes DDH 24-020 and DDH 24-023 were step-out holes in the JAC southwest area that were drilled to extend the existing Mineral Resources beyond the current conceptual open pit boundary.

Next we discussed the TITAN geophysical survey results have come back helping to target a couple of deeper drill holes to explore for an underlying copper and gold porphyry system at both the Cerro Blanco and Cerro Viejo targets. This area is located approximately 3.5 km northeast of the Oculto deposit, and drilling in this area is expected to commence by the end of September. Additionally, another target Cerro Bayo, nearby the Oculto deposit, will be drilled, looking for more near-surface high-grade silver and gold oxide mineralization to expand and extend the front-end economics of a project development scenario.

Wrapping up, John outlines the company is still very cashed up to finish the ongoing Phase 4 drill program, and complete the upcoming Pre-Feasibility Study, all while heading into next year with plenty of funds left over to continue working on expanding and derisking the Diablillos Project.

If you have any follow up questions for John regarding at AbraSilver, then please email us at Shad@kereport.com or Fleck@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.

Click here to visit the AbraSilver website and read over the most recent news releases.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to recap the key takeaways from the recent Nordic Funds And Mines conference in Stockholm, his recent site visit to First Nordic Metals Corp’s (TSXV: FNM) (OTCQB: FNMCF) Barsele Project, and the value proposition he sees in both Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF), and Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF), based on their current risk/reward setups.

In full disclosure, Shad is also a shareholder of Sierra Madre and Amex Exploration at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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Dana Samuelson, Founder and President of American Gold Exchange (AGE) joins us to share his insights on the latest trends in the physical gold and silver markets, following the all-time high closes on a quarterly and monthly basis for gold. They discuss the selling trends among long-time gold holders, the lack of fear-driven buying in the U.S. despite geopolitical tensions, and central banks’ role in the market. Dana also touches upon the rising interest in gold and silver among younger investors and the impact of new buying options, such as ETFs and retail giants like Costco.

Click here to visit the American Gold Exchange website.

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Craig Hemke, Editor of TF Metals Report joins us to focus on record-high prices for gold and significant gains in silver. Craig elaborates on the impact of these trends on precious metal stocks and addresses the role of high-frequency trading algorithms. We also explore the underperformance of mining shares despite strong metal prices and consider the potential for future demand driven by institutional investors and economic data.

Click here to visit Craig’s website – TF Metals Report

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to explain why he is turning cautious on the markets moving into Q4.

We dive deep into the current market dynamics, including the recent all-time highs in the S&P, and the cautious sentiment surrounding it. Joel provides insights on sector performances, highlighting opportunities in the utilities sector amid lower rates and the significance of China’s real estate and economic measures. Additionally, we explore the potential in the uranium and nuclear sectors, the technical outlook on a uranium miners ETF, and the implications of rising copper prices in the market.

Click here to visit Joel’s PreMarket Prep website.

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Welcome to The KE Report Weekend Show. In this show we focus on metals and energy sectors where the stocks are showing disconnects to the underlying commodity prices.

Please keep in touch by emailing us at Fleck@kereport.com and shad@kereport.com.

We hope you all enjoy this weekend’s show and have a great weekend!

Segment 1 and 2 – Gold and Uranium Stocks – Matt Geiger, Fund Manager and Managing Partner at MJG Capital kicks off the show sharing insights from the conference in Beaver Creek, noting a surprising sentiment shift amid steady gold performance. Matt elaborates on mergers and acquisitions (M&A) trends in the junior royalty space and predicts potential future deals. The conversation also touches on uranium market dynamics, emphasizing the disconnect between uranium stock performance and the rising spot prices.
Click here to visit the MJG Capital website to learn more about Matt’s fund.
Segment 3 and 4 – Oil and Nat Gas Prices and Stocks – Dan Steffens, President of the Energy Prospectus Group wraps up the show by recapping the recent trends and factors affecting oil and natural gas markets. Dan shares his bullish outlook on natural gas, citing lower-than-normal inventories and strong international demand. He also reviews several companies in the gas sector, highlighting Antero Resources and Crescent Energy for their potential growth and stability. Additionally, Dan touches on the role of royalty companies like Kimbell Royalty Partners in the natural gas market.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.

Matt GeigerDan Steffens

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Graham Richardson, CFO of Faraday Copper (TSX.V:FDY – OTCQX:CPPKF), joins us to provide an exploration update from 2 high-grade wide-intercept drill holes at the new Banjo Breccia discovery, in the American Eagle Area, at the 100% owned Copper Creek Project in Arizona. The Copper Creek Project already has a 4.2 billion pound copper resource, and all of the ongoing drill results from this Phase 3 program are going to be going into a new resource estimate and updated Preliminary Economic Assessment (PEA) in 2025.

Drill hole FCD-24-070 was the discovery hole for the high-grade Banjo breccia and confirms significant mineralization above the American Eagle underground resource.
Drill hole FCD-24-070 intersected 117.90 metres (“m”) at 1.01% copper and 1.87 grams per tonne (“g/t”) silver from 323.52 m, including 15.89 m at 2.15% copper and 2.48 g/t silver from 390.00 m. This intercept is within 269.65 m at 0.64% copper and 1.32 g/t silver from 229.49 m.
Drill hole FCD-24-073 intersected 117.83 metres at 1.12% copper and 2.43 g/t silver from 298.00 m. This intercept is within 259.98 m at 0.68% copper and 1.57 g/t silver from 205.00 m.

Graham discussed how this near-surface mineralization ties in with all the other breccia mineralization delineated thus far that would be amenable to open-pit mining, and that further at depth there are still the porphyry areas at Keel and American Eagle that may be more of a future underground opportunity.

We then pivoted to all the regional drilling still planned in this expanded Phase 3 exploration program, where a 2nd drill has been added to test the Rum target, Horse Camp target, and to do more follow up drilling at the new Area 51 discovery, which was identified in the Phase 2 drill program.

If you have any questions for Graham regarding Faraday Copper, then please email us at either: Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Faraday Copper at the time of this recording.

Click here to view the latest news from Faraday Copper

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Avi Gilburt, Founder of the Elliot Wave Trader and Safer Banking Research is back on the show! Avi joins me to provide an in-depth analysis of his current market outlook.

Avi is now predicting a long-term, possibly two decade long bear market. He outlines key signals to watch for, possible market corrections, and strategies to consider, including moving to cash and evaluating safe banking options. Avi also covers the potential impact on various asset classes, including gold, commodities, and the dollar.

Click here to visit the Elliott Wave Trader website.

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Valkea Resources (TSX.V:OZ – OTCQB:OZBKF – FSE:S600) has resumed trading today after completing the acquisition of a portfolio of gold projects in the central Lapland greenstone gold belt in Finland.

Chris Donaldson, President and CEO of Valkea Resources joins me to provide an overview of the projects and exploration strategy.

We focus primarily on the Panna Project. This project is located near the Kittilä mine, Europe’s largest gold mine, and hosts walk-up drill targets on the back of discoveries made by the last owner of the project, Australian company S2 Resources. Initial drilling intersected nearly 7 meters at 12 grams per ton (g/t) gold and 20 meters at 4 g/t gold.

Valkea Resources is strategically positioned with several 100% owned projects and joint ventures with industry majors, Kinross Gold and Rupert Resources, who are also active in the area.

Financially, the company has raised $5 million to close the acquisition, leaving them with about $3 million in the bank for immediate exploration activities. The company has planned a $1-2 million drilling program over the next 12 months. Chris also sheds light on the company’s share structure post-transaction, totaling just over 32 million shares outstanding, giving them a market cap around $13 million CAD.

Any follow up questions for Chris, please email me directly at Fleck@kereprot.com.

Click here to visit the Valkea Resources website to learn more about the Company.

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Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent wide high-grade gold drill intercepts returned from the South Austin and Main Austin Zones. These exploration results feed into the delineation of resources and to continue building an inventory of high-confidence ounces to support the restart of production next year at the Madsen Mine, in the Red Lake district of Ontario, Canada.

South Austin Zone Highlights (released September 24th, 2024:

Hole MM24D-08-4447-035 Intersected 4.48m @ 49.39 g/t Au, from 114.91m to 119.39m, Including 2.5m @ 76.51 g/t Au, from 116.0m to 118.5m.
Hole MM24D-08-4447-025 Intersected 11.2m @ 18.46 g/t Au, from 106.0m to 117.2m, Including 4m @ 34.41 g/t Au, from 107m to 111m, Also including 0.5m @ 10.21 g/t Au, from 113.0m to 113.5m, Also including 1.5m @ 32.13 g/t Au, from 114.5m to 116.0m.
Hole MM24D-08-4447-033 Intersected 1.74m @ 74.92 g/t Au, from 100.26m to 102.00m.

Austin Zone Highlights (released September 10, 2024):

Hole MM24D-12-4791-020 Intersected 4m @ 54.19 g/t Au, from 32m to 36m, Including 1m @ 215.61 g/t Au, from 33m to 34m.
Hole MM24D-12-4791-026 Intersected 3.53m @ 23.73 g/t Au, from 27.50m to 31.03m, Including 1m @ 79.81 g/t Au, from 30.03m to 31.03m.
Hole MM24D-12-4791-023 Intersected 3m @ 24.49 g/t Au, from 32m to 35m, Including 1m @ 71.02 g/t Au, from 33m to 34m; AND

The purpose of this drilling was definition within priority areas of Austin to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen mine, which is expected to commence in H2 2025. The Company expects to complete a Pre-Feasibility Study (PFS) in support of that restart goal in the coming months.

Additionally, Will shares with us that there is also drilling underway at surface testing a few other true discovery targets like the Upper 8 target, the MJ/Wedge target, and a new conceptual splay target, where there will be results starting to come in on those in the weeks to come.

If you have any follow up questions for the team over at West Red Lake Gold please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Brian Leni, Editor of The Junior Stock Review joins us to discuss his approach to analyzing resource stocks, particularly precious metals, in the current market environment of rising prices. Brian shares insights into how he updates his models, the importance of maintaining realistic price targets, and the nuances of using discounted cash flow models with a 10% discount rate. He also covers the distinctions between valuing gold and copper projects and the factors that influence his investment decisions, including project quality, management teams, and jurisdictional risks.

Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in.

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to delve into the precious metals markets, with gold now nearing $2,700, and silver over $32 an ounce.

The conversation covers key points such as the increasing participation of Western investors, the performance of gold and silver stocks, and the stock picker’s market for gold equities. Brien delves into the margins seen by gold producers and the lag in stock performance, as well as the competition from other sectors like crypto and AI. We also highlight the importance of mining companies focusing on solid fundamentals, growth strategies, and dividends to attract new investors. Additionally, we discuss the impact of mergers and acquisitions in the mining sector and the potential for development stage companies to benefit from the current market conditions.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

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Kiran Patankar, President and CEO of Maple Gold Mines (TSX-V: MGM – OTCQB: MGMLF – FSE: M3G) joins me to outline the corporate strategy to move forward the Douay and Joutel Gold Projects, in the Abitibi Greenstone Gold Belt in Quebec. We focus on the Company’s recent restructuring of its Joint Venture (‘JV’) agreement with Agnico Eagle, securing 100% ownership of both projects.

To start I have Kiran provide an overview on his extensive background in geology and investment banking and his vision for advancing the projects.

We then delve into the projects, highlighting past explorations and future drilling programs aimed at expanding the 3 million ounce gold resource at the Douay Project. Kiran also touches on the company’s financial health, focusing on their current funds and how they are allocated towards achieving its growth milestones.

Please email me your follow up questions for Kiran. My email address is Fleck@kereport.com.

Click here to visit the Maple Gold Mines website to learn more about the Company.

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Michael Henrichsen, President and CEO of Goldshore Resources (TSX.V:GSHR – OTCQB:GSHRF) joins us to share his growth plans and vision for the Moss Gold Project, in Ontario. The resource was just updated in February of this year, and now totals 6.7 million ounces of gold (1.535mil oz indicated + 5.198 million oz inferred).

Michael offers a detailed three-pronged approach to why he joined Goldshore, based on the asset’s potential, strategic investors, and favorable market conditions for gold. He highlights the extensive exploration potential at the Moss Gold Project, noting many areas remain underexplored or have yet to be drilled properly.

We also discuss the company’s future plans, including engaging G Mining Services to conduct a Preliminary Economic Assessment (PEA), expected to be released in Q1 2025. He emphasizes the ongoing de-risking work, such as environmental baseline data and community engagements with First Nations, ensuring the project is well-prepared for permitting processes.

If you have any follow up questions for Michael please email me at Fleck@kereport.com.

Click here to visit the Goldshore Resources website to learn more about the Company and the Moss Gold Project.

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Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion on the macroeconomic factors continuing to move the precious metal sector higher, and some pro tips on investing junior silver stocks. This is a longer-format conversation where we cover many areas of consideration like Fed rate cuts, gold breaking to new all-time highs, and silver popping back above $32, the gold:silver ratio, margin expansion in the producers, which stocks have the most torque, merger and acquisitions, project divestments by larger producers down to the juniors, and much more…

The company examples that Peter provides for our review of the silver equities at various points in the discussion include: Wheaton Precious Metals (TSX: WPM) (NYSE: WPM), Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS), Gatos Silver, Inc. (TSX: GATO) (NYSE: GATO), First Majestic Silver Corp. (TSX: AG) (NYSE: AG), Apollo Silver Corp.(TSX.V:APGO) (OTCQB: APGOF), Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF), Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF), AbraSilver Resource Corp. (TSX.V: ABRA) (OTCQX: ABBRF), and Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF).

In full disclosure, Shad is a shareholder of Sierra Madre and AbraSilver at the time of this recording.

Click here to visit Peter’s site and follow along with his analysis of the silver sector

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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins us to review the move higher in gold to new all-time highs again this week, along with silver breaking back above the $32 level; and what this means for the expanding margins of precious metals producers. We also get a brief operational update on their 4 producing silver-gold mines and 3 processing facilities in central Mexico. The Company saw record revenues in Q2, and while they are on track for another solid Q3, they are looking forward for the new equipment and personnel changes that the company has invested in to really start showing up in the Q4 metrics this year.

The Company produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. The operations team is also augmenting material at the Cata processing facility in Guanajuato with ore from both the historic Horcon Mine project, located in the state of Jalisco, and from stockpiles at the Pinguico mine. This effectively means they are seeing production from 6 of their mines, even though only the 4 primary mines have active ongoing underground mining.

We have James discuss the balance between investing in future growth while also making significant strides in paying down outstanding debt. He highlighting the news from September 19th, which announced the complete repayment of its US$7,500,000 silver and gold pre-payment facility to Swiss-based precious metals trading firm, OCIM Metals & Mining S.A. On the growth side of the equation, we reviewed the potential for continued optimization of their existing mines, exploration upside across their property, and the possibility of more acquisitions regionally to further consolidate their assets in Guanajuato.

If you have any follow up questions for James on Guanajuato Silver, then please email me at Shad@kereport.com and we’ll get those addressed by management or in future interviews.

In full disclosure, Shad has a position in Guanajuato Silver at the time of this recording.

>> To see the article featuring James Anderson, that appeared in Mining Discovery on October 18th, 2023, outlining the fundamental and technical factors setting up for the precious metals sector, then click on the link below.

https://miningdiscovery.com/wp-content/uploads/2024/07/Black-Yellow-Geometric-Modern-Business-Magazine-Cover-4.pdf

Click here to follow the latest news from Guanajuato Silver

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Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN – OTCQB:BYAGF) joins me to recap her meetings at the recent conference in Beaver Creek and corporate strategy of moving forward the AurMac Gold Project, in the Yukon.

Key points discussed include Tara’s major takeaways from the recent Beaver Creek conference, where the company met with numerous strategic investors and corporate entities. I also have Tara provide a regional update on the Yukon, particularly concerning the Eagle Gold mine, and ongoing developments involving the government and plans for the mine. Tara elaborates on Banyan Gold’s strategic positioning, potential M&A activity, and future plans, including ongoing drilling programs, resource updates, and metallurgical work.

If you have any follow up questions for Tara please email me at Fleck@kereport.com.

Click here to visit the Banyan Gold website.

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Dave Erfle, Editor of the Junior Miner Junky joins us to focus on the continued bull market for gold. Gold is trading near $2,700 and silver has jumped to around $32.50 an ounce.

We discuss the factors driving this historic run, including geopolitical tensions, macroeconomic conditions, and the Fed’s recent rate cut. Dave elaborates on the potential implications for junior miners and the broader market, noting the sustained high margins for mining companies despite a lack of attention from generalist investors. We also delve into the need for better marketing within the sector, especially amongst the major companies, and how the upcoming earnings season could shift investor focus.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Matt Badiali, President and CEO of Quetzal Copper (TSX.V:Q) joins us to discuss the path to drilling the Princeton Project, in BC, beside the Copper Mountain Mine. Quetzal holds an 80% interest in this project.

Matt provides an in-depth look at the upcoming drill program, by explaining the four primary targets: Bud South, Knob Hill, Aura, and Contact. He highlights the strategic importance of the project’s location near the historic Copper Mountain mine and sheds light on the preparatory work already undertaken, including soil sampling, geophysics, and mapping.

Please email me with any follow up questions you have for Matt. My email address is Fleck@kereport.com.

Click here to visit the Quetzal Copper website.

Figure 1: Location of Princeton Project Claims and Targets

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline the various opportunities that he is seeing in the junior mining stocks, as gold, silver, and uranium keep moving higher. We unpack some of the fundamental drivers in the precious metals, but then discuss the opportunities he sees in the mid to small junior gold and silver producers and developers; and why he is still steering clear of the earlier-stage exploration stocks. Sean also points out that he is even more animated with the opportunities presenting investors in the silver stocks over the gold stocks, and what type of silver stocks he is most interested in. Wrapping up we discuss the big rebound we’ve seen in the uranium stocks during the month of September, after a few rough corrective months prior to that, and why he is still longer-term bullish on the whole uranium sector.

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

Click here to learn more about Resource Trader

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Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review some its ongoing worksite activities as the Company advances towards its goal of a targeted mining restart in 2025, at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada. We start off discussing the news released to the marketplace September 4th, where the Company provided updates on a number of different initiatives geared towards further derisking the Project, and towards building operational readiness.

Tailing Storage Facility Dam LiftA tailings dam lift project got underway in early August. Increasing the dam height by 4 metres will create enough additional tailings capacity for 10 years of operation, assuming a milling rate of 800 tonnes per day.

Connection DriftThe Connection Drift is a 1,200-metre haulage way being driven to connect the East and West ramps of the underground mine at Madsen. These ramps, with independent portals, were not previously connected, resulting in substantial inefficiencies in moving mined material to the mill.

Dewatering To Access Lower Parts Of The Mine

We discussed that there is opportunity to extend the limits of known mineralization at the Madsen mine to depth. The neighbouring mines operated by Evolution Mining currently mine down to 3000 metres; by contrast, resources at the Madsen Mine have been defined down to only 1200 metres. Multiple historic drill holes that returned notable mineralization from downplunge of the defined resource underscore this potential. And parts of the defined resource, including the 8 Zone that carries the highest grades of the resource areas at Madsen, are below the current water level. Water dropped below the 13 level of the mine in early July. Mining areas in the first few years of the restart plan are all above the 12 level.

Primary CrusherThe Company is pleased to report a procurement deal with Powerscreen of Canada, a dealer for Terex Corporation, for the purchase of a primary crusher. Delivery is expected in October. The electric primary jaw crusher plant (model CRJ3042) reduces rock from 19.6-inch feed size to 4-inch or less. The crusher can process 145 tonnes of rock per hour. The mill at the Madsen Mine has a nameplate capacity of 800 tonnes per day.

Work Force Accommodations and Mine Site FacilitiesWest Red Lake Gold has placed a purchase order for mine site accommodations and a Mine Dry facility for the Madsen Mine. The Company understands the commitments of remote work and wants to ensure that workforce accommodations are of top quality and provide a home away from home for its employees. West Red Lake has partnered with Horizon North to provide 114-person accommodations and mine dry facilities for the Madsen mine site.

Test Mining and Bulk Sample Program

One further element of derisking was announced in news on Sept. 19th, where a test mining and bulk sample program is now underway at the Madsen Mine, adding a key derisking component to the efforts being made to prepare the mine for a targeted restart in 2025. Shane highlights how this process will provide data and experience that are invaluable in mining, and help to reduce dilution and increase operational efficiencies.

We also reviewed again that the previous operator had ongoing reconciliation issues between the mined ore and the milled ore at the Madsen Mine made, but further review has shown they had made significant mistakes building the mine and mill, which are fixable. During a mine clean-up process earlier this year, it really helped their team understand the technical flow better and also addresses that they’ll be able to solve many of the reconciliation issues between mined and milled ore upon a development and mine restart scenario. The next big step in this understanding and economics around the project will be in the Pre-Feasibility Study, due out by the end of this year.

If you have any follow up questions for the team over at West Red Lake Gold please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Jeff Christian, Managing Partner at the CPM Group joins us to discuss the effect of the Fed’s 50 basis point cut on the U.S. economy, inflation expectations, and the demand for precious metals.

Jeff sheds light on why the timing and size of this rate cut could indicate underlying economic concerns and highlights the ramifications for both the dollar and other global currencies. We also look into the global landscape as other central banks, including China and other central banks, respond with their own rate cuts. Jeff shares his insights on the trickle-down effects on investment sectors, particularly precious metals, as the rate cut influences gold, silver, and other commodities hitting all-time highs. Finally, we explore investment demand trends for gold and silver and future predictions for gold prices amidst ongoing geopolitical and economic factors.

Click here to visit the CPM Group website to learn more about the firm.

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Sam Lee, President and CEO of NorthIsle Copper & Gold (TSX.V:NCX) joins me to provide an update on the recent developments at the North Island Project in northern Vancouver Island, BC. The project currently has a resource base of 2.5bil lbs Cu (indicated) and 4.9mil oz Gold (indicated).

We kick off the discussion by elaborating on the two new copper-gold discoveries, at the West Goodspeed and Northwest Expo areas. The focus then shifts to the Northwest Expo area, where an initial resource was released in March of this year, that is more gold dominate. This area alone can transform the economics of the project, presenting new opportunities and strategic directions.

On the corporate strategy front, Sam addresses how the company is managing its resources while expanding the high-grade areas to enhance project economics. The discussion touches upon how NorthIsle is positioning itself to attract major partners to move forward the resource base and drill the large Pemberton Hills target.

Please email me any follow up questions for the team at NorthIsle. My email address is Fleck@kereport.com.

Click here to visit the NorthIsle Copper & Gold website to learn more about the Company and North Island Project.

Click here to read over the Company’s VRIFY presentation

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Darrell Fletcher, Managing Director Commodities AT Bannockburn Capital Markets joins me to share his insights on the current state of the commodities market, focused on oil, copper and gold.

Darrell provides an in-depth analysis of macroeconomic factors affecting these commodities, including OPEC cuts, global supply and demand balances, and the impact of the recent Fed rate cut. Darrell also highlights the opportunities for hedgers and investors within these markets, discussing historical data and future expectations.

Click here to learn more about Bannockburn Capital Markets.

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Andrew Thake, Divisional Director, Resourcing Tomorrow / Mines and Money, joins me to preview the Resourcing Tomorrow conference in London on December 3rd. Andrew provides an in-depth overview of the conference, detailing the broad range of speakers — from major and junior mining companies to government representatives and OEMs. He highlights the increasing focus on critical minerals and sustainability, as well as the strategies to attract a diverse group of investors, including government investment funds and private equity players. Andrew emphasizes the importance of planning ahead to get the most out of the event by using the meeting software to schedule meetings with companies you are interested in.

Click here to learn more about the Resourcing Tomorrow conference on December 3-5th in London. Use code 9HZHZY for a 10% discount!

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss how the derisked junior gold stocks are presenting the most amazing valuation disconnects that we’ve ever seen. We start off talking about just how divorced many junior precious metals economic studies are with their “base case” metals price assumptions, from where the spot gold and silver prices actually are at present. This begs the question of a what a fair base case metals assumption is for PM projects, and if companies and analysts should be doing a better job of comparing these projects at values closer to spot pricing. We heard for so many prior years in lower metals price environments that we had to deal in the real and value companies based on current metals prices, but now that gold and silver prices are substantially higher, it seems those same people don’t want to value the projects based on where metals prices are in the here and now. The gold producers are going to demonstrating what the actual metals prices can do to their margins in the quarters to come.

In a sea of companies using far too conservative of metals price assumptions in the $1,400-$1,700 levels, we laid out a few companies I sat down with at the Beaver Creek PM Summit that actually did provide both reasonable base case metal price assumptions on their development projects at $1,800-$1,900 gold and $23-$25 silver, but then also provided metal sensitivity data for levels more in alignment with current metals prices at $2,500 gold and $30 silver; like Thesis Gold Inc (TSXV: TAU) (OTCQX: THSGF), Vista Gold Vista Gold Corp. (TSX: VGZ) (NYSE: VGZ), and Skeena Resources Limited (TSX:SKE)(NYSE:SKE). Some also provided data for the upside potential at $3,000 gold and $35-$36 silver. In these examples these projects are valued in the current market caps of the companies at a large discount to where the net present value of the projects come in between the $2.3-$4.4Billion ranges. This just demonstrates how backward-looking the current valuations are on many of these developers and the potential for a sector-wide rerating in many of these derisked projects with defined ounces in the ground and solid economic studies in place.

Wrapping up this lead the conversation in the topic of M&A and if merger or acquisition transactions for these companies at 30%-50% premiums was anywhere close to enough to get a proper valuation multiple on these projects. We may very well see future M&A transactions at much higher premiums if these companies and projects don’t start getting re-rated higher to close the value arbitrage.

In full disclosure, Shad is also a shareholder of Thesis Gold and Skeena Resources at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA) joins me to cover recent significant updates on five assets, including the progress at Tocantinzinho into commercial production, the Endeavor Mine’s planned restart, Copper World, Taca Taca, as well as the strategic acquisition of the CentroGold asset by G Mining Ventures. Metalla holds different royalties on all of these assets.

Starting with the Tocantinzinho project, which has recently moved into commercial production, and is expected to generate significant revenue for the company. Next, we discuss the Endeavor mine, operated by Polymetals Resources, which is raising funds to recommence operations by 2025. The conversation then shifts to the Copper World project, which has received crucial permits and is seeking a minority partner for further advancement. The Taca Taca asset in Argentina, another significant copper project, is moving through permitting where the 2nd important permit has just been received, Additionally, the acquisition of the Centro Gold Project by G Mining Ventures is highlighted.

Brent also provides insights into Metalla’s current forecasts for gold revenues this year, future growth avenues, and the Company’s approach to acquisitions amidst a favorable precious metals market.

Click here to visit the Metalla Royalty & Streaming website to learn more about the Company and portfolio of royalty and stream assets.

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Craig Hemke, Editor of TF Metals Report joins us to examine the ongoing strong performance of gold and silver, the Commitment of Trader (CoT) reports highlighting a significant long position in precious metals, and the potential drivers for future price movements.

We also discuss the continued lack of excitement in mining stocks despite favorable conditions and explore the broader implications of economic events and central bank policies on the metals. Additionally, we touch on the impact of large-scale fiscal policies and global market dynamics on investor behavior and market trends.

Click here to visit Craig’s website – TF Metals Report

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Craig Parry, Executive Chairman and CEO of Vizsla Copper (TSX:VCU – OTC:VCUFF) joins me to provide an update on the Company’s strategic acquisitions and development plans in BC focused on copper. Over the last couple of years, Vizsla Copper has consolidated a substantial portfolio of copper assets, including the Woodjam, Poplar, Copperview, and RedGold projects.

Craig elaborates on the strategy of acquiring advanced-stage and early-stage projects, and shares insights on the recent drilling results and overall resource base. We discuss the company’s plans for further drilling and resource expansion. Additionally, Craig highlights the leverage the company provides to investors in the rising copper and gold market.

Please email me any follow up questions you have for Craig regarding Vizsla Copper. My email address is Fleck@kereport.com

Click here to visit the Vizsla Copper website to learn more about the Company and the portfolio of projects.

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While at the recent conference in Beaver Creek I received an update on Barksdale Resources (TSX.V:BRO – OTCQX: BRKCF). The Company just commenced drilling on the Sunnyside Project, in Arizona adjacent to the Hermosa Project, being built by South32, comprising the Taylor CRD deposit.

Alan Roberts, VP Exploration and Quinton Hennigh, Director of Barksdale Resources joined me to provide insights into the ongoing Phase 2 drill program. We discuss the historical significance of the Sunnyside district, known for its classic CRD (Carbonate Replacement Deposit) model, and the adjacent Taylor CRD deposit.

As Barksdale Resources progresses towards its goal of earning a 51% stake in the project, Alan and Quinton break down the specific drilling techniques employed, the geological context, and the challenges and expectations of this exploration. We focus on the multiple targets being tested in this program.

Please email me with any follow up questions you have for the team at Barksdale Resources – Fleck@kereport.com.

Click here to visit the Barksdale website to learn more about the Company.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of The Marc To Market website joins me to dissect the recent 50 basis point rate cut by the Fed. We explore the reasons behind this decision, how it compares to actions taken by other central banks, and its potential impact on markets and currencies.

Marc shares his expert insights on the historical patterns of rate cuts, the current economic landscape, and the broader global monetary easing cycle. We also delve into market reactions, future expectations for the U.S. dollar, and the implications for international economies including China.

Click here to visit Marc’s site – Marc To Market.

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Dave Erfle, Editor of the Junior Miner Junky joins us to discuss how he manages his portfolio on a day like today when everything is dropping. This is focused primarily on metals stocks but is applicable to anyone who believes in the stocks they hold, no matter the sector.

As September kicks off, traders return to find widespread market declines, with notable drops in U.S. equities, metals like gold and silver, and crude oil. Dave discusses historical trends for gold prices in September, the psychology of profit-taking, and strategic positioning in stocks amidst market sell-offs. We also explore long-term trends, burgeoning opportunities in the mining sector, and the potential for mergers and acquisitions.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Andrew Thomson, President and CEO of Palamina (TSX.V:PA & OTCQB:PLMNF) joins me to discuss the Company’s new drilling program and strategic endeavors in Peru. The focus of this conversation is Palamina’s 3,000 meter drill program at the Sol del Oro zone in the Usicayos Project, which commenced on August 13th.

Andrew provides a comprehensive overview of the drill targets, the geological features observed so far, and the reasons for selecting the Sol del Oro zone. He also shares updates on the completion of the first drill hole,which was extended and initial details on the second hole.

Andrew also covers the Company’s future drilling plans, including moving the drill to the Sol de Oro South and North zones. I then ask about the broader strategic landscape for Palamina, including Windshear Gold’s upcoming drill program, and Palamina’s approach to its other assets in Peru, including their copper-silver projects and the potential for future spin-offs.

Click here to visit the Palamina website to learn more about the Company.

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Morgan Lekstrom, President of NexGold Mining (TSXV: NEXG; OTCQX: NXGCF) joins us to provide more information on the Company’s ongoing exploration program at the Goliath Gold Camp in Northwestern Ontario. A total of 25,000 meters of drilling is planned over multiple stages all with the goal of expanding and adding to the current resources.

We start by diving into the 4,000 meter first phase of a multi-phase 25,000 meter drill program targeting the Interlakes area, situated between the Goliath and Goldlund deposits – together already holding 2.1 million ounces of measured and indicated (M+I) resources. Morgan elaborates on the systematic drilling approach, high-grade channel samples, and the strategic aim to explore mineralized zones for resource expansion. The exploration strategy includes subsequent drilling at the Goliath and Goldlund sites, to reveal depth extensions and higher-grade zones. We also touch on the Miller deposit, soil sample results, and the identification of further targets.

Financially, the company is well-positioned with $14million in the treasury, supporting the $7-8 million exploration budget and ongoing feasibility studies. NexGold anticipates making a construction decision by Q3 of next year.

Click here to visit the NexGold Mining website to read over the recent news and learn more about the Company.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of The Marc To Market website joins us to discuss critical upcoming events next week and their potential market impacts. We look ahead to next week’s Bank of Canada meeting and jobs data from the US. Marc shares his insights on central bank policies, the future direction of the US Dollar, and broader economic trends heading into next year. We delve into the implications of interest rate cuts, the possible correction in equity markets, the impact of the yield curve, and the role of quantitative tightening (QT).

Click here to visit Marc’s site – Marc To Market.

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Welcome to The KE Report Weekend Show! Thank you for tuning in on this Labor Day long weekend. Summer markets are now behind us.

On this Weekend Show we feature a Fund Manager and a technical trader to comment on different types of investments. We discuss investing in junior resource stocks and also look big picture from a trading sense at US markets (of course the Mag 7), the US Dollar and precious metals.

Segment 1 and 2 – Matt Geiger, Fund Manager and Managing Partner at MJG Capital kicks off the show by discussing the bull and bear case for junior resource stocks and how his fund is positioned. We also recap a presentation Matt made at focused on financings and red flags that make him say “no” to investments.
Click here to visit the MJG Capital website to learn more about Matt’s fund.
Segment 3 and 4 – Michael Oliver, Founder of Momentum Structural Analysis wraps up the show by sharing what his momentum based models are telling him about the US markets, US Dollar, gold and gold stocks. Michael thinks a big shift is coming in favor of commodities while markets move lower, led by tech.
Click here to visit Michael’s Momentum Structural Analysis website.

Matt GeigerMichael Oliver

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David Baker, CFO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF), joins me to review their operational and financial results from Q2 2024, and some key royalty project updates at Diba, Karlawinda, Bonikro, Wahgnion, Caserones, and Cactus. We also discuss where the growth will be coming from within their existing royalties portfolio as well as the types of future acquisitions the team is working on.

We start off diving into the key metrics and takeaways from the second quarter financials:

Royalty revenue of US$3.8 million and adjusted revenue of US$5.2 million, up 10% on Q2 2023
Attributable Gold Equivalent Ounces (“GEOs”) of 2,211 ounces, down 7% on Q2 2023
Operating Cash Flow plus Caserones dividends of US$1.4 million, down 33% on Q2 2023 primarily due to working capital movements
Adjusted EBITDA of US$3.4 million, up 3% on Q2 2023
Repayment of a further $5.0 million under the credit facility and extension of the maturity date to June 2027
Cash balance of US$6.5 million and outstanding debt of US$20.0 million as at June 30, 2024
Elemental Altus is on track to meet the lower end of guidance of 10,000 to 11,700 GEOs and the higher end of expected revenue of US$20.0 to US$23.3 million. Production remains weighted to H2 2024, particularly for the new Diba royalty, while the lower relative performance of the copper price to gold drives the increased difference between GEOs and revenue
The Company intends to continue reducing the amount drawn on the credit facility, reducing interest costs while maintaining flexibility for new acquisitions

We then transition over to discussing some of the key royalty projects and updates from royalty partners, and the related future production and revenue growth expected from various projects like Diba, Karlawinda, and Bonikro. Next we discussed the passing of the baton from Lilium Mining over to the nationalized operations by Burkina Faso at Wahgnion, but that essentially it’s the same operations team it has been since Teranga and Endeavour Mining, and that the royalties have and will keep coming in for years to come. We spent some time with larger copper royalty on the Caserones project, noting that the brief labor dispute earlier this month did not really affect production, and that Lundin Mining has even increased guidance on production. Then we looked at the larger resources and mine plan released recently from Arizona Sonoran on their Cactus project, and how this means a slightly deferred but much larger production profile over the portion of the project that Elemental Altus holds a royalty over.

Wrapping up we discussed the pipeline of single royalty deals and larger portfolio acquisitions that the company is reviewing, and their capacity to source more deals between their credit facilities, cash on hand, incoming cashflows, and other larger one-off payments expected to keep coming in.

If you have any follow up questions for David regarding Elemental Altus Royalties, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording.

Click here to view recent news on the Elemental Altus Royalties website

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to delve into the current state of U.S. equity markets. The discussion covers the S&P 500’s struggle to break through all-time highs, the Dow’s performance, and the lag in tech stocks, notably the Magnificent 7. The focus then shifts to individual stocks like NVIDIA, its recent price action, and strategies surrounding earnings reports. Joel provides technical levels for investors, discusses broader market trends, and shares insights into upcoming economic data, inflation numbers, and the potential impact of future rate cuts.

Click here to visit Joel’s PreMarket Prep website.

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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joins me to recap two recent news releases reporting drill results from the Valley Deposit on the Rouge Project and the Jupiter Target on the Einarson Project. These drill results come from the ongoing 25,000 meter drill program.

We initially focus on new high-grade, long intercept drill results from the Valley Deposit, Hole 77 intersected 435 meters at 1.6 grams per ton (g/t) gold, which included a segment of 150 meters at nearly 2.4 g/t gold. We also delve into the August 7th news release, highlighting the third and fourth highest-ranking holes from the Valley Deposit. We discuss what this means for the initial 7.31 million ounce (indicated + inferred) resource estimate.

In the August 29th news release there were results from the Jupiter Target on the Einarson Project. I ask about the potential significance of this target and project to the overall Company. Additionally, there was news of visible gold found in other targets like Aurelius and Sydney within Snowline’s Yukon project portfolio. Scott elaborates on Snowline’s strategy to upgrade and expand the initial resource at the Valley Deposit, announced in June, and to make new discoveries.

Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG & OTCQB:TSGZF) joins me to discuss the recent news announcing the issuance of the Licença Prévia (Preliminary License or LP) for the Castelo de Sonhos Gold Project in Brazil.

Nick shares insights on the significance of obtaining this permit and details the Company’s next steps, which include evaluating strategic partnerships, funding options, and moving towards full feasibility studies. The discussion also touches on the challenges and successes of mining permits in Brazil, the potential economic impact of the project, and how TriStar Gold plans to enhance its valuation.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the TriStar Gold website to learn more about the Company and Project.

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us to discuss the shift in leadership he is seeing within the markets. Tech, semiconductors and broadly the Magnificent 7 have led the markets higher. Now Dana is seeing a rotation of money to other lagging sectors.

Dana highlights an emerging leadership change within the markets, noting that while the Magnificent 7 tech stocks have dominated, he sees potential risks and a shift towards broader market strength, particularly in small and mid-cap stocks. Dana also details the recent performance in value sectors like healthcare, real estate, utilities, and precious metals, emphasizing the importance of diversification and strategic hedging. He shares his cautious yet optimistic outlook, supported by strong market internals and breadth, while noting potential risks in the tech, semiconductor, and Japanese markets.

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. Dana is running a 30% off sale right now. This is your best chance to sign up to see all of Dana’s trades while saving off a membership!

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Chris Huggins, Director of Generation Uranium (TSX.V: GEN) (OTCQB: GENRF), joins me for a comprehensive introduction to this new resource company exploring for uranium at their flagship Yath Project, located in the Thelon Basin of Nunavut, Canada.

We start off talking about how the company came together picking up the mineral concessions at their Yath Project, with the thesis that high-grade uranium was encountered here by prior exploration, but that they didn’t drill deep enough to hit the unconformity of mineralized zones. With a better understanding now of how unconformity uranium deposits form, this team is going to be testing the deeper targets using modern exploration methods. The are going to generate these targets by the conducting an airborne electromagnetic survey over their Yath Uranium Project in conjunction with Atha Energy. They are also utilizing Apex Geoscience to assist with permitting, targeting, and the future drilling at the Project.

Chris then goes on to share his background in the mining industry as a geologist, along with the background of CEO, Anthony Zelen. He breaks down the tight share structure at just under 27 million shares outstanding, and that the company is cashed up with $1.7Million in the treasury for moving its work programs forward. The company is targeting first drilling by year-end or early Q1 2025.

If you have any questions for Chris about Generation Uranium, then please email them in to me @ Shad@kereport.com.

Click here to follow the latest news from Generation Uranium

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to share his insights on how the increase in North American investor interest in gold is filtering into gold stocks. We also look at the silver and copper markets as well as the underlying equities.

We begin with the shift in interest of North American investors towards gold ETFs like GLD is potentially influencing the gold stock market, mostly for actual mining companies. Brien breaks down the current bull market phase driven by central bank buying and Chinese domestic investments, and discusses the impact of the anticipated Fed pivot on gold and other risk assets. We also explore the expanding margins and cash flows of major and mid-tier producers, the potential boom in the gold equities market, and the future of silver and copper investments amidst varying economic conditions.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

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Jordan Roy-Byrne, CMT, MFTA, and Editor of The Daily Gold, joins us to review the significance of gold getting close to breaking out to new highs in inflation-adjusted terms, and both GDX and GDXJ are close to breaking out above multi-year lateral pricing resistance.

He is watching these indicators closely to confirm a legitimate breakout in the gold sector, and of course still monitoring for it to break out versus US equities in real terms. We also review gold versus the WTIC oil price, as a good gauge on commodities, inflation, and as a major cost factor in the margins of producers. We also touch on the small to medium cap stocks in the TSX Venture Gold Sub Index (CDNX), and how this could portend to even the junior gold stocks getting close to really breaking out in a significant move.

Click here to visit Jordan’s site – The Daily Gold

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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to provide a review a comprehensive operational update from their 4 producing silver-gold mines and 3 processing facilities in central Mexico, and some of the equipment the company has invested in and is installing to optimize future production. We also get into the political landscape in relation to mining in Mexico, and how James sees that evolving over time.

At the Topia Mine, the commissioning of a new filter system for silver-gold-lead concentrates has been successfully completed. This new filter system is one of two that will be installed at the mine site; the second concentrator will be for silver-zinc concentrate production. Topia produces concentrates containing silver, gold, lead and zinc through a processing facility that comprises a 260-tonnes-per-day flotation plant; the new concentrate filters will contribute to helping the plant achieve, and potentially exceed, full production capacity, as well as potentially producing higher grade concentrates.

At the San Ignacio Mine, located approximately 20km from the Company’s Cata Processing facility, a new ore sorter, which arrived on site in July, is rapidly approaching the commissioning phase. The NUCTECH MC2000NF Intelligent Mineral Sorting System provides high-tech sorting accuracy, large processing capacity, environmental friendliness, and high reliability through a system that utilizes X-ray and structured light imaging technology to intelligently identify and then separate high-grade silver and gold material. The ore sorter is expected to improve overall efficiencies at San Ignacio, raising the grade of transported material to the Cata mill. The San Ignacio mine accounted for approximately 15% of total silver-equivalent production during Q2, 2024.

Next we review the augmenting material at the Company’s Cata processing facility in Guanajuato with ore from both the historic Horcon Mine project, located in the state of Jalisco, and from stockpiles at the Pinguico mine. This effectively means they are seeing production from 6 of their mines, even though only the 4 primary mines have active underground mining going on. We also discuss that in Q1 that there was a fair bit of material processed at their El Cubo mill from 3rd party sources, and while there was a pause on those contracts in Q2 and Q3, that they anticipate adding in more contracted 3rd-party material into the mill later in the year and moving forward.

Wrapping up, James discusses some of the nuances in Mexico, his outlook for it as a mining jurisdiction, the changes that may be coming to the global mining industry as it relates to open-pit mining, and why he believes they have an advantage in Guanajuato Silver with all underground mines, extra mill capacity, and communities that have embedded understanding and appreciation for mining as a key industry.

If you have any follow up questions for James or want more information on any of the assets please email me at Shad@kereport.com and we’ll get those addressed by management or in future interviews.

In full disclosure, Shad has a position in Guanajuato Silver at the time of this recording.

** Also check out the 72-hour bullion sale that Guanajuato Silver is having at their store (Link below):

https://store.gsilver.com/

Click here to visit the Guanajuato Silver website to read over the recent news releases we discussed.

https://store.gsilver.com/

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Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO – OTCQX: NSRPF – ASX:NVO) joins me for a broad exploration update across a number of projects in Australia; Belltopper, Nunyerry North, the Egina JV and Balla Balla.

Key highlights include in-depth details about the Belltopper project, covering recent re-logging of infill drill results, and strategic considerations relating to its proximity to Fosterville and other large gold resources. The update also covers the forthcoming results at the Nunyerry North Project. We then delve into the Egina JV with De Grey Mining and outline its strategic significance and long-term exploration plans.

Mike also shares insights and future plans for the Balla Balla Project, including fieldwork and potential drilling in Q4. Touching on broader strategic issues, we discuss potential JV opportunities, current funding status, and the market environment for gold explorers in Australia.

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.

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Dave Erfle, Editor of the Junior Miner Junky joins me to discuss the latest developments in precious metals, including gold and silver’s performance, and examine the recent geopolitical developments in Mexico, particularly the proposed open pit mining ban and its effects on related stocks. Dave provides an analysis of how these changes offer both risks and opportunities for investors.

We also explore recent M&A activities in the sector, focusing on the Osisko Mining transaction and its broader market implications. Additionally, Dave forecasts market trends, potential influence of rate cuts, and the performance of major gold stocks like Newmont and Agnico vs the broad market averages. As we look forward to the upcoming Beaver Creek Conference, Dave shares his strategy for engaging with companies regarding capital access, jurisdictional politics, and permitting timelines.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Craig Hemke, Editor of TF Metals Report joins me to recap the Commitment of Traders Report (CoT) for gold and silver and the recent performance of gold and GDX to the markets.

We begin with a discussion on the Commitment of Traders (COT) reports as Craig explains the historical trends in hedge fund positions, highlighting their current short position. We also discuss volumes in ETFs, GLD and SLV and their correlation with underlying spot prices. Craig shares insights on why silver is underperforming compared to gold, attributing it to factors such as low speculative short positions and the industrial component affecting demand.

Craig then highlights seasonal trends, noting that August has historically been a strong month for gold. We wrap up with a forward-looking perspective on what to expect in the coming months, considering economic indicators, potential rate cuts, inflation, and geopolitical factors that could influence the precious metals market.

Click here to visit Craig’s website – TF Metals Report

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Matt Badiali, Editor of The New Energy Investor published under Mangrove Investor, joins me to chat about the current state of the lithium market. We discuss the significant drop in lithium prices from over $80,000 to around $10,000, reasons behind the market collapse, and the potential for future opportunities.

Matt, a self-proclaimed lithium bear, explains his views on different types of lithium deposits, the impact of DLE technology, and the involvement of major oil companies like ExxonMobil in the lithium business. He also highlights the investment potential in lithium producers and companies leveraging DLE technology. Despite current low prices, Matt suggests there are opportunities for selective investments in the lithium space

Click here to visit the Mangrove Investor website to follow along with what Matt is writing.

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Darrell Fletcher, Managing Director Commodities AT Bannockburn Capital Markets joins me to discuss the latest trends in the commodities market, focusing on energy commodities and base metals. Darrell shares his insights on hedge fund positioning, noting that hedge funds are the shortest they’ve been in commodities since 2011.

We cover various factors influencing the market, including energy supply, Chinese demand, and speculative positioning. Additionally, we dive into specific market movements and price actions of crude oil, natural gas, copper, and other base metals. Darrell provides a comprehensive overview of the potential impacts of U.S. recession fears, interest rate cuts, and upcoming OPEC decisions.

Click here to learn more about Bannockburn Capital Markets.

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Rick Van Nieuwenhuyse, President and CEO of Contango Ore (NYSE-A:CTGO) joins me to provide an update on the production at the Manh Choh Mine and the exploration drill program that just started at the Johnson Tract Deposit.

We start with the first batch of gold production from the Manh Choh Gold Mine, which announced first gold pour on June 25th and the first batch of gold production on August 19th. Rick outlines the forecasts and ramp-up expectations, confirming that initial production exceeded feasibility study projections.

We then move on to discuss the exploration at the Johnson Tract Deposit, acquired earlier this year, detailing the 3,000-meter surface drilling program aimed at gathering critical data for underground mining and environmental permitting. Rick then provides an update on the Lucky Shot Project, which was put on hold this year but scheduled for surface and underground drilling next year.

Click here to visit the Contango Ore website to learn more about the Company.

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Adrian Day, President of Adrian Day Asset Management and manager of the Euro Pacific Gold Fund joins me to recap the Q2 earnings out of the major mining companies and discuss his outlook for resource equities.

We start by analyzing the strong performance of major precious and base metals companies, emphasizing the importance of higher metals prices and effective cost control. Highlights include discussions on Agnico Eagle and Barrick, operational challenges faced by the industry, and market overreactions to temporary setbacks.

Adrian also shares his perspective on opportunities within mid-tier and junior stocks. This ties into a discussion on the continued cautious investor sentiment and the broader macroeconomic environment affecting gold equities.

Click here to learn more about Adrian Day Asset Management.

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Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA) joins me to recap the Q2 financial results and recap the quarter on the corporate and asset front. Click here to read over the full news release, published August 14th.

Metalla has appointed Jason Cho as the new president, who brings 25 years of mining experience and made a significant personal investment. We also discuss key near-term asset updates, including the Wharf Mine, La Guitarra, the Tocantinzinho Mine, and the Endeavor Mine, expecting stronger results in the second half of the year.

Additionally, I have Brett explain the Company’s newly adopted minimum share ownership policy to align management with shareholder interests. Brett provides insights into the current royalty market and Metalla’s strategic approach towards future acquisitions

Click here to visit the Metalla Royalty & Streaming website to learn more about the Company and portfolio of royalty and stream assets.

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins me to review the recent news out regarding the collaboration with Lawrence Berkeley National Laboratory (“Berkeley Lab”), with funding from the U.S. Department of Energy (“DOE”) via the Advanced Research Projects Agency program, to study the potential for geologic hydrogen production at its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana.

Government funding in the amount of U.S. $2 million has been secured by Berkeley Lab to advance the “Cyclic Injection for Commercial Seismic-Safe Geologic H2 Production (CyclicGeoH2)” project, led by Berkeley Lab Research Scientist Dr. Mengsu Hu in collaboration with the University of California at Berkeley and the University of Texas at Austin. The team is developing technologies for geologic hydrogen production that address the challenge of extracting hydrogen both safely and economically at commercial scale. The technology involves the use of adaptive controls of fracture creation followed by serpentinization reactions to generate and subsequently extract hydrogen to a wellhead.

Mike also highlighted that the Company has partnered in 2023 with Cornell University that received government funding to partner with Stillwater Critical Minerals researching the potential for carbon sequestration at Stillwater West. This brings in the larger discussion of navigating the complex series of government bodies and processes to procure funding and partnerships between the government, higher education institutions, and critical minerals companies. Stillwater Critical Minerals has been successful in aligning themselves in the process, which is attracting more interest from funds focused on legitimate ESG initiatives, and has put them on the radar of more government bodies looking to develop supply chains of critical minerals, while doing it in a more green manner. Carbon sequestration and capturing geological hydrogen can only be possible in a development scenario at Stillwater West, and points to the significance of the growing domestic critical minerals resources in Montana.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals at the time of this recording.

Click here to follow along with the latest news from Stillwater Critical Minerals

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Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion on the macroeconomic factors moving markets, the fundamentals for silver, and some pro tips on investing junior silver stocks. This is a longer-format conversation where we cover many areas of consideration like Fed rate cuts, secondary sources of silver supply, silver pricing and momentum relative to gold, balance sheets of producers relative to net acquisitions, merger and acquisitions and much more…

The company examples that Peter provides for review that are on his radar include: Outcrop Silver (TSXV: OCG) (OTCQX: OCGSF), Southern Silver Exploration Corp. (TSXV: SSV) (OTC: SSVFF), Guanajuato Silver Company Ltd. (TSXV:GSVR) (OTCQX:GSVRF), Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF), Viscount Mining Corp. (TSXV: VML) (OTC: VLMGF), Dolly Varden Silver Corp. (TSXV: DV) (OTCQX: DOLLF), Vizsla Silver Corp.(TSXV: VZLA) (NYSE: VZLA), AbraSilver Resource Corp. (TSX.V: ABRA) (OTCQX: ABBRF), and Kootenay Silver Inc.(TSXV: KTN) (OTC:KOOYF) .

In full disclosure, Shad is a shareholder of Guanajuato Silver, Dolly Varden Silver, Vizsla Silver, and AbraSilver at the time of this recording.

Click here to visit Peter’s site and follow along with his analysis of the silver sector

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins us to share his insights on gold consistently extending all-time highs, why the stocks are not outperforming and how a falling US Dollar and interest rates are impacting these moves.

With gold experiencing nearly two weeks of consistent gains, reaching historic highs on the futures market over $2,550, Jordan shares his technical potential upside targets around $2,720. We also explore why gold stocks, particularly GDX and GDXJ, lag behind gold’s rise despite higher margins for producers. Jordan delves into factors such as more shares outstanding and investor behavior.

We also touch on silver’s potential to follow gold’s upward trend, and the impact of a declining US dollar and interest rates on the precious metals sector.

Click here to visit Jordan’s site – The Daily Gold

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Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT – OTC:ISVLF), joins me to outline the key takeaways from the Q2 financial and operations, and provides an update on the current production and exploration upside at the Zacualpan Silver-Gold District, as well as the recently acquired Plomosas Zinc-Lead-Silver Mine in Chihuahua, Mexico.

We kick things off with deeper dive into the Zacualpan Silver-Gold District where the Company has 4 underground mines and 1 open-pit mine all feeding into the Guadalupe processing plant. Fred outlines the flexibility that their operations team in turning on or off mines based on metals pricing trends, and that they’ve improved on the metallurgy and gold recoveries at their Alacran Mine, so they are now mining from it once again.

Next we look into the ramping up of zinc, lead, and silver production from Plomosas Mine, and that most of substantial development and refurbishment work that was needed to upgrade the mine, and portable mining equipment and vehicles, has been completed. Fred outlines that at 14% zinc and 8% lead grades, Plomosas is one of the higher-grade zinc mines in operation, and in a sense, that carries the operations and they get all the silver for free. The Q2 numbers were a bit of a one-off quarter, in that now that they are producing they had to write down all the prior costs of refurbishment this period, but that there should be steady ramp up in revenues and cashflows in Q3 and Q4 with that now behind them.

Overall revenue in Q2 2024 was $7.7 million, representing a significant 40% increase over Q2 2023 revenue of $5.5 million. Revenue in Q2 2024 includes $1.8 million from the Plomosas high-grade zinc mine up from $1.0 million in Q1 2024. The Plomosas high-grade zinc mine (acquired in April 2023) was brought online in late 2023 and therefore, year-over-year comparisons do not include any revenue or operating costs recorded in Q2 2023. Meanwhile, revenue at the Zacualpan silver-lead-zinc project increased to $5.9 million in Q2 2024 from $5.4 in Q2 2023 despite lower production on a year-over-year basis, owing mostly to stronger silver prices.

After recapping the current production we discussed the 20,000 meters drilled in the first half the year, with about the same amount planned for the next half of the year. Fred discusses the exploration upside and the growth potential at both the Zacualpan Silver-Gold District and Plomosas Zinc-Lead-Silver District. Additionally, Fred recaps some new targets around Carlos Pacheco and some deeper copper – gold district targets that they’ll be exploring further out into next year.

If you have any follow up questions for Fred about Impact Silver then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Impact Silver at the time of this recording.

Click here to visit the Impact Silver website and read over the recent news out of the Company.

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Jeff Christian, Managing Partner at the CPM Group joins me to recap the recent fund flows for GLD and discuss why major gold miners don’t hold gold on their balance sheet.

Jeff shares his perspectives on gold ETFs trends, the concept of holding physical gold versus ETF holdings, and counterparty risk concerns. Additionally, we discuss the financial strategies of major miners, including cash management, M&A activities, and the potential benefits of holding produced gold on their balance sheets.

We then turn our focus to the major gold miners, examining their financial strategies amid the higher gold prices. Despite their strong earnings, questions arise about how these companies manage their profits, with some advocating for retaining a portion of their produced gold on their balance sheets. Jeff reflects on his longstanding support for this approach as a means of enhancing investor appeal and providing additional price exposure, though it remains a rare practice among miners. We delve into the operational strategies of these companies, particularly why they don’t vertically integrate more by developing their own refining and smelting capabilities. Jeff explains the challenges and expertise differences that discourage major miners from taking these steps. Finally, the conversation touches on the balance between M&A activities and organic growth for these companies, noting a tendency to favor acquiring deposits over developing new ones.

Click here to visit the CPM Group website to learn more about the firm.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline opportunities that he is seeing in silver and the quality silver stocks. We start off discussing the disconnect we’ve seen the last couple of years in silver versus gold, but that recently this year, and even in the month of August so far, we’ve started to see that outperformance of silver over gold. Sean points to the industrial side of solar panel production underpinning the current pricing, but ultimately sees investor demand starting to come in to both silver and the silver equities as the force that could really create some outsized moves to the upside in the medium-term.

When looking at the universe of silver equities, Sean is less attracted to the earlier-stage junior explorers, preferring the revenue generating silver producers as having the best leverage to rising prices without getting stuck in value stunting equity dilution. We discuss the potential for the silver producers just below or near parity to have the most upside torque when higher silver prices lead to significant margin expansion and improving economics. Sean brings up Hecla Mining (NYSE: HL) as an example where they’ll see their margins improving in Q2 and Q3 and that they have the Keno Hill mine that they acquired from Alexco as another area of growth in the latter half of this year. This leads into a discussion on if we’ll see more merger and acquisitions start up in the silver space.

We wrap up discussing how diversification in jurisdiction plays a factor in his portfolio and recommendations to subscribers. He is in a wait and see mode currently with regards to Mexico, due to the political posturing, but that makes him more open to other areas in Canada, the US (specifically in Nevada), Argentina, Australia, and even Africa. He highlights Aya Gold & Silver (TSX: AYA, OTCQX: AYASF) as having had great performance for his subscribers for some time, while most North American investors may not have expected that out of a company based in Morocco.

In full disclosure, Shad is a shareholder of Hecla Mining at the time of this recording.

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

Click here to learn more about Resource Trader

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Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL – OTCQB:CMILF) joins me to discuss the Company’s focus now strictly in Scandinavia on projects in Norway and Finland (in the Lapland Greenstone Belt). Recently Capella has been divesting projects in other parts of the world.

We delve into Capella’s recent strategic partnership with Teako Minerals on the Løkken copper-cobalt-zinc (“Cu-Co-Zn”) project in Trøndelag, central Norway, where Teako Minerals will acquire a 90% interest. Eric explains the divestment of non-core assets outside Scandinavia and the potential benefits for Capella

I also ask about the future focus on the Hessjøgruva asset in Norway and the Northern Finland projects, prioritizing either Hessjøgruva or the Northern Finland targets based on capital and resources. Eric highlights potential new discoveries at the Killero targets, an old Anglo American target in Northern Finland. We conclude with discussions on funding strategies and future work programs.

Click here to visit the Capella Minerals website to learn more about the Company.

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Collin Kettell, Founder and CEO of Nevada King Gold (TSX.V:NKG – OTCQX:NKGFF) joins me to recap 3 recent gold discoveries made at the Atlanta Gold Mine Project, in Nevada. The three recent discoveries are the East Ridge Zone, South Quartzite Ridge, and Wild West Zone.

Collin provides an in-depth analysis of each discovery, emphasizing the geological complexities that facilitated these high-grade finds and explaining the significance of their locations in relation to the resource area. I have Collin provide an overview of how he is ranking each discovery. We also look ahead to a planned phase 3 drill program that will follow up on the recent discoveries and drill new potential discovery areas.

Collin also addresses how Nevada King Gold plans to manage its finances, including the potential budget for the phase 3 drill program. We then look to the share price actions to discuss market sentiment and share price performance on the back of the discoveries. We wrap up by covering the strategic rationale behind the spin-out of NV King Goldlands and its potential future public listing.

Click here to visit the Nevada King Gold website to learn more about the Company.

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD – OCTQX:NFLDF – FSE:634) joins me to discuss the recent drill holes expanding the Saddle Zone discovery on the Bullseye Project, in Newfoundland. See figure 1 from the news release to see where the Project and drill holes are located.

Jeff provides insights into drill holes and the high-grade gold intercepts, the potential of the Saddle Zone for further expansion, and the plans for future drilling. We discuss the geological trends observed, the use of advanced tools like the televiewer for better targeting, and comparisons with nearby discoveries by New Found Gold. Additionally, I ask about the status and future plans for the Gazebo South Property, to the north in Newfoundland.

Click here to visit the Exploits Discovery website to read over the news release and learn more about the Company.

Figure 1: Plan map of Bullseye property; recent collars from Phase 3 drilling are shown in red; previously released drill-collars shown in white.

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), join us to reviews more drill holes that have been released from the ongoing 20,000 meter Phase 4 diamond drill campaign expanding the JAC Zone to the SouthEast, and the Occulto Zone to the NorthEast on their wholly-owned Diablillos property in Salta Province, Argentina. We also discuss the mapping and targeting for upcoming drilling of some porphyry targets at Cerro Blanco and Cerro Viejo.

We start off having John recap the recent wide-intercept silver mineralization returned from the next 3 drill holes exploring the SouthWest extension of JAC. Drill hole # DDH 24-018 was a step-out hole to the south of JAC which intersected a high-grade silver intercept of 31.5 m grading 277 g/t Ag, including 13.7 m grading 455 g/t Ag. This intercept confirms a new significant high-grademineralized structure at an angle to the main JAC zone, which is now a top-priority exploration target. The southwest extension of the main JAC trend and the structure heading towards the Alpaca zone are currently being drilled.

Next we discussed Drill hole DDH 24-011 located in the Oculto northeast zone, between 150 – 200 meters above the previously known dominant level of mineralization. The core is well mineralized to the end of the hole, and this section again demonstrates the potential to expand the currently defined open pit and with it the Mineral Resources and Reserves. Additional drilling at the NorthEast Extension of Occulto is planned in order to test the various levels of mineralization in the area for shallower mineralization and a potentially higher-grade gold zone beneath. Additionally, the nearby Cerro Bayo will be drilled, looking for more near-surface high-grade silver and gold oxide mineralization to expand and extend the front-end economics of a project development scenario.

Wrapping up, we discussed the electromagnetic survey currently being conducted to help site a series of deeper drill holes to explore for an underlying porphyry system at both the Cerro Blanco and Cerro Viejo targets. This area is located approximately 3.5 km northeast of the Oculto deposit, and drilling in this area is expected to commence by the end of September.

If you have any follow up questions for John regarding at AbraSilver, then please email us at Shad@kereport.com or Fleck@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.

Click here to visit the AbraSilver website and read over the most recent news releases.

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Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF) joins us for an exploration and development update with work building towards a Pre-Feasibility Study (PFS) on the open-pit mine at the El Tigre Silver-Gold Project in Mexico.

We start by recapping the PEA put out the latter part of last year with those key financial numbers such as NPV, IRR and initial and sustaining capital costs, and how he expects the trends to develop now moving into the PFS. There has been a lot of drilling done to move categories from inferred into indicated, as well as metallurgical testing, preliminary engineering work, permitting, and social licensing. We also discuss the sensitivities to both lower and higher silver and gold prices, and just how robust the initial economics look, at anywhere close to today’s metals prices.

Glenn expands on the bigger picture vision for the company, and how the open pit resource on the oxide and stockwork is just the beginning, and then how the fully permitted underground component fits into the longer-term growth plans for the Company. There will be an initial Preliminary Economic Assessment (PEA) on the underground mining slated to be released in the middle of next year.

If you have any follow up questions for Glenn about Silver Tiger, then please email us at Shad@kereport.com or Fleck@kereport.com.

In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording.

Click here to follow the latest news from Silver Tiger Metals

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Welcome to The KE Report Weekend Show!

It was another fun week in the markets with a lot of green on the screen and gold closing at over $2,500.

On this weekend’s show we focus on where the best opportunities are in individual sectors across a wide range of assets, including commodities. For the back half of the show we shift our attention to the range bound energy sector a couple stocks picks that are expecting huge growth into next year.

Thank you all for tuning in this weekend and please keep in touch with Shad and I though email – Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2- Dana Lyons, Fund Manager and Editor of The Lyons Share Pro kicks off the show discussing the recent volatility in the markets, examining both broad market trends and specific sectors, including the mega-cap tech stocks and the energy sector. Dana provides valuable insights into market corrections, trading strategies, and the performance of various commodities such as gold, silver, and crude oil.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.
Segment 3 and 4 – Dan Steffens, President of the Energy Prospectus Group wraps up the show by discussing the current trends in the oil and natural gas markets. Dan shares his insights on the lingering flat oil prices, the geopolitical factors affecting the market, and what investors should look for in energy companies under these conditions. We also delve into two companies, Northern Oil and Gas (NOG) and Riley Exploration Permian (REPX), analyzing their growth potential, acquisition strategies, and market positioning.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.

Dana Lyons Dan Steffens

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Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX:CXB – OTCQX:CXBMF), joins me to review the Q2 Financials and operations, the Volcan open pit mine coming into production, the exploration strategy in Nicaragua, Nevada, and Newfoundland, and the development progress at the Valentine Gold Mine.

Q2 2024 Highlights

Consolidated gold sales of 58,345 ounces grossing $137.3 million in revenue at an average realized gold price1 of $2,302/oz;
Consolidated TCC1 of $1,264/oz; Nicaragua $1,232/oz and Nevada $1,435/oz;
Consolidated AISC1 of $1,533/oz; Nicaragua $1,407/oz and Nevada $1,766/oz; and
Cash and restricted cash of $127.6 million and $125.0 million, respectively, as at June 30, 2024.

YTD 2024 Highlights

Consolidated gold sales of 120,122 ounces grossing $269.2 million in revenue, at an average realized gold price1 of $2,194/oz;
Consolidated TCC1 of $1,302/oz; Nicaragua $1,276/oz and Nevada $1,468/oz;
Consolidated AISC1 of $1,545/oz; Nicaragua $1,441/oz and Nevada $1,685/oz; and
Cash provided by operating activities of $106.6 million including the proceeds from the gold prepay net of the deferred revenue recognized in Q2 2024.

We discussed that the company has continued to demonstrate value utilizing their hub and spoke development strategy, achieving another significant milestone with the receipt of the Environmental approval for operation of the Volcan Gold depositin Nicaragua. Within a month they delivered first ore to the Libertad Mill, located 5kms away, with 2024 guidance maintained in the 275,000 – 300,000 ounces of gold targeted. We also discuss some of the ongoing exploration programs in both Nicaragua and Nevada, as well the exploration upside in Newfoundland at and around the Valentine Gold Project.

Next Ryan outlined that the company received the Federal Environmental approval for the development of the Berry open pit at the Valentine Gold Mine, with this, the major approvals are in place for the three-pit mine plan. We review the history of discovery at the 3 pits – Leprechaun, Marathon, and Berry, and some of the other exploration areas of focus like the growing mineralization at the Frank area. Ryan updated us that construction of the multi-million-ounce Valentine Gold Mine surpasses 77% completion as of July 31, 2024, with a cost to complete of C$211 million and remains on track for gold production in Q2 2025. The Valentine Gold Project has a 14-year life of mine hosting Mineral Reserves, last updated in 2022, of 51.6Mt grading 1.62 g/t gold containing 2.7 Moz.

We wrapped up discussing the key takeaways moving forward of the Company as it continues transitioning into a high-margin, cash flow focused, mid-tier gold producer in the Americas with estimated annual production of 400koz – 500 koz Au per year (2025 – 2026E average). That will give the combined Company approximately 55% NAV in tier-1 North American mining jurisdictions providing scale, enhanced trading liquidity, and a strong re-rating potential as a mid-tier gold producer.

If you have any questions for Ryan regarding Calibre Mining, then please email me at Shad@kereport.com.

In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.

Click here to see the Calibre Mining news section

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us for a week ending market recap. We explore the ongoing market rebound, with the S&P nearing all-time highs and volatility decreasing. Joel shares his insights on the recent ‘buy the dip’ opportunities and offers advice on managing portfolios amidst the fluctuating market. We also delve into recent earnings reports, commodities like gold and silver, and the volatile oil and natural gas markets.

While everyone is looking ahead trying to predict the extent of Fed rate cuts starting in September, a recession by early next year, and where currencies, especially the Yen are heading Joel thinks these markets are so reactive right now they are not pricing anything long term in.

Click here to visit Joel’s PreMarket Prep website.

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG – OTCQX:GMGMF) joins me to answer a wide range of questions you have all emailed to me. The major focus of this interview is on the Graphene Aluminum Ion Battery division in terms of development progress.

Important topics include a July 6th news release update, battery development timelines, testing data, and the path to commercialization in partnership with the University of Queensland. Craig also discusses various partnerships, including the one with Rio Tinto, and provides insights into the cost profile of the battery, ongoing testing, and future prospects. Other company divisions like Thermal-XR and Lubricants are briefly mentioned with their potential revenue contributions.

Please keep emailing me your questions for Craig. My email address is Fleck@kereport.com.

Click here to visit the GMG website to learn more about the Company,

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to share his insights on the gold market.

We highlight strong performance in gold, recent inflows into GLD, and the potential for increased Western investment. Brien explains how the current gold bull market, driven by both central bank and Chinese investors, could signal a historic moment with both Eastern and Western investors buying gold simultaneously. The conversation also covers the impact of M&A in the industry. The stocks are still waiting for the generalist investor to enter the space which would create a revaluation across the sector and help the stocks close the valuation gap to gold.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

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Kyle Floyd, CEO and Chairman of Vox Royalty (TSX: VOXR) (NASDAQ: VOXR), joins me to review the key metrics and takeaways from the Q2 2024 financials, a few significant royalty partner project updates, and the potential for a valuation rerating that is more inline with peers and based on their growing revenues.

Second Quarter 2024 Highlights

Cash flows generated from operations $2,009,431 for the three months ended June 30, 2024, up ~88% from $1,069,791 in Q2 2023, and $3,221,584 for the six months ended June 30, 2024, up ~105% from $1,569,808 in 1H 2023.
Q2 2024 revenue of $2,839,117 and year-to-date revenue of $5,721,629 (compared to revenue of $2,217,384 and $5,798,239 for the three and six months ended June 30, 2023, respectively). Revenue for the quarter and year-to-date is inline with expectations and overall 2024 guidance.
General and administration expenditures decreased $436,618 (~28% decrease) for the quarter and $627,729 (decreased ~22%) for the year-to date compared to the comparative periods. The Company has made significant efforts to reduce its cost profile compared to the past periods.

Next we discussed how the team at Vox Royalty has continued to accretively build the portfolio with the completion of another Australian royalty portfolio acquisition during the last quarter, and we noted significant pre-production developments in their royalty portfolio that are expected to contribute to near-term revenues, including commencement of ore mining at Bulong/Myhree by royalty operating partner Black Cat Syndicate Ltd. Expanding upon this premise, we have Kyle outline one of the assets in the Vox Royalty portfolio that was acquired last year that they see deep longer-term value in their royalty portfolio – the royalty on Norther Star’s Red Hill mine within the context of the A$1.5B expansion of its KGCM operations. Evolution Mining similarly provided updates on the construction-stage Castle Hill project and Kunanalling which has been flagged as likely baseload ore feed for the A$250M Mungari mine life extension and mill expansion project, expected to be completed in Q1 2026.

We wrap up discussing the health of the Company balance sheet, their potential to be rerated higher more inline with smaller to mid-tier royalty peers, and some ways of thinking about how to value their current portfolio of royalty assets.

If you have any follow up questions for Kyle and the team at Vox, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Vox Royalty at the time of this recording.

Click here to visit the Vox Royalty website and read over the recent news releases.

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Jim McDonald, President and CEO of Kootenay Silver (TSX.V:KTN – OTC:KOOYF) joins us to recap yesterday’s (August 14th) news release reporting assay results from 11 holes at the Columba Project, in Mexico, focused on expanding the D-Vein. Refer to the drill plan map and long section from the news release, posted below, for a better understanding of the location of these results.

Key takeaways include the expansion of the D-Vein’s strike length to over a kilometer from an initial 450 meters, at the start of this year’s drill program. These results are part of the 20,000-meter fully funded drill program. Jim explains the strategic importance of these results, their implications for future resource estimates, and the aggressive, step-out drilling approach for this year’s program. Finally, comparisons are drawn to similar successes at projects like Silvercrest’s Las Chispas Mine and Vizsla Silver’s Panuco Project, emphasizing the potential for high-grade, wide intercepts to substantially increase resource volumes.

Click here to watch the recent webinar for a more comprehensive overview of the Company and current drill program.

Click here to visit the Kootenay Silver website to read over the corporate presentation and recent news.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss the impact of merger and acquisition transactions within the gold and silver developers and producers; and how these deals are further consolidating down the multi-ounce resources into fewer and fewer hands. M&A deals can also free up investor funds that were stuck in these companies to then circulate into other junior resource stocks, and this also gets more speculation going as to which companies will be next to be acquired or merge.

We start off reviewing the higher profile acquisition of Osisko Mining Inc. (TSX:OSK) (OTC: OBNNF) by Gold Fields Limited (NYSE: GFI) for a 55% premium. It was interesting to note how many other advanced exploration and development companies with large resources also spiked up double-digits once the transaction was announced, in consideration for how their ounces in the ground should be rerated higher.

Then we looked at a few of the recent mergers between multi-million ounce projects into larger vehicles to attract more attention and better cost of capital; like Treasury Metals Inc. (TSX: TML; OTCQX: TSRMF) and Blackwolf Copper and Gold Ltd. (TSXV:BWCG; OTCQB: BWCGF) consolidating to form NexGold Mining Corp. (TSXV: NEXG) (OTCQX: NXGCF) and Nighthawk Gold Corp. (TSX: NHK; OTCQX: MIMZF) and Moneta Gold Inc. (TSX: ME; OTCQX: MEAUF) combing to form STLLR Gold Inc. (TSX: STLR) (OTCQX: STLRF).

Wrapping up we look at the journey Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG) has been on with it first merging with Millennial Precious Metals to combine multiple development and exploration projects into a larger entity in the Great Basin of Idaho and Nevada; but then recently announcing the acquisition of Florida Canyon Gold Inc. (TSXV: FCGV) (OTC: FCGVF). This now brings a producing gold asset into their pipeline, from which the revenues will fund future derisking work at their other projects.

*In full disclosure, many of the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and they also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent wide high-grade gold drill results returned from the Main Austin Zone and McVeigh Zone, feeding into the delineation of resources and to continue building an inventory of high-confidence ounces to support the restart of production at the Madsen Mine, in the Red Lake district of Ontario, Canada.

Drill Hole # MM24D-09-4796-018 in the Austin Main Zone intersected 2.5m @ 107.61 g/t Au, from 80.0m to 82.5m, Including 1m @ 252.10 g/t Au, from 80m to 81m, Also including 1m @ 14.22 g/t Au, from 81m to 82m.
Drill Hole # MM24D-01-4081-019 in the McVeigh Zone intersected 2.35m @ 106.99 g/t Au, from 37.65m to 40.00m, Including 0.5m @ 13.32 g/t Au, from 37.65m to 38.15m, Also Including 0.5m @ 479.09 g/t Au, from 39.0m to 39.5m.

Will points out that there were a number of drill holes also reported in this news release from both zones with wide 3 meter up to 11 meter high-grade intercepts that were both meaningful as well as mineable in a development scenario. The Austin Zone currently contains the majority of the mineral inventory with an Indicated mineral resource of 914,200 ounces (“oz”) grading 6.9 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 104,900 oz grading 6.5 g/t Au. The McVeigh Zone currently contains an Indicated mineral resource of 79,800 oz grading 6.4 g/t Au, with an additional Inferred resource of 14,300 oz grading 6.9 g/t Au.

We also review the potential at depth at Madsen with both the South Austin Zone still open, at a new target called the Upper 8, at the Wedge/MJ area, and then also some underground drilling work planned for this Q4 at the 8-Zone. Underground drilling of these targets will allow the exploration team to follow up on these areas with more accuracy, and much more efficient holes, than trying to drill from surface as prior operators had done. There will also be a lot of regional exploration work on surface testing the thesis of periodicity of the mineralization and overlaying soil work with geophysical surveys.

If you have any follow up questions for the team over at West Red Lake Gold please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Matt Badiali, Editor of The New Energy Investor published under Mangrove Investor, joins us to share his thoughts on the copper price pullback and what fundamental data around supply and demand to trust.

The conversation explores whether this decline presents a buying opportunity or signals the end of the copper market run since 2016. Topics include supply and demand dynamics, the potential for further M&A post US$1.6billion Filo deal, the role of government in stabilizing the market, and investment strategies in copper, such as buying individual stocks vs ETFs. Matt shares his insights on the cyclical nature of commodities and his approach to long-term investment in major mining companies. He emphasizes the importance of understanding macroeconomic trends and anecdotal evidence when making investment decisions.

Click here to visit the Mangrove Investor website to follow along with what Matt is writing.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the Q2 2024 financial metrics from operations at the San Albino Mine in Nicaragua, along with an update of recent exploration results from Las Conchitas, as well as ongoing regional exploration work. In addition we also discuss the move-forward work strategy at the Eagle Mountain Gold Project in Guyana.

The Company’s financial results for Q2 2024 reflect gold sales of US$28.3 million, which generated US$14.5 million in Mine Operating Cash Flow, and US$8.8 million in Net Income. The Company reported US$0.13 in earnings per share (EPS) during the quarter, while selling 12,313 oz of gold at $1,098 All-In Sustaining Cost (“AISC”). Akiba also shared that the Company had made a debt repayment of $0.8 million towards the Sailfish Silver Loan, and also exercised a Stock Repurchase (NCIB) of $2.9 million in a share buyback.

With regards to exploration there was $179,000 spent in exploration and evaluation expenses, but Akiba pointed out that his does not include an additional $1.4M of non-sustaining exploration invested during the quarter. There were a number of different targets drilled at the Las Conchitas area, with 2 headline holes reporting:

- El Limon target – 23.84 grams per tonne (“g/t”) gold (“Au”) and 12.1 g/t silver (“Ag”) over 6.0m – (4.2m Estimated True Width – ETW), including 124.20 g/t Au and 41.6 g/t Ag over 1.0m – (0.7m ETW)
- Bayacun target – 36.88 g/t Au and 53.2 g/t Ag over 4.0m – (4.0m ETW)

Akiba also shares the many regional targets they still have at El Golfo, Potrerillos, and La Segoviana, with the new “El Silencio” targets at La Segoviana getting some ongoing exploration work. There should be more exploration results from both Las Conchitas, and some of these regional targets coming to the market over the next couple of months.

We wrap up getting a rough timeline and key work initiatives at the Eagle Mountain Gold Project in Guyana, recently acquired through the merger with Goldsource Mines.

If you have any further questions for Akiba regarding Mako Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.

Click here for a summary of the recent news out of Mako Mining.

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Chen Lin, Editor of What is Chen Buying? What is Chen Selling? to discuss the latest trends and challenges in the precious metal markets, focusing on silver, gold, and copper. Chen shares his perspective on why silver has been lagging behind gold, the impact of industrial demand from China, and recent shifts in copper inventory. He also delves into investment strategies, highlighting opportunities in high-quality mining companies and juniors, and the market’s reaction to recent earnings reports. Chen is seeing a lot of opportunities in both large and small resources stocks.

Click here to visit Chen’s website.

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Kyler Hardy, Executive Chairman at Temas Resources (CSE:TMAS – OTCQB:TMASF – FRA:26P0) joins me to provide an update on the titanium dioxide (TiO₂), including recent news out of the EU imposing provisional anti-dumping duties on Chinese TiO₂ imports. These duties follow the United States, which already has anti-dumping duties in place against Chinese TiO₂, and Brazil which initiated an anti-dumping investigation of its own in April 2024.

We discuss the significance of these measures and how they aim to prevent market manipulation by China. I also ask about the overall size of the TiO₂ market, growth outlook, and what governments are doing to support domestic critical minerals production..

On the Temas Resources front, the Company is starting the Pre-Feasibility Study (PFS) later this year. I ask about the necessary drilling and other work that needs to go into the study.

Click here to visit the Temas Resources website to learn more about the Company.

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins us to review more high-grade silver assays returned from the 2024 exploration program at the Wolf Vein, with step-out drilling returning 1,091 g/t Silver over 9.38 Meters at the Kitsault Valley Project; located in the Golden Triangle of British Columbia, Canada.

We have Shawn outline what this step out drilling at the Wolf Vein means for the ongoing resource expansion in this target area, but also now the inclusion of some solid base metals credits from lead and zinc. Drill hole # DV24-404: 1,091 g/t Ag, 1.35% Pb and 1.40% Zn over 9.38 meters, including 2,505 g/t Ag, 3.42% Pb and 2.88% Zn over 1.63 meters. He also breaks down the 1,400 meter periodicity of the mineralization occurrences; from the Torbrit area, to Wolf, to Moose, to Chance, and why their exploration team is encouraged that there could still be more mineralized zones to be discovered 1,400 meters out from Chance. Shawn also discusses how all of these deposits may potentially tie together in one larger system at depth.

Shawn highlights that while all of these high-grade silver results are tying together nicely, that the drill rigs have now moved up to the Homestake areas to follow up on the high-grade gold intercepts from last year’s drill programs, and that those results are expected to come back in later in September.

If you have any follow up questions for Shawn about Dolly Varden Silver, then please email us at either Fleck@kereport.com or at Shad@kereport.com and then we’ll get those questions addressed by management, or covered in future interviews.

In full disclosure, Shad is a shareholder of Dolly Varden Silver at the time of this recording.

Click here to visit the Dolly Varden Silver website and read over the recent news.

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Craig Hemke, Editor of TF Metals Report joins us to discuss the recent surge in gold prices, which have surpassed the $2,500 mark. They analyze the shallow dips in gold prices through July and August, explore the geopolitical influences, and examine historical trading ranges. We also touch on silver’s performance, the gold-silver ratio, and the recent high premium M&A activity in the precious metals sector, notably Gold Field’s acquisition of Osisko Mining for US$1.6billion. We then delve into hedge fund positions and the potential impacts of upcoming economic data on gold and silver prices.

Click here to visit Craig’s website – TF Metals Report

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins me to recap the Q2 financial results from the Las Chispas Mine in Mexico.

The discussion covers the Company’s record revenues of US$72 million and mine operating earnings of $41.5 million, noting a 51% operating margin. We delve into the impact of the generally higher silver prices, the deferred tax assets in Mexican pesos, and the significant difference between net earnings and free cash flow.

We also discuss the strategy of balancing cash and bullion holdings, with treasury assets increasing by 34% to $122 million and subsequent to the end of Q2 $7.6million worth of bullion was purchased. Moreover, the discussion highlights shareholder sentiments, and future guidance improvements in terms of mining rates and cost efficiencies. Chris provides clarity on potential M&A activities and elaborates on SilverCrest’s capital flexibility and opportunities.

Click here to visit the SilverCrest Metals website.

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John Rubino, [Follow John on his Substack https://rubino.substack.com/], joins us to discuss the large M&A deal announced today where Gold Fields Limited (NYSE: GFI) is acquiring Osisko Mining Inc. (TSX:OSK) (OTC: OBNNF) for a 55% premium. We ask John if this may point to a larger rerating in gold developers and advanced explorers, using this key transaction and metals value in the ground as a benchmark for where other advanced resources in the sector should be valued.

John points out that with many gold producers cashed up and seeing very nice margins on their Q2 earnings reports, that we may start seeing a bigger wave of merger and acquisition transactions. We also note that Q3 is looking to have an even higher average gold price, which should be a further boon to gold producers and possibly start attracting more interest from generalist investors. There were other stocks getting a bid in sympathy today Skeena Resources Limited (TSX:SKE)(NYSE:SKE) and Snowline Gold (TSX-V:SGD)(OTCQB:SNWGF)that didn’t have news out, but that are known to have large resources out that are getting higher values from investors. If the momentum can keep building then he outlines that it may start bringing in more capital at better terms for advanced exploration deposits that have further derisked their projects through economic studies.

We wrap up asking John if this is the best setup he has seen in the gold equities in relation to gold in his investing career, how that could be affected by geopolitics or a recession, and what he makes of the lag effect in silver and the silver stocks as the more speculative side of the precious metals complex.

Click here to visit the John’s Substack to keep up to date on his market and economic commentary.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website join us to discuss market trading strategies in the context of a broad market pullback.

TG shares insights on opportunities in the small cap sector, the impact of the yen carry trade, and key indicators he is watching like the put-call ratio and 50-day breadth indicator. We also delve into the outlook for gold, Bitcoin, and zero-day options trading. Overall this is an in-depth analysis of market trends, potential honeymoon phases for investors, and methods to play the volatility in this uncertain economic and market environment.

Click here to visit TG’s site – Profit Pilot

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Lawrence Roulston, President and CEO of MTB Metals (TSX.V:MTB – OTCQB:MBYMF) joins me to focus on the copper market, including price volatility and how investors should be analyzing copper equities.

We discuss the recent price volatility, with copper spiking above $5 per pound in May before falling back to $4 per pound. Lawrence provides insights into fundamental drivers including increased demand from electrification and electric vehicles, and supply constraints due to mine depletion and geopolitical challenges. We also explore the investment angle, including the roles of major companies, and the economic viability of mining projects. Additionally, we touch on the importance of long-term fundamentals over short-term price movements and the challenges and prospects for junior mining companies

Click here to visit the MTB Metals website to learn more about the Company.

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Christopher Aaron, Founder of iGold Advisor and Senior Editor at the Gold Eagle website, joins me to review his medium to longer-term technical outlook on gold, silver, the precious metals stocks, and the Dow:Gold ratio.

Christopher has been constructive on gold for some time, based on the progress on the charts, but has some concerns over the next few months. He is concerned that there could be potential selling when the actual news of the actual rate cuts is announced, as a sell the news event. A big portion of the move higher has happened anticipating these coming rate cuts for a long time with many markets from US equities, to the US dollar, interest rates, and also gold. He sees a growing potential for a deflationary correction in the US equity markets that could take most sectors down, including silver and the PM stocks.

We also review what he considers the single most important big picture ratio chart between the Dow and gold. This Dow:Gold ratio has continued to flatten out the last few months, as both markets went up in tandem; despite volatile macroeconomic and geopolitical forces. Whichever way the compression triangle in this ratio breaks, Christopher expects it to be a longer-term trend for the next decade.

Click here to visit the iGold Advisor website to keep up with Christopher’s market commentary.

Click here to follow Christopher’s writing over at the Gold Eagle website

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to recap a wild week for the markets.

We discuss the market’s initial downturn, the impact of geopolitical tensions, and the subsequent rebound driven by ‘buy the dip’ strategies. We delve into the role of social media in amplifying market fears, the importance of balancing portfolios, and the implications of AI investments. Joel also touches on the behavior of the VIX, interest rates, and market breadth, offering insights into investor psychology and future market corrections.

Click here to visit Joel’s PreMarket Prep website.

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Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector, how the longer-term contracting cycle is setting up, and then what he is watching and how he is positioning in the uranium equities in this most recent corrective move lower in the sector. This is a longer-format follow up to our prior conversation in April, because a lot of nuclear and uranium sector news has been announced, and Justin guides us through with pro tips on how to approach investing in this sector. (in fact, this may be the longest daily editorial we’ve ever put out on the KE Report, but it is packed with information, gets into a rapid-fire segment midway through, and then ends with a bang)

We start off reviewing the flurry of news out of Kazakhstan from the largest uranium swing producer in the sector Kazatomprom. In addition to a shortfall of sulphuric acid, increased taxes on production, expected to crimp supply; and yet a surprise announcement of an increase in overall production (while showing a big decrease in their JV production for Canada with Cameco), Justin walks us through all the nuances. We also discuss the continued unstable politics in Niger making future supply still in question, along with the Australian ban on the Jabiluka uranium deposit; blocking Energy Resources of Australia and Rio Tinto (RIO) from bringing that supply online. We also discuss expectations for production output from both Cameco (CCO.V) (CCJ), and the French producer Orano, which are not expected to grow output that much over the next year or two. All of this points to a much more constrained output from global uranium producers, even in face of growing demand.

One bright spot for production is the ramping up of production from US producers like enCore Energy (EU.V) (EU), Energy Fuels (EFR.TO) (UUUU), Ur-Energy (URE.TO) (URG), Peninsula Energy (PEN.AX) (PENMF), and Uranium Energy Corp (UEC). Justin provides his thoughts on investing in US-based uranium companies, what he feels their reasonable collective output levels are, and he also discusses the pros and cons of exploration companies and jurisdiction risk in certain states.

We then delve into all the increasing uranium demand from more countries committing to expand nuclear power buildouts, along with life-extensions on existing reactors, and the role that small modular reactors could have in powering AI data centers and manufacturing or in phasing out coal plants as another demand driver. Justin touches upon the ongoing bottlenecks with regards to sourcing enriched uranium fuel and enrichment & processing due to the recent sanctions placed on Russian supplies and the waivers that utility companies are waiting for more clarity on. He also breaks down the bifurcation between the expectations and sentiment from the utility companies and nuclear fuel buyers, compared to the realities that the uranium mining companies have been forecasting; with regards to realistic future mine supply and incentive prices.

Next we get into the key larger uranium development projects in the works and just how many years from actual production all of them are; with no new projects expected to come online until 2027 at the earliest, but likely a lot longer. This review includes the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), the PLS (Patterson Lake) Project held by Fission Uranium (TSX: FCU) (OTCQX: FCUUF), that is currently being acquired by Paladin Energy (ASX: PDN) (OTCQX: PALAF), and the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN). While these are all very robust projects, they will not be adding to global production for at least several years, which raises the question of where all the new uranium supply will come from in the interim?

We wrap up by getting Justin’s thoughts on the uranium exploration stocks operating in the Athabasca Basin and Thelon Basin of Canada, and where the biggest opportunities and concerns are from his vantage point. With so many uranium discoveries having already been made, the question is posed if any new discoveries will ultimately matter to the medium-term supply fundamentals? Justin points to the ultra-high-grade uranium discovered over the last few years at the Hurricane Deposit, held by IsoEnergy Ltd (TSX: ISO) (OTCQX: ISENF), and the potential of using the Sabre technology from Orano to extract it, and additionally Denison’s Phoenix Project. If more deposits like that can be found, then it will be impactful, and could bring more projects up the development batting order.

Click here to visit the Uranium Insider website.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss enhancing resource portfolios by positioning in gold, silver, copper, or critical minerals companies that have current 3rd-party validation through strategic investments from major mining companies, manufacturers, and cornerstone commodities activist investors. It’s a wide-ranging discussion where we get into the benefits from access to capital, specialized knowledge, vetting of projects and management teams, and the potential of future merger or acquisition deals.

The companies mentioned in this discussion having strategic shareholders are First Nordic Metals (TSXV: FNM) (OTCQB: FNMCF), Headwater Gold Inc. (CSE: HWG) (OTCQB: HWAUF), Inflection Resources (CSE: AUCU) (OTCQB: AUCUF), Brixton Metals (TSX-V: BBB, OTCQB: BBBXF), Ridgeline Minerals (TSXV: RDG) (OTCQB: RDGMF), Snowline Gold (TSX-V:SGD)(OTCQB:SNWGF), Filo Corp. (TSX: FIL) (OTCQX: FLMMF), Montage Gold (TSXV: MAU) (OTCQX: MAUTF), Fireweed Metals (TSXV: FWZ) (OTCQX: FWEDF), Faraday Copper (TSX: FDY) (OTC: CPPKF), Stillwater Critical Minerals (TSXV:PGE)(OTCQB:PGEZF), Magna Mining (TSXV: NICU) (OTCQB: MGMNF), and Dolly Varden Silver (TSXV: DV) (OTCQX: DOLLF).

Click here to visit Erik’s site – The Hedgeless Horseman

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins me to review the charts of gold, silver, GDX, GDXJ, and SILJ, but also discuss why he is not just relying on technicals alone and encourages investors to consider the macroeconomic factors underpinning the market moves.

Gold prices have remained well bid lately, even despite so much volatility in both the commodities and US equities lately. Jordan outlines some support and resistance levels to watch, but reiterates he’ll be most closely watching the macro developments in the economy like the Fed rate cutting cycle, the steepening of the yield curve, and the health of the economy in various data for underlying trends. We review that gold has made some progress in relation to the S&P 500 and 60/40 portfolio, but that on both ratio charts there is still stiff overhead resistance that must be cleared to really bring more buying and momentum into the entire precious metals sector.

We next review the weaker action in the mining stocks ETFs lately, and in particular the weakness in silver, in alignment with most other base metals the last couple months, in renewed concerns about sliding into a recession. Despite this recent weakness in silver, it has still greatly outperformed copper, and it’s possible most of the downside chart damage has already been inflicted at these levels, as it pulled back from above $32 to the high $26 pricing level. Jordan believes that when gold really breaks out versus US equities, it will drag silver higher.

Wrapping up we get Jordan’s take on if he’d be more heavily weighted to gold stocks over silver stocks, or stocks that have garnered a solid bid on the last few rallies, and he points out that it really must be taken on a case by case situation based on the company fundamentals value drivers at today’s metals prices.

Click here to visit Jordan’s site – The Daily Gold

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Jayant Bhandari, a private strategic resource investor that consults many high-net-worth investors, joins me to review the trends he is seeing in the gold and silver stocks, some arbitrage opportunities in ongoing merger and acquisition deals, and some companies that should have nice upside torque based on their work programs or optionality to defined ounces in the ground.

We start off discussing some of the arbitrage opportunities that Jayant sees in a few mergers, starting with the Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG) takeover of Florida Canyon Gold Inc. (TSXV: FCGV) (OTC: FCGVF), which was a spinout company from Argonaut Gold during it’s takeover by Alamos Gold (TSX:AGI; NYSE:AGI). We look at the opportunity on the table now for investors looking to capture that arbitrage, but also discuss the value proposition in Integra as it moves from just a developer, to a producers with incoming revenues. Then we look at the Silvercorp Metals (SVM) takeover of Adventus Mining (ADZN.V) (ADVZF), and how this diversification of jurisdiction and assets is setting up for a value arbitrage in the pro-forma company. We also discuss the Hess Corp (NYSE: HES) takeover transaction in process by Chevron Corporation (NYSE: CVX), that is now being contested by Exxon Mobil Corporation (NYSE: XOM) due to their perceived “Right Of First Refusal” on the large oil project JV in Guyana.

Next we look to a couple junior exploration companies where Jayant feels there is a good opportunity at present due to capitalize on the valuation upside in both Aztec Mining (AZT.V) (AZZTF) and Irving Resources (CSE:IRV)(OTCQX:IRVRF). With regards to Aztec, we discuss the effects of the “LIFE” financing, and what types of investors these types of capital raises attract that often want to just clip the warrants and then sell the stock. We then bring into the discussion in the Canadian “Flow Through” financings as another example of investors that position in juniors for the tax break. Moving over to Irving, we discuss the benefits of bringing in larger senior JV partners in their Yamagano-Noto Joint Venture Term Sheet with Newmont and Sumitomo. This leads to a larger discussion on the value of juniors having strategic partnerships with larger companies to dilute more at the project level to assist with moving projects forward without having to dilute at the equity level.

In full disclosure, Shad holds shares in Integra Resources and Silvercorp Metals at the time of this recording.

Click here to visit Jayant’s website.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review how he is sitting tight through the recent downward pressure and volatility within US Equities, but also seeing value building in home builders, tech stocks, oil and natural gas stocks, and uranium stocks.

We start off having Sean outline some of the drivers of the recent market weakness. He points out that a number of earnings reports have shown the ROI has not been there for all the investment into artificial intelligence, and the many US companies are guiding for weakening earnings moving forward. Then there is all of the weakness from the Japanese carry trade unwinding. Another layer of market uncertainty and volatility is coming from the political uncertainty around US elections this November, and which sectors would stand to benefit based on which administration is in charge. Then there are concerns about weakening macroeconomic data points that have accelerated into more fears of an imminent recession, which Sean feels is a bit overblown. Then one more big factor is the markets perceptions that the Fed is, once again, behind the curve with it’s monetary policies, and have stayed tight for too long.

Sean sees in the value in interest rate sensitive sectors like the home builder stocks, REITs, and auto-related stocks, as well as some of the tech and semiconductor companies that are now getting a bit oversold. With regards to the commodities sector, he continues to hold tight in the oil and nat gas stocks, as well as the uranium stocks, expecting both to still do well in the medium to longer-term, despite their recent corrective moves lower. He sees global growth being robust enough to underpin more need for electricity from natural gas plants and nuclear power plants, and feels the recent corrections in both nat gas and uranium, fly in the face of the fundamental factors at play.

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

Click here to learn more about Resource Trader

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Dave Erfle, Editor of the Junior Miner Junky joins us to discuss how the market is doing the work for investors by isolating the high quality companies from the low quality companies.

We begin by discussing the recent corrections in the U.S. equity markets and shift our focus to the distinct performance of higher-quality juniors, mid-tiers, and majors in the resource stock arena. These companies are outperforming many others, illustrating that savvy investors are gravitating towards better stories and opportunities.

Dave shares his recent stock picks, explaining how he identified companies showing strong upward trends from bombed-out lows or solid bottoms with rising volume. For instance, one of his chosen stocks attracted strategic partners and experienced a rise in volume, signaling a positive shift. Another company, an up-and-coming silver stock, released a strong PEA and sparked interest from strategic partners, showcasing the criteria he uses to build his investment portfolio. Dave emphasizes the importance of analyzing the internals of these companies, such as ensuring they have access to capital, a tight share structure, and enough cash flow to last at least 12 months.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Zayn Kaylan, CEO of Scorpio Gold (TSX.V:SGN – OTCQB:SRCRF – FSE:Z3S) joins me to recap the August 1st news release announcing the start of the Phase 2 drill program and the completion of the Phase 1 drill program, at the Manhattan Project in Nevada.

Zane provides a detailed recount of both phases, explaining the Company’s objectives, methodologies, and preliminary results. We dive into the historical context, referencing nearly 100,000 meters of drilling done by Echo Bay and Kinross since the early 90s. Scorpio Gold’s new drilling aims to confirm the historic results and extend the understanding of mineralization. Moreover, this updated drilling data is crucial for Scorpio’s goal of publishing a maiden resource, expected by Q1 of next year.

Zane shares the initial indications from Phase 1, including the goal of connecting the Goldwedge underground and Manhattan West Pit . Zane also addresses investor concerns about the recent downtrend in share prices, attributing it to the newly free trading shares from a financing round earlier in the year.

Click here to visit the Scorpio Gold website to learn more about the Company.

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Craig Hemke, Editor of TF Metals Reports us to discuss the global market correction seen today, We highlight the significant drops in the U.S. markets, the 12% plunge in the Japanese Nikkei, and the cascading effects on global financial markets. Craig offers insights into the impact of geopolitical developments, the role of precious metals like gold and silver in turbulent times, and analyzes potential parallels to the 2008 financial crisis. The video also explores the carry trade unwinding, its effect on U.S. assets, the potential consequences of emergency rate cuts, and the sentiment shift against the Federal Reserve.

Click here to visit Craig’s website – TF Metals Report

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Welcome to The KE Report Weekend Show! On this Weekend Show we recap key economic data and major market moves from the week, and discuss where opportunities lie for investors in metals equities.

We hope you all enjoy this Weekend Show!

Segment 1 and 2 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website kicks off the show by recapping the US jobs data and market meltdown at the end of the week. Only 114,000 jobs were added, against the estimate of 185,000 further confirming the slowdown in the US economy and potential recession around the corner. Marc explains how Fed rate cut expectations have increased. On the market front we ask where, if anywhere, is a good place for investors to hide out.
Click here to visit Marc’s site – Marc To Market.
Segment 3 and 4 – Matt Geiger, Managing Partner of MJG Capital wraps up the show discussing the performance of the MJG fund in the first half of 2024, the resilience of junior mining stocks amidst metal price increases, and potential catalysts for the junior sector’s momentum. Key topics include significant M&A activity in the resource sector, particularly the noteworthy Filo takeover, and strategies for investing in mining projects
Click here to visit the MJG Capital website to learn more about Matt’s fund.

Marc Chandler Matt Geiger

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins me to discuss the breakdown in almost everything market related to end the week. Weak jobs data today added fire to the now 3 week downtrend in the major averages.

Joel delves into the Fed’s inflation control measures, AI investment uncertainty, global recession fears, and geopolitical tensions. Despite Apple’s positive earnings report, Joel stresses a cautious outlook, noting only utilities and specific sectors as minor bright spots in the turbulent market.

Click here to visit Joel’s PreMarket Prep website.

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Chris Temple, Editor and Publisher of the National Investor, joins me to discuss the market moves coming out of the Fed FOMC meeting and press conference this week, and weaker employment data mid-week, where US equities and commodities rolled over on increasing recession concerns. Chris reiterated the view towards a September rate cut, but that even if we do see a couple of 25 or 50 basis point cuts, that is just going to end up being what Jerome Powell is calling mid-cycle course corrections. Those investors in US equities, and in particular the small cap stocks that were recently surging in the Russell 2000 index, that have front run these cuts expecting the low borrowing interest rates of yesteryear are likely out well over their skis at this point.

When discussing the overall health of the economy, Chris points out that inflation is going to remain stickier and higher for longer, even it if has moderated some from the very high rates of the last couple years. When this higher inflation, weaking jobs market, and contracting economy is added together, then it feed into the stagflation backdrop he’s been outlining. If one then layers on the delinquencies in credit cards, the defaults in the subprime auto loans, retailers disappointing on earnings and guidance, and delivery companies slowing their growth outlooks, then the economy could be transitioning into a full-on recession. We also review the steepening of the yield curve, and how as the curve transitions from inverted, as it has been since 2022, to more flat and then normalizing the long end of curve, that can also be another signal for recession in the medium-term.

Chris and I wrap it up with a nuanced and wide-ranging review of how this all ties into his outlook on the commodities sector. He remains bullish on gold, natural gas, and uranium as key focuses for now, and then on a longer-term fundamental supply versus demand outlook the critical minerals like copper, nickel, and lithium. The companies that have strategic partnerships with auto makers, battery manufacturers, or government funding sources are the ones that he is most interested in. One of the recurring themes in the resource sector centers around the challenges in government policy, permitting timelines, getting funding to the right projects, and the glaring personnel bottlenecks standing in the way of getting more mines into production to feed the growing demand for critical minerals in North America. Chris also points out that the western nations now need to rapidly play catchup and overhaul many policies to stimulate more domestic supplies or supplies from friendly nations of raw materials, and that all of this is fixable but that the US and Canada are way behind in having strategies that adequately address the future demand needs.

Click here to follow along with Chris at the National Investor website.

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Welcome to a KE Report webinar featuring Kootenay Silver (TSX.V:KTN – OTC:KOOYF) with the President and CEO, Jim McDonald.

Kootenay Silver is an exploration company focused in Mexico with a resource base of 214million oz of silver equivalent in global resources across 3 deposits, on the Promontorio-La Negra and La Cigarra Projects. The major catalyst this year is the 20,000 meter drill program at the Columba Project.

Jim and I focus mostly on the drill program and planned maiden resource estimate at the end of the drilling this year. He walks us through all the veins that have been drilled by the Company and where this year’s program is focused.

Please email me with any follow up questions for Jim or if you would like more information on any of the Company’s assets. My email address is Fleck@kereport.com.

Click here to visit the Kootenay Silver website to read over the corporate presentation and recent news.

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Luc ten Have, private resource investor and Founder of www.GoldDiscovery.com, joins me to review some merger and acquisition news we’ve seen in the sector as well as the importance of seeing quality strategic partners come into developing precious metals or base metals projects. We also review 2 exploration stocks that have Luc’s attention.

We start off discussing the news out from earlier this week about the takeover of Filo Corp (TSX: FIL) (OTCQX: FLMMF) by both BHP (NYSE: BHP) and Lundin Mining (TSX: LUN) for their large copper project in Chile and Argentina. This led into a conversation on if we may see more senior companies partner up to develop these larger development projects. Luc noted the nuances and differences in rationale for teaming up pointing to what Nevada Gold Mines, the partnership between Newmont and Barrick, did with their combined Nevada projects, or when we initially saw with Agnico Eagle (NYSE: AEM) (TSX: AEM) and Yamana Gold (TSX: YRI) (NYSE: AUY) team up to develop the Malartic Mine in Canada.

This pivoted over to a discussion about the potential consolidation we could see with the copper development projects in Arizona, and potential synergies between all the stakeholders of Faraday Copper (TSX:FDY)(OTCQX:CPPKF), Ivanhoe Electric (NYSE American:IE)(TSX:IE), and Arizona Sonoran Copper (TSX:ASCU) (OTCQX:ASCUF). With Faraday Copper being another Lunding Group company, we also discussed the Lundin family as a force of nature in the mining sector, with them also taking strategic positions in Fireweed Metals (TSXV: FWZ) (OTCQX: FWEDF) and Montage Mining (TSXV: MAU) (OTCQX: MAUTF), which Luc has followed closely.

Wrapping up we shifted over to what has Luc’s attention with the explorers, and he noted his rationale behind positioning in both Ramp Metals (TSXV: RAMP) and SRQ Resources (TSX-V: SRQ), their recent drilling news, and how market expectations and reactions affected the shareprice action.

https://ceo.ca/@luctenhave

Click here to follow Luc Ten Have on X/Twitter:

https://golddiscovery.com/

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference joins me to discuss gold’s new all time high and the opportunity he sees in the optionally gold stocks.

We explore the concept of optionality plays – investments in companies with significant gold resources that have now become economically viable due to the higher gold prices. Brien provides insights on what makes certain projects attractive, such as having resources above 2-5 million ounces and internal rates of return (“IRR”) exceeding 25%.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

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Jason Kosec, President and CEO of Integra Resources (TSX-V: ITR; NYSE: ITRG), joins us to outline their acquisition of the Florida Canyon Mine in Nevada, transforming the Company into a gold producer, that will see the incoming revenues fund the development work at the DeLamar and Nevada North Projects.

In the news announced July 29th, Integra Resources has entered a definitive arrangement agreement with Florida Canyon Gold Inc. (TSXV: FCGV), which is the spinout from Argonaut Gold, whereby Integra has agreed to acquire all of the issued and outstanding shares of FCGI pursuant to a court-approved plan of arrangement. The Transaction will create a diversified, Great Basin-focused gold and silver producer with immediate gold production of approximately 70 thousand ounces of gold equivalent per annum from the Florida Canyon Gold Mine, coupled with a built-in growth pipeline of high-quality development stage assets including the DeLamar Project and the Nevada North Project. Jason walks us through the key metrics and future expectations from the technical report at the mine, and how it will fund their future development initiatives at their other projects, as well as get position them for a re-rating as a producer with a better cost of capital moving forward.

Next we can an update on all the ongoing developmental work at the 4.8 million ounce of gold equivalent DeLamar Project, in Idaho, as the Company prepares for an upcoming Feasibility Study, and continues advancing key permitting milestones.

We also got an exploration update at the Nevada North Project, where the exploration team is about halfway through a 2,000 meter drill program, expanding resources, getting material for metallurgical testing, and to confirm a thesis on how the mineralization controls work and may offer more upside beyond the known 1.4 million ounces of gold equivalent resources.

The company now controls a total M&I resource of over 10 million ounces gold equivalent across all categories on all projects, representing one of the largest resource endowments in the Great Basin of Idaho and Nevada, not controlled by a major mining company.*

If you have any follow up questions for Jason regarding Integra Resources, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Integra Resources

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Dave Erfle, Editor of the Junior Miner Junky joins us to discuss gold’s move to $2,500, which stocks he thinks offers the best leverage to precious metals moves and his thoughts on the Integra Resources acquisition of the Florida Canyon Mine.

We start by analyzing the factors driving this surge in gold, including geopolitical tensions in the Middle East and the Fed upcoming rate cuts. We also look into silver, GDX, SIL, and copper, to outline the key price levels to watch

We then move more to the stocks to discuss where he sees the best opportunities in stocks that will provide leverage to the metals prices. And the Integra deal, which Dave likes, but understands why some investors may be skeptical.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins us to compare the charts of gold vs silver and discuss why stock picking is critical in this market.

Recently, gold saw a drop to $2,350 per ounce while silver dropped to around $27.50 per ounce. However, both metals have started rebounding. He emphasizes that gold appears to be at a significant breakout, which traditionally would lift silver along with it, but the technical damage in silver’s chart is concerning. Jordan delves deeper into the technical aspects and future scenarios, including the potential impact of Fed rate cuts anticipated in September and how that could bolster gold and silver prices. Despite the bearish outlook for silver, Jordan discusses his cautious optimism for the sector, highlighting that the underlying economic conditions could trigger a recovery in silver prices if the Fed initiates more rate cuts.

We also touch on the performance of gold and silver mining stocks, through GDX. Jordan further outlines his investment strategy focused on identifying quality companies that offer good value at current metals prices, stressing the need to differentiate between stocks that are merely cheap and those that are truly undervalued.

Click here to visit Jordan’s site – The Daily Gold

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins us to discuss the first drill assays from the 2024 exploration program intersecting high-grade and broad width gold intercepts from 2 different drill holes, with assays still pending on other intercepts from the these holes at depth. These results kicks off the assay reporting from the 15,000 meter drill program with a proposed 62 holes from 22 drill pad locations with up to three diamond drill rigs, across the 10 gold veins delineated at the Golddigger Property, located in the Golden Triangle, British Columbia.

Drill hole GD-24-235 intercepted abundant visible gold and high-grade gold mineralization containing 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 6.34 meters ~true width, within 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters, corresponding to the Bonanza Shear (see image below).
Assays are pending from GD-24-235 on an additional 24.4 meter intercept of a porphyritic intrusion between 529.29 – 553.67 meters downhole. It contains veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth that indicates increased confidence in the proximity of the feeder source of the Surebet system.
Assays are also pending on a 10 meter interval from GD-24-235 between 550 and 650 meters downhole that is hosted within the andesite in a series of closely spaced quartz sulphide veins being observed. It contains abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite.
The 11.9 meter interval reported from GD-24-235 of high vein density sits between 445 – 457 meters downhole. Oriented core confirms near true width of mineralized vein widths, multiple large quartz-sulphide veins corresponding to the Bonanza Shear located just below the contact between Upper Hazelton sedimentary and Lower Hazelton volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.
The increase in coarser gold and base metal components observed with depth, suggests stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. Which suggests that drilling is closing in on the heat engine source of the gold mineralizing system.
Drill Hole GD-24-236 (200 Az/-45 Dip, EOH 351.0 m) collared from Go-For-Gold Pad above the main Surebet Zone intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to be the Surebet Upper Zone.

Roger shares the key takeaways from intercepts into the Bonanza Shear Zone but that assays are still pending from the Golden Gate Zone, and a new discovery dubbed the Mothership Feeder Zone of a 24.4 meter porphyritic intrusion between 529.29 – 553.67 meters downhole containing veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth, which indicates increased confidence in the proximity of the feeder source of the Surebet system that remains wide open. We also discuss that later in the year there will be more deeper holes drilling into the volcanics from other drill pads, and also drilling a the Jackpot Zone, about 1.4 kms away, that has shear-hosted quartz-sulphide veins with higher copper values and high-gold values. Roger shares where some of the next holes are being drilled, and some of the other objectives from this year’s exploration program, and the steady stream of news on tap for the balance of this year.

If you have any questions for Roger about Goliath Resources, then please email us at Shad@kereport.com or Fleck@kereport.com and then we’ll get those answered or covered in a future interviews.

In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording.

Click here to follow along with the latest news from Goliath Resources

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Fabi Lara, Founder and Publisher of The Next Big Rush, joins me to dig in to the major demand drivers and supply disruption news that is underpinning a longer-term bull market for nuclear power and uranium mining. We then pivot over to a comprehensive review of the opportunities in producers, developers, and explorers in the US and Canada.

This is a longer-format discussion where we get into the increased taxes in Kazakstan which will discourage any large increases in production, the unstable politics in Niger, the Australian ban on the Jabiluka uranium deposit blocking Energy Resources of Australia and Rio Tinto (RIO) from bringing that supply online and it all points to much more constrained output from uranium producers. Then we devolve into all the increasing demand in more countries committing to expand nuclear power, and the role that small modular reactors could have in powering AI data centers and manufacturing or in phasing out coal plants as another demand driver.

We do then have a very nuanced conversation about a number of different uranium stocks throughout the conversation including: Cameco (TSX: CCO; NYSE: CCJ), Kazataprom, Global Atomic (TSX: GLO) (OTCQX: GLATF), Paladin Energy (ASX: PDN) (OTCQX: PALAF), Fission Uranium (TSX: FCU) (OTCQX: FCUUF), NexGen Energy (TSX: NXE) (NYSE: NXE), F3 Uranium (TSXV: FUU) (OTCQB: FUUFF) , Denison Mines (TSX: DML) (NYSE: DNN), enCore Energy (NASDAQ: EU) (TSX.V: EU), Energy Fuels (NYSE: UUUU) (TSX: EFR), Skyharbour Resources (TSX.V: SYH) (OTCQX:SYHBF), Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF), Atha Energy (TSX.V: SASK) (OTCQB: SASKF), and Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF).

Click here to visit Fabi’s YouTube page:

Click here to visit Fabi’s website:

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Ian Harris, President and CEO of Outcrop Silver & Gold Corporation(TSXV: OCG) (OTCQX: OCGSF), joins us to introduce the company, project, team, and financial metrics for this exploration company focused on expanding resources and derisking its flagship Santa Ana high-grade silver project in Colombia.

We start off discussing the Santa Ana Project and the 37 million silver equivalent ounces in place, and that the majority of metals endowment is primary silver with a gold co-credit, as opposed to many silver projects that are really more base-metals dominant. Ian also outlines the derisking work through metallurgical testing that has shown fantastic recovery rates, and points out that they have the trifecta of high metals grades, good recovery rates, and good payables (without many smelter penalties). The key focus this year into next will be showing meaningful growth of the resources at Santa Ana, with the goal to double, and eventually triple the resources in place, before moving into economic studies. The company will be averaging 2,000 meters in drilling per month through the end of the year.

In addition to all the exploration and development work going on at the project, the team behind Outcrop Silver also has a commitment to responsible mining practices and community engagement, underscoring their approach to sustainable development. Ian highlights the strength of the management team and board, and points out that their expertise in navigating complex geological and market conditions enabling them to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy.

If you have any questions for Ian regarding Outcrop Silver & Gold, then please email them in to us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Outcrop Silver

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX – OTCQB:DMXCF – FRA: DFPP) joins me to recap the July 29th news release reporting drill results from the Tomtebo Project in Sweden. Boliden is funding a total of $10million in exploration at the Tomtebo and Stollberg Projects over 4 years. This drill program consisted of 6 holes for just under 2,200 meters.

I have Garrett focus on the 3 holes drilled into the Steffenburgs zone (holes 41-43) which expanded the mineralization deeper from past holes. Garrett explains the implications for future drilling, both deeper and along strike. We also discuss the three more exploration focused holes, in the northern part of the Property which returned no significant values. I also ask about the Stollberg Project and the upcoming drilling plans.

Click here to visit the District Metals website to learn more about the Company.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to talk stocks and discuss three junior precious metals and base metals companies with recent news out to the market.

Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) reported that drilling has recently commenced on its 100% controlled Midas property where drill hole MD-24-47, the first drill hole of the season collared from the Kokomo showing, has intercepted 2 meters of semi-massive sulphide (5-7% pyrite, 2% chalcopyrite and 1% sphalerite) within a broader interval of 84.50 meters.
District Metals Corp. (TSXV: DMX) (OTCQB: DMXCF) reported on assay results for the six drill holes (extension of TOM22-037B, TOM24-039 to -043) from the Spring 2024 drill program at the high grade polymetallic Tomtebo Property located in the Bergslagen Mining District in south-central Sweden. Drill holes TOM24-041 to -043 targeted the Steffenburgs Zone massive sulphide lens down-dip beneath holes TOM21-025, -028 and TOM22-038, which were highlighted by down hole intercepts of 14.3 m at 14.2% Zinc Equivalent (ZnEq) (210.0 to 224.3 m), 30.05 m at 10.9% ZnEq (148.35 to 178.40 m), and 25.5 m at 8.2% ZnEq (249.0 to 274.1 m), respectively.
Lion One Metals Limited (TSXV: LIO) (ASX: LLO) (OTCQX: LOMLF) announced the Company has closed the fully-subscribed upsized brokered private placement financing (the “LIFE Offering”) previously announced on July 18, 2024 and July 19, 2024 by issuing 27,027,027 units of the Company at a price of C$0.37 per Unit for aggregate gross proceeds of C$10,000,000. Concurrently with the LIFE Offering, the Company completed, a non-brokered private placement of 4,458,352 Units on the same terms as the LIFE Offering, for gross proceeds of C$1,649,590.24 (the “Sidecar Private Placement”) and together with the LIFE Offering, in aggregate issued 31,485,379 Units for gross proceeds of C$11,649,590.24.

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.

Click here to visit Erik’s site – The Hedgeless Horseman

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Darrell Fletcher, Managing Director Commodities at Bannockburn Capital Markets joins me to update us on what he is seeing in the commodities market from a commodities trading desk perspective. We focus on copper, natural gas and oil.

We start with the recent downtick across nearly all major commodities, identifying slow summer trading and global pessimism as key factors. We then look into copper’s technical levels, such as the critical $4 mark and its 200-day moving average, as well as natural gas prices falling below $2 and future catalysts like LNG terminals. We also cover the impact of China’s economic stimulus on the market, OPEC’s potential actions amid falling oil prices, and the broader summer market trends marked by lower trading volumes. Darryl highlights the uncertainty in the market, the significant influences of upcoming central bank meetings, and the anticipated upticks in trading interest as summer ends.

Click here to learn more about Bannockburn Capital Markets.

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Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSX-V: COSA) (OTCQB: COSAF), joins me to review the news today where they have picked up 2 more land concessions expanding the size of their Orbit Uranium Project in the Athabasca Basin region of Saskatchewan. We also discuss the drilling program that is about to start in mid-August at their Ursa Uranium Project.

With regards to the 2 new mineral claims, Cosa Resources purchased these in a transaction with Skyharbour Resources (TSX-V: SYH) (OTCQX: SYHBF) for 250,000 common shares of the Company. This essentially doubles their footprint at the Orbit Uranium Project from 6,049 hectares to 12,718 hectares, and 8kms of untested strike length with prospective geology for new uranium discoveries. Keith points out that this Orbit project is very near their Aurora Projects, and it is within 25 kilometers of the Key Lake Uranium Mill and the former Key Lake Uranium Mine. Their exploration team has the thesis that this area has been largely overlooked by modern exploration despite having shallow target areas with no sandstone cover. He points out that this transaction fits in with their larger strategy at Cosa Resources to continue to identify and pursue cost-effective opportunities to add to their pipeline of exciting projects and drill targets. There will be airborne survey results at both Aurora and Orbit released to the market later this year, as they vector in on drill targets for the 2025 season.

Then we pivot over to discuss that the upcoming 2024 drilling will kick off in August, in just a couple weeks at their Ursa Project. This summer program will be following up on Drill hole UR24 -03 from the winter drill program, that intersected structure, alteration, and minor sulphide mineralization several hundred meters above the unconformity. The Ursa Project captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration – a setting that is typical of most eastern Athabasca uranium deposits. The Company remains fully funded to complete all of their exploration plans into 2025.

If you have any questions for Keith regarding Cosa Resources, then please email them in to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Cosa Resources at the time of this recording.

Click here to follow the most recent news from Cosa Resources

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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joins me to recap the July 24th news releasing reporting the first round of drill results from the 2024 drill program at the Valley deposit, on the Rogue Project, and a regional exploration update.

2 drill holes were released, Hole V-24-071 and 072, which each hit long, more 400 meter intervals of gold grading an average of 1.77g/t Au (Hole 071) and 2.66g/t Au (Hole 072).

We recap the goals of the drill program, both infill and exploration, the potential impact on the current resource, and the exploration of additional targets within the Rogue Project and other projects in the Yukon. Furthermore, Scott addresses recent share price movements influenced by local issues in the Yukon and discusses Snowline Gold’s ongoing respectful relationship with the First Nation of Na-Cho Nyäk Dun (FNNND), within whose Traditional Territory the Rogue and Einarson Projects are located.

Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.

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We begin by discussing last week’s market shifts, which saw lower targets in the S&P, NASDAQ, and gold materialize, and reflect on small-cap resilience amid broad tech sector weakness. Our discussion transitions into an examination of conflicting market signals, with particular focus on upcoming U.S. jobs data and inflation expectations. We explore the unique dynamics of the current business cycle, reflecting on historical patterns and the global economic landscape influenced by events such as the COVID-19 pandemic, supply chain disruptions, and geopolitical tensions.

Looking ahead, Mark provides a strategic forecast for a busy week marked by pivotal central bank meetings, including the Bank of Japan, European Central Bank, and the Federal Reserve, as well as crucial U.S. jobs data. His insights delve into the potential impact of these events on market stability and the broader economic environment.

Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website joins us for a discussion on recent US economic data and broad market selloff – outside of the small-cap rotation. We begin by discussing last week’s market shifts, which saw lower targets in the S&P, NASDAQ, and gold materialize, and reflect on small-cap resilience amid broad tech sector weakness. Our discussion transitions into an examination of conflicting market signals, with particular focus on upcoming U.S. jobs data and inflation expectations. We explore the unique dynamics of the current business cycle, reflecting on historical patterns and the global economic landscape influenced by events such as the COVID-19 pandemic, supply chain disruptions, and geopolitical tensions. Looking ahead, Mark provides a strategic forecast for a busy week marked by pivotal central bank meetings, including the Bank of Japan, European Central Bank, and the Federal Reserve, as well as crucial U.S. jobs data. His insights delve into the potential impact of these events on market stability and the broader economic environment. Click here to visit Marc’s site – Marc To Market.

Click here to visit Marc’s site – Marc To Market.

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Welcome to The KE Report Weekend Show! We are focusing on the resource sector again this weekend with a technical outlook on the metals and a macro assessment on the energy sector, oil and nat gas.

Segment 1 and 2 – Richard Postma, AKA Doc, kicks off the show by analyzing the performance and sharing his future projections of gold, silver, and copper prices, focused on the technical chart setups. Doc provides an in-depth evaluation of gold’s MACD patterns, the performance of gold mining stocks, and the anticipated price movements of copper.
Segment 3 and 4 – Josef Schachter, Editor of The Schachter Energy Report and Eye on Energy Report, wraps up the show with predictions of the oil and natural gas prices. We discuss the recent decline in oil prices, economic factors affecting oil and gas markets, future rate cuts, and the potential for M&A in the sector. Josef also provides an outlook on the second-quarter earnings and what investors should look out for in the coming months
Click here to learn more about The Schachter Energy Report and Josef’s Catch The Energy Conference in Calgary on October 19th.

Doc Josef Schachter

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Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins us to review his macroeconomic outlook, sector seasonality, and Q2 earnings all as positive tailwinds for the gold and silver junior mining stocks as we head into August. We start off getting his thoughts on why he thinks weakening economic factors, in concert with moderating inflation, will give the Fed reason to announce a potential 50 basis point rate cut at their September meeting. He’ll be analyzing carefully the messaging at next week’s FOMC meeting, to may be preparing the markets for that process.

With regards to the precious metals, Robert sees the commencement of central bank rate cuts as a net positive for the precious metals, and he expects to see that bring more interest down into the junior PM stocks. Additionally, there is the upcoming tailwind of shifting out of the summer doldrums and into the seasonally strong months of August and early September. We discuss how there is also a lot of exploration work that has been going on the last couple of months that will start getting reported next month, adding to the seasonality factor. We wrap discussing one more sector tailwind with the positive Q2 earnings reports starting to come in on the senior producers, with Robert pointing to the recent messaging and key constructive takeaways from Newmont Mining (TSX: NGT) (NYSE: NEM). With more companies set to still report their Q2 numbers, this should be another potential catalyst in the gold and silver stocks.

https://ceo.ca/@goldfinger

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https://www.youtube.com/@GoldfingerCapital/videos

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Greg Davis, President and CEO of Sun Peak Metals (TSX.V:PEAK – OTCQB:SUNPF) joins me to recap the July 24th news release reporting the first 9 holes from the 25 hole drill program at the Shire Project in Ethiopia. This round of drilling was targeting the Terer and Hamlo targets.

Greg details the successful discovery of new VMS (Volcanogenic Massive Sulfide) mineralization, though he notes the findings are more pyritic-rich with less base and precious metals than expected. He also explains the geological and operational strategies employed and the significance of these results in relation to past discoveries. We also transition to future drill plans, focusing on the Anguda North target, and the expectation of achieving higher grades.

Click here to visit the Sun Peak Metals website to learn more about the Company and read over the recent news.

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Doug Ramshaw, President of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us for an operations update at the Santa Mine where mining commenced at the Nicho Main Zone in June, and production will be expanding in 2024 in Sonora, Mexico. We also discuss the further derisking work going on, while awaiting the permits, at the Cerro De Oro gold development project in Zacatecas, Mexico.

At Santana, Mining and stacking operations commenced last month with approximately 900 ounces of newly mined gold stacked on the leach pad (through the end of June) during the initiation of mining operations at the new Nicho Main zone deposit. Access to the Nicho Main gold mineralization in the pit is steadily improving with the opening up and extraction of the first few benches. The Company plans to ultimately have access to two simultaneous working areas that, in addition to providing better traffic flow for the mobile equipment, will allow for more efficient planning for grade control and waste stripping management. Presently, estimates for the next month of mining and stacking operations are 1,300-1,500 ounces of gold placed on the heap leach pad which is approaching the lower end of the initial monthly mining rates included in the Nicho Main zone start-up plans. With mine access improving, plans are to activate two additional trucks in July which expands the mobile fleet size to the anticipated normal levels for the current mine plan.

Doug outlines how there will be a lag effect to the gold production coming off the leach pads, but that Q3 and especially Q4 will see increased production, at low costs and good margins. He further outlines the 12-month plan to build up more cash on the balance sheet, and then also describes the further upside expansion capabilities beyond this 12-month plan, where there can be further increases in the leach pads and production profile.

The company is still advancing permitting, engineering, metallurgical work, geological, and other geotechnical work to continue to de-risk the Cerro de Oro Gold Project as it moves down the pathway into production as the Company’s second operating gold mine. Engineering work continues to progress for Cerro de Oro in order to advance pre-development activities to coincide with the ultimate receipt of permits and a construction decision for the project. Doug also wraps us up with his impression of the improving political environment after the Mexican presidential elections, and what that will mean for mining projects moving forwards.

Please email us with any follow up questions for Doug regarding Minera Alamos. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Minera Alamos at the time of this recording.

Click here to follow along with the latest news at Minera Alamos

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins me to recap the Preliminary Economic Assessment (“PEA”) on the Panuco Project, in Mexico, released yesterday, July 24th.

The PEA highlights a robust after-tax NPV(5%) of over US$1.1 billion, an IRR exceeding 85%, initial Capex of US$224million, payback of 9 months, average annual production of 15.2million oz AuEq and an overall mine life of just under 11 years.

Mike elaborates on the NPV to CAPEX ratio, cash flow projections, and ongoing exploration efforts. We also explore the project’s future steps, including a Feasibility Study, permitting, and near term test mining aimed at de-risking production.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Vizsla website to learn more about the Company.

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins me to discuss the rotation trade and opportunities for investors to take advantage of this early action.

We start with the breakout in small caps, which have surged by 9% this month while the NASDAQ has declined by 5% over the past two weeks. Dana explains the improved market breadth and internal indicators that suggest a more sustainable rally in small and mid-cap sectors. He also discusses the health of the broader market, the potential benefits of diversification, and concerns around previously dominant mega-cap stocks.

On the commodities front, Dana shares his positive outlook on gold and silver markets while highlighting some concerns and opportunities in the copper sector. We delve into sector opportunities, including defensive sectors like healthcare, consumer staples, and utilities, which are seeing renewed interest. Dana offers insights on areas within the tech space that could present contrarian opportunities despite recent pullbacks, such as cybersecurity and software.

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review the rotation trade within US Equities, but also into beat up value sector stocks, gold, the re-industrialization of America stocks, and uranium stocks.

We start off discussing the rotation trade out of the mega-cap tech leadership and down into both smaller cap growth stocks. Sean weaves in his take on the supposed “Trump trade” that many outlets are touting, but outlines that many of the trends due to anticipated tariffs, or increased energy drilling are at odds with market signals. This then brings in the discussion of anticipated Fed rate cuts, how many and how impactful they may be, and what that could mean for regional banks and homebuilders.

Next we move over into opportunities Sean sees in the value stocks, like real estate and healthcare, dividend-paying stocks, and also gold. He also breaks down how 3 separate fiscal spending bills passed are very bullish for the “re-industrialization of America” and companies that can help with the build out of new infrastructure.

With regards to the uranium stocks, he remains very encouraged based on the number of reactors being built or planned globally, and the increased receptivity to nations with regards to nuclear power. One of the big catalysts we discuss is how the changes to the taxes have increased in Kazakhstan, and how that may limit any big increases from Kazatomprom in production in the medium-term. As for the uranium stocks, Sean is more animated by the uranium companies that are either in production, or that have a near-term pathway to production.

Click here to follow along with Sean’s work at Weiss Ratings Daily

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Darcy Marud, President and CEO of Western Exploration (TSX.V: WEX) (OTCQX: WEXPF), joins us to outline the key objectives for the 4,000 meter drill program this year that just commenced today, which is following up on the high-grade gold and silver assays returned from last year’s program at the Gravel Creek Project. We also review the larger vision for future development of the Company’s Aura Project, consisting of the Doby George and Gravel Creek/Wood Gulch Projects in Elko County, Nevada.

The Aura Project has a N.I. 43-101 Compliant Resource, last updated in 2021, of 607,000 ozs of gold and 3,169,000 silver ozs in the Indicated category @ (14,237,000 tonnes @ 1.43 AuEq g/t), and 578,000 gold and 6,115,000 silver ozs in the Inferred category @ (12,102,000 tonnes @ 1.71 AuEq g/t).

The 4,000 meters of drilling at Gravel Creek for this year will target these high-grade veins identified in the Jarbidge rhyolite east of the Gravel Creek deposit. Major Drilling [Group International Inc has been contracted to supply two core drills for the oriented core drill program. stepping out from holes WG456 and WG457 to better define the structure of this high-grade area, and bring all this data into the inferred resources. We also look at the historic production from prior operators out of the Wood Gulch / Gravel Creek complex, where Wood Gulch produced 646,500 tonnes and a historic resource that averaged 3.36 g/t Au and 23.65 g/t Ag. We also reviewed the opportunity for future exploration programs to test the “gap area” between these 2 areas and that it all could potentially connect both areas into one larger system.

Next we pivoted over the Doby George deposit, the prior exploration work completed at this project, the oxide resources as they stand today, the opportunity to continue exploring at depth for sulphide resources, and the optionality for development and future production at this Project. Positive metallurgical results were returned from work just in January of this year. This also ties into a larger discussion on how the Doby George and Gravel Creek/Wood Gulch properties combine into a larger strategy for the overall Aura Project.

If you have any questions for Darcy about Western Exploration, then please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to see the latest news from Western Exploration

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Jeff Christian, Managing Partner at the CPM Group joins me to outline the many factors driving gold, silver, platinum and palladium prices. We delve into investment demand, central bank buying, and insights on the Commitment of Traders (CoT) Reports.

Jeff highlights the recent volatility in the market, the political and economic factors influencing prices, and the observed seasonal trends. Key points include big shifts in gold investment demand, the impact of political changes, and an overview of central bank activities in the precious metals market.

Click here to visit the CPM Group website to learn more about the firm.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins us to review the recent acquisition of 2 brownfields tungsten royalties, as well as a royalty partner update on the Diba Mine nearing first production.

In the news released to the market on July 22nd, Elemental Altus Royalties has acquired two existing royalties from Cornish Metals Inc. including an uncapped 4% net smelter return (“NSR”) royalty on the Mactung Project in Canada currently being advanced by Fireweed Metals Corp(TSX.V: FWZ) (OTCQX: FWEDF), and a 1% NSR royalty on the high-grade Cantung Project, a formerly operating tungsten mine in Canada.

Mactung, operated and owned by Fireweed Metals, is one of the largest, high-grade tungsten deposits in the world and one of the few high-grade tungsten deposits outside of China, that also has the Environmental Assessment completed as part of previous permitting. Fireweed Metals, a well-financed, Lundin Group company, has an experienced management team with a track record of securing funding for mine development. The next key catalyst on the Project will be a new PEA later in 2024, building on the updated Mineral Resource Estimate in 2023. Fred also briefly reviews the overlooked value in the previously operating Cantung Project, and why their team is bullish on the fundamentals of the tungsten markets as a strategic metal of importance.

Next we got a royalty partner update on the expected maiden production from the Diba Gold Project, operated by Allied Gold Corp (TSX: AAUC). Allied Gold has announced that their 12,000 meter drilling program is targeting extending the Mineral Resources at Diba. This is significant as the exploration program is designed to prioritize near-mine oxides and comes on top of the previously announced initial Proven and Probable Reserves of 280,000 ounces of gold at 1.43 g/t within the larger 377,000 ounces of gold in Measured and Indicated Resources that was announced in February 2024.

Diba is expected to materially contribute to production at Sadiola from mid-2024 and Allied have fast-tracked it into production this year, while simultaneously undertaking aggressive exploration to expand the Resource. Elemental Altus owns a 3% NSR royalty on the first 226,000 ounces produced at Diba and an uncapped 2% NSR royalty on all subsequent production. The consideration also included multiple production-based milestones totalling up to US$6 million and for which the Company has received the first US$1 million with further payments anticipated this year.

If you have any follow up questions for Fred regarding Elemental Altus Royalties, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording.

Click here to view recent news on the Elemental Altus Royalties website

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Dave Erfle, Editor of The Junior Miner Junky joins us to discuss the relatively stable gold price around $2,400 and the investment factors holding price.

Dave provides insights on key factors such as Fed policies, including potential future rate cuts, and global economic signals like the U.S. job market and Indian gold import tax changes. We also delve into geopolitical events affecting gold prices, including U.S. election chaos and global economic slowdowns. Additionally, we explore the dynamics of Western vs. Eastern investment in gold and discuss the performance and potential of silver stocks amidst rising gold prices.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Matt Badiali, Editor of the New Energy Investor, published under Mangrove Investor joins us to focus on the copper market. We discuss the drop in the copper price, issues around permitting, overall health of the copper producers, and what factors could help all copper stocks.

We kick off with insights into the significant price drop from over $5 in May to $4.16 today. We discuss the potential global economic slowdown and its impact on commodity prices, particularly copper and energy. Matt shares his views on China’s influential role in the commodities market, the economic health of copper producers, and the increasing energy demands in copper mining. We also address the potential for M&A activities among major and junior mining companies amidst current market conditions.

Click here to visit the Mangrove Investor website to follow along with what Matt is writing.

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Justin Reid, CEO and Kyle Frank and VP of Exploration and Corporate Development of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), join me for a video segment that highlights the primary value proposition of the main Project attributes, key takeaways from the recently released Feasibility Study, and a comprehensive exploration update near the existing pits, but also regionally across their land package.

We start off looking at the site location and infrastructure layout of the Troilus Project located in northcentral Quebec, Canada. Justin outlines the advantages they have in a development scenario due to them being a brownfields site, in a tier-one mining district along a prolific mineralized trend with many other operating mines. He then dives into the key metrics in the Feasibility Study released to the market on May 14th, as well as economic sensitivities to higher gold and copper prices down the road.

Kyle then guides us through a summary of the key exploration work the team completed in 2023, and all the areas for expansion around the existing pits and proposed pits, and some new discoveries the team has made that will be getting follow up work. Additionally, there are numerous regional targets ranging from grass roots geochemical anomalies to early-stage drill targets that are actively being explored and advanced, representing significant future upside potential across their land package.

If you have any questions for Justin or Kyle regarding Troilus Gold, then please email them over to me at Shad@kereport.com.

Click here to follow along with the latest news from Troilus Gold

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Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion on the silver price action, and some pro tips on investing junior silver stocks. This is a longer-format conversation where we cover many areas of consideration like drilling news catalysts, jurisdiction risk, and the potential of spinning out certain projects as a value driver. We also ponder whether junior silver developers should move towards production on their own, or try to sell a stand-alone project outright, or seek out a total acquisition or takeover offer from a senior producer.

The company examples that Peter provides from his portfolio for review are New Pacific Metals Corp. (TSX: NUAG) (NYSE: NEWP), Dolly Varden Silver Corp. (TSXV: DV) (OTCQX: DOLLF), Vizsla Silver Corp.(TSXV: VZLA) (NYSE: VZLA), and Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF).

In full disclosure, Shad is a shareholder of Dolly Varden Silver and Vizsla Silver at the time of this recording.

Click here to visit Peter’s site and follow along with his analysis of the silver sector

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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), join us to review the first 3 drill holes and a number of upcoming key targets for the recently commenced 20,000 meter Phase 4 diamond drill campaign on their wholly-owned Diablillos property in Salta Province, Argentina. We also discuss the recently changing political policies in Argentina, including a larger incentive bill passing, making it more economically viable to develop and produce from extractive projects, and is attracting more foreign investment from other global companies into this improving jurisdiction.

We start off having John and Dave recap the recent wide-intercept silver mineralization returned from the first 3 drill holes exploring the SouthWest extension of JAC. Headline Hole DDH 24-004 encountered a wide zone of high-grade silver mineralization, grading 245 g/t Ag over 33.4 meters.Drilling in this zone is designed to convert Inferred Mineral Resources to the Indicated category, within the conceptual open pit boundary. Dave also expands on other drill targets being pursued by the 3 drill rigs in areas with known mineralization, like JAC North, Alpaca, Fantasma, and Cerro Bayo; as well as exploring to the NorthEast extension of the Oculto deposit. This ongoing drilling will expand the known targets will feed data into future resource updates and that the exploration team is looking for more near-surface high-grade silver and gold oxide mineralization to expand and extend the front-end economics of a project development scenario.

We also have John outline the some of the major changes in Argentina since the policies of the newly elected president, Javier Milei, has enacted sweeping reform that has reduced inflation from over 20% down to 4%, is removing barriers to business and foreign investment in the country, and is enacting improvements to infrastructure. In particular the new “Incentive Regime for Large Investments” bill (also nicknamed RIGI) offers a legal framework of tax, customs and exchange incentives to attract investment projects exceeding 200 million dollars.

The key takeaways for AbraSilver would be seeing the income tax drop from 35% down to 25%, removal of FX currency restrictions, and to see a 3-year reduction in export duties of 8% for gold and 4.5% for silver drop down to effectively 0% after the third year. This would mean substantial increase to the NPV of the project economics. Additionally, once the Company puts out a Feasibility Study on the project next year, they would be eligible to file a Stability Agreement, locking in the better taxes and export duties for a 30 year period.

If you have any follow up questions for John or Dave regarding at AbraSilver, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.

Click here to visit the AbraSilver website and read over the most recent news releases.

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Craig Hemke, Editor of TF Metals Report joins us to discuss the latest Commitment of Traders (COT) report and its impact on gold prices. Craig provides an in-depth analysis of the significant drop in gold prices following the CoT report and shares insights about trends in the silver market. Craig also touches on upcoming economic data, the influence of politics on precious metals, and the potential market behavior in the months to come.

Click here to visit Craig’s website – TF Metals Report

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Francois Motte, CFO of Aclara Resources (TSX:ACA) joins me to recap the July 9th news release, reporting a strategic alliance with VACUUMSCHMELZE GmbH & Co. (“VAC”) to explore the development of a permanent magnet supply chain.

We start by discussing VAC’s extensive history and expertise in rare earth permanent magnets. The alliance aims to develop a competitive magnet supply chain outside of China, addressing geopolitical concerns. This partnership focuses on sourcing heavy rare earth minerals from Aclara’s projects in Brazil and Chile and VAC’s production capabilities. The discussion also highlights VAC’s contract with General Motors and their factory under construction in South Carolina, set to supply electric vehicle magnets by 2026.

We also discuss the technical, economic, and operational details of the alliance, the importance of heavy rare earth minerals such as Dysprosium and Terbium, and the broader impact on the electric vehicle market.

If you have any follow up questions for Francois please email me at Fleck@kereport.com.

Click here to visit the Aclara website to learn more about the Company.

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Rick Bensignor, President of Bensignor Investment Strategies joins us for the special Sunday Editorial to share his trading strategies and outlook for small cap stocks, tech stocks, interest rates, copper and gold.

We kick off with the impact of lower-than-expected inflation CPI data on July 11th, which triggered a rotation from big tech to small caps. Rick elaborates on his tactical moves, including buying the Russell 2000 ETF (IWM) and shorting QQQ. The conversation transitions into the sustainability of the small-cap rally, heavily influenced by expectations of the Federal Reserve lowering interest rates.

Rick then provides an analysis of bond yields, particularly focusing on U.S. 10-year Treasury yields and the critical support level of 4.13%. He highlights the potential implications if yields break below this level. Next, Rick discusses the broader market sentiment, including the rotation into various sectors like financials, smaller tech stocks, and REITs, driven by the anticipation of lower rates. Rick contrasts this with the concept of yield curve un-inverting and what it signals for the economy.

The discussion then shifts to commodities, with a detailed look at copper and gold markets. Rick explains the speculative nature of the recent copper rally and its subsequent correction, emphasizing the role of China and market sentiment in driving these moves. For gold, Rick maintains a positive long-term outlook but advises cautious short-term trading, noting the importance of key levels and the influence of the dollar and bond yields.

Click here to visit the In The Know Trader website.

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Welcome to The KE Report Weekend Show!

This summer sure isn’t boring! Another volatile week for markets and metals as prices rose to start the week but revered Thursday and fell further on Friday.

On this Weekend Show we focus on metal and energy stocks. There are some great opportunities in many resource sectors but investors have to be selective.

We hope you all enjoy this Weekend Show! Have a great weekend!

Segment 1 and 2 – Joe Mazumdar, Editor of Exploration Insights kicks off the show discussing the current trends in gold and silver markets and their impact on equities. Joe shares insights from a recent conference in Boca Raton, organized by Rick Rule, highlighting the participation of high-net-worth individuals and industry trends. The conversation spans topics from market corrections, M&A activity, and the role of institutional equities, to the challenges faced by development companies in securing funding.
Click here to visit the Exploration Insights website to follow along with Joe.
Segment 3 and 4 – Dan Steffens, President of The Energy Prospectus Group wraps up the show by discussing two energy companies – Devon Energy and Crescent Energy – and their recent acquisitions. He also explores the potential effects of a Trump re-election on the energy sector, including changes in oil prices and future energy policies.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.
Dan also offered to send you his company reports! All you have to do is email Dan, energyprospectus@gmail.com, and mention the KER interview.

Joe Mazumdar Dan Steffens

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins us to discuss the latest CPI data and its market impact.

We delve into expectations of a Fed rate cut, market reactions, and potential future movements. Mark shares insights on stock market trends, commodity adjustments, and evaluates the Trump trade scenario. Discover how interest rates and a stronger US dollar might influence gold and the small caps market.

Click here to visit Marc’s site – Marc To Market.

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George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins me outline the updated resources at the Cactus Project in Arizona, that contains over 11 billion pounds (“lbs”) of copper in all categories – 7.3 billion lbs of copper in measured and indicated, and 3.8 billion lbs in the inferred category.

We start off discussing the key metrics and takeaways from this updated resource estimate, and George outlines that it is because of all the drilling the company has done at the MainSpring Property, had not been included in this study yet, which brought in 1.9 billion lbs of copper. Since Mainspring was amenable to open pit mining, this also allowed for Parks-Salyer to be transitioned into an open pit scenario as well, bringing in an additional 1.5 billion lbs of copper. Now that there is an enlarged pit, it confirms Parks/Salyer and MainSpring as one deposit, renamed to “Parks/Salyer.” This transition to open pit mining increases the efficiencies, improves costs, reduces capex, and takes away the need to put in the twin declines initially proposed.

There will be a Preliminary Economic Assessment coming out in the next few weeks that will wrap some economics and other mine development data around the combined project. After that PEA, then all of the ongoing infill drilling at MainSpring and also deeper at Cactus West looking for more sulphide resources will all factor into a larger combined PFS for the whole Cactus Project, Parks Salyer, and Mainspring, both as a stand-alone project, and in concert with the Nuton leaching technology in 2025. That PFS study for next year will also review the optionality to improve the process with the investment by Nuton LLC (a wholly-owned subsidiary of Rio Tinto) and subsequent option to Joint Venture (“JV”) the Cactus Project to Nuton LLC using their proprietary leaching recovery methods. George also provides some updates on permitting for the project, and the importance of it being on private land to help expedite the process.

If you have any follow up questions for George about Arizona Sonoran, then please email me at Shad@kereport.com and I’ll get those forwarded along to the company.

In full disclosure, Shad has a position in Arizona Sonoran Copper at the time of this recording.

Click here to visit the Arizona Sonoran website to read over all the recent news.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to outline the massive opportunity he is seeing in interest rate sensitive sectors and equities.

He highlights the recent surge in small cap stocks following lower-than-expected CPI data, potentially indicating future rate cuts by the Fed. We delve into key sectors like regional banks and small caps generally, and the significance of the Moxie indicator in identifying trading signals. TG also emphasizes the potential shift from mega caps to small caps in the face of lower interest rates and invites viewers to join his upcoming webinar for more insights.

Click here to visit TG’s site – Profit Pilot

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference, joins us to review the fundamental and technical setup in the gold and what news and market factors are moving the resource stocks in gold, silver, copper, and uranium. We start off looking at the softer US economic data and moderating inflation that is giving market participants in many sectors more confidence that the Fed will begin cutting rates in the next few months. Brien points to the recent breakout to new highs coming technically as the bollinger bands were tightening on the charts, that hs had written to his subscribers about in advance. The fundamentals for higher gold prices are in place with the backdrop of the weaker US economic data, strong buying from central banks, the significant role of Eastern demand, particularly from China, and finally more interest in precious metals from Western investors lately.

With regards to the resource stocks Brien reiterates that any pullbacks in the metals and weakness like we are seeing this week, is a buying opportunity as the larger bull market trends are solidly in place. We discuss the positive margin expansion we should be seeing in gold and silver producers as they report Q2 earnings over the next month. He points to companies where he likes the current risk/reward set up in companies like Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF), Banyan Gold (TSXV: BYN) (OTCQB: BYAGF), Vizsla Silver (TSXV: VZLA) (NYSE: VZLA), and a wider swath of the silver stocks. With uranium stocks, he is bullish on the demand drivers for growing nuclear power demand, and thinks the recent weakness provides a good place for positioning for the longer-term thesis. Copper has corrected, but Brien believes the price will double in the next 3 years, but that investors need to be more selective with juniors, as they really need a larger strategic partnership with senior producers to advance the expensive drilling and long timelines, and points to Filo Corp. (TSX: FIL) (OTCQX: FLMMF) as a unique story because the Lundin family was able to move it forward internally using their own capital and mining expertise.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

Click here to visit the Gold Newsletter website to learn more about Brien’s letter.

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Brian Leni, Editor of the Junior Stock Review joins us for a discussion on how he is filtering through the wide range of metals stocks to find unloved stories that offer the best upside potential.

We start by recapping the strong performance of precious metals especially gold, dive into the trends influencing base metals like copper, and discuss strategic approaches to junior stock investment. Brian shares his thoughts on identifying undervalued assets, the importance of strong management teams, and the impact of overarching global financial issues on market trends. We wrap by highlighting Brian’s latest Field Notes video highlight and interview from a four-day visit with Altius Minerals.

Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in.

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Taj Singh, President and CEO, and Adam Cegielski, Chief Development Officer of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), join me to discuss the specifics on a few recent news updates announced to the market:

FNM enters into an agreement to finalize the acquisition of the Oijärvi Gold Project in Finland, which includes the resource-stage Kylmäkangas gold deposit, a drill-ready, high-grade gold project with significant resource expansion and district-scale growth potential.
Agnico Eagle to become a 13.3% shareholder of FNM.
Already one of the largest mineral claimholders in Sweden with a controlling position on the Gold Line Belt, FNM continues to build its business in both Sweden and Finland with the control of 2 different greenstone belts in Scandinavia an aim of being a premier European gold developer.

With regards to Sweden, the Company holds a 100,000-hectare district-scale position covering almost the entire Gold Line belt and a significant portion of the Skellefte VMS (volcanogenic massive sulphide) belt and covering a +100km belt position of regional first-order structural corridors. The majority of defined resources are at their flagship Barsele Gold Project with 2.4 Moz gold (NI-43101, all categories), in a JV with Agnico Eagle Mines Ltd. Additionally, the exploration team has defined two other mineralized trends, each over 5kms, the Paubäcken Project and the Storjuktan Project, that both Adam and Taj provide exploration updates on.

We also discuss how the warrants have been starting to get exercised by investors, since they are in the money, bringing in more capital to the company to fund exploration this year, with more expected to be exercised moving forward. First Nordic Metals is also preparing to list it’s shares on the Stockholm exchange, and that will be another driver of liquidity slated for this year.

If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them to me at Shad@kereport.com.

Click here to follow the most recent news from First Nordic Metals

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Roger Moss, President and CEO of Labrador Gold (TSX.V:LAB – OTCQX:NKOSF – FSE:2N6) joins me to discuss the now completed sale of the Kingsway Project, in Newfound, to New Found Gold for shares with a current market value of over C$23 million. I ask about the Company’s strategy of whether to hold or liquidate the shares and what type of project the Company is looking to acquire. I also have Roger outline the plans for the Company owned Hopedale Project, in Labrador.

Click here to visit the Labrador Gold website to learn more about the Company.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to recap the July 16th news release reporting high-grade sample results from across the Tombstone Project, in Arizona. See Figure 1 from the news release, posted below, to view where the sample results were taken.

Simon and I discuss how these results influence exploration strategies moving forward. Further insights are provided on the Westside 82 Extension Target and possible drilling in the near term. The conversation also touches on Aztec Minerals’ financial updates including a recent offering aimed at funding future drilling, and updates on their Cervantes project in Mexico.

Click here to visit the Aztec Minerals website.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF – FRA: RGG1) joins me to recap the news released yesterday, July 17th, announcing the acquisition of a portfolio of gold projects from Argonaut Gold, which include producing mines and development assets.

Charles explains how the deal came together, the strategic advantages, immediate cash flow benefits, and future development projects. He also discusses potential risks, such as closure costs and permitting challenges in Mexico, and outlines the opportunities for growth. The company aims to leverage existing assets to cover the acquisition costs and growth its production capabilities, while still viewing Ana Paula as the flagship asset to be developed in the near term.

Please email me with any follow up questions for Charles at Fleck@kereport.com.

Click here to visit the Heliostar Metals website to learn more about the Company.

Click here to sign up for the Company’s webinar on July 25th at 11am PT (2pm ET)

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss three junior companies with recent news out to the market; along with the bizarre environment of gold hitting all-time highs while there still a lot of trepidation and investor apathy for investing longer-term in the junior precious metals stocks.

First Nordic Metals (TSXV: FNM) (OTCQB: FNMCF) just brought in Agnico Eagle (NYSE: AEM, TSX: AEM) as a strategic shareholder, and also acquired 100% ownership of the Oijärvi Gold Project and greenstone belt in Finland.
Brixton Metals (TSX.V:BBB) (OTCQB: BBBXF) just optioned their Atlin Goldfields Project to Eldorado Gold (TSX: ELD) (NYSE: EGO), bringing on yet another senior miner as partners.
Goliath Resources (TSX.V:GOT) (OTCQB: GOTRF) announced the discovery of abundant visible gold and strong sulphide mineralization in quartz breccia, as well as a significant 22.4 meter intercept of a porphyritic intrusion containing veins with abundant visible gold, molybdenum and bismuth mineralization in GD-24-235 the first drill hole of 2024, in what they have dubbed the “Mothership Feeder Zone.”

Click here to visit Erik’s site – The Hedgeless Horseman

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins me to review the final tranche of drill results from resource expansion drilling completed at the Company’s flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana in 2023. We dig into what these results mean for the continuity and polymetallic prospectivity of the updated geological model that is coming into focus, as well as the value drivers moving forward on their 4 other non-core properties.

With regards to the Stillwater West Project, in 2023 a total of 6 holes totaling 2,310 meters were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multi-phase program. The focus was on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometer-long resource area. Holes CM2023-01, -02 and -03, reported here, targeted and successfully intercepted magmatic nickel and copper sulphide mineralization with significant platinum group element (“PGE”) in several styles of mineralization, furthering known parallels with the Bushveld Igneous Complex, in particular the Northern Limb, or Platreef.

We get into the parallels between the Stillwater Igneous Complex and the Bushveld Igneous Complex and South Africa’s Platreef district, which hosts very large Ni-Cu-PGE mines that are now in operation by Ivanhoe Mines and Anglo American. We also discuss some of the new understanding of a second mineralized event on the property producing what have been labeled as the “N series” of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the Company in prior drill holes CM2021-05 and CM2020-04. We also discussed the deep roots under Chrome Mountain as a potential feeder system warranting further follow up drilling in 2024.

Mike also highlighted that the Company has other value drivers being overlooked by the market place at their other 4 non-core properties: The Drayton-Black Lake Gold Project where Heritage Mining (CSE: HML), is under an earn-in agreement, by which they can earn a 90% interest in the project by completing work commitments and making payments of cash and shares to the Company. There has also been some additional exploration work at the Company’s 100%-owned Kluane PGE-Ni-Cu project in Yukon, Canada, funded in part by a Yukon Mineral Exploration Program grant. We also mention the potential for further value drivers at both the Duke Island Project in Alaska and their long-standing Yankee Dundee Project in British Columbia.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals at the time of this recording.

Click here to follow along with the latest news from Stillwater Critical Minerals

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins us to discuss the recent all-time high in gold prices, with forecasts suggesting potential targets up to $3000. Additionally, we analyze the performance of gold stocks, silver, and the impact of market trends. Jordan also touches on the implications of a possible recession and how it might affect both the metals market and broader economic conditions.

Click here to visit Jordan’s site – The Daily Gold

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX – OTCQB:DMXCF – FRA: DFPP) joins me for a corporate overview, discussing work updates and plans on the Alum Shale projects and base metals projects in Sweden, listing on the Nasdaq First North Growth Market in Sweden, and Sweden’s moratorium on uranium.

Key points include the expansion of Alum Shale energy metal properties in Sweden. We discuss an increase in mineral licenses and ongoing geological work to identify potential drilling targets. I also ask about similar Alum Shale properties in production and nuances of the production.

Updates on the Tomtebo and Stollberg projects, which are in collaboration with Boliden, are focused on upcoming drill results and ongoing fieldwork.

We then discuss the potential application for a secondary listing on the Nasdaq First North Growth Market in Sweden, detailing how it could benefit the Company by broadening its investor base.

Finally, we delve into the possible lifting of the uranium moratorium in Sweden and its favorable timing for the company, elaborating on the steps District Metals would take if the moratorium is lifted, including updated economic assessments and exploration of additional uranium properties.

Please email me any follow up questions you have for Garrett. My email address is Fleck@kereport.com.

Click here to visit the District Metals website to learn more about the Company.

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Alex Scanlon, Managing Director and CEO of Barton Gold (ASX: BGD) (OTCQB: BGDFF), joins us to review multiple exploration and development news releases over the last few months, along with updates to the resource estimates at both the Tunkillia and Tarcoola Projects in South Australia.

We start off reviewing the updated Tunkillia Gold Project JORC Resources that have grown earlier this year to 1.5Moz Au, and that the company has just released a Scoping Study to wrap some preliminary life-of-mine metrics and economics around the Project.

Key Highlights from the Tunkillia Scoping Study:

Initial 6.4 year life-of-mine (LOM) and total ~8 year project life (including construction), with a total of 30.7Mt processed materials grading an avg 0.93 g/t gold (Au) and 2.52 g/t silver (Ag)
Initial LoM estimates include:
- total payable metal of ~833koz Au and ~1,993koz Ag
- avg annual production of ~130koz Au and ~311koz Ag
- avg operating cashflow of ~A$1,626 / oz Au (net of by-product Ag credits), and
- avg All-in Sustaining Cost (AISC) ~A$1,917 / oz Au (net of by-product Ag credits), would currently rank Tunkillia #17 of 47 Australian gold operations reporting AISC / oz Au produced.
Higher-grade ‘Starter’ pit during first ~18 months of mining and processing:
- 4.9Mt mill feed averaging 1.26 g/t Au and 3.32 g/t Ag
- total production of ~181koz Au and ~420koz Ag, and
- avg operating cashflow of ~A$2,265 / oz Au (~A$396m total) (net of Ag credits).
~A$374m initial capital cost (incl. ~A$70m EPC), before owner costs, pre-strip and contingencies
Initial Net Present Value (NPV)7.5% ~A$512m, 40% IRR and 1.9 year payback (unlevered, pre-tax)

Next we transitioned over to the Tarcoola Project, and the resource updates there where the the JORC (2012) Mineral Resources were increased to ~20,00oz @ ~2 g/t Au at the Perseverance Mine area. These resources within 60 – 80 meters of open pit floor, with potential depth / strike extensions. There is ongoing drilling at Tarcoola to keep expanding the resources, with more drill news to come to market over the next few months.

Alex points out that Tarcoola gives the company optionality in that it is a higher-grade open pit that could be trucked up to their 100% owned Central Gawler Mill to bring in revenues and augment the development funds needed down at Tunkillia. The Central Gawler Mill has now been reported to have a replacement cost of $100Millon (about double their current market cap), and was just cleaned out and optimized, resulting in gold being recovered and sold for $4.25Million.

If you have any questions for Alex about Barton Gold, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to see the latest news from Barton Gold

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD – OCTQX:NFLDF – FSE:634) joins me to recap the July 15th news release announcing a new discovery on the Bullseye Project, in Newfoundland. With 3 holes released, Hole 15, was the headline hole, intersecting 67.55 g/t Au over 3.30 m in the Saddle Zone.

These drill results are part of a 12-hole, 2,500-meter drilling program. Jeff elaborates on the significance of this discovery, its proximity to Newfound Gold’s discoveries, and the anticipated future results. He discusses the relationship of this discovery to the Appleton Fault.

We also discuss the market’s reaction, which was a huge volume increase but limited share price movement.

Please email me with any follow up questions for Jeff. My email address is Fleck@kereport.com.

Click here to visit the Exploits Discovery website to read over the news release and learn more about the Company.

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Jordan, the Mining Stock Monkey, joins me as a first-time guest on the KER to outline a number of data points and methods that investors can focus on to do better due diligence on gold and silver mining stocks. It’s a wide-ranging discussion that gets into analyzing both the strengths and hidden red flags on the balance sheet, the alignment of management in their shareholdings, the percentage of revenues going to G&A, operating expenses, gross profits, and much more.

He shares how he compares peer companies with both the producers and developers, and looks forward to future depletion or potential development growth that is being underappreciated by the market at present. Jordan uses a recent deep-dive he did into B2Gold Corp (TSX: BTO) (NYSE: BTG), to point out examples of the kinds of potential threats and opportunities looking forward. We also discuss how many novice retail investors flock only to exploration stocks, for the high-risk high-return speculations, but contrast that with gold and silver producers that can still offer compelling multi-fold returns with more data available to parse, for those that can spot the opportunities before the rest of the market does.

Click here to visit Jordan’s YouTube page

Click here to follow Jordan’s analysis at his newsletter

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Dave Kranzler, Fund Manager and Publisher of the Mining Stock Journal and the Short Seller’s Journal, joins me for a discussion on the all-time high made in gold today, the disconnect we are still seeing in the response from the gold stocks at these record metals prices, and parsing through opportunities in perceived jurisdictional risk.

We start off looking at some of the macroeconomic factors like inflation, the Fed’s increase in M2 overall despite it coming down year over year, the reverse repo market still creating more liquidity in money supply, and the upcoming rate cuts. Another big factor has been central banks in the East underpinning a continuous bid for both gold and silver. With regards to the gold mining stocks, he feels that there has been a loss in trust from generalist investors in these companies ability to maintain upside growth, after a series of corrections have followed each rally higher, but that this may be starting to change. He also notes the investor herd behavior piling into tech stocks like Nvidia and meme stocks that has most generalist chasing those themes and not even looking as the resource sector.

Wrapping up we get into a nuanced discussion around perceived jurisdiction risk, and conversely perceived jurisdiction safety, and how often there is more opportunity for upside surprises, faster permitting, and larger resources in some of the jurisdictions commonly thought of us risky. Dave outlines how he has done well the last couple of years positioning in Fortuna Silver (TSX: FVI) (NYSE: FSM), Calibre Mines (TSX: CXB) (OTCQX: CXBMF), and Silvercorp Metals (TSX: SVM) (NYSE: SVM) when he did more due diligence into the perceived risks many market participants have about West Africa, Nicaragua, and China respectively, but found them to be overblown. In contrast, many jurisdictions in the US and Canada are much slower to get projects permitted and developed, and still have community pushback and social license issues.

Click here to learn more about Dave’s newsletters and service.

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to discuss the first drill hole of the 2024 exploration program intersecting a new deep zone at Surebet, called the “Mothership Feeder Zone.” This hole contains abundant visible gold and strong sulphide mineralization in quartz breccia at 648 meters downhole and 125 meters in elevation above the valley floor from GD-24-235. This hole kicks off the 15,000 meter drill program with a proposed 62 holes from 22 drill pad locations with up to three diamond drill rigs, across the 10 gold veins delineated at the Golddigger Property, located in the Golden Triangle, British Columbia.

We start off getting the key takeaways from this new zone, which was intercepted below the Bonanza Shear Zone but above the Golden Gate Zone, and that this new discovery of a 24.4 meter porphyritic intrusion between 529.29 – 553.67 meters downhole containing veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth indicates increased confidence in the proximity of the feeder source of the Surebet system that remains wide open. Additionally, we discuss that this higher molybdenum and bismuth pathfinder minerals is sloping down towards the direction of the Jackpot Zone, about 1 km away, that has shear-hosted quartz-sulphide veins with higher copper values. Wrapping up Roger shares where some of the next holes are being drilled, and some of the other objectives from this year’s exploration program, and the steady stream of news on tap for the balance of this year.

If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and we’ll get those answered or covered in a future interviews.

• In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording.

Click here to follow along with the latest news from Goliath Resources

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Dave Erfle, Editor of The Junior Miner Junky joins us to discuss the recent all-time highs in gold prices and the resurgence in silver prices. With gold closing at record highs last week and continuing to rise, and silver returning above $31, the discussion covers the implications for mining stocks and the general market.

Dave provides insights on the earnings season for major gold miners, starting with Newmont’s Q2 results, and explores market dynamics, including fund manager strategies, M&A activity, and the potential influx of generalist investors into the gold and silver sectors.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

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Emanuel Proença, CEO of Savannah Resources (AIM: SAV, FWB: SAV and SWB: SAV) joins me to introduce the Company and the Barroso Lithium Project in Portugal. The Company claims this Project continues the largest spodumene lithium deposit in Europe.

Emanuel and I discuss the Project’s background, extensive historical work, and the roadmap to production by the end of 2026. We delve into key project details, including a scoping study from 2023, the overall resource size, partnership with AMG Critical Materials N.V. Group, and the work needed to advance to construction.

If you have any follow up questions for Emanuel or would like more details on any part of the asset please email me at Fleck@kereport.com.

Click here to visit the Savannah Resources website to learn more about the Company.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to unpack a few recent news releases on the key takeaways from the Q2 2024 operations at the San Albino Mine in Nicaragua, a recap of recent exploration results from Las Conchitas, the approval of their Environmental Impact Assessment in Nicaragua, and the completion of the acquisition of Goldsource Mines in Guyana.

We start off with the key takeaways from the Q2 operations update, with another record quarter from its San Albino Gold Mine, which is the 3rd year of production results since declaring commercial production on July 1st, 2021.

Q2 2024 Operational Highlights:

Record 59,549 tonnes mined containing 14,855 ounces of gold (“oz Au”) at an average grade of 7.76 grams per tonne gold (“g/t Au”) and 20,970 ounces of silver (“oz Ag”) of 10.95 grams per tonne silver (“g/t Ag”)
52,681 tonnes milled containing 14,888 oz Au at an average grade of 8.79 g/t Au and 19,953 oz Ag at 11.78 g/t Ag
12,206 oz Au recovered and 12,313 oz Au sold during the quarter
Delivered 40,500 oz of silver on the Sailfish Silver Loan for a total of US$ 1.1 million during Q2 2024
NCIB share repurchases of CAD$3.4 million shares equating to 1 million shares at an average price of CAD$3.38 /share in Q2 2024
Exploration Expenses of US$ 1.6 million in Q2 2024
Cash Balance of aprox. US$ 6.7 million and Gold in Sales Receivable of US$3.2 million as of June 30th, 2024, an increase of US$ 2.4 million from Q1 2024

Then we get an update on this year’s ongoing exploration strategy at San Albino, Las Conchitas, and other regional targets. We noted a recent new release from July 10th highlighting the recent exploration results from the ongoing reverse circulation (RC) expansion drill program, from 3 of the 4 principal zones within the southern portion of Las Conchitas: El Limon, Mango and Las Dolores.

Las Dolores Highlights:

- 37.80 g/t Au and 50.0 g/t Ag over 3.0m – (2.8m Estimated True Width -ETW)
- 34.10 g/t Au and 29.4 g/t Ag over 1.0m – (0.9m ETW)
- 16.77 g/t Au and 32.5 g/t Ag over 2.0m – (2.0m ETW)
- 16.56 g/t Au and 12.8 g/t Ag over 2.0m – (1.9m ETW)

El Limon and Mango Highlights:

- 11.25 g/t Au and 18.3 g/t Ag over 3.0m – (3.0m ETW)
- 9.83 g/t Au and 20.4 g/t Ag over 4.0m – (4.0m ETW)

We wrap up reviewing that the Las Conchitas EIA was recently approved and certified, although the Company continued to operate as usual with the bulk sample permit obtained last year. Exploration has ramped up at site, as noted by these first results, but there will be many more expansion drill results that get released to the market as the assays come in over the next 2 months. Cash is building on the balance sheet as the company prepare to begin advancing the newly acquired Eagle Mountain Gold Project in Guyana.

If you have any further questions for Akiba regarding Mako Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.

Click here for a summary of the recent news out of Mako Mining.

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Craig Hemke, Editor of TF Metals Report joins us to recap the moves in gold, silver and the underlying stocks last week. He also updated us on the surge in open interest seen on last week’s Commitment of Traders (CoT) Report.

We discuss the catalyst behind these movements, focusing on inflation data and market expectations of a Fed rate cut. Craig analyzes weekly trading patterns, rate cut expectations, and the effects on gold and silver prices. Also looking to the CoT reports Craig looks back to earlier in the year when open interest increased and what followed in terms of metal price moves.

Click here to visit Craig’s website – TF Metals Report

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Brett Heath, President and CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA) joins me to discuss the milestone achieved with the first gold production at the Tocantinzinho (TZ) Gold Project in Brazil. Brett shares insights into the acquisition, development, and future prospects of this significant asset within Metalla’s portfolio. I also have Brett outline the potential cash-flow that will be generated from this royalty.

The Company also published its inaugural Asset Handbook today. Brett gives a quick overview of what investors should note when reading over it.

Click here to visit the Metalla website to read over the inaugural Asset Handbook.

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Welcome to The KE Report Weekend Show! On the show this week we balance out analysis on recent economic data with sector specific market moves and investment opportunities.

Segment 1 and 2 – Peter Boockvar, Chief Investment Officer Bleakley Financial Group and Editor of The Boock Report on Substack kicks off the show with Peter sharing his insights into the current state of the economy, discussing key indicators, consumer behavior, and the potential impacts of anticipated Fed rate cuts. We explore equity market performance, AI investments, and his outlook for gold miners.
Click here to follow Peter at The Boock Report.
Segment 3 and 4 – Dana Lyons, Fund Manager and Editor of The Lyons Share Pro wraps up the show strictly looking at the markets. We discuss market reactions to recent lower-than-expected inflation data and the performance of lagging sectors like small caps. Dana also provides insights into the bond market, sector performance in utilities and REITs, and the strong showing of precious metals. We wrap up with a look at the latest trends in Bitcoin and Ethereum
Click here to visit the Lyons share Pro website and learn more about Dana’s invest services.

Peter Boockvar Dana Lyons

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Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent wide intercept high-grade gold drill results returned from the North Austin Zone, and to discuss the strategy around trial mining at the Madsen Gold Project, in the Red Lake district of Ontario, Canada.

We started off having Will share the main takeaways from the news release July 9th, about these assay results drilled from underground on the North Austin Zone, which represents a new area of high-grade mineralization extending the current Madsen resource to the northeast. This program was designed to expand the North Austin zone down-plunge and to the northeast.

Drill Hole # MM24X-03-5195-018 Intersected 10 meters @ 13.40 grams per tonne gold (“g/t Au”), from 82m to 92m, Including 1.0 meter @ 17.75 g/t Au, from 82m to 83m, also Including 1.0 meter @ 85.61 g/t Au, from 88.31m to 89.31m, also Including 1.0 meter @ 14.05 g/t Au, from 89.31m to 90.31m.
Hole MM24X-03-5127-012 Intersected 3 meters @ 12.21 g/t Au, from 58m to 61m, Including 1m @ 32.84 g/t Au, from 60m to 61m.
Hole MM24X-03-5195-015 Intersected 16.98 meters @ 3.12 g/t Au, from 82m to 92m, Including 0.98m @ 11.78 g/t Au, from 72.52m to 73.50m, also Including 1.0m @ 14.69 g/t Au, from 74.45m to 75.45m, also Including 0.79m @ 15.60 g/t Au, from 87.21m to 88.00m.

Next we discussed how the exploration strategy at Madsen has been focused at the North Austin Zone, the Main Austin Zone, and the South Austin Zone because it is the ideal mineralized area to exploit in a mining restart scenario in the second half of 2025. Will shares the main objectives of the trial mining, the confidence they will gain in the grade continuity, and how it will further derisk things for moving into actual mining next year. We also review the potential at depth at Madsen with both the South Austin Zone still open, and then some underground drilling work planned for this Q4 at the 8-Zone, underneath the McVeigh Zone. Underground drilling of these targets will allow the exploration team to follow up on these areas with more accuracy, and much more efficient holes, than trying to drill from surface as prior operators had done. There will also be a lot of regional exploration work and metallurgical testing completed at the Madsen Gold Project this year, further derisking and delineating the project, to optimize a potential mine restart next year.

If you have any follow up questions for the team over at West Red Lake Gold please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to review the 2024 exploration strategy at both the Keno Silver Project in the Yukon and the La Plata Copper Project in Colorado.

We lead off discussing the 2,000 meters of drilling planned to begin in the next few weeks at the Keno Silver project, building upon the inaugural NI-43-101 mineral resource estimate, announced February 26th. This was a key milestone for this Project which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake). Preparations are underway to begin step-out drilling near the Formo target, which is the largest of the four deposits contributing to the initial resources announced earlier this year, and located inside the neighboring Hecla Mining’s Keno Hill land package. There will also be drill testing at a few new targets like McMillan and Rumtum.

Then we pivoted over to the developing exploration strategy, ongoing groundwork, and targeting for this year at the La Plata Copper-Silver Project, following up on last year’s 4 drill holes over 4,530 meters, that was funded by a May 2023, 9.5% strategic equity investment by Newmont Corporation. Scott outlines that those 4500 meters drilled last year have not yet been added into the existing 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource. Importantly, they will also add in more a grade and resources from gold, platinum, and palladium for the first time; which have not previously been included.

Scott outlined that the 4 holes drilled by the exploration team in 2023 did follow up on the area near the high-grade intercept hole # LAP22-04, and that three of four holes intercepted continuous porphyry style Cu-Ag-Au-PGE mineralization over 500 m in width at 0.3% Cu including significant intervals exceeding 0.5% to 0.7% CuEq with associated Ag, Au and PGEs. Drill hole LAP23-05 intersected 909 m of continuous mineralization from surface grading 0.26% CuEq over the entire hole length, with a 550 m wide higher-grade zone. We discuss the variability in the grade and intensity of the mineralization in all drill holes, based on the density of veining and concentration of associated sulphides that carry the copper, silver, gold, platinum, and palladium. The deposit remains open to expansion at depth and along trend. Defining the geometry of these higher-grade porphyry units and alteration zones is an important focus of follow up drilling at the Allard resource area and potentially testing a few new targets in 2024.

If you have any follow up questions for Scott on Metallic Minerals, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Metallic Minerals.

Click here for a summary of the recent news out of Metallic Minerals.

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Morgan Lekstrom, President of NexGold Mining (TSXV: NEXG; OTCQX: TSRMF) joins us to introduce this newly formed Company, through a combination of Treasury Metals and Blackwolf Copper & Gold.

The Company will be focused on the Goliath Gold Complex, in northwest Ontario. With a lot of drilling completed in the past and with a 3 million oz gold resource, Morgan outlines the exploration plans over the next 12-18 months.

Please email us with any further questions for Morgan.

Click here to visit the NexGold Mining website to learn more about the Company.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins me for an expanded conversation into the macroeconomic data that is moving the general equities markets and the commodities. We take a deeper dive into the fundamental and technical reasons he remains constructive for oil, gold, and uranium stocks, and what he doing in his own portfolio.

We start off discussing how the inflation trends and economic data is shaping the view of a potential Fed rate cut in September, and what the actual impact of a single cut or 2 cuts this year would be for many market sectors. Nick outlines the potential effects the rate cuts could have on commodities like gold and copper, but also real estate, utilities, small cap stocks, and other interest rate sensitive sectors. He is encouraged by the more subdued volatility across many asset classes and believes that the general equities are poised to keep making more all-time highs for the balance of this year.

When reviewing the commodities sector, he points to both oil and gold stocks as 2 areas he is positioned in and constructive on the setup in both commodities and related resource stocks. Nick also shares his personal experience, key takeaways, and future considerations having been on the Yukon site visit tour, as the news broke about the heap leach failure at Victoria Gold’s (TSX: VGCX) Eagle Mine last month. He discusses their balance sheet and ongoing concerns, and what impact it may have on permitting and future heap leach proposals in the Yukon for companies like Banyan Gold (TSX.V:BYN)(OTCQB:BYAGF) and Western Copper and Gold (TSX: WRN) (NYSE: WRN). He also floats the idea that Hecla Mining (NYSE: HL), being the only operator still producing up there, may take the opportunity to consolidate more companies in the Yukon.

Wrapping up, Nick unpacks why he is still bullish and remains a buyer on dips in the uranium sector, believing the bull market can continue in uranium equities for some time to come. He points to the recent acquisition of Fission Uranium (TSX: FCU) (OTCQX: FCUUF) by Paladin Energy (ASX: PDN) (OTCQX: PALAF) as a constructive transaction in the sector, and recent discoveries by CanAlaska Uranium (TSX.V: CVV) (OTCQX: CVVUF) and Skyharbour Resources (TSX.V: SYH) (OTCQX: SYHBF) as 2 companies that have seen good exploration news rewarded.

Click here to follow Nick’s analysis and publications over at Digest Publishing

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins me to discuss encouraging technical setup being seen in the gold stocks, via the ETFs (GDX) and (GDXJ), versus gold, and the silver stocks, via the ETFs (SIL) and (SILJ) versus silver. Silver has also been outperforming gold recently, which is another bullish signal. He points out the inverse head and shoulders patterns in the mining stocks ETFs that could resolve in a very bullish move, as well as the encouraging moves on the advance/decline line relative the PM mining stocks.

As far as any catalysts needed for the next move higher in gold itself, Jordan feels it will just be patience for the rate cutting cycle to begin. The last confirming indicator that he is looking for is when gold will start breaking out in relation to his 60/40 portfolio (60% US equities / 40% bonds).

Click here to visit Jordan’s site – The Daily Gold

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins me to review investing opportunities in the energy sector, and what kinds of companies he’s investing in and which ones he is avoiding in the uranium, lithium, oil, nat gas, solar, wind, utilities, copper, and rare earths stocks.

With regards to the uranium stocks, he is very encouraged the increased price action mid-week and wants to see how things play out for the balance of this week. One of the big catalysts we discuss is how the changes to the taxes have increased in Kazakhstan, and how that may limit any big increases in production in the medium-term. He remains more animated by the uranium companies in production, or that have a near-term pathway to production, and is less interested by the earlier-stage exploration companies, at this point in the cycle. We also contrast the lithium markets and lithium stocks, and the bubble they had as more shorter-duration compared to the longer-duration fundamental drivers in the uranium sector.

Sean is still positioned in the oil stocks, but has pulled profits in some of the stocks and has been adding more nat gas stocks over the last couple months. That larger companies that pay dividends seem fairly secure with these underlying oil and gas prices, and Sean expects them to have very positive Q2 financial reports. He also still likes some of the growth opportunities in the smaller to mid-tier companies, that are utilizing new technology, and that could also be compelling takeover candidates.

We then turned toward the changes in the energy transition themes, and got his take on why he’s avoided the solar and wind sectors, which have really struggled the last couple of years in a continued corrective pattern. In contrast, Sean has been much more focused on positioning in the utility companies, as they are able to capitalize on the lower costs for generating power via solar or wind or nat gas, in concert with higher electricity demands. We also weave into the discussion the continued need for copper, and why he is animated on the copper stocks, and the production and near-term productions companies. Wrapping up we also check in on rare earths as a component to the energy sector, and why he is avoiding the stocks, in lieu of better opportunities in the sector.

Click here to follow along with Sean’s work at Weiss Ratings Daily

Click here to learn more about Resource Trader

Click here to register for Sean’s workshop at the virtual Money Show event

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to outline the key focus of the 20,000 meter drill program starting up this month in July at its 100% controlled Tonopah West Project, located in the Walker Lane trend of Western Nevada. The Updated MRE at Tonopah West contains a total of 0.57 million ounces of gold and 47.74Mozs of silver or 100.04Mozs of silver equivalent.

The key initiatives with this year’s drill program is to put in approximately 50 drill holes to convert inferred resources to “measured and indicated” on their Merten and Bermuda veins, as well as to crystalize further expansion along the 1km vein corridor between the DPB, Victor, and NW Step-out areas. At present there are multiple deposits along 2.5kms of strike length and tracked across open vein corridor spanning 4km in strike length. One of the goals of this program is drill in between the large gaps (1.5km) remaining to infill these areas and bridge the deposits together as one larger deposit. The system also remains open to the south, northwest, at depth.

We also discussion the various project derisking that their team is doing in the background like metallurgical testing and process flowsheet, hydrology studies, environmental studies, site infrastructure and the potential placement of a decline and processing mill, all in tandem with the exploration strategy. The company just raised $10Million in May, bringing in a larger stake from Eric Sprott, and is cashed up to do work beyond this drill program.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email us at Fleck@kereport.com or Shad@kereport.com.

For full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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Craig Hemke, Editor of TF Metals Report joins us to recap the last 9 months of price action for gold and silver.

We discuss gold’s significant moves since the end of last year, its seasonal trends, and its impact on investment demand. Silver’s performance and future projections are also discussed, including its potential breakout similar to gold’s past trend. We also look ahead to the economic factors, market conditions, and global demand influencing precious metal prices.

Click here to visit Craig’s website – TF Metals Report

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John Rubino, [Follow John on his Substack https://rubino.substack.com/], joins us to outline the potential for the higher gold and silver prices last few months to lead to upside surprises with the Q2 earnings reports in the PM mining stocks and royalty companies. John highlights the $300 increased margin, compared to Q2 of 2023, that a royalty company like Sandstorm Gold (TSX: SSL) (NYSE: SAND) is forecasting and how significant that could be for cashflow generation. He is interested in seeing if the largest and most followed gold producer, Newmont Mining (TSX: NGT) (NYSE: NEM) can really prove to the markets that they are seeing margin expansion, with higher metals prices outpacing their rising costs. We also review that many of the higher-cost miners could actually see the largest percentage increase to their margins once the Q2 numbers come in.

This leads into a discussion on whether we’ll see more senior producers generating good cashflows and potentially attracting new investment inflows, then start a more aggressive merger and acquisition cycle. He mentions that when we starting seeing multiple larger miners courting larger projects like New Found Gold (TSX.V: NFG) (NYSE: NFGC) or even solid low-cost single-asset producers like Silvercrest (TSX: SIL) (NYSE: SILV), that it will really get the M&A momentum going in the sector. John cautions against the potential for economic contraction later this year to potentially spill over into a pullback in the precious metals sector in sympathy, but entertains the converse thesis that the PMs could also diverge from the general equities in a more structural correction.

Click here to visit the John’s Substack to keep up to date on his market and economic commentary.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website joins us to discuss three companies with news all released today.

Ramp Metals (TSX.V:RAMP) released further drill results from its Rottenstone SW property, Saskatchewan.
BCM Resources (TSX.V:B) updated the market on its Thompson Knolls Porphyry Cu-Au-Ag-Mo project in Utah, and a key possible drill target.
Goliath Resources (TSX.V:GOT) announced the start of the 15,000 meter drill program at its Golddigger Project in the Golden Triangle.

Click here to visit Erik’s site – The Hedgeless Horseman.

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Bruce Nurse, Director at Longhorn Exploration (TSX.V:LEX) joins me for a discussion focused on the hydrogen market, more specifically natural hydrogen.

When focusing on the hydrogen market, we discuss the distinctions between various forms of hydrogen—gray, blue, and green—and emphasize the environmental and economic benefits of natural hydrogen. Bruce elaborates on Longhorn’s tactics for harnessing subsurface hydrogen using traditional oil and gas exploration technologies, geological modeling, and advanced water sampling techniques.

We discuss the market potential of hydrogen, highlighting significant investors like Bill Gates and initiatives by major corporations such as United Airlines and Chevron. The increasing importance of hydrogen in industrial applications, including data centers and transportation, and future hydrogen fuel cell technologies are also noted.

On the Company front, Longhorn recently acquired PureWave Hydrogen and its leases in Kansas, which are geared towards exploring for natural hydrogen. Bruce shares insights into Longhorn’s technical team, financial status, and their ongoing work program aimed at verifying and producing commercially viable hydrogen.

Click here to visit the Longhorn Exploration website.

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to discuss the Company’s position in the silver industry, its high-margin status at the Las Chispas mine, and the broader implications of rising silver prices for producing companies. With silver back over $31 /oz, we discuss how this impacts operating margins across the sector and what investors can expect in the coming quarters.

Chris provides insights into SilverCrest’s strategy of holding metals, managing inflation impacts, and the balance between expanding organically versus investing in new projects. Additionally, we touch on the potential growth from exploration and regional opportunities, as well as the implications of the recent Mexican elections on mining investments.

Click here to visit the SilverCrest Metals website.

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Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins me to discuss some of the changes going on with the energy transition narrative, and the commodities that are still in focus for the current trends. For example, the switch to electric vehicles is not happening as fast as projected, with many automobile manufacturers announcing key changes in strategy and focus. Traditional energy with oil and nat gas are still under high demand, along with internal combustion engine vehicles and growth in hybrid vehicles where platinum and palladium are not going to diminish as fast people assumed, and there is a need for batteries with more nickel components. Regardless of which trends take hold, the world will still need more copper, so he sees opportunities there. He is also still constructive on gold prices and demand moving forward.

Doc Jones highlights the value proposition he is attracted to with specific companies: Surge Energy (TSX: SGY) (OTC: ZPTAF), Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), and Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF).*

Click here to follow Doc Jones on Ceo.ca

Click here to follow Doc Jones on X/Twitter

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Welcome to another KE Report Weekend Show! For a shortened and choppy trading week there was a lot that happened in the back end of the week.

On this Weekend Show we focus on the broad markets, which hit all time highs this week and the move higher in gold and silver, along with the underlying stocks.

Segment 1 and 2 – Mike Larson, Editor-in-Chief at MoneyShow kicks off the show to discuss recent market momentum, economic data, and predictions about a potential recession. The focus for investors being on the performance of different market sectors, and the future outlook for tech, metals, energy, and more.
Click here to find out about the upcoming MoneyShow conferences.
Segment 3 and 4 – Dave Erfle, Editor of The Junior Miner Junky wraps up the show with a focus on gold, silver and precious metals stocks. With a strong move in the later part of the week GDX, GDXJ and SIL all bounced off key support levels. We discuss the impact of fluctuating US economic data, anticipated Federal Reserve actions, and market speculations on future interest rates. Key highlights include: the bullish movements in gold and silver, technical analysis indicating a solid bull market, the growing strength in silver stocks, and the disparity in performance among junior stocks.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

Mike LarsonDave Erfle

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins us to discuss the weakening of US economic data, exploring signs of a slowing economy and what it could mean for a potential recession and market movements.

With the weakening data we discuss the likelihood of the Federal Reserve cutting rates twice this year and its potential impacts on the S&P 500 and NASDAQ, which recently reached all-time highs. We also look at the currency markets, particularly the rollover in the U.S. Dollar, and its effects on international investments.

Marc also touches upon the broader implications of political uncertainties and their influence on capital investments and market behaviors. Wrapping up, Marc provides a holistic view on the international landscape, highlighting how other economies are adjusting to lower rates and weaker economic performances.

Click here to visit Marc’s site – Marc To Market.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep, joins us to discuss the continued march to new highs in the S&P 500, the mega-cap tech leadership, a deep dive into Tesla, and technical comments on Bitcoin and gold. Joel points out that in this market, the stories and narratives mean more than the valuations, and that capital flows will continue to pile into the tech leadership as a safe haven, and what could be dubbed a defensive bull market. The only fly in the ointment that he sees may be the jump in crude oil from the low $70s to the mid-$80s as a potential input that may increase inflation and impact many companies in the travel and leisure side of the markets.

Click here to visit Joel’s PreMarket Prep website.

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Akshay Dubey, President and CEO of CVW CleanTech (TSX.V:CVW – OTCQX: CVWFF) joins me to discuss the Company’s latest advancements in reprocessing oil sands tailings through their innovative technology.

Key topics include the company’s framework agreement with four First Nation and Métis communities granting the option for project level investment, equity investment and joint ventures, and a new partnership with the University of Alberta to enhance the recoverability of rare earth elements. We tie these new releases into a larger discussion on what it will take to get this technology employed in the oil sands at an operational level.

Click here to visit the CVW website to learn more about the Company and technology.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to discuss the July 2nd news release reporting the second round of sample results from the wall of the Contention Pit on the Tombstone Project in Arizona.

Key highlights include high-grade results of 60 meters of nearly 3.5 g/t gold equivalent. We discuss the sampling methodology, how it expands the mineralized footprint, and future plans for drilling, especially at the Westside Expansion Target.

To better explain the location and direction of the sampling compared to past drill results see Figure 1 and 2 from the news release, posted below.

Click here to visit the Aztec Minerals website.

Figure 1: Tombstone 2024 Channel Sampling from the sample Lot 2 with drill cross section K (light green, Fig.2 below) and reported channel sampling lines and areas

Figure 2: Drilling Section K with AuEq intercepts and Channel Sampling from Lines G2 and H

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Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN – OTCQB:BYAGF) joins me to discuss the ongoing and planned drill program at the AurMac Gold Project, totalling 20,000 meters this year, as well as early exploration work at the Nitra Project. Both Projects are in the Yukon. We also discuss how the forest fires in the area and recent Victoria Gold mine issues could impact the Company’s future work plans.

We start with the company’s ongoing 20,000-meter drilling program, with an initial 5,000 meters focused on confirming the geological model and higher-grade starter pit areas at the Powerline Deposit. Tara also talks about the company’s efforts in developing a 3D geophysical model, advancing metallurgy, and engaging in community and environmental baseline programs all to move forward with a Preliminary Economic Study (“PEA”).

I then have Tara provide a background on the Nitra Project, approximately 10km west of AurMac, where Banyan Gold is planning on doing some early stage exploration work this year.

Additionally, we touch on the impact of local forest fires, the Victoria Gold issues, and the strategic plans for the company moving forward, including a recent $14.3million financing.

Click here to visit the Banyan Gold website.

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I am happy to introduce Ted Thatcher, President of Bright Lake Wealth Management.

Since this is the first time featuring Ted on the show I have him outline his portfolio strategy. Ted is using a three-pronged approach to the markets, focusing on patience, big tech investments, and small to mid-cap growth opportunities amid fluctuating interest rates.

It seems like many investors are waiting for the Fed to start cutting rates but until that happens there is a good argument to take a certain degree of safety in portfolios.

Click here to visit the Bright Lake Wealth Management website.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman, joins me for a nuanced conversation around managing one’s portfolio positions in various stages of gold, silver, and copper stocks, amidst the volatility in share price reactions and sector sentiment swings. We start off discussing the long stretches of time for a year or more where many stocks were bouncing along a bottoming price range, that would have given any investors ample opportunities to have accumulated cheap valuations before the big 3-month surge higher from late February through mid-May. Despite the corrective move we’ve seen for the last 6 weeks, many stocks are still up at far higher levels than where they were trading the whole year before that.

We discuss how difficult it seems to be for most retail investors to actually accumulate bearish periods where stock prices are low, causing them to instead wait until stocks have already moved up 100% or 200% before finally buying in at the next intermediate top, and then becoming jaded on the sector, instead of their own poor accumulation strategy. We talk about the benefits of averaging into positions during consolidation periods as a value investing approach, and then allowing company management teams the time needed to build value after executing on their work strategy.

Most investors are far too impatient, and want immediate results, and don’t give their winners enough time to compound, which will wash out the inevitable losses in companies that disappoint. This leads into a discussion about the converse of that, and whether investors should cut their losses on companies unable to execute, and instead potentially redeploy those funds into companies that are cashed up with good work programs and catalysts that are more probable to see value accretion over time.

Click here to visit Erik’s site – The Hedgeless Horseman

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TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot Website joins me to outline the opportunities he is seeing for longer term investors in this market environment where upside momentum has been lost.

We start with the recent momentum shifts in the S&P and NASDAQ, the performance of interest rate-sensitive sectors like small caps and regional banks, and the outlook for precious metals and ETFs such as GDX. TG shares his thoughts on potential Federal Reserve interest rate cuts, summer trading patterns, and the broader market environment as we approach the Fourth of July and the end of the year. Right now he is looking at the regional banks and small caps as having a potentially very bullish set up for when the Fed actually starts cutting rates.

Additionally, TG offers insights into the current 30% discount available at Simpler Trading.

Click here to visit the Simpler Trading website

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Marc Bishop Lafleche, CEO and Executive Director of Ecora Resources (TSX: ECOR) (LSE:ECOR) (OTCQX:ECRAF), joins me to provide a comprehensive overview of their 22 royalty and streaming assets, across 5 continents, providing diversified future-facing commodities exposure to the metals critical for the energy transition.

In the past, when shifting over from Anglo Pacific to Ecora Resources, the Company was valued on lower metrics due to legacy metallurgical coal valuation metrics. However, over time the cashflow complexion has been changing and will continue transitioning over to more of a 100% focus to future facing commodities critical for the energy transition. Ecora’s commodity exposure through their royalty portfolio now has over 33% exposure to copper, 23% to cobalt, 19% to nickel, 8% to met coal, 5% to vanadium, 4% to uranium, 3% to iron ore, and 5% to other commodities like rare earths (as noted by their new acquisition announced today).

Marc outlines some of the key contributing projects and operating partners like Vale, BHP, Capstone Copper, Rio Tinto, Brazilian Nickel, Largo, Cameco, Orano, NexGen, and Rainbow Rare Earths, as it relates to their critical minerals exposure. We highlight a few of the key royalties of the 9 producing assets, and 12 other development-stage and exploration-stage assets, the strength of their operating partners, the low-cost and long mine-life projections, that also have low carbon intensities.

Wrapping up we look into the financial strength of the incoming revenues, with the transition from the traditional to the more energy metals focus over the next few years in producing and near-production asset, and the credit facility to be able to execute on future accretive acquisitions. Additionally, Marc outlines the key stakeholders in Ecora Resources, and their capital allocation strategy balanced between deleveraging debt, paying a dividend, and buying back shares.

If you have any questions for Marc regarding Ecora Resources, then please submit those to me at Shad@kereport.com, and we’ll get them addressed by management or covered in future interviews.

Click here to follow the latest news from Ecora Resources

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep join us to discuss the current state of the S&P 500 after hitting new all-time highs. Despite a 4% gain this month, momentum has flatlined, indicating potential market trepidation. Joel provides both a technical and fundamental outlook, expressing a cautious stance and discussing the implications of market resets post-quarterly expirations.

We also look at various sectors, from energy to retail, touching on the effects of inflation, complacency in the market, and the narrower breadth of the rally. We also explore potential defensive plays for investors amidst low volumes and the approaching end of the first half of the year.

Click here to visit Joel’s PreMarket Prep website.

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Welcome to another KE Report Weekend Show! This weekend’s show is focused on resources stocks and metals prices. We discuss a number of key news releases for the past couple of weeks and outline the true drivers of gold, silver and copper prices.

Segment 1 and 2 – Extended Segment – Matt Geiger, Managing Partner at MJG Capital kicks off the show by sharing his insights on recent news out of Bravo Mining (drill results), Skeena Resources (a US$750Mil finance package), and Victoria Gold (mine failure). We also discuss how Matt is viewing the pullback in resources stocks, mostly from the junior side. Please note, we recorded this segment on Wednesday. Since that date the share price action is Skeena has been strong with the stock up 13% on Thursday and 10% on Friday.
Click here to visit the MJG Capital website to learn more about Matt’s open ended fund.
Segment 3 and 4 – Jeff Christian, Managing Partner at the CPM Group wraps up the show by recapping a recent Q&A webinar with clients, focusing on the relationship between a potential U.S. recession and precious metal prices. He delves into historical precedents, like the 1980-1982 double-dip recession, and examines factors driving gold, silver, and copper prices. We also explore the growing skepticism around the green energy transition narrative and the economic contraction concerns impacting metal supply and demand. Lastly, he provides his forecasts for metal prices and investment trends in the coming months
Click here to visit the CPM Group website to learn more about the firm.

Matt GeigerJeff Christian

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins me review the first high-grade silver drill assays returned from the 2024 exploration program at the Chance and Moose Veins along the Kitsault Valley Project; located in the Golden Triangle of British Columbia, Canada.

Highlights include:

Moose Vein – Drill Hole #DV24-387: 977 g/t Ag over 5.00 meters, including 3,670 g/t Ag over 0.79 meters
Chance Vein – Drill Hole # DV24-388: 206 g/t over 23.03 meters, including 597 g/t Ag over 1.40 meters and 749 g/t Ag over 0.50 meters

Shawn outlined that presently three rigs are drilling across the Kitsault Valley Project with roughly 10,000 meters and 30 holes completed or in-progress thus far, in the larger 25,000 meter program. The exploration team got their earliest start yet this season, with drilling having commenced in May; which may allow for more meters to be added to the drill program as this year progresses.

Shawn then speaks to the pedigree and combined knowledge of the geological and technical team at Dolly Varden, that has been guiding all this exploration success. We touch upon the advantages of their understanding of the geological model, leading to a thesis that many of these separate deposits may end up being connected at depth into a larger system. In addition to the quality of the project, and the high-grade nature of the silver and gold mineralization, Shawn outlines that this precious metals focus, distinguishes the company from many other silver companies that actually have far more exposure to base metals like lead and zinc. We wrap up discussing the jurisdiction, tight capital structure, and key strategic shareholders with Dolly Varden Silver.

If you have any follow up questions for Shawn about Dolly Varden Silver, then please email me at Shad@kereport.com and we’ll get those questions addressed by management, or covered in future interviews.

In full disclosure, Shad is a shareholder of Dolly Varden Silver at the time of this recording.

Click here to visit the Dolly Varden Silver website and read over the recent news.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to discuss recent economic data from Australia, Japan, and the U.S., examining its potential impact on global markets. Discussions include Australia’s surprising CPI results, Japan’s robust industrial production data, and the critical U.S. jobs data. Marc sheds light on how these data points influence central bank policies and market dynamics, focusing on trends in major currencies like the Yen and the Dollar.

We also explore market predictions, including the likelihood of Fed rate cuts, and analyze what this means for traders and investors. The conversation also addresses the possibility of the long awaited recession coming in 2025.

Click here to visit Marc’s site – Marc To Market.

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Welcome to another Stock Talk episode with Quinton Hennigh. In this episode we discuss Vizsla Silver, Tier One Silver, and Faraday Copper.

Here are links to websites for each company we discussed.

https://vizslasilvercorp.com/
https://tieronesilver.com/
https://faradaycopper.com/

Please keep sending me the companies you would like us to discuss in future Stock Talk episodes – Fleck@kereport.com.

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Chen Lin, Editor of What Is Chen Buying? What Is Chen Selling? joins me to follow up on his call for $50 silver in June and outlook now for copper and silver.

We start with why silver hasn’t hit that $50 mark. Chen shares his disappointment, but emphasizes the importance of understanding market sentiment and leveraging risk-reward strategies. We also explore the performance of silver stocks and look at various companies like SilverCrest, MAG Silver, and Guanajuato Silver. Chen explains how these producers are maintaining good levels, even when momentum as faded for the whole sector.

Switching gears, we cover the sharp movements in the copper market, focusing on what’s been driving the price shifts and the implications for copper miners. Chen shares his expectations for future prices and why copper producers are still strong despite recent market volatility.

Click here to visit Chen’s website.

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Fabi Lara, Founder and Publisher of The Next Big Rush, joins me for a deep dive into the bullish fundamentals for the uranium market, but also how those don’t necessarily have to correlate with individual uranium stock trends. We point out that even if there is a solid bull case for uranium in the medium to longer-term, which should bode well overall for the sector, that often times the uranium equities can still have a bear case running in tandem. This can be for many reasons due to company specific fundamentals, or exploration misses, jurisdictional risk, or from too much equity dilution.

Fabi shares how she is positioning in different stages of uranium companies from producers and near-term producers, to developers and explorers, and some key considerations for investors to make when investing in this sector. She also points out that for some investors, that don’t have the time to do the necessary due diligence, that just getting exposure to the physical metal trends or a basket of stocks through the various ETFs may be a better place to start.

We do talk about a number of different uranium stocks throughout the conversation including: Cameco, Kazatomprom, Global Atomic, Denison Mines, enCore Energy, Energy Fuels, Ur-Energy, UEC, Atha Energy, Stallion Uranium, Skyharbour Resources, Cosa Resources, Aero Energy, F3 Uranium, and IsoEnergy.

Click here to visit Fabi’s YouTube page:

Click here to visit Fabi’s website:

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Dave Cole, President and CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), joins me for a comprehensive update on their distinguishing value proposition in the royalty space, a number of copper, gold, and critical minerals partner project updates, a number revenue-generating pre-production royalties, a review of Q1 financials, and the balance between further paying down debt in tandem with buying back Company shares.

We start off discussing the multi-prong approach of generating revenues from existing properties optioned off to other operators, and then creating royalties, in addition to buying royalties in the market when the right value accretive dynamics are in place. At present EMX Royalty has 6 producing royalties and around 50 other royalties bringing in revenues from defined pre-production payments, option payments, and gate payments.

Next we discussed the substantial copper exposure and incoming cashflows that EMX has coming in from both the Caserones Project in Chile operated by Lundin Mining, and the Timok Project in Serbia operated by Zijin Mining, and as cornerstone generational assets. With regards to the producing gold royalties, Dave first outlines how the Gediktepe Mine in Turkey is throwing off great revenues from gold, but then will be transitioning to a polymetallic deposit in the years to come. Then he also outlines the stable gold production and long-life asset in the Leeville Mine in Nevada, operated by Nevada Gold Mines (the JV between Barrick Gold and Newmont Mining).

This leads into a broader discussion about how important it is to have quality operating partners on the royalty projects; leading us into a few more partner updates with South32’s $2.16Billion at the polymetallic Peake deposit on the Hermosa Taylor Project in Arizona, and the development-stage copper-iron-gold Viscaria project in Sweden, operated by Copperstone Resources.

We then shift over to reviewing the 44 other pre-production royalties that are still generating revenues via lease-option payments, stage-gate payments to advance properties, advanced minimum royalty payments, and that come in by way of cash and often times shares in partner companies. We do a brief review of Q1 financials and strength of the company, as well as have Dave break down the balance between paying down debt with buying back company shares, since the company is still trading below it’s net asset value.

Wrapping up we discuss the synergistic relationship between EMX Royalty and Franco-Nevada (FNV) where not only are they the new lender of choice for their recently announced $35 Million Loan, that clears out the prior Sprott loan, but Franco-Nevada has an investment stake in EMX, has syndicated royalty purchase agreements together in the past, and there is an ongoing joint venture partnership to acquire earlier-stage gold and copper royalties sourced by EMX.

If you have any questions for Dave regarding EMX Royalty Corp, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of EMX Royalty at the time of this recording.

Click here to follow along with Company news from EMX Royalty Corp

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins me to dive into the gold market and underlying gold stocks. We examine the recent trend in the gold price, noting that gold has managed to stay above the $2300 level despite some volatility. Brien also highlights the significant role of Eastern demand, particularly from China, in driving the current rally, even in the absence of major news events.

We then look to a couple stocks, Banyan Gold and New Pacific Metals, where Brien sees opportunity. We discuss the recent share price action and the potential catalysts in the near term.

Click here to learn more about the New Orleans Investment Conference on November 20-23.

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA & NYSE:VZLA) joins me to discuss the implications of the highest-grade silver-gold intercept yet at the Copala resource area on the Panuco Project, in Mexico. Key points include the discovery of nearly 10,000 grams per tonne silver and 663 grams per tonne gold, and how this infill drilling is upgrading inferred resources to indicated levels, potentially enhancing the future economics of the project.

We discuss the importance of this high grade area for future test mining and economics. Mike outlines the timeline for the upcoming PEA and a potential updated resource estimate. He also provides an update on the royalty spinout.

Please email me at Fleck@kereport.com with any follow up questions for Mike.

Click here to visit the Vizsla website to learn more about the Company.

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Rebecca Hunter, VP of Exploration at Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins me to review the news released on June 25th announcing the 10,000 meter diamond drilling program at their 100% owned Aberdeen Uranium Project, in the Thelon Basin, Nunavut. Forum plans on drilling approximately 8,000 meters in about 25-30 drill holes, largely within the Tatiggaq anomaly, as well as drilling approximately 2,000 meters and 10 drill holes on other highly prospective regional areas, like the Ned, Bjorn, and Qavvik targets.

We discuss what was learned in last year’s more limited drill program, after their uranium discovery reported on hole TAT23-002 that intersected 2.25% U3O8 over 11.1 m (from 148.5 – 159.6 m). One of the key takeaways was getting the angle of drilling more properly aligned compared to what historic operators had tried, and this is what allowed for the new discovery and also will be instructive for the much larger drill program this year exploring Tatiggaq.

Rebecca also reviewed that the company is utilizing the data modeled from last year’s Ambient Noise Tomography (ANT) survey, to refine and outline high-priority drill targets as they move away from the known mineralization at Tatiggaq West and Main. Additionally, the processed ANT data on Ned has outlined the unconformity depth (Thelon Formation sandstone) as well as potential faults and alteration that will be targeted in the upcoming drilling program. She also shares why she’s excited to drill Bjorn, Qavvik, and that there are even other targets to still get to in follow up drill programs.

If you have any follow up questions for Rebecca or the team at Forum Energy Metals, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Forum Energy Metals at the time of this recording

Click here to follow along with the most recent news from Forum Energy Metals

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Darrell Fletcher, Managing Director Commodities at Bannockburn Capital Markets joins me to share his outlook for copper, natural gas and oil.

We begin with an in-depth analysis of copper’s volatile price movements in May, attributable to a short squeeze and global investment trends. Darrell predicts sustained interest in copper driven by the EV sector and infrastructure developments.

Next, we explore the price increase in natural gas due to high summer temperatures, U.S. production levels, and LNG exports, foreseeing continued volatility. Finally, the discussion shifts to crude oil’s stable yet unremarkable pricing, influenced by OPEC’s actions and U.S. production efficiency.

Click here to learn more about Bannockburn Capital Markets.

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Walter Coles, Executive Chairman of Skeena Resources (TSX: SKE, NYSE: SKE) joins me to discuss the US$750mil finance package to develop the Eskay Creek Gold-Silver Project in the Golden Triangle in BC.

We start by outlining the various components of the financing package, comprising a $100 million equity investment, a $200 million gold stream, $350 million in senior secured debt, and a $100 million cost overrun facility. We discuss the importance of each component. Walter also explains the strategy behind overcapitalizing the project to avoid cost overruns and the importance of maintaining flexibility and optionality with no major break fees on the debt.

Walter outlines the next steps, including permitting milestones, local agreements, and a detailed timeline for bringing the mine into full production. Additionally, Walter provides insights into Skeena’s exploration plans and clarifies how the financing package positions the Company as a potential acquisition target while emphasizing a significant silver component that could attract better market valuations.

If you have any follow up questions for Walter and the team please email me at Fleck@kereport.com.

Click here to visit the Skeena website and read over the full news release outlining the financing package.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review investing opportunities in the energy sector, and what kinds of companies he’s investing in with the oil, nat gas, and uranium stocks.

He is still positioned in the oil stocks, and has been adding more nat gas stocks over the last couple months. That larger companies that pay dividends seem fairly secure with these underlying oil and gas prices, and Sean expects them to have very positive Q2 financial reports. He also still likes some of the growth opportunities in the smaller to mid-tier companies, that are utilizing new technology, and that could also be compelling takeover candidates.

With regards to the uranium stocks, he is disappointed in the action over the recent past. However, Sean now views the uranium mining sector being at a much more attractive accumulation point, now that so many companies have corrected down the last few months. He remains more animated by the companies in production, or that have a near-term pathway to production, and is less interested by the earlier-stage exploration companies, at this point in the cycle.

Click here to follow along with Sean’s work at Weiss Ratings Daily

Click here to learn more about Resource Trader

Click here to register for Sean’s workshop at the virtual Money Show event

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Dave Erfle, Founder and Editor of the Junior Miner Junky joins us to discuss two major news events, one positive and one negative, out of the resource sector today.

The positive news came from Skeena Resources, announcing a US$750mil project financing for the Eskay Creek Project in the Golden Triangle of BC. We discuss the deal and what comes next for Skeena.

On the negative news front, Victoria Gold announced a heap leach pad failure that has suspended all operations at the mine. This news has crashed the stock and impacted the share price of other companies in the area. We discuss what this means for investors and if there is an opportunity on the selloffs.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment

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Matt Badiali, Editor of the New Energy Investor, Published under Mangrove Investor joins me to look at the Vanadium market and the potential of Vanadium redox flow batteries driving a bull market.

We discuss the transformative potential of Vanadium redox flow batteries to be used for grid-scale energy storage. These batteries, compared to lithium-ion batteries, have longer lifespans and are considered safer. China’s significant demand for vanadium flow batteries and their projected annual growth rate of 56.7% through 2030 are examined.

Despite the current low demand from steel,we address investment opportunities and potential market shifts, with Canadian company Largo Resources highlighted as a key player. Matt also touches upon the future exploration and production possibilities in regions like Eastern Ontario and Quebec.

Click here to visit the Mangrove Investor website to follow along with what Matt is writing.

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Rick Mazur, President and CEO of Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins us to provide an update on the Global Uranium option to earn-in to the Northwest Athabasca Joint Venture; partnered with NexGen, Cameco, and Orano in the Athabasca Basin of Saskatchewan. We also dig into the value proposition at the Company’s 8 other uranium exploration projects around the Athabasca Basin.

The Company currently holds a 62.2% beneficial interest in the Forum NexGen JV, which in turns holds a 69.95% beneficial interest in the Northwest Athabasca Joint Venture. Accordingly, the Company holds a 43.32% beneficial interest in the Northwest Athabasca Joint Venture.

Global has an initial right to acquire 51% of the Company’s Interest by:

making staged payments to the Company totalling $225,000 by December 31, 2027;
making staged issuances to the Company of a total of 1,000,000 shares of Global by December 31, 2027; and
making staged payments to the Company equal to the amounts the Company would be entitled to contribute for exploration under the Northwest Athabasca Joint Venture on account of the 2025-2028 operating years totalling a minimum of $3,900,000 and up to a maximum of $9,000,000 to be applied to the corresponding cash calls, depending on the participation of the minority partners in the Northwest Athabasca Joint Venture in any approved exploration program.
Forum will remain Operator of the Northwest Athabasca Joint Venture during the Initial Option period.

In addition to the work that will be going on at this project, we zoom out and give Rick the opportunity to unpack the opportunities and other JVs going on with a number of their other 8 projects around the Athabasca Basin. He highlights their 100% owned Wollaston Project, Costigan, and Maurice projects, and also a number of their JV projects like the Grease River, Fir Island Project, Highrock, Clearwater, and Henday Projects.

If you have questions for Rick on Forum Energy Metals, then please email them into us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow along with the most recent news from Forum Energy Metals

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to recap the June 24th news release reporting sample results from the Tombstone Property in Arizona.

Simon explains how the latest sampling program aims to fill gaps in surface data, enhancing the Company’s geological model and potentially extending the mineralized footprint. There are more samples at the assay lab from the Westside target area and regional targets.

Simon shares insights into the Company’s strategy, the outcomes of reconnaissance sampling, and future plans, including 3D modeling to further isolate drill targets. We conclude with a discussion on permitting, finances, and the broader vision for exploring for new discoveries on the Tombstone Project.

Click here to visit the Aztec Minerals website.

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Alex Verge, President and CEO of Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF), joins us for a comprehensive introduction to this exploration and production company focused on conventional, oil-weighted operations in the Duvernay West Shale Basin of Alberta, Canada.

We have Alex outline the key production metrics on its existing core lands, with 12,000 boe/day and 55% liquids (crude oil and NGL’s), and a low corporate decline rate of 13%. Then we moved into areas for growth in their production base where they have drilled and will be drilling more wells, and also implementing water flood projects as part of their $51 million Capital Program for 2024. Alex reviewed their accretive acquisition of their Medicine Hat property back in 2022, and the upside they still have for development of this land. We also discussed their joint venture with Spartan Delta Corp on a land block along the thick Duvernay oil fairway, where Journey Energy maintains a 37.5% working interest.

In addition, Journey is seeking to grow its power generation business. Journey currently produces approximately 4 MW of electricity and with the recently announced facility acquisitions is anticipating to expand its productive capacity to approximately 36 MW within the next year.

If you have any questions for Alex regarding Journey Energy, then please email them into us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Journey Energy

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Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG – OTCQB:SITKF – FRE:1RF) joins me to recap the recent acquisition of the Clear Creek Project, from Victoria Gold, which consolidates the RC Gold Project, in the Yukon.

We begin by discussing the strategic importance of combining the Clear Creek Project with the RC Gold Project. We cover the historical exploration work done at Clear Creek, including drilling results from Golden Predator’s previous programs, and discuss how this acquisition enhances Sitka Gold’s potential for new discoveries. We outline the transaction terms, including share issuance and future payments, as well as plans for immediate exploration and drilling.

We then discuss the ongoing 15,000 meter drill program at the RC Project with the goal to expand on the over 1.3million ounce gold inferred resource estimate that was released in January 2023.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Sitka Gold website to learn more about the Company.

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Craig Hemke, Founder and Editor of TF Metals Report, joins me to discuss the volatile week ahead with the options expiration contracts rolling over, and the anticipated PCE inflation data and the personal income and spending data both due out Friday morning. We also review the technical setup in gold and silver, the importance of the 50-day moving average on the charts, and the upcoming monthly and quarterly closes in silver as we close up the first half of this year to end this week. We wrap up looking ahead to the economic data that could move markets and central bank policy, interest rates, and the future of the dollar amidst economic uncertainties.

Click here to visit Craig’s website – TF Metals Report.

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I am happy to introduce a new guest, Alan Hibbard, Precious Metals and Alternative Money Specialist at GoldSilver.com. In this initial interview with Alan we discuss why he has constructed a portfolio of gold, silver and Bitcoin, avoiding traditional stocks and centralized systems. He shares insights into the balance between opportunity costs and risk, historical trends in the Dow-to-gold ratio, and how current market conditions influence asset prices.

Click here to visit the GoldSilver website.

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I am happy to introduce Scorpio Gold (TSX.V:SGN – OTC:SRCRF – FSE:Z3S), a Nevada focused exploration Company with the potential to be in near term production.

Zayn Kalyan, CEO of Scorpio Gold joins me to provide a comprehensive Company overview focused on the projects, all in Nevada and strategy to explore and potentially move into near term production.

We focus on the Manhattan Project, Scorpio Gold’s flagship project, which has over 100,000 meters of historical drilling. Zayn outlines recent activities, including a current drill program aimed at issuing a resource estimate on the project. We also delve into the other projects, Mineral Ridge and the Northstar Property.

We discuss the Company’s recent $6 million financing, its share structure, and potential short-term production scenarios to generate cash flow. On the management front Zayn shares his background and how the team came together at Scorpio.

If you have any follow up questions for Zayn please email me at Fleck@kereport.com.

Click here to visit the Scorpio Gold website to learn more about the Company.

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins me to discuss the volatility in silver and how he is managing his portfolio.

We discuss the recent breakout and high volatility of silver, including dollar-plus moves on a daily basis. We also discuss gold’s price movements, upside, and downside support levels.

It then time to dive into the silver stock ETF, SIL, analyzing the run higher in the last 3 months and current correction. This ties into portfolio management strategies, emphasizing the importance of reevaluating positions based on performance relative to the overall portfolio and other stocks.

Click here to visit Jordan’s site – The Daily Gold

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Welcome to another KE Report Weekend Show! This weekend I dive into the silver and copper markets with one of generalist fund manager guests and look at the opportunities in the oil market with an independent newsletter writer.

I hope you all enjoy this weekend’s show. Please keep in touch by emailing me at Fleck@kereport.com. We are working on featuring all the companies you send to us.

Segment 1 and 2 – Dana Lyons, Fund Manager and Editor of The Lyons Share Pro kicks off the show with a focus on the silver and copper charts as well as comment on the concentration of money in tech stocks. We discuss key levels for silver and copper and how Dana is trading each. We then look at the NVIDIA chart and tech stocks broadly as a trade.
Click here to visit the Lyons share Pro website and learn more about Dana’s invest services.
Segment 3 and 4 – Josef Schachter, Founder and Editor of the Schachter Energy Report wraps up the show with a focus on the oil and natural gas markets and equities. We begin with the oil and natural gas prices, storage figures, inventory numbers, and production data. Joseph shares his analysis of the current oil price dynamics, the impact of geopolitical tensions, supply-demand factors, and potential future price trends. We also delve into the performance and outlook of various energy stocks, including the best buying opportunities and investment strategies. Additionally, Joseph shares insights on dividend-paying stocks and his upcoming energy conference on October 19th in Calgary.
Click here to learn more about The Schachter Energy Report and Josef’s Catch The Energy Conference in Calgary on October 19th.

Dana LyonsJosef Schachter

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to discuss the run in NVIDIA, earlier this week being valued higher than Microsoft, the concentration of money in tech stocks, and what it all means for market averages. We discuss the potential for market corrections, the defensive nature of tech stocks, and the lower VIX. Looking past just the charts I ask Joel if economic data could truly move markets or if we are simply in a holding pattern waiting for central banks to further cut rates.

Click here to visit Joel’sPreMarket* Prep website.***

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Kyler Hardy, Executive Chairman of Temas Resources (CSE:TMAS – OTCQB:TMASF – FRA:26P0) joins me to follow up on our introduction interview in April to discuss the advancement of the Company’s flagship La Blanche Project, in Quebec, and answer your questions on Titanium Dioxide market pricing, offtake agreements and the management team.

We start by discussing the oversubscribed private placement that raised over $1.7 million and how the funds will be allocated towards advancing the La Blanche project, including trade-off studies, hiring new management, and enhanced marketing efforts. The majority of the work planned is for the advancement to a Pre-Feasibility Study.

Kyler also provides an overview of the titanium dioxide market, outlining the Company’s strategy for approaching potential offtake partners and government agencies to gain market traction.

The Company also holds and IP portfolio focused on ecofriendly extraction and processing technologies. I have Kyler expand on how this aspect of the Company increases shareholder value and if any capital is required.

Click here to visit the Temas website to learn more about the Company.

Click here to listen to the introduction interview where we provide a full overview of the Temas Resources.

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We start by discussing how TACTIVE uses technology and data to build investing models to help clients build balanced portfolios.

Eddy explains how TACTIVE leverages technology to offer comprehensive investment strategies typically reserved for high-net-worth individuals to everyday investors. We discuss the importance of balancing economic data with charts and trends, providing an analysis of the bond market and its implications on broad averages.

I get Eddy’s perspective on whether the current market environment is truly bullish, potential shifts from a risk-on to a risk-off stance, and the role of defensive strategies in portfolio management. We discuss the current trends in the commodities and cryptocurrencies markets, highlighting specific assets like precious metals and US gasoline. This all ties into a discussion on the importance of portfolio diversification to manage inflation risk and market volatility.

Click here to visit the TACTIVE website to learn more about the investment products offered.

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Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSX-V: COSA) (OTCQB: COSAF), joins me to review the 3 key targets for this summer work program at this Canadian uranium exploration company operating in the Athabasca Basin region of northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.

We start of discussing the 2024 drilling will kick off in August at their Ursa Project, following up on Drill hole UR24 -03 from the winter drill program, that intersected structure, alteration, and minor sulphide mineralization several hundred meters above the unconformity. The Ursa Project captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration – a setting that is typical of most eastern Athabasca uranium deposits.

Keith then outlined Cosa’s award-winning management team, which has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy’s Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines’ Gryphon deposit and 92 Energy’s Gemini Zone, and held key roles in the founding of both NexGen and IsoEnergy.

Next we pivoted over to both the Aurora and Orion Projects where the Company will be flying Airborne VTEM gravity at Aurora, and conducting ANT surveying at Orion, to further refine km-scale sandstone conductivity anomalies. Both projects are expected to be drill ready for H1 2025. We wrapped up with the share structure, key strategic investors, and the financial strength of the company to complete this year’s exploration and have access to capital in the future.

If you have any questions for Keith regarding Cosa Resources, then please email them in to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Cosa Resources at the time of this recording.

Click here to follow the most recent news from Cosa Resources

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Andrew Thomson, President and CEO of Palamina (TSX.V:PA & OTCQB:PLMNF) joins me to provide and update on the new project acquisition in Peru and exploration updates at the Usicayos Gold Project, in Peru, and Winshear Gold’s exploration plans.

We start with the newly acquired Pluma Project from Aurania Resources’ Peruvian subsidiary. This acquisition was an all-share transaction, building the Company’s portfolio of high-grade silver-copper projects in the Santa Lucia district. We discuss various facets of the new project, focused mostly on the location contiguous to Hannan Metals Limited’s San Martin Copper Silver Project.

We then move to the Usicayos Project, highlighting recent high-grade sample results and upcoming drilling. Additionally, we look over at Winshear Gold, in which Palamina holds a significant stake, elaborating on its 1,600-meter drill program starting in the near term.

If you have any follow up questions for Andrew please email me at Fleck@kereport.com.

Click here to visit the Palamina website.

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Brett Heath President and CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA) joins us to recap the Q1 financial results and outline key growth assets into 2025.

To begin Brett outlines the Company’s reported Q1 2024 earnings of $1.3 million from five assets. The conversation then shifts to Metalla’s growth prospects, highlighting a number of assets that will be moving into production through the end of 2025 and generating cash flow for the Company. We also discuss the acquisition and capital allocation strategy to acquire new royalties that would move the needle for the Company. Brett underscores the Company’s long-term strategy of focusing on high-quality, long-life assets.

Click here to visit the Metalla website to learn more about the Company.

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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joins me to dive into the maiden Resource Estimate at the Valley Deposit on the Rogue Project in the Yukon.

The maiden resource encompasses 7.31 million ounces of gold (indicated + inferred), with an indicated category of over 4 million ounces and an inferred category exceeding 3.25 million ounces. Scott elaborates on the Company’s rapid progress to the resource since 2021, detailing the extensive work and drilling campaigns over that time. We discuss the consistency of the mineralization, the breakdown of the pit shells, and economic assumptions, including the 0.72 revenue factor.

Scott also outlines future growth plans, highlighting the potential for further exploration both at depth and along strike, as well as regional targets. Additionally, we discuss how the Company will prioritize upgrading the resource and moving towards potential economic studies.

If you have any follow up questions for Scott please email me at Fleck@kereport.com.

Click here to visit the Snowline Gold website and read over the full news release

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Dave Erfle, Editor of The Junior Miner Junky joins us to outline key technical levels for gold, silver and GDX, and what will drive the stocks to truly outperform.

We begin with a discussion on gold, noting its strong performance despite recent corrections. The conversation then shifts to silver, highlighting its significant moves and consolidation phases. Dave provides insights on key technical levels to watch for both metals, particularly focusing on support levels and moving averages.

The discussion also delves into the gold-silver ratio and its implications for the relative strength of mining stocks. Further, we look at the GDX chart and the performance of gold mining stocks, while emphasizing the importance of major players like Newmont for market sentiment. As we look ahead to the end of the quarter, we consider how improved profit margins in Q2 might impact the stock prices of both major and mid-tier mining companies.

Click here to visit The Junior Miner Junky website to keep up to date with Dave.

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John Miniotis, President and CEO and Hernán Zaballa, Director and Co-Founder of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), join me for a discussion on the how the recently changing political policies in Argentina are making it more economically viable to develop projects, produce from projects, and is attracting more foreign investment from other global companies into this improving jurisdiction. We also review the exploration strategy and a number of key targets for the recently commenced 20,000 meter Phase 4 diamond drill campaign on its wholly-owned Diablillos property in Salta Province, Argentina.

We start off having John and Hernán outline the some of the major changes in Argentina since the policies of the newly elected president, Javier Milei, has enacted sweeping reform that has reduced inflation from over 20% down to 4%, is working on removing barriers to business and foreign investment in the country, and improvements to infrastructure. In particular the new “Incentive Regime for Large Investments” bill (also nicknamed RIGI) is currently working it’s way through the government and could have a substantial effect on extractive businesses. The RIGI offers a legal framework of tax, customs and exchange incentives to attract investment projects exceeding 200 million dollars. This measure aims to generate an environment of legal security that encourages the arrival of foreign and national capital.

We wrap up discussing the 20,000-meter Phase 4 drill program will prioritize the 3 drill rigs to target areas with known mineralization, like JAC North, Fantasma, Alpaca, Cerro Bayo, and Laderas; as well as exploring newly identified prospective exploration targets within the broader Diablillos land package. John reviews how the drilling done to expand the known targets will feed data into future resource updates and that the exploration team is looking for more near-surface high-grade silver and gold oxide mineralization to expand and extend the front-end economics of a project development scenario. Then on the more discovery step-out discovery drilling, the exploration team is going to be going after sulphide targets focused on gold and copper. 25% of the drill program will be focused on these new regional step-out exploration targets that remain largely untested to date at the Cerro Viejo Porphyry Complex (Cerro Blanco / Cerro Viejo), and the newly defined Jasperoid magnetic target identified in the geophysical survey conducted in late 2023.

If you have any follow up questions for John or Hernán regarding at AbraSilver, then please email me at Shad@kereport.com.

Click here to visit the AbraSilver website and read over the most recent news releases.

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG & OTCQB:TSGZF) joins me to discuss the June 12th news release announcing the approval of the Licença Prévia (Preliminary License or LP) and the Environmental Impact Assessment (EIA) for the Castelo de Sonhos gold project in Brazil.

Nick delves into the nearly two-year approval process for these permits, which began in July 2022. He explains the significance of these permits, especially their impact on market confidence, as evidenced by the increase in Tristar Gold’s share price.

We discuss the next steps, which involve securing an installation license for engineering and construction, and an eventual operating license. Nick also provides a detailed overview of the project’s current status, including a Pre-Feasibility Study (PFS) and a discussion on future plans, including potential partnerships and additional feasibility studies.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the TriStar website to learn more about the Company.

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Dan Earle, President and CEO of Solaris Resources (TSX: SLS – NYSE: SLSR) joins me to provide a comprehensive update for the Warintza Copper and Gold Project in Ecuador. We discuss the expanded drill program, termination of a minority equity interest from Zijin Mining due to regulatory and market changes, the completion of a $54 million private placement and look ahead to upcoming key project milestones.

The expanded drill program now includes 60,000 meters of drilling focusing on resource growth and infill at the Warintza Project with significant expansion areas such as Warintza Central, East, Southeast, and the newly discovered Patrimonio area. The company is also progressing with regional exploration of new claims acquired from the government of Ecuador, advancing toward drilling.

Upcoming catalysts include a resource update in July 2024, the submission of an Environmental Impact Assessment (EIA) in the second half of the year, and a Pre-Feasibility Study (PFS) expected in the second half of next year.

Click here to visit the Solaris website to learn more about the Company

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Jonathan Awde, President and CEO of Dakota Gold (NYSE: DC), joins me for a comprehensive introduction to this gold exploration and development company with a specific focus on revitalizing the Homestake District in Lead, South Dakota. Dakota Gold has the Richmond Hill and Maitland Gold mineral properties covering over 48 thousand acres surrounding the historic Homestake Mine.

The drilling commenced in 2022, and the Company currently has four drills on site at its properties in the Homestake District of South Dakota as part of a larger $30Million exploration program that commenced last year and runs through 2024. The Unionville Zone drilling at the Maitland Project is testing for Tertiary epithermal gold mineralization and is one of three ongoing programs being advanced by the Company – the other two being Homestake Mine-Style gold mineralization in the JB Gold Zone at Maitland and the infill and step-out drilling at the Richmond Hill Gold Project to update to the S-K 1300 resource estimate.

If you have any more questions for Jonathan regarding Dakota Gold, then please email them in to me at Shad@kereport.com.

In full disclosure, Shad has a position in Dakota Gold at the time of this interview.

Click here to follow along with the latest news from Dakota Gold

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman joins me to discuss three companies: Snowline Gold (TSX-V:SGD)(US OTCQB:SNWGF), First Nordic Metals (TSXV: FNM) (OTCQB: FNMCF) , and Ramp Metals (TSXV: RAMP).

Snowline Gold just put out their Initial Mineral Resource Estimate defined for the Valley Gold Deposit, at their 100% owned Rogue Project in the Yukon Territory, Canada. It came in at 7.3 million ounces of gold in all categories (4.05 million ounces indicated and 3.26 million ounces in inferred).

First Nordic Metals over the last month has announced the commencement of the 2024 diamond drilling program at the Barsele gold project located in Northern Sweden, that is being operated by joint venture partner Agnico Eagle Mines, as well as results from their glacial till geochemical survey targeting orogenic gold mineral systems at its 100%-owned Storjuktan project, and belt-scale glacial till geochemical survey and top-of-bedrock / base-of-till drilling program targeting orogenic gold mineral systems at its 100%-owned Paubäcken Project.

Ramp Metals just announced this morning that Drill hole Ranger-01 intercepted multiple zones of gold mineralization, including 73.55 g/t Au and 19.50 g/t Ag over 7.5 meters; which is a bonanza grade 551 gram/meter hole in an area that was thought to be prospective for nickel and PGMs.

Click here to visit Erik’s site – The Hedgeless Horseman

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Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me to share his broad outlook on US tech stocks high valuations versus the rest of the market breadth, and the set up in the commodities sector. He points out there are a lot of unique developments in the markets, macroeconomics, and geopolitics where “It really is different this time.” We also get his technical outlook and best practices for speculating on gold, silver, and copper resource stocks.

This is a very wide-ranging and more longer format discussion where we get into a lot of different topics like the mega-cap tech stock dominance and valuations compared to the rest of the market, the divergence in 52 week highs for some while so many are correcting downwards, the meme stock phenomenon resurfacing with Game Stop and Roaring Kitty, and how the A.I. narrative is even spilling over in to the energy demands needed for data centers, and the supply demand fundamentals for copper. Robert breaks down his shorter-term and longer-term technical outlook for gold, silver, and copper. We also dig into the attraction he has with companies pursuing porphyry deposits, and where he is seeing value in the resource stocks.

https://ceo.ca/@goldfinger

Click here to follow Robert on X/Twitter

https://www.youtube.com/@GoldfingerCapital/videos

Follow Robert’s analysis on Substack

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Welcome to another KE Report Weekend Show. This weekend we focus on the economic drivers for commodities. This all ties into economic trends, recent data and central banks policy now shifting slowly toward rate cuts.

Segment 1 and 2 – Peter Boockvar, Chief Investment Officer Bleakley Financial Group and Editor of The Boock Report on Substack kicks off the show by sharing insights on the market’s current state, the rise of AI stocks, the bond market’s behavior, and commodity trends. We then shift focus to the energy sector, exploring opportunities in oil and natural gas
Click here to read over The Boock Report.
Segment 3 and 4 – Dan Steffens, President of the Energy Prospectus Group wraps up the show with a focus on the recent surge in natural gas prices, which have risen over 50% since April, and its implications on the market. We discuss the upcoming LNG export facilities, pipeline capacity issues, and potential future price trends. Dan also shares his insights on oil prices, key companies in the natural gas sector, and investment opportunities in mineral royalty companies like Blackstone Minerals and large gas producers like Ovintiv.
Click here to visit the Energy Prospectus Group website.

Peter BoockvarDan Steffens

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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to provide a review of the key metrics from their Q1 financials and a comprehensive operational and exploration update from their 4 producing silver-gold mines and 3 processing facilities in central Mexico.

Q1 2024 Highlights

Record metals production during the quarter of 987,312 AgEq (silver equivalent) was up 16% over the previous quarter; AgEq ounces derived from 428,279 ounces of silver; 5,384 ounces of gold; 879,242 pounds of lead; and 922,297 pounds of zinc.
Tonnes milled increased 20% over the previous quarter; a total of 165,079 tonnes were processed among GSilver’s three production facilities.
Both all-in sustaining cost (“AISC”) of $20.19 per AgEq ounce, and cash costs of $16.55 per AgEq ounce were 6% lower than the previous quarter
Record revenue of $17.8M was 7% higher than the previous quarter; net loss decreased by 3% in Q1 to $7.3M compared to $7.6M in Q4, 2024.
Realized average metal prices for the quarter of $23.37 per silver ounce, and $2,068 per gold ounce sold.

James highlighted the consistent quarter over quarter growth in the Company since beginning operations in 2021, discussed how they calculate their AISC more inclusively than many companies, and the different initiatives the company has at each mine to keep bringing costs down in the quarters to come. We also discuss the capex investment into new flash flotation cells, ore sorting equipment, and a new filter press to continue to optimize their mining operations and improve efficiencies and costs.

Next we review the augmenting of material at the El Cubo mill from 3rd party sources, as well as surface stockpiles from their El Horcon mine, with the potential of looking at starting to develop their Pinguico Project to ship more mineralized material to El Cubo down the road. We wrap up with the exploration upside still present across their properties and a quick review of the key strategic shareholders.

In full disclosure, Shad has a position in Guanajuato Silver at the time of this recording.

Click here to visit the Guanajuato Silver website to read over the recent news releases we discussed.

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Joel Elconin, Co-host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website, joins me to recap this week in the markets, noting another all-time high tagged in the S&P 500 and a continued surge higher in mega-cap tech stocks.

We discuss that not all tech stocks are participating though, and that cloud companies like Snowflake are getting left behind as investors continue piling in to the artificial intelligence names. We review investors change in sentiment towards Apple after unveiling their new A.I. platform “Apple Intelligence.” Next we get Joel’s technical outlook and thoughts on valuation in the popular high-flying chip maker, Nvidia.

We parse out the narrow market breadth, and the lack of participation from the value stocks, and also contemplate the strange response by the Rusell 2000 small cap stocks to the FOMC and Powell press conference the middle of this week. Joel weighs in on the volatility in Tesla this week, around Elon Musk’s pricey pay package, and then round things out with some technical thoughts on the S&P 500 making another new all-time high on Thursday’s trading session.

Click here to visit the PreMarket Prep website to follow along with Joel.

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins me review the big picture exploration results from the 2023 field season, the overall strategy for this year’s 25,000 meter drill program, and the key differentiators and value proposition across the Kitsault Valley Project, located in the Golden Triangle of British Columbia, Canada.

We start off reviewing the work done to date at the combined Kitsault Valley Project, that now contains 64 million ounces of silver and also around 1 million ounces of gold in all categories. There was a major gold discovery made at the Homestake area last year, as well as the expansion of silver mineralization at both the Wolf and Tobrit deposits. This year the program is going to focus on true exploration and discovery drilling at new targets at Moose, Chance, Ace Galena, North Star, and Red Point, as well as continued expansion at Wolf and Homestake with the goal to update the resource estimate.

In full disclosure, Shad is a shareholder of Dolly Varden Silver at the time of this recording.

Click here to visit the Dolly Varden Silver website and read over the recent news.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to unpack a few recent news releases on various market disclosures, the key takeaways from the Q1 2024 financials and San Albino Mine operations, and a review of the exploration strategy this year in Nicaragua.

We start off with Akiba unpacking the restatement of prior news releases with a second qualified person and the nuances around their filing of an updated technical report for San Albino. Next we shifted over to the key takeaways from the financial and operational metrics from Q1 of 2024, where the operations team in Nicaragua demonstrated another quarter of consistent operational performance and execution at the San Albino Mine. Then we wrap up with getting an update on this year’s ongoing exploration strategy at San Albino, Las Conchitas, and other regional targets.

If you have any further questions for Akiba regarding Mako Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.

Click here for a summary of the recent news out of Mako Mining.

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Chris Temple, Editor and Publisher of the National Investor, joins us to share his main takeaways from the FOMC meeting this week, how any limited rate cuts may just end up being mid-cycle course corrections, the true reality as it relates to consumer pricing inflation, The Great Stagflation, and how this all ties into the general US equity markets and the commodities sector. This is a wide-ranging discussion that gets into the divergence between the return to a more sane backdrop of interest rates and a more normal business cycle, versus what the markets are anticipating with a binary switch to cutting rates back down to pre-covid levels. Chris outlines that Fed cannot possibly take us back to that kind of environment again, and that economic and market expectations will need to adapt to the changing multi-polar global economy.

He outlines some of the takeaways he had after attending and speaking at the recent SME “Current Trends In Mining Finance” conference in NY. One of the recurring themes centered around the challenges in policy, permitting, and personnel bottlenecks standing in the way of getting more mines into production to feed the growing demand for critical minerals in North America. Chris also points out that the western nations now need to rapidly play catchup and overhaul many policies to stimulate more domestic supplies or supplies from friendly nations of raw materials like lithium, copper, nickel, and silver, that prices will keep rising due to the supply-demand mismatches.

Click here to follow along with Chris at the National Investor website.

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Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTC: MGMNF), joins me to unpack key milestone of the Crean Hill Mine Project going into a toll-milling arrangement on a 109 FootWall Zone bulk sample, and the further exploration work going on at this project and also at the Shakespeare Project for 2024. We also review the ongoing derisking work the company is doing for the potential development strategy at both Projects and the ultimate pathway towards nickel, copper, platinum, palladium and gold production in the prolific mining district in Sudbury, Ontario.

We start off discussing how the signing of a toll milling agreement with Glencore, to process a surface bulk sample from the 109 FW Zone at Crean Hill, is really the next step in advancing their Crean Hill Project. This bulk sample will allow us to evaluate the metallurgical performance and reconcile against our resource estimate, further de-risking our project as we move towards underground advanced exploration at Crean Hill.

Additionally, back on March 27, 2024, Magna announced the signing of a Definitive Offtake Agreement for advanced exploration at Crean Hill with Vale Canada. The Vale agreement excluded the 109 FW Zone as Magna wanted to explore other processing options to improve recoveries for the copper-PGM rich mineralization in this zone. These two agreements with both Glencore and Vale demonstrate the various options for Magna to do future toll-milling agreements and grow their mining business in the Sudbury region. We also look ahead to the larger vision of eventually building a mill at Shakespeare for a hub and spoke mining method, across their land package, and how they are evaluating other potential properties to augment their development portfolio.

With regards to exploration, we reviewed the nearly 23,000+ meters of drilling from last year, and looked ahead to the 25,000 meters of drilling on tap for this year, with more of a discovery focus. We highlighted the importance of the recent high-grade drill intercepts of nickel, copper, platinum and palladium in the 101, 105, and 109 Footwall Zones, that complement the other areas of more nickel forward mineralization in the main contact mineralization areas of the deposit. Also there is ongoing regional and discovery drilling going on at both Crean Hill and Shakespeare, with more exploration newsflow on tap for the balance of this year.

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

Click here to follow along with the news at Magna Mining

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Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent high-grade gold drill results returned from the South Austin Zone, and to expand upon other exploration targets for the 2024 field season at Madsen Gold Project, in the Red Lake district of Ontario, Canada. We also get a development update on the different milestones and steps to take on the pathway to a mine restart.

We started off having Will share the main takeaways from the news release June 11th, where definition drilling was focused on the high-grade South Austin Zone.

Drill Hole # MM24D-09-4068- 012 intersected 8 meters @ 16.69 g/t Au, including 1 meter @ 127.98 g/t Au.
Drill Hole # MM24D-09-4068-009 Intersected 17.83 meters @ 6.17 g/t Au, including 1 meter @ 30.05 g/t Au, and also including 1 meter @ 28.33 g/t Au, and also including 1 meter @ 14.59 g/t Au.
Drill Hole # MM24D-09-4068-010 intersected 12 meters @ 7.48 g/t Au, including 1 meter @ 73.56 g/t Au, and also Including 0.5 meter @ 16.77 g/t Au.
Drill Hole # MM24D-07-4198-012 intersected 3.1 meters @ 21.33 g/t Au, including 0.5 meter @ 32.74 g/t Au, and also including 1 meter @ 28.78 g/t Au.

The purpose of this drilling was definition within South Austin to continue building an inventory of high-confidence ounces for eventual restart of the Madsen Mine.

Next we discussed how the exploration strategy at Madsen has been focused at the North Austin Zone, the Main Austin Zone, and the South Austin Zone because it is the ideal mineralized area to exploit in a mining restart scenario in the second half of 2025. We also review the potential at depth at Madsen with both the South Austin Zone still open, and then some underground drilling work planned for this summer at the 8-Zone, underneath the McVeigh Zone. Underground drilling of these targets will allow the exploration team to follow up on these areas with more accuracy, and much more efficient holes, than trying to drill from surface as prior operators had done. There will also be a lot of regional exploration work and metallurgical testing completed at the Madsen Gold Project this year, further derisking and delineating the project, to optimize a potential mine restart next year.

We wrap up getting an update on what needs to be procured, built, and developed at the mine site over the next six to twelve months to achieve our goal of restarting the mine in 2025. One of the key work projects will be the Connection Drift; which is a 1,200-meter haulage way to connect the East and West portals/declines at the Madsen Mine, to increase material hauling efficiency, ventilation, and safety. Will points out that since there will also be immediate exploration opportunities from this Connection Drift underground, that this work also qualifies for deploying a portion of their flow-through funds already raised. Will also highlights that all the development work will feed into an updated Pre-Feasibility Study, targeted for release in early 2025, that will further detail the restart plan.

If you have any follow up questions for the team over at West Red Lake Gold please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Welcome to another episode of Stock Talk on The KE Report. Quinton Hennigh, Geologist, Private Investor and Geologic Consultant to Crescat Capital joins me to share his thoughts on the following three companies.

Irving Resources – CSE:IRV, OTCQX:IRVRF
Novo Resources – TSX:NVO, OTCQX:NSRPF, ASX:NVO
Arizona Gold & Silver – TSX.V: AZS, OTCQB:AZASF

Please keep sending me stocks that you would like us to discuss in future Stock Talk episodes. My email address is Fleck@kereport.com.

Here is the only the audio from the interview…

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Mike Konnert, President and CEO of Vizlsa Silver (TSX.V:VZLA & NYSE:VZLA) joins me to recap the recent news release from June 12th, detailing results from 12 infill drill holes at the Copala Resource Area, on the Panuco Project in Mexico. Highlight results include 1,503 grams per tonne (g/t) silver equivalent (AgEq) over 13.00 meters true width (mTW) (1,017 g/t silver and 8.19 g/t gold).

Mike explains the Company’s strategy behind the infill drilling program designed to build higher confidence resources in preparation for the Preliminary Economic Assessment (PEA) and future Feasibility Study. He highlights the importance of high-grade discoveries and continuity in these infill drill holes, which are crucial for the early stages of production at Copala. I also ask about the cash position of the Company as it relates to the anticipated move into test mining. Additionally, we discuss future exploration targets across the Project.

Please email me with any follow up questions on Vizsla Silver. My email address is Fleck@kereport.com.

Click here to visit the Vizsla Silver website to learn more about the Company.

Figure 2: Inclined longitudinal section for Copala structure with drillhole pierce points. The section is 1x along strike to 1.4x along the dip to compensate for the average 46-degree dip of Copala. The black dash outlines represent Copala 2 in the north and Copala 4 vein in the south.

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to outline this year’s 15,000 meter drill program with a proposed 62 holes from 22 drill pad locations with up to three diamond drill rigs, across the 10 gold veins delineated at the Golddigger Property, located in the Golden Triangle, British Columbia. This program will also include 3 new maiden drill programs testing the copper-gold targets generated in last year’s surface exploration program.

We start off getting the key takeaways from the news released June 3rd, where this year’s exploration program will be following up on all the work done to date at the Surebet Zone, Bonanza Shear Zone, Golden Gate Zone, and will be testing further into the depth of the volcanics looking for the potential feeder structure. There have been an additional 6 veins (Big One, El Dorado, Surebet Lower, Goldzilla, Hot Spot, and Whopper) that have been identified through other exploration results, and will be followed up on for this year’s drill program. There will also be a maiden drill program testing the volcanic mineralization at a new gold-copper target generated last year a little more than 1km a way at the Jackpot Zone with 10 shear-hosted quartz-sulphide veins within a 15-meter wide stockwork.

Next we reviewed 2 more maiden drill programs to be conducted for VMS copper-gold mineralization at both the Treasure Island Target and the Full Contact Target, up north at the Cambrian Icefields. These 2 drill programs will be following up on last year’s field work where the exploration team did some channel cuts and a rock chip sampling program that yielded both high-grade gold and copper mineralization in an area that has never seen any drilling before.

If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and we’ll get those answered or covered in a future interview.

In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording.

Click here to visit the Goliath Resources news section.

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold, joins us to provide his updated technical outlook for gold, silver and the underlying stocks.

We start with the potential directions for gold, focusing on support levels, resistance, and the possibility of a double top pattern. Jordan explains why it’s too early to predict a definitive trend for gold, emphasizing the importance of monitoring the $2,300 level and potential gaps at $2,240.

For silver, the conversation highlights the recent breakout above key resistance levels and subsequent correction, with analysis on support levels and moving averages.

We also delve into the mining stocks, particularly GDX, examining its performance relative to gold, support levels around 32-34, and the influence of the broader stock market. Jordan shares insights on the potential for these stocks to break out and the factors possibly driving that breakout. Additionally, look at the relationship between gold and silver stocks, the potential for silver stocks to catch up, and the impact of cost inflation and margin expansion on miners.

Click here to visit Jordan’s site – The Daily Gold.

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Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO – OTCQX: NSRPF – ASX:NVO) joins me for a broad exploration update across a number of projects in Australia.

We begin with the Belltopper Project in Victoria, where the recent approximately 2,500meter diamond drilling results have found new gold reefs. See Figure 2 from the June 4th news release posted below. This is followed by an overview of the ongoing 4,000meter drill program at Nunnery North, building on last year’s Phase 1 program.

We then move to discuss the developments in lithium exploration at the Quartz Hill Joint Venture with Liatam, including an upcoming 9,000-meter RC drilling program.

An update on the Becher Project Joint Venture with De Grey Mining is also provided, highlighting the continuation of drilling activities.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.

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Mike Larson, Editor-In-Chief at MoneyShow joins us to provide a comprehensive analysis of the latest inflation data and market movements just hours before the Federal Reserve’s announcement. Discussing past and expected Fed rate cuts, market reactions to inflation trends, and the recent performance of commodities like gold, silver, and copper, We also explore the impact of central bank policies worldwide, the influence of mega-cap tech stocks, and potential opportunities in various market sectors.

Click here to visit the MoneyShow website.

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Francios Motte, CFO of Aclara Resources (TSX:ARA) joins me to provide an update on the Penco Module, in Chile, and Carina Module, in Brazil. Both heavy rare earth assets (ionic clay) are being de-risked and moved toward a construction decision.

We discuss the improved Environmental Impact Assessment (EIA) for the Penco Module in Chile, and recent drill results from the Carina Module in Brazil. The conversation highlights changes in project design, community engagement, and operational metrics that followed the first EIA rejection.

Additionally, the discussion covers the timeline for EIA evaluation, the significance of new drill results, upcoming updates in resources, and future economic reports. Aclara’s progress towards vertically integrating rare earths processing within the U.S. is also explored. Lastly, the discourse delves into metallurgical testing, project timelines, and capital requirements for moving towards production and construction decisions by 2026-2027.

Click here to visit the Aclara Resources website to learn more about the Company.

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David Awram, Sr. Executive Vice President, Co-Founder, and Director of Sandstorm Gold (TSX: SSL) (NYSE: SAND), joins me for a review the key takeaways from Q1 2024 financials and operations. We also got into many of the key royalty partner projects feeding into the larger growth profile over the next 5 years for this mid-tier precious metals royalty company. Sandstorm Gold is diversified across 250 royalties, 40 producing assets, exploration optionality, different jurisdictions, and has a leading cost profile from producing royalty partners.

This is wide-ranging discussion that gets into the value proposition and key attributes of Sandstorm Gold within it’s peer group of royalty companies. We spend some time unpacking some of the key projects they hold royalties on that are partnered with senior mining companies as operators, that are well capitalized to have more exploration and development upside than the market is anticipating. Some of the projects Dave outlined were the Houndé Project operated by Endeavour Mining, the Bonikro Project operated by Allied Gold, the Barry Project operated by Bonterra Resources (that is being combined with Osisko Mining’s Windfall Project), and Caserones operated by Lundin Mining.

Next we got into some of the large development projects that are moving down the development pipeline and into production, as big contributors to future gold equivalent ounces and revenues. We reviewed how Equinox’s Greenstone Mine has just had first gold pour, as the 4th largest gold mine in Canada and a big win for Sandstorm and the Canadian mining sector at large. Next Dave highlighted a recent site visit to Ivanhoe Mining’s Platreef Project in South Africa, and how construction is well underway to bring this mine into commercial production by next year. We then reviewed the cornerstone Hod Maden royalty asset in Turkey, and how the terms on this asset and conversion into a gold stream have changed over time, including the sale of the 30% interest in the project to Horizon Copper Corp. Lastly we wrap up with a look ahead to the Mara gold stream operated by Glencore, as an example of how a royalty purchase can change hands and become incredibly value-accretive.

If you have any questions for Dave regarding Sandstorm Gold, then please email me at Shad@kereport.com and we’ll get them addressed, or covered in a future interview.

In full disclosure, Shad is a shareholder of Sandstorm Gold at the time of this recording.

Click here to follow along with the news from Sandstorm Gold.

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Adrian Day, President of Adrian Day Asset Management and manager of the Euro Pacific Gold Fund joins us to discuss the recent developments in the precious metals market. We focus on the notable pullbacks in gold and silver prices, examining the factors behind these moves including China’s gold buying trends and the US jobs report. Adrian explains the nuances of market reactions, emphasizing the roles of central bank activities and macroeconomic indicators.

Despite temporary market weaknesses, Adrian identifies strong investment opportunities in undervalued mining stocks, particularly major stocks like Barrick, Franco-Nevada, and B2Gold, along with some development stage companies. The conversation navigates through the cautious sentiment among general investors, the impact of speculative behavior on metals prices, and the long-term prospects of a rebound in the sector.

Click here to learn more about Adrian Day Asset Management.

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Pat Ryan, Chairman and CEO of Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), joins me for a comprehensive introduction to the Company’s Rapid SX rare earth separation technology, their demonstration plant in Kingston, Ontario, and their engineering and development plans for their Strategic Metals Complex in Alexandria, Louisiana.

We start off with a more general discussion on the importance of the 17 rare earth elements in many aspects of technology, energy, and defense, noting in particular the importance of the heavy rare earth elements in permanent magnets, electric vehicles, windmills, and defense (like the F-35 fighters and nuclear submarines). This then leads into global marketplace that has been and still is dominated by China for the processing and separation of rare earth, as well as the alloys for manufacturing.

Ucore Rare Metals was seeking out different alternatives and efficiencies to the standard Chinese solvent extraction methodology, and eventually partnered with the Innovation Metals Corp to develop a solvent extraction method that was much faster, with a far smaller physical footprint, using a closed loop computerized column process. Not only was it more friendly to ESG initiatives, but the speed and efficiencies have become attractive to potential off-take partners, and to the US, Canadian, and European governments. Pat expands on different government funds available to help with developing North American domestic supplies of rare earth elements, and that they are in negotiations with a number of permanent magnet, automotive, and energy companies for potential partnerships and non-dilutive financing options. The believe their Strategic Metals Complex in Louisiana, will be the first template for several more plants to be constructed, not just in the US , but also in Canada and Europe.

If you have any questions for Pat regarding Ucore Rare Metals, then please email them in to me at Shad@kereport.com and we’ll get those addressed by the company or cover them in future interviews.

Click here to follow the latest news from Ucore Rare Metals

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John Rubino, Follow John on his Substack, joins us to discuss the continued corrective move lower in gold, silver, and copper and the related resource stocks over the last few weeks; and how he is managing his portfolio looking ahead to the bigger picture. We review some of the key news the end of last week, focusing on some of the nuances with the official jobs report numbers and the news out of China they were buying less gold last month. This translates over into the weaker precious metals prices, but John believes the bull markets are still well in place. We also get into the movement lately in copper and uranium, and how is approaching investing in those sectors, mostly through the ETFs and the larger more established names, but that he is starting to review more information on the small junior companies.

Click here to visit the John’s Substack to keep up to date on his market and economic commentary.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website, joins us to review his technical outlook on a number of sectors including broad US market indexes, the surge higher in Nvidia, small caps, electric vehicles, cannabis stocks, gold, gold stocks, silver, and copper.

One big takeaway is the narrowing of market breadth again into the large mega-cap stock leadership, like Nvidia, and that much of the larger market stocks are not having the same kinds of runs as seen in the weighted indexes. This leads to a discussion about the smaller cap stocks, like those seen in the Russell 2000 via (IWN), and how higher interest rates may be factoring in. With only 40% of stocks above their 50-day simple moving averages, we ask TG if some of the money made in the larger tech leadership will eventually filter down in the rest of the sector that has been underperforming. TG also highlights EV stocks and cannabis stocks as 2 other areas that have fallen out of favor, that he is watching more closely to see if they are ready to start moving higher. He also notes the importance of the upcoming US election cycle, and how investors are waiting for more clarity as to future of where money and power will flow in the next business cycle.

Turning toward the commodities, we’ve seen gold, silver, copper, and other commodities turn down over the last few weeks, and TG points out that with gold, GDX, and copper having already dipped below their 50-day SMAs, that it is likely that silver will also follow suit and do the same. TG makes the point that after such big moves higher, that it is natural to see these sectors cool off and correct for a while, and that he’ll be watching the 21 week moving average for a potential area of support in the weeks to come.

Click here to visit the Profit Pilot website to keep up to date with what TG is trading.

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Craig Hemke, Founder and Editor of TF Metals Report joins us to discuss the critical events lined up for the week, including a key Federal Reserve meeting and anticipated inflation data. We delve into the recent rate cuts by the ECB and Bank of Canada, analyze precious metal trends, and explore the impacts of quantitative tightening on markets. We also look at the U.S. economy, global trends, and the future of the dollar amidst economic uncertainties and upcoming elections.

Click here to visit Craig’s website – TF Metals Report.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman joins us to discuss three companies: First Nordic Metals, Prismo Metals, and Inflection Resources.

First Nordic Metals has new targets at the Storjuktan Project in Sweden, while Prismo Metals offers a high-risk, high-reward copper exploration in Arizona. Lastly, Inflection Resources utilizes advanced ANT surveys for porphyry targets in Australia with AngloGold as an exploration partner

Click here to visit Erik’s site – The Hedgeless Horseman.

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Welcome to The KE Report Weekend Show! On this Weekend Show we focus on market and commodity trends and the best opportunities right now. We start with big picture trading ideas with Rick Bensignor, then drive down to opportunities in metals equities.

Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies joins us to provide insights on market trends, bond yields, and commodities volatility. We delve into his analysis of the US equity markets, the impact of tech stocks on indices, and his perspective on bond yields and bond market trends. Rick also shares his insights on the precious metals market, specifically gold, silver, and copper, and their price movements in the current economic climate. Furthermore, we explore the potential future of Bitcoin and the implications of its recent price actions.
Click here to learn more about Rick’s investment letters for individual traders.
Segment 3 and 4 – Dave Erfle, Editor of the Junior Miner Junky wraps up the show by discussing where the opportunities lie in gold, silver and copper equities considering where the underlying metals prices are. The discussion highlights the recent volatility in the silver price, potential investment opportunities in more developed junior companies, and the lagging performance of mining stocks despite strong metal prices. The conversation also delves into copper market dynamics and the significance of strategic partnerships for developers.
Click here to learn more about Dave’s Junior Miner Junky newsletter.

Rick BensignorDave Erfle

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market, joins us to recap the economic data from a very volatile week of trading, and we also look ahead to more macroeconomic data on tap for the weeks to come. We also dive into the corrective moves down recently in the commodity sector and some of the news that could be fueling this downward pricing pressure.

We start off looking at the strong jobs number, paired with stronger interest rates and a stronger dollar to assess the reaction in the general markets. We also look at how this data may shape Fed policy. We also review some of the recent central bank meetings, where the European Central Bank, Denmark, and the Bank of Canada all cut rates in response to stickier inflation. Marc shares how despite all of this he doesn’t believe the Fed will be following suit anytime soon, and is penciling in 1 US rate cut in the latter part of this year.

The discussion further delves into the implications for currency movements, commodity trends, and the bond market, addressing the interconnectedness and potential volatility driven by these diverse factors. Marc notes the importance of news from China as it relates to less buying of gold and how their large solar farm may have effected other solar companies ability to compete and thus hitting the silver pricing. He also noted that larger inventory builds of copper at the ports may have contributed to copper’s sell off. With regards to the bump in natural gas prices, he feels this tied into Norway’s terminals having unscheduled shut downs. In general, Marc points out that the stronger dollar was pressuring most commodities this week.

Click here to visit Marc’s website – Marc To Market.

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Joel Elconin, Co-host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss today’s market rebound, job data, and trends in major indices like the Dow, NASDAQ, and S&P. We discuss the impact of high-flying stocks such as NVIDIA and the resurgence of meme stocks.

We also look at commodities like gold, silver, copper, and their market momentum and recent volatility.

Click here to visit the PreMarket Prep website to follow along with Joel.

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Graham Downs, President and CEO of Cascadia Minerals (TSX.V: CAM) (OTC: CAMNF), joins me for a comprehensive introduction to this new gold and copper explorer focused on 3 projects in the Yukon and one project in British Columbia, Canada.

We start off having Graham outline how the company came together, as some of their copper & gold projects were spun out of ATAC Resources, when Hecla Mining (NYSE: HL) took over their prior company. Then we recap some of the work the exploration team did on their Catch Property in the Yukon last season, and discuss the follow up drilling planned in 2024. In addition, there will be some drilling on the Pil Property in British Columbia later this exploration season.

We discuss some of the key stakeholders in Cascadia Minerals, such as Hecla Mining, Barrick Gold, and activist investor Michael Gentile, and the strong management stake, as sell as the tight share structure, and that the company will be cashed up for this exploration season, and may do some early stage ground work on other properties.

Click here to follow along with the latest news from Cascadia Minerals

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF), joins me to review their operational and financial results from Q1 2024, a recent royalty acquisition now partnered with Rio Tinto, and a few royalty partner updates. We start off diving into the key metrics and takeaways from the first quarter financials.

Royalty revenue of US$3.3 million and adjusted revenue of US$4.7 million, up 24% on Q1 2023
Attributable Gold Equivalent Ounces (“GEOs”) of 2,283 ounces, up 13% on Q1 2023
Operating Cash Flow plus Caserones dividends of US$1.2 million, compared with a loss in Q1 2023 and expected to grow through 2024 as margins increase
Adjusted EBITDA of US$3.2 million, up 42% on Q1 2023

2024 Outlook

Diba remains on track to be the Company’s newest producing gold royalty. Allied Gold Corp (TSX: AAUC) have announced that mining is expected to commence in Q2 2024
Elemental Altus on course to meet guidance of 10,000 to 11,700 GEOs as production increases over the year. This guidance represents at its midpoint a 19% increase on 2023 and provides top-line exposure to gold and copper prices
Repaid US$5 million debt in Q1 2024, leaving US$25 million undrawn on the credit facility and with approximately US$9 million cash on quarter end prior to Q1 royalty receipts. The Company intends to continue to reduce the amount drawn on the credit facility while maintaining financial flexibility to make new acquisitions
Falling G&A expenditure and significant expected cash flow generation following merger synergies and asset sales, which are also expected to generate milestone payments placing the company in a position to generate material cash flow

During the interview we reviewed th increasing revenue and expanding margins over the course of 2024, and why the company strategy was to aggressively go after cash-flowing assets. We then highlighted that the Diba royalty is on track to commence mining in Q2 and has the potential to be a material long-life royalty for the company based on the exploration potential once it is in production. Fred discusses how this complements other long-life royalty assets like Karlawinda and Casserones, as key cornerstone assets.

We also discussed the large portfolio of development and explorations assets that will provide discovery optionality to future value creation. To that point we discussed the recent acquisition of a royalty over a Rio Tinto operated lithium project in Rwanda, where the Company expect to see significant news flow over the course of 2024. The company is cashed up and looking to make more accretive acquisitions over the course of this year.

If you have any follow up questions for Fred regarding Elemental Altus Royalties, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording.

Click here to view recent news on the Elemental Altus Royalties website

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Graham Richardson, CFO of Faraday Copper (TSX.V:FDY – OTCQX:CPPKF) joins us to provide an overview of the current resource at the 100% owned Copper Creek Project in Arizona.

Highlights include a discussion on the 4.2 billion pound copper resource, the results from the 2023 PEA, and the Company’s current drill program, focused on expanding the high-grade portion of the resource and on making new discoveries. We also dive into the company’s experienced team and significant stakeholders, as well as the upcoming drill results and corporate strategy aimed at increasing the economic value of the asset.

Click here to visit the Faraday Copper website to review the Company’s Corporate Presentation.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review the recent corrective move in the commodities and resource stocks. He shares the fundamental reasons he remains constructive for copper, gold, silver, and uranium stocks, despite this consolidation move inside of Phase 2 of the commodities supercycle.

We start off having Nick review the overall lay of the land with the commodities turning over the last few weeks, after having gone on a several month rally. He outlines that as the markets transitioned from Phase 1 to Phase 2 of the commodities supercycle, that there will be natural ebbs and flows of selling and buying, but that he is still anticipated robust growth in many resources and related equities. We get an update on how he has been positioned in his portfolio with regards to copper stocks, touching upon positions in Hannan Metals (TSXV:HAN)(OTCPK:HANNF), Gladiator Metals (TSXV: GLAD) (OTCQB: GDTRF), and has a bid out to accumulate Freeport McMoran (NYSE: FCX). We also discuss the ability of successful exploration drill programs to still garner new interest with investors, highlighting the recent success Bravo Mining (TSXV: BRVO) (OTCQX: BRVMF) has had hitting copper mineralization in addition to the platinum and palladium resource. We wrap up having Nick unpack why he is still bullish and remains a buyer on dips in the uranium sector, believing the bull market can continue on for uranium equities for some time to come.

Click here to follow Nick’s analysis and publications over at Digest Publishing

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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold, joins us to share his outlook for commodities based on the recent loss of upward momentum, how gold is performing compared to other commodities and the S&P, and the stocks he is focused on.

We start with the recent loss of momentum in metals like silver, copper, and some energy commodities, despite gold holding up relatively well. Jordan shares insights on the potential signals of declining economic growth and a possible upcoming recession. We explore the performance of gold relative to the stock market during past economic downturns and discuss strategies for investing in quality companies, particularly growth-oriented producers and developers.

Click here to visit Jordan’s site – The Daily Gold

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Bryan Atkinson, Senior VP Exploration at Fury Gold Mines (TSX:FURY – NYSE:FURY) joins me to recap yesterday’s news release reporting drill results from the Éléonore South Project in Quebec.

We start by recapping the seven-hole drill program for over 2,300 meters, aimed at expanding mineralization. We compare the results to historical data, highlighting the broader and lower-grade current intercepts, and outline the step-out distance of these holes.

Additionally, we look into the Company’s exploration plans for summer 2024 at Eau Claire and Éléonore South.

If you have any follow up questions for Bryan and the team at Fury please email me at Fleck@kereport.com.

Click here to visit the Fury Gold Mines *website to learn more about the Company and read over the recent news.*

Figure 1: Plan View Map of the Spring 2024 Drilling around the Cheechoo Tonalite.

Webinar replay from May

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Lawrence Roulston, President and CEO of MTB Metals (TSX.V:MTB – OTCQB:MBYMF) joins me for a discussion on the junior markets, action in the Golden Triangle and plans to advance MTB Metals.

Lawrence discusses the unique state of mining markets, noting high metal prices (copper, gold, silver) but depressed equity values. He explains the cyclical nature of the industry and the strategic moves by investors and companies during downtimes. Major mining companies are shifting focus towards copper, driven by both traditional demand and new factors like electrification and electric vehicles.

On the Company front, Lawrence highlights MTB’s flagship Telegraph porphyry copper-gold project in the Golden Triangle, the challenges of funding extensive drill programs, and the interest from major mining companies in MTB’s projects. He also mentions future plans, including further exploration and potential joint ventures or sales of secondary projects.

If you have any follow up questions for Lawrence please email me at Fleck@kereport.com.

Click here to visit the MTB Metals website to learn more about the Company.

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG – OTCQX:GMGMF) joins me to address questions you all have sent me covering all three divisions of the company: battery technology, THERMAL-XR, and lubricants.

Highlights include details on the collaboration with Rio Tinto to develop high energy density batteries, the use of graphene in various types of batteries including aluminum ion and lithium ion, and insights into the testing process. Craig also discusses the potential applications of GMG’s battery technology in the EV market, rooftop solar energy storage, and on the graphene production front, capture and utilization of hydrogen byproducts. Further questions include updates on US EPA approval for THERMAL-XR, plans for scaling up graphene production, and the overall strategic direction of GMG.

Please keep sending me all your questions for Craig. My email address is Fleck@kereport.com.

Click here to visit the GMG website to learn more about the Company.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review the downturn the last few weeks in the commodities like oil, nat gas, uranium, copper, silver, and gold, and their related resource stocks, but he reiterates that the larger megatrends are still well in place.

He acknowledges that some of the moves lower don’t make a lot of sense based on the macroeconomic news, but believes these pullbacks will find support and that those will be good buying opportunities. In the bigger picture we discuss that the commodities supercycle, which started just a few years ago, is solidly underway. He is less animated by the earlier stage exploration companies at this point in the cycle, but feels that investors should look to the larger quality names in each sector, which should respond favorably in the next leg higher.

Click here to follow along with Sean’s work at Weiss Ratings Daily

Click here to learn more about Resource Trader

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Matt Badiali, Editor of the New energy Investor published under the Mangrove Investor joins us to discuss his renewed bullishness for Uranium.

Matt discusses the significant shift in Japan’s energy policies, particularly their renewed commitment to nuclear energy. This change is driven by Japan’s need to reduce its dependency on imported fuels and to support high-energy-consuming industries like data centers and chip manufacturing. The potential restart of nuclear reactors, especially the vast Kashiwazaki-Kariwa plant, could increase global uranium demand, potentially driving up prices.

Matt also highlights the broader international context, with several countries ramping up their nuclear energy capabilities. We look at the challenges of uranium supply, noting the depleted stockpiles in Japan and the end of the Megatons to Megawatts program. Despite a recent dip in uranium prices, Matt is optimistic about another upward trend due to burgeoning demand.

The conversation touches on uranium stocks and discusses significant companies like NextGen Energy and the Sprott Physical Uranium Trust. Matt emphasizes the importance of jurisdiction and the need for more uranium production to meet future demands. The discussion also covers the Athabasca Basin, known for its high-grade uranium resources, and the need for diligent exploration and management.

Click here to visit the Mangrove Investor website to follow along with Matt.

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Cameron Tymstra, President and CEO of Targa Exploration (CSE:TEX – OTCQB:TRGEF – FRA:V6Y) joins me to discuss the Company’s exploration plans this year, focused at the Opinaca Project in Quebec.

The company’s main focus this year is the Opinaca project in Quebec, concentrating primarily on gold exploration, with some interest in lithium. Cameron highlights the strategy of using till sampling to locate bedrock sources of gold anomalies identified last year. The collaboration with Kenorland Minerals allows Targa to benefit from the expertise of geologists experienced in similar successful projects in the area.

The $1.3 million CAD budget for Opinaca covers a comprehensive till sampling and prospecting program aimed at narrowing down drill targets for 2025. Additional minimal exploration activities will be conducted on other lithium projects in Ontario and Northern Saskatchewan to keep them in good standing.

If you have any follow up questions for Cameron please email me at Fleck@kereport.com.

Click here to visit the Targa Exploration website to learn more about the Company.

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Adrian O’Brien, Director of Marketing and Communication at Midnight Sun Mining (TSX.V:MMA – OTC:MDNGF) joins me to discuss the recently closed a $10 million private placement and cooperative exploration plan with First Quantum Minerals. This venture focuses on advancing Midnight Sun’s Solwezi project in Zambia, which targets significant copper and cobalt deposits.

Adrian highlights the strategic proximity to First Quantum’s Kansanshi mine and details the forthcoming drill programs at Kazhiba and Mitu. The discussion covers key aspects like the geology, operational timeline, and potential profitability of this collaboration, alongside an update on their work with KoBold Metals at the Dumbwa prospect. Adrian also delves into the unique characteristics of oxide copper deposits, permitting processes, and future benefits for Midnight Sun.

If you have any follow up questions please email me at Fleck@kereport.com.

Click here to visit the Midnight Sun Mining website.

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Craig Hemke, Founder and Editor of TF Metals Report joins us to discuss last week’s economic data and forecasts. We dive into inflation data, GDP projections, and market reactions, exploring themes of stagflation and persistent inflation.

We also preview a busy week ahead with new economic data releases such as PMIs and job reports, and speculate on how these might affect market trends and the Fed meeting next week. Craig provides insights into the gold and silver markets, analyzing recent movements and the potential influence of upcoming economic indicators. Additionally, we explore the broader impact of inflation on average Americans and the dichotomy between stock market performance and real economic conditions.

Finally, we delve into the Commitment of Traders reports for precious metals, discussing the implications for future price trends

Click here to visit the TF Metals Report website to stay up to date with Craig.

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Jon Deluce, President and CEO of Abitibi Metals (CSE:AMQ – OTC:AMQFF – FSE:4KG) joins me to recap the recent drill results from the B26 deposit’s Eastern Extension target, in the Abitibi region of Quebec. We also discuss the Company’s extensive exploration programs – comprising 16,500 meters planned for this year and an additional 20,000 meters next year – aimed to enhance the historical resource and move closer to a Preliminary Economic Assessment (PEA).

Jon also outlines the Company’s strategic plans for future drilling, funding, and market engagement, providing insights into the stock’s recent flat performance and the steps being taken to attract investors.

If you have any follow up questions for Jon please email me at Fleck@kereport.com.

Click here to visit the Abitibi Metals website.

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Welcome to The KE Report Weekend Show! We are sticking to the gold, silver and copper markets this weekend analyzing pricing and equity investment trends.

Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital shares his insights on copper market trends and portfolio strategies. We start by recapping the updates to his portfolio, and a deep-dive into the copper market dynamics. Matt shares his strategies and recent investment moves, including a major allocation to copper and a new high-grade copper discovery.
Click here to learn more about MJG Capital.
Segment 3 and 4 – Axel Merk, President and CIO of Merk Investments wraps up the show discussing trends in gold ETFs, including inflows and outflows, and the current state of the gold market. Axel provides insights into investor behaviors, and the broader commodity market including gold, silver, and copper.
Click here to learn more Merk Investments.

Matt GeigerAxel Merk

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro, joins us to review the recent pullback in most market sectors, and how he is trading the volatility in US equities, copper, gold, and silver. With regards to the overall health of the general US equity markets he notes that most of the weakness has been in the weighted indexes and larger cap stocks. When reviewing the better market breadth and that the small-cap and mid-cap stocks held up better the end of this week, he sees that as a constructive sign of underlying market strength. Technically their models have not changed to bearish and Dana is still constructive for higher levels in the medium-term.

Pivoting over to the commodities weakness this we saw all week long, we touch on the pullback in copper, gold, and silver, and in particular, where he would look to start scaling back in based on technical signals and Fibonacci retracement levels. When looking at the volatility in silver, Dana shares his thoughts on how this can be an opportunity for swing-traders and position-traders, but feels despite the consolidation of the recent gains, that he’d be looking to accumulate anywhere down near where the breakouts started.

Click here to visit The Lyons Share Pro website to follow along with what Dana is investing in.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market, joins us to discuss the upcoming crucial two weeks in global markets. We explore the anticipated central bank meetings, including likely rate cuts from the European Central Bank and Bank of Canada.

The conversation also highlights major political events, such as elections in South Africa, India, and Mexico, and their potential impacts on local markets and currencies. Additionally, Marc emphasizes the importance of forthcoming U.S. economic data, including job reports and CPI figures, in shaping Federal Reserve policy and market expectations.

Click here to visit Marc’s website – Marc To Market.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the Q1 2024 financial results and operations at the Segilola Gold Mine, and provides a gold exploration update for Segilola, the Thor Lithium claims in Nigeria, and increased land and exploration at the Douta Project in Senegal.

Financial Highlights

17,420 oz of gold sold with an average gold price of US$2,033 per oz.
Cash operating cost of US$418 per oz sold and all-in sustaining cost (“AISC”) of US$632 per oz sold. [In Q1 2024, lower cost medium and high grade stockpile was fed through the mill resulting in a lower than expected cash operating cost and AISC].
Q1 2024 revenue of US$33.3 million
Q1 2024 EBITDA of US$23.3 million
Q1 2024 net profit of US$12.4 million
Cash and cash equivalents of US$2.8 million as at March 31, 2024
Senior debt facility reduced to US$15.2 million as at March 31, 2024.
Net debt of US$14.3 million as at March 31, 2024.

Segilola Production

Gold recovered for the Period totalled 19,589 ounces.
- Mill feed grade was 2.85 grammes per tonne gold with recovery at 90.71%
- The process plant maintained the Q4 2023 productivity levels, higher than design, throughput rates with all the main operating units continuing to perform better than expected.
- A leach circuit tank upgrade aimed at reducing the gold in circuit through 2024 was completed in the Period.

Segilola Near-Mine Exploration

Exploration during the Period has prioritised working up near mine drill targets as well as carrying out structural studies aimed at designing drill programmes for the Segilola Underground Resource in Q2 2024. The Company is aiming to define an updated underground resource before the end of 2024.
- 10,000 metres of drilling expected to commence in June 2024, with a likely increase to the size of the drilling programme should there be successful drilling results.

Douta Exploration

In the post period, the acquisition of the Douta-West Licence (announced April 3, 2024) was completed. The license lies contiguous to the Company’s existing Douta Permit and contains advanced exploration targets.
Thor’s strategy is to combine both licences and scale up the size of a combined Douta Project for the Douta Preliminary Feasibility Study (“PFS”). The Douta PFS workstreams continue, alongside the growth of the oxide component of the resource across both licences.
This growth will add to the existing mineral resource estimate (“MRE”) that currently comprises of a total of approximately 1.78 million ounces (“Moz”) of gold.
A 15,000 meter drilling program commenced after the Period and is targeted at growing the current oxide component of the resource from approximately 250,000 oz to over 500,000 oz over the next six months.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email me at shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this recording.

Click here to read over the recent news out of the Company.

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Peter Krauth, author of the book The Great Silver Bull and editor of the Silver Stock Investor newsletter, joins me for a wide-ranging discussion the recent breakout in silver prices, the supply/demand fundamentals driving this move higher in silver, and some pro tips on stacking silver and investing in the silver stocks.

We start off noting the recent breakout higher, and why Peter believes this is the beginning of a sustained move higher in the sector, why we should appreciate silver prices in the $30s along the journey, the $50 silver target, and even potentially higher prices this cycle. We review the supply and demand factors moving silver higher from both the precious metals side and the industrial side, and how those may develop over time. Peter provides some great advice and the things to be cognizant of when accumulating physical silver through custodians, and when investing in electronic forms of silver. He points out that with regards to spectrum of PM ETFs that his preference is for the Sprott Physical Silver Trust (PSLV).

Shifting over into the silver stocks, we cover general comment on the whole spectrum of companies from the larger to mid-size producers like Endeavour Silver (EDR.TO) (EXK) and First Majestic (FR.TO) (AG), down to the developers with ounces defined in the ground for optionality, and then some of the opportunities sprouting up in the junior explorers.

Click here to visit Peter’s site and follow along with his analysis of the silver sector

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Jeff Christian, Managing Partner at the CPM Group joins us to focus on the recent volatility in silver.

The discussion covers a broad spectrum of factors influencing silver prices, including technical momentum, investor demand, and industrial applications. Jeff explains the erratic price movements observed in 2023, noting that silver prices have fluctuated significantly due to economic uncertainty and investor sentiment.

We then look to at the Commitment of Traders (CoT) reports, highlighting the dynamics between commercial and non-commercial entities. Jeff touches upon the concept of market congestion and clarifies the difference between a short squeeze and price congestion. He emphasizes that while technical charts, industrial demand, and investment interest collectively drive silver prices, the fundamental economics of silver supply and demand act as overall limiting factors.

Finally, Jeff speculates on short-term price movements driven by open interest in futures contracts and concludes with cautionary advice for investors based on the historical behavior of the silver market.

Click here to visit the CPM Group website to keep up to date with Jeff’s metals commentary.

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Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update on the ongoing exploration and development work at the flagship copper-molybdenum-silver-gold Berg Project in British Columbia.

We start off having Leif outline the key economic metrics from the PEA released last summer, for a sense of the size and scale of the Project, and how it stacks up to other large copper development assets in Canada.

Base case after-tax NPV8% of C$2.1 billion and IRR of 20% based on long-term commodity price assumptions of US$4.00/lb copper, US$15.00/lb molybdenum, US$23/oz silver, and US$1,800/oz gold plus foreign exchange of 0.77 USDCAD
30-year mine life with total payable production of 5.8 billion pounds (2.6 million tonnes) of copper equivalent (CuEq), including 3.7 billion pounds (1.7 million tonnes) of copper
Updated mineral resource estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category.

This leads into a discussion on how the economics would change with sensitivities to current metals prices, and we’ll also include a table that demonstrates this optionality down below this interview. We also mention that the critical minerals component of the copper and moly mineralization gives the company some optionality when looking at raising capital for the development of the project down the road.

Next we dig into to the news released to the market on April 10th, about the planned technical work programs in support of an upcoming Pre-Feasibility Study (PFS), which are expected to commence in the coming weeks and extend through the summer field season. Leif outline some of these initiatives for further derisking the Berg Project through metallurgical testing, environmental baseline studies, geochemistry and geotechnical work, and then more surface mapping and sampling to advance the high-priority Berg SW Target. We also reviewed the announced strategic investment by African Rainbow Minerals Limited (“ARM”), and the recent sidecar private placement to cash the company up for these work programs.

If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Surge Copper at the time of this recording.

Click here to follow along with the latest news from Surge Copper

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD – OTCQX:KLDCF – FSE:3WQ0) joins me to recap the recent strategic investment by Centerra Gold, which brought in over C$9.8 million. Sumitomo Metal Mining Canada also exercised its right to invest and maintain its 10.1% ownership.

With new funds in the treasury, Zach explains how the company plans to use this money for grassroots exploration across its extensive land holdings in Quebec, Ontario, and other provinces. He also emphasizes Kenorland’s strategic partnerships with major players like Centerra, Sumitomo, and Newmont, and their alignment on exploration strategies.

Additionally, Zach provides insights into current and upcoming exploration, and potential news flows regarding drilling results and project updates. He underscores the Company’s strategy to partner with major mining companies for high-risk, capital-intensive exploration, and the importance of maintaining relationships with these companies to advance the projects.

If you have any follow up questions for Zach please email me at Fleck@kereport.com.

Click here to visit the Kenorland Minerals website to learn more about the Company and the partnerships with major mining companies.

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Ben Pullinger, President and CEO of ATEX Resources (TSX.V:ATX) joins me to provide a comprehensive overview of the Company and Valeriano Project in Chile.

With a substantial resource base of over 15 billion pounds of copper, 9 million ounces of gold, and additional silver (all in the inferred category), we start with an overview of the Resource Estimate, released in September 2023. Ben details the drilling success, the high-grade mineralization, and the economic metrics that support the project’s viability. The conversation touches on corporate strategies for expanding and upgrading the resource, as well as financial structures, including a $15 million debt facility and the plan to achieve 100% project ownership by the middle of next year.

Ben also highlights the management team and the Phase 5 drilling starting in October-November, aiming for significant growth potential and high-grade mineralization. Additionally, we discuss the Project location in the Atacama region, surrounded by world-class copper projects.

Please email me with any follow up questions you have for Ben. My email address is Fleck@kereport.com.

Click here to visit the ATEX Resources website to learn more about the Company.

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Tim Johnson, President and CEO of Granite Creek Copper Ltd (TSX.V:GCX – OTCQB:GCXXF), joins me to review the current resource size and key takeaways from the Preliminary Economic Assessment (PEA), the ongoing metallurgical derisking work, and the 2024 Drill Program on the Carmacks Project in the Yukon.

We start off having Tim review the PEA economics, infrastructure advantages, and decision to look at processing the mix of both oxide and sulfide copper ore using a traditional flotation circuit, which is looking at the project differently than other operators had. Additionally, we talked about some of the additional metallurgical work the Company did last year, looking at boosting the recovery rates on the processing of the oxide mineralization, where it could unlock approximately $180million in additional value on the Project.

Next we shifted over to a few different exploration targets that the exploration team will be working on, based on the IP survey results, and the apparent geological response. Tim outlined the interest in drilling 1,800 meters to test The Gap, Sour Toe and Zone 1213 targets, all within roughly 1km of the proposed open pits, and would address additional drilling based on successful results at these targets. All of the drilling data, metallurgical work on increasing processing recovery rates, as well as higher metals price sensitivities will feed into future economic studies.

If you have any follow up questions for Tim regarding Granite Creek Copper, then please email them to me at Shad@kereport.com and we’ll get them addressed.

Click here to for a summary of the recent news out of Granite Creek Copper.

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Jordan Roy-Byrne, CMT, MFTA and Editor of The Daily Gold, joins us to share his technical outlook on silver and why the technical breakout above $30 can continue to run red hot and stay overbought on the charts. He notes that there could be near-term overhead resistance at the $34-$35 level, based on the monthly and quarterly charts, but that silver could actually keep on running up to $50 before facing any significant corrective action. He also notes that the gold:silver ratio has been coming down below they key 80 resistance level into the low 70s, and that next resistance comes in at the 65 area on this ratio.

We then turn to the silver mining stocks looking the constructive upwards price action in SILJ, fueled by the recent breakout in silver prices, and the margin expansion that both the gold and silver stocks have been seeing as a result. Wrapping up Jordan offers some nuances around analyzing some of the laggard PM stocks, and that one needs to be careful understanding why these stocks haven’t moved with the rest of the sector.

Click here to visit Jordan’s site – The Daily Gold.

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Chen Lin, Editor of What Is Chen Buying? What Is Chen Selling? joins me to outline why he thinks silver is going to $50 next month, in June!

Chen elaborates on key drivers behind this prediction, including historical silver rallies, short squeezes, alternative investments, and increased demand from China. He compares the current silver market dynamics with past movements in other metals like copper and aluminum.

Chen also discusses the role of AI in increasing silver demand, particularly in solar power applications, and emphasizes the importance of strong management in selecting junior mining investments. Throughout the discussion, he explains his investment strategies in futures, ETFs, and a couple silver stocks.

Be sure to check out Chen’s presentation at the upcoming MIF virtual conference on June 6th. Click here to register

Click here to visit Chen’s website – What is Chen buying? What is Chen selling?

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joined me to recap all the news from May, including drill results from the La Luisa and Napoleon resource areas, update on the +30,000 meter ongoing drill program, royalty spin-out, and upcoming Preliminary Economic Assessment (PEA). All happening at the 100% owned Panuco Project in Mexico.

We start with the high-grade results from Napoleon and La Luisa, showing significant potential for resource expansion and de-risking in these areas. The identification of two potential feeder zones at La Luisa opens new opportunities for future exploration.

Looking forward, the PEA expected in Q3 will guide test mining and a future feasibility study. I also get an update on the royalty spin-out and an overview of the exploration plans once the PEA is released.

Please keep emailing me your questions for Mike to Fleck@kereport.com.

Click here for the Vizsla Silver website to read over all the news releases we discussed.

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins me to review the first tranche of drill result assays from their flagship Stillwater West Ni-PGE-Cu-Co + Au Project in Montana. We dig into what these results mean for the updated geological model that is coming into focus, as well as the value drivers moving forward on their 4 other non-core properties.

With regards to the Stillwater West Project, in 2023 a total of 6 holes totaling 2,310 meters were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multi-phase program. The focus was on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometer-long resource area. We get into the parallels between the Stillwater Igneous Complex and the Bushveld Igneous Complex and South Africa’s Platreef district, which hosts very large Ni-Cu-PGE mines that are now in operation by Ivanhoe Mines and Anglo American.

We also discuss some of the new understanding of a second mineralized event on the property producing what have been labeled as the “N series” of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the Company in prior drill holes CM2021-05 and CM2020-04. We also discussed the deep roots under Chrome Mountain as a potential feeder system warranting further follow up drilling in 2024.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals at the time of this recording.

Click here to follow along with the latest news from Stillwater Critical Minerals

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We’ve all bought a junior resource stock initially thinking it was going to be a 10 bagger, only to turn into a losing trade. In this discussion with Dave Erfle, Founder and Editor of The Junior Miner Junky we discuss the road to under-performance of these stocks.

The discussion highlights the impact of dilution, capital management, and market conditions on stock performance. Strategies for analyzing companies, assessing management teams, and understanding market trends are also covered.

Click here to visit Dave’s site – The Junior Miner Junky

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https://youtu.be/ttCRgLXdVIgThis is a replay of the May 23rd webinar featuring Fury Gold Mines (TSX:FURY – NYSE:FURY).

President and CEO Tim Clark and SVP Exploration Bryan Atkinson joined me to delve into the updated Eau Claire resource, now just under 2million ounces of gold (1.16mil oz indicated, 723,000 oz inferred), and exploration potential across all the Company’s projects. Discussions include the company’s strategic focus on expanding the gold resources, infrastructure advantages, and future exploration plans. Plus, an overview of the company’s valuation compared to its peers.

Please email me with any follow up questions for the team at Fury – Fleck@kereport.com.

Click here to visit the Fury Gold Mines website to learn more about the Company.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman joins us to share his thoughts on Alpha Exploration (TSX.V:ALEX), Brixton Metals (TSX.V:BBB, OTCQB:BBBXF), Homerun Resources (TSX.V: HMR, OTCQB:HMRFF).

Eric shares insights into the potential of these companies, starting with Alpha Exploration’s projects in the Arabian Nubian Shield, followed by Brixton Metals’ diverse portfolio including their flagship Thorn project backed by BHP, and lastly, the unique silica sands project of Homerun Resources in Brazil. We dive into the latest news, drilling results, market sentiments, and the management approaches to advance these stocks.

Click here to visit Erik’s website.

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Garrett Ainsworth, President and CEO of District Metals ( TSX.V:DMX – OTCQB:DMXCF – FRA: DFPP) joins me to discuss the recent acquisition of eight new mineral licenses, focused on uranium, in Sweden.

Garrett highlights the addition of the Viken NR4 mineral license, which expands the Viken property from 10,000 to 40,000 hectares. We cover the exploration potential, planned fieldwork, and the overall potential of these deposits. Garrett explains the company’s strategy during the first three years of the mineral licenses, including geological mapping and sampling.

On the moratorium front, we discuss the potential lifting of Sweden’s uranium moratorium, expected to reach Parliament in the fall, and its impact on future work commitments and partnerships.

Additionally, we touch on the Tomtebo project, with exploration currently being funded by Boliden, and the expected timeline for drill results.

Please email me with any follow up questions for Garrett. My email address is Fleck@kereport.com.

Click here to visit the District Metals website to learn more about the Company.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT & OTCQB:AZZTF) joins me to discuss the recent drill targets and expansion efforts, especially focusing on the western extension of the Contention Pit, on the Tombstone Project, in Arizona.

Historical mining activities, particularly from the late 1800s to early 1900s, provide a backdrop to the current exploration, which aims to uncover high-grade mineralization zones. See Figure 1, from the May 22nd news release, to better understand the underground workings on the Project.

We discuss the high-priority drill targets, pending results from recent surface exploration, and plans for future drilling in mid-to-late summer. Additionally, the conversation highlights Aztec’s Cervantes project in Mexico, with upcoming work planned for later in the year.

If you have any follow up questions for Simon please email me at Fleck@kereport.com.

Click here to visit the Aztec Minerals website to read over the full news release and learn more about the Company.

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Gwen Preston, Vice President Of Investor Relations for West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to discuss her new role with the company, and the key steps from exploration and development towards a mine restart plan targeting mid-2025 at the Company’s 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

Many listeners will recall Gwen’s last decade in the mining sector, as Publisher of Resource Maven, and so we start off getting a behind-the-scenes look at why she has decided to now focus on sharing with the marketplace the vision of where West Red Lake Gold is headed in the years to come. In addition to having quality assets in the Red Lake area, it really came down to her confidence in the solid management team and operations team, after having spent time visiting the project and talking to a range of personnel in various roles. After probing into why the prior operators failed, and getting consistent feedback as to why the new team will be able to fix and optimize many of those prior bottlenecks and inconsistencies, she has conviction in the pathway in front of West Red Lake Gold to get the Madsen Mine back into production in about a year.

We discuss the importance of doing so much exploration to really reinterpret a better geological model of the deposit, that feeds into a better feedback loop with the engineering team designing the mine plan. We also review the company cashing up through recent capital raises to be able to execute on a number of initiatives for exploration, derisking, and development work that will feed into an updated Pre-Feasibility Study at the tail end of 2024 or early 2025. This study will lay out the remaining steps necessary to get the operations back into production the middle of next year.

If you have any follow up questions for Gwen or the team over at West Red Lake Gold please email us at either Shad@kereport.com or Fleck@kereport.com.

In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Welcome to The KE Report Weekend Show! On this Weekend Show we feature two well respected newsletter writers focused on investing in metals stocks (Joe Mazumdar) and energy stocks (Dan Steffens).

While commodities prices pulled back this week there are a number of developments within the equities that we discuss. For comments on the pullback in commodities prices be sure to check out the Daily Editorials we posted throughout the week.

Segment 1 and 2 – Joe Mazumdar, editor of Exploration Insights, discussing the resource market, metal prices, and M&A activities. Joe shares insights on high metals prices, merger activities, and investment opportunities in metals like silver, gold, and copper. The discussion also touches on financing news, the significance of advanced exploration and development assets, and how royalty companies fit within a portfolio.
Click here to learn more about Exploration Insights.
Segment 3 and 4 – Dan Stephens, President of the Energy Perspectives Group. The discussion covers the significant rise in natural gas prices, oil stability just under $80 per barrel, and a major merger between SilverBow Resources and Crescent Energy. Key drivers behind the natural gas price spike are analyzed, including increased demand from power plants and AI data centers, and its impact on the market and stock valuations. The details and synergies of the Silver Bow and Crescent Energy merger are explored, along with the potential for more M&A activity in the energy sector.
Click here to learn more about the Energy Prospectus Group.

Joe MazumdarDan Steffens

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Joel Elconin, Co-host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss this week’s dramatic market movements, notably Thursday’s significant drop in markets despite Nvidia’s impressive earnings. By Friday, markets showed resilience, with the S&P 500 nearly neutral for the week.

Key marker trends continue to be the ‘buy the dip’ mentality and the influence of Fed comments. We also focus on natural gas, gold, copper, and Bitcoin’s trading patterns. Additionally, analysts re-ratings of First Solar caused a major jump in price.

Click here to visit the PreMarket Prep website.

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David Wolfin, President and CEO of Avino Silver and Gold Mines (TSX;ASM – NYSE:ASM), joins me to recap the key takeaways from the Q1 2024 financials and operations, and then takes a deeper dive into the Company’s 5-year production growth plan, to become an intermediate silver producer, in Mexico.

David outlines the consistent silver, gold, and copper production coming from the Avino Mine, the upcoming development of the La Preciosa Project later this year, with commercial production expected early in 2025, and then the Oxide Tailings Project a few years out that all contribute to the 5-year production growth plan. We spend some time having him outline all the historic drilling, met work studies, community engagement, and scoping work that has already been completed on La Preciosa, making it shovel-ready now. The Company is simply waiting on the final permits later this summer, to then begin putting in the decline and several months after that to start mining ore and shipping it over to the Avino processing plant. We also discuss the exploration upside at both the Avino Property and at La Preciosa for further potential to expand resources and mine life.

If you have any follow up questions for David or would like further information on any of the topics we discussed please email them to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.

Click here to follow along with the latest news from Avino Silver and Gold

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Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website joins us to recap the Fed minutes, currency market moves and the commodities pullback this week.

We start by diving deeper into the recent Fed minutes, analyzing the hawkish tone and market expectations regarding rate cuts. We discuss how rate cut expectations impact the U.S. equity markets, and the balance between market moves and economic resilience. Additionally, we discuss the influence of central banks in the EU, Japan, and Great Britain on currency trends and the importance of U.S. interest rates in driving market dynamics.

Commodities are up next, including insights on gold, oil, and copper. We tie in economic trends in China and the ongoing U.S.-China relations. Lastly, we reflect on the current state of the U.S. markets and the potential implications of the evolving global economic landscape.

Click here to visit Marc’s website – Marc to Market.

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Jayant believes we are in a sweet spot in the resource space where finally people can start deploying more capital into the junior side of the market, as it starts to catch up to the moves we already seen in the mid-tier and senior producers. We talk about producers finally being more profitable and in the position to acquire smaller companies, and that some juniors are merging to mass up in size. Another topic that comes up is jurisdiction risk and jurisdiction diversification, and how investors and larger companies have been more amenable to going into more exotic locations the end of last year and into this year. We cover a lot of topics and Jayant shares a lot of companies in his portfolio or on his radar for various reasons.

The companies discussed are: Base Resources (BSE.AX) (BSE.L), Energy Fuels (EFR.TO) (UUUU), Blackwolf Copper and Gold (BWCG) (BWCGF), Treasure Metals (TML.TO) (TSRMF), OreCorp (ORR.AX), Perseus Mining (PRU.TO) (PRU.AX), Silvercorp Metals (SVM), Adventus Mining (ADZN.V) (ADVZF), Aztec Mining (AZT.V) (AZZTF), Newcore Gold (NCAU.V) (NCAUF), Montage Gold (MAU) (MAUTF), Irving Resources (IRV.CN) (IRVRF0, O3 Mining (OIII.V) (OIIIF), Stellar Gold (STLR.TO) (STLRF), Aris Mining (ARIS.TO) (ARMN).

In full disclosure, Shad holds shares in Energy Fuels and Silvercorp Metals at the time of this recording.

Jayant is hosting his annual Morality and Capitalism conference in Vancouver on Friday May 31st – Saturday June 1st, and information can be found here for attending the event:

Capitalism & Morality 2024 (Vancouver)

Click here to visit Jayant’s website.

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Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), joins me to take a deep dive into the key metrics and takeaways on the Feasibility Study released to the market on May 14th on the gold-copper Troilus Project located in northcentral Quebec, Canada. The Study incorporates an initial mineral reserve estimate that supports a long life, large scale, 50,000 tonnes per day open-pit mining operation; a project in a tier-one mining jurisdiction that stands out in the Quebec and Canadian mining landscapes.

This is a wide-ranging discussion where Justin addresses head on some of the questions or potential concerns that have been raised by the market about the lower IRR number, drop in grade from the PEA to the FS, and large capex to build the project, and puts these numbers in context with several other large open-pit bulk tonnage projects built in Canada like Detour Lake, Malartic, Cote’, Magino, and Greenstone. These are the kinds of mines that actually get built and become key contributors in the gold space, and having the copper and silver exposure, as well as the 70% institutional partners and stakeholders, gives the company a number of levers to pull for raising the capital stack needed in a non-dilutive manner.

Justin encourages listeners to think beyond the typical flashier headline numbers from higher-grade underground mine economic studies that regularly hit the markets from other companies, and take a closer look at the details and look under the hood of this study. For example, he notes how the grade and economics ramp up in years 3-8, and then are stead for more than another decade. The value extends far beyond the typical 10 years a company gets in a discounted cash-flow scenario, as this is a 22 year mine life at present and growing. Justin points out that with only half of the 13 million gold equivalent resources included in the reserves at this point, that the mine life will eventually extend well beyond 30 years, with more definition and infill drilling to upgrade categories of the resources into the reserves. We also discuss the dichotomy between how retail investors reacted and commented, versus how the Company’s institutional investors responded to this study.

Strong Economic Results

Base Case after-tax NPV5% of USD$884.5 million and IRR of 14%, reflecting long-term forecast prices of US$1,975/oz Au, $4.05/lb Cu, $23/oz Ag and $0.74 USD/CAD exchange rate.
After-tax NPV5% of USD$1.55 billion and IRR of 19.5% at April 2024 average metal prices (Au: $2,332/oz; Cu: $4.30/lb; Ag: $27.50/oz).
Cumulative after-tax cashflow of $2.2 billion on base case assumptions; increasing to $3.4 billion using average metal prices for April 2024.
Open pit mine life of 22 years with the potential for future underground development.
Life-of-mine average payable gold production of 244,600 ounces annually, 17.3 million pounds of copper and 446,700 ounces of silver annually.
Peak annual payable gold production of 456,100 ounces, 31.8 million pounds of copper and 613,600 ounces of silver in year 7.
Open pit mine, processing 50,000 tonnes-per-day (“tpd”); a 43% larger scale operation than the 35,000 tpd processing rate contemplated in the Preliminary Economic Assessment (“PEA”) from 2020.
An economical and energy-efficient process to produce a desirable gold-rich copper concentrate for sale to smelters, with a cyanide-free gravity concentration circuit to produce doré after Year 1.
Supported by an initial Mineral Reserve estimate of 380Mt grading 0.59 g/t gold equivalent (“AuEq”) (0.49 g/t Au, 0.058% Cu and 1.0 g/t Ag) for a contained 7.26Moz AuEq (6.02 Moz Au, 484 Mlbs Cu and 12.2 Moz Ag).1
LOM total payable gold of 5.4 million ounces, 382 million lbs of copper and 9.9 million ounces of silver.
Average LOM strip ratio of 3.1:1.

Low-Cost Production

All-in sustaining cash operating costs (“AISC”) of $1,109/oz.
Average operating costs of $19.06/t milled ore.

Attractive Capital Intensity Given Inflationary Environment and Scale of Operation

Initial development capital of (“CAPEX”) of $1,074 million, including all mine pre-production costs, net of existing infrastructure.
Existing and upgraded infrastructure, including powerlines and 50MW substation, all-weather access roads and tailings facility among other infrastructure, reduce capital requirements for the project and overall capital intensity.

Exploration Upside:

Numerous targets ranging from grass roots geochemical anomalies to early-stage drill targets are actively being explored and advanced, both near mine and regionally, representing significant future upside potential.

If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.

Click here to follow along with the latest news from Troilus Gold

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Ramon Perez, President and CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA) joins me to provide a production update and growth outlook at the Company’s Tahuehueto and Campo Morado Mines, both in Mexico.

We begin with the progress at the Tahuehueto Project, which is ramping up production to reach 1,000 tons per day by mid to late June. Currently, the mine is processing between 500-600 tons per day, with the final component, a third filter press, recently installed and awaiting finalization of electrical setups. This milestone is expected to bring Tahuehueto into commercial production by the third quarter of this year.

At the Campo Morado mine, significant improvements have been made on the recoveries front. Through recent metallurgical testing, copper recovery rates jump from 40% to 70%. With a relatively modest $2.5 million in capital expenditure, I ask Ramon what this would mean for the overall economics of the mine moving forward and when investors will see these improvements in production data.

We then discuss ongoing exploration activities, that recently found a new high-grade gold zone at Tahuehueto. Ramon outlines the exploration plans that will happen in tandem with production growth.

If you have any follow up questions please email me at Fleck@kereport.com.

Click here to visit the Luca Mining website to learn more about the Company and both assets.

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David Stein, President and CEO of Kuya Silver (CSE:KUYA – OTCQB: KUYAF – FRA:6MR1) joins me to discuss the first production from the Bethania Silver Project, in Peru.

We discuss the Company’s initial production phases, plans to ramp up to 350 tons per day by mid-2025, and the estimated revenue when the mine is ramped up. David explains the details of the toll milling agreement and emphasizes that initial revenues will be minimal as they reinvest into the mine. We also cover future reinvestment strategies, exploration timelines, and the possibility of the Company building its own mill.

Please email me with any follow up questions you have for David. My email address is Fleck@kereport.com.

Click here to visit the the Kuya Silver website to learn more about the Company.

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Teo Dechev, President and CEO of Mundoro Capital (TSXV: MUN) (OTCQB: MUNMF), joins me to introduce this cash-flow positive prospect generator, focused on optioning copper projects to the major mining companies in the Western Tethyan Belt of Europe, in Serbia and Bulgaria, and Laramide Belt of the USA, in Arizona.

We start off discussing where the company is positioned in the continuum of prospect generators and royalty companies, because in addition to the incoming option and milestone payments the company receives, there is the end goal to retain a royalty on the projects and build up a royalty portfolio. We discuss the 3 projects in Serbia where Mundoro is partnered with BHP, the project in Bulgaria where they are partnered with the Japanese conglomerate JOGMEC, and that the Company has 6 other projects available to option – 3 more in Serbia, and 3 in Arizona. Some of the projects available to option have had some good preliminary targeting and delineation work done, and bringing on new partners are additional catalysts for the future.

Wrapping up Teo shares her background in the industry, key members of the board and technical advisors, and then breaks down the financial health of the Company and their roster of key strategic shareholders.

If you have any questions for Teo then please email me at Shad@kereport.com, and I’ll get those over to her to be addressed.

Click here to follow along with the latest news from Mundoro Capital

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website, joins us to review his technical outlook on a number of sectors including broad US market indexes, the cryptocurrencies, crypto mining stocks, the commodities sector, lithium stocks, uranium stocks, copper stocks, and regional banking stocks.

We start with TG’s assessment of the general US equity markets and chart levels, based on moving averages, where he expects support to come in for the next bounce. Then we reviewed the latest bullish speculation on tap in many sector of the stock market, commodities, and even a resurgence in the meme stocks and cryptoverse. While TG has doubts about any longevity in the meme stocks like Gamestop (GME) or AMC Entertainment (AMC), he remains constructive on the crypto leadership in Bitcoin and Ethereum. We also discuss how the crypto mining stocks are a mixed bag with Cleanspark (CLSK), Iris Energy (IREN), Marathon Digital Holdings (MARA) and potentially Cypherpunk Holdings (HODL.CN) (CYFRF) setting up well, while concurrently Riot Platforms (RIOT), Hut 8 (HUT), and Hive (HIVE) are still struggling.

Shifting over to the commodities, and noting the big moves higher in gold and silver and copper, TG points to the lithium stocks as a beat down area of the resource complex that may have bottomed and started to move higher. With regards to the uranium miners he highlights the picture perfect setup on the chart of the Global X Uranium ETF (URA), with respect to the 50-day moving average and the cup & handle pattern within a cup & handle pattern, being very constructive. We also review the strength we’ve seen in the copper stocks, and in particular how he is reading the very big move we’ve seen in the copper seniors via the ETF (COPX) and how the pullback we are seeing today may just be a much needed rest.

Wrapping up we talk about other beat down stocks and sectors that may be setting up for their next moves higher, referencing both Blink Charging (BLNK) and the SPDR S&P Regional Banking ETF (KRE).

Click here to visit the Profit Pilot website to keep up to date with what TG is trading.

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Another Stock Talk episode with Quinton Hennigh, geologist, private investor, geologic advisor to Crescat Capital. We are doing the same format as last segment where we look through companies slide decks to get Quinton’s thoughts on the stocks you have sent in.

Since silver has broken out and almost all the silver stocks have revalued higher, we focus on three silver stocks. Here are the stocks we focus.

Impact Silver – TSX.V:IPT – OTC:ISVLF
Silver X Mining – TSX.V:AGX – OTC:AGXPF
Capitan Silver – TSX.V:CAPT

Please keep sending me the stocks you would like us to discuss. My email address is Fleck@kereport.com.

Please know this is not investment advice. This is simply Quinton’s thoughts on the companies you have all sent in. We may have investments in the stocks discussed but we are not focusing on any of the stocks because we might be invested. We hope you all find these segments helpful, but again please do not take any of this as investment advice.

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Click here to register and tune in live!Upcoming live event! May 23rd at 11:30am PDT Fury Gold Mines – Updated Resource Estimate At Eau Claire, High-Grade Gold Portfolio in Low-Risk Jurisdictions* * Tim Clark, President and CEO, and Bryan Atkinson, Senior VP Exploration, will join me to recap the recently updated Mineral Resource Estimate at the Eau Claire Project as well as provide a full overview of the Company. * The updated Resource is now just under 2million gold ounces. * We will also discuss the exploration potential and plans across the Company’s portfolio of projects

Click here to register and tune in live!By registering you will have first access to the webinar recording.

Please email me any questions you have for Tim and Bryan. I will bring these up during the webinar. You will also have the opportunity to ask questions during the live event.My email address is Fleck@kerepory.com.

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Jon DeLuce, President and CEO of Abitibi Metals (CSE:AMQ – OTC:AMQFF FSE:4KG) joins me to provide a comprehensive overview of the Company’s focus in the Abitibi region, in Quebec, at 2 Projects.

We focus on the Company’s main assets, including the B26 deposit, which has a resource of 11.4 million tons of copper equivalent at just under 3% copper equivalent, which is around 400 million pounds of copper equivalent (indicated plus inferred). The company has a 30,000 meter drill program underway, to both grow and de-risk the deposit. Additionally, the Beschefer Gold Project, near B26, will have a smaller program upcoming.

We also discuss the management team background, financial position with $18 million in the treasury, and the Company’s approach towards future exploration and resource updates.

Please email me with any follow up questions you have for John. My email address is Fleck@kereport.com.

Click here to visit the Abitibi Metals website to learn more about the Company.

Upcoming live event! May 23rd at 11:30am PDT Fury Gold Mines – Updated Resource Estimate At Eau Claire, High-Grade Gold Portfolio in Low-Risk Jurisdictions* * Tim Clark, President and CEO, and Bryan Atkinson, Senior VP Exploration, will join me to recap the recently updated Mineral Resource Estimate at the Eau Claire Project as well as provide a full overview of the Company. The updated Resource is now just under 2million gold ounces.

Click here to register and tune in live!

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us today to outline how he positioning his portfolio in uranium, copper, silver, and gold resource stocks, as the commodities continue to ratchet higher. We look at some of the pricing drivers and the supply/demand fundamentals of those markets, and then drill down into the types of resource stocks that have Sean’s attention. It’s a nuanced discussion where we get into fading into and out of positions based on the trends, the stages of companies in each sector that Sean likes best, and how he sees this cycle continuing to develop.

Click here to follow along with Sean’s work at Weiss Ratings Daily

Click here to learn more about Resource Trader

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Luc ten Have, private resource investor and Founder of www.GoldDiscovery.com, joins me to review some of the best practices for investing in junior exploration stocks, some lessons he’s learned over the years, and which of these companies have his attention at present.

We start off looking at the volume and interest coming back into the commodities and into the TSX Venture Exchange, and how he goes about filtering down the large number of companies into the ones that pique his interest for their value proposition. He mentioned Targa Exploration (CSE: TEX) (OTCQB: TRGEF) as a company exploring for lithium, that just made an interesting gold discovery in their till sampling, that caught his attention, but presents an analysis of what are the upsides versus the downsides. This leads into discussions about share structure, the warrants in a deal, and how aligned a company management team is with shareholders based on their stake holding in a company and continued participation during capital raises. We also discuss the nuances around a strategic investor coming into junior resource stocks, and why he liked the setup in Montage Gold (TSXV: MAU) (OTCQX: MAUTF) as an example, where the Lundin family came in as strategic shareholders.

Next we talked about opportunities that may get overlooked by the market due to jurisdiction or because there was a period of no news, with a prime example being the Sun Peak Metals (TSXV:PEAK) (OTCQB:SUNPF) story, where they had to pause drilling for a few years in Ethiopia, but now have multiple drill targets on a large project to follow up on, picking up from the knowledge and experience they already had working on this project from before they had to pause operations a few years back.

We also circled back around to the ongoing developments with Aurion Resources (TSXV: AU) (OTCQX: AIRRF), where their JV partner B2Gold (TSX: BTO, NYSE: BTG) agreed to accept an offer, from Rupert Resources (TSX: RUP) (OTC: RUPRF) to acquire B2Gold’s 70% interest in the joint venture between B2Gold and Aurion, which owns properties located in the Central Lapland Greenstone Belt in northern Finland. Aurion decided not to exercise their Right Of First Refusal (ROFR) on this portion of their JV project, but Luc was keen to point out that the deal is not closed yet between Rupert and B2Gold, and that there still are a few different strategic alternatives and options between Rupert and Aurion that may surface from this deal. It is going to be fascinating to watch how this prospective mineral endowment in Finland will be consolidated over time.

Luc also mentioned a few other companies, like Lavras Gold (TSX-V:LGC, OTCQX:LGCFF) and Azimut Exploration (TSXV: AZM) (OTCQX: AZMTF) that are doing compelling drilling on multiple targets, but have a solid management teams that have made him more comfortable with the overall strategy to keep executing on their exploration plans. With all of the companies we discussed, Luc reinforced the idea of serious investors getting to know the management teams and speaking to them periodically to better understand the thinking behind the decisions they were making, and to occasionally challenge the choices made, to see how they respond and if they really have conviction in the path forward.

We wrap up with Luc ten Have getting an overview how his platform at Gold Discovery can assist resource investors in their due diligence, as well as some upcoming changes on tap for analyzing opportunities in junior mining stock investing using his platform.

https://ceo.ca/@luctenhave

Click here to follow Luc Ten Have on X/Twitter:

https://golddiscovery.com/

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Dave Erfle, Editor of the Junior Miner Junky joins us to discuss the recent breakout in silver, which closed above $30 for the first time in over a decade, and its implications for the commodities and precious metals sector.

Dave examines key movements in silver, copper, and the performance of related equities, all around market trends, short squeezes, and the action of junior miners. We discuss why the gold-silver ratio’s decline signals bullish trends and what to make of the continued lack of volume in GDX and GDXJ.

On the stock front we discuss the challenges in finding pure silver companies, the importance of jurisdictional risks, and the future of financing mining projects. The conversation also covers the performance of gold stocks, strategic investments, and how the ongoing bull market could shape the sector.

Click here to visit Dave’s site – The Junior Miner Junky.

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Craig Hemke, Editor of TF Metals Report, joins us to review the breakout in silver, while both gold and copper continue rallying, and the further surge in precious metals stocks. The metals even larger commodities sector is in a bullish posture with many component sectors and ETFs making new 52 week highs and some charts even making new all-time highs. This has all happened in the backdrop of a strong US equities markets, and where the Fed hasn’t even begun to cut rates yet. If the equities were to slow down their pace, and some funds rotated over the resource stocks for more momentum, then we could really see some more sustained moves higher when the Fed starts actually cutting rates. The last few months have been quite constructive in this sector, and it looks like this move could have some legs to keep running.

Click here to visit Craig’s site – TF Metals Report.

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George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins me to recap the economic studies and development work completed to date and the work plan to come in 2024 and early 2025 at the Cactus Project in Arizona.

The Company put out a Pre-Feasibility Study (PFS) at the Cactus Project in February, that demonstrated an initial Life of Mine of 21 years, recovering 1,153 k tons or 2.31 billion pounds of Copper LME Grade A cathode onsite via heap leach facility and SXEW. That gave the economics on the project a post-tax Net Present Value (“NPV”) of $509 million (CA$687 million) using an 8% discount rate and an internal rate of return (“IRR”) of 15.3% and using a $3.90/lb flat long-term copper price. There would be total revenues of $9.0 billion over 21 years, and post-tax unlevered Free Cash Flow of $2.4 billion, with All-In Sustaining Cost (“AISC”) of $2.34/lb. George mentioned that with sensitivities close to today’s copper prices, if we assumed $4.50/lb. copper prices it jumps up to an NPB of $970 million and an IRR of 22%.

However, it should be noted that all the drilling the company has done at the Mainspring Property, has not been included in this study yet, and there will be a Preliminary Economic Assessment coming out in Q3 of this year. That study will also review the optionality to improve the process with the investment by Nuton LLC (a wholly-owned subsidiary of Rio Tinto) and subsequent option to Joint Venture (“JV”) the Cactus Project to Nuton LLC using their proprietary leaching recovery methods. After that PEA, then all of the ongoing infill drilling at Mainspring and also deeper at Cactus West looking for more sulphide resources will all factor into a larger combined PFS for the whole Cactus Project, Parks Salyer, and Mainspring, both as a stand-alone project, and in concert with the Nuton leaching technology.

We also discussed some optionality around developing Mainspring as an open pit providing operational flexibility and gaining lower cost access to the Parks/Salyer deposit, so that bringing MainSpring into the mine plan potentially improves operational and financial synergies within the Cactus Project. This idea will be explored further in these upcoming economic studies, and as more definition and infill drilling is completed in the gap zone between the projects. George also provides some updates on permitting for the project, and the importance of it being on private land to help expedite the process.

If you have any follow up questions for George about Arizona Sonoran, then please email me at Shad@kereport.com and I’ll get those forwarded along to the company.

In full disclosure, Shad has a position in Arizona Sonoran Copper at the time of this recording.

Click here to visit the Arizona Sonoran website to read over all the recent news.

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Erik Wetterling, Founder and Editor of the Hedgeless Horseman joins us to discuss management and stock selection in the resource sector amid a bullish market for metals.

Erik discusses his investment strategy focused on companies with ounces in the ground and substantial growth potential, his cautious approach to trading high-risk alpha stocks, and the importance of having a robust strategy that withstands volatility. He elaborates on his preference for post-discovery stories over pre-discovery plays, highlighting the significance of proven success and probable growth in his portfolio.

Click here to visit Erik’s site – The Hedgeless Horseman.

Upcoming live event! May 23rd at 12:30pm PDT Fury Gold Mines – Updated Resource Estimate At Eau Claire, High-Grade Gold Portfolio in Low-Risk Jurisdictions* * Tim Clark, President and CEO, and Bryan Atkinson, Senior VP Exploration, will join me to recap the recently updated Mineral Resource Estimate at the Eau Claire Project as well as provide a full overview of the Company. The updated Resource is now just under 2million gold ounces.

Click here to register and tune in live!

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Welcome to The KE Report Weekend Show! On this Weekend’s Show we focus mostly on the precious metals markets with Richard Postma (Doc) and Rick Rule. We look at charts and discuss opportunities each is seeing in a range of resource stocks.

Segment 1 and 2 – Richard Postma, AKA Doc, kicks off the show with a look at the gold and silver charts and shares the companies he is investing in. Doc shares his thoughts on the stocks that haven’t moved higher in the last two months, opportunities in small scale producers and portfolio diversification strategies.
Segment 3 and 4 – Rick Rule, Founder of Rule Investment Media wraps up the show with an extended conversation on the best opportunities he sees in resource stocks. We discuss the funding environment for development and junior companies, optionality plays and grassroots exploration stocks. Click here to have Rick rank your metals stocks.

Click here to register for Rick’s upcoming conference in Boca Raton, Florida, on July 7-11th.

Click here to register and tune in live!

DocRick Rule

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Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for another comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector, how the longer-term contracting cycle is setting up, and then what he is watching and how he is positioning in the uranium equities.

We start off reviewing the growth in both new nuclear reactors and life extensions on existing reactors in the recent past and looking forward outpacing expectations in China, the UAE, France, other countries in Europe, and even in the US. We also get into demand and supply fundamentals for the nuclear fuel cycle for enriched uranium fuel and enrichment & processing bottlenecks for end users and utility companies due to the recent sanctions placed on Russian supplies. However these sanctions, in tandem with the money allocated in the Inflation Reduction Act for growing domestic processing and enrichment capabilities, along with more U308 supplies from domestic uranium mining companies will be a net longer-term positive after the shorter term hurtles.

Justin then breaks down what we know about the past and forward guidance for largest producers like Kazatomprom, Cameco (CCO.V) (CCJ), and Orano. He also reviews the US-based producers that are projected to add in more production over the next few years like enCore Energy (EU.V) (EU), Energy Fuels (EFR.TO) (UUUU), Ur-Energy (URE.TO) (URG), Peninsula Energy (PEN.AX) (PENMF), and Uranium Energy Corp (UEC). We then get into the concept of what percentage of production these uranium producers should be committed to longer-term off-take contracts, between the utilities and the uranium mining companies, for the overall health of the uranium companies if they have locked in much higher prices for uranium sales contracts years into the future. This also lead into a review of the recent transaction from NexGen Energy (NXE) where they are purchasing 2.7 million pounds of uranium to demonstrate to any potential off-take partners more assurity of future supply until they could get Arrow into production.

We wrap up by getting Justin’s thoughts on where we are with the moves in uranium exploration stocks, operating in both the US and in Canada, and where the biggest opportunities are from his vantage point. He feels the discovery that F3 Uranium Corp. (FUU.V) (OTCQB: FUUFF) made last year ignited a whole new wave of exploration in the Athabasca Basin. This leads into a discussion of whether we’ll see some of the higher-valued more advanced companies that are either near production or going back into production begin to start acquiring more of the earlier- stage uranium explorers and developers.

Click here to visit the Uranium Insider website.

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Mark Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc To Market blog, shares his insights on market highs, interest rates, and the impact of geopolitical events like U.S. tariffs on commodities.

The discussion also explores global trends in raw resources and economic activity in regions like Europe, South America, and China. Mark delves into central bank policies, including the People’s Bank of China’s efforts to stabilize the housing market, and the potential for future rate cuts by the Federal Reserve. The editorial provides a comprehensive overview of current market dynamics and their potential impact on the future.

Click here to visit Marc’s website – Marc to Market.

Click here to register and tune in live!

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to share his thoughts on a wild week for Meme stocks, large US markets moving to all time highs and key breakouts in a range of big commodity markets.

We dive deep into the recent surge in meme stocks like GameStop and AMC, driven by tweets and pre-market trading. Joel explains the domino effect of short squeezes, and how algorithms and institutions play a major role. The conversation also touches on the performance of U.S. markets, the impact of central bank policies, and the influence of China’s economic measures on commodities.

Click here to visit Joel’s website – PreMarket Prep.

Click here to register and tune in live!

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Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSX-V: COSA) (OTCQB: COSAF), joins us for a comprehensive introduction to this Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.

We talked with Keith about Cosa’s primary focus through 2024 will be drilling at their Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration – a setting that is typical of most eastern Athabasca uranium deposits. Initial drilling results from Ursa in winter 2024 were positive and included the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up drilling is planned in the second half of 2024.

We then spent more time having Keith outlining Cosa’s award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy’s Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines’ Gryphon deposit and 92 Energy’s Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy. We wrapped up with the share structure, key strategic investors, and the financial strength of the company to complete this year’s exploration and have access to capital in the future.

If you have any questions for Keith regarding Cosa Energy, then please email them in to us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the most recent news from Cosa Resources

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Brian Penny, CEO of Wallbridge Mining (TSX: WM – OTCQX: WLBMF), joins me for a comprehensive exploration and development update at their flagship Fenelon Project, and the Martinière Project, with additional updates on regional exploration targets along the Detour-Fenelon trend, in Québec.

We start off having Brian recap the key milestones and work programs from 2023, and then dive right into the work already completed or still ongoing in 2024, and the balance of the work and key news looking ahead. The overall drill program of 23,000 meters will be done in a few phases at various projects. At Fenelon, the Company has already completed 2,500 meters of drilling for both definition drilling and testing a few new areas, and those results should be coming out to the market in the near future.

The 2024 drill program at Martinière, 30 kilometres west of the Company’s Fenelon gold project and 45 kilometres east of Agnico Eagle’s Detour Lake gold mine, will be conducted in two phases. In March, a diamond drill program with 7,500 meters kicked off using two rigs at its Martiniere gold project located in Northern Abitibi, Quebec. The goals of this first phase of drilling are to expand and upgrade the current gold resource; to collect a representative sample of mineralized material for metallurgical characterization studies; and to collect oriented drill core data to support geotechnical rock mass characterization studies.

This first phase of drilling has been mostly completed, and the Phase 2 drilling will be based on the results returned from Phase 1 and is scheduled to commence in early Q3. The results from the Martiniere drilling program will be incorporated into a combined Fenelon/Martiniere Preliminary Economic Assessment (“PEA”) scheduled for completion in early 2026.

We also touch upon additional regional drill targets at Fenelon and Martinière that may see some drilling this year, as well as the outlook at Detour East with their JV partner Agnico Eagle, and some additional drilling planned at the Casault Project, that they are optioning into with Midland Exploration. We wrap up discussing the recent participation in the private placement to raise capital for NorthX Nickel Corp. (formerly Archer Exploration Corp.) (CSE:NIX).

If you have any questions for Brian regarding Wallbridge Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Wallbridge Mining at the time of this recording.

Click here to follow along with the latest news from Wallbridge Mining

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Red Canyon Resources (CSE:REDC- OTCQB:REDRF) is a new copper exploration company with a portfolio of projects in BC and the western USA. The Company is part of NewQuest Capital, which includes companies I have featured on the show Headwater Gold and Inflection Resources.

Wendell Zerb, Chairman and CEO of Red Canyon Resources joins me to discuss the exploration strategy across the projects and how the Company managed to build a portfolio of 7 projects. On the project side, we focus on the Peak Project, in BC, which the Company will start drilling this month. Wendell also provides an overview of the Kendall Project, in BC, and Scraper Spring Project, in Nevada. Both of which are advancing to drilling.

This is a newly listed Company so the share structure is tight, with just under 35million share outstanding. Wendell recaps the key shareholders.

If you have any follow up questions for Wendell please email me at Fleck@kereport.com.

Click here to visit the Red Canyon website to read over the corporate presentation and learn more about each project.

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Jordan Roy-Byrne, CMT, MFTA and Editor of The Daily Gold, joins us to discuss the key takeaways from his presentation last weekend at the Metals Investor Forum titled “The Biggest Gold Breakout In 50 Years…Is Here.” We start off reviewing the recent breakout higher in gold from the 13 year larger cup & handle pattern, and then look to the upcoming breakout confirmation on the 45-year basing on the inflation adjusted gold price chart as some critical longer-term technical factors. Then we look towards the next confirming factor that we will be truly in a new secular bull market, which would be the breakout in gold versus the traditional 60/40 retirement portfolio (60% equities / 40% bonds), which is also close to breaking out. We have Jordan outline the nuances between cyclical and secular moves, and some higher price targets he sees in gold should we see gold really make a secular run, as general equities enter a secular bear market.

In the latter part of the discussion, we shift things over to the precious metals mining stocks, and why he still favors being positioned in the growth-oriented producers, or developers with access to capital to build a large project of scale in the next 1-2 years. Conversely, Jordan points out why he is still avoiding the smaller deposits, earlier stage explorers, and orphaned developers, that will not have the same kind of leverage to rising gold prices in the next leg of this bull market.

Click here to visit Jordan’s site – The Daily Gold.

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Mike Larson, Editor-In-Chief at MoneyShow joins us to discuss breakouts in markets and commodities.

We ask Mike if he thinks the run in US markets it getting tired and if investors are too euphoric.

On the commodities front we get Mike’s outlook for copper, gold and the energy sector.

Since everything is very bullish we also have Mike outline the bear cases on his radar that could turn the overall environment bearish.

Click here to visit the MoneyShow website to learn more about the upcoming shows.

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Jesse Felder, Founder of The Felder Report joins us to discuss his bullish outlook for commodities. Copper, gold, silver and even natural gas are breaking out, some to all-time highs, others out of ranges.

We ask Jesse what he is attributing these breakouts to and how sustainable they are. We also discuss the investment opportunities he sees in commodities equities, in energy, copper and gold.

To wrap up we ask about the breakout in markets as well. On this front Jesse is leaning much more bearishly.

Click here to visit the Felder Report website.

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In this Daily Editorial we get an update from Trident Royalties (AIM:TRR – OTC:TDRF). We recap the Q1 2024 financial results and look ahead to royalties and offtake agreements, within the Company’s portfolio, that are advancing toward cash-flow.

Adam Davidson, CEO and Executive Director, and Justin Anderson, VP Americas at Trident Royalties join us to prove the update. We focus on the key assets with the portfolio and the diversification across a range of metals. We discuss the Company’s cornerstone asset, as well as the outlook for future acquisitions, especially outside of precious metals.

Click here to visit the Trident Royalties website to learn more about the Company.

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Dave Erfle, Editor of The Junior Miner Junky, joins us to share his technical outlook on gold, silver, and the PM mining stocks, and offers some pro tips to help investors narrow down the field of investable gold and silver stocks. With silver starting to outperform gold, bringing the gold:silver ratio down, and with silver stocks starting to outperform the gold stocks, we are finally seeing the kinds of patterns of a more sustainable bull market in the precious metals sector. However, not all stocks are going to rise with the tide, and Dave shares a number of insights as to how to assess permitting, jurisdiction, economic studies, drilling programs, acquisitions of land or other companies, and much more.

Click here to visit The Junior Miner Junky website to follow along with Dave.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to continue our discussion from last week on why he is getting more bullish on the copper supply/demand fundamentals and has been positioning in more junior stocks with exposure to the red metal. In addition, we get Erik’s thoughts on how junior exploration companies with exposure to uranium in Sweden will fare in a best-case and worst-case scenario, based on the anticipated news update tomorrow.

Erik highlights 5 junior exploration stocks that he has positioned in that have varying degrees of copper exposure and outlines the value proposition that higher copper prices and a need for more supply could have on their projects: Magna Mining (TSXV: NICU) (OTCQB: MGMNF), Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF), Gladiator Metals (TSXV: GLAD) (OTCQB: GDTRF) , Inflection Resources (CSE: AUCU) (OTCQB: AUCUF), and Brixton Metals (TSX-V: BBB, OTCQB: BBBXF).*

As far as the new coming out of Sweden, with regards to potentially lifting the uranium mining moratorium, Erik unpacks how it is very germane to the valuations in both District Metals (TSXV: DMX) (OTCQB: DMXCF) and Mawson Gold (TSXV:MAW) (OTC PINK:MWSNF), but that these companies still have exposure to other projects and other commodities that will be backstopping some of their valuations.*

Click here to visit Erik’s site – The Hedgeless Horseman

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Matt Badiali, Editor of The New Energy Investor and CEO of Quetzal Copper joins me to discuss the copper price breakout to all time highs earlier today and if money will filter down to earlier stage copper companies.

With copper demand and expectations continuing to increase we discuss the supply side of the market. Majority of the supply growth will come from exiting mines expanding, not from new mine builds. But will this increase come close to filling the supply gap?

Filtering down to possible copper mine builds we discuss the financing environment and cost of capital for companies. We also balance out the size of copper assets for which could be build and make investors money.

Click here to visit the Mangrove Investor website to learn more about the New Energy Investor newsletter.

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Craig Nicol, President and CEO of Graphene Manufacturing Group (TSX.V:GMG – OTCQX:GMGMF) joins me to answer a wide range of questions that you all have sent me.

We start with the recent financing, that closed for $3.47million. We discuss what this money is needed for and what divisions it will be allocated to. Also mentioning the AU$2million funding grant from the Queensland government. The major question I received was if the Company will need to go back to market in the near term or if revenues and other money will come in to support ongoing activities.

We then move to the THERMAL-XR division. Questions on government approval in the US, near term sales potential, uses in other sectors, like data centers, and other groups testing the product. Potential revenue was a large focus of the questions I received so that’s where we focused.

On the battery division, we didn’t have time to get to all the technical questions but I will be setting up a webinar in the next few weeks to discuss. I ask Craig about the path to market for the pouch pack batteries. I also get an update on the Rio Tinto partnership.

Please keep sending me your questions and I will save them up for my next call and the webinar. My email address is Fleck@kereport.com.

Click here to visit the GMG website to read over the recent news.

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Craig Hemke, Editor of TF Metals Report, joins us to discuss the recent pricing slump in gold, while silver and the precious metals stocks trend sideways, and copper continues to rally. Craig points out that a number of the last few weeks have started off with gold taking a pricing hit, and so this feels like another déjà vu moment in the sector to kick things off this week.

We do review the constructive setup in copper that made new recent highs again today, and postulate that if it continues higher that it could also take silver along for the ride, even while gold is consolidating it’s recent gains. Silver remains in a tug of war between gold acting on the precious metals component, and copper acting in sympathy with the industrial base metals component.

Craig is not so sure that the move higher in copper necessarily equates to overall economic health and growth, but rather a more focused supply shortage, and copper-specific macro demand picture setting up. We do consider whether there may be some overall money rotation from paper assets into hard assets overall, with a number of commodities starting to head higher. As it relates to the resource stocks, the money has mostly gravitated toward the larger producers, much more so than the junior pre-revenue companies, but we consider what incentive prices and macroeconomic data may be needed to see more capital move down the risk curve.

Click here to visit Craig’s site – TF Metals Report.

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Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me to share his key investing takeaways and overall sentiment from the Metals Investor Forum, along with quite a few best practices for speculating on gold, silver, and copper resource stocks.

This is a very wide-ranging and more longer format discussion where we get into a lot of different topics like position-sizing, when to add to positions versus cut losses, how to play pre-assay and post-assay exploration drill play stories, seasonality, how to evaluate advanced explorers and developers with defined resources or economic studies in place, nuances around merger & acquisition deals, what makes a project more worthy of a takeover, and when are merger of equals transactions a good idea. We also get into the challenges evaluating polymetallic silver or copper or base metals projects, and which kinds of these projects stand out more from Robert’s perspective. We also dig into the attraction he has with companies pursuing porphyry deposits, and which stocks he is most interested in positioning in his own portfolio.

https://ceo.ca/@goldfinger

Click here to follow Robert on X/Twitter

https://www.youtube.com/@GoldfingerCapital/videos

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John Rubino, Follow John on his Substack, joins us to outline why he thinks a market crash and recession are on the horizon. This makes the precious metals a more attractive investment.

We discuss why investors now think that mega tech are also an inflation hedge beside simply gold. Also how this mentality could change when a market crash and recession hit the US.

Fed policy ties into this as higher for longer is more in the headlines. Central banks around the world have been pushing back rate cuts but markets have been resilient. What’s the investor mentality that’s holding markets up?

Click here to visit the John’s Substack to keep up to date on his market and economic commentary.

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On May 7th, Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) announced a US$20million Gold Linked Debt Facility to advance the Ana Paula Deposit, in Mexico, into test mining and processing of a bulk sample.

Charles Funk, President and CEO of Heliostar Metals joins me to discuss the timeline and key steps to progress into test mining. We also outline the terms of the financing facility and if the Company will be able to self-fund production growth after the note is repaid. Future exploration activities and when this will start are also discussed.

Please email me with any follow up questions you have for Charles. My email address is Fleck@kereport.com.

Click here to visit the Heliostar Metals website and read over the full news release.

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On this Weekend Show we focus on a range of commodity sectors from a generalist, chart standpoint. We also discuss the underlying commodity stocks and opportunities for investors.

Segment 1 and 2 – Dana Lyons, Fund Manager and Editor of The Lyons Share Pro, kicks off the show by sharing his outlook for gold, silver, GDX, GDXJ, Copper, COPX, Uranium, oil, natural gas and the US markets. We discuss short term price levels as well as some longer term outlooks on the charts. Click here to visit The Lyons Share Pro website to follow along with Dana.
Segment 3 and 4 – We shift focus exclusively to the energy sector, oil and natural gas, with Josef Schachter, Editor of the Schachter Energy Report. With nat gas breaking above $2 we discuss what is driving this move and the opportunities in the stocks. We then move to the range bound oil price and oil stocks. We discuss how to do due diligence on service companies, dividend opportunities and an overall assessment of investor interest in the energy sector. Click here to learn more about The Schachter Energy Report. The subscription rate will be increasing on June 1st so be sure to lock in the lower price now!

Dana Lyons Josef Schachter

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Darcy Marud, President and CEO of Western Exploration (TSX.V: WEX) (OTCQX: WEXPF), joins me to outline the focus of the 4,000 meter drill program in 2024 following up on the high-grade gold and silver assays returned from last year’s program at the Gravel Creek Project. We also review the larger vision for future development of the Company’s Aura Project, consisting of the Doby George and Gravel Creek/Wood Gulch Projects in Elko County, Nevada.

Darcy points out their exploration team was extremely pleased with the 2023 drill program results, which intersected some of the highest assay values ever recorded at Gravel Creek (2800.0 g/t Ag in WG456 and 257.0 g/t Au in WG457). The structural interpretation has provided a breakthrough that identifies significantly expanded resource potential in the Jarbidge rhyolite to the east/north-east of the current Gravel Creek resource area with grades that are significantly higher than the current resource grades. The 4,000 meters of drilling at Gravel Creek for this year will be stepping out from holes WG456 and WG457 to better define the structure of this high-grade area, and bring all this data into the inferred resources. We also look at the historic production from prior operators out of the Wood Gulch / Gravel Creek complex, where Wood Gulch produced 646,500 tonnes and a historic resource that averaged 3.36 g/t Au and 23.65 g/t Ag. We also reviewed the opportunity for future exploration programs to test the “gap area” between these 2 areas and that it all could potentially connect both areas into one larger system.

If you have any questions for Darcy about Western Exploration, then please email me @ Shad@kereport.com.

Click here to see the latest news from Western Exploration

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Basin Uranium (CSE:NCLR – OTC:BURCF – FRA:6NP0) switched focus a couple years ago to uranium exploration in the US by acquiring a portfolio of projects in South Dakota, Wyoming and Utah. Many of the projects have past exploration completed, some with historic resources. Yesterday, the Company announced a maiden Resource Estimate on the Chord Project in South Dakota.

Mike Blady, CEO of Basin Uranium joins me to provide an introduction to the Company, recapping the projects beings worked on this year and the overall corporate strategy.

We start with an overview of the Chord, South Pass, and Wray Mesa Projects. The Chord Project will be the main focus of work this year, the South Pass Project is advancing through permitting and the Wray Mesa Project is under an option agreement with Nexus Uranium. We discuss the Company’s plans to advance each asset and add other projects to the portfolio.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Basin Uranium website to learn more about the Company and projects.

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Chris Temple, Editor and Publisher of the National Investor, joins us to share some of the key insights he took away from the Energy Transition Metals Summit in Washington D.C. last week. He outlines some of the challenges facing North America in relation to the need for critical minerals, but then the policy bottlenecks standing in the way of getting more mines to produce them.

It’s a wide-ranging conversation that gets into China’s dominance in manufacturing in so many areas of daily life, and their dominance in finding sources from mines and refining many of these energy metals. China continues to be a powerhouse in driving the prices of many commodities both up and down. Chris also points out that the western nations now need to rapidly play catchup and overhaul many policies to stimulate more domestic supplies or supplies from friendly nations of raw materials like lithium, copper, nickel, uranium, and rare earths.

Click here to follow along with Chris at the National Investor website.

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Rick Van Nieuwenhuyse, President and CEO of Contango Ore (NYSE-A:CTO) joins us to discuss the recent acquisition of HighGold Mining (TSX.V:HIGH – OTCQX:HGMIF) and its Johnson Tract Project in Alaska. The all share deal, announced on May2nd values HighGold at approximately US$37million.

Rick explains how the Johnson Tract Project fits into the Company’s strategy of direct ore shipping. This is what the Company is doing at the Mahn Choh Project with Kinross.

We ask about future work and the timeline of advancing the Johnson Tract Project along with the Lucky Shot Project. We also have Rick explain the optionality that direct ore shipping offers the Company when moving into development.

At the end of the interview Rick provides a construction update on the Manh Choh Project and confirms the estimated start of production as early as July.

Click here to visit the Contango Ore website to read over all the recent news.

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Jon Bey, CEO and Director, and Sean Hillacre, President and VP of Exploration, for Standard Uranium (TSX.V:STND – OTCQB:STTDF), both join me for a reintroduction of the Company’s 11 uranium exploration properties around the Athabasca Uranium District of Saskatchewan. We also review the advantages of their project generator approach which allows for working on multiple projects and multiple exploration and drill targets with partner capital inflows. Standard Uranium has successfully completed four joint venture earn in partnerships on their Sun Dog, Canary, Atlantic and Ascent projects totaling over $31M in work commitments over the next three years from 2024-2026.

The company’s winter drilling a the Atlantic Property was completed between March – April, and the next drill program just commenced this week on the Canary project. After that the Sun Dog property will get drilled this summer, and then in the second half of the year the drilling focus will shift to their 100% owned Davidson River Project. Additionally, there will be some earlier-stage exploration work on the ground at 2 of the newer projects Corvo and Rocas. There will be a steady stream of exploration newsflow as 2024 unfolds.

We wrap up discussing the bench of knowledge in the management team, technical advisors, and a particularly strong geological team led Sean. Jon then breaks down the financial strength of the company, reiterates the incoming capital from partner companies to fund the project exploration, and breaks down the share structure.

If you have any follow up questions for Jon or Sean regarding Standard Uranium, then please email me at Shad@kereport.com and we’ll work to get those answered in future interviews.

In full disclosure, Shad is a shareholder of Standard Uranium at the time of this recording.

Click here to visit the Standard Uranium website for a summary of the recent Company news.

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Brien Lundin, Editor of The Gold Newsletter and our Host at the New Orleans Investment Conference joins us to discuss the bull market environment he is seeing the precious metals sector.

We focus on the gold and silver equities in terms of investor sentiment, daily trading patterns and when money will filter down into the juniors. We discuss companies with resources in the ground, true exploration plays and small scale silver miners. In this bull market environment there’s good potential that all these stocks move higher.

Click here to find out more on the New Orleans Investment Conference.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to outline the macroeconomic and sector specific fundamental reasons why he remains constructive for gold, copper, and uranium stocks, as we continue on with Phase 2 of the commodities supercycle.

We start off having Nick share with us how he has positioned in his portfolio and is evaluating gold and copper stocks, how he factors in merger and acquisitions transactions, and how he analyzes different levels of economic studies on advanced exploration and development projects. Wrapping up we get Nick’s thoughts on many of the demand drivers for nuclear energy, and why he remains a buyer on dips in the uranium sector, and why he believes the bull market can continue on for uranium equities for some time to come.

Click here to follow Nick’s analysis and publications over at Digest Publishing

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Jordan Roy-Byrne, CMT, MFTA and Editor of The Daily Gold joins us to discuss the out-performance of gold and silver stocks to the underlying metals. We also look at the inflation adjusted gold price charts which is also close to breaking out.

A lot of positive divergences are happening in the precious metal sector. It could be early days for a major move higher in the gold and silver stocks.

Click here to visit Jordan’s site – The Daily Gold.

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins me to review how the Company is positioning it’s flagship Stillwater West Ni-PGE-Cu-Co + Au Project in Montana for growth. We dig into the advantages and challenges in valuing a polymetallic projects, outline some of the exploration results on tap to release to the market in the near future, as well as the value drivers moving forward on their 4 other non-core properties.

With regards to the Stillwater West Project, in 2023 a total of 6 holes totaling 2,310 meters were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multi-phase program. The focus was on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometer-long resource area. We get into the parallels between the Stillwater Igneous Complex and the Bushveld Igneous Complex and South Africa’s Platreef district, which hosts very large Ni-Cu-PGE mines that are now in operation by Ivanhoe Mines and Anglo American.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals at the time of this recording.

Click here to follow along with the latest news from Stillwater Critical Minerals

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Another Stock Talk episode with Quinton Hennigh. I tried a slightly different format this week where we went through the slide decks for each company we discussed. While it came out a little clunky I will work to make it look cleaner for future Stock Talk episodes. Please let me know what you all think of this video format.

Here are the stocks we focused on today.

Kuya Silver – CSE:KUYA – OTCQB:KUYAF
Core Assets – CSE:CC – OTCQB:CCOOF
Outcrop Silver – TSX.V:OC – OTCQX:OCGSF

Please keep emailing me with the companies you would like Quinton and I to discuss. My email address is Fleck@kereport.com.

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TriStar Gold (TSX.V:TSG – OTCQB:TSGZF) has been working through the permitting process for the LP Permit at the Castelo de Sonhos Project in Brazil, and is confident it will be received this quarter (Q2 2024).

Nick Appleyard, President and CEO of TriStar Gold joins me to discuss the next steps for the project once the LP Permit is received. We discuss the potential of a re-rating for the stock.

We also dive into the economic of the project based on the 2021 PFS. This economic study was done at a $1,550 gold price. With gold much higher I have Nick run the numbers at higher gold prices and discuss how costs could have changed.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the TriStar Gold website to learn more about the Castelo de Sonhos Project.

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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), join me to review the exploration strategy and a number of key targets for the recently commenced 20,000 meter Phase 4 diamond drill campaign on its wholly-owned Diablillos property in Salta Province, Argentina.

The Phase 4 drill program will prioritize target areas with known mineralization, like JAC North, Fantasma, Alpaca, Cerro Bayo, and Laderas; as well as exploring newly identified prospective exploration targets within the broader Diablillos land package. John reviews how the drilling done to expand the known targets will feed data into future resource updates and that the exploration team is looking for more near-surface high-grade silver and gold oxide mineralization to expand and extend the front-end economics of a project development scenario. Then on the more discovery step-out drilling, the exploration team is going to be going after sulphide targets focused on gold and copper.

Dave reviews that approximately 25% of the drill program will be focused on these new regional step-out exploration targets that remain largely untested to date. These targets include the substantial alteration zone and associated anomalous gold in historical shallow holes drilled at Cerro Viejo Porphyry Complex (Cerro Blanco / Cerro Viejo), located approximately 3.5 km northeast of Oculto. Following an electromagnetic survey the Company plans to drill select deeper holes to explore for an underlying porphyry system.

Then there is also the newly defined Jasperoid magnetic target identified in the geophysical survey conducted in late 2023. The zone follows the trend of a major north-south regional fault and a nearby historical drill hole intersected anomalous gold in vuggy silica. The geology of this zone makes it is a high priority target for epithermal gold-silver mineralization. Drilling activities have now commenced with one drill rig and two additional drill rigs are expected to arrive at the Project within the next few weeks, for a 3 drill rig program.

If you have any follow up questions for John or Dave regarding at AbraSilver, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording

Click here to visit the AbraSilver website and read over the most recent news releases.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX – OTCQB:DMXCF – FRA:DFPP) joins me to recap the visual results from 6 holes drilled at the Tomtebo Project, in Sweden. This project, along with the Stollberg Project, are part of a Definitive Agreement with Boliden Mineral AB, where Boliden has the right to earn up to 85% on the projects. Boliden is funding a $2million program this year on both projects.

Garrett summarizes the visual results and explain the significance of using Boliden’s in-house down-hole electromagnetic survey to analyze the mineralization.

We also discuss the moratorium on exploration and mining of uranium in Sweden. May 15th is a date that could provide some near term guidance on when this moratorium could be lifted.

Please keep emailing me your questions for Garrett to Fleck@kereport.com.

Click here to visit the District Metals website.

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Dave Erfle, Editor of The Junior Miner Junky joins us to discuss a wide range of M&A activity in the resource sector. A mega deal between BHP and Anglo American was recently announced, with smaller deals like a merger between Treasury Metals and Blackwolf Copper and Gold, McEwan Mining acquiring Timberline Resources, Contango Ore taking over HighGold Mining, and SilverCorp taking over Adventus Mining have all been announced in the last two weeks.

We ask Dave how he invests around M&A. Many of these transactions are being considered take-unders considering how much stock prices have dropped. We discuss the many reasons for any M&A deal and what the acquiring company needs to do to advance post transaction.

Click here to visit The Junior Miner Junky website to follow along with Dave.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review his key takeaways from the Deutsche Goldmesse conference in Germany, hosted by friend of the show Kai Hoffman. Erik is also increasingly getting more bullish on the copper supply/demand fundamentals and starting to look at positioning in more copper junior stocks.

Erik highlights 2 copper junior stocks that he is starting to get positioned in: Hot Chili (ASX: HCH) (TSX.V: HCH) (OTCQX: HHLKF) and Hannan Metals (TSXV:HAN)(OTCPK:HANNF). He outlines the value proposition he sees in both companies, and contrasts the different stages and risk/reward profile that each company has at this point.*

Click here to visit Erik’s site – The Hedgeless Horseman

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Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN – OTCQB:BYAGF) joins me to provide more information on this year’s exploration program at the AurMac Gold Project, in the Tombstone Belt in the Yukon.

The Company is planing up to 5,000 meters of drilling focused at the higher-grade areas on the Powerline Deposit and expanding the resources at the Powerline and Airstrip Deposits. The Airstrip Deposit was last drilled in 2020 and has a higher average grade than the larger Powerline Deposit.

The total resource was updated last year, now at 7million ounce of gold, inferred. The work outside of drilling will also continue to de-risk the resource through metallurgical work, environmental baseline studies and internal scoping level engineering.

If you have any follow up questions for Tara please email me at Fleck@kereport.com.

Click here to visit the Banyan Gold website to learn more about the Company.

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOC) joins me to discuss the recent news on large-scale pilot plant testwork at the Baptiste Deposit. This testing was completed to confirm results from pilot-scale testwork, to feed into the upcoming Feasibility Study (“FS”).

I ask Martin how the results compare to earlier stage testwork. We also discuss the downstream possibilities for the material.

The Company also announced an expansion of the Generative Alliance with JOGMEC to evaluate projects around the world. In year 2 the budget has been increased from $650,000 to $1,500,000. I try to get as much information as I can out of Martin regarding what the alliance is looking for and what the “5 international and 3 Canadian jurisdictions” are.

If you have any follow up questions for Martin please email me at Fleck@kereport.com

Click here to visit the FPX website and read over the corporate presentation.

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Craig Hemke, Editor of TF Metals Report joins us to discuss the move higher in gold, silver and copper to start the week.

On the gold front, Craig updates us on the CoT reports over the past 2 weeks that have strangely not moved while price was correcting.

For silver, there are some very defined key levels to watch for silver, with $30 being the ultimate possible breakout. As much as people follow the gold to silver ratio, Craig also points to copper as being a metal that if it continues higher could also take silver along for the ride.

Click here to visit Craig’s site – TF Metals Report.

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Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review some its ongoing Madsen mill cleanup and gold recovery at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada. We also get into an exploration update at the Madsen and Rowan properties, and basic roadmap to development and an eventual mine restart.

We start off discussing the news released to the marketplace May 2nd where the Company is continuing with the Madsen mill cleanup. Last year they carried out a preliminary phase of the Gold Recovery Program in late 2023 that recovered 415 troy ounces of gold with proceeds of approximately $750,000. However, based on the significant amount of gold recovered during the initial investigation, a second and more comprehensive phase of the Gold Recovery Program was initiated in early 2024 with a focus on the ball mills and the semi-autogenous grinding (“SAG”) mills. The SAG mills are the primary or first stage grinder for material entering the mill, which is then followed by the secondary ball mills. It is anticipated that the Company may recover at least 2,500 oz Au from the clean up.

We reviewed that the previous operator had ongoing reconciliation issues between the mined ore and the milled ore at the Madsen Mine made, but further review has shown they had made significant mistakes building the mine and mill, which are fixable. This process has helped their team understand the technical flow better and this also addresses that they’ll be able to solve many of the reconciliation issues between mined and milled ore upon a development and mine restart scenario. The next big step in this understanding and economics around the project will be in the Pre-Feasibility Study, due out by the end of this year.

We also took time to review the potential to keep growing resources at depth at Madsen both at depth with areas like the South Austin Zone and 8-Zone, but also at surface with new targets emerging at the Confederation Assemblage of rocks. This is similar to the geology that Great Bear Resources had explored in Red Lake, and changed the understanding of what rock packages could contain gold in the area. Additionally, up to 15,000m of surface drilling is to be completed at the Rowan Property with a focus on growth and expansion on the existing high-grade mineral resource

If you have any follow up questions for the team over at West Red Lake Gold please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Darrell Fletcher, Managing Director Commodities at Bannockburn Capital Markets joins me to share outlook for copper, natural gas and oil.

I ask about demand factors and how those play into near term pricing. With Copper, there have been some new larger companies trying to enter the space all with the outlook that supply will not meet demand in the foreseeable future.

On the energy front, natural gas has broken above $2 but Darrell is not seeing this as sustainable. He points to the cash market which is trading much lower. Oil is back below $80/barrel but largely in a 2 year trading range. I ask about downside price protection an breakout potential to over $100.

Click here to learn more about Bannockburn Capital Markets.

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This is the replay of the May 2nd webinar featuring Snowline Gold (TSX.V:SGD – OTCQB:SNWGF). Scott Berdahl, CEO of Snowline, joins me to discuss the regional exploration opportunities at the Company’s projects in the Yukon, in the Tombstone Gold Belt.

We discuss target on the Rogue Property, outside of the Valley Discovery, and targets on other projects the Company holds.

The first webinar, on April 18th, Scott and I focused on the Valley Discovery. Click here to view the recording of that webinar.

Please keep sending me your questions as I will have Scott back on to continue this series of webinars and mix in some Company Updates on the back of news. My email address is Fleck@kereport.com.

Click here to visit the Snowline Gold website to learn more about the Company.

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Kyle Floyd, CEO and Chairman of Vox Royalty (TSX: VOXR) (NASDAQ: VOXR), joins us to review their growth strategy for 2024, after a record 2023 in operational results, revenues, and cash flows on a per share basis from their portfolio of royalties. We also outline a few partner project updates that represent deep longer-term value in their royalty portfolio.

We lead off with some of the points that Kyle made in their investor letter, released on April 25 titled “On the Path of Totality.” In this annual letter to shareholders Kyle summed things up well with this passage:

“…much of North America has been caught up in the Total Solar Eclipse,with many people flocking to the narrow band of geography that lies on the Path of Totality. What caught my mind was a news article that expounded on the high costs of hotels at certain hot spots to watch the eclipse and the late-comers paying very high prices. The thing with solar events is that the right scientists and mathematicians can forecast these events with amazing accuracy decades and sometimes millennia in advance. In the last few months, more and more people have gotten caught up in the mania and paid a higher price for late planning and forecasting. In my personal life, career, and especially at Vox, I have always attempted to forecast and plan ahead. It’s something that our executive team also innately embraces and focuses on. Much more time is spent talking about tomorrow versus today because the returns generated today were paved by yesterday’s hard work. As a result, sometimes we have been early on our corporate strategy without immediate reward for what, similar to a total eclipse, can be readily calculated and expected well in advance. This is the phenomenon that I believe we are experiencing with our portfolio of royalties in Australia. The value that is readily apparent to us and can be forecasted with high confidence is not being valued appropriately at present, resulting in an opportunity for those willing to do the math in advance and make appropriate preparations.”

Expanding upon this premise, we have Kyle outline one of the assets in the Vox Royalty portfolio that was acquired last year that they see on this pathway to clear value – the royalty on Norther Star’s Red Hill mine. Recent news released by Northern Start highlights a significant exploration and development update for the Red Hill gold project in Western Australia, with a 58% resource upgrade, a maiden reserve declaration, and further disclosure around development assumptions. Vox management estimates that this Red Hill gold royalty has the potential to generate approximately US$10 millionin initial annual revenues, over a potential mine life that is still to be determined by Northern Star. Kyle makes the point that this is a prime example of the kind of royalties the companies has focused on acquiring that provide solid returns on invested capital.

We wrap up discussing the health of the Company balance sheet, the optionality they have to make accretive acquisitions in the year ahead, and some ways of thinking about how to value their current portfolio of royalty assets.

If you have any follow up questions for Kyle and the team at Vox, then please email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Vox Royalty at the time of this recording.

Click here to visit the Vox Royalty website and read over the recent news releases.

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On April 25th, Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF) released a maiden Preliminary Economic Assessment (“PEA”) from the Enchi Gold project, in Ghana. Some of the key headline numbers include;

After-tax NPV5% of $371 million, after-tax IRR of 58% at $1,850/oz Gold,
Average annual gold production of ~120,000 ounce,
LOM operating costs (1) estimated at $801/oz of gold, cash costs (2) estimated at $934/oz of gold, LOM all-in sustaining costs (AISC) (3) estimated at $1,018/oz of gold,
Initial capital costs estimated at $106 million (including a 20% contingency)

Luke Alexander, President and CEO of Newcore joins me to recap the PEA numbers and discuss what comes next in terms of catalysts for the Company. We also discuss valuation metrics.

If you have any follow up questions for Luke please email me at Fleck@kereport.com.

Click here to read over the full news release announcing the PEA.

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Welcome to The KE Report Weekend Show! After a week where we had a Fed meeting, jobs data and big tech earnings the markets didn’t do much. So we take the approach in the first two segments on looking globally and at economic data to understand the key trends. Then we switch to resource stocks recapping M&A, financings and specific company opportunities.

Segment 1 and 2 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc to Market joins me to recap the Fed meeting, jobs data, inflation trends, and global factors out of Japan and China. We also tie in the China trends with copper.
Click here to visit the Marc to Market website.
Segment 3 and 4 – Joe Mazumdar, Editor of Exploration Insights wraps up the show discussing recent M&A deal and the financing environment for metals stocks. I ask about the investment angle on small royalty companies, silver producers who may be turning profitable and opportunities in Argentina.
Click here to learn more about Resource Insights. If you invest in metals stocks it is a very valuable resource.

Marc Chandler Joe Mazumdar

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Doug Ramshaw, President of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us for a comprehensive review of the Santa Mine operations and production expansion in 2024 in Sonora, Mexico; as well as the further derisking work going on, while awaiting the permits, at the Cerro De Oro gold development project in Zacatecas, Mexico.

At Santana, the Company has completed plans to optimize the use of existing installed leach pad capacity to boost production on a go forward basis. As outlined in a February 22nd release, these plans involve mining and stacking of approximately 25,000 oz of gold over a 12-month period that will commence in May 2024 and should see a significant improvement in gold production relative to 2023 levels, beginning in Q3 and extending through to into 2025 before an expected normalizing of operations at Santana thereafter. Following the conclusion of planning with the Company’s existing mine contractor, their operating fleet and infrastructure has been updated (mining and crushing) to suit the current mine plans for the Nicho Main pit. Blasthole drilling is underway with mining operations to follow.

The company is still advancing permitting, engineering, metallurgical work, geological, and other geotechnical work to continue to de-risk the Cerro de Oro Gold Project as it moves down the pathway into production as the Company’s second operating gold mine. Initial projections were for this mine to produce 60,000 ounces annually for 8+ years, but Doug also highlights the upside potential through exploration and resource expansion, as well as the leach pad capacity, where the goal is to see if the potential is there to eventually push production to upwards of 80,000 – 90,000 ounces per annum over more like 11-12 years. Engineering work continues to progress for Cerro de Oro in order to advance pre-development activities to coincide with the ultimate receipt of permits and a construction decision for the project.

Wrapping up, we also discussed the news about the recent acquisition of the Suaqui Verde copper project will allow the Company to start a series of internal engineering studies aimed at the best path(s) for the development of a regional copper developer/producer focused on low capital intensity copper projects. The combination of Los Verdes, Poteritos and Suaqui Verde allows for further consolidation of similar type assets that could form a regional copper production “hub” in the area where the Company already maintains a significant presence.

Please email us with any follow up questions for Doug regarding Minera Alamos. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Minera Alamos at the time of this recording.

Click here to follow along with the latest news at Minera Alamos

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On a week with the Fed meeting, jobs data and major tech earnings it’s fascinating to see the market pretty much flat on the week. Joel Elconin, Co-Host of the Benzinga PreMakret Prep Show, is calling this market schizophrenic.

The markets started off the week by selling off only to be bought back on Thursday and Friday. The weak jobs data on Friday is being viewed as a bad news is good news event.

I ask Joel about the short term technical set up for the S&P. He shares a handful of stocks and sectors that are breaking out or simply in uptrends.

Click here to visit Joel’s PreMarket Prep website to keep up to date with the stocks that catch his eye.

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Andrew Thomson. President and CEO of Palamina (TSX.V:PA) joins me to discuss the drill plans and roadmap to drilling the Usicayos Project, in Peru.

The Company is cashed up, after receiving over $3.6million from Winshear Gold. Andrew explains the plans to drill 3,000-5,000 meters at the project. I ask about the type of deposit the Company is looking for and recap some of the recent action in the area out of Barrick Gold.

The Company also recently appointed a new V.P. Exploration, Alvaro Fernandez-Baca and new advisors, Hall Stewart and Jerry Blackwell.

Click here to visit the Palamina website for more information on the Company and the Usicayos Project.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins me today to review how he is taking a more defensive posture investing in the general US equities, but seeing more capital rotate into commodity megatrends. He is focused adding resource stock allocations in the cannabis, uranium, copper, palladium, small-cap oil, and gold sectors. For each sector, we review the technical price action of the underlying commodities, the supply/demand fundamentals of those markets, and then drill down into the types of resource stocks that have Sean’s attention. It’s a nuanced discussion where we weave in both the macroeconomic data and geopolitical effects of global trade, to assess the economic health and market expectations around future Fed rate cuts.

Click here to follow along with Sean’s work at Weiss Ratings Daily

Click here to learn more about Resource Trader

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Chen Lin, Editor of What Is Chen Buying? What Is Chen Selling? joins me to discuss why he is bullish copper, silver and gold.

On the copper and silver front, Chen points to a range of demand factors he thinks will drive prices much higher. I also have Chen explain the types of copper and silver stocks he is liking. For copper he is starting to move down to the juniors (some for political reasons). For Silver he is looking at the small silver producers that could finally be making money at these higher silver prices.

Click here to visit the Chen Picks website to learn more about Chen’s newsletter.

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Michael Wood, President and CEO of Sendero Resources (TSX.V:SEND) joins me to recap drill results from the La Ollita Target At The Peñas Negras Project in The Vicuña District, Argentina, released yesterday May 1st.

3 more holes were released with hole 6 being the headline results intersecting 364m of 0.51 g/t Gold Equivalent “AuEq” from a shallow depth of 34m to the bottom of the hole. The upper part of the hole intersected 114m of 0.84 g/t Gold Equivalent “AuEq” including 22m of 1.61 g/t AuEq.

I ask Michael what the Company has learned about the Project and more so the La Ollita Target through the 6 holes now released. We discuss what the Company will do to vector into the higher grade feeder zone and if other targets on the Project will be tested in follow up programs.

If you have any follow up questions for Michael please email me at Fleck@kereport.com.

Click here to read over the full news release reporting the drill results.

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Jordan Roy-Byrne, CMT, MFTA, and Editor of The Daily Gold joined me to discuss his technical outlook for gold, GDX and GDXJ. While early on in a correction, after a strong run to overbought levels, Jordan outlines price levels to watch where the correction could bottom.

We discuss gold’s performance against the 60/40 portfolio and the S&P. I also ask about Jordan’s trading strategy for junior stocks where he explains how he would build cash and rotate money between outperforming and under-performing stocks.

Click here to keep up to date with Jordan on The Daily Gold website.

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Matt Badiali, Editor of The New Energy Investor published under the Mangrove Investor joins me to chat battery technology and development.

We start by recapping some of the recent news on sodium batteries, solid state batteries and other minerals being incorporated into new batter development. While we can try to product which battery will become the global standard maybe there is room for a range of batteries developed for different products and uses.

On the investor front Matt shares a trade his in to take advantage of this growth in the battery industry. I ask about the different types of commodities and minerals he thinks will play a larger roll in the energy transition and his time frame for it all.

Click here to visit the Mangrove Investor website to keep up to date with Matt’s New energy Investor newsletter.

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More specific stock commentary, this time with Jeff Clark, Editor of The Gold Advisor and Paydirt Prospector!

On this segment we discuss 4 stocks Jeff follows in The Gold Advisor newsletter. We also look ahead to the upcoming Metals Investor Forum on May 9th and 10th in Vancouver. Jeff shares the companies he is bringing to the conference.

The stocks mentioned today are:

Snowline Gold – TSX.V:SGD – OTCQB:SNWGF
Dolly Varden Silver – TSX.V:DV – OTC:DOLLF
Aztec Minerals – TSX.V:AZT – OTCQB:AZZTF
Vox Royalty – TSX:VOXR – NASDAQ:VOXR

Be sure to check out The Gold Advisor website to see the other stocks Jeff follows. Please email is you would like his thoughts on any of those stocks and if you have any specific questions. My email address is Fleck@kereport.com.

Click here to visit The Gold Advisor website to follow along with Jeff.

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Outback Goldfields (TSX.V:OZ – OTCQB:OZBKF) recently announced a shift in focus to Finland, through an acquisition of the portfolio of projects from S2 Resources. This news was announced on March 1st and follow up news on a concurrent $5million financing announced on April 25th.

Chris Donaldson, President and CEO of Outback joins me to provide more information on the deal, which includes an option for S2 to earn into the Outback projects in Australia.

We discuss the portfolio of Finnish projects, all located in the Central Lapland Greenstone Belt, where Agnico, Rupert Resources and Aurion Resources are all active. See the map below from the March 1st news release to view the location of the projects.

We start with the Panna Project and how the Company will follow up on an early stage discovery. We also discuss the JV agreements in place with Kinross and Rupert Resources. We then tie in the $5million financing and what the post-financing valuation will be.

If you have any follow up questions for Chris please email me at Fleck@kereport.com.

Click here to visit the Outback Goldfield website to read over the news release outlining this deal.

Figure 1: Map showing the distribution of S2’s project portfolio with respect to significant projects and companies in the district.

Upcoming live events! May 2nd

Snowline Gold webinar – 12-noon PT – Regional Exploration Potential In An Emerging Gold District – Click here to register

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In my effort to bring you all more company specific commentary I reached out to Adrian Day, President of Adrian Day Asset Management and manager of the Euro Pacific Gold Fund, to comment on a couple companies he recently updated his clients on.

Adrian shares his thoughts on two prospect generators, Lara Exploration (TSX.V:LRA) and Midland Exploration (TSX.V:MD), as well as one royalty company, Orogen Royalties (TSX.V:OGN).

I will have Adrian back on the show to discuss a few more companies next month so stay tuned!

Click here to learn more about Adrian Day’s services.

Upcoming live events! May 2nd

Snowline Gold webinar – 12-noon PT – Regional Exploration Potential In An Emerging Gold District – Click here to register

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As pretty much every market is red today in this segment I focus on the pullback in gold, silver and the gold stock ETFs, GDX and GDXJ. Dave Erfle, Fonder and Editor of the Junior Miner Junky joins me share his outlook when it comes to prices for the precious metals and the equities.

We outline key levels to watch, that are currently support, and how the upcoming Fed meeting and jobs data could be the next catalyst.

I also ask if broad market weakness could impact the metals equities as well as the news Dave is looking for to drive individual stocks higher. We wrap up with a comment on smaller silver miners and if Dave is looking at investing in these stocks now that the silver price is in the high 20s.

Click here to visit Dave’s website – The Junior Miner Junky.

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Matt Schwab, CEO of Kraken Energy (CSE:UUSA – OTCQB:UUSAF – FSE:F2C) joins me to recap the two drills holes at the Harts Point Property, in Utah, and look ahead to future exploration at the Company’s projects in Nevada.

The drilling at Harts Point consisted of two holes, twinning historic holes, to confirm the presence of uranium. This property in under a Joint Venture with Atomic Minerals, where Kraken is earning into a 75% interest. Matt provides a overview of the earn-in agreement, the drill program and what these results mean for follow up work.

I then have Matt look ahead to future exploration that will be going back to the Company’s flagship project, the Apex Uranium Mine in Nevada. We also the stock price that has continued to drift lower.

If you have any follow up questions for Matt please email me at Fleck@kereport.com.

Click here to visit the Kraken Energy website and read over the recent news.

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Yesterday, April 29th, Volt Lithium (TSX.V:VLT – OTCQB:VLTLF) announced a strategic investment from an oil field operator in the Delaware Basin, for a total US$1.5million. The key to this news is Volt now moving forward with a “field unit that will produce lithium hydroxide monohydrate using Volt’s proprietary direct lithium extraction (“DLE”) technology”

Alex Wylie, President and CEO of Volt Lithium joins me to discuss the field unit and potential operational data when in use. Alex outline how this first field unit is more of a stepping stone to grow larger units. The data produced from this initial field unit can be send to EV makers to generate off take agreements as the units and production grows.

If you have any follow up questions for Alex please email me at Fleck@kereport.com.

Click here to visit the Volt website and read over the recent news.

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Welcome to another episode of Stock Talk! Quinton Hennigh, Geologist, private investor and geologic advisor to Crascat Capital joins me again to discuss 4 stocks you have all sent to me. We focus mostly on exploration companies, with one silver producer mixed in at the end.

Quinton shares his thoughts on the following companies in this order…

Kingfisher Metals – TSX.V:KFR, OTCQB:KGFMF
Eskay Mining – TSX.V:ESK, OTCQX:ESKYF
Arras Minerals – TSX.V:ARK
Santacruz Silver – TSX.V:SCZ, OTC:SZSMF

Please keep sending me the companies you would like Quinton to comment on. My email address is Fleck@kereport.com.

Upcoming live events! May 2nd

Snowline Gold webinar – 12-noon PT – Regional Exploration Potential In An Emerging Gold District – Click here to register

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Mike Stark, Chairman, President and CEO of Arizona Gold & Silver (TSX.V:AZS – OTCQB:AZASF) joins me to discuss the RC drill program that started on April 10th on the Company’s Philadelphia Gold-Silver Project, in Arizona. The program is focused at the Resaca Claim, a 400 meter gap in the drilling from past programs. See the map posted below (from the April 10th news release) to view the location of the Resaca Claim.

I have Mike outline the overall goals of the drill program. We also discuss how the Company will prioritize following drilling balanced between extending mineralization to the south or drilling deeper.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Arizona Gold & Silver website to read over all the recent news.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to share his view on the recent market weakness and the precious metals (and commodities) outperforming for the last almost 2 months.

We start with TG’s assessment of the markets and if the correction this month is a natural correction or the start of a larger downtrend. We discuss the mixed moves in large tech stocks and the pullback in AI chip manufacturers. We also discuss time frame of the market pullback, which happened on the first day of Q2.

We then move to the sectors that are outperforming the market, which are commodities. We focus mostly on gold. Is this sideways move simply a consolidation of the recent gains?

Click here to visit the Profit Pilot website to keep up to date with what TG is trading.

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Claudia Tornquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF – FRA:5DD1) joins me to discuss a new copper porphyry discovery on the MPD Project, in south central BC, and recap the final drill results from the 2023 exploration program. All of this news was reported in the most recent news release from April 25th.

We start with an overview of the new porphyry discovery in the 1516 Zone. For a visual of the possible size of the porphyry see Figure 2 from the news release posted below. I ask about grade in the initial discovery hole and the Company’s plans to follow up.

We also discuss the strategy moving forward balanced between following up at the 1516 Zone, testing other targets across the Project, and even going back to the Gate Zone and growth mineralization there.

If you have any follow up questions for Claudia please email me at Fleck@kereport.com.

Click here to visit the Kodiak Copper website to read over all the recent news.

Figure 2: MPD South plan map showing new 1516 Zone and 2023 holes with assays at 1516, West and South Zones (yellow traces). Bar graphs show downhole copper (green) and gold (red). Background is colour contour historic copper-in soil data.

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Francois Motte, CFO of Aclara Resources (TSX.V:ARA) joins me to outline the Company’s strategy to vertically integrate by developing rare earth separation capabilities in the United States. This news was announced on April 3rd.

I have provided update on Aclara Resources (TSX:ARA) as the Company has defined heavy rare earth deposits (ionic clay) in Chile and Brazil. The Company also recently received an investment by CAP S.A. (a large Chilean iron-ore producer and manufacturing company). Now Aclara is starting this insinuative to create its own separation capabilities is not the next step in vertically integrating,

I ask Francois how this vertical intermigration will cut out a middle company and improve the value proposition for investors. I also ask about any competitors outside of China and what steps will come next for the Company.

Click here to visit the Aclara Resource website and read over all the recent news.

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Welcome to The KE Report Weekend Show! On this Weekend Show we mix it up bey discussing a couple important company developments in precious metals stocks and for the active traders, a number of ways to trade the recent pullback in the markets.

Segment 1 and 2 – Brian Leni, Founder of the Junior Stock Review kicks off the show discussing the G Mining and Reunion Gold merger as well as AbraSilver Resource financing with Barrick Gold. We also chat about portfolio management focused on resource stocks and diversification.

Click here to visit Brian’s site – Junior Stock Review.

Segment 3 and 4 – Dana Lyons, Fund Manager and Editor of the Lyons Share Pro wraps up the show sharing his trading strategies for a wide range of sectors. We talk hedging strategies, market leadership, international markets, commodities, gold and copper miners, oil equities, uranium and Bitcoin.

Click here to visit The Lyons Share Pro website to follow along with Dana.

Brian LeniDana Lyons

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the key takeaways from the Q1 2024 production and operations report, the key synergies with the ongoing acquisition of Goldsource Mines (TSXV:GXS)(OTCQX:GXSFF), and a review of the exploration strategy this year in Nicaragua.

We started off recapping how the results have been steadily ramping up and improving ever since the Company received the permit to begin extracting ore from Las Conchitas the middle of last year, and that, like Q4 of 2023, Q1 of 2024 demonstrated the solid operational performance and execution at the San Albino Mine.

Q1 2024 Production and Financial Highlights

Record 67,961 tonnes mined containing 13,965 ounces of gold (“oz Au”) at a blended grade of 6.39 grams per tonne gold (“g/t Au”) and 15,718 ounces of silver (“oz Ag”) at a grade of 7.19 grams per tonne silver (“g/t Ag”)
- 25,374 tonnes mined containing 9,664 oz Au at 11.85 g/t Au and 9,919 oz Ag at 12.16 g/t Ag from diluted vein material
- 42,587 tonnes mined containing 4,301 oz Au at 3.14 g/t Au and 5,799 oz Ag at 4.24 g/t Ag from historical dump and other mineralized material above cutoff grade (“historical dump + other”)
- 22.7:1 strip ratio
52,478 tonnes milled containing 12,266 oz Au at a blended grade of 7.27 g/t Au and 14,071 oz Ag at 8.34 g/t Ag
- 36% and 64% from diluted vein and historical dump and other, respectively
- 606 tonnes per day (“tpd”) milled at 96% availability
- Recoveries of 80.6% for gold in Q1 2024
150,744 tonnes in stockpile containing 12,465 oz Au at a blended grade of 2.57 g/t Au
10,070 oz Au Equiv. recovered and 9,332 oz Au. Equiv. sold during the quarter
Delivered 40,500 oz of silver on the Sailfish Silver Loan for a total of US$ 0.9 million during Q1 2024
Entered into an environmental settlement and release agreement with GR Silver comprising US$0.5 million and the issuance of 296,710 common shares of Mako
C$ 2.8 million in share repurchases equating to 1 million shares at an average price of C$ 2.80 so far in 2024
Aprox. US$ 3.0 million increase in cash balance in Q1 2024 vs. Q4 2023

Next the discussion transitioned into the synergies for scalable growth with the acquisition of Goldsource Mines, and their 100% owned Eagle Mountain Gold Project in Guyana, South America. Akiba outlines how the combined company will bring together two experienced management teams, that have worked together as colleagues going back nearly two decades, the optional savvy of the team that COO, Jesse Muñoz has assembled, and the geographical and asset diversification. We also review the district-scale exploration potential in Guyana, the recent acquisition of Reunion Gold in country by G Mining Ventures, and Guyana as an emerging mineral extraction jurisdiction.

We wrap up with Akiba providing a big picture overview of the exploration initiatives for 2024 in Nicaragua, with 4 RC drill rigs turning at present, and 1 diamond core rig, with plans to add 2 more core rigs as the year progresses, providing a great deal of data with more efficiency to keep expanding resources around San Albino, Las Conchitas, and regionally.

If you have any further questions for Akiba regarding Mako Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.

Click here for a summary of the recent news out of Mako Mining.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market blog, joins us to discuss some of the moves in global currencies, recent US economic data for GDP growth and the PCE inflation deflator metrics, commodities inflows, wage growth, corporate profits, and how this all ties into central bank policies. We note the continued strength in the US dollar, and the major weakness in the Japanese Yen, and what implications those may have on the global economy, and interest rates in the respective countries.

With corporate profits remaining very high, and the general US equities holding up near all-time highs, and dips continuing to be bought, we probe whether there is anything that may change the tone of the markets or the central bank outlook. Marc outlines that with the weaker than expected GDP growth, and weakness in service PMI jobs, that if we also see a weaker than expected jobs report next week, that it could moderate the Fed’s confidence, and possibly accelerate the plans to start cutting rates later in the year.

Click here to visit Marc’s website – Marc to Market.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap this week’s US economic data and key tech earnings.

The market did not like the slower GDP growth, reported on Thursday, but Friday was a different story after some major tech earnings. The market was due for a correction, which started this month, but is already being bought back. We ask Joel to make sense of this month’s moves, being either bearish or bullish.

We also ask about commodities, financials and what to look for next week with the Fed.

Click here to visit the PreMarket Prep website to follow along with Joel.

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The Westside Target, on the Tombstone Project in Arizona, is a new gold-silver exploration target announced on April 22nd by Aztec Minerals (“Aztec” or the “Company”) (TSX.V:AZT & OTCQB:AZZTF).

Simon Dyakowski, President and CEO of Aztec joins me to discuss this new target and the start of the 2024 exploration program on the Tombstone Project. Refer to Figure 1 from the news release posted below to see the location of the target on the project. I ask Simon about follow up work on when the target will be drilled. This ties into the start of the 2024 exploration program at Tombstone.

If you have any follow up questions for Simon please email me at Fleck@kereport.com.

Click here to visit the Aztec Minerals website.

Figure 1- Tombstone Property – Westside Area and 1982 Planned Pit Expansion for Gold-Silver Oxide Shallow Mineralization

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Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins me to discuss some of the opportunities he is seeing in the gold, nickel, copper, and zinc resources stocks. He highlights the value proposition he is attracted to in the specific companies: Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), and Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF).*

Click here to follow Doc Jones on Ceo.ca

Click here to follow Doc Jones on X/Twitter

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Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent high-grade gold drill results returned from the South Austin Zone at the Madsen Gold Project, and to map out the many other exploration targets on tap for drilling in 2024 at Madsen and at the Rowan Project, in the Red Lake district of Ontario, Canada.

We started off having Will share the main takeaways from the news release April 18th, where definition drilling was focused on the high-grade South Austin Zone. Drill Hole # MM24D-07-4198-001 intersected 1.1 m @ 68.36 g/t Au, from 74.25m to 75.35m, Including 0.5 m @ 145.44 g/t Au, from 74.85m to 75.35m. Then Drill Hole # MM24D-07-4198-002 Intersected 3.95m @ 13.83 g/t Au, from 7.55m to 11.5m, Including 0.5m @ 105.72 g/t Au, from 7.55m to 8.05m. Just this South Austin Zone alone currently contains an indicated mineral resource of 474,600 ounces grading 8.7 grams per tonne gold, with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au. The purpose of this drilling was definition within South Austin to continue building an inventory of high-confidence ounces for eventual restart of the Madsen Mine.

Next we discussed how the exploration strategy at Madsen has been focused at the North Austin Zone, the Main Austin Zone, and the South Austin Zone because it is the ideal mineralized area to exploit in a mining restart scenario in the second half of 2025. We also review the potential at depth at Madsen with both the South Austin Zone still open, and then some underground drilling work planned for this summer at the 8-Zone, underneath the McVeigh Zone. Underground drilling of these targets will allow the exploration team to follow up on these areas with more accuracy, and much more efficient holes, than trying to drill from surface as prior operators had done. There will be a lot of exploration work and metallurgical testing completed at the Madsen Gold Project this year, further derisking and delineating the project, to optimize a potential mine restart next year.

Lastly, Will mentions that the next phase of drilling will be commencing at the Rowan Property in a couple months, following up on last year’s drilling, and testing a number of new targets at this growing resource area; that will augment the larger Madsen Mine restart plan.

If you have any follow up questions for the team over at West Red Lake Gold please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of West Red Lake Gold Mines at the time of this recording.

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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Jordan Roy-Byrne, Founder of The Daily Gold, joins us to review both his near-term and medium-term technical outlook for gold and silver, the changing investor psychology around gold mining stocks, and how he looks at optionality in the silver stocks. We start off noting the recent weakness to kick off this week on the precious metals charts; which was to be expected after such a big move the last few months to overbought levels. In the medium to longer-term Jordan is not concerned by the consolidation and still sees measured moves up to $3,000-$4,000 in gold depending on how one extrapolates out the large 13 year cup and handle pattern.

We then shift over to discussing the mining stocks where Jordan advises not chasing the “rhino-horn” charts with steep vertical moves, as they usually represent short-term termination events, before correcting, basing, and building the next leg higher. He goes on to make the case that investor psychology around gold stocks is gradually changing, as people come around to the reality that gold prices are remaining higher, and so pullbacks will be bought and less severe than we’ve seen the last few years. While Jordan is still most animated by the quality growth-oriented gold producers, and quality gold developers of size, that are within 1-2 years of getting their mine built and into production; he also likes the silver optionality plays with quality ounces in the ground that could have more torque to get rerated higher on rising metals prices.

Click here to visit Jordan’s site – The Daily Gold.

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Jesse Felder, Founder or The Felder Report joins us to explain why he thinks markets are in for a much larger correction and the economy is not as strong as the reports. Looking at some of the underlying data like high insider selling, weak breadth, inflation remaining high and a number of other factors that are telling him markets could be weak for quite a while.

The overall theme Jesse is looking for in the market is the continued shift toward hard assets and away from financial assets.

Click here to visit The Felder Report website to follow along with his economic and market commentary.

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On April 16th, Vizsla Silver (“Vizsla” or the “Company”) (TSX.V:VZLA & NYSE:VZLA) announced the acquisition of a large claims package to the south of the Panuco Project, in Mexico. These claims are known as the “El Richard – San Enrique claims”. This news comes on the back of the March 28th news release where the Company acquired a new silver district to between Panuco and the San Dimas Mine. See Figure 1 from the April 16th news release, posted below, to see the location of both the acquired land packages.

Mike Konnert, President and CEO of Vizsla joins me to provide an overview of the newly acquired El Richard – San Enrique claims and outline the Company’s strategy moving forward balancing out continued exploration vs a move toward production. This is key to understand as the Company is growing up, past being simply an explorer with a PEA coming in the near term.

Please email me with any follow up questions you have for Mike. My email address is Fleck@kereport.com.

Click here to visit the Vizsla Silver website and read up on all the recent news.

Figure 1: Location map of the San Enrique Prospect, Panuco Project and La Garra.

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), joins us to outline the key news this week of a strategic C$20 million non-brokered private placement of AbraSilver common shares with major gold producer Kinross Gold Corporation (NYSE: KGC) (TSX: K) and major utility company and affiliate of Central Puerto SA (NYSE: CEPU) at a subscription price of C$0.40 per Common Share. Upon closing of the Private Placement, Kinross and Central Puerto will each own approximately 4.0% of the outstanding Common Shares on an undiluted basis.

As part of this strategic investment, there is also the creation of an Investor Rights Agreement with Kinross, where AbraSilver and Kinross will form a regional partnership to jointly explore for and acquire new projects in Argentina focused on silver, gold, and copper. John pointed out that there is also going to be an exchange of expertise and specialized knowledge where AbraSilver will enter into an Investor Rights Agreement with each of Kinross and Central Puerto that includes, among other things, standard anti-dilution and equity participation rights and the formation of a Technical Advisory Committee and a Strategic & Operational Committee.

Through this transaction, AbraSilver will be well-funded for a dual strategy to aggressively advance its wholly-owned Diablillos project in Salta Province, Argentina project towards a production decision and to accelerate their exploration efforts moving forward. John shares some of the initiatives the Company will pursuing by further exploring the JAC North, Alpaca, Fantasma, and Ladera targets, along with going after larger step out discovery targets north of the Oculto. We also review the improving attitudes to mining in country over the last few years and the benefit of the project being in the mining friendly province of Salta in Argentina.

If you have any follow up questions for John regarding at AbraSilver, then please email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.

Click here to visit the AbraSilver website and read over the most recent news releases.

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Welcome to another segment of Stock Talk.

I am joined again by Quinton Hennigh, Geologist, private investor and geologic advisor to Crescat Capital. We focus this week on Lion One Metals, New Found Gold, Aftermath Silver and Abrasilver.

Please keep sending me the companies you want Quinton’s thoughts on and we will keep this series going. Next week we will be back with thoughts on 4 more companies. My email address is Fleck@kereport.com.

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Dave Erfle, Editor of The Junior Miner Junky, joins us to review the pullback in precious metals and that there have still been 3 significant gold stock transactions to kick off this week. We start off looking at both the near-term and longer-term technical support and resistance levels in gold, and the gold stocks via the ETFs GDX and GDXJ.

Next we pivoted over to 2 M&A deals of note; with Dave giving his take on G Mining Ventures (TSX: GMIN) (OTCQX: GMINF) moving to acquire Reunion Gold (TSXV:RGD) (OTCQX:RGDFF), in more of a merger of equals, and then New Found Gold (TSX-V: NFG) (NYSE-A: NFGC) making a move to acquire Labrador Gold’s (TSX-V: LAB) (OTCQX: NKOSF) Kingsway Project.

We wrap up with Dave weighing in on the positive financing transaction from AbraSilver Resource Corp (TSXV: ABRA) (OTCQX: ABBRF) with a strategic C$20 million non-brokered private placement with Kinross Gold Corporation (NYSE: KGC) (TSX: K) and an affiliate of Central Puerto SA (NYSE: CEPU), and the formation of a regional partnership between AbraSilver and Kinross to jointly explore for and acquire new projects in Argentina focused on silver, gold, and copper.

Click here to visit Dave’s site – The Junior Mining Junky.

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I am joined by Taj Singh, President and CEO, and Adam Cegielski, Chief Development Officer of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), to introduce the new pro-forma Company. We review how the Barsele / Gold Line merger came together last month, to create a combined company with a leading gold portfolio; underpinned by the advanced stage Barsele Gold Project and one of the largest consolidated gold exploration portfolios in Scandinavia, both in Sweden and in Finland.

The flagship of the portfolio is the 2.4 Moz Au Barsele Gold Project (NI-43101, all categories), in a JV with Agnico Eagle Mines Ltd.; and the 100% ownership of 100 km of strike along the Gold Line Belt surrounding Barsele Project. There are multiple exploration targets already identified, that have had significant work in the past, and a high potential for new discoveries. The Company holds a 100,000-hectare district-scale position in Sweden covering almost the entire Gold Line belt and a significant portion of the Skellefte VMS (volcanogenic massive sulphide) belt and covering a +100km belt position of regional first-order structural corridors.

We discuss how this area of Sweden is a great mining jurisdiction, with proximity to multiple active mines, and just a few kilometers from a recently permitted gold mine. Adam also points out that the government has been making many positive changes to advance mineral exploration, development, and production in Sweden. Taj and Adam highlight the potential for drilling at depth at the Barsele Gold Project, as well as a number of targets regionally around the main resource area. Additionally they review other prospective exploration targets, that have seen prior work, along the broader mineralized Gold Line Belt.

We have both Taj and Adam outline their backgrounds in the mining industry as well as other members of the board and management team, highlighting a technically focused and capital markets driven executive team, with decades of natural resources and mining experience. Wrapping up we get into the capital structure, key stakeholders, and financial setup of the company.

If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them to me at Shad@kereport.com.

Click here to follow the most recent news from First Nordic Metals

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Announced yesterday, April 22nd, New Found Gold (TSX-V: NFG, NYSE-A: NFGC) has offered $20million in shares to Labrador Gold (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) for the Kingsway Gold Project, in Newfoundland.

Roger Moss, President and CEO of LabGold joins me to outline the terms of the deal and look ahead to what the Company is planning to do in terms of future exploration on its Hopedale Project, in the Florence Lake Greenstone Belt in Labrador.

Please email me any follow up questions you have for Roger. My email address is Fleck@kereport.com.

Click here to learn more about the Hopedale Project.

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This is a recording from the live webinar event on April 18th! Click here to register for the May 2nd webinar!

Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joined me to focus on the Valley discovery on the Rogue Project in the Yukon. This discovery, first drilled in 2021 has driven Snowline Gold’s market cap to over C$800million.

This webinar is the start of a series of webinars with Scott highlighting Snowline Gold. On May 2nd at 12-noon PT we will be live with the second webinar, focused on regional exploration potential at the Rogue Project and other projects held by the Company.

Click here to register for the May 2nd webinar!

Please send me any questions you have for Scott prior to the webinar. My email address is Fleck@kereport.com. You will also have the ability to ask questions during the live event as well.

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Craig Hemke, Founder and Editor of TF Metals Report joins us to comment on the pullback in gold and silver today. Is it geopolitical fears subsiding, the start of a natural correction, or something more?

We also discuss how the precious metals stocks continue to largely disappoint. Craig points to silver and copper needed to establish higher price levels to bring in investors.

Click here to visit the TF Metals report website.

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Michael Oliver, founder of Momentum Structural Analysis, joins me to share how he sees the technical momentum setup in the US general equities, gold, precious metals stocks via GDX, silver, SIL, copper, grains, and oil.

We start off getting the nuances and difference in what the pricing chart in the S&P 500 or Nasdaq was showing coming into this month versus the divergence in them momentum framework. Michael noted that as the tech giants continue rolling over, having such a significant presence in the weighted equity indexes, that it is likely signaling a more protracted bear market in US equities, after coming to the end of such a record bull market in length and amplitude.

We then shifted over to his technical outlook on gold, and the gold stocks; where Michael postulates that when the US general equities and bonds do keep rolling over, that a portion of investors will rotate funds into gold, the gold stocks, and the commodities. In addition to remaining constructive on gold, Michael points out that the setup in GDX and the gold equities are signaling a breakout versus gold, and the same is true for the technical setup in silver, the SIL ETF, and silver stocks.

We then move through the overall commodities sector, noting the recent strength in copper and the copper stocks, other base metals trending higher, and also some positive momentum in the agricultural commodities and grains complex. Michael sees a more favorable setup in wheat, corn, and beans than many are anticipating, and could see them becoming more important to the commodity complex indexes, than even oil or the energy stocks on a percentage move higher basis. He believes the second major upleg in commodities has begun.

Click here to follow along with Michael Oliver’s work

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With gold and silver correcting 3% and 5.5% today respectively we had to discuss what is causing this move and what it means for the longer term bull market narrative.

Byron King, Geologist and writer with the Paradigm Press Group joins us to discuss today’s pullback. Byron is very clear in thinking this is is a natural correction after a very strong uptrend over the past almost 2 months.

We also discuss the action in gold and silver stocks. While many of the precious metals stocks have rebounded over the past 2 months pretty much the whole sector is a long way from all time highs. We focus on the stocks that have been moving and ask how long it’ll take for money to filter to all the stocks especially the juniors.

Click here to visit the Paradigm Press Group website to keep up to date with Byron.

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Here is the replay of a recent webinar where I featured Novo Resources (TSX:NVO – OTCQX:NSRPF – ASX:NVO). This webinar was recorded on April 18th 2024.

Executive Chairman, Mr. Michael Spreadborough, and General Manager-Exploration, Mrs. Kas De Luca discuss Novo’s highly prospective gold belt located in the Pilbara region of Western Australia which includes its priority Becher project (Egina earn-in/JV with ASX listed De Grey Mining), Nunyerry North project, Balla Balla gold project, exploration in the Karratha region, Belltopper gold project in Victoria as well as battery metal JV’s with SQM Australia Pty. Ltd and Liatam Mining.

If you have any follow up questions for team at Novo please email me at Fleck@kereport.com.

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Today Defense Metals (TSX.V:DEFN – OTCQB:DFMTF) released an updated Resource Estimate on the Wicheeda Project, in BC. The Company successfully upgraded the resource into Measured...

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Ed Moya, Senior Market Analyst at OANDA joins us to take a look ahead this week to US economic data, the live ECB meeting and a possible autoworkers strike. All of this is leading into the Fed meeting next week. We focus on how the upcoming data could change the Fed’s monetary policy and if a hike out of the ECB would put a tip in the US Dollar.

As a reminder, Shad and I will be away this week at a resource conference. We will be meeting with a lot of companies looking fro interesting stories to introduce to all of you. Please email us throughout the week with any companies you want us to look into and any questions you would like us to get answered.Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the OANDA website and follow along with Ed’s daily market note.

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Welcome to The KE Report Weekend Show. On this Weekend’s Show we are featuring Jesse Felder and Dan Steffens. We start of with a focus on economic data out of the US compared to other major developed economies and on the back end of the show it’s all about energy and the breakout in oil.

Next week Shad and I will be at the Beaver Creek Conference in meetings pretty much all day everyday so there will be limited postings throughout the week. We will be meeting with a lot of resource companies so if there are any companies you would like us to chat with or any questions for companies you would like us to relay please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Jesse Fedler, Founder and Editor of the Felder Report kicks off the show by comparing recent US economic data to data out of Europe and China. This leads into what central banks are doing with monetary policy and how it filters through to the markets. A focus is placed on the under performance of real assets to financial assets.
- Click here to find out more about The Felder Report.
Segment 3 and 4 – Dan Steffens, President of the Energy Prospectus Group wraps up the Weekend Show by recapping the macro drivers behind the oil price breakout. We also focus on 2 companies that Dan sees great upside in; Baytex Energy and Hemisphere Energy.
- Click here to learn more about the Energy Prospectus Group.

Jesse FelderDan Steffens

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Walter Coles, Executive Chairman at Skeena Resources (TSX:SKE – NYSE:SKE) joins me to discuss the updated Mineral Resource Estimate at the Snip Project and how...

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Craig Hemke, Editor of the TF Metals Report website, joins us to review the macroeconomic data that matters most to the general markets and precious metals sector. We start off looking at the strength of the US economy in relation to other global economies, and how that factors into the move higher in interest rates and the US dollar moves lately. The discussion then shifts over to how initial market reactions to headline numbers would be vastly different if they were the final numbers released retrospectively after revisions downwards.

We then take the discussion over to how all of this filters down into the precious metals sector, and how gold, silver, and the PM mining stocks have reacted, both more recently, but also in context of the larger move coming out of the sector bottom about a year ago in the month of September. We also dive into the Commitment Of Traders (COT) positioning and what that may indicate for gold and silver price action in the near to medium-term.

Click here to visit Craig’s site – TF Metals Report.

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Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), recaps the first 5 high-grade drill holes released from the 20,000 meter 2023 drill program for the Blueberry Contact Zone at the Scottie Gold Mine Property.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins me to recap news from yesterday and today reporting more high grade gold...

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Nick Hodge reviews the current macroeconomic landscape, and then the energy commodities of oil, copper, and uranium, as well as a look at the precious metals sector.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his thoughts on the charts for gold stock ETFs; GDX and GDXJ....

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Dave Cole, President and CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), joins us for a key milestone update on the news released September 6th, announcing the execution of an amended and restated royalty agreement for its Timok royalty property with Zijin International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd.

EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (NSR) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine.

As part of the execution of the revised royalty agreement, EMX will receive approximately US$6.68 million. This includes royalty payments of $1.59 million from July-December, 2021, royalty payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023. From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis. This brings the number of production assets in the Company’s portfolio up to 6, in addition to the roughly 50 royalties also bringing in revenues through gate or staged payments, and option payments.

Next we focus on the other 11 advanced royalties, 152 exploration royalties, and 105 royalty generation properties focusing on the key “discovery optionality” part of their business strategy. Dave outlines their unique triple-pronged approach to growing value by generating royalties through early stage prospect generation, by making strategic acquisitions of undervalued royalties, and by holding substantial strategic equity positions in other mining companies.

Additionally, we reviewed the news out August 1st, regarding the binding term sheet with Franco-Nevada Corporation for the joint acquisition of newly created precious metals and copper royalties sourced by EMX Royalty. Franco-Nevada will contribute 55% (up to US$5.5 million) and EMX will contribute 45% (up to US$4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e. 50/50). We discuss the long-standing support Franco Nevada has shown to the EMX Royalty business model, and why Dave is excited to partner with them once again looking at the earlier-stage discovery optionality opportunities.

If you have any questions for Dave regarding EMX Royalty Corp, then please email Shad@kereport.com.

In full disclosure, Shad is a shareholder of EMX Royalty at the time of this recording.

https://emxroyalty.com/news/all-news/

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John Rubino, publisher of his newsletter over at Substack, joins us for wide-ranging discussion on the macroeconomic environment that will lead to riding multi-part waves in the energy commodities like oil, copper, and uranium. We look at the similarities today with higher stickier inflation, rising energy prices, cracks in the labor markets, and the coming potential of an economic slowdown, and John sees it as very reminiscent of the 1970s stagflation period. He goes out to outline how this backdrop should bode well for energy commodities and the precious metals.

https://rubino.substack.com/

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Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT – OTCQB:VLTLF) joins me to provide a comprehensive update on the Company’s strategy to develop its technology to produce lithium hydroxide and lithium carbonates from oilfield brine. After announcing pilot plant results in May of this year, the Company is planning on building a permanent pilot plant in Q4 to test brines from across North America.

I have Alex explain the benefits of a permanent pilot plant over a field pilot plant. We also discuss any technology improvements that the Company is working on as well as some recent comments made by major oil producers looking to unlock a new revenue source through lithium production.

On the Rainbow Lake Project front, the Company is working on a PEA to show economics of the Project using the pilot plant results.

If you have any follow up questions for Alex please email me at Fleck@kereport.com.

Click here to visit the Volt Lithium website and read over the recent news.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF) reviews the Q2 2023 operations and financials numbers, as well as 5 new royalties acquired and 3 new royalties generated organically.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review his thoughts on the energy sector, and why he has been positioning in oil and uranium stocks, as well as the potential for more upside in the artificial intelligence megatrend.

We start off getting Sean’s take on the key macro drivers in the oil price movements and projections moving into the medium-term. He also reviews the types of oil stocks he would invest in for this environment, mostly in the more oily stocks, but not overlooking a few deals in the natural gas space, as well as reflecting on the continued strength and positive outlook for the oil services sector.

Next, we discuss some of the key constructive macro trends in the nuclear energy sector and how that relates to bullish fundamentals for the uranium mining stocks. Sean discusses the strong price action in Cameco (CCO) (CCJ) as a sector major producer and widely followed company; but also highlights his interest in a half dozen other more advanced uranium companies based on better contracting agreements and future expectations for future production growth coming online in this sector.

We wrap up by getting his rationale for buying the dip in the AI stocks, and that despite Wall Street’s propensity to jump on trends when they are peaking, that he sees artificial intelligence as a megatrend that will fundamentally change business and daily life, and that some companies have longer-term growth potential.

Click here to learn more about the Wealth Megatrends letter.

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Welcome to the KE Report Labor Day Weekend Show! We hope you all have a great weekend and enjoy the show. This weekend we...

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Marc Chandler, Managing Partner at Bannockburn Global ForEx joins us to recap the jobs data and look at the larger picture of how the US is doing compared to the rest of the world. While the jobs number was initially taken as quite negative, which moved markets up (the concept of bad news being good for the market), was then further dissected as not too bad overall. We look at currency moves over the past month and the move higher is yields.

click here to visit Marc’s website – Marc to Market.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to recap the market moves in August and the jobs data from this morning.

Starting with the payrolls data, which on a net basis was weaker than expected, and how this carries over to market moves. As Joel points out, the key question is if bad data is good for the markets.

For US markets we recap the weak start to August and rebound in the last 2 weeks of the month. Overall the markets closed the month lower which broke a 5 month winning streak. We also look to the oil sector that has broken to a high for the year driven by China’s continued monetary easing.

Click here to visit Joel’s PreMarket Prep website to keep up to date on his market commentary.

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Mike Struthers, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA) joins me to recap the recent news reporting a Memorandum of Understanding (MOU) with EnviroGold Global to reprocess the historical tailings at Campo Morado Mine. I also have Fred update us on the early stage production at the Tahuehueto Gold Mine, currently at 500 tpd, and if the move to 1,000 tpd is still on track for the end of the year. To wrap up we go through the Q2 financial results which saw higher costs with production and revenue off as well.

Regarding the MOU with EnviroGold Global, I have Mike recap the current production profile and how the use of EnviroGold Global’s proprietary NVRO technology could significantly improve the recoveries at this Project. I have Mike outline the steps needed to be completed before this technology and process couple be applied to current production.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Luca Mining website to read over the news reporting the MOU with EnviroGold Global.

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Craig Hemke, Editor of the TF Metals Report website, joins us to review the macroeconomic data that matters to the general markets and precious metals sector. We start off getting a review of the prior jobs reports and his outlook for the NFP data coming out tomorrow morning. Next we shift over to the importance of inflation trends we’ve seen and what could change up the narrative where many investors are all piled on the same side of the boat, with the same expectations. We also dive into the Commitment Of Traders (COT) positioning and what that may indicate for gold and silver price action in the near to medium-term.

Click here to visit Craig’s site – TF Metals Report.

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to focus on the precious metals set up now that summer is over. Dave points out how strong gold has been considering the move higher in the US Dollar and interest rates. We discuss the different factors and buyers of gold and silver that have lead the recent rallies. As for the stocks Dave points out some key things to watch on the charts and the type of stocks he thinks are set up for the biggest moves higher when sentiment changes.

Click here to visit the Junior Miner Junky website to follow along with Dave’s market calls and stock picks.

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), join us to review the final set of drill holes at the JAC Zone completed as part of the Company’s successful Phase III drill program, on its wholly-owned Diablillos property in Salta Province, Argentina. The reported holes were designed to delineate the margins of the JAC zone, ahead of the upcoming Maiden Mineral Resource estimate at JAC and then the subsequent coming Pre-Feasibility Study on the Diablillos project combining the JAC Zone with the Oculto Deposit.

Drill Holes DDH 23-066 to DDH 23-070 were drilled to determine the northwestern edge of the JAC zone. All holes encountered silver mineralization, with a broad intercept of 64 m grading 148 g/t Ag in hole DDH 23-070 from a downhole depth of only 41 m.
Drill Holes DDH 23-071 to DDH 23-075were drilled to test the northeastern edge of the JAC zone. The holes encountered several narrower zones of silver mineralization, with hole DDH 23-075 intersecting 15.0 m at 93 g/t Ag and 0.78 g/t Au.
Results from DDH 23-075 are highly encouraging as they demonstrate the continuity of mineralization between the JAC zone and the main Oculto deposit, and the possibility of a combined open pit.

John outlined why the exploration team is so encouraged by the continued success of the expanded Phase 3 drill program, with 22,000 meters and 115 holes drilled to date at the JAC Zone, as well as the discover of the new JAC North Zone, and pending results from other key targets like Alpaca and Fantasma. There are still 6 more holes to report from this drill program on some of those additional zones. There will be plenty of targets to follow up on in the next Phase 4 drilling campaign, and 2 key company reports and milestones on the horizon for the medium term.

If you have any follow up questions for John or Dave regarding at AbraSilver, then please email me us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver

Click here to visit the AbraSilver website and read over the most recent news releases.

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I was recently introduced to Liberty Defense Holdings (TSX.V:SCAN – OTCQB:LDDFF – FWB:LD2A) which is advancing two technologies, including one product, in the security sector. The Company claims to be “a leader in next generation, walkthrough threat detection to detect concealed threats in all verticals”. The Company is now taking the HEXWAVE product to market with the HD-AIT (Definition Advanced Imaging Technology) technology moving through testing and development with the TSA.

Bill Frain, CEO of Liberty Defense joins me to introduce the HEXWAVE and HD-AIT in terms of development to this point and the move into sales for the HEXWAVE. The HEXWAVE is a walkthrough security detection system that screens for concealed metallic and non-metallic weapons and other threats using millimeter wave, advanced 3D imaging, and Artificial Intelligence for enhanced security. The HD-AIT is a upgrade kit for existing body scanners at airports.

Bill shares some of the HEXWAVE sales to well known airports and security companies and now, with a push into the market, where future sales will come from. For the HD-AIT, Bill outlines the development of this technology and work with the TSA.

We also discuss the team behind Liberty Defense and the key news for investors to keep an eye out for.

If you have any questions for Bill on the technologies or want any additional information on any aspect of the Company please email me at Fleck@kereport.com.

Click here to visit the Liberty Defense website to read over the Company’s corporate presentation.

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG – OTCQX:TSGZF) joins me to discuss yesterday’s news on closing the first tranche of the Private Placement which was increased to $3.2million. The first tranche was closed for $1.655million, with Auramet Capital Partners subscribing for 1.4million units increasing its ownership of TriStar to 9.8% on an undiluted basis and 14.01% on a partially-diluted basis.

I have Nick outline why the Company has to close the financing in two tranches and what this money will be allocated for. I also have Nick provide an update on the permitting progress at the Castelo de Sonhos Property in Brazil. We then look past the permitting process to discuss the options the Company will have to move the Project forward.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the TriStar Gold website to read over the recent news.

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Jordan Roy-Byrne reviews both the technical pricing support and resistance levels, as well as the macroeconomic and fundamental drivers for the precious metals sector.

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Here is the recording of the Webinar I hosted with Exploits Discovery (CSE:NFLD – OCTQX:NFLDF – FSE:634) yesterday. Exploits’ President and CEO, Jeff Swinoga,...

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Mark Selby, CEO and Director of Canada Nickel Company (TSX.V:CNC) (OTCQX: CNIKF), with a comprehensive introduction to the company, projects, work strategy, management team, and financials

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA NYSE:VZLA) joins me to recap the August 23rd news release reporting drill results from the Napoleon...

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Click here to register for free to the webinar featuring Exploits Discovery. Tomorrow, Tuesday August 29th at 11am PT (2pm ET) I will be...

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Quinton Hennigh. Technical Advisor at Lion One Metals (TSX.V:LIO – OTCQX:LOMLF – ASX:LLO) joins me to recap news from this month including a new bonanza...

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Dave Erfle, The Junior Miner Junky,, reviews the key technical price support and resistance levels in gold, GDX, GDXJ, silver, and the US dollar, as well as seasonality patterns, having seen a potential turn in the precious metals sector this last week

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Welcome to the KE Report Weekend Show. It was a busy week with the BRICS summit, Jackson Hole speeches and weaker than expected US data,...

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap a volitle week for markets....

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU) (OTCQX:AIRRF), with a comprehensive exploration update from the Aurion-B2Gold Corp joint venture, as well as the company's 100% owned exploration properties

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Brian Leni, Founder and Editor of the Junior Stock Review website joins us to share information on his new video series, Field Notes. Brian will...

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Yesterday was a nice reprieve for investors after as most sectors bounced after weeks of downward action. There was a lot of weaker US economic...

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD – OTCQX:NFLDF) joins me to preview an upcoming webinar, scheduled for next Tuesday August 29th at...

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Kenton Ralph Toews, Founder of Youixa Crypto joins us to step away from just talking about Bitcoin and discuss the wide range of cryptocurrencies. With...

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Alistair Waddell, President and CEO of Inflection Resources (CSE:AUCU – OTCQB:AUCUF) joins me to discuss the 35,000 meter drill program that began on July 24th...

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Ryan King, Senior VP of Corporate Development at Calibre Mining (TSX.V:CXB – OTCQX:CXBMF), unpacks the key takeaways from their Q2 financial and operations results announced August 9th.

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John Rubino, with a wide-ranging discussion on BRICS nations initiatives, the effects of higher interest rates, and the energy sector being one of the bright spots in otherwise tough market conditions.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to focus on the US markets and how...

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Ed Moya, Senior Market Analyst at OANDA joins us to focus on the continued rise in interest rates. Higher rates directly impact markets especially growth...

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Welcome to the KE Report Weekend Show! The downtrend continues so we try to make sense of which direction markets, metals and energy move next. ...

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Doc Jones discusses some of the unseen opportunities and potential red flags when digging into resource company economic studies and their proposed plans for the early years of mine life.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to quickly comment on the rollover in...

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss the rollover in markets and...

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins me to recap recent news and address the Company’s growth plans and use it’s growing...

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Craig Hemke, Editor of the TF Metals Report website joins us to discuss the recent losing streak in gold, what data and events he is...

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Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX:NVO – OTCQX:NSRPF) joins me to provide a comprehensive exploration update across the Company’s Projects in the Pilbara...

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Below is Josef Schachter’s Eye On Energy Report. This report recaps key macro data and news for the energy sector. At the bottom there is...

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Jason Jessup, CEO of Magna Mining (TSX.V: NICU), unpacks the key Crean Hill PEA takeaways, along with the exploration strategy there and at the Shakespeare Project.

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Brandon MacDonald, CEO of Fireweed Metals (TSX.V:FWZ – OTCQB:FWEDF) joins me to recap a few recent news releases reporting drill results and exploration plans at...

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Kenorland Minerals (TSX.V:KLD – OTCQX:NWRCF) is a hybrid prospect generator and true exploration Company. The Company has over 10 Projects in the project portfolio located...

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to focus on the precious metal stock ETFs; GDX, GDXJ and SIL. All...

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Matt Badiali, Editor of The New Energy Investor, Published at Mangrove Investor joins us to discuss where and how the billions of dollars allocated from...

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Sean Brodrick, reviews the recent bout of market weakness across the board, but still sees opportunities in the energy sector, with oil and uranium stocks.

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Jayant Bhandari, private resource investor joins me to focus on the precious metals stocks that have a resource (“ounces in the ground”) but that resource...

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Adrian O’Brien, Director of Marketing and Communications at Midnight Sun Mining (TSX.V:MMA – OTC:MDNGF) joins me to introduce this copper and cobalt exploration focused Company...

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Ed Moya, Senior Market Analyst at OANDA joins us to focus on the currency markets while tying in China’s struggling real estate market and the...

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Dan Steffens, President of the Energy Prospectus Group (EPG) has been coming on our show for over 2 years to share his outlook on the...

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Dave Cole, CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), updates us on the key recent royalty transactions, with a focus on “discovery optionality” to augment their portfolio of royalties, option properties, and strategic share holdings.

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Marc Chandler joins us for a special weekend editorial and review of the macroeconomic data and if it is headed towards the end of a business cycle.

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Welcome to The KE Report Weekend Show! On this Weekend Show we feature a couple generalist investors and newsletter writers to get a handle on...

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Craig Hemke joins us for a wide-ranging discussion on what matters when sifting through all the macroeconomic data.

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Erik Wetterling, The Hedgeless Horseman, joins me for a discussion on why he is constructive on Dolly Varden, Lion One, and District Metals.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins me to recap the August 3rd news release reporting underground mining scenarios at...

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Brien Lundin, our Host at the New Orleans Investment Conference joins us to recap his time at the Rick Rule Investment Symposium and his speech....

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins me to recap the July 31st news release announcing approval for the Sågtjärn nr 101...

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Michael Oliver outlines the technical momentum factors that project the bear market in US equities has much longer and lower to go, but conversely that gold, silver, and the commodities still have much higher to run.

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John Miniotis and David O’Connor of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), review a new high-grade silver discovery and drill intercepts from the new JAC North Zone at the Diablillos Project in Argentina.

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On August 3rd, Fury Gold Mines (TSX.FURY – NYSE:FURY) released the initial results (3 holes) from the 2023 drill program at the Eau Claire Project...

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John Rubino with a wide-ranging discussion on inflation, recession, and market implications for general equities, gold, and commodities like oil, copper, and uranium.

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Ed Moya, Senior Market Analyst at OANDA joins us to share his view on investor sentiment as he thinks money is rotating into safer investments....

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and editor of the Marc to Market website joins us for a special weekend Editorial. We start...

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Welcome to the Weekend Edition of the KE Report. On this Weekend’s Show we focus on shorter term outlooks for US markets, metals and energy....

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Dave Erfle joins for a nuanced discussion around the disconnect between the solid gold and silver prices, versus where we've seen the PM mining stocks being valued for some time.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap the market reaction to the...

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Scott Berdahl, President and CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joins me to recap yesterday’s news release reporting 2 more drill holes from the...

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Erik Wetterling, The Hedgeless Horseman, with a nuanced conversation on analyzing risk/reward setups to guide value-shuffling and position-sizing within his portfolio.

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Craig Hemke, Founder and Editor of TF Metals Report joins us to compare certain market levels to October of last year when many sectors bottomed....

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), reviews the news out about the 25% increase in contained metals in the updated Resource Estimate from the La Plata Copper Gold Project in Colorado.

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On August 2nd Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) announced the first two drill holes at the Cerro del Medio target in the Company’s inaugural drill...

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG) joins me to recap the July 27th news release announcing Nu-Calgon as the North American distributor of...

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On July 31st SilverCrest Metals (TSX:SIL – NYSE:SILV) announced the Updated Independent Technical Report on the Las Chispas operation in Mexico. We recap the key...

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Jesse Felder, Founder and Editor of The Felder Report joins us to discuss the possibility of a recession in the US. With the recent market...

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Quinton Hennigh, Technical Advisor at lion One Metals (TSX.V:LIO – OTCQX:LOMLF – ASX:LLO) joins me to recap the July 27th news release reporting wall sample...

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Joe Mazumdar, Editor of Exploration Insights joins us to recap the copper commentary he heard at the recent Rick Rule conference in Florida. We start...

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TG Watkins outlines a continued constructive outlook for markets and the big moves higher in a number of stocks that already corrected and based over the last 2 years.

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Matt Badiali, Editor of the New Energy Investor, Published under the Mangrove Investor joins us to focus on the new solid state battery developed by...

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Christian Kargl-Simard, President and CEO of Adventus Mining (TSX.V:ADZN – OTCQX:ADVZF) joins me to provide an update on the Company’s progress on the El Domo-Curipamba...

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Robert Sinn, (Goldfinger) reviews his key takeaways from the Rule Symposium, as well as the copper sector and precious metals sector.

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Mark Brennan, CEO of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), with an operations review of gold production in Argentina and the development-stage project in Brazil.

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Kenton Ralph Toews, Founder of Youixa Crypto joins us to share his thoughts on the new Bitcoin ETFs applications, lead by major investment firms. We...

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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) joins me to recap the recent drill results from the Valley Zone on the Rogue Project...

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Welcome to the Weekend Edition of The KE Report. On this Weekend Edition we focus on two types of resource companies; development stage and...

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF) review the increased royalty at Caserones, the project sale and new net smelter royalty at the Diba Gold Project in Mali to Allied Gold, and the generation of two new gold and copper royalties in Ethiopia.

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Colin Smith, CEO of Gold Basin Resources (TSX.V:GXX – OTCQB:GXXFF) joins me to recap the July 26th news release reporting the initial drill results from...

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David Stein, President and CEO of Kuya Silver (CSE:KUYA – OTCQB: KUYAF – FRA:6MR1) joins me to discuss the start of the largest ever drill...

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Michael Wood, CEO of Reyna Gold Corp. (TSX.V: REYG) (OTCQB: REYGF), with an exploration update with 10 of the initial drill assays returned from 3 targets at the La Gloria Project, in Mexico.

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Erik Wetterling, The Hedgeless Horseman, review a recent trip and 4 company site visits in the Yukon territory of Canada.

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Mark Brennan, Executive Chairman of Ascendant Resources (TSX: ASND) (OTC: ASDRF), with a comprehensive overview of the Lagoa Salgada Project at the Venda Nova deposit, and the key initiatives moving forward.

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Jordan Roy-Byrne looks at markets post Fed rate hikes and how commodities might get more upward traction if we see a pop in inflation over the next few months.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap the Fed rate hike, some...

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Tavi Costa, Portfolio Manager at Crescat Capital joins us to focus on the lack of financings for precious metals stocks especially the juniors/explorers. We discuss...

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Chris Wilson, Chief Geologist at Mantaro Precious Metals (TSX.V:MNTR – OTCQB:MSLVF) joins me to recap the maiden Resource Estimate at the Golden Hill Project in...

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily joins us to share his portfolio management strategy heading into the Fed...

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Chris Donaldson, Executive Chairman of TinOne Resources (TSX.V:TORC – OTCQB:TORCF) joins me to provide an update on the Company’s Great Pyramid Project, which has a...

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Segun Lawson, CEO of Thor Explorations (TSX.V:THX – US:THXPF), reviews the Q2 Operations at the Segilola Gold Mine, and an exploration update for Segilola, Douta, and the new lithium claims.

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It’s going to be a busy week for markets as a number of big central banks are meeting (the Fed, ECB and BoJ) as well...

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Peter Boockvar, CIO at Bleakley Advisory Group and Editor of The Boock Report, on Substack, joins us to filter through all the day to day...

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Welcome to the Weekend Edition of The KE Report. On this Weekend Edition we focus on the continued strength of US equity markets and on...

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On July 19th, Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) announced rock sample results from the eastern part of the Santa Cecilia Gold-Copper Project in Chile. These...

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Andrew Thompson, President and CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF) joins me to provide an update on the Winshear arbitration case against the Tanzania...

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro website joins us to share his shorter term trading strategy for US markets, bonds...

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Aneel Waraich, Executive VP of Steppe Gold Ltd (TSX: STGO) (OTCQX: STPGF), outlines the key company milestone of the debt funding package now in place for the Phase 2 production expansion, and to review the Q2 operations update at the producing AT0 Mine in Mongolia.

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Jordan Roy-Byrne reviews his technical outlook on the US dollar, interest rates, gold, silver, GDX, GDXJ, and the Gold-Silver ratio

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), updates us on the gold alluvial royalties at Australia Creek and the First Phase drill program at the La Plata copper-gold-silver-PGEs Project.

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Matt Badiali, Editor of The New Energy Investor published at Mangrove Investor joins us to focus on the graphite market. Recent news of Rio investing...

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Charles Funk, President and CEO Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to recap yesterday’s news reporting 2 drill holes from the Ana Paula Project...

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Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT – OTC:ISVLF – FSE:IKL) joins me to provide an update on the current production at the...

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Cole Evens, CEO of Enduro Metals (TSX.V:ENDR – OTCQB:ENDMF) joins me to outline the 2023 exploration plans at the Company’s Newmont Lake Project in the...

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Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX.V:CXB – OTCQX:CXBMF) joins me to recap the July 11th news release announcing...

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Welcome to the Weekend Edition of The KE Report. On This Weekend’s Show I feature Rick Bensignor and Doc with a focus on markets and...

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Marc Chandler, Managing Partner of Bannockburn Global ForEx joins me to share his thoughts on the breakdown in the USD this week. This move was...

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On this update with Graphene Manufacturing Group (TSX.V:GMG) I wanted to step back and provide an overview of each product division (battery development, Thermal XR...

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Brett Heath, President and CEO of Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) joins me to recap the July 11th news release announcing the sale...

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We all hear that markets are forward looking. So Brien Lundin, our Host at the New Orleans Investment Conference discuss what the markets are currently...

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Craig Hemke, Founder and Editor of TF Metals Report joins me to recap the US jobs data from last Friday and inflation data released Wednesday....

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily joins me to discuss the importance of the US Dollar breakdown and...

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After the inflation (CPI) data yesterday that showed a continued slowing in inflation pretty much every asset class, outside of the US Dollar, has been...

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Jayant Bhandari, Private Investor and Consultant in the resource sector joins me to share his thoughts on a wide range of resource sectors. We start...

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This is a preview to the upcoming Weekend Show. In the first segment Richard Postma, AKA Doc joins me to share his thoughts on the...

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John Miniotis, and David O’Connor, of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), review more high-grade silver drill intercepts from the JAC Zone at the Diablillos Project in Argentina.

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David Kelley, CEO of Chakana Copper (TSX.V:PERU – OTCQB:CHKKF) joins me to introduce the Company’s Soledad Project in Peru, the initial Resource Estimate from January...

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Dave Erfle, The Junior Miner Junky, reviews his technical outlook for gold, silver, GDX and GDXJ, and if we've seen the intermediate bottom.

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Dan Steffens, President of the Energy Prospectus Group joins us to discuss the key factors driving the oil price. With oil now close to $75/barrel,...

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Michelle Dececco, Vice-President and COO at Lithium Chile (TSX.V:LITH – OTCQB:LTMCF) joins us to bring us up to speed on the drilling ongoing in Chile...

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John Rubino discusses the macroeconomic implications for recently announced gold-backed currency being proposed by the BRICS countries.

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TG Watkins, Director of Stocks over at Simpler Trading and Editor of the Profit Pilot website joins us to share his outlook for markets and...

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Chris Grove, President and CEO of Commerce Resources (TSX.V:CCE – OTC:CMRZF – FSE:D7H0) joins us to provide an update on the Company’s Ashram Project in...

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Ed Moya, Senior Market Analyst at OANDA joins us to recap China’s weak inflation data, released over the weekend, and look ahead to the US...

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins me to provide an exploration update on the ongoing work at the Panuco...

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Welcome to the Weekend Edition of The KE Report. On this Weekend’s Show we focus on the recent spike in yields (selloff of bonds) and...

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Nick Hodge, reviews the macroeconomic landscape, and then PM mining stock “haves” and “have-nots.”

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Dana Lyons, Fund Manager and Editor of The Lyons Share website joins us to share his trading outlook for bonds, commodities, US markets, cryptos and...

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Marc Chandler, Managing Partner at Bannockburn Global ForEx joins us to breakdown the mixed jobs data from this week. The ADP number mid week was...

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOCF) joins us to provide an update on the recent developments feeding into the PFS...

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Craig Hemke reviews the macroeconomic trends with interest rates, the US dollar, inflation expectations, gold, and the PM mining stocks.

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Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) commenced an up to 18,000 meter drill program at the end of May across the Company’s Yukon Projects. Yesterday, July...

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Caleb Stroup, President and CEO of Headwater Gold (CSE:HWG – OTCQB:HWAUF) joins me to provide a complete overview of the 2023 exploration plans that include...

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Jordan Roy-Byrne outlines a slightly different outlook on potential inflationary and/or deflationary steeping of the bond yield curve may affect markets moving forward.

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On June 30th, Lion One Metals (TSX.V:LIO – OTCQX:LOMLF – ASX:LLO) announced mine construction at the Tuvatu Gold Project in Fiji was 75% complete. Patrick...

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Rick Van Nieuwenhuyse, President and CEO of Contango Ore (NYSE-A:CTGO) joins me to provide an update on the development at the Manh Choh Project, including...

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Ryan King, Senior VP of Corporate Development at Calibre Mining (TSX: CXB – OTCQX: CXBMF), outlines the commencement of gold mining at the Eastern Borosi open pit mine in Nicaragua.

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Welcome to a special Canada Day and almost July 4th KE Report Weekend Show! We are now done with the first half of 2023!...

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Dave Erfle reviews the weekly, monthly, and quarterly closes in gold, silver, GDX and GDXJ, and looks forward at potential geopolitical and macroeconomic forces that may move the markets.

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Jason Kosec, CEO of Integra Resources (TSX-V: ITR; NYSE: ITRG), outlines the key takeaways from the PEA on the Wildcat and Mountain View Projects in Nevada.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins us to recap the last quarter and first...

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Mike Struthers, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA) joins me to discuss two significant milestones for the Company. As outlined in the...

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Craig Hemke, reviews how general equities and PM have reacted to macroeconomic data points and Fed policy expectations.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to recap the stronger than expected US...

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Christopher Aaron, Founder of iGold Advisor and Senior Editor at the Gold Eagle website joins us to dive into the GDX and SIL charts. He...

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Jordan Roy-Byrne outlines why the steeping of the bond yield curve is one of the key market signals to watch.

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Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF) joins to introduce the acquisition of the Madsen Gold Mine in...

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Aneel Waraich, Executive Vice President and Director of Steppe Gold Ltd (TSX: STGO) (OTCQX: STPGF), with an introduction to the companies 2 projects in Mongolia, and large gold development project in Peru.

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John Rubino discusses why he is utilizing the “summer doldrums” to accumulate quality gold, silver, oil, uranium, and copper companies into the weak sentiment.

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Blackwolf Copper and Gold (TSX.V:BWCG – OTC:BWCGF) has released a lot of news over the past few weeks. Back in April the Company closed a...

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Taj Singh, President, CEO, and Director of NOA Lithium Brines (TSX.V: NOAL), review high-grade lithium assay results from the 1st of 6 drill holes at the Rio Grande Project in Argentina.

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Sean Brodrick, Editor at Weiss Ratings and Editor of the Wealth Megatrends newsletter joins us to first recap the weakness across the board in markets...

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF) joins us to discuss the 45,000 meter drill program that just started on...

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Welcome to the Weekend Edition of The KE Report. Many markets sold off this week as we officially entered summer. International economic data was weak,...

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Michael Rowley, CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), outlines significance of Glencore's 9.99% stake and how it funds drilling this year.

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Joel Elconin, Co-Host of the PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap the market moves this week, that...

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to recap the June 22nd news release outlining the planned drill program...

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Craig Hemke reviews the continued weakness in the precious metals sector and what macro data could change the narrative.

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Leif Nilsson, CEO of Surge Copper (TSX.V:SURG – OTCQX:SRGXF) joins us to recap the maiden PEA on the Berg Project in BC, released June 13th....

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Erik Wetterling, The Hedgeless Horseman, reviews why he is now tracking a “Gamblore Portfolio” of 20 earlier-stage exploration stocks.

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Brian Leni, Founder and Editor of The Junior Stock Review website joins us to explain why he has shifted some of his focus to the...

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I am joined by Paul Geddies, Senior VP of Exploration and Resource Development at Skeena Resources (TSX:SKE – NYSE:SKE). Paul walks us through the updated...

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I was recently introduced to Aclara Resources (TSX:ARA), which is focused on heavy rare earths, more specifically Ionic Clay. The Company has a defined resource...

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Jordan Roy-Byrne shares why he is counter-balancing his technical outlook on markets with the developing macroeconomic trends.

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I was recently introduced to Mike Struthers, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA). This gold, silver and base metals mining Company is...

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News out of Novo Resources (TSX;NVO – OTCQX: NSRPF) today announced that De Grey Mining (ASX:DEG) can earn a 50% direct stake in tenements by...

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Dave Erfle outlines the impact that GDXJ and SILJ portfolio rebalancing has had on many junior PM mining stocks.

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Jeff Christian, Managing Partner at the CPM Group joins us to make sense of the general weakness in gold from an investment standpoint We focus...

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Ed Moya reviews how US equity markets, bonds, the US dollar, and cryptos pushed off from the gate, after a 3 day holiday weekend.

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Matt Badiali, Editor of the New Energy Investor published under Mangrove Investor joins us to continue our discussion on the continued green energy revolution as...

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Quinton Hennigh, Technical Advisor at Lion One Metals (TSX.V:LIO – OTCQX:LOMLF – ASX:LLO) joins us to recap the June 15th news release reporting new grade...

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TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot website joins us to discuss the wider/stronger breadth in the US...

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins us to recap the final drill results from this year’s drill program at...

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Welcome to The KE Report Weekend Show! After a busy week of central bank meetings we can now look ahead to the market reaction and...

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to recap the Fed, ECB and BoJ...

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Scott Berdahl, President and CEO of Snowline Gold (TSX.V:SGD – OTCQB:SNWGF) join me to update us on the ongoing drill program and recent news out...

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to discuss the decoupling of the precious metals stocks from the US markets....

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Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), recaps the 2022 drill program and rolls out the 20,000 meter drill program for 2023 at the Blueberry Contact Zone at the Scottie Gold Mine Property.

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Craig Hemke discusses the strange market reactions in the US dollar, interest rates, general US equities, and the precious metals sector after the Fed’s “hawkish pause”.

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Robert Sinn, AKA Goldfinger on CEO.ca and CEO Technician on Twitter joins us to share his thoughts on yesterday’s Fed meeting which is being considered...

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Brandon Macdonald, CEO of Fireweed Metals (TSX.V:FWZ – OTCQB:FWEDF) joins me to recap the Mineral Resource on the Mactung Project (announced June 13th) and provide...

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Tavi Costa, Portfolio Manager at Crescat Capital joins us to address the main question all junior metal stock investors have; when will the stocks finally...

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins me to recap the latest round of drill results at the Ana Paula...

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Doc Jones discusses how he is investing in oil, lithium, gold, nickel, and copper stocks -- when to hold them, and when to fold them.

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG – OTCQX:TSGZF) joins me to update us on permitting at the Castelo de Sonhos Project in...

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his technical outlook on the US markets, which have broken out to...

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This is a preview to an interview going on the Weekend Show. Dan Steffens, President of The Energy Prospectus Group joins us to discuss...

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Stuart Harshaw, President and CEO of Nickel Creek Platinum (TSX:NCP – OTCQB:NCPCF) joins us to discuss the updated Resource Estimate for the Nickel Shäw Project...

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John Rubino, discusses potential opportunities in uranium, oil, copper, and gold equities on any short-term weakness.

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New Pacific Metals (TSX:NUAG – NYSE:NEWP) recently hired Andrew Williams as the President of the Company. We are happy to introduce Andrew to all of...

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Ed Moya, Senior Market Analyst at OANDA joins us to look ahead to major central bank meetings this week, including the Fed, ECB and BoJ....

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Last week Tier One Silver (TSX.V:TSLV – OTCQB:TSLVF) closed an upsized financing for $2.6million (June 5th) then shortly after announced drill targets and the exploration...

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Welcome to The KE Report Weekend Show! With all the economic data and central bank meetings seemingly having no impact on markets currently we...

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Jordan Roy-Byrne shares his technical and macroeconomic outlook for general equities, gold, silver, and the PM stocks for the medium term.

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Erik Wetterling, The Hedgeless Horseman, review why he likes Magna Mining, Western Alaska, and Tectonic Metals.

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro website joins us to discuss what he is seeing inside the US markets in...

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Richard Willams, Executive Chairman of Bunker Hill Mining (CSE: BNKR; OTCQB: BHLL), outlines the financing package and offtake agreement to put the Bunker Hill Mine back into production in Q4 2024.

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Nick Hodge discusses the investing landscape in gold, oil, copper, lithium, and uranium resource stocks.

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Throughout this year the main work program for Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF) is to publish a Pre-Fesibility Study (PFS) on the Cactus Project...

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Dave Erfle, The Junior Miner Junky, reviews key questions he asks PM company management teams, and key concepts to understand for due diligence.

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Matt Badiali, Founder of The New Energy Investor published under Mangrove Investor joins us for another conversation focused on the critical metals sectors. Today, we...

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Brett Richards, CEO of Goldshore Resources (TSX.V:GSHR – OTCQB:GSHRF), reviews the 44% increase to the global Resource Estimate to over 6 million ounces of gold at the Moss Gold Project.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to recap the drill results, announced yesterday, from the Tombstone Project in...

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Scott Berdahl, CEO of Snowline Gold (TSX.V:V:SGD – OTCQB:SNWGF) joins me to provide a full overview of this year’s exploration across a range of the Company’s projects in the Yukon. Up to 18,000 meters will be drilled utilizing 4 drill rigs. The main focus will be at the Valley Zone on the Rogue Project. A few other projects will be drilled this year testing all new targets.

I have Scott outline the main goals of the overall program. We discuss the attack strategy for the Valley Zone as well as a couple other targets Scott is excited about. We also discuss the new claims acquired, announced on June 1st, and what areas will immediately be drilled.

If you have any follow up questions for Scott please email me at Fleck@kereport.com.

Click here to visit the Snowline Gold website to read over the recent news.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us for an overall Company strategy update for both operations and exploration update at and around the San Albino Gold Mine in Nicaragua. We start off discussing the rationale behind some of the recent corporate initiatives like the reverse stock split, the financing transactions with Sailfish Royalty, and the balance sheet extension and increase in net working capital. The evolving strategy is to grow the company in scale and make it more relevant to the public market to attract more passive funds capital.

We get an update on the San Albino mine operations, and Akiba highlights how the mill is now operating between 120% – 125% on nameplate capacity north of 600 tpd, and often getting up into 610-620 tpd in throughput. He also outlines that the past 2 quarters had a larger west pit pre-strip ratio that will be essentially eliminated moving forward, and additionally the blend will go back to more of a 50/50 ratio between lower-grade stockpiles and higher-grade diluted vein material. Another key near-mine development was the 65,000 meters of drilling at the Los Conchitas Project, all feeding into an updated resource estimate targeting Q3 of 2023, which will be followed by an updated mine plan and economics.

This leads to a more expanding conversation on how the exploration team has been very active with RC drilling for mining planning and proving up where the high-grade gold veins are, at a greatly reduced cost in improved speed, but that don’t provide reliable grades that can be reported to the market. As a result, it may have appeared to the market that the Company was not doing as much exploration, when in fact they were drilling at an aggressive pace. However, the company did just make an impressive new gold discovery of 41.99 g/t Au over 1.4 meters at the La Segoviana Concession, located approximately 17 km to the north of the company’s 100% owned San Albino gold mine. The exploration teams believes there is plenty more there to explore as the orogenic gold system is quite continuous in mineral occurrences all of their property.

We wrap up with some big picture thoughts from Akiba on how the company could eventually expand the milling throughput to increase production even further, but that ultimately it is in conversations and reviewing potential value-accretive transactions for mergers and acquisitions. This will provide the future scale the company seeks to attain to attract more investment capital and a better cost of capital.

If you have any questions for Akiba about Mako Mining, then please email me at Shad@kerport.com.

In full disclosure, Shad is a shareholder of Mako Mining.

Click here for a summary of the recent news out of Mako Mining.

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Ed Moya, Senior Market Analyst at OANDA joins us to discuss the news form this morning announcing the SEC has filled charges against the crypto exchange Binance. We focus on how this news impacts possible new investors and larger institutions from entering the sector. We also discuss how the AI boom has taken interest away from cryptos.

Click here to visit the OANDA website and read over Ed’s daily market overview.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the newly announced lithium subsidiary of the company, along with an operations and exploration update at the Segilola gold mine, located in Nigeria, and the development-stage Douta Project, located in Senegal.

We start off having Segun outline the genesis and strategy behind launching the new lithium subsidiary, Newstar Minerals Ltd, the recent acquisition of significant tenure in south-west Nigeria that covers both known lithium bearing pegmatite deposits and a large unexplored prospective pegmatite-rich belt. Thor has secured over 600km2 of granted tenure in Nigeria that forms West Oyo, Kwara State and Ekiti State Lithium Project Areas. The West Oyo Project Area encompasses what Thor considers to be Nigeria’s most significant lithium pegmatite occurrence and is currently being exploited by small-scale lithium mining.

We go on to discuss the ongoing gold production and operations from the Segilola Mine, where the company is now through the lower grade part of the deposit it has messaged about in Q4 and Q1, and is getting back into higher grade areas of the mine sequence for the quarters to come, which will help with economics and production output.

At the Douta Project, there is ongoing metallurgical, geo-technical, and definition drilling underway to feed into the work needed for the Preliminary Economic Assessment (PEA) slated for delivery to the market by year-end. Additionally, there is more step-out drilling and infill drilling at the Makosa deposit, to move resources from inferred to indicated, as well as expansion drilling around 3 key new mineralized satellite discoveries, with particular emphasis on the Sambara target. There will be plenty of exploration news to report for the balance of the year, to expand the recently updated resource of 1.78 million ounces of gold.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email me at shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations.

Click here to read over the recent news out of the Company.

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Welcome to the KE Report Weekend Show! This Weekend we feature a couple of our favorite guests, Rick Bensignor and Christopher Aaron.

Since there is so much focus on AI and tech we start there and keep it more big picture. Same goes for the precious metals complex where we we compare this bull market in gold to the US market performance through history.

Please keep in touch with Shad and I through email. We love hearing what you all think of the show, our guests and the companies we feature throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies kicks off the show with a discussion on the potential of AI investments and society. We also discuss the internal makeup of this market rally. We then move to the US Dollar, bond market, gold and copper.
- Click here to learn more about Rick’s retail focused investment newsletter.
Segment 3 and 4 – Christopher Aaron, Founder of iGold Advisor and Senior Editor at Gold Eagle wraps up the show with a focus on the gold market. We look back through history and compare gold’s performance to the US markets. We also look at the gold stocks to understand why these have lagged so much during this recent bull market.
- Click here to visit the iGold Advisor website to keep up to date with Christopher’s market commentary.

Rick BensignorChristopher Aaron

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Ewan Downie, CEO and Director of I-80 Gold Corp (TSX: IAU – NYSE: IAUX), joins us for a comprehensive roadmap to the future production, development, and exploration strategies and at the Ruby Hill, Granite Creek, McCoy Cove, and Buffalo Mountain Projects in Nevada.

We start off noting the keen investor interest in last year of newsflow from Ruby Hill from the discovery of bonanza-grade polymetallic CRD mineralization that was made at the Hilltop Zone, part of the Ruby Hill Project in central Nevada. This area has been one of the key areas of exploration for the company, returning attractive values of gold, silver, zinc, and lead in a series of drill intercepts. We do also focus on the other half of the Ruby Hill being gold dominated, and how the Ruby Deeps zone will be another major contributor to future production from this Project.

One of the key advantages that i-80 Gold has, is having the Ruby Hill processing center already permitted and most of the sunk cost and infrastructure in place, but that the likely path forward would be to convert this to a base metals processing center, and then eventually to truck the refractory gold ore from Ruby Deeps over to the Lone Tree processing center, in tandem with similar or from Granite Creek and Cove. This leads to a discussion about the next two years production growth really coming from Granite Creek ore from the OG Zone being trucked over to Nevada Gold Mines Twin Creeks processing facility, and that early in 2024 all the drilling to define the newer South Pacific Zone will come into play as that ore begins to add to the production profile.

Next we discuss the 40,000 meters of ongoing drilling at Cove planned to continue to expand high-grade gold resources there over the balance of the next 12+ months, and Ewan highlights their history exploring this deposit, and some of the recent high-grade and wide drill intercepts recently reported to the market. There will be a great deal of ongoing exploration newsflow on tap from the Cove Project well into next year, along with development work as this moves along the timeline into production by late next year or early 2025. We also spend a little time outlining the current studies the company is working on for a simple and potentially quite economic Buffalo Mountain oxide heap leach Project which could be trucked over to the leach pads at their Lone Tree Processing center in the medium-term.

Ewan expects to see substantial growth to the Company’s total current resources of 14.5 million ounces of gold, and an additional 180 million ounces of silver, as all the drilling underway is incorporated into different resource updates later this year.

If you have questions for Ewan regarding the ongoing work and strategy at i-80 Gold Corp, then please email Shad@kereport.com.

In full disclosure, Shad is an existing shareholder of I-80 Gold Corp

https://www.i80gold.com/investors/#news

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review the mixed stew of recent macroeconomic data points, the range-bound precious metals sector, and his technical and fundamental outlook on the markets. We review the reaction in various markets this week to flurry of economic data from company layoffs and hirings slowing contrasted against yet another “better-than—expected” NFP jobs report, the unemployment rate rising, the debt ceiling political theater coming to the expected end, and the probability of all this leading to the Fed doing a more hawkish pause at the next FOMC meeting.

Gold and Silver have further whipsawed in a trading range, and Dave provides support and resistance levels he is watching in the yellow metal, in GDX, and in GDXY. We wrap up by diving down into the junior PM mining stocks, which have continued selling off, even on good news and key milestones. The Junior Mining Junky reiterates why investors need to exercise patience and spend time on resource company due diligence during these time periods, analogous to other sluggish periods before big rallies took the sector higher.

Click here to visit Dave’s site – Junior Miner Junky.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to dive into the jobs data beat today and better explain some of the key moving parts. Of course this data will factor into Fed policy so we look ahead to the meeting in less than 2 weeks. We also discuss recent news out of China and the potential market impact.

Click here to visit Marc’s website – Marc To Market

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of The PreMarket Prep website joins us to discuss the continue rise in US markets. We keep hearing how it’s tech and tech only carrying these markets but Joel points out this week we have seen some other sectors join in. We also discuss the stronger dollar and why this hasn’t taken some of the steam out of the market rally. Finally we ask Joel about other areas and stocks he is watching and thinks could start a new leg higher.

Click here to visit the PreMarket Prep website to keep up to date with Joel’s daily market commentary.

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John Miniotis, CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), review recent high-grade silver drill intercepts and positive metallurgical test results from the JAC Zone at the Diablillos Project in Argentina.

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Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL – OTCQB:CMILF) joins me to provide an update on recent news reporting exploration permits at two...

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John Rubino, Founder of the Dollar Collapse website and editor of his newsletter over at Substack, joins us for discussion on the macroeconomic forces moving the general markets, commodities, and precious metals in both the near-term and longer-term.

We start off discussing the expected resolution of the debt ceiling charade, the recent messaging from the Fed about pausing the rate hikes at their next meeting, how higher interest rates are still tightening market conditions, the conflicting data on the health of the consumer, weakness in commercial and residential real estate, muted GDP growth, the piling of investors in mega-cap tech stocks and AI stocks, and how corporate earnings are misaligned with what we are seeing in the market prices. These kinds of trends as we move toward a contracting economy, and possible recession, should continue to be a boon for gold, and eventually to other hard assets like silver and copper.

https://rubino.substack.com/

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to unpack how he transitioned his risk/reward assessment skills from being a semi-professional poker player, to how he approaches value investing in junior gold, silver, and base metals mining stocks. We talk about how few investors really take time to consider the improving or diminishing risk-adjusted value proposition when looking at the share-price and market cap in relation to the growth potential or prize in the size and scale of a new discovery.

Erik discusses 2 stocks in this interview to illustrate these points, outlining a previous win by positioning early in Snowline Gold (SGD) (SNWGF) once he understood the potential size of the deposit, and the current setup in Condor Resources (CN) (CNRIF) after their recent community access agreement update to the market.

Click here to visit Erik’s site – The Hedgeless Horseman

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Doug Ramshaw, President of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us for a comprehensive operations and exploration update at the Santana Mine, and the big news announced yesterday on the construction financing package for the Cerro De Oro gold development project in Zacatecas, Mexico.

We start off with the announcement that the Company has signed a termsheet for a US$15 million Loan Facility and US$10 million Royalty that is expected to close on or around July 14th, upon signing of definitive documentation as well as board and regulatory approvals. This is an important milestone for the company and concludes discussions with lenders regarding a funding package tailored for the planned construction of the Cerro de Oro gold mine that is currently anticipated to begin next year.

The company is still advancing permitting, engineering, metallurgical work, geological, and other geotechnical work to continue to de-risk the Cerro de Oro Gold Project as it moves down the pathway into production as the Company’s second operating gold mine. Initial projections are for this mine to produce 60,000 ounces annually, but Doug also highlights the upside potential through exploration and resource expansion, as well as the leach pad capacity, where the goal is to see if the potential is there to eventually push production to upwards of 90,000 – 100,000 ounces per annum.

Next we pivoted over to the Q1 operations and financial results from the operating Santana Mine. We reviewed the challenging 2nd half of 2022 due to drought conditions and water concerns, but highlighted that for 2023 there is the ongoing expansion of leach pads and focused exploration to expand resources at Santana and show the bluesky potential at this Project. The company also decided to reduce payables and invest some capex into Cerro de Oro, which explained the reduction in cash on the books, and anticipates better performance from the mine for the balance of this year.

We wrap up looking further afield to continuing to build out a strategy of production growth through more mines coming online, and discussed the permitted Fortuna project waiting in the wings, and the companies ongoing due diligence of other projects that could be value accretive acquisitions in the pipeline of future development projects.

Please email us with any follow up questions for Doug regarding Minera Alamos. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Minera Alamos

Click here to visit the Minera Alamos website and read over the recent news.

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Craig Hemke, Founder and Editor of TF Metals Report joins us discuss the rise in markets and PMs on the back of Fed speakers shifting rate hiking expectations for the Fed meeting in under 2 weeks. We also discuss recent economic data and where Craig sees this data trending through summer.

Click here to visit Craig’s site- TF Metals Report.

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Brien Lundin, Editor of The Gold Newsletter and our Host at The New Orleans Investment Conference joins us to look past the crappy performance of precious metals juniors to a couple other sectors where juniors are attracting capital. Lithium is the first sector that comes to mind as companies that have shifted focus to lithium have seen share prices move higher. We discuss if these are different investors from the gold and silver crowd. We then move to the copper space and what Brien likes about these juniors.

Click here to visit The Gold Newsletter website to follow along with Brien’s market commentary.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, shares his technical outlook for gold, and doesn’t expect to see better valuations in the precious metal mining stocks until the yellow metal breaks above $2100. We start off reviewing how gold is performing in relation to general US equities, and how GDX and GDXJ have performed versus the gold price. Both of these metrics are not encouraging new buyers to come into the sector at present, and sentiment remains poor as prices have continued to correct over the last month.

We go on to discuss one reason for some underperformance in producers is how inflation has compressed their margins over the last few years. However, inflation crimping producers margins doesn’t really explain the even worse underperformance of the junior explorers and developers, where even good news is being sold off as a liquidity event. It really comes down to poor sentiment in the sector that will only improve when gold breaks out to a new high, which is where Jordan believes we will begin a new bull market in real terms.

Click here to visit Jordan’s website – The Daily Gold.

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Jose Garcia, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF) joins us to review the Q1 2023 operations report from the Tangana Mine at the Nueva Recuperada Project in the prolific Huancavelica silver belt, in central Peru. We start off by having Jose outline some of the key takeaways from the First Quarter 2023 operations announced to the market on May 24th.

Generated revenues of $4.6 million, representing an 18% increase when compared to the fourth quarter of 2022 and demonstrative of the ramp up towards stable production.
Operating loss of $0.4 million, partially affected by the social disruption in Peru during Q1 2023, compared with an operating loss of $2.5 million in Q1 2022.
Net loss before tax of $1.1 million compared with a net loss of $3.1 million in Q1 2022, a 38% improvement as ramp up of production continues.
Cash costs of $18.50 per silver equivalent (AgEq) ounce produced and All-In-Sustaining Cost (“AISC”) of $26.60 per AgEq ounce produced, reflective of the sustaining capital expenditure invested in the development of the Tangana mining unit ($1.5 million adding $5.2 million to the AISC).

Jose goes on to discuss the improved operations anticipated in Q2 and Q3 of this year as social disruptions will not be a factor, throughput will improve once again, and grade should increase, bringing down costs closer to the company target of an $18 AISC later in the year. We also review the potential for resource expansion through exploration around the Tangana Mine Project area. Wrapping up we also get some comments about how Esparanza could be developed down the road, and potentially another attempt to acquire the Revenue Virginius Mine in the future should the right conditions emerge.

If anyone has any questions for Joes on Silver X Mining, then please email us at either Fleck@kereport.com or Shad@keport.com.

Silver X Mining News

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Josef Schachter, Founder and Editor of the Schachter Energy Report joins us for an update on the energy sector. We start with the macro outlook including upcoming OPEC+ meeting on June 4th and the shift of countries in the east away from the petrodollar.

When it come to the underlying stocks Josef shares the time-frame for a major buying opportunity he sees in the near term and the types of stocks he thinks will preform the best.

Click here to visit the Schachter Energy Report website to read over old issues of the report and sign up for his free Eye On Energy letter.

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Novo Resources (TSX:NVO – OTCQX:NSRPF) has been releasing a lot of exploration news throughout this year. I’ve received a number of emails asking for general clarity on the exploration strategy and goals for this year.

Mike Spreadborough, Executive Co-Chairman and Kas De Luca, GM of Exploration at Novo joins me to provide some clarity on the overall exploration strategy this year and isolate a couple key projects that either have drilling underway or will be drilled later this year. The Projects we focus on Becher, Nunyerry and Belltopper.

Please email me with any follow up questions for Mike and Kas. My email address is Fleck@kereport.com.

Click here to visit the Novo Resources website to read over the recent news.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V;DMX) joins us to share further information on the possible lifting of the uranium moratorium in Sweden, from a recent trip to Sweden. We discuss the key steps needed and general time frame for the Swedish government.

We also recap news released yesterday, May 30th, reporting the granting on a new mineral license, the Tåsjö mineral licenses. On this project the Company will be exploring for vanadium, nickel, molybdenum, zinc, and rare earth elements (REE). There are some similarities to the recently acquired Viken deposit that we have Garrett explain.

If you have any follow up questions for Garrett please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the District Metals website and read over the recent news.

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Jeff Christian, Managing Partner of the CPM Group joins me to focus initially on silver. The CPM Group has just released its Silver Yearbook which breaks down key metrics in the silver sector for investors. I then have Jeff share what metals the CPM Group’s clients, mostly large mining companies, are asking about. This brings up the topic of gold and critical minerals.

Click here to visit the CPM Group website and learn more about this year’s Silver Yearbook.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily joins me to share a new solar stock pick along with comments on how he views the green energy sector from an investment front.

We then discuss the chart for the US Dollar. This ties into moves in gold and US markets. Finally Sean shares his big picture outlook for tech stocks, gold stocks and oil stocks.

Click here to learn more about Sean’s Wealth Megatrends newsletter.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot website joins me to discuss the action in the US markets combined with the continued very weak breadth. TG shares a chart below that goes back 50 years showing the S&P balanced with breadth (the lower charts shows the top 5 stocks as a % of the S&P 500 market cap).

The most important question is if money will rotate and create a more broad based move higher. This also ties into comments on if this is defensive or growth market.

Click here to visit TG’s website – Profit Pilot.

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Segment 1 and 2 – Mike Larson, Editor In Chief at the MoneyShow kicks off the show by sharing his outlook for markets. We discuss his outlook for the US markets, gold, the US Dollar and bonds. Mike has been been calling these markets perfectly over the past two years which I think make his comments very noteworthy.
- Click here to visit the MoneyShow website.
Segment 3 and 4 -Matt Geiger, Managing Partner at MGJ Capital wraps up the show by discussing why he like prospect generator and royalty companies.
- Click here to visit the MJG Capital website.

Mike Larson Matt Geiger

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review some of the recent macroeconomic data points, and which coming catalysts could light the fuse for the precious metals sector. We start off reviewing how the FOMC meeting minutes, muted GDP number, and higher than expected PCE deflator news really comes down to Fed policy expectations around how much longer they will keep hiking rates.

Gold and Silver and related PM mining stocks have continued selling off and correcting down as some of the regional bank concerns have eased, and the debt ceiling brinksmanship nears it’s resolution. Dave provides technical support levels for gold, GDX, and GDXJ, but then goes on to outline a multitude of catalysts on the medium-term horizon, that could break the gold price and the rest of the PM sector higher later in the year.

We then shift the conversation over to the big disconnect in the move higher we’ve seen in the metals versus how the mining stocks have reacted . Dave also shares key considerations for how he is approaching investing in gold and silver stocks in the short to medium-term, within the context of a big picture outlook that precious metals are going to break out to new highs as this larger bull market unfolds.

Click here to visit Dave’s site – Junior Miner Junky.

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD – OTCQX:NWRCF) joins me to provide an exploration outlook for this year. The Company will have up to 5 drill programs this year, with 2 already completed. The total budget currently is C$33million of which $29mllion will be funded by partners. The Company’s partners include Sumitomo Metals Mining, Newmont and Antofagasta Minerals S.A.

I have Zach provide an overview of each drill program in terms of size and targets.

If you have any follow up questions for Zach please email me at Fleck@kereport.com.

Click here to visit the Kenorland Minerals website and read over recent news outlining each drill program.

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a handful of key charts on the US Dollar (DXY), Interest Rates (TNX), Bonds (BND), Gold, Silver, the Junior Silver Mining ETF (SILJ), and the Sprott Uranium Miners ETF (URNM). [all charts are posted below so you can follow along]

We also intermix some macro fundamentals and trading strategies into the discussion, and how to utilize the very oversold nature of the mining stocks in relation to the moves in the underling metals, to make volatility your friend as an investor.

Click here to visit the SilverChartist website

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Craig Hemke, Founder and Editor of TF Metals Report, joins us for more of a big picture look at various motivations to be invested in the precious metals sector, and how stacking physical metals is a different game and time horizon that investing in the gold and silver mining stocks. We start off reviewing some of the macroeconomic data points like the FOMC meeting minutes and expectations around future Fed policy, the debt ceiling debate, and the recent rise in interest rates and the US Dollar.

The discussion then shifts to more of the longer-term focus for stacking physical precious metals as an insurance policy against fiscal malfeasance and geopolitical uncertainty, and how that differs from many investors in junior PM mining stocks desire for short-term fiat gains. They are different games, with different goals and different focuses and concerns.

Click here to visit Craig’s site – TF Metals Report.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman joins us to discuss the disconnect in price action between the junior exploration stocks compared to gold, silver, GDX and GDXJ. This ties into a discussion on junior stocks that have major companies as investors. Erik thinks these stocks provide some great investment opportunities.

Click here to visit Erik’s site – The Hedgeless Horseman.

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Walter Coles, Executive Chairman at Skeena Resources (TSX:SKE – NYSE:SKE) joins us to discuss the recent bought deal financing closed yesterday for C$73.5million. These proceeds will be allocated towards drilling, the building of an on-site assay lab, Feasibility Study for Eskay Creek and Pre-Feasibility for Snipp.

We have Walt detail the news flow for this year. Starting with drill results from the Eskay Deeps area, the Company will be able to turn around results much faster as it is building its own assay lab on site. Then the Feasibility at Eskay Creek is on tap followed by the Pre-Feasibility at Snipp. Walt explains how these economic studies will fit together for the overall mine plan.

At the end of the call we have Walt address the questions we’ve received regarding insider selling. Please continue to send us your questions. Our emails are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Skeena Resources website to read over the recent Company’s news.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, reviews some of the technical support levels he is watching for in gold, silver, and the precious metal mining stocks, as the sector continues to correct. Now that the $1980 support gave way in gold, he is looking to the 150 day moving average, as well as the 20 month and 40 month moving averages as key support levels in gold. As mentioned last week, the picture in silver and in the GDX are a bit more concerning, but he notes that the 200 day moving average in both is now sloping upwards, and thus could offer a good support level to watch on both charts.

With regards to the longer-term bullish setup in the precious metals, it really comes down to getting past the noise of the debt ceiling debate, and the Fed pause rhetoric, to see how quickly the macro data erodes further pointing to a contracting economy and recession in a few months. This will provide the catalyst for the Fed to take action and start cutting rates, which will be a positive factor for gold, silver, and the PM mining stocks. The other factor to watch is whether the general US equities suck in a bunch of new buying to markets higher, which could pressure the PMs, or whether they continue to erode allowing gold and the mining stocks to further diverge.

Click here to visit Jordan’s website – The Daily Gold.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to outline the follow-up drill program on prior bonanza-grade gold and silver discovery at the Silver Cloud Project, as well reviewing the recent drill results from the Tonopah North Lithium Project in Nevada.

On May 23rd the Company announced that it has received approval from the Nevada Bureau of Land Management and finalized a drill agreement with Tonatec Exploration LLC to commence its 2,000 meter Phase-1 drill program at the Company’s Silver Cloud property. Silver Cloud is located along the prolific, high-grade Northern Nevada Rift in north central Nevada adjacent to the Hollister mine and 15 kilometres south of the Midas mine, and Andrew highlights the significance of this trend and those prolific mines. In January 2023, the Company confirmed its original bonanza-grade discovery intercept at the Northwest Canyon target with metallic-screen assay which returned 1.52 metres grading 70 g/t gold and 600 g/t silver in core hole SBC22-020. Drilling is slated to start next month in June.

Next we shifted over to the Tonopah North Lithium Project, where their option partners, Tearlach Resources (TSX.V: TEA – OTC: TELHF), just announced more assay results on May 18th for three (3) new core step-out drill holes (GAB-013, 016, & 019). These newly reported holes intersected broad lithium-mineralized zones with many intervals exceeding 1,000 ppm and grades up to 1,300 ppm. With all results received and reported from the Phase 1, 11 core drill hole program, Tearlach intersected significant grade and thickness of lithium mineralization in every drill hole. Andrew points out the valuation mismatch in what they have defined already, in comparison with 2 neighboring lithium companies, and feels the market has not picked up yet on the potential value of this Project.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email me at Shad@kereport.com.

For full disclosure, Shad is shareholder of Blackrock Silver.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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Oliver Turner, VP of Corporate Development at Karora Resources (TSX:KRR – OTCQX:KRRGF), joins us to review the record production and increased earnings from Q1 2023 operations, along with a development and exploration update at their Beta Hunt gold and nickel operations in Western Australia.

First quarter 2023 consolidated gold production of 39,827 ounces exceeded target levels and increased 45% from the first quarter of 2022 reflecting growth of 27% in tonnes processed and a 13% improvement in average grade. Production ended the quarter on track to achieve full-year 2023 guidance of 145,000 – 160,000 ounces. Cash operating costs and all-in sustaining costs (“AISC”) per ounce sold averaged US$1,124 and US$1,213, respectively, compared to US$1,310 and US$1,396, respectively, for same period a year earlier. Revenue totalled $96.8 million, 48% higher than in Q1 2022 reflecting a 38% increase in gold ounces sold, to 36,145 ounces, and was largely unchanged from the quarterly record set in the fourth quarter of 2022.

We review the aggressive growth plans for production over the next few years, as the company has now got a 2nd mill in operation, and has completed much of the development work on the 2nd twin decline ramp (west) into the Beta Hunt mine, which will allow more ore to be trucked for increased mill throughput moving forward. Oliver outlines some of the other ongoing development with the first of three ventilation raises at Beta Hunt completed on schedule and budget in Q1 2023. The expansion of Beta Hunt remains on track to support growth to annualized production rate of 2.0 Mtpa during 2024 and a target of 185,000-205,000 ounces of annual production 2 years out.

Shifting over to exploration at the Beta Hunt gold-nickel mine, the Company continued to extend mineralization at both Western Flanks and the A Zone and to demonstrate the significant potential of the Mason and Cowcill zones to emerge as important new mining opportunities. Subsequent to the end of Q1 2023, new high-grade gold intersections, including 6.5 g/t over 26 metres and 46.5 g/t over 7.0 meters, were released extending the drill-supported strike potential of the Fletcher Shear Zone by 900 meters for a total potential strike length of 1.4 km. The balance of exploration will come from the Higginsville Gold Operations and the new contributions from the Spargos deposit which just came online in Q4 of 2021. We also touch on the high-grade gold drill results returned recently under the already known Gamma Block of high-grade nickel. This area dubbed a “nickel mine within a gold mine” already has defined 35,000 tonnes of 2.7% nickel, with in-situ value around $1.3 Billion at today’s prices, so to find more high-grade gold underneath it will further improve the economics of eventual development.

We wrap up having Oliver unpack the recent agreement with Kalamazoo Resources Limited (ASX: KZR) to create a lithium and critical metals exploration company to be called Kali Metals Limited, where Karora will have a 45% stake and Kalamazoo will have a 55% stake in this new vehicle. The proposed transaction will allow Karora shareholders to participate in the significantly enhanced upside potential of a larger, combined lithium-focused investment vehicle that will fund its own exploration and development activities while Karora remains focused on growing its gold and nickel production base at both Beta Hunt and Higginsville.

Please email us with any questions for Oliver regarding Karora Resources, then please email me at Shad@kereport.com.

In full disclosure Shad is a shareholder of Karora Resources.

Click here to read over the Karora Resources News

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Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT – OTCQB:VLTLF) joins me to recap two recent news releases reporting an initial resource at the Company’s Rainbow Lake Project as well as Pilot Project results testing its proprietary direct lithium extraction (“DLE”) technology.

We quickly recap the resource which reported an inferred mineral resource of 4.3 million tonnes of lithium carbonate equivalent (“LCE”) with lithium concentrations as high as 121 mg/L and an estimated average associated lithium concentration of 51 mg/L.

We then move to the news out today announcing results from the Pilot Project to test the Company’s DLE technology. I have Alex outline the recoveries at lower lithium concentrations as well as the higher concentrations. We also discuss what the next steps are for the Company in terms of advancing the technology, the other avenues of growth now open for growth and the path to initial production using the technology.

If you have any follow up questions for Alex regarding any of the news releases we discusses please email me at Fleck@kereport.com.

Click here to visit the Volt Lithium website and read over the full news releases.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to recap yesterday’s news reporting the first two drill holes from the Company’s drilling at the Ana Paula Project in Mexico. These were both infill holes, as seen in Figure 1 posted below, with grades of 11g/t gold over 53.2 meters and 11g/t gold over 44.5 meters.

We have Charles explain the strategy of this program, focused at the high-grade gold panel. He shares how these results compare to the known resource and could grow the high grade component all with the goal of near-term production. We also look ahead to where drilling is ongoing and the results to come.

Please email us with any follow up questions for Charles. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Heliostar Metals website and read over the full news release.

Figure 1: A section through the resource model from 2023 PFS1 highlighting the High Grade Panel (clipped to greater than 5g/t resource blocks). Heliostar results labelled in black and historic intercepts labelled in grey. Completed and ongoing holes are shown in blue and Growth and Infill targets areas labelled.

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Jed Richardson, CEO of Trigon Metals (TSX.V:TM – OTCQB:PNTZF) joins us to recap recent news at the Kombat Copper Project encompassing the restart of mining and drill results. Last time we chatted with Jed the Company had paused mining with the goal or refocusing the operational plan while just closing a silver stream with Sprott Streaming for $37.5milloion.

We have Jed explain the big picture plans on what the restart of mining involves. He explains the new focus of mining and the 3 year plans to move to include underground mining. We ask about the costs associated with continued development and general production estimates. We also ask about current exploration and potential new areas that could work their way into the mine plan.

If you have any follow up questions for Jed please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Trigon Metals website and read over the recent news on the restart of mining and drill results.

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Matt Badiali, Editor of the New Energy Investor newsletter published at Mangrove Investor joins us to recap some more noteworthy news out of the lithium space. Ford has been busy locking up long-term supply for use in future EV production. Matt shares more information on this news out of Ford in terms of where the auto maker is looking for supply and how it fits into government incentives.

Click here to visit the Mangrove Investor website to learn more about Matt’s New Energy Investor.

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG) joins me to recap the May 17th news release reporting a battery Joint Development Agreement (JDA) with Rio Tinto. I also have Craig answer questions you all have sent in focused on the battery division and possible government funding.

Starting with the JDA with Rio Tinto, we discuss the A$6million that Rio is contributing in exchange for preferential access rights and the types of batteries Rio is interested in from GMG. The news also states that due to “significant customer feedback” GMG will re-prioritize its energies to developing pouch cell batteries.

This news ties in with a number of questions you all have sent in. I isolated the battery specific questions and more general questions on potential funding from a range of governments.

Please keep sending me your questions for Craig. My email address is Fleck@kereport.com.

Click here to visit the GMG website and read over the recent news.

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Michael Oliver, founder of Momentum Structural Analysis, joins us for a discussion on how macroeconomic themes and technical momentum trends will impact the general US equities, gold, silver, and the precious metals mining stocks. We start off reviewing what will happen as the largest asset bubble in history continues to pop, where it is will continue to expose compounded errors in decisions and assumptions, made by individuals, businesses, and governments, that arose from over a decade of low to zero interest rates. That era of free money, fueled by a constant injection of central bank liquidity, resulted in the longest and steepest move higher in general stock market indexes on record, from 2009 to 2021. However, now the dynamics have drastically changed since then with the Fed’s intense period of monetary tightening, taking rates up over 5%, and with general equities and financial markets starting to unwind.

We reviewed how Michael had noted the momentum signals in the general equities having topped out in January-February of 2022, beginning a new secular bear market in stocks. With regards to the financial sector, he had warned in late January to early February of 2023 that the SPDR S&P Bank ETF (KBE) looked ready for an ambush, which then played out during March and beyond. He also noted that the broader and more diversified Financial Select Sector SPDR Fund (XLF) started showing cracks over the same time period. Michael points out that piling into a narrow selection of heavily-weighted mega-cap leadership is skewing the major stock indexes like the Nasdaq 100 and S&P 500, giving investors and the media a distorted view of what is actually happening in the broader markets. He is watching for signals of a rollover to the current intermediate-term rally, where the general equities will enter the next leg down in the bear market, and that this should be a boon for the precious metals sector.

We review the relative strength that gold and silver showed in 2022, compared to almost all other asset classes, something he expects to continue moving forward. A primary factor that gold is sniffing out is that as the central banks will need to get busy printing more money in the near future, it will continue to devalue the purchasing power of fiat currencies, and will underpin a move higher in the precious metals. While silver and the PM mining stocks have lagged the moves in the gold, he expects that when sentiment does truly shift back to bullish in the sector, that they will take off to the upside “like a wet bar of soap,” catching up and outperforming the upward moves in the yellow metal.

https://www.olivermsa.com/

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Ed Moya, Senior Market Analyst at OANDA joins us to discuss what catalysts on for the markets could be on the horizon. This will be a big week for debt ceiling talks as we approach the June 1st deadline. Fed speakers will also be out in force, already this week saying that a pause does mean rates could not be raised in subsequent meetings. As much as these are being focused on, markets continue to grind sideways.

We also ask Ed where money could rotate to. The concept of money has to go somewhere but are investors already allocated to dividend and safe assets?

Click here to keep up to date with Ed’s daily market note.

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Welcome to the Weekend Edition of The KE Report. On this Weekend’s Show we take a step back from these boring markets to focus on commodities and the potential of a “Commodity Super Cycle”. We also tie this narrative into how certain commodities will perform.

Please keep in touch with Shad and me through email. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Jesse Felder, Founder of The Felder Report joins us to first define what he thinks a commodities super cycle looks like. We also discuss if we are in a commodities super cycle currently. The commodities we focus on are copper and energy/oil.
- Click here to visit Jesse’s website – The Felder Report
Segment 3 and 4 – Dave Erfle, Founder of The Junior Miner Junky wraps up the show with a focus on the gold sector. We discuss the news that Newmont is buying Newcrest to built its exposure in copper. On the gold front we ask if current market price is a base being built or a top formed.
- Click here to visit Dave’s site – The Junior Miner Junky.

Jesse FelderDave Erfle

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to discuss the news today driving markets, including debt ceiling and Powell’s comments on a possible Fed pause. After recapping the market moves we quickly look past the debt ceiling to where money will flow once a settlement is reached. This also ties into market trends that could be established down the road.

Click here to visit Marc’s website to keep up to date on the data and news that are moving markets – Marc To Market.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman joins us this week to share his thoughts on Eskay Mining. He outlines what he likes about the exploration strategy this year after a couple tough years.

Please let us know what you think of the Eskay Mining.

Click here to visit Erik’s site – The Hedgeless Horseman.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review the strong daily rebound in gold within the context the last few weeks of the precious metals consolidating in sideways channel. The larger technical setup is still bullish and we reflect on the constructive nature of gold hanging around the $2000 level and silver hanging above $25. The miners have been a bit weaker lately, where we note the 10% corrective move in GDX and GDXJ on lower volumes. Even though the PM sector has had a nice rally for the last 6 months, ultimately it is going to take a breakout and monthly close above $2100 in gold to really bring in any more meaningful buying into the sector.

We touch on a number of the macroeconomic data points to be announced over the next 2 weeks that may move the markets, and also look at how the US dollar, interest rates, and general equities may factor into PM sector. We wrap up with firing off a few questions for The Junior Mining Junky to field on how he approaches investing in the junior gold and silver mining stocks, and what he looks for in quality exploration and development companies.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Matt Badiali, Editor of the New Energy Newsletter, Published under Mangrove Investor joins us for a focus on a couple key stories out of the lithium and copper sectors.

Starting with lithium, the Chilean government recently made comments about lithium in country that has some investors worried about projects being nationalized. This news has caused a significant selloff in lithium stocks focused in Chile.

For the copper sector we recap the Codelco production results that continue to show old assets producing less copper. Matt uses this at a further example of the major supply/demand imbalance for the copper sector. There are a lot of old copper assets supplying the market that only getting older and producing less.

Click here to visit the Mangrove Investor website to keep up to date with Matt’s commentary on critical minerals.

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Warwick Smith, CEO of American Pacific Mining (CSE:USGD – OTCQB:USGDF) joins us to recap yesterday’s news release announcing the work program at the Palmer VMS Project in Southeast Alaska.

The total budget for he program at US$25.5 million with the Company’s JV partner, Dowa Metals & Mining, committed to funding the entire amount. American Pacific has the option to pay its pro-rata share of 2023 program expenses, in whole or in part, prior to October 31, 2023, to minimize or eliminate Project dilution.

If you have any follow up questions for Warwick please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the American Pacific Mining website and read over the full news release.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the Q1 2023 operations at the Segilola Gold mine, located in Nigeria, and for the ongoing exploration around this Project, and at the Douta Project, located in Senegal.

Segilola gold production for the quarter was 20,629 ounces at an average grade of 2.95 grams per tonne of gold, where he mentioned the mill was still running above capacity and on target. The first quarter was forecast to be a bit lower throughput and grade than the rest of the year to come, due to higher strip ratios, but the mining will be moving into higher-grade areas more in the 3-4 g/t target range for the balance of the year. At Segilola there is also ongoing near-mine exploration at depth, but also regional targets, including the identification of new high grade quartz vein system within 15km of Segilola, with multiple high grade drillhole intercepts including 1m at 310g/tAu which equates to 10 ounces of gold per tonne.

At the Douta Project, there is ongoing metallurgical, geo-technical, and definition drilling underway to feed into the work needed for the Preliminary Economic Assessment (PEA) slated for delivery to the market by year-end. Additionally, there is more step-out drilling and infill drilling at the Makosa deposit, to move resources from inferred to indicated, as well as expansion drilling around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets. There will be plenty of exploration news to report for the balance of the year, to expand the recently updated resource of 1.78 million ounces of gold.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email me at shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations.

Click here to read over the recent news out of the Company.

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Ed Moya, Senior Market Analyst at OANDA joins us for a look ahead to earnings this week with big tech companies as the focus. We then switch our focus to the USD, gold and cyrpto sectors. All very much related and all moving in different direction, Ed shares his outlook for each.

Click here to visit the OANDA website to keep up to date on Ed’s daily market note.

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Welcome to the Weekend Edition of the KE Report! It was another sideways week for markets but this has been the case the whole month of April and could go on for months longer. That doesn’t mean there isn’t opportunity to make money, you just need to be more selective. The focus for this Weekend’s Show is on investing strategies for flat markets keeping in mind the fear of recession in the second half of the year.

The guests this week are, in my opinion, some of the most accurate generalist traders we have on the show. These guys have been correct a lot over the bull and bear markets.

Please keep in touch with Shad and I through email. We love hearing your thoughts on the markets, our guests and the companies we feature throughout the week. Our emails addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies kicks off the show with a focus on US Markets, gold and oil. We also ask Rick how his incorporation of behavioral finance into his analysis weighs all the recession fears we hear everyday.
- Click here to learn more about Rick’s investment letters for individual investors.
Segment 3 – Dana Lyons, Fund Manager and Editor of The Lyons Share Pro is up next to share his strategy for the flat US markets and his outlook moving forward, gold, bonds and Bitcoin.
- Click here to visit The Lyons Share Pro website to keep up to date on Dana’s investments.
Segment 4 – Mike Larson, Editor-in-Chief at the MoneyShow wraps up the show by addressing the biggest debate for markets and the economy. Will a recession and market issues arise in the second half of 2023.
- Click here to visit the MoneyShow website to see what investment conferences are coming up.

Rick BensignorDana LyonsMike Larson

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Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins us for a comprehensive overview of this relatively new growth-oriented gold producer and developer operating in Brazil and Argentina. We start off with how the company was formed a few years ago privately, before listing publicly in February of 2021, and how the team has worked together previously with both Desert Sun and Largo Resources.

We then dig in to the project details for both the large gold development Project, Monte Do Carmo, in Brazil, which will have a new Feasibility Study released to the market by the end of May; an also the producing Minera Don Nicolas gold mine in Argentina. Both projects have substantial exploration upside along their mineralized trends to keep expanding resources. In addition, both Projects also have further value being uncovered at depth, with proposed underground mining scenarios, beyond just the near-surface open pit development and exploration.

We wrap up the discussion having Mark share his background along with a few of the management team and board members that have worked together for 2 decades now, as well as management’s stake in the company, company financials, share structure, and key catalysts for the balance of the next 2 years.

If you have any questions for Mark regarding Cerrado Gold, then please email me at Shad@kereport.com.

https://www.cerradogold.com/news/

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Roger Moss, President and CEO of Labrador Gold (TSX.V:LAB – OTCQX:NKOSF) joins us to recap yesterday’s (April 19th) news release reporting drill results from the Appleton Fault Zone on the Kingsway Project in Newfoundland. The Company has completed approximately 69,000 meters of the total 100,000 meter drill program on the Project. The results in the news were at the Big Vein and Big Vein SW areas as well as the newly defined Greenmantle area.

We have Roger provide more information on this Greenmantle area going back to the initial discovery hole, announced in March. We also discuss how recent 3D modeling is helping to guild targeting and future drilling.

If you have any follow up questions for Roger please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to read over the full new release we discussed.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap a boring week for the markets which has been the story for the whole month. We discuss the earnings environment and earnings so far. We then ask what in the near term could be the next catalyst and how comfortable the Fed is with the economy and inflation.

For specific sectors we look to the drop in gold and silver today and oil’s dip below $80 after the pop earlier this month.

Click here to visit Joel’s website – PreMarket Prep

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Leif Nilsson, CEO of Surge Copper (TSX.V:SURG – OTCQX:SRGXF) joins me to provide a comprehensive update on the Company’s Berg Project in west central BC. The Company signed an option agreement for the Project 2021 and re-issued a copper equivalent resource. This year the Company has a PEA in the works, to be released in a couple months and a drill program that will follow up on a few discoveries made last year and advance a number of new targets toward drilling. the Company also holds the Oosta Project that is connected to the Berg Project to the south east.

Leif starts off by providing a background on the Berg Project and the re-issued 2021 resource. I also ask Leif about the high-grade component of the deposit. We then move to the exploration program where Leif outlines the targets/areas that will be drilled and other regional targets. See Figure 1 below from the most recent press release to get a better understanding of the targets and how Berg and Oosta are connected.

If you have any follow up questions for Leif please email me at Fleck@kereport.com.

Click here to visit the Surge Copper website and read over the Corporate Presentation.

Figure 1. Summary map showing 2022 exploration work on the Ootsa-Berg project overlain on ZTEM 180 HZ Total Phase Rotation map.

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference, joins us to discuss the sideways consolidation in precious metals sector at higher levels over the last few weeks, and why a breakout in pricing is what is needed to get more traction in the junior PM mining stocks. We reviewed the 2 steps forward, one step back, stair-stepping higher reaction for the last 6 months to the market expectations that Fed is getting near the end of their tightening cycle, and the eventual pause in any further rate hikes. Investor expectations using the Fed funds futures have made a huge turn from anticipating higher rates for longer, to now expecting a pause soon and potential cuts to rates later this year.

We wrap up discussing the mining stocks, where overall the larger cap names have been handsomely outperforming the moves in the metals on a percentage basis, but there are still highly discounted valuations and bargains to be found in companies that have derisked and defined resources in place. Brien mentions that companies with resources that are also doing good exploration work like Heliostar Metals (HSTR.V), Grande Portage Resources (GPG.V), and Maple Gold Mines (MGM.V) are some that have his interest at present.*

*In full disclosure, Brien Lundin may hold some companies listed in his own portfolio or recommend them in Gold Newsletter.

Click here to visit the Gold Newsletter website.

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Over the past 2 months we have chatted a lot with HelioStar Metals (TSX.V:HSTR – OTCQX:HSTXF) President and CEO Charles Funk about the acquisition of the Ana Paula Deposit. The Company’s strategy is to focus on the high grade area of the deposit to move toward underground production. Yesterday, April 19th, the Company announced the start of drilling at this high-grade gold panel.

I have Charles provide an overview of the 3,000-3,600meter drill program. The program has 3 main goals; 1) to increase the size and grade of the resource and reserve, 2) provide the geotechnical information required to complete underground mine planning and 3) provide metallurgical samples testwork designed to improve gold recovery and simplify the mill flow sheet. Refer to Figure 1 below for an overview of the targets and historic drill results.

Here is a summary of historic drill results at the high-grade area.

231 m grading 7.5 grams per tonne (g/t) gold
120 m grading 11.2 g/t gold
81.1 m grading 14.5 g/t gold
57.6 m grading 18.6 g/t gold
63.4 m grading 15.3 g/t gold

If you have any follow up questions for Charles please email me at Fleck@kereport.com.

Click here to read over the full news release outlining the drill program.

Figure 1: Resource model from 2017 PFS highlighting the High Grade Panel (clipped to greater than 5g/t resource blocks). Growth targets are shown in the red circles and infill areas with potential to increase the grades are shown in white circles.

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Tavi Costa, Portfolio Manager at Crescat Capital joins us to discuss what Crescat looks for in an exploration program and overall land package when deciding whether or not to invest. There is a lot that Tavi brings up both on the positive and negative side, including land size, past mining or infrastructure and how the company has raised money in the recent financing.

If you have any questions for Tavi please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to learn more about Crescat Capital.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review both the technical and fundamental set up in the markets, and why both the general equites and the precious metals sector can continue higher before a more meaningful market correction.

Things will vary based on how many more rate hikes the Fed fits in before pausing, and how the soon the potential rate cuts could start later in the year based on economic data and a contraction or recession deepening. Jordan lays out 2 scenarios that could play out, heading into the inevitable first central bank rate cuts, based on where pricing goes leading into that event. In the more near-term, he is watching to see how gold responds to a pullback to the 50 day and 150 day moving averages for first potential support.

Click here to visit Jordan’s site – The Daily Gold.

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The biggest debate for investors over the past few weeks, and even months, is will there be a larger recession and market pullback later this year?

Jesse Felder, Founder and Editor of The Felder Report joins us to address this debate and share his thoughts on where the economy and markets are going. We ask his time frame and the key data is will be watching over the next two quarters. We also have Jesse share the sectors he thinks are in for the next major bull run. Hint, it’s commodity focused.

Click here to visit the Felder Report website to keep up to date with Jesse’s market and economic outlook.

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Josef Schachter, Founder and Editor of the Schachter Energy Report and the Eye On Energy Report joins us to focus on the oil and natural gas prices.

After the short term breakdown in March for oil, down to $64/barrel, oil rebounded and broke above $80, up to $85. Josef dives into the oil sector data and compares the OPEC announced cut to the actual production cut. He also shares demand numbers that continue to drop.

On the natural gas front we ask Josef is this sector is more likely to go on a run higher due to the continued depressed price.

Click here to visit the Schachter Energy Report website and learn more about both Reports.

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Jeff Christian, Managing Partner at the CPM Group joins us to focus on the factors driving gold to over $2,000/oz and holding above that level. We have heard a wide range of opinions on what has continued to push gold higher in this most recent run so I wanted to get Jeff’s thoughts on it. He points to investment demand coming from a few key areas. This type of demand is much more important than some of the other factors, such as Geo-politics and war fears.

We also chat about the supply side of gold and how the majors are fairing with this higher gold price. Will we see majors look to expand production or stick to the focus of higher margin ounces?

Click here to keep up to date with the CPM Group and Jeff Christian.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, reviews the larger bullish technical setup in gold, silver, GDX, and GDXJ, and how different types of precious metals stocks are reacting to these higher prices. We start off discussing the technical setup, and that gold has been consolidating over $2000, silver over $25, and the larger cap PM stocks have been outperforming the upward moves in the metals for the last 6 months.

Next we discussed that in addition to the bullish longer-term 12 year cup & handle pattern that, another ratio he is watching is gold in relation to the S&P 500, as it approaches the 50% level once again. He also compares this set up to the period in the early 2000’s when gold had spend over a dozen years trying to break solidly above $500, out of a similar cup & handle pattern, and started to outperform the general US equities. We wrap up with getting Dave to outline how he’s been approaching investing in the gold and silver mining stocks in this environment.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to review the recent drill results from the Tonopah North Lithium Project, as well as the coming exploration strategy at both Silver Cloud and the Tonopah West Project in Nevada.

At the Tonopah North Lithium Project, their option partners, Tearlach Resources (TSX.V: TEA – OTC: TELHF), just released high-grade lithium assays from 5 diamond core holes, with and additional 6 more holes still pending results back from the assay labs in the near future. Tearlach’s drilling has confirmed Blackrock’s original Tonopah North lithium discovery with core drill holes delivering grades that range from 40-85% higher than the corresponding original reverse circulation intercepts drilled by Blackrock. These results substantially increase the grade and expand the mineralized zone at the project. All drillholes intersected broad zones of lithium mineralization in excess of 400 ppm, each having intervals greater than 1,000 ppm Li, including the highest-grade intercept at Gabriel to date of 1,460 ppm Li;

Next, we discussed the drill plans or a Phase 1 drill program at its bonanza-grade discovery drillhole in Northwest Canyon on the Silver Cloud Project. The initial plan is to drill 2,000 meters starting in a few weeks and stepping out from the discovery made last year. Additionally on the exploration side, we highlight the 4,000 meters of drilling planned after that, later in the summer at the company’s flagship Tonopah West Project. With one of the highest-grade undeveloped silver-gold resources in the world, the goals will be to not only grow the resource through more drilling, but also a better interpretation of the prior drill holes and vein orientation, that will all be working towards an updated mineral resource early next year. There will be plenty of exploration news hitting the wires over the months to come from all 3 projects.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email me at Shad@kereport.com.

For full disclosure, Shad is shareholder of Blackrock Silver.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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Stuart Harshaw, President and CEO of Nickel Creek Platinum (TSX:NCP – OTCQB:NCPCF) joins us to recap the April 11th news release announcing drill results from the Arch Target on the Nickel Shäw Project in Yukon.

We focus on this Arch Target which is pre-resource and the drilling to date. We discus how this area could feed higher grade ore into the larger Wellgreen Deposit. For the Wellgreen Deposit there is a Pre-Feasibility Study coming this summer then a move to a Feasibility Study next year.

If you have any follow up questions for Stuart please email me us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Company website and read over the full news release we discuss.

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V;VZLA – NYSE:VZLA) joins us to recap drill results from the past month and a half at the Company’s Panuco Project in Mexico. Drill results were from Copala (March 1st), La Luisa (March 20th) and Napoleon (April 13th). We focus more on the La Luisa area as this is a newer discovery, contains higher gold grades and was not included in the most recent resource update.

As the Company continues the 90,000 meter drill program we have Mike outline the focus of the program and plans to upgrade the resource and go through an economic study.

If you have any follow up questions for Mike please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Vizsla Silver website and read over all the recent drill results.

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John Rubino, Founder of the Dollar Collapse website and editor of his recently launched newsletter over at Substack, joins us for a broad discussion on macroeconomic factors moving the markets, and some specific investing trends in various commodities like farmland, gold, uranium, and resource stocks. We start off discussing expectations around Q1 earnings season, and if valuations and P/E ratios even mater any more. Next we discuss the huge challenge facing the commercial real estate industry, how it could spell contagion problems for regional banks and insurance companies, and how a further slowdown in bank lending could accelerate an economic contraction or push us into a recession.

This then leads into the larger concerns from other nations take note of more systemic issues in our banking sector, the forecasts for slowing growth, and the desire from the BRICS nations to start trading bilaterally outside of the US dollar. Because of the potential embedded inflation that this de-dollarization trend may result, John feels investors best protection is diversifying into tangible real goods and resources that the government can’t inflate away, and still sees a good opportunity in farmland, gold, uranium, and the related mining stocks.

https://rubino.substack.com/

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to share his outlook for a wide range of stocks. With many people, including the Fed, predicting some form of a recession later this year a wide range of stocks are showing continued short term strength. While this could be a calm before the storm (a much larger market pullback), TG points our that a lot of stocks have built solid bases last year and re-priced to reasonable levels.

Click here to visit TG’s site – Profit Pilot.

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Ed Moya, Senior Market Analyst at OANDA joins me to discuss the start of earnings season and the major trends he is watching. While market are off their lows from last year Ed is still a bit worried about the global economy and the Fed possibly having a couple more rate hikes in the coming 2 meetings. We also look to the USD which bounced off key support on Friday. There have been some bigger money bets put on for the Dollar but this might only be a short term bounce.

Click here to visit the OANDA website and read over Ed’s daily market note.

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Rick Van Nieuwenhuyse, President and CEO of Contango Ore (NYSE-A:CTGO) joins me to discuss the recently completed project financing for the Company’s share at the Manh Choh Project and exploration outlook for the Lucky Shot Project. Both Projects are in Alaska.

At Manh Choh the Company is a 30% non-operating partner with Kinross the 70% operating partner. On March 20th Contango Ore announced 1 Us$70million senior secured loan facility with ING Capital and Macquarie Bank. I have Rick explain how this deal came together and cash-flow estimates for the asset at these higher gold prices.

On the exploration front, we focus on the Luck Shot Project and the initial Resource Estimate coming out very soon.

If you have any follow up questions for Rick regarding either of the Projects we discussed please email me at Fleck@kereport.com. I’ll have Rick address any questions when I follow up with him on the back of more news.

Click here to visit the Contango Ore website and read over the recent news including the financing.

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Welcome to the KE Report Weekend Show! Precious metals and energy stocks continue to move higher so we focused the entire show on these sectors for investors wondering if they have missed the move or if this truly will be long term bull market.

Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital kicks off the show with a focus on the move in gold close to all-time highs and what other commodity companies are within his fund’s portfolio. With everyone wondering if gold will finally breakout and hold all-time highs. Following through on this we discuss when the broad move higher will come for many of the gold and silver stocks. In terms of other metals Matt shares why his thoughts on copper and lithium.
- Click here to learn more about MJG Capital.
Segment 3 and 4 – Dan Steffens, President of the Energy Prospectus Group wraps up the show with a focus on oil and gas and the underlying stocks. After a very short breakdown in March the oil price has recovered strongly along with the stocks. We start with the key oil data and when discussing the stocks, which stocks are best postioned to take advantage of the higher oil price.
- Click here to visit the Energy Prospectus Group website and keep up to date on Dan’s coverage of the stocks.

Matt GeigerDan Steffens

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Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show and Editor of The PreMarket Prep website wraps up our Daily Editorials for the week by focusing on the reversal for most markets on Friday. US markets and gold reversed from key technical resistance levels while the USD bounced off support that could have seen it move to lows for 2023. Joel points to the rotation out of tech into financial stocks on the bank of big bank earnings as one factor but the overwhelming theme remains, market are range bound.

Click here to visit Joel’s website – PreMarket Prep.

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Cole Evens, CEO of Enduro Metals (TSX.V:ENDR – OTCQB:ENDMF) joins me to recap the April 11th news release reporting a new porphyry target on the Newmont Lake Project, along the Newmont Lake porphyry trend. I have Cole speak to Figure 1 in the release showing the sampling and geophysics results.

Cole provides a background on the area and explains how the ice has melted away exposing this new target. We discuss how this target will factor into the Company’s exploration strategy this year.

if you have any follow up questions for Cole please email me at Fleck@kereport.com.

Click here to visit the Enduro Metals website and read over the full news release.

Figure 1: Total Magnetic Intensity Drone Survey over the North Toe prospect.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins me to recap the US economic data from this week and the market reversal today. The data showed both the economy and inflation slowing more than expected but by week’s end Fed rate hike expectations had grown to over 80%. this seemingly pushed the USD higher and markets lower.

Click here to visit Marc’s website – Marc to Market

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Brett Heath. President and CEO of Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) joins me to recap the 2022 Financial Results, reported on March 31st, provide asset updates for a number of royalties in the portfolio and the outlook for this year in terms of transactions. There were 24 asset updates in the news release so be sure to click the link below to read over all the updates.

We start by recapping the busy Q4 2022 for acquisitions. This ties into the financial results which I have Brett recap for 2022 and look ahead to other assets that will be bringing in cash flow in the near term. We also discuss how the higher gold price and overall better gold market impacts the Company and the outlook for transactions this year.

If you have any follow up questions for Brett please email me at Fleck@kereport.com.

Click here to read over the full news release Brett and I discussed.

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Doc Jones, Private Investor and editor of DrJonesResourceInvestor.com, joins us to discuss different aspects of investing in the resource stocks in gold, silver, copper, nickel, lithium, oil, and natural gas. We start the discussion off with a change in outlook for the precious metals sector, where he has been more actively involved lately and taking on a few new positions. He mentioned his interest in the earlier stage explorer Regency Silver (TSXV: RSMX) (OTCQB: RSMXF) based on some initial encouraging drill results, and also that he has recently participated in a financing with Western Alaska Minerals (TSX.V: WAM) (OTC: WAMFF) as they continue to expand and derisk their copper-gold porphyry project.*

Next we jumped over to the critical minerals trend, and the huge amount of investor interest over the last few years, due to all the positive tailwinds we see behind the green energy policies and investment capital flows. He explains why he is more interested in investing in critical minerals like copper, nickel, zinc, and lithium, and outlines 2 companies at various stages of the mining cycle that he has invested in personally. He first mentioned Sigma Lithium (TSX.V:SGML, NASDAQ:SGML), a near-term lithium producer in Brazil, and then moved over to the battery metals developer Magna Mining (TSX.V: NICU; OTC: MGMNF), and recent exploration results returning solid nickel, copper, PGM values.*

Because of his background investing in the traditional oil and nat gas stocks for over 2 decades, we wrap up with his outlook on the energy space, with his continued focus on Canadian companies with more established teams and assets with true scale and stability, along with robust dividends. He noted both Birchcliff Energy (TSX: BIR; OTC: BIREF) as an example of a solid dividend paying companies with excellent financials and growth built in as nat gas prices improve.*

Doc Jones is not paid by any company to discuss these stocks, and these are simply what he is doing with his own money in his own portfolio, and this is not investment advice.

https://drjonesresourceinvestor.wordpress.com/

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Craig Hemke, Founder of TF Metals Report joins us to discuss the lack of interest in gold and especially the gold stocks considering gold is a fraction away from all-time highs. One would expect the media to be covering the PMs more and commercials on TV for gold investments, much like what we saw back in 2011. This is not the case now… Maybe it’s because there are more options for investors to put money into or the lack of new funding avenues for companies, or maybe interest will never get back to those levels of a decade ago. Or maybe it’s just a matter of time before a flood of money comes into the space.

Click here to visit Craig’s site – TF Metals Report.

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Hole CH22-01 intersected two separate higher grade vein intervals within a broad zone of bulk tonnage mineralization. A 0.5 meter interval contained 348 (g/t) silver equivalent and another intercept of 0.5 m of 1,201 g/t Ag Eq bounding a zone of 34.2 m grading 38 g/t Ag Eq.
The southernmost drilling at the Caribou target demonstrated a further extension with 1,310 g/t Ag Eq encountered over 0.5 m at a near-surface depth of 44 m in hole CH22-05.

Next we discussed the ongoing exploration work still underway at the La Plata Project in Colorado, that had an initial copper resource put out in April of 2022, but drilling last year showed significant amounts of silver, gold, and even platinum group elements that are contributing to a robust mineralized system, that could potentially host multiple porphyry clusters. The exploration team is in planning to get this year’s exploration program mapped out, with plans to start up drilling late May or early June.

We also revisited the production royalty agreement at its Australia Creek property in the Klondike Gold District of Canada’s Yukon Territory. This is with Little Flake mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush.” Greg unpacks that mining will be starting in June on their first royalty deal in their Klondike Alluvial claims and this can expand into more royalties along their on 5 ½ miles of alluvial gold claims.

If you have any follow up questions for Greg on Metallic Minerals, or any of the Metallic Group of Companies, then please email me at Shad@kereport.com.

Click here for a summary of the recent news out of Metallic Minerals.

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Andrew Thomson, President and CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF) joins me to provide an update on the Winshear Gold arbitration with the Tanzania government and the exploration plans at the Company’s Projects. Palamina owns a 19.95% interest in Winshear Gold and a 2% NSR on Winshear Gold’s Gaban Gold Project.

On the exploration side Palamina has a drill on site at the Usicayos Project but drilling will not be starting right away. Andrew takes us though the steps needed to be completed for drilling to start. We also discuss the options the Company is weighing for financing a drill program.

If you have any follow up question for Andrew please email me at Fleck@kereport.com.

Click here to visit the Palamina Corp website to read over the recent news and keep up to date with the Company.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review the overall bullish posture that the precious metals sector has been in for some time; and while overbought, he feels the balance of probabilities is for higher metals prices before a more meaningful correction in the sector. Jordan is encouraged to see silver and the PM mining stocks outperforming gold recently, another point he reiterated was the positive breadth thrusts across the the advance/decline line and rate of change signals he follows, which is constructive for the whole sector.

As for concerns about the overbought conditions, he points out that in a true bull market that conditions can stay overbought longer than expected, and that corrective moves, like the 8% move down in gold that we saw in February/early March are more shallow and shorter than many are used to.

We wrap up with Jordan outlining that there is still plenty more room for upside appreciation in the metals and mining stocks, and that at this point in the newly developing secular bull market that buying and holding a well-selected portfolio, is more important that trying to overtrade the sector. In particular he highlights growth-oriented gold producers and silver stocks as two areas he believes will offer significant leverage to rising metals prices.

Click here to visit Jordan’s site – The Daily Gold.

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Michael Hennrichsen, Chief Geologist at Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) joins me to provide an update on the 15,000 meter program underway at the Santa Cecilia Project and recap the April 5th news release reporting 5 new targets on the Margarita Project. Both Projects are in Chile.

Drilling will continue at Santa Cecilia until a winter break, when the drill will move over to the Margarita Project.

Recapping the April 5th news release, 5 new targets were identified on the Project – see Figure 2 from the news release posted below. I ask Michael about the higher priority targets when it comes to the upcoming Q3 drilling and how many meters are needed to determine which targets warrant follow up drilling.

If you have any follow up questions for Michael or the team at Torq please email me at Fleck@kereport.com.

Click here to visit the Torq Resources website and read over the full news release reporting the new targets on the Margarita Project.

Figure 2: Illustrates newly identified targets based on gold-in-soils geochemistry across the property. Gold geochemistry results have demonstrated the potential for growth at the Falla 13 discovery, both along strike to the north-northwest as well as along a parallel structure to the east. In addition, five undrilled anomalies were defined across the project area, which will also be a focus for the planned upcoming drill program that is expected to commence in Q3 of 2023.

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I was introduced to MustGrow Biologics (TSX.V:MGRO – OTCQB:MGROF) late last year at a conference in Vancouver. The Company is an Ag-Tech company whose technology extracts and concentrates natural compounds from the mustard plant for use as a natural, organic bio-pesticides.

Corey Giasson, President and CEO of MustGrow Biologics joins us to introduce the Company’s strategy to bring the technology to commercialization. We start with an overview of the technology and global pesticide market. The next big strep for the Company will be to bring this technology to commercialization and mass production. On this front we ask Corey about the trials already undertaken with major companies as partners and what

At the end of the interview we cover some other Company fundamentals including share structure, cash position and key news to watch for over the next 6-12 months.

If you would like any further information on MustGrow or have any follow up questions for Corey please email me at Fleck@kereport.com.

Click here to visit the MustGrow website and read over the Corporate Presentation.

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Nick Appleyard, President and CEO of Tristar Gold (TSX.V:TSG – OTCQX:TSGZF) joins me to update us on the permitting progress at the Castelo de Sonhos Project in Brazil. The Project has a 2.5 million ounce gold resource (1.8 million ounces in indicated and 700,000 ounces in inferred) and has a PFS from 2021.

Nick explains the next couple near term permitting steps, starting with a site visit in early May followed by a public hearing. I also have Nick update us on other assets/companies going through permitting in Brazil.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the Tristar Gold website to learn more about the Company and to follow along with the upcoming permitting news.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to discuss the technical setup in gold, silver, GDX, and GDXJ, and a recent historical analog that suggests the precious metals sector is ready for a major move higher. We start off discussing the technical setup, and that gold just put in it’s highest monthly and quarterly close in March, and was just $1 away from its highest weekly close in early April. After such a solid move, and despite having remained overbought, the PMs are not falling out of bed here and have not yet corrected down as much as many have been calling for. Gold has been hovering around $2020, while silver has been remained back above $25, and the more liquid PM stocks have been outperforming the upward moves in the metals for the last 6 months and especially since the banking crisis in March. Dave provides some support and resistance levels he is watching closely in the PM sector for the short to medium-term.

Next we discussed the longer-term 12 year cup & handle pattern that, if triggered, could resolve to a much higher price level in gold. Dave reiterates that what may cause an influx of new buyers to come in and push prices higher will be once the 12-year resistance level of $2000 is a solid floor moving forward. He also compares this set up to the period in the early 2000’s when gold had spend 15 years trying to break solidly above $500, out of a similar cup & handle pattern, and it eventually broke all the way up to $1921, essentially going up 4-fold. This similar big picture setup bodes well for much higher gold prices in the longer-term.

We wrap up with getting Dave to outline how he’s been approaching investing in the gold and silver mining stocks, favorable pricing environments, what to look for in management, how having a few optionality plays make sense, the importance of companies that are well-capitalized an know how to raise at the right times, and the leverage and outperformance in the mining shares that is still to unfold when the metals truly break out to new highs.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Critical minerals have been drawing a lot of media coverage, government support and investor interest recently. I think a lot of you all know how exited I am about the government support for these metals and the new funding options available for companies.

In my concerted effort to bring on more commentary for these minerals we will be chatting on a regular basis with Matt Badiali, Editor of the New Energy Investor newsletter and Founder of Mangrove Investor.

Today we asked Matt which of the critical minerals he things have the best long term investment outlook. The focus is on copper, nickle and lithium. We discuss the types of deposits for each and the companies Matt is following.

Please send us any topics you would like us to discuss with Matt for future interviews. Feel free to include any companies you would like us to discuss. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Be sure to visit the Mangrove Investor website and look into subscribing to one of Matt publications. There is a free letter as well as a couple other letters.

I get all of Matt’s letters and they are very good for all investors looking at the critical minerals.

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Today, Fury Gold Mines (TSX:FURY – NYSE:FURY) announced this year’s exploration plans at the Eau Claire Project in the James Bay region of Quebec. The Company sates 3 key goals of the 15,000-20,000 meter drill program. These goals are: 1)continuing expansion of the high-grade Eau Claire resource; 2) following up on the 2022 success at the Percival Prospect 14 kilometres (km) to the east of Eau Claire; and 3) advancing several early-stage exploration targets along the Cannard Deformation Zone to the drill ready stage.

Tim Clark, President and CEO and Bryan Atkinson, Senior VP of Exploration at Fury Gold Mines joins me to dive into the news release and focus on each of the 3 goals. We start with the Western Hinge Target, see Figure 1 below, to outline the target and where the current resource is located. Next we move to the Percival Prospect, see Figure 2 below, and where those drill holes will be located. Finally we discuss the newer, early stage targets along the Cannard Deformation Zone.

If you have any follow up questions for the team at Fury Gold Mines please email me at Fleck@kereport.com.

Click here to visit the Fury Gold Mines website and read over the full news release we discussed.

Figure 1: Eau Claire Deposit long section area illustrating the resource block model and locations of the proposed 2023 Drilling in relation to previous drilling.

Figure 2: Percival Long Section depicting the proposed locations of the 2023 follow-up drilling targeting the continuation of a steeply west plunging fold.

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Quinton Hennigh, Technical Advisor at Lion One Metals (TSX.V:LIO – OTCQB:LOMLF – ASK:LLO) joins me to recap the April 3rd news release announcing the start of high-grade gold mining at the Tuvatu Gold Project, in Fiji. This initial mining is focused at near-surface, high-grade gold bearing mineralization from a recently discovered mineralized lode. This lode was discovered just last year.

I kick off the interview by having Quinton explain the mining strategy of starting small by using the underground infrastructure to confirm and validate the Company’s drill results. Quinton refers to Table 1 and 2 in the news release to compare the results from underground sampling and initial mining to the drill results. I also have Quinton provide a general timeline for ramping up mining at the Project.

If you have any follow up questions for Quinton regarding Lion One Metals please email me at Fleck@kereport.com.

Click here to visit the Lion One Metals website and read over the most recent news release.

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Walter Coles, President and CEO of Skeena Resources (TSX:SKE – NYSE:SKE) joins e to recap the April 5th news release announcing the Company retaining 1`00% ownership in the Snipp Project in the Golden Triangle of BC. Hothschild Mining terminated it’s option to earn up to 60% in the project. To date Hothschild spent about $15million at the Project.

Walter and I start by discussing why Hothschild steeped away from the Snipp Project. I then have Walter explain the vision for the Snipp Project as it will compliment the Eskay Creek Project. We discuss the exploration planned for the Project and the overall goal of increasing the high-grade portion of the resource.

If you have any follow up questions for Walter or the team at Skeena Resources please email me at Fleck@kereport.com.

Click here to visit the Skeena Resources website and read over the recent news releases.

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Marco Roque, President and CEO of Cassiar Gold (TSX.V:GLDC – OTCQX:CGLCF), joins us to provide a comprehensive exploration update from multiple areas of focus at the Cassiar Gold Project, in BC. Cassiar Gold’s 2022 exploration program comprised 23,000 meters in 70 diamond drill holes focused on strategic areas of the Taurus Deposit, as well as significant vein prospects in Cassiar South and other brownfields targets.

We review some of the recent bulk-tonnage style drill intercepts stepping outside of the existing pit shell at Taurus West, with drill hole# 22TA-180 intersecting 71.6 m of 1.54 g/t Au from 177.5 m down hole, including 23.5 m of 3.68 g/t Au, expanding mineralization beyond the resource block model along the Taurus West Fault. Results reported here contribute to the progressive expansion of mineralization both within and near the footprint of the Taurus Deposit and further demonstrate continuity of a higher-grade corridor of gold mineralization at the western extent of the deposit.

Next Marco outlined the seven holes totaling 2,380 meters, announced on April 4th, from the East Bain Extension and West Bain areas of the past-producing Bain vein system Bain vein target in the Cassiar South project area. Drill hole# 22EBX-103 intersected multiple mineralized intercepts which include:

14.6 m of 2.21 g/t Au, from 159.5 m downhole, including 4.0 m of 5.05 g/t Au, identifying a potential offset continuation of the past-producing Bain vein system 90 m from previous drilling.
2.16 m of 32.95 g/t Au from 361.9 m downhole, including 0.55 m of 123.50 g/t Au proximal to the Bain vein, and potentially representing a new parallel vein.

Results from 13 drill holes totaling 5,259 metres of drilling from this program are yet to be disclosed as the Company continues to await the return of additional assay results. Looking forward, the details are still being finalized for the 2023 drill program, but it will likely be of similar size to last year’s program, focused at Cassiar North, Cassiar South, and also testing additional regional targets like Wings Canyon, Lucky, and Snow Creek.

If you have any questions for Marco on Cassiar Gold, then please email me at Shad@kereport.com.

Click here for a summary of all the recent news from Cassiar Gold.

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Welcome to another KE Report Weekend Show! On this Weekend’s Show we focus on the continued rise in gold, silver and the underlying stocks. With gold approaching all-time highs and select stocks moving higher over the past 5 months we thought it was appropriate to focus this show on the PMs and how to best invest in this run higher.

Segment 1 and 2 – Doc kicks off the show by sharing his outlook and investing strategy in gold, silver and gold stocks. This is the most bullish I have heard Doc ever on the metals. He does note that it will not be a straight up move but all dips he is buying.
Segment 3 – Brien Lundin, Editor of The Gold Newsletter joins us to discuss which stocks are moving. Since this has been a very selective move for gold stocks where the mid-tiers and select juniors are outperforming.
- Click here to learn more about Brien’s Gold Newsletter.
Segment 4 – TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website wraps up the show with a shift in focus to the US markets. Markets are showing a lack of direction but are generally hanging up better than many were thinking. TG shares a couple key chart aspects to watch for any sotck you are following.
- Click here to listen to TG’s Bull/Bear Market update.

Doc Brien LundinTG Watkins

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to reflect on the importance of share structure when investing in junior gold and silver mining stocks. He makes the point that has to roll the dice more on assay risk with companies with tight share structures, as they could move up substantially on a good drill results, whereas one can wait until after assays are released on companies with more bloated share structures, where the good news may not move the needle quite so much.

Erik mentioned that with larger share structure in Gold79 Mines (AUU) (AUSVF) that he was happy positioning after the positive drill results, as the shares didn’t move much and yet the risk/reward set up on the exploration improved substantially. In contrast, Erik mentioned he is positioned in Irving Resources (IRV) (IRVRF) ahead or more assays being released because not only does he like the prospectivity of hitting, but they have a tighter share structure, and thus could move up more on positive results.*

We wrap up by discussing how he views the importance of the amount of outstanding warrants in a junior mining stock, what their strike price is, and if this factors into where pricing could get stalled out even on good news. Ultimately he feels like this just frustrates shorter-duration traders, but actually subsidizes longer-term value investors with more time to accumulate an under-valued fundamental picture unfolding over time.

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and are also site sponsors of The Hedgeless Horseman website.

Click here to visit Erik’s site – The Hedgeless Horseman

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Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to recap the Q1 2023 operations results and the overall organically-funded exploration strategy, continuing grade-driven growth of the resources in both Nicaragua And Nevada.

There was consolidated quarterly gold production of 65,750 ounces and gold sales of 65,770 ounces, which was 27% increase in gold production compared to Q1 2022. The consolidated 2022 Mineral Reserves increased 370%, since acquisition in 2019, to 1,346,000 ounces gold, and the consolidated 2022 M&I Mineral Resources increased to 4,603,000 ounces gold.

We discussed the high-grade mining commenced ahead of schedule at Pavon Central open pit averaging a delivery rate 1,000 tonnes per day to the Libertad mill. The next key area of development and near-term production in the second half of this year will be coming from Eastern Boros, where permitting was approved last year in Q4 as well as commencement of construction. Both of these 2 new mining areas will continue adding in higher grade throughput through the Libertad Mill. There is also aggressive ongoing exploration focused on prior high-grade drill results from Panteon North, new zones around the Libertad Mill, Veta Azul, Volcan, and also new targets at Buena Vista and La Fortuna.

Next we transition over to the Nevada assets, and all the ongoing exploration work the company has underway around both the Pan Mine area and at the development-stage Gold Rock Project. The exploration team is encouraged by recent drill results stepping out from the known mineralization and finding higher grade gold intercepts at the Coyote target, as well as stepping out from the Pan Mine area. There are also some targets on drilling some deeper ‘Carlin Style’, sulfide mineralization at Gold Rock Deep. We wrap up by reviewing some of the recent high-grade gold intercepts that were released from the Golden Eagle Project in Washington state, the 2 million ounces of gold in the ground there, and some of the larger majors projects in the area that represents future optionality for this project.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Calibre Mining.

https://www.calibremining.com/news/

Q1 2023 Financial Results and Conference Call Details

First quarter financial results will be released after market close on Monday, May 8, 2023, and management will be hosting a conference call on Tuesday, May 9 at 10:00am (ET) to discuss the results and outlook in more detail.

https://edge.media-server.com/mmc/p/77jbhopx

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Craig Hemke, Founder and Editor of TF Metals Report joins us to discuss the moves in gold, approaching all time highs. As gold gets a bit more media attention we ask if gold will finally move away from being just a old person investment.

On the stock side Craig shares his thoughts on why the PM stocks are so far off of their respective highs. He has some good thoughts on how the market and investor has changed for PM stocks.

Click here to visit TF Metals Report and follow along with Craig’s commentary.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review the technical support and resistance price levels he is watching in gold, silver, GDX, and GDXJ. We start off reviewing the all-time high monthly and quarterly close we saw last week to close up March, and that we have a chance to make a new all-time high weekly close based on where things are currently if things hold up going into Friday’s close. Jordan is encouraged to see silver and the PM mining stocks outperforming gold recently, and noted that GDX and GDXJ did pop above key resistance yesterday, and we’ll need to see some follow though. Another point he stressed was that a key indicator he follows, the advance/decline line and rate of change is signaling that we may see a healthy breadth thrust across the gold and silver mining stocks, which is constructive for the whole sector.

Next we got into a nuanced discussion about where the PM mining stocks are at present, and that many of them should actually be referred to as cheap, rather than undervalued; with the later designation being reserved for companies that do have resource estimates or economic studies that indicate that they have true value that is not being properly factored in. For many stocks in the sector though, especially the earlier stage drill-plays, they don’t really have the demonstrated and defined value to leg to stand on, which is a key distinction. In addition, many producers, have seen considerable cost increases from a similar gold price 12 years ago or even 3 years ago, and thus their margins have been compressed, which explains why they are more cheap versus truly undervalued.

We wrap up with Jordan outlining that we are still quite early in this new secular bull market unfolding, and that based on different takes at the price projections from the cup & handle pattern, that there are logical ways to point to a gold price in the $3000 – $4000 range by late 2025. This kind of move will drag the whole precious metals sector up with it, and should offer some solace to investors that may have missed the move higher in PMs over the last 5-6 months, as there is still plenty more room for upside appreciation in the sector.

Click here to visit Jordan’s site – The Daily Gold.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review macro investing themes in general US equities and in the commodities resources stock in gold, copper, oil, uranium, and lithium.

We kick things off with the continued break higher in gold and gold equities over the last month, on the back of the banking crisis and expectations around the Fed tightening cycle coming to a pause. This is a wide-ranging discussion that gets into the continued yield curve inversions, if we are still heading towards a “double-whammy” recession, and how that could affect the demand for various commodities.

One of the topics reviewed is that while a longer-term fundamental thesis can be bullish, for something like Dr Copper, it still could show weakness in the medium-term with a contracting economy on the horizon. Investors can take advantage of longer-term macro trends by purchasing into weak corrective periods. We also discussed the recent OPEC+ cuts in oil production, and what that means for the energy space, the precious metals space, and the outlook they see for a slowdown in global growth and demand.

Nick makes the point that investors should use the volatility (both to the upside and downside) for compounding gains when positioning in or trimming out of resource sectors. We touch upon the continued volatility and poor sentiment in the uranium sector, despite a compelling macro fundamental backdrop, and he mentioned having done well getting positioned 2 months back in the more advanced companies that are dual-listed on the big boards like Energy Fuels (UUUU) (EFR), and enCore Energy (EU), while keeping a tight stop in place.

We also revisited the lithium sector, the recent pullback in Li prices due to China reopening, Liontown Resources (LTR.AX) turning down a major takeover offer, and some of the frothiness coming out of the lithium stocks over the last 2 months. While he had lightened up on some positions in the past 2 months, Nick noted that there have been companies like Patriot Battery Metals (PMET) and Critical Elements Lithium (CRE), that have pulled back to levels where he’s been a recent buyer once again.

https://digestpublishing.com/publications/

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Michael Wood, CEO and Director of Reyna Gold Corp. (TSX.V: REYG) (OTCQB: REYGF), joins us for an exploration update with the commencement of a 5,500 meter Phase 2 drill program at the flagship La Gloria Project; a 24,215 ha area located along the Mojave-Sonora Megashear trend in Sonora, Mexico.

We start off by highlighting the 4 different target areas of focus in 2023: La Republicana, Western, Las Carmelitas, and the Main Zone. The initial drill focus will be at La Republicana, with 9 holes stepping out to test extensions to the La Republicana Main Vein, which produced 59.00m of 1.45 g/t Gold in Phase 1 drilling. There are 20 holes overall planned for La Republicana, with a number of other targets that have been generated district-scale ongoing mapping, soil sampling, and magnetic and IP surveys.

Next we discussed that the exploration team at Reyna Gold is continuing to refine targets and just waiting on the final data from the IP survey to set up the drill plan at both the near-surface bulk mineralization at Las Carmelitas and the big high-density veins at the Western area. Additionally, there will be drilling allocated to following up on nice silver hit from last drill season at the Main zone.

We wrap up discussing the district scale size of this land package, along with the range of minerals found from precious metals – gold and silver, and base metals – copper and lead, to critical minerals – antimony, and tellurium. It reflects the large discovery potential of important key metals at a number of target for exploration this year, so there should be plenty of newsflow on tap in the months to come.

If you have any questions for Michael about Reyna Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Reyna Gold News

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to outline the full year work plans at the newly acquired Ana Paula gold deposit in Mexico. The acquisition from Argonaut Gold just closed on March 28th.

The work plans this year include drilling (3,000 to 3,600 meters) of the high-grade core to expand the current resource, mine sequencing, metallurgy, a resource update and a re-scoping study to wrap up the year. A major focus of all this work will be on the high-grade core of the known resource. We also discuss Company valuation and have Charles compare this to other companies with similar assets.

Please email us with any follow up questions for Charles. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the recent news including an overview of the re-scoping study plans.

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David Stein, President and CEO of Kuya Silver (CSE:KUYA – OTCQB:KUYAF) joins us to recap the drill result released yesterday, April 4th, from the Silver Kings Project in Ontario. A 3.6meter drill intercept was rush assayed by the Company due to what was seen in the core. The result was 74,418 g/t (2,393 oz/t) silver over 0.30 m (237.50 m to 237.80) within a composite interval of 16,838 g/t silver, 0.08% cobalt over 3.04 m (235.20 m to 238.24). This drill hole was at the Campbell-Crawford target.

We have David recap this hole and the other 6 drill holes (still to be assayed) from the Campbell-Crawford target area. We also discuss the history of this area and how this result ties into historic mining. There are also 6 holes form the North Drummond target area still at the assay lab.

Please email us with any follow up questions for David. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Kuya Silver website and read over the full news release reporting this discovery.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to discuss the continued positive momentum higher in the precious metals sector, with gold around $2040 and closing in on the all-time high, silver back above $25, and the PM stocks starting to outperform. We start off getting his technical outlook on the strong monthly & quarterly close for gold in March, and the larger cup & handle pattern that, if triggered, could resolve to a much higher price level in gold. Dave reiterates that what may cause an influx of new buyers to come in and push prices higher will be once the 12-year resistance level of $2000 is a solid floor moving forward.

For the balance of the interview, we really cover a lot of ground on getting his pro investor tips on what kind of companies to be positioned in that will have the most upside torque in a rising metals price environment. We discuss looking for companies with well-defined and derisked multi-million ounce deposits, solid economic studies in place, quality management teams that have access to capital and a history of doing raises at the right times, good insider ownership of the stock from their own participation, a limited warrant overhang, and plans for a big-board dual-listing on the US exchanges.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG) joins me to answer a wide range of questions mostly focus on the Thermal-XR and battery divisions.

A lot of Thermal-XR questions are focused on future revenue potential, the timing of significant revenues and the range of potential markets for Thermal-XR. On the battery front we discuss the outlook for partner companies, volumetric energy density data and the balance between coin cell batteries and pouch packs. Another couple questions I received were asking about the possibility of the Company moving to a US exchange.

Please keep sending me your questions. For the questions we did not get to I will keep those handy for the next call. For all other questions please email me at Fleck@kereport.com.

Click here to visit the GMG website to read over the Corporate Presentation.

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Cole Evans, CEO of Enduro Metals (TSX.V:ENDR – OTCQB:ENDMF) joins me to recap the news release today highlighting drill results at the Newmont Lake Project in the Golden Triangle of BC. The drilling was focused at the Burgundy discovery and the McLymont West target. These are the final results from the 2022 drill program.

If you have any follow up questions for Cole regarding these drill results please email me at Fleck@kereport.com.

Click here to visit the Enduro Metals website and read over the full news release.

Figure 1:Plan view map of Enduro Metals’ 2022 drilling at Burgundy.

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John Rubino, Founder of the Dollar Collapse website and editor of his recently launched newsletter over at Substack, joins us to discuss resource stock investing trends in various commodities like oil, nat gas, gold, uranium, and copper. We start off with some of the macro drivers in the oil patch, and the recent OPEC+ production cuts which as buoyed crude prices back above $80 again. In contrast, natural gas is still down at very low levels, but John postulates that companies with more exposure to it may represent a contrarian buying opportunity as the rising oil prices may lift many stocks across the sector in sympathy.

With Gold there are a number of macro factors we discuss that are underpinning value in the precious metals, and John lays out the conditions we want to see for the PM mining stocks to get more of a bid. Wrapping up, we look at what commodities may still do well in the face of an overall slowing global economy, but counterbalanced with supply/demand factors. John points to underlying macro currents in both uranium and copper as areas of growth that may run higher, regardless of any economic contraction, and thinks there is still opportunity in the related mining stocks.

https://rubino.substack.com/

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Ed Moya, Senior Market Analyst at OANDA joins us on a busy Monday to kick of Q2 2023 for markets.

OPEC cut production by around 1million barrels/day ahead of the meetings which is driving oil prices much higher – crude is over $80/barrel. Gold is off to a good start for Q2, now over $2,000/oz. This move could be supported by the weaker ISM data out of the US which is also leading to bonds moving higher, driving yields lower. We cover it all in today’s interview.

Click here to visit the OANDA website to follow along with Ed’s daily market note.

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Taj Singh, President, CEO, and Director of NOA Lithium Brines (TSX.V: NOAL), joins us for a comprehensive overview of the Company projects, management team, financials, and work strategy for 2023. We start off with a introduction to how this company came together from some of the team and experience at both AbraSilver Resources and Minera Exar (Lithium Americas Corp/Ganfeng), and with substantial landholdings around 3 key salars in Argentina.

We have Taj break down the 6 drill holes planned in the 3,000 meter Phase 1 exploration program for this year at the flagship Rio Grande Project; with about half the holes planned in the known salar area testing the depth, and the other half of the program drilling 3 more holes around the main basin. Next we pivoted over to the 4-5 drill holes planned later in the year at the Arizaro Project, very near Lithium Chile’s project and recent good Li grades returned. Then further down the pipeline is the Salinas Grandes Project, which the team is still very excited to explore as it is located on another prospective lithium salar.

Taj outlines his background in the mining sector, and a few key people on the management team and board of directors, and then we get into the company financials, key stakeholders, share structure, warrant structure, and budget for this year’s exploration plans. We wrap up with the key catalysts and overall big picture vision for this newly launched lithium exploration company in the heart of the Lithium Triangle.

If you have more questions for Taj regarding NOA Lithium, then please email us at either Fleck@kereport.com or Shad@kereport.com.

https://www.noalithium.com/news/

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Welcome to the KE Report Weekend Show! The end of Q1 2023 was good for many sectors and very different from Q1 2022. We feature 2 generalists; 1 Fund Manager and 1 Partner at a currency firm, to breakdown the sectors they like and the different economic environment.

Please keep in touch with Shad and me through email. We love hearing your thoughts on the markets and the guests and companies we feature each week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Dana Lyons, Fund Manager and Editor of The Lyons Report Pro kicks off the show with a focus on the gold market, stocks market, currency market and bond market. We also discuss investor sentiment and how that plays into the Q1 rally. Finally we have Dana share his trading strategy moving forward.
- Click here to visit The Lyons Share Pro website.
Segment 3 and 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website wraps up the show by comparing markets and economic data from Q1 2023 to Q1 2022. There are some major differences this year with data and expectations moving forward. For markets we focus on currencies and gold.
- Click here to visit the Marc to Market website.

Dana LyonsMarc Chandler

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss the Q1 close for markets. Everything outside of the USD are looking to close the quarter in positive territory.

We look at big tech leading markets, gold closing near $2,000/oz, oil bouncing and safe asset also getting a buy. It’s a very different market compared to last year. Expectations now for a near term Fed pause and the possibility of the US banking issues behind us.

On April 3rd at 7am Joel will be hosting a webinar focused on a Q2 2023 Market Outlook. “Join PreMarket Prep’s Joel Elconin and Dennis Dick along with special guests for a preview of what Q2 2023 has in store for the markets! Find out what stocks to keep an eye on and what technical levels to watch in the coming months.“

Click here to find out more and sign up to be notified on the Webinar.

Click here to visit Joel’s PreMarket Prep website.

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Brad Dochery, Founder, President and CEO of Source Rock Royalties (TSX.V:SRR) joins us to discuss a new acquisition, that was announced March 27th, where it will have a 5% gross overriding royalty (GORR) on three light oil properties in Central Alberta, operated by a private Calgary-based oil and gas company.

We started off contrasting this new royalty acquisition in Alberta, where the royalties are on more established oil wells and on maintaining solid operations with a water flood process, with the prior royalty acquisition announced November 28th of 2022 of a different royalty agreement in Saskatchewan that is more about drilling new wells to grow production. In the prior acquisition of a 2% GORR in S.E. Saskatchewan operated by Anova Resources Inc., and Elevation Oil & Gas Limited, Source Rock has received a drill commitment for 15 additional net horizontal wells to be drilled on Source Rock’s royalty lands prior to December 31, 2024.

This brings up a larger discussion with Brad, of how Source Rock Royalties structures it’s partner royalty deals, and how they are positioned in the overall energy royalties space in Canada, compared to their 3 larger cap peers. Brad outlines that company is still quite interested in making more royalty acquisitions in 2023 that will be longer-term accretive. The Company announced March 15th that is continues to pay a quarterly dividend, and is set to release it’s Q4 and full year 2022 financial results in mid-April.

If you have any further questions regarding Source Rock Royalties, or want more information on any aspect of the Company, then please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Source Rock Royalties website to learn more about the Company.

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Colin Smith, CEO of Gold Basin Resources (TSX.V:GXX – OTCQB:GXXFF) joins me to provide an overview of the Golds Basin Project in Arizona. We start with the history of the project and discusses recent drill results that caught investors attention.

On March 22nd the Company released 29 RC drill holes, out of the 41 total holes in the program. These holes were from the Red Cloud and PLM Targets. There has also been drilling at the Cyclopic and Stealth Targets – refer to the map below for a view of the targets. I have Colin outline the strategy at each target and plans moving forward with drilling starting up again soon.

Many other Company fundamentals including share structure and team are discusses at the end.

If you have any follow up questions for Colin please email me at Fleck@kereport.com.

Click here to read over the Gold Basin Corporate Presentation.

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Yesterday, on March 29th exploration news was released where drill hole# DDH 23-010intersected numerous zones of silver mineralization in oxides, including 45.5 metres at 233 g/t Ag and drill hole# DDH 23-007 returned very high-grade silver mineralization in oxides, with 2,320 g/t Ag over 4.0 meters. This high-grade interval demonstrates that there are zones within the JAC system that will raise the overall grade of the mineral resource.

John outlines why the exploration team is so encouraged by the continued Phase 3 program drill success at this JAC Zone, with 16,000 meters and 74 holes drilled to date, but only 38 holes have been released to the market thus far. There are plans for another 6,000 meters for Phase 3 taking the total up to around 22,000 meters by mid-year, and then all results going into a maiden resource on this JAC target area in September, followed by incorporating other metallurgical work, environmental and permitting work, and other derisking work going on into a Preliminary Feasibility Study by year end.

We also discussed the potential in Phase 4 to drill at depth testing some of the copper targets under the JAC and Occulto deposits, as well as the long hole drilling underway at a second project, La Coipita, testing for a potential high-grade porphyry system.

If you have any follow up questions for John regarding at AbraSilver, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver

Click here to visit the AbraSilver website and read over the most recent news releases.

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Craig Hemke, Founder and Editor of TF Metals Report joins us to dive into the upcoming monthly and quarterly close for gold that could be at an all time high. Outside of a significant correction tomorrow gold will close at the highest monthly and quarterly close ever.

We ask what this means for silver and the underlying gold and silver stocks which have broadly lagged the gold price. We also discuss the set up for copper where Goldman Sachs is predicting the world will run out of copper by as early as August (see the chart below).

Click here to visit Craig’s site – TF Metals Report

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Brandon Macdonald, CEO of Fireweed Metals (TSX.V:FWZ – OTCQB:FWEDF) joins me to recap the 2022 drilling focused at the Tom Deposit and Boundary Zone, on the MacMillan Pass Project, in Yukon and look ahead to what Brandon says will be an even larger drill program.

In the 2022 drill program some of the best drill intercepts were encountered, which has the Company excited about this year’s program and what it means for an updated resource. This years program is budgeted for around $20million and fully funded with the cash on hand. The drilling will be focused on the Tom and Jason Deposits and Boundary Zone. I also have Brandon elaborate on the importance of the Boundary Zone due to recent drill results.

If you have any follow up questions for Brandon please email me at Fleck@kereport.com.

Click here to visit the Fireweed Metals website to read over all the 2022 drill results news.

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Eric Roth, President and CEO at Capella Minerals (TSX.V:CMIL – OTCQB:CMILF) joins me to recap the March 20th news announcing a Definitive Earn-In agreement with Hilo Mining on 5 lithium and rare earth element (REE) properties in Finland. He discusses how this agreement helps the Company focus on the ongoing exploration at the copper projects in Norway and Finland. Eric updates us on the drilling at the Kjøli and what project is next in line for drilling.

Please email me any questions you have for Eric. My email address is Fleck@kereport.com.

Click here to read over the news release on the earn-in agreement announced March 20th.

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Peter Gianulis, President and CEO at Allegiant Gold (TSX.V:AUAU – OTCQX:AUXXF) joins us to provide a comprehensive update the Company’s Eastside Project in Nevada.

We have Peter recap the 15,000 meter drill program last year, current resource on the Project and an overview of the 2023 exploration program. The focus this year will be at the Original Pit Zone and Castle Area. We also have Peter further explain Kinross Gold’s focus on the Original Pit Zone and what he thinks is possible at the Castle Area.

If you have any further questions for Peter please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Allegiant Gold website and read over the Corporate Presentation.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review why the technical and fundamental picture is setting up to have gold poised on the cusp of breaking out into a new secular bull market, that will lift up the entire precious metals sector to higher levels. All eyes will be fixed on where gold closes this month and quarter this coming Friday. A close above $1953 in March would be the highest quarterly close on record, and a close above $1986 would be the highest monthly close. Gold is presently within range of those resistance levels, so they are very much on the table for how things finish this week. Ultimately though, it is likely going to take breakout in gold to all-time highs above $2100 to really get some momentum going in PM mining stocks and silver.

From a macro sense, Gold has been continuing to outperform general equities and continues to make higher levels against foreign currencies. Also, to further validate that Gold is setting up in a new bull market, when Gold corrected in February and early March it was only about 8% over that time period, and then quickly recovered those losses and blasted back higher once again for the balance of March. This is in alignment with what one would expect to see in bull market corrections.

Jordan feels that whether this breakout move higher in gold to new all-time highs happens in a few weeks or a few months, he feels it is coming and that it will lift the GDX and GDXJ to new highs once it then starts to really gain traction on the way to $3000 in the longer term. In addition, a breakout to new highs in gold will also drag silver prices higher along with it, but ultimately, it is when silver can break through the $26-$28 resistance zone that it can then break decisively back up north of $30 and beyond.

Click here to visit Jordan’s site – The Daily Gold.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to discuss the continued move higher in the precious metals rally over the last few weeks, fueled by banking uncertainty and expectations that the Fed tightening cycle is nearing its end. Dave brings up a few key factors that are stacking up for a potential breakout higher in gold as we approach the month-end and quarter-end closes this Friday. Gold and some of the mining stocks are forming ascending symmetrical triangles, along with a 12 year and smaller 3 year cup and handles, with a propensity to break out higher out of those chart patterns. In addition there is a fairly bullish set up on the COT Commitment Of Traders reports. One more key factor is that recently silver and PM mining stocks have started to outperform gold again and are following in this continued leg higher in March.

We spend the latter part of the discussion pointing out how little generalist interest there still is in the sector as gold approaches a potential breakout, and what may cause an influx of new buyers to come in and push prices higher. Dave feels once the $2000 level is a solid floor in gold pricing, that more institutions and investors will start getting more interested. We also review that it may just be more generalists waking up to the outperformance of gold across the board over most other asset classes from stocks, to bonds, to energy, to commodities, to currencies, that causes more investors to get a small allocation to the precious metals sector.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Sean Brodrick, Editor of Wealth Megatrends, and contributing analyst to Weiss Ratings Daily, joins us to share his thoughts on where we are in the macroeconomic landscape, and how that is filtering down into commodities like gold, oil, nat gas, lithium, and uranium.

We start off discussing the divergence from what the Fed has been messaging as far as more rate hikes to keep fighting inflation, versus the market expectations of the rate hikes being mostly done and starting to discount multiple rate cuts for 100 basis point cut by year-end. Sean believes the reality is likely somewhere in the middle of these two outlooks, and points out that there are other things driving the commodities sector like the Chinese reopening and policies around energy.

Overall he remains bullish on gold and the precious metals mining stocks, as well as oil stocks and lithium stocks, but is still not interested in natural gas stocks or uranium stocks until we see more catalysts and traction in both sectors.

Click here to visit the Weiss Ratings Daily website to follow along with Sean’s market outlook.

Sean Brodrick will be speaking at the Las Vegas Money Show April 24–26, and sharing his best investment ideas for gold, silver, tech and more. Make your reservations now and you can get your pass at a discount

https://conferences.moneyshow.com/moneyshow-las-vegas/speakers/50a8463072b6404a8b1a00fe930f4ecc/sean-brodrick/?couponcode=SPK99&scode=059126

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Robert Sinn, known as Goldfinger over at CEO.ca and writer at the Energy and Gold website, joins us with his technical outlook in gold and silver, a ratio chart of gold versus the financial sector, and what they mean in relation to macroeconomic trends in motion over varying investors time horizons. We start off discussing the importance of the upcoming weekly/monthly/quarterly close in gold, to see if the precious metals can break out of the range they’ve been trading in. We also review the longer-term monthly chart as to the performance of gold over the last 20+ years in relation to inflation and it’s definitely outperformed, and looks poised to continue to do so over time.

Next we shift over to the chart of gold vs (XLF) financial sector SPDR fund, and discuss the current setup in the business cycle, and that we are entering a period where gold will likely outperform the financial sector. This leads to a broader discussion on looking at technical analysis with the overlay of fundamental data points, to get a more holistic view on market action and unfolding cycles and patterns.

We wrap up with getting Robert take on what factors will drive gold, silver, and the PM mining stocks to new higher price levels, and the importance of attracting more generalist investors into the sector.

Click here to visit the Energy and Gold website.

https://ceo.ca/@goldfinger

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Welcome to the Weekend Edition of the KE Report! Every Fed week is a big deal for markets but now with the banking issues in the US and around the world this was a particularly important meeting. Be sure to go back through this week’s posting where Shad covered the market moves and a number of company updates.

Segment 1 and 2 – Peter Boockvar, CIO at Bleakley Financial Group and Editor of The Boock Report website kicks off the show with a discussion on the banking system. This is ties in with lending conditions and how markets move in times of tighter credit markets.
- Click here to visit visit The Boock Report website.
Segment 3 and 4 – Tavi Costa, Portfolio Manager at Crescat Capital wraps up the show with a focus on the junior resource stock sector. It’s a different investment take on the production side of the industry.
- Click here to learn about the Crescat Capital group.

Peter BoockvarTavi Costa

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website, joins us for a detailed review of market expectations and reactions to the FOMC meeting earlier this week and the ongoing concerns about the banking sector, both in the US and in Europe.

We start off with some of Marc’s main takeaways from Jerome Powell’s press conference, after the Fed hiked the anticipated 25 basis points to continue fighting stickier and higher inflation, yet in the face of continued investor outflows from the financial sector. The US Invesco KBW Regional Banking ETF (KBWR) was down over 30% in just the last 7 weeks, and European AT1 ETFs are down 21% in 7 weeks in a row, and down 8.5% on just this Friday. We note the market expectations between trends in the breakevens for inflation and in the expectations transitioning to a “Powell Pause” and now multiple rate cuts projected in the 2nd half of this year. Marc outlines that the gap has never been so wide between what the market is anticipating and what the Fed is forecasting, and feels both sides have slightly exaggerated expectations. We discuss that the Fed has gone from behind the curve on inflation, to now behind the curve on the developing recession.

Next we discuss some thoughts on to the Fed’s balance sheet expansion over the last few weeks, and whether this is wiping out the reduction in their balance sheet from their ongoing pledge for quantitative tightening. Marc distinguishes that the increase in their balance sheet is not due to the quantitative easing, and is more a liquidity loan to shore up banks and their depositors for the short-term, but the market still sees the expanding balance sheet as inflationary, while the financial woes and falling interest rates and bank lending will be deflationary. We wrap up discussing the flight to safe have assets like bonds, the Japanese Yen, and gold over the last few weeks, but not really the US Dollar, and Marc has some nuanced thoughts on each sector.

Click here to visit Marc’s website – Marc To Market.

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Brian Leni, Founder and Editor of The Junior Stock Review, joins us to reflect on how macroeconomic factors have driven the prices of the precious metals and base metals higher, but that many of junior explorers and developers resource stocks are not keeping up with these gains in the underlying metals. We review how he looks at metals price assumptions in relation to valuations of companies with or without defined ounces or pounds in the ground, and whether he prefers more defensive companies insulated against lower prices, or optionality stocks that will outperform in a rising price environment.

We wrap up by having Brian outline the “3 Biases” he feels are hurting investor’s performance, and that he has talked about recently at mining conferences and sector interviews. It is well worth investors time to listen to how he breaks down 1) confirmation bias 2) the bias of over-influence from social proof and 3) the misweighing bias of not doing the most important things first before investing.

Click here to visit Brian’s website – The Junior Stock Review.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to recap his boots on the ground takeaway from the Prospectors and Developers Association of Canada (PDAC) conference, where he noted retail investors were mostly not engaged and yet many of the larger investors, producers, and multi-national conglomerates were out talking with junior explorers and development companies and looking to take strategic positions.

We discussed a few anecdotal encounters he saw like some of the Hecla Mining (HL) team visiting with Western Alaska Minerals (WAM) booth, or several folks from Japanese mining and manufacturing conglomerates visiting multiple times with Magna Mining (NICU) at their booth. This led to chatting about how, case in point, after the PDAC that B2Gold (BTO) (BTG) took a strategic stake in Snowline Gold (SGD) for a large premium. We also reviewed how recently AngloGold Ashanti (AU) took a strategic earn-in position in Inflection Resources (AUCU), or Newcrest Mining (NCM) took a strategic earn-in position in Headwater Gold (HWG), or that Freeport MacMoRan just took a strategic earn-in position in ArcWest Exploration (AWX). It is clear that this trend of larger Majors positioning in Juniors along with high net worth investors, capital groups, multi-national mining conglomerates, and even manufacturers is on the rise and will continue with juniors valued at such attractive levels.*

We wrap up with getting Erik’s final big picture takeaways from the PDAC convention, if he’d go back, if he’d truly gotten an edge by going as an investor, and if nothing else the sentiment gauge it offered on the sector and the ability to size up the character of mining management teams in person.

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and are also site sponsors of The Hedgeless Horseman website.

Click here to visit Erik’s site – The Hedgeless Horseman

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Craig Hemke, Founder and Editor of TF Metals Report, joins us on Thursday as gold, silver and the PM mining stocks continued to ratchet higher, post Powell press conference and FOMC meeting on Wednesday, and on the back of several weeks of concerns regarding recent bank collapses. We discuss how quickly the Fed funds futures markets shifted from not expecting any rate cuts until 2024, to now pricing in 4 cuts by year end, with the first potentially starting as soon as June or July this summer. This dramatic and swift change in expectations is starting to mirror the years of 2010 and 2019 as Craig had forecasted may be how the year unfolds in his 2023 Macrocast in January. The discussion goes into a number of areas on central bank policy, interest rates, tracking unemployment data, and then drilling down into the PMs by looking at the COT positioning and pricing action on the charts.

Click here to visit Craig’s site – TF Metals Report.

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference, joins us to discuss the rally we’ve seen in the precious metals sector, the last few weeks based on receiving a safe haven bid due the concerns in the banking sector, and then in reaction to the Fed’s FOMC meeting as they are getting more end of their tightening cycle. We review how investor expectations using the Fed funds futures have made a huge turn from anticipating higher rate for longer, to now expecting a pause soon and potential cuts to rates as soon as this summer.

Next we review that gold has been getting more coverage and references in main-stream financial media, and while that raises concerns with contrarian investors, we make the point that we will need to see this kind of awareness grow if generalist investors are to become at least partially allocated to the gold, silver, and the PM mining stocks.

We wrap up discussing the mining stocks, where there are still highly discounted valuations and bargains to be found in companies that have derisked and defined resources in place. When asked if there was a better setup at present in the precious metals or battery metals, Brien feels there is more immediate upside rerating potential in the PM stocks, compared to the more overbought lithium sector, but notes that there are copper stocks with good gold and silver exposure in their deposits, that allow investors to diversify across multiple commodities.

Click here to visit the Gold Newsletter website.

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Ewan Downie, CEO and Director of I-80 Gold Corp (TSX: IAU – NYSE: IAUX), joins us for a comprehensive exploration strategy update at Ruby Hill, Granite Creek, and Cove, the bid to takeover Paycore Minerals (TSX.V: CORE), a review of the development work and residual heap leach production in 2022, and what the overall work plan is for 2023.

We start off noting the keen investor interest in the series of news releases from last year and early this year demonstrating that a new discovery of bonanza-grade polymetallic CRD mineralization was made at the Hilltop Zone, part of the Ruby Hill Project in central Nevada. This area is now one of the key areas of exploration focus moving forward, returning attractive values of gold, silver, zinc, and lead in a series of drill intercepts. The FAD Deposit, that Paycore Minerals has been delineating, is just south of this Hilltop Zone area, and Ewan outlines the synergies of the 2 projects being combined.

One of the key advantages that i-80 Gold has, is having the Ruby Hill processing center already permitted and most of the sunk cost and infrastructure in place. This leads to a larger discussion about the unrecognized value of all the work, sunk cost, existing infrastructure, permitting, and scarcity of the additional Lone Tree processing center, which alone is worth more than the current market cap of the Company, not even counting the Ruby Hill processing center in addition to that.

This will be a busy year of exploration at all 3 properties, and we start by having Ewan review the definition and resource drilling going on at Granite Creek to open the deposit along 5 levels. This work is building towards an updated resource estimate for this Project, as well as a Feasibility Study for the underground OG Zone, and PEA for the South Pacific Zone of Granite Creek. Next we discuss the 40,000 meters of ongoing drilling at Cove planned to continue to expand high-grade gold resources there. Next, he outlines that the lion’s share of drilling will be ongoing at the Hilltop Zone at Ruby Hill, where there are still 25 holes drilled that have not been reported yet, and plenty more drilling on tap. Lastly, there is also a PEA and Resource Estimate slated for the Ruby Deeps gold deposit at Ruby Hill for later in the year or early next year.

If you have questions for Ewan regarding the ongoing work and strategy at i-80 Gold Corp, then please email Shad@kereport.com.

In full disclosure, Shad is an existing shareholder of I-80 Gold Corp

https://www.i80gold.com/investors/#news

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Christopher Aaron, Founder of iGold Advisor and Senior Editor for GoldEagle.com, joins us to share his technical and larger macro outlook for the precious metals sector, and noting the break to new all-time highs in gold, and eventually silver is coming. We start off reviewing the false breakdown in gold below the $1980 support last fall, and how conversely to the 2013 waterfall decline, that the yellow metal actually rallied very strongly in Q4 and into Q1 of 2023.

He noted on Tuesday, at the time of this recording, that Gold had briefly pierced the $2000 level again for the 3rd time on Sunday evening/Monday morning, but that often the 3rd attempt to break a pricing level fails. However, after gold further consolidates the recent pop higher, that he believes the next attempt will have gold break up through $2078 to makes new all-time highs. With regards to silver he believes it will follow suit, and eventually the prior all-time high at around $50 will become a vacuum sucking prices up there to eventually test and break that level higher.

Another key contributing data set that Christopher is watching for confirmation is that gold has broken out to new all-time highs in 4 currencies; the Japanese Yen, British Pound, Australian Dollar, and New Zealand Dollar. In addition gold is getting close, up near technical pricing resistance in 3 more currencies; the European Euro, the Canadian Dollar, and the Swiss Franc. Moves to all-time highs in other key global currencies often precede a move higher in gold in US Dollar terms.

Lastly, we wrap up with the glaring disconnect in mining stock valuations at today’s metals prices, compared to where they have been valued during previous periods of similar high gold and silver price levels. Christopher dispels the notion that it is completely due to simply dilution of share counts or inflation, because many of the development stage companies have also drilled out far more ounces in the ground increasing their resources substantially, or further derisked projects, picked up additional land claims, and even put out PEA and PFS economic studies highlighting the viability of their projects. He goes on to highlight 2 such companies that he is invested in, Bravada Gold (TSX.V: BVA) and Sirios Resource (TSX.V: SOI), that he feels represent compelling valuations at present.

Click here to visit iGold Advisor to follow along with Christopher’s outlook for metals and markets.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to share his technical and macro outlook for the precious metals sector, with a key technical factor to watch being what price gold closes this month and quarter. A close above $1953 in March would be the highest quarterly close on record, and a close above $1986 would be the highest monthly close. Gold is presently within range of those resistance levels, so they are very much on the table for how things finish next week.

We’ve seen a solid move higher in the precious metals sector off the recent corrective lows a few weeks ago, on the back of the recent banking concerns continuing to roil markets. Taking a step back for review, this brief and shallow pullback in the PMs during February and early March, after having run significantly higher for months leading up to that, is in alignment with what one would expect in the early stages of a new bull market. Gold only corrected about 8% over that time period, and has now, once again, quickly recovered those losses and has been heading higher once again in mid- March.

Jordan noted that aside from the reaction we see for the balance of the week and month from the Fed’s hike, and potential comments from Jerome Powell, that he is also keeping a close on how economic data reports come in as well as the trends in the interest rates yield curve, because the catalyst for a change in course from the Fed will be evidence that the we are nearing a recessionary route, and that would likely trigger a move in gold to really break out above $2100. This breakout in the metals is what is really what is needed to expand the margins for gold mining stocks and the rationale behind them catching up and then outperforming.

Click here to visit Jordan’s site – The Daily Gold.

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David Cole, President and CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), joins us for a comprehensive update on some of the key Company production, development, and exploration updates across their portfolio of royalties, option properties, and strategic share holdings. We start off by outlining their unique triple-pronged approach to growing value by generating royalties through early stage prospect generation, by making strategic acquisitions of undervalued royalties, and by holding substantial strategic equity positions in other mining companies.

David reviews that EMX Royalty holds a portfolio of 262 land holdings, 171 royalties, and 40 cash-flowing royalties; of which 5 are on actively producing mines. We review the 5 key producing royalties projects, the more than a dozen development projects that are further derisking their properties on the pathway towards production, and the 40 projects that are cashflowing and bringing in substantial revenues into the Company through defined pre-production payments, lease option payments, and staged gate payments. We highlight that EMX just received US $3 Million milestone payment for the Parks -Salyer Royalty Property in Arizona, from Arizona Sonoran (TSX:ASCU | OTCQX:ASCUF), as a example of these types of value drivers.

We also highlighted some recent transactions starting with EMX establishing the Idaho-focused explorer, Scout Discoveries Corp, while retaining a 19.9% interest, 3.25% NSR royalty on each of the 14 precious & base metal projects, as well as AAR and milestone payments. We also used the recent transactions of the agreement to sell Råna battery metal project in Norway to Kingsrose Mining, and EMX selling three projects in Sweden to Copperhead Mineral AB, as examples of the pedigree of their team to find value on the front end that is attractive to partner companies, that then creates cash-flowing lease and gated payments and future royalties for EMX.

We wrapped up highlighting the value creation, even at the early stage of projects, through true exploration noting the announcement on Feb 16th of drill hole # DD22-YA187 with an intercept of 17.8 meters averaging 4.01 g/t gold, at the 100% owned Yarrol Project in Queensland, Australia. The exploration team has since gone on to drill and assay some of the manganese-cobalt mineralization and mineral sands that show grades of up to 1% cobalt along with other battery metals like manganese, nickel, and copper. This is the prospect generation side of the business, where the company will now look for another partner company to take on this project, and is indicative of the business model they’ve been building for 20 years.

If you have any questions for Dave regarding EMX Royalty Corp, then please email Shad@kereport.com.

In full disclosure, Shad is an existing shareholder of EMX Royalty Corp.

https://emxroyalty.com/news/all-news/

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review precious metals rally of the last 2 weeks, fueled by banking uncertainty and upcoming Fed policy expectations. Now that the PMs are digesting and consolidating this recent blast higher, he provides the technical levels he is watching in gold. Dave points out that across the board, gold has been outperforming most other asset classes from stocks, to bonds, to energy, and in relation to most other commodities or currencies.

It has been frustrating to see the gold and silver stocks not providing the anticipated upside leverage to the moves in the underling metals; however, Dave remains firm that seeing gold close on a monthly and quarterly basis over the key psychological $2000/oz resistance area is what should be a major driver to bring more generalists into the PM sector. His advice to investors is that it’s better to be frustrated while accumulating into weakness, rather than to be out of position for a breakout and then be frustrated chasing the FOMO higher.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), reviews the news out yesterday, March 20th, on the updated total Douta Resource of 1.78 million ounces of gold. This is an increase of 144% in total resource as compared with the 2022 maiden mineral resource estimate declared for Douta. With 40,000 meters of drilling planned for 2023, the Company is continuing to expand the resources at the Makosa ore body, which now has grown to a 7km strike length, and also incorporates the Makosa Tail area.

The exploration strategy at Douta is to keep doing step-out drilling and infill drilling at the Makosa deposit, to move resources from inferred to indicated, as well as expansion drilling around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets. There will be plenty of exploration news to report for the balance of the year, and the next milestone after that will be to wrap some economics around the Douta project in a Preliminary Economic Assessment (PEA) by year-end.

We also discussed the organic growth potential with the on-going exploration around Segilola mine in Nigeria, at depth under the current pit shell, and along strike at a number of nearby targets in search of nearby satellite pits. Segun highlighted some of the recent high-grade gold intercepts announced last month from the nearby Western Prospects area, with drillhole # SGD238 intersecting 2 meters at 227 g/t gold from 80m, including 1 meter at 310 g/t gold. Drillhole # SGD235 returned intercepts of 3.1 meters at 14.32g/t gold from 28m. In addition to growth through the drill bit, there is also the possibility of inorganic growth that could come from acquiring nearby projects, or partnering on other development projects in Nigeria and abroad in West Africa.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email us at either fleck@kereport.com or shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations.

Click here to read over the recent news out of the Company.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to outline the recent capital raise and the exploration strategy for those funds raised at the silver and gold focused projects of Tonopah West and Silver Cloud, as well as the Tonopah North Lithium Project. We start off unpacking the recently closed private placement for aggregate gross proceeds of C$4,385,166 consisting of 11,851,800 units of the Company at a price of $0.37per Unit; where each Unit is comprised of one common share of the Company and one-half of one (1/2) Common Share purchase warrant at $0.50 until March 17, 2026.

We then moved the conversation into the exploration on tap for this year, starting with the Tonopah North Lithium Project. Tearlach Resources, earning in as option partners on this Project, have drilled 6 diamond core holes, rushing 2 of them at the assay labs, and still awaiting all the assays to report in the near future. Andrew highlights 2 other lithium companies nearby, along the same mineralized trend in Nevada, with key upcoming catalysts, that highlight where the valuation of this lithium mineralization could grow over time if the mineralization is of a similar nature.

Next, we discussed the news announced last month, that it is finalizing drill plans and permitting drill sites for a Phase 1 drill program at its bonanza-grade discovery drillhole in Northwest Canyon on the Silver Cloud Project. The initial plan is to drill 2,000 meters starting in April, stepping out from the discovery made last year. Additionally on the exploration side, we highlight the 4,000 meters of drilling planned after that, later in the summer at the company’s flagship Tonopah West Project. With one of the highest-grade undeveloped silver-gold resources in the world, the goals will be to not only grow the resource through more drilling, but also a better interpretation of the prior drill holes and vein orientation, that will all be working towards an updated mineral resource early next year. There will be plenty of exploration news hitting the wires over the months to come from all 3 projects

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email us at Fleck@kereport.com or Shad@kereport.com.

For full disclosure, Shad is shareholder of Blackrock Silver.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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John Rubino, Founder of the Dollar Collapse website and editor of his recently launched newsletter over at Substack, joins us to respond to all the market volatility around the banking sector, central banks tightening into a slowing economy, and the massive risks to pensions and the derivatives markets if more sectors unwind. All of these ongoing risks highlight why John believes that owning gold and silver or commodities like oil and uranium will be where investors will flock if conditions continue to deteriorate in paper assets.

We draw some comparisons from this recent bailing out of troubled banks to the bailouts of failed financial businesses in the 2008-2009 Great Financial Crisis, and point out how many issues were never fixed and that many lessons were not learned. Could systemic risks that are all so entangled on banking balance sheets get to spot where they become too big to bail?

https://rubino.substack.com/

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Ed Moya, Senior Market Analyst At OANDA, joins us to discuss the continued volatility in the banking sector, along with the safe-haven pop in Bitcoin and Gold, and then the further drop in oil and nat gas. We start off discussing the news that broke over the weekend of UBS Group AG (NYSE: UBS), agreeing to takeover Credit Suisse Group (NYSE: CS) , with additional liquidity provided by the Swiss National Bank. We also review the further hit to deposits and liquidity at some of the more smaller and regional banks, like First Republic Bank (NYSE: FRC) whose shares fell 25.8% after ratings cut by S&P Global.

We also highlighted the market reactions to all this volatility, where the US Dollar is down but most market sectors are up, along with some flights to safety in gold, bitcoin, and crypto assets. We wrap up reviewing the continued pullback in the energy sector in both oil and natural gas. Ed provides some of the key technical price levels he’s watching in all these sectors, and what fundamental news to be watching from the Fed meeting later this week.

Click here to stay up to date with Ed’s daily market comments

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What a wild week! More banking issues in the US and Europe drove safe assets much higher to end the week. Investors are worried this is the start of larger issues for banks. We focus this Weekend’s Show on the banking system in the US and fall in energy prices.

Please keep in touch with us through email. We love hearing your thoughts on the show, our guests and the companies we feature throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 – Mike Larson, Editor-in-Chief at the MoneyShow kicks off the show by sharing his thoughts on the Silicon Valley Bank (SVB) Collapse, the inflation data (PPI) this week and related pop in gold.
- Click here to learn more about the MoneyShow and the conferences this year.
Segment 2 and 3 – Rick Bensignor, President of Bensignor Investment Strategies joins us for an extended interview covering everything from the banking issues in the US, key levels to watch on the downside for the SP&, gold’s breakout and potential to hold all time highs, the major drop in yields and the energy sector. Rick has been extremely actuate calling these markets.
- Click here to learn more about the investment products offered by Bensignor Investment Strategies.
Segment 4 – Josef Schachter, Founder of The Schachter Energy Report wraps up the show with a focus in the drop in oil and natural gas. Josef has been waiting for a pullback below $70 and for the stocks to enter some of his buying ranges.
- Click here to visit The Schachter Energy Report website and follow along with Josef’s energy sector commentary.

Mike LarsonRick BensignorJosef Schachter

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I am happy to officially introduce to the KE Report a very well-known technician and market analyst, Michael Oliver, founder of Momentum Structural Analysis.

This is wide-ranging discussion where we unpack the macroeconomic themes and technical momentum trends in general US equities, bonds, gold, silver, and commodities. We start off reviewing the longest and steepest move higher in general stock market indexes from 2009 to 2021, fueled by a constant injection of central bank liquidity, and how the dynamics have drastically changed since then with popping of that inflated bubble and general equities starting to unwind. Next, we look at the stark underperformance of bonds last year even over correcting equities, when under normal circumstances they would have garnered more of a safe haven bid. We then move in the relative strength that gold and silver showed in 2022, compared to almost all other asset classes, something he expects to continue moving forward.

Looking back at the 3 other bull markets in precious metals over the last 50 years, Michael outlines that in each of those there was a 7-fold to 8-fold nominal increase in gold prices from the major low to the major high. He goes on to point out that thus far gold has basically only doubled from it’s 2015 low of $1046, and there is plenty of room for upside appreciation as the bull market continues to unfold to match the prior 3 periods. He notes that in this recent bull market move, gold has tried 3 other times to break out above all time highs, and believes this 4th uptrend is taking hold and will move to new highs.

In addition to gold continuing to outperform general equities, Michael also expects them to outperform the rest of the commodity complex over the next few years. He is still bullish on the commodities sector relative to other general sectors, but still believes the largest torque and upside potential will be in both gold and silver.

https://www.olivermsa.com/

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Joel Elconin, co-Host of The Benzinga PreMarket Prep Show and Editor of The PreMarket Prep website, joins us to share some trading strategies around the continued market volatility due to banking concerns and upcoming Fed policy tightening expectations. This is what he has dubbed March Market Madness.

We take a look at the recent moves in the S&P 500 at where Joel sees technical support and resistance levels. Next we discussed the bid that safe haven assets like bonds and gold are receiving in light of the recent turbulence and financial concerns. With regards to the energy sector, Joel has remained bearish on oil and oil stocks and doesn’t see anything on the horizon that changes his views and feels the sector is more fairly valued at present. We wrap up with the trend of investors also rotating into the safety of larger tech leaders with good cashflows.

Click here to visit the PreMarket Prep website to follow along with Joel’s market commentary.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us for an inside look at the banking sector in the US and around the world.

Marc outlines the drops in financial stocks and potential contagion fears. We also discuss if these banking issues will lead to contagion of other markets considering the broad averages are still holding within wide ranges. Finally on to the Fed balance sheet expansion over the past 2 weeks. Does this constitute QE?

Click here to visit Marc’s website – Marc To Market.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to share more information on a recent Shareholder Letter sent out by the Company.

Outlined in the Shareholder Letter was information on the financing that was up-sized and brought in some well known mining investors. When the stock halt will be lifted and comments from PDAC are also included.

After recapping the Shareholder Letter we have Charles look ahead to the work plans at Ana Paula extending into next year where the Company could be ready to make a construction decision.

If you have any follow up questions for Charles please email us at either Fleck@kererport.com or Shad@kereport.com.

Click here to visit the Heliostar website and read over the Shareholder Letter.

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David Stein, President and CEO of Kuya Silver (CSE:KUYA – OTCQB:KUYAF) joins us to recap the March 15th news release reporting native silver in drill core from the Campbell-Crawford Area, on the Silver Kings Project, Ontario. Assay results are still pending.

We have David provide a background on the Campbell-Crawford Area and what attracted the Company to move the drill to this area. David also provides and overview of the types of silver deposits in the area as an analog to what’s possible at Silver Kings.

If you have any follow up questions for David please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release with accompanying images of the drill core.

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Doug Bartole, President and CEO of InPlay Oil (TSX:IPO – OTCQX:IPOOF) joins us to recap the 2022 Financial Statements released on March 15th and provide an outlook for the Company through 2023.

2022 Was a big year for the Company as it achieved record average annual production, annual adjusted funds flow and annual free adjusted funds flow, along with implementing a divided and paying down debt. We have Doug highlight the improvements in all these categories throughout 2022. We also discuss the increases in the Company’s Reserves.

For the 2023 outlook we ask Doug about growth plans including the overall budget for the year, the sustainability of the dividend and debt repayment plans.

If you have any follow up questions for Doug please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release reporting the 2022 financial results.

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Shawn Wallace, Executive Chairman of Torq Resoruces (TSX.V:TORQ – OTCQX:TRBMF) joins me to discuss the drill program at the Santa Cecilia Gold-Copper Project in Chile. A 15,000 meter program begins with 7,000 meters before a break for winter, starting at the Cerro del Medio target area.

I have Shawn provide more information on the first target, Cerro del Medio. We recap the historic work and the mineralization targeted. We also discuss the overall budget.

If you have any follow up questions for Shawn please email me at Fleck@kereport.com.

Click here to visit the Torq website and read over the recent news.

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Jeff Christian, Managing Partner at the CPM Group, joins us for a discussion on the overall supply picture in the mining sector, and specifically what the major gold and silver mining producers are focused on. This is a wide ranging discussion that gets into the constant need for the larger producers to replace reserve as they are continually depleting their assets through extraction.

One area that is often missed by investors is that many of these larger mining companies are already sitting on very large resources, not currently held in reserves, that can jump categories as metals prices rise, and thus lifting the underlying price assumptions and moving resource into reserves. As for acquisitions, most of these larger producers are more interested in pursuing advanced and de-risked development projects or already producing mines from the smaller companies, rather than taking on so much risk acquiring earlier stage companies.

We also review how the size of deposits that have their interest have moved up from simply 1 million ounce deposits to now multiple million ounce deposits. Next we discuss how jurisdiction risk can play into where the majors are focused, and we note the trend back into safer jurisdictions with better infrastructure and rule of law. We wrap up with the benefits and disadvantages for juniors when larger companies take a strategic stake in them for helping fund earlier stage exploration.

Click here to visit the CPM Group website.

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Craig Hemke, Founder and Editor of TF Metals Report joins us for a discussion focused on the recent US bank collapses followed by a reversal in the yield curve. Before the news on the few banking collapses the yield curve was so inverted the last time we saw this was back in the early 80s. The short end of the curve crashed after the news but the overall yield curve is still inverted.

We discuss the market shift this week back towards risk-on as markets bounced and are up for the week. Craig thinks this is just the start of major issues for the system and it will further lead the Fed to pause hikes and possibly cut rates later this year.

Click here to visit Craig’s site – TF Metals Report.

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to recap the 2022 financial results from the Las Chispas Project in Mexico. The Company announced commercial production on November 1st, 2022. After 2 months of production the financials show Mine Operating Income of over $28million on Revenues of $43million.

We dive into the financials with Chris, discussing profitability, debt reduction, cash growth and forecasts for 2023. Chris drives home the message that the Company is in production and no longer in ramp up mode. When it comes to 2023 plans we discuss debt repayment, a technical report coming in Q2, exploration ramping up in the second half of the year and other catalysts shareholders can look forward to.

If you have any follow up questions for Chris please email Shad and me. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the SilverCrest Metals website to read over the 2022 financial results.

Click here to view the full 2022 Financial Statements.

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a handful of key charts on Gold, Silver, GDX, the US Dollar, and (URNM) the Sprott Uranium Miners ETF. [all charts are posted below so you can follow along]

We also intermix some macro fundamentals and trading strategies into the discussion, and use the very oversold nature of the uranium mining stocks and ugly looking charts to discuss the difference between longer-term value investing as a contrarian investor in fundamentally sound oversold sectors or companies, versus short-term investing with the trend of momentum in a primary uptrend. Steve also discusses the importance of position-sizing, and to aware of sentiment extremes to the upside as well as the downside.

Click here to visit the SilverChartist website

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to share his technical and macro outlook for gold, silver, and the PM mining stocks now that we’ve seen a bump in precious metals sector on the back of the recent banking concerns continuing to roil markets. One of the key takeaways Jordan has noted is that gold is getting very close to making new highs versus foreign currencies and is gaining traction versus the S&P 500 and general equities. Those 2 factors usually have preceded a rise in US dollar terms and a breakout to new highs there as well. The other key technical factor to consider is $1950 area of monthly resistance as we close up March and also the quarter. A meaningful close above that level would be a positive technical factor for the whole sector.

Next, we followed up on last week’s conversation where he had pointed out the risks are still present, if the recessionary pressures were to intensify and if general equities corrected down, for silver and the PM mining stocks to go back and retest their lows from last year. While that is still a potential concern to consider over the next few months, Jordan is more constructive that a move higher in gold would eventually drag silver and the mining stocks higher in tandem. We wrap up by discussing how mining stocks may respond in both the environment of a medium-term pullback in a recessionary route, or in a break out move by gold above $2100.

Click here to visit Jordan’s site – The Daily Gold.

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Just today, news was released where drill hole# DDH 23-004 encountered the all-time highest-grade silver intercept recorded on the entire Diablillos project to date and the best grade-thickness intercept to date at the new JAC Zone. This drill hole intersected a broad zone of 14.0 meters at 3,025 g/t Ag and 0.21 g/t Au starting from a down-hole depth of 136 meters, including the bonanza grade intercept of 32,481 g/t Ag and 0.74 g/t Au over 1.0 meter.

John outlines why the exploration team is so encouraged by the continued Phase 3 program drill success at this JAC Zone, as these results just followed another wide silver intercept reported on Feb 27th, where drill hole# DDH 22-083 intersected a broad zone of high-grade silver mineralization with 25.0 meters at 774 g/t silver, 0.28 g/t gold and 1.36% copper, starting from a down-hole depth of 159 meters. Many of the prior drill holes were also over larger 20-40 meter intercepts of mineralization near surface, making this area of prime interest for the upcoming resource estimate and PFS to be released later this year.

The Company already released a Resource Estimate for the Oculto Deposit on November 3rd of last year, but the focus now is for this expanded 22,000 meter Phase 3 drill program at the JAC Target to be released over the next few months, and then put into a maiden resource on this JAC target area in September, followed by incorporating other metallurgical work, environmental and permitting work, and other derisking work going on into a Preliminary Feasibility Study by year end.

If you have any follow up questions for John regarding at AbraSilver, then please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver

Click here to visit the AbraSilver website and read over the most recent news releases.

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to discuss the pop in gold and silver and the underlying stocks over the past 3 trading days on the back of the collapse of Silicon Valley Bank and a couple other banks.

Dave points out the large volume yesterday (Monday) in GDX , GDXJ and SIL. It’s al about follow through now as Dave is focused on gold getting over $2,000/oz for a monthly close. He thinks this could be the major driver for another bull market run.

Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

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Sean Brodrick, Editor of Wealth Megatrends, and contributing analyst to Weiss Ratings Daily joins us to share his thoughts on the Silicon Valley Bank (SVB) collapse and what it means for the overall financial sector. We also tie in the inflation data (CPI) today that came in as expected.

In terms of markets Sean shares a bond trade he recently put on. We also move to a couple commodities including oil, natural gas and gold. It’s a messy market all around but this recent SVB collapse has everyone rethinking the outlook for Fed policy and markets.

Click here to visit the Weiss Ratings Daily website to follow along with Sean’s market outlook.

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Cherie Leeden, President and CEO of Gold Bull Resources (TSX.V:GBRC – OTCQB:GBRCF) joins us to provide an overview of the 2023 work plans at the Sandman Property in Nevada. These work plans were outlined in the March 8th news release.

We start with the PEA that was released last year and the optimization opportunities. This starts with including 100% of the resource, where the initial PEA was only considering the top half of the resource. We then discuss the exploration plans which will be focused on more greenfield areas on the Project and a focus on buddingtonite, which is considered a close proximity indicator of the Sleeper high grade gold vein and other high grade Nevada gold deposits.

If you have any follow up questions for Cherie please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Gold Bull website to read over the March 8th.

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Ed Moya, Senior Market Analyst At OANDA joins us to discuss the Silicon Valley Bank collapse and what the fallout could be for other US banks and Fed policy. We also discuss the market reaction where the US Dollar is down but most markets/sectors are up (except for the financial sector). Leading the charge today are gold, silver and the underlying stocks.

Click here to stay up to date with Ed’s daily market comments

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins me to discuss the continued move of the Company toward uranium with the application for 2 more licenses to the north and south of the recently acquired Viken Property. Announced on March 7th the Company is expanding it’s land package around the Viken Property by over 3 times; 2,302 hectares (ha) to 9,367 ha. See Figure 1, from the news release, posted below that shows the growth of the land package.

I have Garrett recap the historic work completed on the newly added land and what District Metals initial work plans will be. We also focus on the uranium moratorium in Sweden. With a vote coming up on March 29th I have Garrett outline what that would mean for the Company and its general focus.

If you have any follow up questions for Garrett please email me at Fleck@kereport.com.

Click here to visit the District Metals website and read over the full March 7th news release.

Figure 1: Viken Mineral License Applications and Outline of Viken Deposit

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Welcome to the Weekend Edition of The KE Report. Since markets continue to chop sideways without much direction we feature a fund manager and two technical traders all sharing a balance of their short and long term strategies.

Please keep in touch with Shad and I through email. We love hearing your thoughts on the markets, our guests and the companies we feature each week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 – Dana Lyons, Fund Manager and Editor of The Lyons Share Pro website kicks off the show by sharing what his financial models are telling him about where the markets go from here. We focus on the value sectors which Dana thinks have the best upside.
- Click here to visit the Lyons Share Pro website.
Segment 2 – TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website shares his short term trading strategies for these sideways markets. We also focus on the individual sectors TG has a bullish outlook for.
- Click here to visit the Profit Pilot website.
Segment 3 and 4 – Richard Postma, AKA Doc wraps up the show with his long term technical outlook for gold, gold stocks, silver, US markets, US Dollar, oil and base metals.

Dana LyonsTG Watkins Doc

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Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to recap the full year 2022 operations, production guidance for 2023, and the overall organically-funded exploration strategy, continuing grade-driven growth of the resources in both Nicaragua And Nevada.

Calibre Mining now has the largest Nicaraguan Mineral Reserve estimate, at a record grade of 5.37 g/t gold, which is a 16% increase, over the 2021 average grade of 4.62 g/t gold. There has also been a 278% increase in the Nicaraguan Mineral Reserves to approximately 1,082,000 ounces gold, net of depletion since acquisition in 2019. We discussed the 2 key areas of development and near-term production will be coming from Eastern Borosi and Pavon Central, both continuing to add higher grade throughput through the Libertad Mill. There is also aggressive ongoing exploration focused on prior high-grade drill results from Panteon North, new zones around the Libertad Mill, Veta Azul, Volcan, and also new targets at Buena Vista and La Fortuna.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Calibre Mining.

https://www.calibremining.com/news/

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Joel Elconin, co-Host of The Benzinga PreMarket Prep Show and Editor of The PreMarket Prep website joins us to discuss the Silicon Valley Bank issues brought to light this week. This has caused financial stocks to get hit as contagion fears dominate the markets. We are also seeing the USD and yields pull back as it also has lower Fed rate hike expectations. This news in the financial sector has completely overshadowed the strong jobs data from this morning.

Click here to visit the PreMarket Prep website to follow along with Joel’s market commentary.

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOCF) joins me to discuss the $725,000 funding from the Government of Canada’s Critical Minerals Research, Development and Demonstration (“CMRDD”) program. This is the first time the Government is providing money to critical minerals companies from the CMRDD program. This money is non-dilutive and non-repayable.

Martin explains how this money will be used to continue to de-risk and move forward the Baptiste Nickel Project. We discuss what attracted the Government to this Project over the 100+ other applicants for the program. We also look ahead to the work ongoing and planned this year to move the Project closer to development.

If you have any follow up questions for Martin please email me at Fleck@kereport.com.

Click here to read over the full news release highlighting the $725,000 funding.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review the key macroeconomic data on tap, and how this may influence market expectations on Fed rate hikes and the duration of this tightening cycle. We discuss the likely volatility we could see in either direction, based on where the Non-farm Payroll jobs report comes in tomorrow, and where the CPI inflation comes in next Tuesday. We tie this back to how it may affect gold, silver, and the PM mining stocks. We wrap up discussing how the actions of other central banks like the ECB and Band of Japan may affect their respective currencies of the Pounds and Yen, and how the global economy may bleed over into our markets.

Click here to visit Craig’s site – TF Metals Report

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference, joins us to discuss the continued pressure in the PM sector, based on macroeconomic news, but also shares a constructive outlook on gold, silver, lithium, and copper stocks. The markets focus is still clearly fixated on how any incoming economic data may shape Fed policy decisions, and thus the duration and amount of their rate hiking cycle.

We also discussed his key takeaways on investor sentiment and the key commodities in focus at the PDAC convention that just wrapped up this week. Brien shares 2 precious metals companies that continue to have his attention, Lahontan Gold (LG) and Vizsla Silver (VZLA), and that he remains very bullish on the sector setup in copper and copper stocks.

Click here to visit the Gold Newsletter website.

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Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF) joins us to recap the March 6th news release reporting the updated Resource Estimate at the Enchi Gold Project in Ghana. The total Resource Estimate came in at 1.71million oz gold (743,500 indicated ounces at 0.55 g/t and 972,000 inferred ounces at 0.65 g/t).

We have Luke outline the inaugural Indicated Mineral Resource, a new high-grade underground resource, adding a fifth deposit (Tokosea) and the drill meters that were not included in the resource update. We also discuss what comes next for exploration and further de-risking of the deposit with possible production in mind.

If you have any follow up questions for Luke regarding the updated Resource Estimate or the plans moving forward please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release reporting the update Resource Estimate.

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Dan Kunz, CEO of Prime Mining (TSX.V:PRYM – OTCQX:PRMNF) joins us for a broad update on the Company’s Los Reyes Project in Sinaloa Mexico.

The last update was back in 2020 when the Company released the initial Resource Estimate on the Project totaling 1.1 million oz gold equivalent (in M&I and Inferred). Since that time the Company has drilled around 100,000 meters that will be incorporated into the upcoming Resource Estimate update. Dan details where this drilling has been focused and some the new areas outside of the 3 resource areas.

We also discuss the ongoing exploration program, with 5 drills currently turning. We ask Dan how the Company is allocating the drills between the 3 resource areas and 4 new target areas.

If you have any follow up questions for Dan please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Prime Mining website and read over the Corporate Presentation.

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We kick things off with a macroeconomic discussion on inflation trends and a swath of recent better than expected data, allowing for the continued Fed tightening cycle, and what that means for interest rates, and markets. This is a wide-ranging discussion that gets into the continued yield curve inversions, if we are going to see a “double-whammy” recession, and how that could affect the demand for various commodities.

Nick has taken a few positions in gold and copper stocks, and discusses his views on best practices when it comes to getting into private placements. In the near-term he is most bullish on the uranium sector, mentioning he favors the more advanced companies that are dual-listed on the big boards like Energy Fuels (UUUU) (EFR), enCore Energy (EU), and Uranium Energy Corp (UEC), but also mentioned adding some exposure to the earlier-stage explorer Kraken Energy (UUSA) (UUSAF).

In full disclosure, Shad is also a shareholder of Energy Fuels, enCore Energy, and Uranium Energy Corp.

https://digestpublishing.com/publications/

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his outlook for silver, gold stocks and gold (in that order) now that selling pressure has continued. The downside target for silver and gold stocks are the lows from last year which would be another 15% for silver and 20%+ for GDX and GDXJ. Listen in to find out why he is looking for these lower levels.

Click here to visit Jordan’s site – The Daily Gold.

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Don Simmons, President and CEO of Hemisphere Energy (TSX.V:HME – OTCQB:HMENF) joins us to provide a big picture overview of the Company’s current operations, 2023 corporate guidance and growth plans.

For a quick 2022 recap we walk through the elimination of bank debt, initiation of a quarterly dividend, start-up of a tertiary enhanced oil recovery scheme, and new record production levels. Production has increased approximately 55% year-over-year to the current 3,200 boe/d level. We then discuss the $14million capital expenditures program planned for this year funded by an estimated $45million adjusted funds flow.

If you have any follow up questions for Don please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Hemisphere Energy website to learn more about the Company.

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Robert Sinn, known as Goldfinger over at CEO.ca and writer at the Energy and Gold website, joins us with his technical outlook, thoughts on seasonality and the PDAC Curse, and the recent activity and trading action amongst companies operating in the Yukon. We start off by having Robert share the technical pricing support and resistance levels that he is watching for in gold and silver, and looking at their level importance in connection with varying investors time horizons.

Next we shift over the pattern of seasonality we see in the precious metals sectors from year to year, especially as it relates to the buying pressure coming out of tax loss selling season in the first quarter, only to get faded with selling pressure leading into late February and early March. This coincides right in time for the annual PDAC conference; earning it the nickname the “PDAC curse” after happening fairly consistently for over 2 decades now. Robert points out some of the seasonal factors like the gold’s typical weakness in March, in conjunction with companies rushing their best newsflow out in the weeks leading up the conference, where investors have gotten wise to this pattern which precedes the inevitable capital raising window that occurs right afterwards, to fund summer drill programs.

We wrap up with getting Robert take on the dichotomy between the trading action in shares that clearly are running low on funds, versus companies that are still well cashed up to keep moving their projects and work plans forward for the balance of this year and into next. He highlights Banyan Gold (TSXV:BYN)(OTCQB:BYAGF) as company that is quite cashed up, exploring to expand their resources, and has been trending sideways holding onto most of their gains during this tough period for the sector. This brings up a larger discussion about how area plays can pull in more investor interest, and how there has been a flurry of M&A activity and majors taking over or taking key strategic positions in Yukon developers recently, which has been a net positive for the sector and that jurisdiction.

Click here to visit the Energy and Gold website.

https://ceo.ca/@goldfinger

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Thank you to everyone who has sent in your questions following my last update with Graphene Manufacturing Group (TXS.V:GMG). It took a little longer to schedule a follow up update with Craig Nichol, Founder and CEO of GMG but I will be bringing Craig on approximately every month to address the wide range of questions I receive. So please keep emailing me, Fleck@kereport.com.

In this update Craig addresses questions on the Company’s graphene production, battery data and recent advancements for the coin cells and pouch packs, Thermal-XR revenue strategy and the possibility to bring on a partner for future funding and growth. It’s a longer interview as I tried to get the majority of the questions answered. If you want more clarity on anything or for all other questions please email me.

click here to visit the GMG website and read over the recent news releases.

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Scott Casselman, VP of Exploration at Rackla Metals (TSX.V:RAK) joins us to introduce this gold exploration Company with 4 Projects in the Tombstone Gold Belt, in Northwest Territories and Yukon. The flagship Project is the Astro Project followed by the HIT, SER and JOS Projects.

I have Scott provide a background on all the Projects and exploration outlook for this year. We also discuss estimated drilling costs, the team behind Rackla Metals, key shareholders and cash in the bank.

If you would like any more information on the Projects or this year’s exploration strategy please email me at Fleck@kereport.com.

Click here to visit the Rackla Metals website to learn more about the Company and Projects.

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John Rubino, Founder of the Dollar Collapse website and editor of a recently launched newsletter over at Substack, joins us to review some long and short investing themes as markets await the larger macro trends in motion to contract economic growth. We discuss possible scenarios that could play out as the Fed and other central banks keep tightening and how the interest rates we already have will have a lagging factor on pressuring both businesses and consumers. If we see a recession or extended contraction worsen due to this backdrop, then we could see different sectors break under the pressure and this could be the tipping point to bring in more accommodative action from the central banks, without fixing the real issues.

Until that plays out, then John is seeing interesting shorting opportunities in general equities and even overseas in markets like Japan or with currencies directly like the Yen. He is more hesitant to get too much long exposure at this point in the cycle, but he is interested in scaling into more uranium, copper, and silver sector and stock exposure, and outlines the medium to longer-term positive supply/demand growth narratives in these commodities.

https://rubino.substack.com/

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Ed Moya, Senior Market Analyst at OANDA joins us for a discussion on recession outlooks for the US and globally. We focus on recent economic data balanced with a shift in expectations toward more rate hikes from central banks. We then shift the discussion to oil. Breaking above $80/barrel today oil has been range-bound but Ed lays out what to watch for in terms of upcoming drivers.

Click here to visit the OANDA website to read Ed’s daily market note.

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Michelle Dececco, Vice-President and COO of Lithium Chile (TSX.V:LITH – OTCQB:LTMCF) joins me to introduce the Projects in Chile and Argentina, management team and exploration plans at a wide range of Projects.

We start with the Arizaro Project in Argentina which is the most advanced of all the Company’s assets. With a resource of 2,587,000 tonnes lithium carbonate equivalent from two wells. The Company is currently drilling a third well with plans for a fourth later this year.

We then move onto the 12 Projects in Chile. A focus being on 4 Projects, 2 JV and 2 100% owned, that are expected to be drilled this year.

To wrap up we discuss the management team and cash position (around $42million).

If you have any follow up questions for Michelle or want more information on any of the Company’s Projects please email me at Fleck@kereport.com.

Click here to visit the Lithium Chile website and read over the Company’s Corporate Presentation.

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Welcome to another KE Report Weekend Show. We are in a slow time for major economic data and central bank meetings so we take a more focused approach this weekend towards investment strategies in metals and energy stocks.

Please keep in touch with Shad and I through to share your thoughts on the markets, our guests and the companies we featured throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital joins us to share his outlook on the junior metals stocks, the investment angle for CRD assets in Nevada and what has peaked his interest in the vanadium sector.
- Click here to learn more about MJG Capital.
Segment 3 and 4 – We switch our focus to investing in energy stocks with Dan Steffens, President of the Energy Prospectus Group. We start with comments on the crash in natural gas price along with his investing strategy for the stocks. We then move to the oil sector. Dan shares a lot of stocks that he likes for a variety of investors.
- Click here to learn more about the Energy Prospectus Group.

Matt GeigerDan Steffens

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website, joins us to looks at the trends in interest rates and how that aligns with Fed policy expectations, the continued inverted yield curve, how this impacts the debt servicing as it rolls over at higher rates, and how this has affected key global currencies. We also look forward to the key US economic data on tap for next week, with Powell addressing the house, another jobs report, and other announcements expected from the Bank of Japan and People’s Bank Of China.

Click here to visit Marc’s free blog – Marc to Market.

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Joel Elconin, Co-Host of The Benzinga PreMarket Prep Show and Editor of The PreMarket Prep website joins us to recap the market moves this week ending with on a positive note. We discuss the short term trend which is higher, a couple higher lows for the S&P, and is being lead by tech.

There is also some data from TD and CIBC showing residential mortgages shifting amortizations to grater than 35 years. Essentially kicking the can down the road to help homeowners limit the massive increases they’ve seen in mortgage payments.

Click here to visit Joel’s PreMarket Prep website.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss what kind of macroeconomic setup we may need to see for more investors increase buying in bonds, gold, and silver. We review the recent and historic trends in interest rates, the attractive current yield for average investors or hedge funds, the continued inverted yield curve, the prospects of a coming recession, the challenges the Fed may face in months to come, and some fundamental and technical factors that may become a more bullish environment for gold and silver.

Click here to visit Craig’s site – TF Metals Report

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Jason Kosec, President and CEO of Millennial Precious Metals (TSX.V:MPM – OTCQB:MLPMF), joins us to break down the transformative merger with Integra Resources (TSX-V: ITR; NYSE: ITRG). We discuss some of the key metrics on what the pro-forma combined company will have as far as an initial valuation, how that valuation could rerate in line with peers, the combined resources, and what the growth profile will be. After combination, the new pro-forma Company will be one of the largest precious metals development and exploration companies in the Great Basin, featuring a diversified portfolio of assets including Integra’s past producing gold-silver DeLamar Project in southwest Idaho and Millennial’s oxide-focused Wildcat and Mountain View Projects in western Nevada.

The Companies also have announced concurrent equity financings for aggregate gross proceeds of C$35 million, where the net proceeds of which are expected to be used by Integra, following completion of the Transaction, to fund an updated Mineral Resource Estimate and Mine Plan of Operations at the DeLamar Project, the preparation of a Mineral Resource Estimate and Preliminary Economic Assessment (PEA) on Millennial’s Wildcat and Mountain View Projects in Nevada, as well as on-going baseline work for additional permitting and exploration at the Companies’ respective projects. In addition to the development pipeline, meaningful exploration potential exists in the BlackSheep, War Eagle and non-oxide targets at DeLamar and the Dune, Eden, Marr, Ocelot, Cerro Colorado and Red Canyon Projects from Millennial.

Wheaton Precious Metals Corp. (TSX | NYSE | LSE: WPM) has also come on as a new cornerstone investor, with Wheaton agreeing to invest an amount equal to up to 9.9% of the issued and outstanding Integra Shares. The equity participation of Wheaton in connection with the Transaction provides significant project and transaction validation while also creating a partnership for future project financing. The equity financing also includes participation by Beedie Investments Ltd. an existing lender and shareholder of Integra.

If you have any follow up questions for Jason, or want more information on any aspect of Millennial Precious Metals, then please email us at Fleck@kereport.com or Shad@kereport.com.

https://millennialpreciousmetals.com/investors/#latest-news

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Jesse Felder, Founder and Editor of The Felder Report joins us to focus on the key economic data he is watching, how it filters into inflation and Fed policy then to market dislocations. While many people have shifted to a soft landing or no landing narrative Jesse is much more worried about what the Fed will have to do to get inflation under control. We also discuss US money supply and how higher rates could turn around the recent downtrend.

Click here to follow along with Jesse over at The Felder Report.

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Alistair Waddell, President and CEO of Inflection Resources (CSE:AUCU – OTCQB:AUCUF) joins us to discuss the February 23rd news release reporting AngloGold Ashanti singing a non-binding multi-year exploration earn-in agreement for a portfolio of copper-gold projects in Australia. This is very big deal for Inflection as AngloGold could be spending a lot of money on a number of Projects to earn up to 75%. See the table below for a summary of the 4 Phase earn-in agreement.

We have Alistair recap how the Company got to the this point and provide some further details on the earn-in agreement.

If you have any follow up questions for Alistair please email us at Shad@kereport.com or Fleck@kereport.com.

Click here to visit the Inflection Resources website and read over the full news release.

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Greg Johnson, CEO and Executive Chairman of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), and Chairman of the Metallic Group of Companies, also including Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF) and Granite Creek Copper (TSX.V:GCX – OTCQB:GCXXF), joins us to recap the news on Metallic Minerals that was just released to the market on February 24th, at the La Plata project in southern Colorado. Hole# LAP22-04, drilled to the north of the resource area, intercepted the longest and highest-grade interval ever encountered at La Plata at 816 meters of 0.41% recovered copper equivalent, ending in 3.53% CuEq over the final 9.75 meters. This is one of the top intersections for any North American copper project in the past several years. We also discussed the additional high-grade gold-platinum-palladium mineralization associated with copper and silver, and what this discovery of a new style of mineralization could mean in the resource area.

Next we review some key takeaways from the 2022 exploration season at the West, East, and Central target zones, along with the overall 2023 work strategy building towards a maiden resource estimate at the Keno Silver Project in the Yukon. We also mention the positive for the whole Keno Hill area that Hecla is aggressively moving it’s mine towards commercial production by the end of this year.

We also revisited the recent announcement of the production royalty agreement on 5 ½ miles of alluvial gold claims at its Australia Creek property in the Klondike Gold District of Canada’s Yukon Territory. This is with Little Flake mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush.” Greg unpacks what this first royalty deal in their Klondike Alluvial claims with Little Flake mining, and future royalty transactions, could mean as far as income revenues to the company to help fund more exploration and operations.

If you have any follow up questions for Greg on Metallic Minerals, or any of the Metallic Group of Companies, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here for a summary of the recent news out of Metallic Minerals.

To attend the Metallic Minerals webinar for 03/02/2023 @ 10am PST click here:

https://us02web.zoom.us/webinar/register/WN_JCjlpeYfQVKZUqoq2U2qig

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review the developing macroeconomic data and how that may shape the severity and timing of when larger recession will hit, and how this well affect the precious metals sector. If we see a soft landing in the near-term, pushing the recession out to 2024, then this would prolong the breakout of a true secular bull market in gold, and PM mining stocks.

Since another key part of the equation for gold to confirm a true bull market in real terms, is for the eventual divergence from the general US equity markets, we also get Jordan’s technical outlook and thoughts on how the general equities are currently setting up for the medium-term.

Click here to visit Jordan’s site – The Daily Gold

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James Anderson, President of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF) joins us to provide a production and exploration update at the Company’s Projects in Mexico.

Production drastically increased throughout 2022, starting in Q1 with 276k AgEq oz and growing to 836k AuEq in Q4. We have James outline the growth projections for next year and how the new assets acquired from Great Panther back in August have preformed on the production front.

On the exploration front we recap the most recent news release on February 23rd, highlighting the best drill hole to date on any of the recently acquired Great Panther Projects. James shares details on the number of drills turning and focus currently for exploration.

If you have any follow up questions for James or want more information on any of the assets please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Guanajuato Silver website to read over the recent news releases we discussed.

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Over the past month Kuya Silver (CSE:KUYA – OTCQB:KUYAF) has released news on a toll-milling agreement at the Bethania Silver Project in Peru and the start of a drill program at the Silver Kings Project in Ontario.

David Stein, President and CEO of Kuya Silver joins me to discuss both of the news releases. We start with the toll-milling agreement to expand on the terms and pathway to initial revenue. On the exploration front, at Silver Kings, I have David recap the main target and overall strategy of the program.

If you have any follow up questions for David please email me at Fleck@kereport.com.

Click here to visit the Kuya Silver website to read over the recent news.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins us to discuss the exploration programs ongoing at both the Tombstone Project (in Arizona) and Cervantes Project (in Mexico). At Tombstone a 2,250 meter program is planned, at Cervantes 2 phase program has just started with up to 4,000 meters to be drilled based on early results.

If you have any follow up questions for Simon please email us at Shad@kereport.com and Fleck@kereport.com.

Click here to visit the Aztec Minerals website to read over the recent news.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to share a couple key technical support and resistance levels he is watching in gold, silver, GDX, and GDXJ and some of the fundamental macro drivers he sees continuing to shape the markets.

We then pivot over to the continued theme of more “Mining Merger Mondays” in the precious metals sector, with 2 more transactions announced this week. We discuss both the I-80 Gold Corp (TSX: IAU) (NYSE: IAUX) takeover of Paycore Metals (TSXV: CORE), and the merger between Integra Gold (TSX-V: ITR; NYSE American: ITRG) and Millennial Precious Metals (TSX-V: MPM, OTCQB: MLPMF). This leads into a larger discussion on the pitfalls and opportunities of holding development stage assets with ounces in the ground at different parts of the sector and how M&A deals can be both a boon and a bust for investors depending on their investment goals, time horizons, and when and what price they got into positions.

Click here to visit the Junior Miner Junky website.

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Bruce Bragagnolo, Executive Chairman of Regency Silver (TSX.V:RSMX – OTCQB:RSMXF) joins us to discuss the visual mineralization over good widths on 2 more holes just press released in the ongoing drill program at the Dios Padre Project, in Mexico, that started at the beginning of January.

The current 3 hole, 3,000 meter program has been focused on follow drilling around the discovery hole #REG-22-01 announced on October 11th, which had yielded 35.8 metres of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver along with 13.97 g/t Au, 50.25 g/t Ag and 1.11 % Cu over 9.8 m. The company is still waiting on the actual assay results to be returned but did announce on February 23rd that drill hole# REG-23-14 intersected 32mof pyrite-specularite-chalcopyrite supported breccia from ~454-486m and drill hole# REG-23-15 intersected 120m of specularite-pyrite-chalcopyrite supported breccia from ~400-520m, with both holes being down dip 25m and 85m respectively from drill hole #REG-22-01.

The Company is also now about 80% complete with the IP program over Dios Padre, anticipating the program results and interpretation before the end of March. Once the drill assays are returned in March and the IP data is overlaid, this will help to further isolate future drill locations.

If you have any follow up questions for Bruce, then please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Regency Silver website to learn more about the discovery and current drill program.

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Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF) joins us to answer your questions on when the Resource Estimate update on the Enchi Gold Pro will be released. This update will come on the back of the 2021 Resource Estimate that came in at 1.41million ounce gold deposit, all in the inferred category.

We also discuss the ongoing work at the Project that is both focused on de-risking the Project and further targeting new areas to be drilled later this year.

If you have any follow up questions for Luke please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Newcore Gold website to learn more about the Enchi Gold Project.

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Tavi Costa, Portfolio Manager at Crescat Capital join us to share his macro outlook for the gold sector, including the stocks, as well as a number of stocks he and Crescat are excited about.

Still a bullish outlook for the gold sector is timed with a very bearish outlook for the broad markets.

Click here to visit the Crescat Capital website to learn more about the Firm’s funds.

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Mike Spreadborough, Executive Co-Chairman at Novo Resources (TSX:NVO, NVO.WT & NVO.WT.A – OTCQB:NSRPF) joins me for a comprehensive exploration outlook this year throughout the Company’s Projects.

We start with the main focus of this year at the 100% owned Projects. The Becher Project will have the most drilling early on in the year with 2 rigs starting to turn in early April. We also discuss the drilling planned at Bellary Dome, Mosquito Creek Basin, and the Victorian Tenements. We then move to the lithium and nickel Projects, where JV partner Liatam just announced the planned exploration program on February 23rd.

If you have any follow up questions for Mike regarding any of the work planned for this year or if you want more information on any of the Project’s please email me at Fleck@kereport.com.

Click here to visit the Novo Resources website and read over the newest Corporate Presentation.

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Doc Jones, Private Investor and editor of DrJonesResourceInvestor.com, joins us to discuss different aspects of investing in the energy sector, from oil and natural gas, to lithium, and then to the battery metals or energy metals companies. Since he cut his teeth on the traditional oil and nat gas stocks over 2 decades ago, we start with his outlook on the pullback we’ve seen in this part of the energy space, what he likes, and the focus he has on the more established teams and assets with true scale and stability. He noted both Birchcliff Energy (TSX: BIR; OTC: BIREF) and Freehold Royalties (TSX: FRU; OTC: FRHLF) as examples of solid dividend paying companies with excellent financials and growth built in.

Next we jumped over to the battery metals theme and the huge amount of investor interest over the last few years in the lithium companies, along with some thoughts on how to filter down to the better quality company in this smaller niche commodity. Doc Jones outlines 3 companies at various stages of the mining cycle that he has invested in personally: Sigma Lithium (TSX.V:SGML, NASDAQ:SGML), Lithium Ionic (TSXV: LTH; OTCQB: LTHCF), and Brunswick Exploration (TSX.V: BRW; OTC: BRWXF) , and the rationale behind the investments he made into each personally. We also discussed the frothy nature of the lithium sector at present and that investors should really understand the deposits and team they are investing in, and stick with the larger producers if they are not sure how to evaluate earlier stage projects.

We wrap up with why he is more interested in investing in critical minerals like copper, nickel, and zinc companies over precious metals companies, due to all the positive tailwinds we see behind the green energy policies and investment capital flows. The discussion covers a number of areas ranging from government funds and direct investment into energy metals, to ESG, to the cost of capital for different commodities and related mining stocks. He outlines some recent news and catalysts in his favorite 3 critical minerals stocks to invest in: Emerita Resources (TSX.V: EMO; OTCQB: EMOTF), Magna Mining (TSX.V: NICU; OTC: MGMNF), and Osisko Metals (TSX.V: OM; OTCQX: OMZNF).*

Doc Jones is not paid by any company to discuss these stocks, and these are simply what he is doing with his own money in his own portfolio, and this is not investment advice.

DOC JONES RESOURCE INVESTOR https://drjonesresourceinvestor.wordpress.com/

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Ed Moya, Chief Market Strategist at OANDA, joins us to recap the potential that we’ve seen peak positive economic data from January, which was announced in February, and how that may affect the outlook on economic growth, Fed policy, and market reactions in the US general equities, bonds, and commodities.

After recapping the recent data and how the market is positioning, we discuss what the economic health of the US and global economies really are. We ask Ed if a further recession is still on the table for later this year, or if we are not going to get any kind of economic landing at all, and if the markets are just going to keep flying higher? We discuss the potential for the markets to bifurcate into some sectors doing well, while others may be in contractive territory We then wrap up with a review of the oil and natural gas space and the over health and supply demand picture in the energy sector.

Click here to visit the OANDA website to follow along with Ed’s daily note.

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John DeDecker, VP of Exploration at Eskay Mining (TSX.V:ESK – OTCQX:ESKYF) joins me to provide a full recap of the results from the 29,500 meters of drilling completed in 2022 at the Consolidated Eskay Property in the Golden Triangle of BC. The drilling was focused on two main areas on the Project; the TV-Jeff corridor and along the Scarlet Ridge-Tarn Lake trend.

I have John breakdown all the areas drilled and and focus on where drilling will occur this year. The Company does not have a formal drill plan announced but John expects follow up drilling at all areas from last year as well as the Sib and Lulu areas.

If you have any follow up questions for John regarding Eskay Mining please email me at Fleck@kereport.com.

Click here to visit the Eskay Mining website to learn more about the Consolidated Eskay Project.

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Welcome to another KE Report Weekend Show. February has been a rough month for markets, metals, pretty much everything except for the US Dollar all driven by stronger than expected US economic data. Everyone was bullish after the 4 month run that started in Q4 2022 but now that February reminded investors that it’s not smooth sailing ahead.

Please keep in touch with Shad and I through email! Send us your thoughts on the markets and companies we feature on the show, as well as any other companies you would like us to interview. Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 – Dana Lyons, Fund Manger and Editor of The Lyons Share Pro website kicks off the show by sharing his trading strategy for market and commodities. Dana says sell the rips in tech and buy the dips in value. for commodities we get his outlook for oil, natural gas, gold and copper.
- Dana is running an anniversary special at The Lyons Share Pro website for 1/3 off just this weekend. Click here to visit The Lyons Share Pro website.
Segment 3 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website breaks down the inflation and retail spending data from Friday that pushed markets lower. Marc has a very different outlook moving forward for the trend of US economic data.
- Click here to visit Marc’s website – Marc To Market.
Segment 4 – Josef Schachter, Founder and Editor of The Schachter Energy Report wraps up the show with a look into the oil and natural gas sectors. We focus more on the stocks that Josef thinks are the best buys over the next couple of months and how whether he likes oil or nat gas stocks more.
- Click here to learn more about the Schachter Energy Report website.

Dana LyonsMarc ChandlerJosef Schachter

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap the inflation (PCE) and spending data released this morning, which broadly came in above estimates. This is shifting forecasts for Fed rate hikes to more/longer which is pushing markets down. Joel thinks the market highs for this year are in but markets will not go straight down to the lows of 2022.

Click here to visit Joel’s PreMarket Prep website.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review the continued corrective action in the precious metals sector, and some technical and fundamental factors that point to selling pressure starting to get exhausted near a logical area of support.

Craig advises to focus on the longer-term macroeconomic trends and to use history as one’s guide, rather than getting all caught up in the “tyranny of the urgent” as it relates to incoming economic data blips and daily price swings. By being patient and letting the economic cycle play out and the sentiment pendulum to swing from one extreme to the other, this will help investors stay grounded and avoid getting wrong footed in the choppy markets and short-term whipsaw effect of pricing swings.

Click here to visit Craig’s site – TF Metals Report

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Jayant Bhandari, Private Investor, joins us to focus on the macro picture in both thermal coal and metallurgical coal, as well as a few companies he is reviewing that are offering compelling value propositions. We start off discussing some of the misconceptions about where the energy generation for EVs and the electrification narratives from policy makers is actually coming from, and going to continue to come from. For the foreseeable future that will still involve thermal coal. Then we review that despite one’s preference for power generation, that the demonization of met coal makes no sense as it is crucial for steel manufacturers, and this will come even more into focus as the Chinese economy reopens

Then we have Jayant share some of the coal companies he is reviewing as investable ideas where he is drawn to the low P/E ratios, high cash balances, and solid underpinning of pricing and production.

The companies he mentions for investors to research are:

Peabody Energy (NYSE.BTU; US$26): 25% metallurgical coal and 75% thermal coal; P/E of 2; dividend yield ~0%
Coronado Global (ASX.CRN; A$1.92): Metallurgical coal; P/E of 5; dividend yield 12%
Whitehaven Coal (ASX.WHC; A$7.30): 5% metallurgical coal and 95% thermal coal; P/E of 2; dividend yield 10%
Warrior Met Coal (NYSE.HCC; US$38): Metallurgical coal; P/E of 5; dividend yield ~0%

Click here to visit Jayant’s website.

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to share a couple key levels he is watching for GDX and silver. The 23-24 level in GDX and $21 level for silver are places where Dave thinks the charts could turn upward.

As for M&A in the PM sector, we saw 3 more transactions announced this week. This continues a significant uptick in M&A for the sector after a relatively dead period most of last year.

Click here to visit the Junior Miner Junky website.

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Caleb Stroup, President and CEO of Headwater Gold (CSE:HWG – OTCQB:HWAUF) joins us to provide an update on the 2023 work plans at a wide range of Projects in the Company’s portfolio in Nevada, Idaho and Oregon.

We start by recapping the earn in agreement with Newcrest, signed August 2022 on 4 Projects in Nevada. There are still drill results to report from last year’s program at the Spring Peak and Agate Point Projects that are starting to be received from the lab.

We then move to the 100% owned Projects starting with the Katey Project in Oregon. Announced on February 21st, a 3,500 meter drill program has started with a focus on following up on a gold discovery made last year in the first hole. Hole KT21-01 reported 6.34 grams per tonne gold (“g/t Au”) over 14.54 meters, including 30.73 g/t Au over 1.95 meters.

If you have follow up questions for Caleb regarding the work plans for this year please email Shad and I. Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Click here to visit the Headwater Gold website to read over all the recent news.

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Alexandra Woodyer Sherron President and CEO of Empress Royalty Corp (TSXV:EMPR) (OTCQX:EMPYF), joins us for an introduction to this Company with 17 precious metals royalties, and outlines the growth strategies for 2023. We start off discussing the royalty creation strategy with the team having a strong background in the capital markets, and how that has created 3 production stage royalties generating revenues for the company, 1 development stage asset, and 13 exploration stage assets.

We highlight the details of the 3 producing royalty assets, and review the financial strength of the Company, and forward-looking revenue projections. Alex outlines her background along with the strength of the management team and BOD in the capital markets and for sourcing accretive deals, and the outlook for growth both from within the royalty portfolio and possible new royalty acquisitions.

If you have any questions for Alex regarding Empress Royalty, then please email us at Fleck@kereport.com or Shad@kereport.com.

https://empressroyalty.com/news/2023/

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Marc Bishop Lafleche, CEO of Ecora Resources (TSX: ECOR) (LSE:ECOR) (OTCQX:ECRAF), joins us for an introduction to this Company with 18 royalties, in 10 commodities, over 5 continents, and outlines the growth strategies for 2023. We start off the rebranding of the company a little over a year ago from Anglo Pacific to Ecora Resources, with the fundamental shift being towards accumulating production or development-stage royalties on forward-facing commodities like copper, cobalt, nickel, vanadium, uranium that are part of the global energy and electrification transition, over the prior focus on metallurgical coal and iron ore.

We highlight a few of the key royalties of the 9 producing assets, 6 development assets, and 3 earlier stage assets, and the strength of their operating partners, long mine-life projections, and operations that have low carbon intensities. Next we look into the financial strength of the incoming revenues, with the transition from the traditional to the more energy metals focus over the next few year in producing and near-production asset. Marc also outlines his background along with the strength of the management team and BOD for sourcing accretive deals, and the outlook for growth both from within the royalty portfolio and possible new royalty acquisitions.

If you have any questions for Marc regarding Ecora Resources, then please contact us at either Fleck@kereport.com or Shad@kereport.com.

https://www.ecora-resources.com/investor-relations/regulatory-news/

https://www.ecora-resources.com/application/files/6416/7699/7544/Ecora_Resources_-Overview-_Feb23.pdf

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), joins us to for an exploration update at the 100% owned Risti Property at the Kaaresselkä and Vanha targets, as well as a new gold discovery made stepping out from the Helmi Project on the Aurion-B2Gold Joint-Venture, along the Central Lapland Greenstone Belt in northern Finland.

We have Matti break down the ongoing scout and step-out drilling at multiple targets across the 100% owned Risiti property, testing for extensions of gold mineralization at the Kaares Area, and new zone of gold mineralization at the Kaaresselkä Prospect, with the full drill hole # KS22027, extending previously announced partial results to 2.41 g/t Au over 56.55 meters. We also discussed the critical minerals like copper, cobalt, platinum, and palladium reported from other scout drill holes near the Vanha area that have been testing regional targets such as base of till anomalies and geophysical features.

The Aurion-B2Gold Joint-Venture exploration team continues to have a very high success rate with drill hits at Helmi Discovery, expanding mineralization to the western part of the Helmi Discovery with an intercept of 1.56 g/t Au over 24.80 m, and also a new discovery zone of mineralization 2 km west from the Helmi Discovery returning 6.25 g/t Au over 6.00 m, and 1.02 g/t Au, 1.84% Cu over 5.60 m. There will be a lot more drilling on and around the Helmi Project expanding the known mineralization and testing other regional targets with a CAN$10.4 million JV budget for 2023.

If you have any follow up questions for Matti on Aurion Resources, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Aurion Resources website to read over the recent news releases.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to look further out this year when he thinks a larger recession will hit. We tie this macro view over to why this will benefit the precious metals sector. Carrying over to the charts we have Jordan outline the levels he is watching for GDX. After 12 out of 14 days down the GDX is now oversold and breadth is almost down to zero.

Click here to visit Jordan’s site – The Daily Gold

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Sean Brodrick, Editor of Wealth Megatrends, and contributing analyst to Weiss Ratings Daily, joins us to focus on the macroeconomic investment trends in motion and how they affect commodities like copper, oil, natural gas, lithium, gold and silver. We start off reviewing how inflation expectations and recent economic reports have shaped expectation for Fed rate hikes in the year to come. We dive into the bifurcation between the recession and contraction many pundits have been calling for since last year and counter-balance that against the better than expected jobs data, manufacturing data, and retail sales data. With Fed FOMC minutes due out this Wednesday, and the PCE inflation data out this Friday, it should provide more clarity as to the direction moving forward.

Another key area of discussion was around the Chinese economy and society reopening from 3 years of lockdowns, and what that may mean for demand of copper, oil, lithium, iron, steel, and many commodities. We wrap up with having Sean provide investable ideas from the energy sector where he is more bullish on dividend-paying oil companies than he is on the still struggling nat gas companies, and he reiterates the need for battery metals and many sources of energy generation for the future. As for precious metals, he is biding his time waiting for more corrective action to position on pullbacks.

https://weissratings.com/en/products/wealth-megatrends

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Tier One Silver (TSX.V:TSLV – OTCQB:TSLVF) recently announced sample results that have lead to a new target (copper-nickle) on the Hurricane Project in Peru. This target is called Rayanpata and is the 14th target defined on the Project.

Peter Dembiki, President and CEO and Christian Rios, Senior VP of Exploration at Tier One Silver joins me to recap the February 14th news release highlighting the new Rayanpata target. We discuss what attracted the team to this area on the Project, how they will go about ranking the 14 total targets, the copper-nickle aspect and the follow up work to be conducted. We also look ahead to the upcoming April drill program at the Curibaya Project.

If you have any follow up questions for Peter or Christian please email me at Fleck@kereport.com.

Click here to visit the Tier One Silver website to read over all the recent news.

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins us to unpack the key metrics just released today from the new Mineral Resource Estimate for the Hope Brook gold deposit located in southwestern Newfoundland.

Global Mineral Resource Estimate Highlights:

1.2 Million Ounces grading 2.32 g/t Au in Indicated and 231,000 Ounces grading 3.24 g/t Au in Inferred categories.
Open Pit Mineral Resource Estimate: 1.0 Million Ounces grading 2.14 g/t Au in Indicated category.
43% Increase in total Indicated Ounces and 110% Increase in total Inferred Ounces compared to the April 2021 Mineral Resource Estimate.

We’ve discussed how the resource is resilient in the face of lower metals prices, due to the 0.4 g/t cutoff used and $1750 gold price assumptions, but still has the optionality to higher gold prices, and the potential for the copper credits to contribute to the operating capital as more work is done to factor those into future economic studies. We also discussed the potential to keep expanding the 400,000 ounces of gold resources at depth, both under the 240 Zone and the Main Zone for a growing underground mining scenario, beyond the 1 million ounces now in the open-pit resources. In addition, there are 13 exploration targets the exploration team has identified for exploring for additional open pits that could be brought into a future mine plan.

If you have any follow up questions for Mike regarding the Big Ridge Gold, then please email us at Fleck@kereport.com and Shad@kereport.com.

https://bigridgegold.com/news/2023/

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Welcome to another KE Report Weekend Show. The February turnaround for markets continued this week on the back of more positive economic data which has investors shifting rate hike expectations in the near term. We recap the many data points and key levels to watch for markets, currencies and metals.

Please keep in touch with Shad and I by emailing us your thoughts on markets and the companies we featured throughout the week. Out email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by sharing his outlook for markets, bonds, the US Dollar, gold and gold stocks. Rick called the turnaround in markets perfectly and now is looking for a choppier market moving forward with a bias to the downside.
- Click here to learn more about Rick’s retail investment letters.
Segment 3 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website is up next with a recap of US economic data this month and the key central bank meetings to watch for in the coming weeks. We focus currency moves and how that correlates over to investor positioning.
- Click here to visit Marc’s website – Marc to Market.
Segment 4 – Christopher Aaron, Founder of iGold Advisor wraps up the show with his technical analysis on gold. We revisit the Dow to gold ratio and relationship of the miners to the gold price.
- Click here to visit the iGold advisor website.

Rick BensignorMarc ChandlerChristopher Aaron

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website, joins us to reiterate a few macroeconomic factors and technical resistance levels that have had him expecting the markets to continue rolling over since early February. Joel mentioned that while avoided chasing the markets in late January, and expected a corrective move; however, he is also not ready to put his bear suit on either, as he expects range-bound choppy markets that will frustrate bulls and bears alike.

He was surprised by the short rally in front of the recently announced CPI reading, and the move from value back into more growth names, which really had a big pop in Q4 and following through into January, but it seems that has become more muted now as the dollar and interest rates have begun to raise once again. Joel pointed out the relatively weak reports on Q4 earnings season, and the focus still being on upcoming jobs and inflation data, and looking at analyst reports as shorter-term catalysts.

Click here to visit Joel’s PreMarket Prep website.

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins us to recap Monday’s news release reporting 19 more drill holes from the Copala structure, all part of the 90,000 meter drill program at the Panuco Project in Mexico. The results were from both step out and infill holes. We focus on the step out holes that have expanding mineralization 100 meters from the Copala resource area.

While the Company continues its 90,000 meter drill program we have Mike share the areas on the Project where new discoveries could be made.

If you have any follow up questions for Mike please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Vizsla Silver website and read over the recent news release we discussed.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss his value investing strategy, and he reviews 2 junior resource stocks with recent news catalysts that he feels represent intriguing risk-reward setups.

We start off discussing the misnomer where most investors assume “the markets are always right;” only to see wild swings in prices and valuations over very short periods of time, to the upside and downside, with no substantive change in the company’s underlying assets. If nothing major has changed with a company, but there are wild fluctuations in pricing and company valuations and extreme changes, merely based on sudden sentiment shifts, then was the market right before or after that move?

We then have Erik outline what he likes about potential development growth and pathway to copper production with Trigon Metal (TSX.V: TM) (OTCQB: PNTZF), and the underappreciated recent gold drill results and potential exploration upside at Firefox Gold (TSXV:FFOX) (OTCQB:FFOXF).*

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and are also site sponsors of The Hedgeless Horseman website.

Click here to visit Erik’s site – The Hedgeless Horseman

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Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to review 2023 exploration strategy which is continuing organically-funded grade-driven growth of the resources in both Nicaragua And Nevada.

We wrap up by transitioning over to the Nevada assets, and all the ongoing exploration work the company has underway around both the Pan Mine area and at the development-stage Gold Rock Project. The exploration team is encouraged by recent drill results stepping out from the known mineralization and finding higher grade gold intercepts at the Coyote target, as well as stepping out from the Pan Mine area. There are also some targets on drilling some deeper ‘Carlin Style’, sulfide mineralization at Gold Rock Deep.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Calibre Mining.

https://www.calibremining.com/news/

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I am very happy to bring on the show William Middelkoop, Founder and Principal of the Commodity Discovery Fund and Author of The Big Reset. Since this is William’s first time on the show we start with a quick background on how and why he formed the Commodity Discovery Fund. This ties into a discussion on commodities broadly and the individual commodities his fund is focusing a bit more on currently. Critical minerals have garnered a lot of attention and the Commodity Discovery Fund is riding the wave as well.

We also discuss how precious metals fit into the funds portfolio and the due diligence process William and his team undertake before investing in a company.

Click here to learn more about the Commodity Discovery Fund.

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference joins us to discuss the broad pullback in gold along with the broad market averages. He ties it all back to rate hike expectations that swung too much to the thought of a pause sooner rather than later. We also look to the gold stocks general under-performance and a silver stock that Brien likes.

Click here to visit the Gold Newsletter website.

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Mike Larson, Editor-in-Chief at The Money Show joins me to recap the recent economic data out of the US that has shifted form being negative to much more mixed. This is causing Mike to shift his investing strategy away from strictly defensive to a blend of safe investments balanced with some major bargain hunting. He points out some tech stocks that have sold off so much that they are now attractive buying opportunities. We also discuss the pullback in gold and consistent under-performance of the gold stocks.

Click here to visit the Money Show website

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), reviews the expanded optionality and potential for enhanced growth initiatives from the recently amended and restated terms of its senior debt facility held with Africa Finance Corporation. The removal of many restrictive debt covenants, now releases the Company from restrictions regarding acquisitions, distribution of dividends and certain indebtedness covenants, as well as allowing more capital to be put towards aggressive exploration and expansion at both the Segilola and Douta projects.

We discussed the organic growth potential with the on-going exploration around Segilola mine in Nigeria, at depth under the current pit shell, and along strike at a number of nearby targets in search of nearby satellite pits. In addition, there is also the inorganic growth that could come from acquiring nearby projects, or partnering on other development projects in Nigeria and abroad in West Africa.

We also outlined the new 40,000 meter drill program at the Douta development Project in Senegal, on the back of the recently completed 26,000 meters drill program from 2022. The Company is continuing to expand the resources at the Makosa ore body, which now has grown to a 7km strike length, and also incorporates the Makosa Tail area. The exploration strategy is to keep doing step-out drilling and infill drilling at the Makosa deposit, as well as expansion drilling around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets. There are still drill assays pending for the 3 satellite deposits that will be reporting early this year, and the 2022 drill results will then be put into an expanded resource estimate update in the first half of 2023. The next milestone after that will be to wrap some economics around the Douta project in a Preliminary Economic Assessment for the market to evaluate by year’s end.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email us at either fleck@kereport.com or shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations.

Click here to read over the recent news out of the Company.

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a handful of key charts on the US Dollar, Gold, Silver, and weekly and daily charts for (URNM) the Sprott Uranium Miners ETF. [all charts are posted below so you can follow along]

We intermix some macro fundamentals and trading strategies into the discussion, and Steve also breaks down how he has weighted the breakdown of different-staged mining stocks inside of his portfolio. In addition, we also review how he plans on adjusting his holdings in physical metals over different parts of the cycle and the importance of position sizing.

Click here to visit the SilverChartist website

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to discuss the current correction for gold, silver and the mining stocks. While a correction was due Jordan outlines why he is not viewing this as overall bullish, compared to past bull market corrections. He is not thinking gold will go back and test the lows but his bullish/breakout timeline is being pushed back.

Click here to visit Jordan’s site – The Daily Gold.

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Announced this Monday, February 13th, a Private Company, San Cristobal Mining has acquired the San Cristobal Mine in Bolivia from Sumitomo Corporation. Since details on the acquisition and mine operations are limited I have Quinton walk us through every detail he can share more information on.

We start with a background on the asset and current operational data. We also discuss the deal terms to the extent that Quinton can share. We then discuss what work needs to be done by the new Company including growth areas in both operations and exploration. A build out of the team is highlighted along with how this private Company managed to get the deal done over potential other buyers.

If you have any follow up questions for Quinton regarding this deal and the asset please email me at Fleck@kereport.com.

Click here to read over the news release reporting the closing of the acquisition.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review the trend of more recent “mega-mergers” with the majors, also spawning even more mergers and acquisitions within the mid-tiers and junior stocks. Last Monday we saw the announcement of Newmont Mining (NEM) putting in a bid to acquire Newcrest Mining (NCM.AX), on the heels of the recently closed Agnico Eagle (AEM) and Panamerican Silver (PAAS) acquisition of Yamana (AUY). Then this Monday we saw more M&A news with B2Gold (BTO) (BTG) announcing it had placed a bid to acquire Sabina Gold (SBB) (SGSVF), and Victoria Gold (VGCX) (VITFF) announcing a bid to acquire ATAC Resources (ATC) (ATADF).

Dave provides some insights on what this may mean for garnering more generalist investor interest, and what other kinds of M&A deals we may see in the sector next. We also discuss how these transactions can be both positive and negative sentiment drivers in the space. Sure, takeovers provide a clear exit strategy for investors, freeing up capital to rotate into other PM stocks, but also create negative sentiment in the space for many longer-term buy and hold investors that sat in these junior companies for years sometimes, only to barely break even break, make muted gains, or worse lose money. In general though, mergers and acquisitions activate the animal spirits of investors as they speculate on which companies will be next?

Click here to visit the Junior Mining Junky website to follow along with Dave’s market comments.

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Ed Moya, Senior Market Analyst to OANDA joins us to recap the January CPI data, that came in at as expected at a gain of 0.5% m/o/m headline and 0.4% m/o/m core. This corresponds to year over year increases of 6.4% headline and 5.6% core.

After recapping the data we take a step back to discuss how this impacts Fed policy and market expectations. Markets have been volatile today with not much change overall. This could be a sign that we are in for range-bound trading. We also look at the crypto markets and Bitcoin which is up today even with all the regulation talk in the news.

Click here to visit the OANDA website to follow along with Ed’s daily note.

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Over the past few weeks the TinOne Resources (TSX.V:TORC – OTCQB:TORCF) share price stated moving higher, from around 7cents now up to around 14cents. A number of your emailed me asking for an update so I reached out to the Executive Chairman Chris Donaldson.

Chris joined me to recap the news this year that includes drill results from the Great Pyramid Tin Project and sample results from the Aberfoyle Project. Both Projects are in Tasmania. The drilling at Great Pyramid were to test extensions of the known historical resource. While the sample results at Aberfoyle showed lithium in mica (greisen) altered granite.

I have Chris outline the significance of the results from both Projects and what comes next in terms of news.

If you have any follow up questions for Chris please email me at Fleck@kereport.com.

Click here to visit the TinOne Resources website to read over the three news releases from 2023.

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Rick Van Nieuwenhuyse, President and CEO of Contango Ore (NYSE:CTGO) joins us to discuss the 2023 strategy at the development stage Mahn Choh Project and exploration focused Lucky Shot Project. At Mahn Choh Contango Ore holds a 30% non-operating partner interest (Kinross holds the other 70%) and is the 100% owner of Lucky Shot. Both Projects are in Alaska.

Key developments this year for the Mahn Choh Project include a financing for the Company’s 30% interest of the construction build (approximately $30 million attributed to Contango Ore), announcing a contract mining and receiving a the mine operating and closer permit. When it comes to Luck Shot the Company should be announcing the overall exploration plan for the year in the near term.

If you have any follow up questions for Rick please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Contango Ore website to learn more about the two Projects.

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At the end of last year Allied Copper (TSX.V:CPR – OTCQB:CPRRF) closed the acquisition of Volt Lithium (Private Company). This has shifted the direction of the Company towards Lithium and being a potential near term producer.

Alex Wylie, President of Allied Copper joins me to recap the ongoing work for the lithium division focused on the initial lithium recoveries from the Company’s proprietary DLE technology. The 93% recoveries were announced on January 24th. We also discuss the big picture plans for the DLE technology which include moving to a pilot phase of testing and where the technology is compared to other lithium companies.

If you have any follow up questions for Alex please email me at Fleck@kereport.com.

Click here to visit the Allied Copper website to learn more about the advancements in the lithium division.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website, joins us to share the technical levels and key moving averages he’ll be watching to see where support comes in and holds for US equities, the US dollar, gold, and the cryptos. TG points out that in many stocks in the general equity markets or the S&P 500 index that recent bounce off the 21 day moving average has been encouraging, but he is watching to see if the 50 day moving average is tested next and will hold as a key line in the sand. The greenback has been in an overall downtrend and may just be putting in an oversold bounce, while inversely gold and the precious metals sector have put in solid new uptrends and may just be putting in an overbought pullback. Cryptos surging recently also has TG of the belief that there may be more legs to the rally in most markets, with more of a risk-on posturing from investors.

We also discussed some of the recent market moves on the back of a string of financial reports, and what would constitute a “soft landing” in the economy. It really comes down to if we’ve seen the recession already play though last year, or if there is another contraction period for more of a “double-dip recession.” Regardless of how it plays out, TG sees a lot of individual stocks and smaller sectors of the markets having already had their bear markets, and that we may see a basing and then lift in many equities regardless of the trends in the larger indexes or large-cap leadership.

Click here to visit the Profit Pilot website to follow along with what TG is seeing in the markets.

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Fredrick Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF) joins us to recap a very important 2022 for the Company and the growth strategies for 2023.

2022 started out with a hostile takeover bid from Gold Royalty Corp which was fought off by the Company, then followed by an announcement in June of an at-market merger with Altus Strategies. Fred explains how this merger immediately increased the value of the Company and the overall royalty portfolio. We also highlight the recent transaction to acquire a portfolio of 19 uncapped royalties from First Mining Gold Corp (TSX: FF) (OTCQX: FFMGF).

For 2023 we have Fred share his outlook for growth both from within the royalty portfolio and possible new royalty acquisitions. With the strong financial position of the Company it sounds like there could be more deals coming this year.

If you have any follow up questions for Fred regarding Elemental Altus Royalties or the royalty sector please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Elemental Altus Royalties

Click here to visit the Elemental Altus Royalties website to learn more about the Company and royalty portfolio.

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Welcome to another KE Report Weekend Show! On this Weekend’s Show we are joined by Doc and Peter Boockvar. Doc sticks to the charts while Peter recaps a multitude of economic data, all with the focus on how it impacts markets.

As always you can keep in otuhc with Shad and I though email. Our email addresses are Fleck@kereport.com an Shad@kereport.com.

Segment 1 and 2 – Richard Postma, AKA Doc kicks of the show with his outlook for gold, silver, gold stocks and the US markets.
Segment 3 and 4 – Peter Boockvar, CIO at Bleakley Financial Group and Editor of The Boock Report wraps up the show to discuss the different market environment that is here to stay. Higher rates, tighter financial policies and new market leadership all play into the longer term outlook.
- Click here to follow along with Peter at The Boock Report website.

Exclusive Company Interviews This Week

Skeena Resources – Video Update – 2022 Exploration Review and 2023 Outlook
Vizsla Silver – Updated Resource Estimate Shows Major Growth and a $39Million Bought Deal Financing
Regency Silver – Drilling Started At Dios Padre To Follow Up On The 4.7g/t Gold Over 53.8 Meters Discovery Hole
Triple Flag Precious Metals – 229 Royalties And Streams With 29 Paying Assets Post Maverix Metals Acquisition
SilverCrest Metals – Q4 2022 Operational Results, Upcoming Technical Report and More Information On Holding Gold And Silver
AbraSilver – Continued High-Grade Silver Drill Intercepts At The New JAC Target Building Towards A Maiden Resource
Talisker Resources – Maiden Resource Estimate at Bralorne and The Potential Of Near Term Toll Mining
Metalla Royalty & Streaming – 3 Asset Updates; Côté / Gosselin, Centrogold / Gurupi, Fifteen Mile Stream
Minera Alamos – Comprehensive Operations And Exploration Update At Santana And Cerro De Oro

Doc Peter Boockvar

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to share why he thinks markets will continue to roll over and we probably have already seen the highs for the year. He points to the weak earnings season, upcoming inflation data and longer term charts that show the recent rally not breaking the overall downtrend.

Click here to visit Joel’s PreMarket Prep website.

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Brien Leni, Founder and Editor of The Junior Stock Review joins us to share information on a couple new stocks Brien has recently recommended to his subscribers. After almost a full year of not recommending any new stocks and with current market conditions improving Brien likes the value proposition of Mawson Gold and Signal Gold.

Brien also is starting to add coverage on the oil and gas sector. While it is early on in his coverage we discuss what is attracting him to this sector.

Click here to visit Brien’s website – The Junior Stock Review.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review the recent corrective move in the precious metals sector, and what macroeconomic factors could create a scenario that is constructive for more sustained moves higher starting the second half of this year. We reflect on the recent Fed meeting, and stronger-than-expected jobs and manufacturing numbers, but note how those trends could change once the Fed pauses it’s tightening, and the effects of the higher interest rates further contract the economy.

We ask Craig what it will finally take to for more generalist to wake up to the central bank perpetual cycle of hiking only to cut again, and what catalysts may take the PMs on a longer term trajectory higher. This takes the discussion into the Fed pausing, trends in unemployement, the direction of inflation, and interest rates.

Craig points out that regardless of how it plays out, it will be key for investors to ignore some of the short-term micro noise, and instead focus on the longer-term macroeconomic data and trends. He still feels the odds are the first half of the year will remain choppy, but that the latter half of the year may be similar to 2010 or 2019 where the Fed is eventually forced to start cutting again due to weakened economic conditions. His advice is to hold through any volatility in the near-term, expecting a more positive advance in gold, silver, and the PM mining stocks in the second half of the year.

Click here to visit Craig’s site – TF Metals Report

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Doug Ramshaw, President of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us for a comprehensive operations and exploration update at the Santana Mine, and the exploration and development strategy this year at the Cerro De Oro gold project in Zacatecas, Mexico.

We start off by recapping the operational success in 2022, with the recent announcement on January 31st that the Company met its initial thresholds for commercial production at Santana during 2022 including criteria related to gold recoveries from the heap leach pad as well as monthly mining rates in the second half of 2022. We did also address the negative market reaction to the weaker Q4 production numbers over the Q3 numbers, but Doug unpacked that this had been telegraphed prior to that, and the reasons behind slowing things down in the last quarter of the year. We also discussed the drought conditions and water concerns, but that it seemed to be lost on the market that the company would not be moving forward with tripling the leach pads in an expansion at Santana this year, if management was concerned about a longer term water issue.

Next we got into the exploration strategy for 2023, both at Santa and Cerro De Oro, with a mix of true discovery drilling, resource expansion drilling, and infill drilling. With 10,000 meters of drilling slated at Santana, and 4,000 – 5,000 meters of still planned at Cerro de Oro, and reasonable turn around times at the assay labs, there will be a lot of exploration newsflow on tap for this year.

Please email us with any follow up questions for Doug regarding Minera Alamos. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Minera Alamos

Click here to visit the Minera Alamos website and read over the recent news.

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Earlier this week, on February 6th, Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) send the initial Asset Update email of what will be an ongoing process of updating investors on any non-material developments on the Company’s royalties.

Brett Heath, President and CEO of Metalla Royalty & Streaming joins us to recap the 3 assets updates included in the initial Asset Update email. The assets updated are from the Côté / Gosselin, Centrogold / Gurupi and Fifteen Mile Stream royalties.

If you have any follow up questions for Brett regarding any of these asset updates or any other assets in the royalty portfolio please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Metalla Royalty & Streaming

Click here to visit the Metalla Royalty & Streaming website to sign up for the email asset updates.

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Terry Harbort, President and CEO of Talisker Resources (TSX.:TSK – OTCQX:TSKFF) joins us to recap the inaugural Mineral Resource Estimate at the Bralorne Property in BC. Released on January 24th the Resource Estimate totals 1.66 million ounces of gold (1.63 million ounces in the inferred category at 6.3g/t gold and 33,000 ounce in the indicated category at 8.9g/t gold).

We have Terry outline the future direction of the Project which will be toward toll mining. We discuss the work needed to upgrade the resource to the indicated category, an economic study and the costs associated with it all.

If you have any follow up questions for Terry please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Talisker Resources website to read over the Resource Estimate news release.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on the gold, silver, and precious metals mining stocks, and reviews the rationale and challenges with some technical theses that we see regarding silver being in a bull flag or GDX being in an inverse head and shoulders pattern. Jordan breaks down some of the key technical nuances of using technical analysis in concert with intermarket analysis and fundamental macroeconomic trends, to determine both the bearish and bullish scenarios.

We wrap up with getting Jordan’s view of the gold versus S&P ratio chart on different timeframes, and that a breakout here would be the key determinant factor for a real bull market in gold, silver, and the precious metals mining stocks.

Click here to visit Jordan’s site, The Daily Gold.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review investing themes for the commodity super-cycle in uranium, lithium, copper, and gold.

We kick things off with the sentiment reading and key takeaways from the Vancouver Resource Investor Conference, and which commodities and related resource stocks are trending higher, which ones are improving but not well bid yet, and which metals or energy sector components are still correcting downwards. This is a wide-ranging discussion that gets into macroeconomic forces behind some of the moves in certain sectors, if we are going to see a soft landing in the economy, reviews the recent relief rally in general US equities, yield curve inversions with different duration bonds and interest rates, oil and nat gas and overall energy sector, critical minerals, battery metals, and much more.

https://digestpublishing.com/publications/

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), joins us to outline continued high-grade silver drill hits over wide intercepts from the JAC Target at the Diablillos Project in Argentina. While the company did release a Resource Estimate for the Oculto Deposit on November 3rd of last year, the success from initial drill results at the JAC Target, has the company putting all focus from the Phase 3, 15,000 meter drill program on further defining this mineralized area.

Hole DDH 22-067 at the JAC target, encoutered 871 g/t AgEq over 27m in sulphide mineralization. That interval is located immediately beneath a further high-grade oxide intercept grading 522 g/t AgEq over 36m.
Hole DDH 22-076 encountered two high-grade silver and gold zones at the JAC target:
- 22m at 477 g/t Ag and 0.20 g/t Au in oxides from 147.0m downhole; and
- 8.5m at 1,953 g/t Ag, 6.66 g/t Au and 0.43% Cu in an oxide-sulphide transition zone from 169.0m downhole. This interval includes the record-grade silver intercept of 1m at 12,581 g/t Ag and 44.5 g/t Au.
Hole DDH 22-082 Returned 347 g/t AgEq over 26.5 m, including 1,055 g/t AgEq over 7.0 m

The plan once this third phase of drilling is complete, and as all the assays are reported, is to then put out a maiden resource on this JAC target area, as it is looking constructive for being a second deposit area that would make economics more attractive on the front end of any economics for development due to the higher grades and continuity from has been reported thus far.

If you have any follow up questions for John regarding at AbraSilver, then please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of AbraSilver

Click here to visit the AbraSilver website and read over the most recent news releases.

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Ed Moya, Senior Market Analyst at OANDA joins us for a discussion on future central bank policy and what markets are pricing in. No one knows what’s going to happen but markets always look forward, usually trying to be bullish, so we discuss the shifts in what the market is predicting. It seems like everyone wants the Fed to stop hiking and move to rate cuts but that continued to get pushed down the road.

On the chart front we focus on the broad averages and Bitcoin.

Click here to read over Ed’s daily market note.

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins me to recap the Q4 2022 operational results (announced on January 31), look ahead to the upcoming technical report and provide more information on the plans to hold some gold and silver on the Company’s balance sheet.

Starting with the operational results at the Las Chispas Mine, commercial production was declared on November 1st last year. Chris shares the key details on production, including the type of ore being processed, recoveries, how the plant is functioning and cost exceptions. This all ties into the upcoming technical report.

After our last call, when Chris announced the Company would be holding gold and silver on the balance sheet, I received a lot of asking for more information. He shares some of the early details on this plan and how it plays into general capital management. Click here to view the Corporate Presentation and view slides 17 and 18.

If you have any follow up questions for Chris please email me at Fleck@kereport.com.

Click here to visit the SilverCrest Metals website to read over the full Q4 2022 operational results.

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Shaun Usmar, Founder, CEO, and Director of Triple Flag Precious Metals (TSX: TFPM) (NYSE: TFPM), joins us for an exclusive Company overview and introduction, of the 229 royalties and streams, with 29 paying assets in production. We start off reviewing how the company started and grew privately, before listing on the TSX in May of 2021, and recently has transformed growing further through the acquisition of Maverix Metals (NYSE: MMX), which just was completed in January of this year.

We outline some of the key cornerstone assets in the portfolio of projects, such as the major contribution from the gold and silver streams on Northparkes and Cerro Lindo, or the cash-flowing producing PM royalties from Fosterville, Young-Davidson, RBPlat, Buritica, Beta Hunt, Camino Rojo, and more with a focus in the Americas and Australia. Shaun reviews that the pro-forma payable PM production for 2022 was in the range of 113,000 – 116,000 gold equivalent ounces, and the Company is targeting a 5-year average moving forward of approximately 140,000 gold equivalent ounces from 2023 – 2027.

In addition to the strength of the operators for the 29 assets already in production, we discuss the how the Triple Flag team vets the upside optionality for exploration and development on their overall large basket of royalties and streams, in tandem with exposure to overall land packages to capture future growth and investment. Shaun outlines the various strengths and bench of experience of the management team and the BOD. We wrap up the discussion with the financial position of the Company with $148Million from annual operating cashflow, a 1.4% dividend, $600Million in available credit liquidity for potential deals, and then highlighting the key stakeholders like Elliot, Newmont, Kinross, and a number of funds and institutions.

If you have any questions for Shaun regarding Triple Flag, then please email Shad@kereport.com.

Click here to access company news for Triple Flag

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review his technical outlook on gold, silver, and the precious metals stocks, as well as thoughts on the recent trend of more “mega-mergers.” We start off noting the similarities between the 26-month consolidation of the precious metals sector from the summer of 2020 to the recent low in Q4 of 2022, to the 26-month consolidation from the summer of 2016 to Q4 of 2018. There was the initial rally coming out late 2018 into early 2019, then a corrective period, and then another big move higher later in 2019, and that may be a pattern that rhymes with what we are seeing now. Dave provides some technical pricing support levels for gold, GDXJ, and silver for investors to keep a lookout for.

Next we shifted over to strategies for investors to consider regarding scaling into positions during the corrective pullbacks, versus waiting for clear breakouts to add into strength. We wrap up with a discussion around the recent pickup in mega-mergers between the major producers, reflecting on the news this week of Newmont Mining (NEM) putting in a bid to acquire Newcrest Mining (NCM.AX), after also just seeing recently Agnico Eagle (AEM) and Panamerican Silver (PAAS) beat out Gold Fields (GFI) in the bid to acquire Yamana (AUY). Dave provides some insights on what this may mean for garnering more generalist investor interest, what other majors may move next, and when it will filter down to acquiring the junior development companies.

Click here to visit the Junior Mining Junky website to follow along with Dave’s market comments.

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Bruce Bragagnolo, Executive Chairman of Regency Silver (TSX.V:RSMX – OTCQB:RSMXF) joins us to discuss the drill program at the Dios Padre Project, in Mexcio, that started at the beginning of January.

The 3 hole, 3,000 meter program is focused around the discovery, Hole 1 announced on October 11th. This hole intersected 35.8 meters of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver, starting at 420 m depth down hole along with 13.97 g/t Au, 50.25 g/t Ag and 1.11 % Cu over 9.8 m starting at 460.5m down hole. The Company is also conducting an IP program to further isolate future drill locations.

If you have any follow up questions for Bruce please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Regency Silver website to learn more about the discovery and current drill program.

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John Rubino, Founder of the Dollar Collapse website and editor of a recently launched newsletter over at Substack, joins us to review some of the macroeconomic trends in motion as it relates to the strength of the underlying economy, corporations, and individuals in the new higher interest rate environment. We discuss possible scenarios that could play out once the Fed pauses their rate hiking cycle, but they along with all other companies and families must still deal with the interest service payments on much higher amounts of debt. If we see a recession or extended contraction worsen due to this backdrop, then it could be the tipping point to bring in more accommodative action from the central banks, without fixing the real issues.

In that kind of a scenario, John feels gold, silver, and the precious metals mining stock will benefit to a larger degree than many other sectors will. We wrap up by getting John’s reaction to the recent news about Nemont Mining (NEM) putting in a bid to acquire Newcrest Mining (NCM.AX), and what it may mean for further mergers and acquisitions in the PM stocks.

https://rubino.substack.com/

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Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) released a couple major news releases in the later part of January. On January 24th the Company announce an update to the Resource Estimate at the Panuco Project, in Mexico. Shortly after, on January 27th, the Company announced a share only bought deal private placement for $34million, which was up-sized the same day to $39million.

Mike Konnert, President and CEO of Vizsla Silver joins us to recap the Resource Estimate and financing. On the Resource Estimate, we focus on the high-grade silver over wider intercepts at the Copala area, which was a large component of the resource increase. We also discuss where the Company sees growth potential moving forward. This ties into the bought deal financing to fund exploration for this year and a potential economic study.

If you have any follow up questions for Mike regarding Vizsla Silver, then please email us at Fleck@kereport.com and Shad@kereport.com.

In full disclosure, Shad is a shareholder of Vizsla Silver.

Click here to visit the Vizsla Silver website to read over the full news releases we discussed.

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Robert Sinn, known as Goldfinger over at CEO.ca and writer at the Energy and Gold website, joins us to recap the busy couple of week is Vancouver at three different resource investment conferences as well as share his thoughts on the gold and lithium sectors.

Starting with the conferences and gold sector, the mood was very bullish/optimistic. This was before the $100 drop in gold at the end of last week (post conferences). Robert shares the price action he is looking for moving forward as well as some key levels for gold and GDX and GDXJ. We also discuss the major M&A news, from last night, with Newmont’s U$17billion takeover offer of Newcrest. What does this mean for the junior gold stocks?

On the lithium front Robert shares a report from Scotia Bank outlining its estimate for global lithium growth. We tie this into the explosion of lithium companies and share prices.

Since Robert mentioned Skeena Resources in this interview here is the link to the Skeena video update posted today.

Click here to visit the Energy and Gold website.

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Welcome to a KE Report Video Editorial.

I am joined by Paul Geddies, Senior VP of Exploration and Resource Development at Skeena Resources (TSX:SKE – NYSE:SKE). Paul walks us through a recap of the 2022 exploration program and the plans for 2023 at the Eskay Creek Project in the Golden Triangle of BC.

The key work in 2022 included a Feasibility Study and drilling which expanded known resources and made a couple new discoveries. For 2023 the Company will continue to expand the resource with the goal of extending the current mine life of the asset.

If you have any follow up questions for Paul please email me at Fleck@kereport.com.

Click here to visit the Skeena Resources website to learn more about the Company.

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Welcome to another KE Report Weekend Show!

It was expected that this week would be a volatile one. With tech earnings, the Fed and a couple other major central bank meetings, US jobs data and the ISM data there is a lot to cover.

We start out with the macro picture then move into trading strategies for markets, metals and energy.

Segment 1 – Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show kicks off the show by recapping the major market drivers this week; Fed meeting, US jobs data and big tech earnings.
- Click here to visit Joel’s site – PreMarket Prep.
Segment 2 – Dana Lyons, Fund Manager and Editor of The Lyons Share website dives into the markets to share his trading strategies for tech stocks, value stocks, gold miners and what sectors he thinks are the strongest.
- Click here to visit the Lyons Share website to follow along with Dana’s trading.
Segment 3 and 4 – Dan Steffens, President of The Energy Prospectus Group wraps up the show with a focus on the oil and gas sector. We start with long term demand projections for a range of energy sources then move to the natural gas sector, where prices have crashed. We discuss how much the lower natural gas price is impacting the stocks.
- Click here to learn more about The Energy Prospectus Group.

Exclusive Company Interviews This Week

Enduro Metals – High Grade Drill Results From Burgundy Ridge Extending Mineralization With Many Holes Still To Come
Metallic Minerals – Gold Royalty Agreement At Australia Creek Property In the Klondike With Parker Schnabels Little Flake Mining Of Discovery Channels TV Series Gold Rush
Ridgeline Minerals – High-grade CRD Mineralization Drill Results From the Chinchilla Zone, And Assays Pending From The Juniper and Broken Egg Targets
Tier One Silver – 2 New Porphyry Targets On The Curibaya Project With A Drill Program Starting In Q2
Scottie Resources – Recapping A Number Of High Grade Intercepts From The Blueberry Contact Zone In The Golden Triangle
Palamina Corp – High-Grade Sample Results From Usicayos and The Pathway To Drilling This Year

Joel ElconinDana LyonsDan Steffens

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review the volatility this week in gold, silver, and the precious metals stocks. The whipsaw markets came on the back of a flurry of economic data from the Fed meeting and press conference mid-week, and the stronger-than-expected jobs number and ISM manufacturing data that hit on Friday.

While the end of the week saw a quick reversal of the bullish trend from earlier in the week, he pointed out that a corrective move should not be a surprise here as both silver and the mining stocks have been signally for a few weeks that the move in the PMs was in need of some consolidation. Dave also points out that the January monthly close near $1950 in gold was very constructive for the longer-term bull market, and that gold was very overbought and in need of a digestive period, after a few months of upwards price action, adding around $350 off it’s lows earlier this week.

Next we shifted over to the performance of the mining stocks, and with both GDX and GDXJ up over 50% off their September lows, and many individual mining stock up 100% – 200%, we asked if he felt this was a good time to sell into the recent strength, or in front of any further corrective action. Dave reviewd that he got positioned at the end of last year at good entry points and a cost basis in many stocks, and that is far too early to start selling at this point in the 7 year bull cycle. He advocated having patience not to over-trade, and that he is positioned in companies in his portfolio for 3x or 300% gains at a minimum, before he will start taking profits in part of the positions.

Click here to visit the Junior Mining Junky website to follow along with Dave’s market comments.

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Jesse Felder, Founder and Editor of The Felder Report joins us to recap the continued uptrend in a wide range of markets. Investor optimism is back but that doesn’t mean it’s smooth sailing for the markets. Jesse makes a couple key comparisons to early 2008 and 2001. We discuss economic data, if there are any sectors that could have a contagion effect on the broad markets and where Jesse sees the most opportunity.

Click here to visit The Felder Report website.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss his value investing strategy in junior resource stocks, and he reviews 3 exploration stocks that have put out recent news, that he feels represent intriguing risk-reward setups. We start off discussing how many investors get caught up in the daily noise, or chasing short-term pricing trends in the metals and then erroneously extrapolating them onto their longer-term value investing positions.

We then have Erik outline what he likes about the exploration upside and potential development growth as the respective projects get further derisked at Nevada King Gold (TSX.V: NKG) (OTCQX: NKGFF), Dolly Varden Silver (TSX.V: DV) (OTCQX: DOLLF), and Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF).

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and are also site sponsors of The Hedgeless Horseman website. Dolly Varden Silver and Eloro Resources are also sponsors of the KE Report, and Shad has a position in Dolly Varden Silver.

Click here to visit Erik’s site – The Hedgeless Horseman

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to reflect on the recent Fed meeting and press conference, and how that relates to the precious metals sector and general equities. One of the questions posed is if the coming conclusion in central banks monetary tightening cycle, where they wait to see what effects it will have, will end up being the pause before the storm and further weakening economic picture, or if it will be the pause before the party of risk-on speculative buying frenzy in the markets?

Craig points out that regardless of how it plays out, it will be key for investors to ignore some of the short-term micro noise, and instead focus on the longer term macroeconomic data and trends. He still feels the odds are the first half of the year will remain choppy, but that the latter half of the year may be similar to 2010 or 2019 where the Fed is eventually forced to start cutting again due to weakened economic conditions. His advice is to hold through any volatility in the near-term, expecting a more positive advance in gold, silver, and the PM mining stocks in the second half of the year.

Click here to visit Craig’s site – TF Metals Report

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Brien Lundin, Editor of The Gold Newsletter, joins us to share his key takeaways from the resource stock conferences in Vancouver last week, and outlines two potential paths forward when the Fed pauses it’s rate hikes and monetary tightening cycle. The discussion covers a lot of ground getting into current investor sentiment and remaining concerns, company newsflow seasonality, the capital raising window being back open, the underperformance of silver relative to gold so far this year, and why he is encouraged medium-term to continue scaling into junior mining stock positions.

Click here to visit the website for The Gold Newsletter.

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Jeff Christian, Managing Partner at the CPM Group joins us to share his insights on seasonality for precious metals, where January typically is a good month, yesterday’s Fed statement and comparing the weak economy to 10 years ago.

All these topics tie together when it comes to market moves. Central banks and governments need to balance out this higher interest rate environment with larger debt levels. We ask Jeff which aspects will turn out to be the key catalysts for metals.

Click here to visit the CPM Group website.

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Andrew Thomson, President and CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF) joins me to recap the January 30th news release reporting sample results (both from surface and underground) at the Usicayos Project in Peru. This was a second sampling program undertaken by the Company and has now isolated 9 gold zones.

I have Andrew recap the sample results with a focus on two main zones. This is all leading towards a drill program projected for May of this year. We also discuss the political environment in Peru and an update on the Winshear Gold arbitration case in Tanzanian.

If you have any follow up questions for Andrew please email me at Fleck@kereport.com.

Click here to visit the Palamina Corp website to read over the recent news.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to outline that the key determinant factor for a real bull market in the gold, silver, and the precious metals mining stocks will be when gold decidedly breaks above the S&P 500 on the ratio chart. We go on to discuss how there are plenty of historical periods one can point to as evidence that the gold and silver mining stocks outperformed and diverged from the US general equities in prior bear market periods. He points out that really what we are seeing presently in the markets is more akin to what we saw play out in the 1960’s, more so than the analogies to the 1970s many pundits have put forward.

We wrap up by having Jordan address the pushback we’ve heard to this thesis, mainly that the precious metals sector can break to a new bull market without the general equities correcting or without the divergence, or that in a bear market the PM equities would just tank along with other markets in a sell everything event. Jordan outlines why historically and with the data we have, neither of those counter positions really are evidenced.

Click here to visit Jordan’s site, The Daily Gold.

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Brad Rourke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF) joins us to recap three news releases from January reporting drill results from the Blueberry Contact Zone at the Scottie Gold Mine Property, in the Golden Triangle of BC. Every news release reported high grade gold intercepts. The headline numbers being 34.5g/t gold over 4.7m, 8.21g/t gold over 19m, 194g/t gold over 2.40m.

We have Brad summarize the 2022 drill program and focus on the consistent nature of the high grade mineralization. Refer to Figure 1 of the recent news release, that is also posted below. We also discuss the size of mineralization and how it could fit into a much bigger area play with some larger companies beside the Scottie Resources land package.

If you have any follow up questions for Brad please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Scottie Resources website and read over all the news from January.

Figure 1: Segmented vertical long section of the Blueberry Contact Zone and plan view illustrating the distribution of the drill holes along the section. Highlighting the distribution and status of drilled targets from the 2022 season and the reported results thus far, the grade contour model was created from pre-2022 drilling of the structure and will be updated once all the 2022 drill holes have been released.

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Sean Brodrick, Natural Resource Analysts at Weiss Ratings and Editor a few resource investment letters joins us to share his mega trend outlook for commodities and why this week he lightened up on some of his major miner stocks.

In the short term Sean is anticipating the volatility that always comes after a Fed meeting, let alone the number of other major central banks meeting this week. He also explains why he has more of a focus on larger resource companies. This ties into a discussion on development companies and juniors.

On a big picture scale we have Sean breakdown where he ranks a wide range of commodities.

Click here to learn more about Sean’s work at Weiss Ratings.

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Yesterday Tier One Silver (TSX.V:TSLV – OTCQB:TSLVF) released news on the Curibaya Project with 2 new copper porphyry targets identified. See Figure 3 from the news release posted below to see the location and size of the targets.

Peter Dembicki, President and CEO, and Christian Rios, Senior VP of Exploration at Tier One Silver join me for a discussion on these targets and the upcoming drill program. These new porphyry targets add to the silver exploration at the Project. I have Christian outline the potential of these targets, when compared to other projects in the area, as well as how the team will drill test them. Peter shares the plans for the drill program, planned to start in Q2.

If you have an follow up questions for the team at Tier One Silver please email me at Fleck@kereport.com.

Click here to visit the Tier One Silver website to read over the news release we discussed.

Figure 3: An inversion of the CSAMT data outlines two main conductive features. Tier One Silver plans to test these porphyry copper targets in its next drill program. The CSAMT survey tested to a depth of 500 m.

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Chad Peters, President and CEO of Ridgeline Minerals (TSX.V:RDG – OTCQB:RDGMF) joins us to unpack the recent exploration news release from January 24th, where the first two diamond core drill holes of the 2022 drill program at the Chinchilla Zone CRD Target, at larger Selena project in Nevada, intersected silver (“Ag”) – gold (“Au”) – lead (“Pb”) – zinc (“Zn”) carbonate replacement style mineralization. Highlight intercepts at the Chinchilla Zone include high-grade zones of 6.1 meters grading 480 grams per tonne (“g/t”) Ag, 12.0% Pb, and 6.4% Zn, 0.1 g/t Au in SE22-045 and 0.5m grading 1,793 g/t Ag and 2.2% W in SE22-039. The Chinchilla Zone target will be a continued area of focus for future drilling.

Next we shifted over to the pending drill results still to be released both from the Juniper target, which is also thought to be a CRD zone, and then the 4 holes still to release from the more early-stage gold oxide Broken Egg targets.

We wrap up by reviewing the exploration program at the Company’s Swift Project, where their JV partner, Nevada Gold Mines (NGM), a joint venture between Barrick and Newmont, highlighted the recent 3 holes drilled here on their slide deck when discussing their recent exploration along the Cortez trend. NGM has a $20 million earn-in option for 60% interest from Ridgeline Minerals on Swift, and we await more news to be released from this program.

If you have any follow up questions for Chad regarding Ridgeline Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Ridgeline website and read over the recent news.

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Greg Johnson, CEO of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), and Chairman of the Metallic Group of Companies, also including Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF) and Granite Creek Copper (TSX.V:GCX – OTCQB:GCXXF), joins us to recap the news on Metallic Minerals that was just released to the market on January 24th. The Company announced signing a production royalty agreement on 5 ½ miles of alluvial gold claims at its Australia Creek property in the Klondike Gold District of Canada’s Yukon Territory, with Little Flake mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush“.

Greg unpacks what this first royalty deal in their Klondike Alluvial claims with Little Flake mining, could mean as far as income revenues to the company to help fund more exploration and operations. With 4 more claims and projects already permitted in the area, and a goal of upwards of 7 different potential projects, each with a targeted 10%-15% royalty, and other private operating companies to do the actual gold mining, then this could grow into a basket of royalties and become significant revenue center. We also discuss the potential optionality for Metallic Minerals shareholders as eventually, the Company executes on bringing on a basket of alluvial projects and royalties, then it could even be monetized to another royalty company or even spun out into a new alluvial-focused royalty company.

We also review some key news from 2022 and the overall 2023 work strategy building towards a maiden resource at the Keno Silver Project in the Yukon, as well as the exploration and resource expansion at the copper and precious metals La Plata Project in Colorado.

We wrap up by having Greg also highlight the recent Preliminary Economic Assessment (PEA) just announced last week from Granite Creek Copper at their Carmacks project in the Yukon, and also the recently announced expanded and material increase to the size of the Stillwater West updated Resource Estimate at Stillwater Critical Minerals.

If you have any follow up questions for Greg on Metallic Minerals, or any of the Metallic Group of Companies, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Metallic Minerals and Stillwater Critical Minerals

Click here for a summary of the recent news out of Metallic Minerals.

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On January 16th Enduro Metals (TSX.V:ENDR – OTCQB:ENDMF) reported 5 drill holes from the Burgundy Ridge Discovery on the Newmont Lake Property in the Golden Triangle in BC. See Figure 3 from the news release posted below to better understand where these holes were drilled.

Cole Evans, CEO and William Slack, President of Enduro Metals join me to recap the overall 2022 exploration program, discuss these results, and look ahead to the remaining 15 holes still to be released. We discuss the size of mineralization at Burgundy Ridge and where some of the highest grade results have come from. We also touch on the McLymont Fault area where 5 holes are still to be reported.

If you have any follow up questions for Cole or William please email me at Fleck@kereport.com.

Click here to read over the full news release.

Figure 3: Plan view map of Burgundy Ridge summarizing drilling to-date, quoted significant assay results, and status of pending drill holes.

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With all the resource investment conferences this week in Vancouver we decided to feature two different Fund Manager focused on the resource space.

If you are in Vancouver this weekend please email Shad and I so we can meet up. Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 – Matt Geiger, Managing Partner at MJG Capital kicks off the show by sharing his thoughts on gold, silver, base metals, critical metals and the stocks he thinks are doing good work. We also discuss the trend of Japanese mining companies entering the North American market as well as a new interest in CRD deposits.
- Click here to learn more about MJG Capital.
Segment 3 and 4 – Tavi Costa, Portfolio Manager at Crescat Capital wraps up the show with a focus on the junior sector of resource stocks. We discuss the deals Crescat likes and the trends he is seeing in the market.
- Click here to learn more about Crescat’s funds.

Exclusive Company Interviews This Week

Aurion Resources – Scout Drill Hole Results From Risti Property And Update On Exploration At Helmi
American Copper Development – Lordsburg Project Update, Including IP Results and The Upcoming Drill Program
Reyna Gold – Exploration Samples At La Republicana, Las Carmelitas, and Western Targets report High-Grades of Precious, Base and Critical Metals
Fury Gold Mines – Recapping The 17,000 Meter 2022 Drill Program With The Goal Of A 2Million Oz Gold Resource At Eau Claire
Lion One Metals – A US$37Milllion Financing Facility Secured, What Does This Mean For The Mine Build?
Newcore Gold – A Look Ahead To The Updated Resource, Planned For This Month, At The Enchi Gold Project
Exploits Discovery – A Year Of Drilling In Newfoundland, Recapping The Key Areas and Targets
NG Energy – An Operational Review Of 2022 And Growth Strategy For More Nat Gas Production In 2023
Big Ridge Gold – Recapping 2022 Phase 1 Drill Program, Looking Forward To The Upcoming Resource Update In Q1
Calibre Mining – Organic Grade Driven Production Growth Results From 2022 Operations And Further Exploration Upside In Nicaragua, Nevada, and Washington
Kodiak Copper – Drill Results From The Gate and Prime Zones On The MPD Project in BC
Capella Minerals – 4 Projects To Be Drilled This Year Starting With Kjøli Copper-Cobalt Project, Norway
Stillwater Critical Minerals – Unpacking The Key Takeaways From The Stillwater West Resource Update

Matt GeigerTavi Costa

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to unpack the key takeaways from the recently announced Resource Estimate update at their flagship Stillwater West Project in Montana. As announced on January 25, 2023, this updated Resource Estimate show a 62% increase over the 2021 Maiden Resource Estimate to 1.6 Blbs Battery Metals and 3.8 Moz PGE+Gold. Base Case Inferred mineral resources of1.6 billion pounds of nickel, copper and cobalt and 3.8 million ounces palladium, platinum, rhodium, and gold,in a constrained model totaling 255 million tonnes at an average grade of 0.39% total estimated recovered NiEq (or 1.19 g/t Palladium Equivalent).

We compare this resource to other projects in North America, and there are surprising few peers with this type of mineral endowment. These leads us to further discuss the parallels between this Project and their neighbors, Sibanye Stillwater, that are currently producing nickel, copper, platinum, palladium, and rhodium at that highest grade PGM mine in the world. Mike makes the point that the mining approach for Stillwater Critical Minerals that is being proposed is more of a bulk mining deposit more akin to the South African Platreef battery metals and platinum group elements mines and development projects found on the northern limb of the Bushveld Igneous Complex. Mike addresses the question of whether Sibanye Stillwater could be the only suitor, and points out there are ongoing discussions with a number of major metals producers and so there are plenty of options on the table for the road ahead.

Next we discuss the exploration work successfully completed in 2022 at the Pine Target, which is an additional gold target returning high-grade gold, that is 2kms away and currently not one of the 5 deposit areas presently included in the resource estimate, but that more drilling will be focused here in 2023 to keep delineating this additional target area. The focus of the exploration team at present is continuing to expand the high-grade areas of the 9km strike length, and for better understanding the geological structural controls, with a wealth of potential targets for future drilling in that larger context for the 2023 exploration season. The key focus of exploration for 2023 will still be the primary other 5 target areas at their Stillwater West project, with a large exploration program to be announced later this year.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals.

Click here for company news from Stillwater Critical Minerals

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Capella Minerals (TSX.V:CMIL – OTCQB:CMILF) recently announce the start of drilling at the Kjøli Copper-Cobalt Project, in Norway. This is the start of drilling for the year where the Company plans to drill 4 100% owned Projects, 3 in Norway and 1 in Finland, plus a JV Property in Canada that is funded by the JV partner.

Eric Roth, President and CEO of Capella Minerals joins me to discuss the drill plans for the Kjøli Project including the main targets being drilled. I also have Eric outline the time frame to the other drill programs for the rest of the year.

If you have any follow up questions for Eric please email me at Fleck@kereport.com.

Click here to visit the Capella Minerals website and read over the recent news.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins us to recap the key US economic data from this week which ties it into central bank expectations and market moves.

We start with a recap of the Q4 US GDP and PCE deflator. GDP was strong at 2.9%, pretty much as expected, and PCE dropped to 4.4% from 4.7%.

If you are in Vancouver this weekend and want to meet up with Shad or I at any of the conferences please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit Marc’s free blog – Marc to Market.

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On January 23rd Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) released drill results from 4 holes focused at the Gate Zone and Prime Zone on the MPD Project, in southcentral BC.

Claudia Tornquist, President and CEO of Kodiak Copper joins us recap these results and answer the question you emailed to me. We discuss the sequence of holes released, the significance of Hole 18 that hit mineralization in both the Gate Zone and Prime Zone, the relationship between the two Zones and where the best (highest grade) results have come from.

In a big picture sense we discuss how large these Zones are in terms of mineralization, the 2023 exploration plans and the conferences that the Company will be exhibiting at over the next couple weeks. The 2023 plans will continue to explore a wide range of targets on the Property and is fully funded.

If you have any follow up questions for Claudia please email me at Fleck@kereport.com.

Click here to visit the Kodiak Copper website to read over the full news release.

Figure 1: Plan map showing all Kodiak drilling and new 2022 assay results (yellow trace). Background is historic copper-in soil data. Porphyry mineralization at Gate has been traced down to 900 m depth, across a width of 350 m (east-west) and over 1 km in length (north-south). The Prime Zone has been drilled down to 780 m depth, across 200 m width (east-west) and over 400 m length (north-south)

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review how technical levels, sector sentiment, and macroeconomic data continues to drive precious metals prices. Craig also calls out real-time readings on options expirations as they play out live in both silver and gold.

It’s a lively and candid conversation that gets into a number of key areas like Fed policy, the US dollar, interest rates, yield curve inversions, TSX volumes, pops in junior mining stocks, GDP data today, the coming PCE inflation data tomorrow, jobs numbers coming next week, recession signals, and more.

Click here to visit Craig’s site – TF Metals Report

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss his value investing strategy in junior resource stocks, and he outlines 2 advanced stage exploration stocks that he feels represent intriguing risk reward setups. We start off discussing a few investing principles around properly valuing the future growth of companies based on their guidance, having the appropriate time horizon to let a quality management team growth value, and the importance of teams that have good access to capital.

We then have Erik outline what he likes about the exploration upside and potential development growth as the respective projects get further derisked at both Montage Gold (TSX.V: MAU) (OTCQX: MAUTF) and Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF).

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and many are also site sponsors of The Hedgeless Horseman website. Eloro Resources are also sponsors of the KE Report, and Shad has a position in Montage Gold.

Click here to visit Erik’s site – The Hedgeless Horseman

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Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to review 2022 operations and exploration progress in Nicaragua, Nevada, and Washington, and the work plan for 2023. We focus initially on the grade-driven growth last year with a record annual 2022 gold production of 221,999 ounces. Nicaragua full year gold production was 180,490 ounces and Nevada gold production was 41,509 ounces. Guidance for 2023 is for an additional 20% production growth targeting a range of 250,000 – 275,000 ounces annual production.

The discussion outlined how significant the aggressive exploration, self-funded through mining revenues, has allowed for going beyond just replacing depletion of reserves, but to find and define higher grade satellite pits, allowing for organic grade-driven production growth. Ryan highlighted the increase in grade from 2 new mining centers at Pavon Central and Eastern Borosi that will be coming online into production this year, with grades over 6 g/t, being behind the higher production guidance estimates. In addition, a number of successful step-out drill holes at Pavon Norte and other regional targets continue to demonstrate that this mineralized corridor still could be holding plenty of gold along several kilometers of strike length.

We wrap up by transitioning over to the US assets, and all the ongoing exploration work the company has underway in Nevada around both the Pan Mine area and at the development-stage Gold Rock Project. The exploration team is encouraged by recent drill results stepping out from the known mineralization and finding higher grade gold intercepts at the Coyote target, as well as stepping out from the Pan Mine area. We also highlight the recent news that demonstrated some bonanza grade intercepts at the Company’s Golden Eagle project in Washington, where they already have 2 million ounces of gold resources defined. Initial drill results from the Golden Eagle program included: 4.30 g/t Au over 92.42 metres in Hole GEC22-001 and 2.90 g/t Au over 195.1 metres in Hole GEC22-003.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Calibre Mining.

https://www.calibremining.com/news/

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins us to review the 2022 how the results from the Phase 1 drill program had success at expanding the Main Zone and 240 Zone and how these results are leading towards a key update in Q1 to the Resource Estimate at the Hope Brook Project, in Newfoundland.

We’ve discussed in prior interviews that the maiden resource was last updated in 2014, at 954,000 ounces of gold, but that was with gold price assumptions at $1200 and, at that time, not including any of the copper. By using a gold price closer to $1600, it will allow for a lower cutoff, and should positively impact the resource, in addition to the inclusion of the 20,000 meters of drilling completed during the Phase 1 exploration program in 2022. Factoring in the copper reported back in assays are also meaningful for the eventual Project economics and could help offset many of the input costs.

We wrapped up discussing the completion in September of the Phase One 51% earn-in on their option from First Mining at the Hope Brooke Gold Project. They are 2 years ahead of schedule on earning into this project, so they now have until 2026 to complete the Phase Two earn-in taking them up to 80% ownership, where they are already underway in working towards that milestone. After the Resource Update is released this quarter, then the focus will shift back towards planning the 2023 exploration program.

If you have any follow up questions for Mike regarding the Big Ridge Gold, then please email us at Fleck@kereport.com and Shad@kereport.com.

https://bigridgegold.com/news/2023/

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Serafino Iacono, CEO of NG Energy (TSX.V:GASX – OTC:GASXF), and Jorge (George) Fonseca Chaumer, the new CFO, join us to review the key milestones completed in 2022 and looking forward to the Company guidance moving into 2023 for the natural gas and light oil focused assets in Colombia. The Company has 3 projects, but the majority of the work was completed last year at the Maria Conchita and SINU 9 projects, and they will see the continued growth and focus for the year to come.

In January, the Company announced completion of gas plant facilities at the Maria Conchita block, and in August commenced gas production from Maria Conchita. In October, a binding LOI was signed with Plus+ Energy E.S.P for 8,000 MMBTU of gas produced from Maria Conchita at a fixed price of US$6.50 per MMBTU. Key Objectives at Maria Conchita for 2023 will be to drill an additional 2nd well, to stabilize production between 16-20 MMSCF/d based on management’s expectations in Q1-23.

In May, the Company announced spudding of the Magico-1X well, the first target at the SINU-9 Project, and in July, announced a gas discovery at Magico-1X in the Ciénaga de Oro formation. In August flow testing from Magico-1X came from three zones with testing demonstrating 15 MMSCFD at the SINU-9 block. In September, the Company provided updated reserves and resources results from the Magico-1x well, adding gross 3P undeveloped reserves of 36.2 BCF, and announced spudding of the Brujo1X well. Then in November, the Company successfully tested 11.2, 18.2 and 21.2 MMSCFD from three zones in the Ciénaga de Oro formation at the Brujo-1X well (51 MMSCF/d combined).

One of the key objectives at SINU-9 for 2023 is to secure a large-scale pipeline partner for the construction of infrastructure and a long-term production agreement in Q1-23. The company is evaluating options to commence early production from successfully completed wells in the first half of the year, with a goal to drill, test and complete the Hechicero-1X well in Q1-23.

One other key development that happened in 2022, with ramifications for work in 2023 was the announcement of light crude oil prospective resources in the western region of the SINU-9 block with a best estimate recoverable resource of 280 MMboe. NG Energy’s partners and the government of Columbia is very interested in evaluating these oil prospects in the western region of the SINU-9 block for development and future production.

If you have any follow up questions for Serafino regarding NG Energy, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit he NG Energy website and learn more about the Company.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to discuss the set up in gold and silver compared to US markets. We also look to silver’s recent under performance to gold over the past 5 weeks. Finally we have Jordan look at a 20 year chart of gold and share what he thinks is important to note. As Jordan outlines there’s a lot to like about the setup in the precious metals.

Click here to visit Jordan’s site, The Daily Gold.

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Josef Schachter, President and Editor of The Schachter Energy Report and the Eye On Energy Report joins us to focus on the oil and natural gas sector. Oil has been holding up in the $70-80 range while natural gas has been crashing, currently at around $3, off of a high of over $10 just 5 months ago.

We discuss how the stocks have traded and what Josef sees as the undervalued stocks. Josef provides an outlook for the year for oil, natural gas, the underlying stocks and how it could all tie into US market moves.

Click here to visit The Schachter Energy Report website to learn more about Josef’s reports.

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD – OTCQX:NFLDF) joins us to outline the exploration plans this year in Newfoundland. Over the past 2 years the Company has been filtering through a portfolio of projects as well as adding new projects with the goal of making a major gold discovery.

Jeff shares more information on the projects and areas that will be drilled this year. He is especially excited about the Bullseye Property that is on trend from Newfound Gold and Labrador Gold.

Please email us any follow up questions for Jeff. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Exploits website to learn more about the Company.

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It had been a few months since we had an update from Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF). The Company has been busy working on the updated Resource Estimate at the Enchi Gold Property, in Ghana, that is planned for this month. The prior Resource Estimate, announced in June 2021, reported a 1.41 million oz gold resource (inferred).

We chatted with Mal Karwowska, VP of Corporate Development and IR at Newcore Gold to focus on the upcoming resource. We recap the work completed since the last resource that will be included in the update. Also the key growth areas where the drilling was focused.

We then look ahead to this year and the exploration and drill plans. If you have any follow up questions for Mal and the team at Newcore please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Newcore website to learn more about the Company.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us review that the junior gold and silver stocks are starting to pop higher on large volume, and he shares insights on how he is managing his resource stock portfolio. The conversations gets into a number of topics around having patience not to over-trade, when it is time to take profits, what kind of projects and focus juniors should have, thoughts on jurisdiction, project scale, dilution, capital raises, successful track records, and what questions to ask management teams when you chat with them.

Click here to visit the Junior Mining Junky website to follow along with Dave’s market comments.

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Joel Elconin, Co-Host of The Benzinga Pre-Market Prep Show and Editor of the PreMarket Prep website joins us to discuss the “January Effect” which says stocks, especially small-caps perform best in January compared to the rest of the year.

We look at the tech sector, which has bounced back strongly, in the face of massive layoffs. There are some big tech earnings coming up in the next couple of days. We also discuss the moves in oil and gold.

Joel brings up some comparisons to pre-Covid markets and how 2020 and 2021 represented some outsizes moved. Maybe the markets are moving back to an equilibrium to pre-Covid times.

Click here to visit Joel’s PreMarket Prep website.

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Jayant Bhandari, Private Investor joins us to focus on resource stocks, mostly the juniors. Select stocks, in a wide range of resource companies, have seen some huge volume spikes that drove prices higher. There appears to be a financing window finally open for these stocks, many of which are running low on cash. We have Jayant share how he’s managing his portfolio of resource stocks.

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Quinton Hennigh, Technical Advisor at Lion One Metals (TSX.V:LIO – OTCQX:LOMLF – ASX:LLO) joins me to discuss the US$37million financing facility, announced on January 19th. The major question being if this will fund the Company through the ongoing mine build, with production forecasted for the end of 2023.

We start off by discussing if this financing facility now fully cashes up Lion One Metals for the mine build at the Tuvatu Project in Fiji. Quinton outlines the move into production, starting with small scale production. This ties into a discussion on the ongoing drill program that is a blend of infill and exploration at depth.

If you have any follow up questions for Quinton or the team at Lion One Metals please email me at Fleck@kereport.com.

Click here to visit the Lion One Metals website and read over the full news release highlighting the financing facility.

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Yesterday, January 23rd, Fury Gold Mines (TSX:FURY – NYSE:FURY) announced the final results of the 2022 drill program at the Eau Claire Project. The total program was 17,000 meters, an increase on the 15,000 meters initially planned.

Tim Clark, President and CEO of Fury Gold Mines and Bryan Atkinson, Senior VP of Exploration join me to recap the 2022 drill program and highlight some of the key areas on the Project. We focus on the Hinge Target, Gap Zone, Percival Area and the resource expansion areas to the east. Tim provides more information on the overall goal and path of 2million ounces of gold on the Eau Claire Project.

If you have any follow up questions for the team at Fury Gold Mines please email me at Fleck@kereport.com.

Click here to visit the Fury Gold Mines website and read over the recent news.

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John Rubino, Founder of the Dollar Collapse website and editor of a recently launched newsletter over at Substack, joins us to review what catalysts could be causing most markets to keep rallying higher when most economic data points to the economy heading into a deeper contraction and recession. John points out that this is a scenario where bad economic news is considered good market news, as it means the Fed and other global central banks will slow down the pace and amount of rate hikes moving forward, and after pausing, eventually become more accommodative once again.

The discussion gets into a range of macro fundamentals from consumer credit card debt, the real estate market, manufacturing weakness, bad corporate earnings, inflation, currencies, interest rates and more. We wrap up with John providing some actionable steps investors can take to benefit from the economic trends we are seeing highlighting the gold and silver royalty and streaming companies, uranium stocks, and oil stocks as areas of potential opportunity.

https://rubino.substack.com/

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Ed Moya, Senior Market Analyst at OANDA, joins us to review the continued bounce in most markets, despite a great deal of economic data continuing to be weak, including some recent earnings reports, and thus it is causing many economists to still be concerned about a recession and economic slowdown. We review the upward trends in a number of sectors from US general equities, with the tech sector leading the way again, to the cryptos, commodities, and precious metals.

There seems to be a risk-on attitude and bullish sentiment in the markets, despite many of the economic red flags, and for now investors are still piling into the rally that has been going on the last few months. It’s a very different year so far than last year with more investor enthusiasm and complacency with regards to the poor economic backdrop. The question remains of whether this surge higher is justified and if the bull market is here to stay?

Click here to visit the OANDA website to follow along with Ed’s daily market note.

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Michael Wood, CEO and Director of Reyna Gold Corp. (TSX.V: REYG) (OTCQB: REYGF), joins us for an exploration update at the flagship La Gloria Project, a 24,215 ha area located along the Mojave-Sonora Megashear trend in Sonora, Mexico. We start off by highlighting the range of minerals found on this district-scale land package ranging from precious metals – gold and silver, and base metals – copper and lead, to critical minerals – antimony, and tellurium. It reflects the large discovery potential of important key metals along the land package, and the company is vectoring in the key drill targets to commence in March of this year.

The company has been doing district-scale ongoing mapping, soil sampling, and Mag surveys to continue to refine targets at 5 main zones: La Republicana, Western, Las Carmelitas, Main Zone, and El Sombrero. The exploration team is also working on the IP survey over these 5 targets to be able to overlap that data with the previous layers of data to hone in on the most prospective drill targets for 2023. We discuss the 3 key areas of focus from the press release on Jan 19th highlighting the soil results and potential at depth from the Las Carmelitas, La Rebulicana and Western Targets, and what has the exploration team interested in getting drills on the ground on these areas in the next few months.

If you have any questions for Michael about Reyna Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Reyna Gold News

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Daniel Schleber, President and CEO of American Copper Development Corp. (CSE:ACDX) joins us to recap the January 18th news release reporting preliminary results from an IP survey completed on the Lordsburg Project in southwest New Mexico. The IP survey generated big target in the middle of the Property, see Figure 1 posted below.

We have Daniel recap the IP results and, with a focus on the main target, outline the Phase 1 drill plan. The Phase 1 drill program is forecasted to start next month. He also shares the upcoming news flow items including an OTCQB listing and the 3D inversions of the IP results.

If you have any follow up questions for Daniel regarding the work plans or Lordsburg Project generally please email us at Shad@kereport.com and Fleck@kereport.com.

Click here to visit the American Copper Development Corp website to read over the recent news.

Figure 1: Preliminary chargeability model RL slice image at 1,000m RL (~500 m depth below ground level)
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8445/151687_1aa603cc749c3a9d_002full.jpg

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot joins us to share his outlook for US markets. With seemingly everyone on the bearish side entering this year, markets have shown strength to start the year. TG outlines a number of factors that are showing continued strength in a wide range of sectors. We also have him balance out the weak economic data in the face of the more bullish market data he is seeing.

Click here to visit the Profit Pilot website to follow along with what TG is seeing in the markets.

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), joins us to for an exploration update at the 100% owned Risti Property targets as well as an exploration update at the Helmi Project on the Aurion-B2Gold Joint-Venture, along the Central Lapland Greenstone Belt in northern Finland.

We have Matti break down the ongoing scout and step-out drilling at multiple targets across the 100% owned Risiti property, testing for extensions of gold mineralization at the Kaares Area, and new zone of gold mineralization at the Kaaresselkä Prospect, with drill hole # KS22027, returning 17.12 g/t Au over 5.90 meters, and other drill results still to be released that are testing regional targets such as base of till anomalies and geophysical features.

The Aurion-B2Gold Joint-Venture exploration team continues to have a very high success rate with drill hits at Helmi Discovery, with 4,000 meters to still report from summer drilling, and with the winter drilling program currently underway.

If you have any follow up questions for Matti on Aurion Resources, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Aurion Resources website to read over the recent news releases.

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Welcome to The Weekend Edition of The KE Report! This Weekend’s Show we feature a group of generalist fund mangers and newsletter writers. This gives us a balanced view on the markets.

Everything (outside of the US Dollar) has been going up for the last 3+ months. The markets showed some weakness mid-week but investors are maintaining a bullish outlook. We breakdown what this means for short and long term investors.

Please keep in touch with Shad and I through email! I will be at a number of the conferences in Vancouver over the next two weeks. If you are in Vancouver and want to meet up please emails me! If you cannot attend the conferences but would like me to talk to any companies you like please let me know and I’ll be sure to swing by their booth. Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by sharing his outlook for US markets, gold, oil and natural gas bonds, the US Dollar and Bitcoin. With Rick’s track record, we are lucky to have Rick candidly share his outlooks.
- Click here to learn more about Rick’s investment letters for individual investors.
Segment 3 – Dana Lyons, Fund Manager, is up next to discuss how much weight he puts on markets moves early in the year. We also discuss standout sectors that he thinks have more room to run higher.
- Click here to follow along with Dana’s market commentary.
Segment 4 – Mike Larson, Editor and Chief at the MoneyShow wraps up this Weekend’s Show by first discussing if we are currently in a recession or if one is coming. How this all plays into future market moves and the investor sentiment is also discussed.
- Click here to learn more about the MoneyShow and its investment conferences.

Exclusive Company Interviews This Week

Thor Explorations – Q4 2022 And Full Year Operations Results At Segilola, Along With 2023 Exploration Strategy In Both Nigeria and Senegal
Labrador Gold – Drill Results From Big Vein Intersecting 20.88g/t Gold Over 5 Meters, Part Of The Ongoing 100,000 Meter Drill Program
Heliostar Metals – More Information On The $12.5million Financing And Acquisition Of The Mexico Gold Portfolio
Southern Energy – Introduction To A Growth-Oriented US Natural Gas Producer
TriStar Gold – 2023 Work Plans At Castelo de Sonhos – Timelines, Government and Community
Arizona Sonoran Copper – Recapping The Best Intercept Ever On The Project and 2023 Work Plans
Stillwater Critical Minerals – More 2022 Exploration Results Returned Building Towards The Resource Update
Cassiar Gold – Exploration Update From Cassiar North At The Taurus Deposit
Metallic Minerals – Exploration Results From The Fox Target At Keno East, Building Towards A Maiden Resource Estimate This Year
Rugby Resources – A Focus On The Cobrasco Copper-Molybdenum Discovery In Colombia
Brixton Metals – A Focus On The Thorn Property, Drill Results From Camp Creek, Trapper and Metla, A 2023 Exploration Outlook
Granite Creek Copper – Key Takeaways From The Preliminary Economic Assessment At The Carmacks Project

Rick BensignorDana LyonsMike Larson

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Tim Johnson, President and CEO of Granite Creek Copper Ltd (TSX.V:GCX – OTCQB:GCXXF), joins us to break down the metrics and key takeaways from the recently announced Preliminary Economic Assessment (PEA) on the Carmacks Project in the Yukon.

PEA Highlights

Base case metal prices of US$3.75/lb Cu, US$1,800/oz Au and US$22/oz Ag:
Pre-tax NPV 5% of C$324 million and 36% IRR
After-tax NPV 5% of C$230 million and 29% IRR
Case 1 metal prices of US$4.25/lb Cu, US$2,000/oz Au and US$25/oz Ag:
Pre-tax NPV 5% of C$475 million and 48% IRR
After-tax NPV 5% of C$330 million and 38% IRR
Mine life of nine years at 7,000 tonnes per day with clear exploration potential to extend mine life with four target areas within 1km of the current resource.
Capital cost of C$220m with payback of 2 years from commencement of production.

In addition to the copper and gold metals pricing sensitivity numbers that could further boost economics, Tim highlights that there is ongoing work from the Company and 3rd party contractors to continue improving the recovery rates of the metals which substantially impacts economics. We wrap up highlighting the large amount of exploration upside still on the project, at 4 key target areas, to increase the sulfide resources and further improve the blended oxide and sulfide mix for recovery purposes.

If you have any follow up questions for Tim regarding Granite Creek Copper, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to for a summary of the recent news out of Granite Creek Copper.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins us to look ahead to the next couple of weeks that will be data and central bank heavy. We relate this upcoming news to recent market moves and investor sentiment, which has swung to the bullish side.

Click here to visit Marc’s website – Marc To Market.

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Gary Thompson, President and CEO of Brixton Metals (TSX.V:BBB – OTC:BXTMF) joins us to recap a number of drill results reported late last year and to start this year at the Thorn Property in Northwest BC. Results have been released from the Camp Creek, Trapper and Metla Targets. This ties into a wider discussion on the Company’s strategy at the Thorn Property and where the focus will be in term of the wide range of targets.

In term of 2023 big picture plans we have Gary provide an update on the budget for the year and if the Company will be focusing on any one or couple areas. We also discuss the strategic investment from BHP back in September/October last year.

I know a lot of you are following Brixton Metals so please send us your questions for our next call with Gary. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Brixton Metals website and read over the recent news.

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Rugby Resources (TSX.V:RUG) announced results from the second hole at the Cobrasco copper-molybdenum discovery at the Cobrasco Project in Colombia. The initial discovery hole was announced on October 31st (click here to listen to an interview recapping that drill result).

Yale Simpson, Chairman of Rugby Resource joins me to discuss the Cobrasco discovery. We discuss how big this discovery is, how much money it will take to truly drill this off, how Rugby is planning on funding the program and how Rio Tinto plays into the overall area play (Rio is drilling along trend at another project).

If you have any follow up questions for Yale please email me at Fleck@kereport.com.

Click here to visit Rugby Resource website to read over the recent news and drill results.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review a number of factors, both technical and macroeconomic, that are driving the precious metals sector prices. We start off by observing the continued run higher in gold the last few months, with gold well above $1900 and heading to even higher levels today. However, Craig notes that silver has been stuck around the $24 level for a month now. Since it led the precious metals mining stocks both down the middle of last year and back up from September to present, that this may point to a corrective digestive period in the PMs in the near term. Craig feels that any corrective move would be more mild, as the macro factors are just not there in the bonds or interest rates, in the US dollar, or in COT positioning for a big crash in the PMs to occur.

The discussion then evolves into looking at how the 2 forces of economic weakness and recession hurting demand, could be counter-balanced with legitimate concerns of new supply of metals coming to market or even being available in current stockpiles and exchanges. Craig points out the very low inventories of many metals on the LME, or Comex, or even backing electronic funds, and discusses the recent comments from Zoltan Posar on the problematic supply challenges commodities may face, while noting how critical they are for current policy initiatives moving forward.

Click here to visit Craig’s site – TF Metals Report

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to outline a 2 earlier stage exploration stocks that he feels represent intriguing risk reward setups based on the management teams, projects, and work strategy in relation to their market caps. One point he stressed is for investors to consider appropriate smaller position-sizing on earlier stage companies with far more risks than more established companies with resources in the ground or economic studies in place

We start off by discussing the recent drill results reported back from Firefox Gold (TSX.V: FFOX) (OTC: FFOXF), and how exploration success here may get a premium due to gold area play we’ve seen recently in Finland, with Rupert Resources (TSX: RUP) (OTC: RUPRF), Aurion Resources (TSX.V: AU) (OTC: AIRRF), B2Gold (TSX: BTO) (NYSE: BTG), and Agnico Eagle (TSX: AEM) (NYSE: AEM).

Next we discussed the earlier stage pre-discovery stock Gold79 Mines (TSX.V: AUU) (OTC: AUSVF), exploring in Nevada and Arizona on multiple projects, with Jefferson Canyon (partnered with Kinross), Greyhound (JV with Agnico Eagle Mines Ltd.), and Gold Chain. Erik is most animated by the exploration prospectivity of the Gold Chain project, and unpacks why he likes the project and team.

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and many are also site sponsors of The Hedgeless Horseman website. Aurion Resources are also sponsors of the KE Report.

Click here to visit Erik’s site – The Hedgeless Horseman

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Brien Lundin, Editor of The Gold Newsletter joins us to share his thoughts on the correlation between gold, and gold stocks, to the US markets. Today we are seeing gold up while the markets are down but over the past couple months all were moving up together. This ties into a question on the factors driving the markets and metals.

When it comes to the uptrend in commodities broadly we discuss the reopening going on in China and copper. Supply and demand are on his mind when it comes to copper.

Please email me if you are planning on attending any of the conferences coming up in Vancouver. I am happy to meet up with all of you to have a beer or coffee or walk around the conference. My email address is Fleck@kereport.com

Click here to visit the website for The Gold Newsletter.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to review the recent bulk tonnage drill results from the Fox Target at the Keno Hill silver district of Canada’s Yukon Territory.

We start off reviewing some of the first 8 drill holes with bulk tonnage results reported this week from the 2022 exploration program at East Keno. This program was focused on drilling of the Greater Fox area targets (Fox, UKHM and Zone 2), first discovered by the Company in 2020. Drill intercepts at the Fox target in 2022 averaged 136 m of sheeted vein mineralization (including up to 177 m wide); a significant broadening of the identified mineralized zones encountered in 2020 and 2021 drilling at Fox. At the Fox target, hole FOX22-03, returned sheeted vein zones of 144.5 m @ 41.4 g/t silver equivalent (Ag Eq), including 27.66 m at 105.8 g/t Ag Eq. There are still 2,000 more meters and 15 more drill holes to release from last year’s drill program, and those will all be incorporated along with all the prior years drilling at the Homestake, Formo, Caribou, and Greater Fox Targets into a Maiden Resource Estimate later this year.

Next we had Scott outline some of the nuances and differences being discovered in this more wide-intercept bulk-tonnage style mineralization in Keno East, verus the higher-grade narrow dipping veins found in Keno West, more akin to what their neighbors at Hecla Mining have in their resources and will be mining again in the latter part of 2023. Scott points out that the high-grade portion at depth in Keno West is more ideal for underground mining methods, and that even Keno East may be amenable to a combination or underground and open pit mining.

We wrap up by getting Scott’s thoughts on the big picture exploration strategy in 2023 at both Keno Hill, and down at the copper and precious metals focused La Plata Project in Colorado, where both projects will have meaningful work done to expand known resources. Additionally, there will be newsflow coming out in the next few months from the Company’s alluvial gold royalties in the Klondike Gold District for investors to watch for.

If you have any follow up questions for Scott on Metallic Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Metallic Minerals.

Click here for a summary of the recent news out of Metallic Minerals.

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Marco Roque, President and CEO of Cassiar Gold (TSX.V:GLDC – OTCQX:CGLCF), joins us to provide a comprehensive exploration update from the ongoing 23,000 meter drill program at Cassiar North, Cassiar South, and regional targets at the Cassiar Gold Project, in BC.

We start off by having Marco outline some of the recent expansion and infill drill results released Jan 17th from the Taurus Deposit at Cassiar North. Taurus West drill hole 22TA-176 intersected 98.00 m of 1.28 g/t Au from 10.7 m downhole, including 4.10 m grading 12.02 g/t Au, and expanding mineralization within a large under-explored area between resource blocks within the 2022 inferred mineral resource open pit shell. These results continue to show wide intercepts of solid bulk-tonnage grade material, in alignment with prior drill results released on November 29th last year; where Drill hole 22TA-158 at Taurus West intersected 72.3m of 1.09 g/t Au from 337.0m downhole, extending mineralization 50m beyond the extent of the inferred mineral resource open pit shell.

Marco points out that while some of these drill holes are within the boundary of the proposed pit shell, that they are going into areas that had wider spacing between prior holes, that were not previously included in the resource estimate, so these are actually expanding mineralization in-pit beyond the known resource . With 17,000 meters of drilling and 50 holes to still release to the market over the next few months, from Cassiar North, Cassiar South, and regional targets, there will be a lot of exploration newsflow on tap from the Company.

Please email us with any follow up questions for Marco on Cassiar Gold. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here for a summary of all the recent news from Cassiar Gold.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review both the fundamental and technical factors he is watching in gold, silver, and the PM mining stocks, now that they have clearly bottomed and are in a new bull market. While there will be corrections along the way, there is nothing on the charts or the macro landscape suggesting another big “wash out” event being needed for the sector to move higher.

Jordan provides some technical indicators he values, like the 200 day, 400 day, and 40 month moving averages, lateral price levels, and gaps on the charts, and points out that much of the other chart overlays are just based on price derivatives and momentum indicators, and he places little importance on those over the actual movement of price. In gold he noted $1800 and $1780 support levels, and below that possibly the gap zone between $1762-$1780. In silver, if $23 were to break then there is the $21.80 gap area, and support below $21 in the high $20s near the 200 day moving average. He also provides support targets for GDX and GDXJ.

The big takeaway is that at this point, investors should be more concerned with macroeconomic developments, rather than just technical price levels. In bull market moves, the corrections are typically shorter and more shallow, and therefore don’t correct as much as people on the sidelines waiting to buy corrections are expecting.

We wrap up with some thoughts on breadth readings, the advance/decline line metrics, and intermarket analysis with gold outperforming everything recently – US equities, commodities, and foreign currencies. If those macro factors don’t change, then pullbacks will be more shallow and represent good spots for traders to scale into positions.

Click here to visit Jordan’s site and keep up to date on his market outlooks.

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to review recent exploration results returned from the 2022 season and the current work going into the upcoming Resource Estimate update to be released this quarter at their flagship Stillwater West Project in Montana. The most recent maiden resource estimate, that incorporated drilling up through 2020 was released in 2021 and contained 1.1 billion lbs of nickel, copper, and cobalt, with an additional 2.4 million ounces of palladium, platinum, and gold. This upcoming resource will incorporate and the further resource delineation from the 14 holes drilled in 2021, in addition to the assays for rhodium were just released to the market today.

We dive further into the parallels between this Project and their neighbors, Sibanye Stillwater, that are currently producing nickel, copper, platinum, palladium, and rhodium at that highest grade PGM mine in the world. Mike makes the point that the mining approach for Stillwater Critical Minerals that is being proposed is more of a bulk mining deposit more akin to the South African Platreef battery metals and platinum group elements mines and development projects found on the northern limb of the Bushveld Igneous Complex.

Next we discuss the exploration work successfully completed in 2022 at the Pine Target, which is an additional gold target returning high-grade gold, that is 2kms away and currently not one of the 5 deposit areas presently included in the resource estimate, but that more drilling will be focused here in 2023 to keep delineating this additional target area. The focus of the exploration team at present is continuing to expand the high grade areas of the 9km strike length, and for better understanding the geological structural controls, with a wealth of potential targets for future drilling in that larger context for the 2023 exploration season.

We wrap up by discussing the new partnership the Company has with Cornell University, which was highlighted in a recent article in the Cornell Cronicle earlier today, where Greeshma Gadikota, assistant professor of civil and environmental engineering in Cornell Engineering, will receive $650,000 of the U.S. Department of Energy’s Pacific Northwest National Laboratory (PNNL) $2.4 million grant from the federal Advanced Research Projects Agency. The focus of the research, in partnership with Stillwater Critical Minerals, will be to develop ways to simultaneously recover green-energy critical metals during mining, and used different carbon sequestration techniques in the process.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals.

Click here for company news from Stillwater Critical Minerals

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So far this month Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF) has released two news releases, outlining the 2023 work plans (January 10th) and results from the best drill hole ever on the Project (January 17th).

George Ogilvie, President and CEO of Arizona Sonoran Copper joins us re recap both news releases. We start with the January 17th news releases that reported Hole 108 at Parks/Salyer which intersected 189.3metres @ 2.005 total copper within a 265.9meter intercept of 1.64% total copper. This was an infill hole so we have George outline its importance for the upcoming Prefeasibility Study (“PFS”) due in 4Q23/1Q24 followed by a bankable Feasibility Study.

We then move to the January 10th news release outlining the 2023 work plans. All the work will feed into the PFS. We discuss the infill and exploration drilling plans for the year as well as all the other work planned.

If you have any follow up questions for George please email us at Fleck@kereport.com and Shad@kereport.com. We will get those answered for you!

Click here to visit the Arizona Sonoran Copper website to read over all the recent news.

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG – OTCQX:TSGZF) joins me to share the work plans at the Company’s Flagship Castelo de Sonhos Project in Brazil. This year is all about permitting so Nick and I focus on the timelines and process in front of the Company.

I also have Nick comment on the recent high volume up days in the stock to start the year. We discuss what he is hearing in term of investor interest in a Project with a defined resource and moving towards development.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the TriStar Gold website to learn more about the Castelo de Sonhos Project.

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Sean Brodrick, Editor Wealth Wave and Wealth Megatrends, and the Natural Resource Specialist at Weiss Ratings, joins us to focus on the investment trends in the gold, oil, natural gas, and cannabis sectors. We review the continued bounce in precious metals, and what macroeconomic factors could shape the year to come, including China reopening, moves in the US dollar and interest rates, and inflation.

Next we pivot over to the energy sector to review what he is watching in oil, nat gas, and the related stocks before he would start accumulating again.

We wrap up the discussion on the how a federal legalization bill could affect companies in the US, and the lessons the companies have learned from the mistakes made by Canadian companies when cannabis was legalized there on a federal level.

Click here to visit the Wealth Wave website to keep up to date on Sean’s market commentary.

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Doc Jones, Private Investor and editor of DrJonesResourceInvestor.com, joins us to outline why he is more interested in investing in critical minerals companies over precious metals companies, due to all the positive tailwinds we see behind the green energy policies and investment capital flows. The discussion covers a number of areas ranging from government funds and direct investment into battery metals and energy metals, to ESG, to the cost of capital for different commodities and related mining stocks. He outlines why his favorite 3 critical minerals to invest in are Nickel, Lithium, and Copper, and shares some of the macro trends and rationale for this thesis.

We wrap up getting some thoughts on how to filter down to the better quality company in these smaller commodity niches, especially when each one presents it’s own unique sets of challenges and current market environment. One company Doc Jones mentions as an example of accumulating good value is Magna Mining (NICU), focused on 2 nickel-copper-PGM projects in Sudbury, Ontario, reviewing how ounces in the ground are valued versus the average discovery cost. Doc Jones, also mentions he has deployed funds in the past to major producers like Vale (VALE), Rio Tinto (RIO), BHP (BHP) and Teck Resources (TECK) (TECK-A.TO) to just gain better exposure to pricing trends in these base metals sectors.

DOC JONES RESOURCE INVESTORhttps://drjonesresourceinvestor.wordpress.com/

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us discuss the set up for gold, silver and the underlying stocks. He shares key levels to watch on the downside and upside as we progress through this month. On top of this we also discuss how the interest in critical metals has captured the generalist investors and what it means for the PMs.

When talking stocks Dave shares how he is positioning and what to ask management teams when you chat with them. This leads into a discussion on past successes for teams and how to differentiate between the stronger teams.

Click here to visit the Junior Mining Junky website to follow along with Dave’s market comments.

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Ian Atkinson, President and CEO of Southern Energy Corp (TSX.V: SOU) (OTCQX: SOUTF), joins us for a comprehensive overview of the company, projects, team, financials, and key news and milestones on tap for 2023. Southern Energy is an established producer with natural gas and light oil assets in Mississippi, that recently announced the its third quarter financial and operating results for the three and nine months ended September 30, 2022. It generated $8.3 million of adjusted funds flow from operations in Q3 2022 and $14.1 million for the nine months ended September 30, 2022, with petroleum and natural gas sales of $19.2 million in Q3 2022, an increase of 268% from the same period in 2021.

We have Ian outline the slated growth at the flagship Gwinnville Development project, with 13 wells planned for both Phase 1 and Phase 2 programs this year, and the first 3 already drilled and completed. Production will be starting to ramp up in February and March and continue to grow for years to come, with the strategy of drilling and average of 15 wells per year for the next few years from their strong financial situation and organic funds flow growth. The management team anticipates growing production from 3,400 BOE per day of currently to over 25,000 BOE per day in the next 4 years.

In addition to the growth of the Company’s Mississippi assets, there is still keen interest in growing through future acquisitions, possibly in Louisiana and Texas, as the Citibank formations, Selma Chalk formations, and Cotton Valley formations extend along trend in these jurisdictions. We wrap up diving into the financial strength of the company, their current and anticipated hedging positions, the strength of their natural gas pricing power compared to Canadian companies or even compared to Henry Hub pricing, and the availability of their credit facility if needed.

If you have any questions for Ian regarding Southern Energy, then please email us either Fleck@kereport.com or Shad@kereport.com.

https://southernenergycorp.com/investors/regulatory-news/

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to recap the news release today announcing a $12.5million non-brokered financing. This ties directly into recently announced (December 5th) acquisition of a gold property in Mexico from Argonaut Gold. Click here to listen to the full interview, back in December, highlighting that announcement.

Since the stock is still halted following the acquisition announcement we have Charles outline the timeline and process from the exchange on when the halt will be lifted.

If you have any follow up questions for Charles please email us at Fleck@kereport.com Shad@kereport.com.

Click here to visit the Heliostar Metals to read over the recent news.

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Roger Moss, President of Labrador Gold (TSX.V:LAB OTCQX:NKOSF) joins me to recap the January 12th news release reporting 2 drill holes from the Big Vein area on the Kingsway Project in Newfoundland. Highlights of the drilling include an intersection of 20.88 g/t Au over 5 meters that included 124.21g/t Au over 0.81 meters and 7.41 g/t Au over 1.0 meters in Hole K-22-206, and 6.04 g/t Au over 1.20 meters in Hole K-22-208. Both holes were drilled at the north end of Big Vein.

We discuss the location of these holes (see Figure 1 posted below) and how it fits into the big picture plans for this area. We then shift focus to the ongoing 100,000 meter drill program that has around 37,000 meters still to be drilled. I have Roger outline where these meters will be focused and the work that is going on in the background to advance targeting.

If you have any follow up questions for Roger please email me at Fleck@kereport.com

Click here to visit the Labrador Gold website to read over the recent news.

Figure 1. Big Vein plan map.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the Q4 2022 operational and financial results from the producing Segilola mine in Nigeria. For the 4th quarter gold production was 26,331 at an average grade of 3.51 grammes per tonne gold. For the Company’s first full calendar year of production in 2022 was 98,006 oz, which was at the top end of the FY 2022 guidance range of 90,000 to 100,000 oz. Senior debt was also reduced to $28.4 million as of December 31, 2022.

We discussed the exploration plans for fast-track drilling programs on near-mine and regional targets that were finalized with surface work, sampling, and mapping and will commence this month. In addition, an underground drilling program commenced for testing mineralization below the current pit, to continue expanding resources. Also notable in Nigeria was the acquisition of additional exploration tenure, expanding their Nigeria portfolio to 1,542 square kilometers (“km2“)

We also outlined the work and recent higher-grade and wide-intercept drill results at the Douta development Project in Senegal, where the Company is continuing to expand the resources at the Makosa ore body, which now has grown to a 7km strike length, and also incorporates the Makosa Tail area. 26,000 meters were drilled at Douta this year, doing step-out drilling and infill drilling at the Makosa deposit, as well as expansion drilling around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets. There are still drill assays pending for the 3 satellite deposits that will be reporting early in the new year.

The next key Company milestones will be to get all these new drill results released and then put into an expanded resource estimate update in the first half of 2023, and then after that to wrap some economics around the Douta project in a Preliminary Economic Assessment for the market to evaluate. The goal is to expand the resources well beyond the previously reported 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit, and to now show the economic viability of the new satellite deposits at Mansa, Maka, and Sambara potentially feeding into a central processing plant in a hub and spoke strategy.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email us at either fleck@kereport.com or shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations.

Click here to read over the recent news out of the Company.

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Welcome to the KE Report Weekend Show!

Since almost every sector is heading higher to start the year we focus this Weekend’s Show on reasons why and, more importantly, if it will continue. We look at recent data, investor expectations and the degree of these moves to understand what the main drivers are for this recovery. And of course, the most important aspect, if these rallies will continue.

Please keep in touch with Shad and I through email. We love hearing what you all thinks of our guests, the companies we featured throughout the week and your thoughts on the markets. Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 – Jesse Felder, Founder of The Felder Report kicks off the show by discussing “who’s buying what”, in terms of retail vs institutional vs hedge funds. We look at the rebound in tech, continued push higher in PMs, the broad US markets and bonds. The discussion ends with comments on if we have seen a major turning point for the markets.
- Click here to learn more about The Felder Report.
Segment 3 – Jeff Christian, Managing Partner at the CPM Group is up next to share his big picture view the “2023 The Year Of Transition”. We ask what investors are pushing the gold and silver prices higher to start the year. This ties into a discussion on central bank buying and US Dollar weakness.
- Click here to visit the CPM Group website.
Segment 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx wraps up the show by recapping the most important data so far this year and how it has completely shifted investors view on risk. Looking ahead to the upcoming Fed meeting, Marc lays out a scenario we haven’t heard recently.
- Click here to visit Marc blog – Marc to Market.

Exclusive Company Interviews This Week

SilverCrest Metals – 2022 Financial Update, Holding Silver To Add Leverage And The Possibility Of An Acquisition
Magna Mining – More High-Grade Drill Results Returned From The Crean Hill Mine Project
District Metals – Application To Acquire The Majority Of The Polymetallic Viken Deposit in Central Sweden
Blackrock Silver – Transformative Option On The Tonopah North Lithium Project, While Keeping Focused On Silver And Gold Exploration At Tonopah West and Silver Cloud

Jesse FelderJeff ChristianMarc Chandler

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss a number of macroeconomic trends and themes he feels are key for 2023 as it unfolds, which make the case for a longer-term bullish setup in the precious metals sector.

We start off reflecting on the continued run higher in gold into the new year, hitting the $1900 level today, but notes that silver is stuck around the $24 level, and this may point to a corrective digestive period in the PMs in the near term. This ties into other near-term aspects on the calendar this month like Chinese New Year, the Feb futures contract rolling over at month end, and the oversold nature of the US dollar, which could have a relief rally soon. Craig feels it quite improbable though, to see a larger extended move down in the metals and mining stocks, and does not think a final washout in the sector is likely or even necessary at this point.

Next we dive more into some of the macro themes from his recent podcast at TF Metals (which is linked below this interview for anyone to listen to). These relate to how he sees the potential economic weakness and contraction in 2023 unfolding, and as the growing data of the recession increases in intensity, that the Fed will eventually need to change course and backstop the markets; in a similar manner to how things did in both 2010 and 2019. Craig emphasized it will be wise to be patient, block out a lot of the mainstream financial media noise which has been constantly wrong-footed, and instead focus on what actually plays out with regards to interest rates, currencies, monetary policy, and the technical set up on the charts in the year to come.

Click here to visit Craig’s site – TF Metals Report

https://www.tfmetalsreport.com/podcast/11901/tfmr-podcast-wednesday-january-11

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to outline a few post-discovery gold and silver exploration stocks that are drilling out robust mineralized systems, and that have newsflow which is moving the needle. He feels that there is both margin of safety and probable growth in place as solid exploration teams continue to step out and expand growing deposits.

In this interview we discuss Nevada King Gold (TSX.V: NKG) (OTC: NKGFF), Dolly Varden Silver (TSX.V: DV) (OTC: DOLLF), and Scottie Resources (TSX.V: SCOT) (OTC: SCTSF).*

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and many are also site sponsors of The Hedgeless Horseman website. Dolly Varden Silver and Scottie Resources are also sponsors of the KE Report, and Shad has positions in both companies.

Click here to visit Erik’s site – The Hedgeless Horseman

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Robert Sinn, aka Goldfinger, editor of Energy & Gold, joins us to review the technical and fundamental factors that have continued to drive the precious metals sector higher for the last few months and to kick off 2023, as well as other commodities that have his attention for the year to come.

We start off by breaking down some key support and resistance levels in gold and silver, and also take a look a sentiment indicators as more and more main stream analysts have also jumped on the precious metals bandwagon lately. While some commentators are still guarded for another big leg down or a final washout, Robert is more constructive that the bottom is in and that pullbacks will find support at higher levels. We then get into some comments on trading versus buy and hold value investing, and investor psychology as things turn from a bear market playbook to a bull market strategy.

Wrapping up the discussion then leads into the base metals and energy metals of both copper and nickel, and how Robert sees the macro fundamentals setting up, as well as his approach to investing in the related mining stocks.

https://ceo.ca/@goldfinger

http://energyandgold.com/

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review if a large move down in general equities, whether from recession pressures or a black swan event, could pull precious metals down with it later this year. This seems like an improbable outcome, after considering both the fundamental and technical factors that demonstrate gold, silver, and the PM mining stocks have clearly bottomed and are in a new uptrend. While there will be corrections within a secular bull market, there is nothing on the charts or the macro landscape suggesting another big “wash out” event being needed for the sector to move higher.

Another aspect we consider, when looking at the last few historical crashes in PM prices, was that they were much more widely held coming into 2007-2008 and 2011-12, before the following capitulations, than the PM sector is held currently. Now, over a decade later, most institutions and funds have far less exposure to gold, silver, or the PM equities, and the volumes and participation has been substantially lower, so there are less potential sellers sitting on gains even available to provide the fuel for a large crash in prices from here.

There is no technical or quantitative data that Jordan is reviewing which remotely suggests that we are going to see a massive crash in any markets at present. He mentions that it is far more likely that as the Fed pauses it’s rate hikes, and then eventually pivots back to rate cuts, that the general equities will top and roll back over in another leg lower, but that gold and the mining stocks will diverge and continue to outperform, like we’ve seen the last few months.

Click here to visit Jordan’s site and keep up to date on his market outlooks.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to review the transformative option agreement with Tearlach Resources to develop the Tonopah North Lithium Project. Tearlach has been granted the option to acquire, in two stages, up to a 70% interest in the lithium minerals in certain unpatented mining claims forming a portion of the Company’s Tonopah North Project in Nevada, upon incurring cumulative exploration expenditures of US$15,000,000 and the completion of a Feasibility study within 5 years.

Andrew discussed that this transaction allows Blackrock Silver shareholders to gain an interest in an active lithium project while allowing the Company to focus its resources on our high-grade precious metal discoveries. With one of the highest-grade undeveloped silver-gold resources in the world at the adjacent Tonopah West Project, a new bonanza gold & silver discovery at the Silver Cloud Project. We review the exploration strategy and upside potential for PMs at all 3 projects, and that there are still 20 holes pending assays from last year’s drilling at Tonopah West that will be released in the next month or two. There will be further news hitting the wires in the first quarter from Silver Cloud as well, with more follow up planned in the year to come.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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Dave Erfle, Founder and Editor of the Junior Miner Junky, outlines his technical outlook on the precious metals sector, and which macroeconomic drivers will continue be in focus as this year unfolds. We start off reviewing the general consensus that gold, silver, and the PM mining stocks bottomed in Q4 of last year, and that a new upleg is underway in the sector. Dave shares key resistance levels he is watching for in gold, as well as GDX and GDXJ, and that while we may see a short-term corrective move, the larger trend is still higher.

Next we focus on the macroeconomic factors shaping 2023 from the lingering inflation, continued stagflation, the potential for a worse recession and deflation (like we are seeing in manufacturing, housing, and general equities), central bank policies, and geopolitical tensions. Barring some unforeseen black swan event creating a panic selling scenario, the set up is there for the general markets to keep correcting down in an orderly fashion, where the precious metals sector continues to diverge by outperforming.

We wrap up with getting Dave’s thoughts on the gold mining stocks, from the potential for producers to have their margins expand this year, to the high probability of the junior mining stocks to get re-rated higher closer to historic norms.

Click here to visit Dave’s site – Junior Miner Junky.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to recap a wide range of market moves kicking off 2023, and proposes we may in a new normal where interest rates, P/E Ratios for company valuations, and even the trend in general markets may be sideways for a period of time.

We start with US markets, where investors seem to have more of a risk appetite for tech stocks and sectors that have sold off harder, and less of an affinity for the value sectors like healthcare, utilities, and energy stocks at present. Q4 earnings season is the main thing investors are focused on at present.

Joel mentions that the financial stocks have held up better than many anticipated, focused on JP Morgan as a key bellwether stock in that sector, which has kept him less bearish than many commentators in the main stream financial media. He sees key support in the S&P 500 around the $3800 price level, and mentions that the markets could just trend sideways in range trading for much of the first part of this year.

Click here to visit Joel’s PreMarket Prep Show.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins me to update us on the January 5th news release announcing an application for Mineral Licenses that encompass the majority of the Viken Deposit in central Sweden. This is a polymetalic deposit with a focus on vanadium and uranium.

I have Garrett start us out by outline the details on the application process in Sweden. We then discuss the historic work completed at the deposit, which includes over $10million spent, and had a PEA released in 2010 and an updated resource estimate and PEA in 2014. To wrap up I have Garrett reiterate how this Project will fit into the overall Company’s strategy and work plans for 2023.

If you have any follow up questions for Garrett please email me at Fleck@kereport.com.

Click here to visit the District Metals website and read over the recent news we discussed.

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John Rubino, Founder of the Dollar Collapse website and editor of a recently launched newsletter over at Substack, joins us to review a whether the economy is heading into a deeper recession or more of a soft landing in 2023. The discussion gets into a range of macro fundamentals from consumer credit card debt, the real estate market, manufacturing, energy costs, inflation, central bank buying, gold, silver, the US dollar, fiat currencies, interest rates affects on national debt repayment, and much more.

https://rubino.substack.com/

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Jason Jessup, President and CEO of Magna Mining (TSX.V: NICU), joins us for an exploration update at the Crean Hill Mine Project, and at the Shakespeare Project, as well as the potential development strategy at both areas, and the ultimate pathway towards production in Sudbury.

We start off by reviewing the importance of the recent high-grade drill intercepts of nickel, copper, platinum and palladium in the 101 and 109 Footwall Zones that the company has been exploring.

Drillhole MCR-22-005, intersected 4.0 % Ni, 0.7 % Cu, 0.7 g/t Pt+Pd+Au over 31.1 metres, Including 6.5 % Ni, 1.0 % Cu, 0.5 g/t Pt+Pd+Au over 5.0 metres, and 5.7 % Ni, 0.7 % Cu, 0.8 g/t Pt+Pd+Au over 16.1 metres in the 101 FW Zone
Drillhole MCR-22-010, intersected 0.4 % Ni, 0.5 % Cu, 7.2 g/t Pt+Pd+Au over 98.3 metres, including higher grade intervals grading 0.8 % Ni, 0.8 % Cu, 12.7 g/t Pt+Pd+Au over 44.0 metres, including 3.7 % Ni, 2.8 % Cu, 20.2 g/t Pt+Pd+Au over 7.1 metres in the 109 FW Zone.
The 109 FW Zone represents an area of high-grade mineralization extending into the footwall breccia that is associated with the Main Zone.

The discussion then shifts back to reviewing the upcoming PEA for the Crean Hill, how these new footwall zone discoveries could be brought into the front-end of the mine plan, and also how toll-milling could be utilized on the front-end for a low-cost launch into production and to build up capital to redeploy into the eventual buildout of the processing center at Shakespeare. There are 15,000 meters of drilling planned in 2023 for the Crean Hill Mine Project, and Jason also reviews the ongoing exploration success they’ve been having expanding the geometry and resources at the Shakespeare Project, with more results from 2022 still to report, and another 3,000 – 5,000 meters of follow-up drilling planned for 2023.

If you have questions for Jason regarding Magna Mining, then please email us either Fleck@kereport.com or Shad@kereport.com.

https://magnamining.com/news-and-updates/

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Ed Moya, Senior Market Analyst at OANDA joins us to discuss today’s market moves, where the tech sector is leading the way. After all the layoffs and poor earnings from tech stocks these days where the sector leads feel completely out of place. This also ties into a discussion about what a recession in 2023 looks like, or even if it will happen.

Click here to visit the OANDA website to follow along with Ed’s daily market note.

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to provide a Corporate update including the move by the Company to beginning holding silver rather than selling all production immediately.

Chris recaps the Company’s strong balance sheet at year end and how he is looking to add leverage to the stock. The decision to hold metal on the balance sheet also plays into future acquisition strategies as the market has shown how difficult it is to find and build assets while keeping costs under control.

If you have any follow up questions for Chris regarding the 2023 plans at SilverCrest please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the SilverCrest website to find out more about the Company and current production at Las Chispas.

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Welcome to the first Weekend Show of 2023! Since some of the best performing sectors of 2022 were precious metals and energy we are focusing the show here. These sectors were essentially flat on the year but that was much better than everything else.

We hope you all enjoy this Weekend’s Show and please keep in touch with Shad and I. We do our best to follow up with every email we receive and ask the questions you are passing on! Our email addresses are Shad@kereport.com and fleck@kereport.com.

Segment 1 and 2 – Richard Postma, AKA Doc kicks off the show by simply focusing on gold, silver and the underlying stocks. As always Doc sticks to the long term charts for the longer term investors.
Segment 3 and 4 – We shift our focus to the oil and gas sector with Dan Steffens, President of the Energy Prospectus Group. We get Dan’s oil and gas price forecasts as well as a number of stocks he thinks could lead the sector in 2023.
- Click here to visit the Energy Prospectus Group website to find out more about Dan service. If you are interested in signing up for Dan’s newsletter you can send us an email and we might be able to get you a discount for an intro subscription.

Exclusive Company Interviews This Week

Dolly Varden Silver – Cashed Up, Drill Results On Tap, And A Large 2023 Exploration Program
Thor Explorations – The Douta Development Project Continues To Deliver More Solid Drill Results, Segilola Production Is On Track For Annual Guidance
Mako Mining – High-Grade Drill Results From The SouthWest Pit, And Operational Update At The San Albino Mine

DocDan Steffens

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to outline why he still sees a great deal of upside in the “beta” type of mining stocks with upside optionality to proven resources in the ground, as well as exploration stories that have key milestones to report in 2023.

In this interview we discuss a number of general concepts and strategies for investing in base metals or precious metals mining stocks, and focus on Magna Mining (TSX.V: NICU), I-80 Gold Corp (TSX: IAU) (NYSE: IAUX), Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF), and District Metals (TSX.V: DMX) (OTC: MKVNF) as case studies that Erik sees value drivers in for this year.*

Click here to visit Erik’s site – The Hedgeless Horseman

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Brien Lundin, Editor of The Gold Newsletter and out host at the New Orleans Investment Conference, joins us to review the rebound in the precious metals sector over the last few months and kicking off 2023, and why it is that the mining stocks haven’t responded with more leverage. We discussed the sector sentiment still lagging the moves we’ve seen for months in silver, gold, and the PM mining stocks, and the old truism that: “A market is often loved least by those who know it best.”

The discussion then turns to where the macroeconomic drivers are heading this year that have been so prominent over the last year like inflation expectations, Fed policy, and what may happen once they wrap up their tightening cycle in the first half of this year. We also reflect on how if inflation is starting to moderate, while metals start climbing higher in price, that this should be a boon for the PM producers financial margins and for the economics of development projects. Brien feels that companies that have large scale resources will start to shine as they have their economics rerated higher, and he is still also animated by some of the select drill play exploration stocks with quality work programs for the year to come.

We wrap up discussing that Brien feels the bottom in the precious metals sector is now behind us, and after seeing a pattern of higher highs and higher lows in the metals and mining stock ETFs, that we should not be disheartened if we see a near-term pullback to digest the last few months gains.

Click here to visit the Gold Newsletter website to learn more about Brien’s letter.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to reflect on the continued bounce in the precious metals to start the year, and shares some key themes from his Macrocast 2023: One Step Beyond forecast (linked below this interview).

We start off discussing the pop in gold and silver and the PM mining stocks the first 2 days of 2023, which was a continuation of the trend we’ve seen the last few months. Next we shifted into reviewing how markets like the US dollar and bonds / interest rates played out in 2022, and how they could be setting up for 2023. Some of the trends discussed hinge upon expectations around inflation, data stacking up for a growing recession, labor trends, and the potential for a quicker than expected shift by the Fed to rate cuts the middle to end of next year.

Craig emphasized it is a year that could be much like 2019, where it will be wise to be patient, block out a lot of the main stream financial media noise, and focus on what actually plays out as things evolve into the middle of the year to come.

Click here to visit Craig’s site – TF Metals Report

https://www.tfmetalsreport.com/blog/11886/macrocast-2023-one-step-beyond

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us for an exploration update at the Southwest Pit and the Los Conchitas Project, as well as an operations update at the San Albino Gold Mine in Nicaragua. We started off reviewing some of the recent high-grade gold drill results from the 2 drill rigs that had been operating last year at the Southwest Pit. Some drilling highlights released today were intercepts of 98.50 g/t Au and 66.3 g/t Ag over 1.9m, including 168.30 g/t Au and 110.0 g/t Ag over 1.1m; along with another intercept of 52.66 g/t Au and 47.2 g/t Ag over 2.0m, including 78.14 g/t Au and 69.6 g/t Ag over 1.2m. These results are all feeding into an updated resource estimate for this SouthWest pit near San Albino in the first half of 2023, which will be followed by an updated mine plan and economics.

In addition, in 2022 exploration team had deployed five of its seven diamond drill rigs in the Las Conchitas area, which is located between the San Albino Mine and the historical El Golfo Mine located within the Company’s El Jicaro Concession. With solid results reported previously and still to be returned from this drill campaign in the months to come, this area will see it’s first maiden resource estimate reported in tandem with the overall resource update in late Q1 or possibly in early Q2, due to logistics.

On the operations front, things have been going much better since October of last year and this is setting up for projected better numbers in Q4, once they get reported in a few weeks. While the “preg-robbing” from the carbon in the ore and leach had impacted Q2 and part of Q3 production in 2022, the proper adjustments to the process were made, and recovery rates have improved significantly since Q3 of last year. Currently the mill is running above capacity many days with throughput reaching over 600 tonnes per day, and this production improvement will carry forward into 2023.

If you have any questions for Akiba about Mako Mining, then please email us at either Fleck@kereport.com or Shad@kerport.com.

Click here for a summary of the recent news out of Mako Mining.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss both the fundamental and technical factors that demonstrate gold, silver, and the PM mining stocks have clearly bottomed and are in a new uptrend. We start off discussing the continued recent move higher in gold and mining stocks, and where short-term resistance may come in for the metals, GDX, and GDXJ.

While we may see a mild corrective move to digest these recent gains, Jordan feels those people still expecting a final wash out to new lows in the metals or miners are ignoring tons of obvious data, and that there is not a bearish case to be made for the precious metals right now. He provides the technical, fundamental, and inter-market analysis rationale for his conviction that we are starting a very bullish period and likely a new secular bull market in the PMs in real terms.

Click here to visit Jordan’s site and keep up to date on his market outlooks.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a wide-ranging discussion where we review how the macroeconomic environment has played out from 2022 and now heading into 2023.

This is a wide-ranging discussion touching on the continued bear market in general US equities, bonds and interest rates, the US dollar, oil, gold, silver, platinum, battery metals, and much more. Nick breaks down how he is managing his portfolio allocations in cash, in the precious metals sector, and also mentions some specific royalty, gold, platinum, and copper stocks that he has allocations to. He wraps up restating the bullish developments in both the lithium and uranium sectors as energy metals to watch.

https://digestpublishing.com/

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Sean Brodrick, Editor at the Wealth Wave website and the Natural Resource Specialist at Weiss Ratings joins us to look across a wide range of commodity sectors. We focus on energy (oil, natural gas, and uranium), precious metals (gold and silver) and base metals (mostly copper and nickle). Sean outlines what he likes, what he’s avoiding and what he thinks will be the major driving factors to consider for 2023.

Click here to visit the Wealth Wave website to keep up to date on Sean’s market commentary.

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Dave Erfle, Founder and Editor of the Junior Miner Junky, joins us to highlight that the PMs have kicked off the new year in the green, even despite the higher US Dollar, due to the war premium out of Ukraine.

We review if the rally witnessed in the PM sector over the last few months has more room to run, or if a pullback is in order? Dave shares key resistance levels he is watching for GDX and GDXJ, and discusses how the market pendulum is swinging from very oversold levels from last September, to a continuation in the opposite direction of swinging to a more overbought as the year unfolds.

We wrap up with some of the macroeconomic factors shaping 2023 from the lingering stagflation, potential for a worse recession, China reopening, central bank policies, and upcoming Fed meeting minutes.

Click here to visit Dave’s site – Junior Miner Junky.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to recap a wide range of market moves to kick of 2023.

We start with US markets, that are selling off today, lead by tech stocks. Energy stocks are also lower as Natural Gas is the biggest loser on my screen, down 10%. We then move to the rise in the US Dollar balanced with the rise in precious metals. Finally we touch on the financial stocks, focused on JP Morgan. He is weighing the threat of recession with how well the bank stocks have done.

Click here to visit Joel’s PreMarket Prep Show.

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a handful of key charts on the US Dollar monthly, weekly, and daily, and Gold, Silver, and Platinum weekly and daily charts, Uranium, and (URNM) the Sprott Uranium Miners ETF. [all charts are posted below so you can follow along]

We intermix some macro fundamental discussion into the conversation around these various markets to get an overall take on where the drivers of each sector will come from, in relation to price movements, and some thoughts on trading strategy.

Click here to visit the SilverChartist website

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Welcome to the final KE Report Weekend Show of 2022. 2022 was a year that many investors will want to put behind them. There are a couple very important themes that developed in throughout the year which should be a guild for investors in 2023. On this Weekend’s Show we focus on the major theme changes that will be driving markets in 2023.

We hope you all have a very Happy New Year! Thank you all for visiting our site and downloading the Podcast! Please keep in touch with Shad and through email – Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Dana Lyons, Fund Manager, has been very accurate throughout the year playing the general bear market and trading the swings. He outlined early in the year it was a market to “hit singles and doubles, not home runs”. Dana recaps his major takeaways from the year and how he is positioned entering the new year.
- Click here to visit Dana’s site. He is offering a 20% discount on a All-Access Pass if you sign up by the end of the week.
Segment 3 – Josef Schachter, Founder and Editor of the Schachter Energy Report is up next with a focus on the energy sector. Oil and natural gas had a great first half of the year, then market forces took over and pulled each back by year end. The stocks did extremely well early on. Josef shares his outlook for energy prices as well as what stocks he is looking to buy.
- Click here to visit the Schachter Energy Report website.
Segment 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website wraps up the show by recapping some important news and developments in December that are critical for 2023. We discuss China, central bank policy, interest rate differentials for countries and major money flow shifts.
- Click here to visit Marc’s free blog – Marc to Market.

Exclusive Company Interviews This Week

Dolly Varden Silver – Cashed Up, Drill Results On Tap, And A Large 2023 Exploration Program
Thor Explorations – The Douta Development Project Continues To Deliver More Solid Drill Results, Segilola Production Is On Track For Annual Guidance

Dana LyonsJosef SchachterMarc Chandler

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to outline why it is best to be patient with companies that have demonstrated something special, because they may still have much further to grow if they have unrealized and growing value, before one would want to harvest gains. We’ve discussed in the past that often the discovery hole, or key company milestone is just the beginning of the journey, even if the share price has put in a nice pop higher.

In this interview we discuss Magna Mining (TSX.V: NICU), as an example of nickel and base metals company that Erik feels is just getting started in relation to the market recognition of the value they already have put in place. Erik makes the point when one gets positioned early into an unfolding value creation story, that one can even press their bets by averaging up in a story that continues to grow in share-price and market cap; so this is the approach he has decided to take personally in Magna Mining up until present. *

We point out that investors should really do their due diligence on the front-end as to where they believe the value in any company they invest in can realistically grow over a certain period of time. Then once an investors has a thesis for the potential value of the company over a specific time horizon for the investment, then they can ask themselves if their actions are in alignment with that thesis when deciding when to exit the stock. Most big wins in the sector take years for the stories to unfold, which can be a challenge for investors that only want to hold for weeks or months before assessing if it was the right investment.

*In full disclosure, Magna Mining, mentioned by Erik in this interview, is a personal position he holds in his portfolio, and is also a site sponsor of The Hedgeless Horseman website.

Click here to visit Erik’s site – The Hedgeless Horseman

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss both the fundamental and technical factors that could move gold and silver stocks higher next year. We start off discussing how the macroeconomic trends are different now with regards to precious metals prices and inflation than they were a few years back when the PM sector took off in 2019 and 2020, and how these headwinds and tailwinds, especially around input costs relative to topline metals prices have morphed and affected margins over the last 2 ½ years. Jordan sees a better scenario shaping up for 2023 where costs may stay muted while metals prices breakout to new highs, and this ties into market expectations on Fed policy, and a contracting economy.

Click here to visit Jordan’s site and keep up to date on his market outlooks.

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins us to review the recently announced upsized capital raise and provided an exploration update with many more drill results on tap from 2022 to release. On Dec 22nd, the Company announced the closing of a $22.6 million Private Placement with participation by Hecla Mining, maintaining their over 10% stake in the company, and this will allow the company to keep the exploration momentum going with more step outs and discovery drilling to test the size and scale of the combined Kitsault Calley Project (the recently combined Homestake Ridge and Dolly Varden Projects) in the Golden Triangle of British Columbia.

Shaw recapped some of the high-grade silver drill results at the Kitsol Vein and stepping out from the Torbrit Resource Area as part of this year’s exploration program as well as highlighting the success in stepping out and growing things at the Wolf deposit, for some of the best exploration results seen on the project to date. We also discussed the solid high-grade gold and silver results coming back from Homestake in recent news releases. With 50 more drill holes to release from the Homestake, Wolf, and Torbrit areas, there is plenty of drill news on tap for the next few months.

If you have any follow up questions for Shawn about Dolly Varden, then please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Dolly Varden Silver website to read over Company news.

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John Rubino, Founder of the Dollar Collapse website joins us to share his thoughts on the 4th quarter run higher in gold, issues in the US housing market and a possible shift in the energy sector toward nuclear.

Starting with gold, John points to central bank buying, physical shortages and currency devaluation as key drivers for the metal. On the housing front we discuss the recent weak data and how higher interest rates will continue to pressure the market. Finally on the energy front John thinks that uranium is critical with the shift to more nuclear power and smaller reactors.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to share his outlook for 2023 in terms of China, US markets and the oil sector.

We start with China and all the news around the county’s citizens being able to travel more freely as Covid restrictions have loosened. We look to what a re-open could do for the markets. We then move to the continued rotation out of tech and into value stocks. Look at today with the NASDAQ down around 1% with the Dow in positive territory. We wrap up with comments on oil and oil stocks. Is all the optimism for next year warranted.

Click here to visit Joel’s PreMarket Prep Show.

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Mike Larson, Editor and Chief at the MoneyShow joins us to share his outlook for markets next year. We start by asking how important early on trading will be for markets after the stronger 4th quarter of 2022. This leads into a discussion on sector specific risks and the risk of a a major shock/collapse. We also chat about the set up in metals, both precious and base as well as energy.

Click here to visit the MoneyShow website to find out more about their conferences.

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Welcome to the Christmas Eve edition of the KE Report Weekend Show! No time off this weekend as we feature two guests that have been very accurate in calling a wide range of markets and metals.

We hope you all have a very Merry Christmas and Happy Holidays! Thank you all for supporting the show throughout this year. We are lucky to have such dedicated and thoughtful listeners!

Segment 1 and 2 – Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by going around the horn sharing his outlook for US markets, yields, the US Dollar, oil and gas as well as gold. Rick has consistently outperformed the market since we brought him on the show over two years ago.
- Click here to learn more about retail and individual investor newsletters.
Segment 3 and 4 – Christopher Aaron, Founder of iGold Advisor and Senior Editor at Gold Eagle wraps up the show with a focus on gold, silver and gold stocks. He shares key levels to watch as well as his forecasts for how each price will move throughout next year.
- Click here to learn more about Christopher’s iGold Advisor service.

Exclusive Company Interviews This Week

Vizsla Silver – More Bonanza Grade Silver Results At Copala And A Strategic Investment In Prismo Metals
Torq Resources – A Focus On Exploration Starting Up At Santa Cecilia
GMG – New Data On The Thermal-XR Division, What It Means For Revenue
Fury Gold Mines – The Best Drill Result To Date At Percival Main, 13.5 Meters Of 8.05g/t Gold

Rick BensignorChristopher Aaron

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Jayant Bhandari, Private Investor, joins us for a focus on the macro backdrop in the gold and silver sector and how he is managing his portfolio of junior mining stocks. We start off discussing that there are 2 main ways to make money investing in the sector: 1) Positioning in companies that can build shareholder value over time, and 2) buying company positions when they are low, when other investors that bought at higher levels panic sell out of them at any price. During this seasonal end-of-year low volume paired with high volatility, Jayant is swing trading micro-cap stocks as they whip-saw back and forth, as an idea for more active traders.

For value investors, looking for longer-term buy and hold strategies, Jayant outlines the fundamentals of four companies that he has positions in and believes will appreciate in the year ahead. We discuss Aztec Minerals (AZT.V), Newcore Gold (NCAU.V), Montage Gold (MAU.V), and Riverside Resources (RRI.V). This brings up a broader discussion about how low the ounces in the ground and jurisdictions are being valued, and what kind of work programs he wants to see from junior companies in this environment.

Click here to visit Jayant’s website.

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CEO Sunny Trinh joins FCIR to share the latest investor update and the recently announced final approval to list its common shares on the NEO Exchange Inc. and is expected to trade under the symbol “DESG” in January 2023.

Learn More: https://devvstream.com/

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Yesterday, December 21st, Fury Gold Mines (TSX:FURY – NYSE:FURY) announced drill results from the Percival Main and Percival East prospects, on the Eau Claire Property in Quebec. The best results came from the Percival Main prospect step out holes, including the best hole to date intersecting 8.05g/t gold over 13.5 meters.

Tim Clark, President and CEO and Bryan Atkinson, Senior VP of Exploration at Fury join us to recap these drill results. We discuss how the Percival prospect fits into the larger strategy at Eau Claire, where this prospect is located in relation to the Eau Claire deposit and the follow up work planned. We also look to the 14 other anomalies along the Percival trend and the process of testing these next year, as well as the overall exploration plans for 2023.

If you have any follow up questions for the team at Fury Gold Mines please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Fury Gold Mines website and read over the full news release.

Figure 1: Percival long section depicting the locations of the recent drill holes in relation to the historical drilling along a steeply west plunging fold.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review how he is trading the gold, silver, and base metals junior exploration stocks in light of the end-of-year volatility. We discuss that in addition to the conclusion of tax loss selling, and the rebalancing of the GDXJ, which sent some stocks up or down in dramatic fashion lately, that this time of year with lower volumes can be quite turbulent in the daily pricing moves in many stocks. These big moves in either direction can vastly change the potential risk-reward setups in many stocks depending on where investors get positioned or average their cost basis from.

We also highlight 2 stocks, Snowline Gold (SGD) and Eskay Mining (ESK), that have seen some noticeable volatility lately, both in anticipation of key news, and then after key news was released to the market. Erik points out some of the thoughts he has around their valuations before and after the news, with regards to changing investors sentiment and expectations, and within the larger context of where they could be heading over the next 1-2 years.*

*In full disclosure, the companies mentioned by Erik, in this interview include personal positions in his portfolio, and they also may be site sponsors on The Hedgeless Horseman website.

Click here to visit Erik’s site – The Hedgeless Horseman

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Brien Lundin, Editor of The Gold Newsletter and out host at the New Orleans Investment Conference joins us to discuss the gold to S&P ratio that has shifted recently to a negative correlation during this pullback in the S&P. We balance out what is causing this shift and if it’s sustainable into next year. We also dive down to the PM stocks, both gold and silver stocks, to discuss what can draw more investors into the sector.

Click here to visit the Gold Newsletter website to learn more about Brien’s letter.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss both the short to medium-term outlook, as well as the longer-term outlook in the precious metals sector. We start off discussing the encouraging rally we’ve seen in gold, silver, and the mining stocks over the last few months, but that they are approaching some key resistance areas where PMs may need to correct and consolidate these moves through both time and price. We then get into continued low sentiment in the PM space, despite the recent move higher in the metals; and that the mining stocks overall have not really provided the upside leverage yet, like they will when the true secular bull market gets underway.

Jordan differentiates the nominal moves higher that we’ve seen in gold, silver, and the mining stocks since 2016, where there was still strong general equities markets, and points out that in real terms, that was not a secular bull market yet, and that the real bull market is likely just getting started. We wrap up with how he is expecting next year to play out for US equity markets and gold, and at what price levels he expects to see more die-hard resource investors return to the sector, and then after that the lagging factor in the generalist investors getting involved at higher levels.

Click here to visit Jordan’s site and keep up to date on his market outlooks.

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Yesterday, December 20th, Graphene Manufacturing Group (TSX.V:GMG) announced new data on the Thermal-XR division. The data, which is verified by the University of Queensland, shows that when THERMAL-XR® is applied to aluminum it reduces the surface temperature by approximately 15% in temperatures between 70C and 90C.

Craig Nicol, Founder and CEO of Graphene Manufacturing Group joins me to focus on the Thermal-XR division. We start with what the news means for market penetration of the product as well as possible revenue sources. We also discuss other potential markets for this product and how quickly it can be scaled. I have Craig outline how the Company will balance the Thermal-XR division with the battery division and how it will allocate the graphene produced to each product. As Craig says, this data is a game changer for this product.

If you have any follow up questions for Craig on the Thermal-XR division, battery division or graphene production please email me at Fleck@kereport.com. Thank you to everyone who has sent in questions following the last interview. I am saving those for another Q&A interview with Craig.

Click here to visit the GMG website and read over the recent news.

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Sean Brodrick, Natural Resource Analyst at Weiss Ratings and Editor of Wealth Wave, joins us to share his macroeconomic outlook, as well as thoughts on the US dollar weakness, the surprise policy decision from the Bank of Japan today, Fed policy expectations moving into 2023, and his expectations for pricing trends in gold, silver, PM mining stocks, oil, nat gas, and the energy sector as we move into next year. We also discuss the ramifications if China was to reopen it’s economy in 2023.

Click here to visit the Wealth Wave website to keep up to date with Sean’s market comments.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss the surprise policy shift by the Bank of Japan shifting slightly away from yield control and follow up market moves today. The US Dollar is dropping, helping to push gold and silver higher with markets also moving up. We also look at the tech sector which continues to be under pressure which has investors searching for new market leaders.

Click here to visit Joel’s PreMarket Prep website.

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On December 13th Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) announced the start of exploration at the Santa Cecilia Project, in the Maricunga belt in northern Chile.

Shawn Wallace, Executive Chairman, and Michael Henrichson, Chief Geologist at Torq Resources join me to recap the overall exploration plans. The Company is starting with surface work then progressing to drilling by early 2023 to test untested porphyry targets. We also discuss the location of the Project that is surrounded by large copper and gold assets.

I have posted Figure 1 and 2 from the news release to make it easier for you to see the location of the Project and the porphyry targets.

If you have any follow up questions for Shawn or Michael please email me at Fleck@kereport.com.

Click here to visit the Torq Resources website to read over the full news release.

Figure 1: Illustrates the location of the Santa Cecilia project in the southern region of the world-class Maricunga belt, which includes world-class multi-million-ounce deposits such as Salares Norte, La Coipa, Cerro Maricunga, Marte, Lobo, La Pepa, El Volcan, Caspiche and Cerro Casale Figure 2: Illustrates the four porphyry centres on the Santa Cecilia property

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins me to recap the a couple news releases from December, including drill results from the Tajitos-Copala and Napoleon resource area, as well as a strategic investment in Prismo Metals.

Starting with the December 14th news release highlighting the drill results from the Tajitos-Copala resource area we discuss the importance of this area to the overall Panuco Project. The headline results was hole 205 intersecting 2,640 grams per tonne (g/t) silver equivalent (AgEq) over 5.30 meters true width (mTW) (2,101 g/t silver and 9.54 g/t gold), including 4,563 g/t AgEq over 0.58 mTW (3,080 g/t silver and 23.60 g/t gold.

We then focus on the strategic investment in Prismo Metals, who holds the Palos Verdes Project. This Project is to the east of Panuco. Mike explains the corporate strategy behind this investment which includes a right of first refusal to purchase the Palos Verdes Project.

If you have any follow up questions for Mike please email me at Fleck@kereport.com.

Click here to visit the Vizsla Silver website to read over the news releases we discussed.

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Ed Moya, Senior Market Analyst at OANDA joins me to recap the Fed meeting and policy statement followed by the weak US economic data from last week. Looking into next year everyone continues to guess how many rate hikes will happen next year, if the Fed will start cutting during 2023 and if a recession is baked in. We also look at the China re-opening and what that means for markets and economic data.

Click here to follow along with Ed’s daily market thoughts.

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Welcome to another KE Report Weekend Show!

As was expected this week, we had volatility post Fed meeting. After a 2+ month run higher for most markets we might have seen a top this last week further driving home that we are still in a bear market.

In this Weekend’s show I am joined by Dana Lyons and Jesse Felder to discuss their outlooks for next year in a wide range of markets. Dana is more short term while Jesse is focused on economic data that he thinks will drive markets.

Please keep in touch to let me know what you think of the show. I love hearing your thoughts on markets, our guests and the companies we have interviewed over the past week. My email address is Fleck@kereport.com.

Segment 1 and 2 – Dana Lyons, Fund Manager, kicks off the show by sharing his outlook for US Markets, energy and commodities. Dana’s internal models have been very good at playing the bounces and warning when markets are about to turn. We also discuss what will most impact the markets in 2023.
- Click here to follow along with Dana’s trading strategies.
Segment 3 and 4 – Jesse Felder, Founder and Editor of The Felder Report wraps up the show by focusing exclusively on next year and an environment where central banks pause and rate remain around current levels. He addresses current investor outlooks that fail to consider the different environment markets are in. We also discuss why he thinks no one seems to care about gold even after this 2 month run higher.
- Click here to learn more about the Felder Report.

Exclusive Company Interviews This Week

Source Rock Royalties – A New Royalty Transaction In Saskatchewan And Record Q3 Financial Numbers
TriStar Gold – Recapping 2022 News, Looking Ahead To Work In 2023 and Brazil Political Environment For Resources Companies
Blackrock Silver – New High Grade Discovery At The Silver Cloud Project, Outlining Next Year’s Work at Silver Cloud and Tonopah West
Astra Exploration – Now 100% Owner Of The Pampa Paciencia Project, Recapping The Exploration Plans
Karora Resources – Q3 Operations Review, Growth Plans For 2023, And An Exploration Update
GMG – Answering Your Questions On Graphene Production And Battery Advancements
Metalla Royalty & Streaming – Royalty Acquisition On Barrick’s Lama Complex, East Of The Pascua-Lama Pit
Libero Copper & Gold – Mocoa Project Update, First Copper Production In Colombia, New Agreement With Local Community And Exploration Updates
District Metals – Historic Drill Results from the Svärdsjö Property Including 15.6 m at 13.3% ZnEq And Updates On Tomtebo and Gruvberget

Dana LyonsJesse Felder

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins me to recap the December 14th news release highlighting historic drill results that the Company just received at the Svärdsjö Property, in Sweden. 3 areas are highlighted in the release, all with high grade zinc equivalent long intercepts. I ask Garrett if these results change the ranking order of the Company’s projects and when work needs to be completed to follow up.

In addition to the Svärdsjö results we also recap some soil sample results from the Gruvberget Property and look ahead to the work plans at the Tomtebo and Gruvberget Properties.

If you have any follow up questions for Garrett please email me at Fleck@kereport.com.

Click here to visit the District Metals website to learn more about the Company.

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Ian Harris, President and CEO of Libero Copper & Gold (TSX.V:LBC – OTCQB:LBCMF) joins me to recap a number of news releases updating us on the Mocoa Project, in Colombia. Throughout November and so far in December the Company has provided updates on exploration – that has expanded the potential size of the Mocoa deposit (released November 15), entered into an agreement with the local community (released November 29) and extracted copper from the Mocoa deposit that was the first copper ever produced in Country (released December 6).

We discuss all the news mentioned above as well as get an update on the Esperanza Project, in Argentina.

If you have any follow up questions for Ian please email me at Fleck@kereport.com.

Click here to visit the Libero website and read over all the recent news.

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Craig Hemke, Founder and Editor of TF Metals Report joins me to share his thoughts on the market sell-off today. On the back of the Fed meeting and forecast of slightly more rat hikes we are seeing pretty much all markets drop today. Craig thinks the move in metals is for a different reason than the US markets. He also is projecting a quicker then expected shift by the Fed to rate cuts next year.

Click here to visit Craig’s site – TF Metals Report

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Dave Erfle, Founder and Editor of the Junior Miner Junky joins me to recap the sell-off the day after the Fed rate hike. There’s a lot of red on the screen with markets down 2.5-3%, gold down around 1.5% and silver down 3.25%. It needs to be considered that the last 2 months have been strong and now we might have seen at least a short term top in those runs. Dave shares levels he is watching for GDX and GDXJ that if held would be a very strong sign.

Click here to visit Dave’s site – Junior Miner Junky.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to discuss the relationship between gold and the US markets. Investor sentiment is critical to follow which is why Jordan says history has shown us that when the US markets are in a secular bear market investors turn their attention toward gold and gold stocks. We discuss what secular bull and bear markets look like and how he is expecting next year to play out for US markets and gold.

Click here to visit Jordan’s site and keep up to date on his market outlooks.

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Brett Heath, President and CEO of Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) joins me to discuss the December 12th news release announcing the acquisition of a couple royalties on Barrick Gold’s Lama Complex, in Chile. The royalty area (see the map below) is adjacent, to the east, of the Pascua-Lama pit. The acquisition encompasses an existing 2.5% to 3.75% gross value return (“GVR”) royalty on gold and silver, and a 0.25% to 3.0% net smelter return (“NSR” and together with the GVR, the “Royalties”) royalty on copper and other non-precious minerals, extracted from the majority of the Lama project.

We start by Brett providing a background on the Pascua-Lama asset which has been very up and down. Recently Barrick has committed up to $75 million at the Lama project with 10 to 12 drill rigs operating and studies are ongoing to evaluate the capital required to complete the mill and plant facilities in Argentina with a goal to target a development decision in 2024.

If you have any follow up questions for Brett please email me at Fleck@kereport.com.

Click here to read over the full news release.

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Over the past few weeks I have received a lot of emails with questions for Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG). These questions range are mostly focused on graphene production and the battery division of the Company. In this interview we focus solely on those questions to bring you all up to speed.

We start with questions on the Company’s graphene production. Graphene production data, scalability and possible competitors are just a few of the questions that we cover. We then move to the battery division with questions on future pouch pack data and the speed at which this technology is being moved forward.

If you have any follow up questions or if I missed a question you sent in please email me and I’ll get Craig to address those for you. My email is Fleck@kereport.com.

Click here to visit the GMG website to read over the recent news and learn more about the Company.

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Oliver Turner, VP of Corporate Development at Karora Resources (TSX:KRR – OTCQX:KRRGF) joins us to review the Q3 2022 operations and some guidance for 2023 as it relates to their gold and nickel operations in Western Australia. Third quarter 2022 consolidated gold production was a record 38,437 ounces, beating the previous record set in Q2 by 25%. Production for the first three quarters of 2022 was 96,578 ounces, placing Karora in a strong position to deliver on improved full year consolidated 2022 gold production guidance of 120,000 to 135,000 ounces. Adjusted earnings of $6.6 million, or $0.04 per share for the third quarter of 2022, increased by $2.0 million compared to the prior quarter and consolidated all-in-sustaining-costs (AISC) per ounce sold improved to US$1,069, a 10% decrease compared to second quarter 2022 AISC of US$1,190, and a 23% decrease over the first quarter AISC of US$1,396.

We review the aggressive growth plans for production over the next few years, as the company has now got a 2nd mill in operations, and has ongoing work developing it’s twin decline ramp into the Beta Hunt mine, which will allow more throughput through the mill, and projected guidance for 150,000 – 170,000 ounces for 2023, and then 200,000 ounces by 2024. 80% of the producing operations will continue to come from the Beta Hunt gold-nickel mine, and the balance will come from the Higginsville Gold Operations and the new contributions from the Spargos deposit which just came online in Q4 of 2021. One area that may positively impact cost estimates is the increasing value of the nickel as co-credit to the gold at Beta Hunt, and we spend some time reviewing the PEA put out for a “nickel mine within a gold mine” based on the exploration and development success at the 30C & 50C & 4C nickel showings being referred to as the Gamma Block, south of the Gamma Fault.

We wrap up having Oliver reviewing the exploration success at Beta Hunt and Higginsville from the $20 million exploration program in 2022, which was the largest drill program at all projects in over 12 years. There were several new or developing key areas of interest at multiple properties as well as some as new discovery at the Mason Zone extending the mineralization around the Western Flanks area, that we dive into for more details.

Please email us with any questions for Oliver regarding Karora Resources. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the Karora Resources News

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Brian Miller, CEO of Astra Exploration (TSX.V:ASTR – OTCQB:ATEPF) joins me to recap the recent news where now the Company holds 100% interest in the Pampa Paciencia Project in Chile. The Company originally held an 80% interest in the Project. This leads into a recap of the exploration undertaken this year, including select drill results, and a look into the exploration plans for 2023.

If you have any follow up questions for Brian please email me at Fleck@kereport.com.

Click here to visit the Astra Exploration website and read over the recent news.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to focus on the now 2 month long rally in markets. We discuss breadth (which is getting high), volatility (which has seen volume significantly decline), short players and what they need to be aware of and simple price levels. It all plays into the outlook for next year which could be much more choppy, sideways movement as central banks stop hiking rates.

Click here to visit TG’s site – Profit Pilot.

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF) joins me for a focus on the Silver Cloud Project, in Nevada, and the three hole drill program that resulted in a high grade discovery. Hole 20 intersected 52.6g/t gold and 606g/t silver over 1.5 meters at the Northwest Canyon Target. This was the only hole from this year’s program drilled into this target.

I have Andrew provide a background on the Silver Cloud Project, including the past work, done by other companies, that lead to the targeting of Hole 20. We discuss the follow up work that is needed to expand and learn more about the Northwest Canyon discovery. I also ask Andrew how the Company will balance follow up work at Silver Cloud as well as continuing to expand on the resource at the Tonopah West Project and a new lithium discovery.

If you have any follow up questions for Andrew please email me at Fleck@kereport.com.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG – OTCQX:TSGZF) joins me to recap the key news from this year, the work plans for 2023 and update us on the environment for resources companies in Brazil after the October election. All of this is related to the Company’s Castelo de Sonhos Project in Brazil.

Starting with the 2022 recap, the Company submitted a major environmental permit, raised $5million from Auramet Capital Partners, conducted exploration drilling on the Project (still waiting for those results) and hired a Chief Operating Officer to continue to move the Project toward development.

For 2023 that focus will be on permitting and further refining the PFS, released in 2021. We also discuss the new political environment in Brazil after the October election and what it means for exploration and mining companies in Country.

If you have any follow up questions for Nick please email me at Fleck@kereport.com.

Click here to visit the TriStar Gold website and keep up to date with the Company’s news.

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John Rubino, Founder of the Dollar Collapse website, joins us to outline some of the key market trends from nations trying to trade around the Petro-Dollar, shifting concerns from accelerating inflation to accelerating contraction, central bank debt servicing, and changing realities in the energy sector. This is a wide-ranging discussion that gets into changing trading alliances with BRICS nations as it relates to oil, nat gas, gold, nuclear power, solar power, foreign currencies, and the coming demand destruction as the global growth slows moves into 2023.

Click here to visit the Dollar Collapse website.

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Brad Dochery, Founder, President and CEO of Source Rock Royalties (TSX.V:SRR) joins us to discuss a new acquisition and to recap Q3 financial numbers in this newer small cap pure play oil and nat gas royalty company focused in Alberta and Saskatchewan. We start off the specific details around the closing of the acquisition of a 2% gross overriding royalty (GORR) in approximately 6,400 net acres (10 sections) of land in S.E. Saskatchewan, operated by Anova Resources Inc., and Elevation Oil & Gas Limited. 8 horizontal wells were recently drilled on the GORR Lands, and 4 of these wells began producing over the month.

As part of the purchase of the GORR, Source Rock has received a drill commitment for 15 additional net horizontal wells to be drilled on Source Rock’s royalty lands prior to December 31, 2024. Source Rock is entitled to $125,000 in damages for each Drill Commitment Well not drilled before the Drill Commitment Deadline. This brings up a larger discussion with Brad, of how Source Rock Royalties structures it’s partner royalty deals, and how they are positioned in the overall energy royalties space.

The Company just released record third quarter numbers on Nov 29th, as highlighted below:

Quarterly royalty revenue of $1,554,910, an increase of 34% compared to Q3 2021.
Quarterly Adjusted EBITDA of $1,219,346 ($0.027 per share), an increase of 21% compared to Q3 2021.
Quarterly funds from operations of $1,115,225 ($0.025 per share), an increase of 11% compared to Q3 2021.
Quarterly royalty production averaged 160 boe/d (92% oil and NGLs), a decrease of 6% compared to Q3 2021.
Paid a quarterly dividend of $0.015 per share, resulting in a payout ratio1 of 60%.
Achieved an operating netback of $82.84 per boe and a corporate netback of $75.76 per boe.
Ended Q3 2022 with a cash balance of $16,283,684 ($0.36 per share), an increase of 5% from June 30, 2022.

If you have any further questions regarding Source Rock Royalties, or want more information on any aspect of the Company, then please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Source Rock Royalties website to learn more about the Company.

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Ed Moya, Senior Market Analyst at OANDA joins us to first look ahead to the inflation data and central bank meetings this week. This is the last full week of trading for the year and with 9 central bank meetings and inflation on tap, we will most likely see a lot of volatility. We also discuss the Reuters story reporting the the US Justice Department might be pursuing charges against Binance. It’s another negative story for the crypto sector but the price of Bitcoin is slightly up today. We end with a quick comment on the energy sector.

Click here to follow along with Ed’s daily market notes.

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Jeff Christian, Managing Partner at the CPM Group joins us to recap the volatile price action for gold and silver in 2022. Current prices are pretty much the same as where they started the year. Jeff refers to this year as a year of consolidation. We outline what this means for next year and the key catalysts for 2023.

Click here to learn more about the CPM Group.

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Welcome to this week’s KE Report Weekend Show! On this Weekend’s Show we are focusing on the resource sector by first chatting with 2 fund managers detailing how they are managing their fund’s portfolio, followed by a dive into the energy sector.

Please keep in touch with Shad and I through email. We love hearing what you think of our guests and the companies we featured throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 – Matt Geiger, Managing Partner at MJG Capital joins us to first recap his portfolio strategy this year, which has been less transactions. We discuss his outlook for gold, silver and base metal stocks. A couple trends we have seen recently in the sector include larger financings (for select companies) and Yukon being a popular jurisdiction.
- Click here to visit the MJG website.
Segment 2 – Tavi Costa, Portfolio Manager at Crescat Capital is up next with a very different portfolio strategy. We focus on Crescat’s Precious Metals SMA Fund where the team has completed 90 investments in the last 2 year. This strategy is focused on small cap, early stage exploration companies that are high risk and high reward. We also discuss how Crescat balances out risk and reward when making investments.
- Click here to learn more about Crescat Capital.
Segment 3 and 4 – Dan Steffens, President of The Energy Prospectus Group wraps up the show by shifting our focus to the energy sector. We quickly recap the the marco landscape then move to the oil and gas stocks. Dan shares a number of companies ranging from large cap sector leaders down to small scale production, many with near term growth plans.
- Dan has provided all of you with a special $100 discount when signing up for the Energy Prospectus Group. Enter “CF100” when signing up. Click here to visit the Energy Prospectus Group

Exclusive Company Interviews This Week

Metalla Royalty & Streaming – Acquisition Of A Silver Focused Royalty Portfolio From First Majestic Silver
Aztec Minerals – Drill Results Continue To Expand The California Zone At The Cervantes Project, Mexico
FPX Nickel – $12 Million Investment From A New Corporate Strategic Investor
Rupert Resources – A Dive Into The Ikkari PEA and What Comes Next
Heliostar Metals – A Major Acquisition Of A Gold Portfolio In Mexico
Kodiak Copper – A New Gold-Silver Discovery, Beyer Zone, On The MPD Project
Silver X Mining – Comprehensive Update On Production Growth, Revenue Growth, and Resources Growth
Awale Resources – New Targets On The Odienné Project and An Update On The Colossal Gold Acquisition
Calibre Mining – Exploration Focus Fueling Development And Grade-Driven Production Growth
Fathom Nickel – Comprehensive Company Update At The Gochager Lake And Albert Lake Projects
Electric Royalties – Forecasting Cash-Flow Positive Next Year, Updates On The Royalty Portfolio

Matt GeigerTavi CostaDan Steffen

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Brendan Yurik, CEO of Electric Royalties (TSX.V:ELEC – OTC:ELECF) joins us for a broad update on the Company’s royalty portfolio and revenue forecasts into next year. With a focus on royalties linked to electrification and EVs, the Company is looking to next year to be cash-flow positive.

We start by having Brendan look ahead to next year by sharing his revenue forecasts and the royalties that are in production, moving toward production next year, and under an acquisition agreement. We also isolate a couple of the larger royalties that have the potential to generate large royalty revenue. These have a longer time-frame to possible cash-flow.

If you have any follow up questions for Brendan please email us and we will get those answered. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Electric Royalties website and read over the recent news.

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Ian Fraser, CEO and VP of Exploration at Fathom Nickel (CSE: FNI) (OTC: FNICF), joins us for a comprehensive company update of the work being done to advance both the Gochager Lake Project and the Albert Lake Project. We start off when getting an update on why the Company acquired the Gochager Lake Nickel Project for it’s known historic nickel – copper – cobalt – platinum – palladium – gold mineralogy, and the recent news that the company expects their permits for exploration to come in by Jan 23, 2023, allowing work to commence in early February. One of the first things the company wants to do is twin an old historic hole with 290 meters of mineralization, utilizing bore hole EM drilling, but also focusing on assaying more for cobalt, PGEs, and gold since those were not properly accounted for in the past exploration.

Next we focus on the Company flagship Albert Lake Project in Saskatchewan, which has seen most of the past work around the Rottenstone Mine area. However, there has also been recent exploration success in stepping out to the emerging Bay-Island Trend and Tremblay-Olson Trend, showing this is a very well-mineralized nickel – copper – PGEs district. We discuss some of the recent work the company has been engaged with in 2022 on these targets, and look ahead to the work programs targeted for 2023.

If you have any follow up questions for Ian regarding Fathom Nickel, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Fathom Nickel website to learn more about the Company

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review some trading strategies in gold, silver, and base metals junior exploration stocks, after the initial discovery hole has been made. He discusses that many of the mining investing mantras about “taking half the position off after a double in the stock” or “don’t chase stocks higher” or “take profits early” are actually detrimental to the desire many investors have in seeing multi-bagger returns on junior mining stocks.

We discuss Erik’s observations on how stocks have reacted since discovery in stocks like New Found Gold (NFG), Alpha Exploration (ALEX), as well as using Great Bear Resources (GBR), and Snowline Gold (SGD) as examples of how much a stock can run after the discovery hole. Erik points out that news release about a great discovery hole, isn’t necessarily the news to sell to harvest gains; but rather, sets up the next series of news releases to see if a quality team on a quality project can keep hitting with the drill bit and expanding the resources of an early stage project.

*In full disclosure, many of the companies mentioned by Erik, in this interview include personal positions in his portfolio, and they also may be site sponsors on The Hedgeless Horseman website.

Click here to visit Erik’s site – The Hedgeless Horseman

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Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to exploration update from multiple projects in both Nicaragua and Nevada, as well as the solid development and production growth pipeline moving into 2023. We focus initially on the first pass step-out drilling along the Panteon North/VTEM geophysical corridor within the Limon Mine Complex. Results included 11.61 g/t Au over 9.3 metres Estimated True Width, including 23.93 g/t Au over 1.7 meters, and 15.34 g/t Au over 3.9 metre in Drill Hole # LIM-22-4701; as well as 6.73 g/t Au over 2.1 meters in Hole LIM-22-4689. These successful step-out drill holes demonstrate that this mineralize corridor still could be holding plenty of gold along several kilometers of strike length, and things will be building towards a resource estimate here for later next year.

Next, we dive into the other areas of ongoing development at both Pavon Central and Eastern Borosi, where prior exploration has returned an average of 6.5 g/t gold on these resources that will be ramping up into production next year. This is going to be a big focus of the grade-driven growth in production, as well as lower costs, and improving economic returns, playing to the strength of the hub-and-spoke strategy. Ryan also mentioned that the exploration team continues to make new discoveries and has been doing some initial work at the new La Fortuna concession, which will have more news to come.

Next we transition over to all the ongoing exploration work the company has underway in Nevada around both the Pan Mine area and stepping out from the know mineralization, and also at the development-stage Gold Rock Project. Some of the key highlight results from the 2022 Drill Program are below:

5.5 g/t Au over 3.0 metres in hole GC22-008; 7.1 g/t Au over 2.1 metres in hole GC22-013;
6.6 g/t Au over 5.8 metres in hole GC22-015; 4.1 g/t Au over 8.1 metres in hole GC22-016;
3.0 g/t Au over 19.2 metres in hole GCM22-001; 4.6 g/t Au over 4.6 metres in hole GR22-006;
6.7 g/t Au over 3.0 metres in hole GR22-091; 6.8 g/t Au over 4.6 metres in hole GR22-102;
5.5 g/t Au over 3.0 metres in hole GR22-115; 4.1 g/t Au over 3.0 metres in hole GR22-151;
3.2 g/t Au over 43.8 metres including 6.1 g/t Au over 8.1 metres in hole GC22-018;
5.3 g/t over 3.0 metres in hole GR22-152; 8.0 g/t over 1.52 metres in hole GR22-041

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

*In full disclosure, Shad is a shareholder of Calibre Mining.

https://www.calibremining.com/news/

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Craig Hemke, Founder and Editor of TF Metals Report joins us to address current price levels for gold and silver, which have a chance to close positive for the year. We then look into next year and when Craig thinks the Fed will have to start cutting rates. With all the seemingly positive drivers for PMs into next year we discuss why sentiment remains low for the sector.

Click here to visit Craig’s site – TF Metals Report.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on gold, silver and the precious metals mining stocks. We start off reviewing the recent corrective action in the PMs, after seeing silver stage a very constructive run off it’s $17.41 low in early September to close at $23.25 on Friday last week, and after seeing gold make a $200 move from $1618 in early November up to $1818 intraday last week. Jordan sees the resistance at the 200 day and 400 day moving averages as having been a factor in not just the metals retracing some of the move, but also in GDX and GDXJ turning down around those levels.

We then discuss if it isn’t more important for the recent bounce to be consolidated in time up at these higher levels, more so than at a specific price level. Jordan makes the point that while price and moving averages are important, that it is also very important to consider breadth indicators and inter-market analysis between gold and S&P 500, GDX and the S&P 500, the gold:silver ratio, and how these are reacting to recession concerns, and the eventual decoupling of the precious metals sector from the US general equities markets. Even if the recent consolidation takes a few more months of muted to corrective action, overall it appears that the bottom is in for prices in the sector.

Click here to visit Jordan’s site – The Daily Gold

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Glen Parsons, President and CEO of Awale Resources (TSX.V:ARIC) joins me to update us on the new targets generated on the Odienné Property, where Newmont is earning into a JV. I also have Glen provide an update on the update of the Colossal Gold acquisition which is bringing in projects in Suriname.

The new targets were generated out of an IP survey which delineated a copper-gold 4km long anomaly. Glen outlines the plans for drilling starting next year.

If you have any follow up questions for Glen please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Awale Resources website.

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins me to focus on the rally in gold, silver and the underlying stocks. We outline the positives, potential headwinds and what to watch on the charts. I also have Dave share his investing strategy for a long term investor in the sector.

Click here to learn more about Dave’s newsletter – The Junior Miner Junky.

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Sebastian Wahl, VP of Corporate Development and Director of Silver X Mining (TSX.V: AGX) (OTCQB: AGXPF), joins us for a comprehensive update on operations and exploration at the Nueva Recuperada Project in the prolific Huancavelica silver belt, in central Peru. We start off by discussing the production output from the operations at the Tangana Mine, where the company is generated record quarterly operating revenues of $5.5 million, representing a 73% increase from previous quarter and record quarterly operating earnings attained of $2.0 million.

We also reviewed the record monthly silver equivalent ounces processed in August of 195,039, and the low cash costs of $11.0 per silver equivalent ounce, and All-In-Sustaining Cost (AISC) of $15.8 per AgEq ounce produced. This comes back to the quality of the ore, the experience of the operations team, and the significant co-credits from both gold and base metals from the Tangana Mine area.

Next shifted over to exploration and expansion of resources, not just around the Tangana Mine, but also at the Esperanza Project and developing Plata Mine, and at other regional targets. There will be coming resource updates, not just in size but in quality of the resources next year, as well as a coming PEA for moving Plata towards production in 2024. The company sees a trajectory of ongoing production growth, revenue growth, and resource growth moving into next year.

If anyone has any questions for Joes on Silver X Mining, then please email us at either Fleck@kereport.com or Shad@keport.com.

Silver X Mining News

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss the weak start to the week for markets. After Jerome Powell’s comments last week, that the markets rallied hard on the back of, we have seen markets correct back to those levels in just a couple days. It looks like the markets simply ran out of buyers. We discuss what data could move markets this month and even if the markets close off the lows of the year what it means for investor mentality heading into next year.

Click here to visit Joel’s PreMarket Prep website.

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Claudia Torquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) joins us to recap the December 5th news release highlighting a new gold-silver discovery on the MPD Project in southern BC, named the Beyer Zone. This discovery has been made through recent trenching after the surface samples from earlier in the year yielded high grade gold.

We have Claudia recap the work completed to date on the new discovery and the plans into next year including drilling. We also discuss how this new discovery fits in with all the other targets and discoveries on the MPD Project. With around $8million in the bank the Company has sufficient working capital to test many of the targets next year. Plus about 2/3rds of the 25,000 meter drill program from this year are still at the assay labs.

If you have any follow up questions for Claudia please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release.

Figure 2: Beyer Zone Trench location map. New high-grade gold-silver discovery is situated 400 m south of the historic Man Zone and central to a gold-in-soil trend identified from Kodiak soil sampling 2019-2021 (background), measuring 2200 metre long (north-south) and 750 metre wide (east-west)

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to discuss the acqusition of the Ana Paula Project and options agreement on the San Antonio Project. Here are some of the highlights of the transaction.

Ana Paula is permitted for an open pit mine with measured and indicated (M&I) mineral resources of 1.46 Moz gold at 2.17 g/t gold and 3.27 Moz silver at 4.8 g/t silver1
San Antonio is a high grade oxide resource containing M&I mineral resources of 1.73 Moz of gold grading 0.83 g/t gold2
The purchase price for Ana Paula is US$10.0M cash. Subsequent milestone payments, are comprised of US$10.0M of cash payments and US$10.0M of cash or share payments.

We review each project with Charles including the initial work plans. We also discuss how these assets along with the Unga Project, in Alaska, fit into the overall corporate strategy.

If you have any follow up questions for Charles please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release outlining the acquisition.

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James Withall, President and CEO of Rupert Resources (TSX.V:RUP – OTCQX:RUPRF) joins us to recap the PEA on the Ikkari Deposit, in Finland, released on November 28th. We focus on the key production and financial numbers that present a highly economic deposit at a $1,650 gold price.

Here are a number of data points we discuss.

Phased mine plan optimizing near-term cash flow: Open-pit operation at Ikkari in first 11 years, transitioning to Ikkari underground (years 10-23) and Pahtavaara concentrate (years 12 to 24).
Robust returns and fast-track to payback: After-tax Net Present Value (“NPV”) (5% discount) of $1.6 billion with unlevered Internal Rate of Return (“IRR”) of 46% and payback after only two years, assuming a gold price of $1,650 per troy ounce (“oz”).
Long life: 22-year life of mine (“LOM”) includes recovered gold of 4.25 million ounces with average annual production of 200,000 ounces. Open pit operation is expected to support average annual production of 220,000 ounces in years one to 11.
High margin production profile: Expected lowest quartile all-in sustaining cost (“AISC”) of $759/oz over LOM, and $596/oz during open-pit operation. Low sensitivity to cut-off grade and low initial strip ratio.

Since a PEA is a snap shot in time we also have James outline what comes next for the Company and asset. We also discuss the permitting path now that a PEA is released.

If you have any follow up questions for James please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Rupert Resources website to read over the full news release and accompanying presentation.

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOCF) joins us to recap the November 29th and December 2nd news release highlighting a $12million investment from a new corporate strategic investor. Martin couldn’t share too many details on the investor but we do get some information on how the funds will be allocated moving forward.

Some of the key news upcoming including drill results from the Van Target and the commissioning of a pilot plant.

If you have any follow up questions for Martin please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the FPX website and learn more about the Decar Nickel District Property.

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Kenton Toews, Founder of Youxia Crypto joins us to share his thoughts on the recent slew of bad news out of the crypto world focused around the FTX bankruptcy. Kenton has a very unique outlook on crypto come initially from the gold market, as a broker at Sprott Asset Management, and now in the process of starting up a crypto fund.

We start with the FTX bankruptcy and how it further shows that de-centralization should be the focus for the sector. This ties into areas where Kenton sees opportunity in the crypto world. We then move to a much broader discussion on the types of investors in crypto and how the similarities and differences between gold investors. This is a wide ranging discussion.

Click here to learn more about Youxia Crypto.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins us to recap the November 30th news release reporting drill results from the California Zone at the Cervantes Project in Mexico. The results continue to yield wide intercepts of gold mineralization from surface. The headline hole yielded 114meters of 0.73g/t gold.

We have Simon recap the growth of the California Zone expanding at depth and to the north. We also ask about any high grade areas that have been isolated from all the drilling to date, this is called California Central (look to the drill progress map below for a summary of the drill results). We then look ahead to the plans for next year, which is not fully planned, but Simon says meters will continue to increase next year. There are some other targets outlined in the news release which we have Simon elaborate on.

If you have any follow up questions for Simon please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Aztec Minerals website and read over the full drill results news release.

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Brett Heath, President and CEO of Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) joins us to recap the November 28th news release reporting an acquisition of a silver royalty portfolio from First Majestic Silver. In total 8 royalties were acquired for $20million is shares, which totals 4,168,056 common shares of Metalla and makes First Majestic a 8.5% shareholder. Of these 8 royalties, 1 is in production, 4 are near term development assets, and 3 are exploration assets.

We have Brett outline how this acquisition came together and the importance of adding these silver royalties to the overall portfolio. We dive into the production and development royalties. We also recap the recent Q3 financial results and where growth will come from next year.

If you have any follow up questions for Brett please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Metalla website and read over the news release highlighting the transaction.

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Welcome to this Weekend Edition of the KE Report. We spend time with Axel Merk and Richard Postma. The focus is on next year’s outlook...

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Erik Wetterling, The Hedgeless Horseman, reviews why some junior mining stocks haven't moved despite the rally in gold, silver, and the PM producers.

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On November 28th Torq Resources (TSX.V:TORQ – OTCQB:TRBMF) announced another round of drill results from the Falla 13 Discovery on the Margarita Project in northern...

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Over the past 2 weeks Fireweed Metals (TSX.V:FWZ – OTCQB:FWEDF) announced the first round of drill results from the Boundary West zone (November 22nd), which...

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Craig Hemke reviews the recent pop in the precious metals on the back Powell's press conference yesterday, and similarities to 2018-2019 Fed policy.

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Robert Sinn, (aka Goldfinger), reviews the continued bounce in PMs, and his trading strategies around tax loss selling silly season.

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We are joined by Ken Gray, President and CEO, and Matt Skanderup COO of Petrus Resources (TSX: PRQ) (OTC: PTRUF), outline the production and financial growth slated for 2023.

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Dana Lyons, Fund Manager, joins us to initially comment on the continued move higher in gold and silver, which picked up momentum in the last...

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Rob McLeod, President and CEO of Blackwolf Copper and Gold (TSX.V:BWCG – OTC:BWCGF) joins us to provide an update on the just received drill permit...

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to recap the November 29th new release announcing the restructuring of the Company’s debt...

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Back on October 31st, Allied Copper (TSX.V:CPR – OTCQB:CPRRF) announced an agreement to acquire a private lithium company, Volt Lithium. Just last week the Company...

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Nick Hodge with a wide-ranging discussion on the macroeconomic factors driving market sector trends heading into 2023.

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Marz Kord, CEO of Wallbridge Mining (TSX: WM – OTC: WLBMF), reviews the key exploration work their Fenelon and Martinière Projects, and spin-out of nickel assets to Archer Exploration.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to recap the positive moves this month in gold, silver and the underlying junior...

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I was introduced to American Copper Development Corp (CSE:ACDX) back in October at the New Orleans Investment Conference. The Company went through a name change...

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Doug Bartole, CEO of InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF), with a comprehensive update on the production growth, reserve growth, debt repayment, new dividend, share buybacks, and a potential acquisition.

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Dave Erfle, the Junior Miner Junky, reviews the volatile moves in gold stocks, and the technical levels and economic data he is watching in the near-term.

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF) with an exploration update at the Helmi Project Joint-Venture with B2Gold, and the 100% owned Risti Property.

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Joel Elconin, Co-Host of the Benzinga PreMakret Prep Show joins us for a broad market recap. We start with the general sideways movement over the...

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Scott Berdahl, CEO of Snowline Gold (CSE:SGD – OTQCQB:SNWGF) joins us to recap the November 15th news release reporting 2 drill results from the Valley...

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John Rubino, Founder of the Dollar Collapse website joins us to outline a some of the major market and economic worries he’s been watching. We...

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Cooper Quinn, CEO of CO2 Lock Corp (private Company) joins us to bring us up to speed on the Company’s plans for next year, after...

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Jayant Bhandari, Private Investor, joins us for a focus on the broad resource stock sector especially focused on the juniors. It’s been a bad couple...

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Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), reviews the $50 million transaction with Sayona Mining, and the recent high-grade gold intercepts from the Connector Zone.

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On this Weekend’s Show we look ahead to next year when the Fed has stopped hiking rates. We are not predicting how many more hikes...

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Erik Wetterling, The Hedgeless Horseman, reviews recent news from Eloro Resources (TSX.V: ELO) (OTC: ELRRF) and Brixton Metals (TSX.V: BBB) (OTC: BBBXF).

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Desmond O’Kell, Senior Vice President of Enterprise Group (TSX: E) (OTC: ETOLF), with a comprehensive overview of the company strategy, key business segments, financials, and opportunities in the evolving power systems market.

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Don Simmons, CEO of Hemisphere Energy (TSX.V:HME – OTCQB:HMENF), reviews solid year of oil production growth, increasing free cash flows, debt repayment, a dividend, and share buy backs.

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Tom Larson, President and CEO of Eloro Resources (TSX.VELO – OTCQX:ELRRF) joins me to recap recent news, including land acquisitions to the southwest and west...

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Josef Schachter, Founder and Editor of The Schachter Energy Report and Eye On Energy Report joins us for an energy sector update. We start with...

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to discuss the potential of a market crash next year and if it happens...

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Skeena Resources (TSX:SKE – NYSE:SKE) has released a lot of drill results this month from the Eskay Creek Property in the Golden Triangle of BC....

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Segun Lawson, CEO of Thor Explorations (TSX.V:THX – US:THXPF), with a comprehensive exploration update at the Douta development Project in Senegal.

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Brett Richards, CEO of Goldshore Resources (TSX.V:GSHR – OTCQB:GSHRF), reviews the Maiden Resource Estimate (MRE) and ongoing 100,000 meter drill program at the Moss Lake Gold Project in Ontario

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Dave Erfle, Founder and Editor of the Junior Miner Junky joins us to balance the moves in the gold stocks to the underlying gold price....

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMakret Prep website joins us to discuss the now year long trend...

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Christopher Aaron, Founder of iGold Advisor and Senior Editor for GoldEagle.com joins us to share his big picture outlook for the precious metals. He sent...

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share his outlook for the markets. We...

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Ewan Downie, CEO of I-80 Gold Corp (TSX: IAU – NYSE: IAUX), reviews the recent bonanza-grade polymetallic drill intercepts returned at the Hilltop Zone

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Ed Moya, Senior Market Analyst at OANDA joins us today to recap recent comments out of China reiterating the Country’s zero-Covid policy. This is being...

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Enduro Metals (TSX.V:ENDR – OTCQB:ENDMF) released the initial results, on November 18th, from the 2022 drill program at the Newmont Lake Project in the Golden...

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This week was a quiet week for markets, metals and currencies, giving investors time to assess the recent pops in many markets and sectors. It...

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Marc Chandler with a recap of the US Dollar and other currencies, central bank policies, commodities, and China's economy.

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David Stein, President and CEO of Kuya Silver (CSE:KUYA – OTCQB:KUYAF) joins us to recap some recent exploration news from the Carmelitas Prospect on the...

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I had the opportunity to meet a lot of very interesting energy companies while attending the Schachter Energy Conference last month in Calgary. Birchcliff Energy...

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Jordan Roy-Byrne unpacks the macro and technical factors that may indicate the bottom is in for gold, silver and PM ETFs (GDX, GDXJ, SILJ) charts.

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Dana Lyons, Fund Manager, joins us to share his trading strategies for the US markets, gold and the US Dollar. We star with a big...

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Craig Hemke reviews the retracement of Short Squeeze Number 4 and the macro factors moving into year end.

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Doc Jones recaps his recent site visit to Magna Mining (TSX.V: NICU), focused on 2 nickel-copper-PGM projects in Sudbury, Ontario

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins me to recap the recent drill results at the California Zone on the...

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins us to recap the recently closed C$35million bought deal financing, initially announced for...

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Joel Elconin discusses the continued rally in equities, the rotation trade out of FAANG stocks, and diversification in one’s portfolio.

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Mike Larson. Editor and Chief at the Money Show joins us to share his thoughts on the rebound in most markets with a focus on...

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Leo Hathaway, Executive Chairman and Co-Founder of Golden Shield Resource (CSE:GSRI – OTCQB:GSRFF) joins us to recap the November 7th news release reporting the first...

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Dave Erfle discusses key macro factors, and technical levels for gold, silver, GDX, and GDXJ.

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Justin Huhn provide a macro update on the uranium sector, the nuclear fuel cycle, and some recent M&A transactions with uranium mining stocks.

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So far this month AbraSilver (TSX.V:ABRA – OTC:ABBRF) released an updated Resource Estimate for the Oculto Deposit (November 3rd) and drill results from the Phase...

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Tier One Silver (TSX.V:TSLV – OTCQB:TSLVF) announced today sample results from the Magdalena Target on the Hurricane Project in Peru. The result shave extended the...

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Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG) joins me to discuss the recently announced $5mil bought deal financing as well as answer...

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John Rubino joins us for a wide-ranging discussion on the macro factors that have improved in the precious metals environment.

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Richard Postma, AKA Doc, joins us for a mid-month conversation focused on the pop in gold, silver and underlying stocks. After a $150 move in...

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Ed Moya, Senior Market Analyst at OANDA joins us for a discussion on the cryptocurrency space with a focus on the FTX crash and bankruptcy....

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Michael Wood, CEO and Director of Reyna Gold Corp. (TSX.V: REYG) (OTCQB: REYGF), with an exploration update at the 5 main zones of the La Gloria Project.

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Brad Rouke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF) joins us for a deeper dive into the exploration work ongoing at the Blueberry...

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What a week for investors! Metals followed through on the pop last Friday and the US markets joined in on the rally on Thursday after...

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Craig Hemke, Editor of TF Metals Report, reviews the macro factors behind the recent rally in #PreciousMetals that kicked off the end of last week through this week.

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Jason Jessup, President and CEO of Magna Mining (TSX.V: NICU), with a comprehensive introduction to the Shakespeare Project and Denison/Crean Hill Project.

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Erik Wetterling, The Hedgeless Horseman, discusses block out macro noise for micro opportunities, and discusses Magna Mining and Montage Gold.

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to discuss the pop in metals and...

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There is a lot of green on the screen today! The October CPI rose .4% headline and .3% core, both two tenths below expectations. The...

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Quinton Hennigh, Technical Advisor at Lion One Metals (TSX.V:LIO – OTCQX:LOMLF) joins us to recap the most recent drill results from the 500 Zone on...

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Eric Zaunscherb, CEO and Chairman of GR Silver Mining (TSX.V:GRSL – OTCQB:GRSLF) joins us to provide a recap of the two ongoing drill programs at...

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Scott Berdahl, CEO of Snowline Gold (CSE:SGD – OTCQB:SNWGF) joins us to recap the recent news announcing a couple land package acquisitions around currently held...

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Lon Shaver, Vice President Of Silvercorp Metals (TSX: SVM) (NYSE: SVM), discusses the growth on tap from the 7 producing silver and gold mines, and the 300,000 meters of exploration utilizing 80 drill rigs.

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Kevin Piepgrass, COO at LithiumBank (TSX.V:LBNK) joins me to recap the news today highlighting results from the Direct Lithium Extraction (DLE) test work at the...

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Mike Spreadborough, Executive Co-Chairman and acting CEO of Novo Resources (TSX:NVO – OTCQX:NSRPF) and Kas De Luca, GM of Exploration, join me to recap the...

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Joel Elconin, Co-Host of the Benzinga PreMakret Prep Show and Editor of the PreMarket Prep website joins us to recap the market moves in October....

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John Rubino discusses the persistently high inflation, manufacturing and housing sector weakness, central banks tightening into an economic contraction, and reviews the energy and tech sectors.

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Yale Simpson, Chairman of Rugby Resources (TSX.V:RUG) joins me to recap the initial drill result released today from the Company’s Cabrasco Project in Western Colombia....

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), outlines how the Phase 1 drilling and improved metrics are leading towards a key update to the Resource Estimate at the Hope Brook Project, in Newfoundland.

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Ed Moya, Senior Market Analyst at OANDA joins us to recap economic data from the US, China and Europe as well as the market rebound...

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Jed Richardson, CEO of Trigon Metals (TSX.V:TM – OTC:PNTZF) joins me to provide an update on the closing of a silver stream from Sprott Streaming...

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The market rally continued this week helped by US Dollar weakness. While most investors are still believe this to be nothing more than another bear...

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David Cole, President and CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), with a comprehensive overview of the Company, their portfolio of royalty assets, and unique triple-pronged approach to growing value.

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Erik Wetterling, The Hedgeless Horseman, discusses the absurd bear-market valuation mismatches seen between advanced companies versus earlier-stage grass roots explorers.

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We all know that on top of the overall bear market there has been some pretty negative news out of resources stocks over this past...

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Craig Hemke reviews the key economic news on tap, the larger bear market in equities, precious metals, the US dollar, stagflation, central bank policies, what may break, and the physical silver market.

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Nick Hodge discusses the current macroeconomic environment, central banks, bonds, currencies, and commodities, precious metals, and mining stocks.

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Brien Lundin, Editor of The Gold Newsletter and our host down at The New Orleans Investment Conference joins us for a quick recap of this...

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Yale Simpson, Chairman of Rubgy Mining (TSX.V:RUG) joins me to introduce this exploration Company that has just completed the first drill hole at the Cabrasco...

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Akiba Leisman, CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), updates us on the operations at the San Albino mine, and exploration at the Southwest Pit and the Los Conchitas Project.

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TG Watkins, Director of Stocks at Simpler Trading brought a couple very interesting charts to today’s discussion all tying the possibility of a capitulation event...

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Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), reviews the new high-grade discovery near the Z87 pit, which contained the single best gold interval in the Project’s history.

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Ed Moya, Senior Market Analyst at OANDA joins us to first recap the position of US markets so far this month, with most sectors in...

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While at the New Orleans Investment Conference I had the chance to catch up with Bruce Bragagnolo, Executive Chairman of Regency Silver. Regency Silver is...

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Welcome to another KE Report Weekend Edition. Market reversed at the end of the week with what seemed like Japanese intervention in the currency markets...

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Craig Hemke reviews the rally we’ve seen in the PMs and markets on Friday, due to the invention in the Yen from the Bank of Japan.

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Roger Moss, President and CEO of Labrador Gold (TSX.V:LAB – OTCQX:NKOSF) joins us to recap the October 20th news release reporting more high-grade drill results...

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Erik Wetterling, The Hedgeless Horseman, review how he is reshuffling his portfolio - adding in more beta optionality plays in addition to quality alpha plays.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), reviews the financial, production, and exploration strategy at the producing Segilola Gold Project mine in Nigeria, along with an exploration update from the Douta development project in Senegal.

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Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF) announced the maiden Resource Estimate at the Parks/Salyer Deposit coming in at 2.92 billion lbs at 1.015% copper. This...

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Doug Ramshaw, President and CEO of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), reviews the robust PEA at their Cerro De Oro gold project in Zacatecas, Mexico

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his outlook on the continued pullback in gold and PM stocks. We...

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Jayant Bhandari, Private Investor, joins us to share his thoughts on the gold narrative we have all heard where high inflation and negative real rates...

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins us to recap recent exploration results from the Gruvberget Property, in south-central Sweden. This project...

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Dave Erfle reviews 2 recent site visits at both Discover Silver Corp and Vizsla Silver Corp/

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Andrew Pollard, CEO of Blackrock Silver (TSX.V: BRC – OTCQX: BKRRF), reviews the recent high-grade silver and gold drill results at the Tonopah West project in Nevada.

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We are very happy to be joined today by Tavi Costa, Portfolio Manager at Crescat Capital. Since this is Tavi’s first time on the show...

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Rob Shewchuck, Chairman and CEO of LithiumBank (TSX.V:LBNK) joins me to recap the October 13th news released announcing the results of a hydrogeological study and...

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Morgan Lekstrom, President and CEO of Silver Hammer Mining (CSE:HAMR – OTC:HAMRF), provides a comprehensive exploration update at their 3 silver exploration projects in Idaho and Nevada

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Shad and I were tied up at the New Orleans Investment Conference for the majority of the week so we are replaying a couple of...

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Quinton Hennigh, Technical Advisor at lion One Metals (TSX.V:LIO – OTCQX:LOMLF – ASK:LLO) joins us to recap the drill program from this year at the...

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to provide a production update now that the Las Chipas Mine is producing silver....

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Richard “Doc” Postma joins us for our regular monthly market recap of gold, silver, copper, the US dollar, bonds and interest rates, and Fed policy.

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Brett Heath, President and CEO of Metalla Royalty and Streaming (TSX.V:MTA – NYSE:MTA) joins us to provide a update on the Company’s strategy for acquiring...

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Jordan Roy-Byrne reviews his technical outlook on gold, silver, and the precious metals mining stocks, and if we’ve recently seen a significant turn in direction in the sector.

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins us to recap drill results from September at the Panuco Project, in Mexico....

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Andrew Dinning, President and CEO of Sarama Resources (TSX.V:SWA – ASX:SRR) joins me to introduce the Company’s main Projects in Burkina Faso, lead by the...

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Sean Brodrick, Natural Resource Analyst at Weiss Ratings and Editor of the Wealth Wave website joins us to share his investing strategy now that the...

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Dave Erfle, the Junior Miner Junky, reviewed the oversold pop in the precious metals sector since the middle of last week due to more systemic financial weakness.

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Doc Jones, discuss his rotation earlier this year out of PM and oil stocks, and into lithium and nickel stocks has worked out.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to weigh in on the rebound in...

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While I was at the Beaver Creek conference a few weeks ago I meet with over 30 companies. Contango Ore (NYSE-A:CTGO) was a Company that...

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Andrew Thomson, President and CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF) joins me to recap news from the month of September, including high-grade sample results...

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John Rubino with a wide-ranging discussion on the Credit Suisse banking concerns, ramifications of central banks tightening into high inflation, housing market pain, and what interest rate levels will cause something to break?

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Ed Moya reviews the concerns about Credit Suisse and a banking contagion, central bank intervention, inflation, manufacturing, and the energy sector.

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Well Q4 is off to a quick start. The USD and yields are dropping which is helping push everything higher. Silver is the real standout...

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Claudia Tornquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) joins me to recap the most recent exploration results from the MPD Project in...

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Tier One Silver (TSX.V:TSLV – OTCWB:TSLVF) recently announced some early exploration results from the Cambaya Target areas, on the northern part of the Curibaya Project...

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Welcome to another KER Weekend Show. We now have Q3 behind us and it was not pretty. There was some light at the end of...

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Erik Wetterling, The Hedgeless Horseman, joins us to review the risk/reward set ups at market extremes and how that impacts our portfolios.

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We are joined by Ken Gray, President and CEO, and Matt Skanderup COO of Petrus Resources (TSX: PRQ) (OTC: PTRUF), for an update on the new debt facility and the renewed focus on growing production and cash flows.

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Jeff Swinoga, President and CEO of Exploits Discovery Corp (CSE:NFLD – OTCQX:NFLDF) joins us to recap a key land acquisition in Newfoundland and drilling at...

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Brien Lundin overviews the upcoming New Orleans Investment Conference, and provides his take on the macroeconomic trends and key catalysts in the general markets PM sector.

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Leo Hathaway, Executive Chairman and Co-Founder of Golden Shield Resources (CSE:GSRI – OTCQB:GSRFF) joins me to recap the final Phase 2 drill results and the...

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Jordan Roy-Byrne discusses his technical outlook on gold, GDXJ, silver, and their eventual divergence from US equities.

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOCF) joins us to recap three news releases from September recapping a scoping study for...

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins us to review some recent high-grade silver step-out drill results at the Wolf Vein.

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Robert Vallis, President and CEO of Signature Resources (TSX.V:GSU – OTCQB:SGGTF) joins me to provide a general exploration update for the Lingman Lake Gold Project,...

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Joel Elconin reviews the continued market pressure from both rising interest rates and a surging US dollar.

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We are very happy to welcome Brent Cook back to the show! It’s been a while since we last had Brent on but after running...

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Cherie Leeden, President and CEO of Gold Bull Resources (TSX.V:GBRC – OTCQB:GBRCF) joins us to recap a September 12th news release that highlighted a scoping...

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Ed Moya reviews the flood of bearish headlines that continues to pressure the US and foreign equity markets, and spike the US dollar.

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Welcome to another KE Report Weekend Show. This week ended in a painful way for all investors as markets took a dive below key...

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Dave Erfle comments on the market selldown to end the week, and his technical outlook on the general US equities and precious metals.

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Craig Hemke, reviews his technical outlook and macro thoughts on the US equities markets, gold, silver, and PM stocks.

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Erik Wetterling, The Hedgeless Horseman reviews the advantage of considering the sunk costs in developers in relation to their current valuations.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show as well as Editor of the PreMarket Prep website joins Cory to recap the Fed statement...

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Mike Bandrowski, CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), reviews the completion of the Phase One 51% earn-in and exploration update on their Hope Brooke Gold Project

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Welcome to another KE Report Weekend Show. For all our US and Canadian listeners we hope you have a great long weekend! Odds are...

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Steve Penny, The SilverChartist Report, reviews technical charts on the (SPX) S&P 500, (TLT) long-dated bonds, (DXY) US Dollar Index, Silver, Gold, and mining stocks.

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Brian Leni, Founder and Editor of the Junior Stock Review website joins us to share his due diligence process on development companies. We discuss what...

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Wayne Lloyd, CEO of TraceSafe (CSE: TSF) (OTC: UTOLF), reviews the new Company focus into technology to help integrate carbon credits into businesses

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Brien Lundin, Editor of the Gold Newsletter and host of the New Orleans Investment Conference joins us to share his projections on the financial markets...

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Craig Hemke reviews the gold chart from 2011-2013 compared to the chart from 2020-2022 and notes the potential bearish implications and risks.

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Jordan Roy-Byrne reviews his technical outlook on silver, gold, and when they will diverge from the general equities markets.

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Rick Mazur, President and CEO of Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF) updates us on the 4 primary uranium projects in the Company’s portfolio.

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Mike Larson, Editor of The Safe Money Report joins us to go around the horn discussing US markets, bonds and commodities. With the bear market...

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Scott Berdahl, CEO and director at Snowline Gold (CSE:SGD – OTCQB:SNWGF) joins us to recap drill results from the Valley Zone, on the Rogue Project...

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Dave Erfle, the Junior Miner Junky, discusses the short-term weakness but longer term bullish setup in PMs.

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Tim Johnson, President and CEO of Granite Creek Copper Ltd (TSX.V:GCX – OTCQB:GCXXF), reviews the acquisition of the Star Cu-Ni-Platinum Group Metal project, located in the Omineca mineral belt of northern British Columbia.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap Jerome Powell’s comments at Jackson...

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Welcome to another KE Report Weekend Show! It was a tough end of the week as Jerome Powell, speaking at Jackson Hole, reiterated...

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Glen Parsons, President and CEO of Awale Resources (TSX.V:ARIC) joins me to update us on the exploration at the Odienné Gold-Copper Joint Venture (with Newmont...

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John Rubino reviews the recent oversold bounce in most markets, global economic health, Fed policy, and world currencies.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to tackle 2 main topics; the continued USD rise and historical reference for how...

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Dave Erfle, the Junior Miner Junky, unpacks why he's shorting the general equities as a portfolio hedge, and technical outlook on gold.

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Philippe Cloutier, President and CEO of Cartier Resources (TSAX.V:ECR – OTC:ECRFF) joins us to highlight the 25,000 meter drill program that commenced last week at...

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TG Watkins reviews his technical bear case and bull case for the S&P 500, the potential parallels to a 1970s style sideways market and the energy sector.

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Ed Moya, Senior Market Analyst at OANDA joins us to share his thoughts on the market roll over in the last couple trading days. After...

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Jim Greig, President of Benchmark Metals (TSX.V:BNCH – OTCQX:BNCHF) joins us to recap the August 16th news release announcing the maiden Preliminary Economic Assessment (PEA)...

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins me to recap the August 17th news release reporting 2 drill holes at the Tomtebo...

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On this Weekend’s Show we feature Rick Bensignor and his outlook for a wide range of markets as well as Josef Schachter to highlight his...

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Marc Chandler discusses the strong US dollar, other global currencies, Fed policy expectations, and the health of the US economy.

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Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT – OTC:ISVLF), provides a comprehensive update on production, development projects, and exploration plans for this year.

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), provides an exploration update at the Helmi Project JV with B2Gold and 100% owned Risti Project.

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Craig Hemke discusses the dichotomy between Fed and main stream financial media messaging on the health of the economy, versus the actual macro data we see coming in.

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Brien Lundin, Editor of the Gold Newsletter joins us to discuss the recent price action in gold and silver. Both metals have bounced over the...

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Mike Spreadborough, Executive Co-Chairman and acting CEO at Novo Resources (TSX.V:NVO – OTCQB:NSRPF) joins me for an update focused mostly on the exploration underway and...

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Ryan King,at Calibre Mining (TSX: CXB – OTCQX: CXBMF), reviews the H1 2022 financial and production metrics, and 15 drill rig 170,000 meter drill programs in Nevada and Nicaragua.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his outlook on the gold, silver and GDXJ charts. We discuss the...

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Ian Harris, CEO of Libero Copper & Gold (TSX.V:LBC – OTCQB:LBCMF) joins us to provide an update on the Company’s assets in the Golden Triangle,...

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Steve Penny – Technical analysis for S&P 500, 10 Yield Treasuries and Bonds, Gold, Silver, Platinum, Uranium, and Uranium Miners.

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Sean Brodrick discusses a range of sectors - cannabis stocks, water stocks, oil, nat gas, solar, wind, and hydro energy stocks.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show website and Editor of the PreMarket Prep website joins us to highlight an upcoming webinar on...

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Scott Berdahl, CEO and Director of Snowline Gold (CSE:SGD – OTCQB:SNWGF) joins us to introduce this new Yukon gold exploration Company. The Company has a...

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF) reviews some recent high-grade silver drill results at the Kitsol Vein nearby Torbrit Mine, and ongoing drilling at Wolf and Homestake.

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Alistair Waddell, President and CEO of Inflection Resources (CSE:AUCU – OTCQB:AUCUF) joins us to update everyone on the recent exploration results and financing. Focused in...

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Welcome to another KE Report Weekend Edition! We are truly in the middle of a summer rebound. Almost every sector, outside of energy, has been...

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website joins us to recap the recent US economic data...

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG) joins me to provide an update on the Company’s battery division. On June 15th news released stated...

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Erik Wetterling, The Hedgeless Horseman, unpacks value investing in “probable growth” companies his portfolio of junior gold and silver mining stocks.

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Craig Hemke, Editor of TF Metals Report joins us to discuss the general market environment where a more risk on attitude has driven markets higher...

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Jordan Roy-Byrne reviews what key technical indicators and macroeconomic factors he is watching for to confirm PM are diverging from broad US equites.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), outlines the 2022 exploration strategy to expand the copper resources at the La Plata Project near Durango, Colorado.

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Andrew Pollard, CEO of Blackrock Silver (TSX.V: BRC – OTCQX: BKRRF), with an exploration and resource expansion update at both Tonopah West and Tonapah North silver projects, located in Nevada.

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Dave Erfle, Founder of the Junior Miner Junky, provided his technical and macro outlook on the short-covering rally that we’ve seen in the markets the last few weeks

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Thomas Atkins, President and CEO of Mammoth Resources (TSX.V:MTH – OTC:MMMRF) reviews exploration results at the Los Carneritos target at the Tenoriba Project, in Mexico.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to look ahead to the CPI data...

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Tim Clark, President and CEO of Fury Gold Mines (TSX:FURY – NYSE:FURY) and Bryan Atkinson, Senior VP of Exploration joins me to recap the drill...

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Ed Moya, Senior Market Analyst at OANDA joins us to recap the jobs data from Friday and to look ahead to the inflation number this...

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Mike Konnert, President and CEO of Vizsla Silver (TSX:VZLA – NYSE:VZLA) joins us to recap the recent drill results from the Panuco Project, in Mexico....

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Welcome to another KER Weekend Show! After a good month of July for the markets across the board, everyone is wondering if the bottom...

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Simon Ridgway, President and CEO of Volcanic Gold Mines (TSX.V:VG – OTC:VLMZF), updates us on the resource and social engagement at Holly and new concessions along the Motagua gold belt.

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Craig Hemke, reviews PMs bounce post FOMC press conference, and looks ahead to the jobs report data due out tomorrow.

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Erik Wetterling, The Hedgeless Horseman, discusses value investing versus guessing reactions to macroeconomic noise.

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Dan Steffens, President of the Energy Prospectus Group joins us to discuss the recent pullback in the energy sector with a focus on oil and...

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Jordan Roy-Byrne, reviews what key macro factors or trends he is watching to inform Fed policy, and that would allow PMs to diverge from general equity markets.

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Jed Richardson, CEO of Trigon Metals (TSX.V:TM – OTC:PNTZF) joins us to recap yesterday’s news release stating the pause of production at the Kombat Mine...

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Dave Erfle, the Junior Miner Junky, reviews his technical and macro outlook on the short-covering rally that we’ve seen in the markets and what data and levels he's watching.

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Mike and Danie discuss why South African Platreef-style mineralization is compelling at the Stillwater West Project in Montana

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Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF) joins us to recap the completed 90,000 meter drill program at the Enchi gold...

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TG Watkins reviews his technical on the rebound in many sectors in the month of July, and where resistance may come into play.

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Ed Moya, Senior Market Analyst at OANDA joins us to recap the market bounce for July and addresses the main question of is it a...

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Welcome to this week’s Weekend Show! It was a Fed week that as expected lead to volatility in the markets, especially after the press conference...

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Justin Huhn, Founder and Publisher of the Uranium Insider, joins us to provide a macro update on the uranium sector.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), reviews the recent high-grade drill assays from the Las Conchita project.

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Quinton Hennigh, Director and Technical Advisor at Eskay Mining (TSX.V:ESK – OTCQX:ESKYF) joins me to recap a couple recent news releases highlighting new VMS discoveries...

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Gabriel Rene, CEO of Verses Technology (NEO:VERS) joins us to recap the July 27th news release announcing a partnership with Tompkins Ventures to build awareness...

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Dave Erfle, reviews the short-covering rally that kicked off in markets on the back of the peak hawkishness messaging from the FOMC meeting press conference.

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Craig Hemke discusses the recent bounce in most markets after the FOMC press conference and GDP numbers were released.

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOCF) joins us to recap the metallurgical test results released yesterday. Results from Phase 2...

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) joins us to recap the recent news focused at the Cervantes Project, in Mexico....

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Jordan Roy-Byrne looks at the big picture technical setup to confirm if the US Equites have begun their secular bear market, and PMs have begun their secular bull market.

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Jeff Christian, Managing Partner at the CPM Group joins us to focus on the Platinum Group Metals. The CPM Group has just released its PGE...

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Robert Sinn, aka Goldfinger discusses whether or not gold is good for anything, and if commodities are in a secular bull market.

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Josef Schachter, Founder and Editor of the Schachter Energy Report joins us to provide an update on the overall energy sector focused on the pullback...

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Glen Parsons, President and CEO of Awale Resources (TSX.V:ARIC) joins me to recap the recent land acquisition in the Odienné District. This land boarders the...

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to recap the first silver and gold pour at the Las Chispas Mine in...

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John Rubino discusses the complexity and volatility facing world economies and stock markets.

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Jed Richardson, CEO of Trigon Metals (TSX.V:TM – OTC:PNTZF) joins us to recap the new silver stream announced with Sprott Streaming for US$27.5 million. We...

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Ed Moya, Senior Market Analyst at OANDA joins us to recap earnings season so far and share his major takeaways. Is the job market that...

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Nick Appleyard, President and CEO of TriStar Gold (TSX.V:TSG – OTCQB:TSGZF) joins me to recap the recent news announcing the submission of the first permit...

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Welcome to Weekend Edition of the KE Report. On this Weekend’s Show we feature Dana Lyons and Axel Merk. The focus is past the Fed...

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Marc Chandler, reviews weak PMI, weak housing data, and next week's Fed rate hike and GDP number.

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Shawn Wallace, Executive Chairman at Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) and Michael Henrichsen, Chief Geologist joins me to discuss the drill program that just started...

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Doc Jones, Private Investor, joins us to discuss oil and natural gas stocks, resource stocks in the commodities sector, and how he is looking for value

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Brett Heath, President and CEO of Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) joins us to provide an update on 4 royalty assets that have...

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review that he has seen lighting strike twice recently is his junior resource portfolio

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Jordan Roy-Byrne reviews the key technical and fundamental data points he’s following for gold and the gold mining stocks.

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Walter Coles Jr., President and CEO of Skeena Resources (TSX:SKE – NYSE:SKE) joins us to provide a comprehensive update on the exploration plans this year...

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Rob Shewchuk, Chairman and CEO of LithiumBank (TSX.V:LBNK) joins us to recap yesterday’s news and focus on the key aspects of the Boardwalk Lithium Brine...

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Dave Erfle, the Junior Miner Junky, reviews the oversold levels in the precious mining stocks and the technical support levels he is watching in gold, GDX, and GDXJ.

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I am very happy to introduce Cam Currie as a new guest! Cam is the Principal at the Currie Metals and Mining Group and a...

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Ed Moya, Senior Market Analyst at OANDA joins us to discuss the start of week trading where we are seeing counter trend rallies across the...

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Welcome to another KE Report Weekend Show! It was a slower week for markets with the focus being on US inflation data which again...

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), with a financial, production, and exploration update at the producing Segilola Gold mine in Nigeria, and an exploration update at the Douta development project in Senegal

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Thomas Atkins, President and CEO of Mammoth Resources (TSX.V:MTH – OTC:MMMRF) outlines the next batch of step-out drill holes at the Tenoriba Project, in Mexico.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins me to recap the recent drill results from the Tomtebo Project, in Sweden, the drill...

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Gabriel René, President of VERSES (NEO:VERS) joins me to follow up on the introduction webinar from June 27th. On the webinar we went over the...

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Michael Rowley, CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF) with an exploration update and further resource delineation plans at Stillwater West Project in Montana.

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Brien Lundin, Editor of The Gold Newsletter joins us to discuss the market selloff today focused on the metals sector that is leading the way...

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Andrew Thomson, President and CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF) joins me for a quick update to recap recent news and get his thoughts...

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Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), reviews the encouraging initial assay results from its Phase II Gap Zone drill program at the Troilus Gold Project.

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Ryan King & Tom Gallo at Calibre Mining (TSX: CXB – OTCQX: CXBMF), review the multi-year growth plan from grade-driven production increases, intense exploration, and resource expansion.

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There’s no denying sectors across the board continue to experience a lot of selling pressure with many breaking down. While the gold price is hanging...

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Sean Brodrick focuses on the energy sector and related commodities like oil, natural gas, copper, and lithium.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss the selling pressure on markets...

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Peter Dembicki, President and CEO of Tier One Silver (TSX.V:TSLV – OTCQB:TSLVF) and Christian Rios, Senior VP of Exploration join us to provide an overview...

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Ed Moya, Senior Market Analyst at OANDA discusses the overall pressure remaining on most market sectors, if we’ll see a further bounce.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF) joins us to provide an overview on the exploration and work plans for this...

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Another tough week in the markets at least ended on a slightly positive note. The fall in commodities lead by energy and copper was noteworthy...

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Craig Hemke, Founder and Editor of TF Metals Report joins me to recap the selloff in copper, gold stocks and silver stocks over the past...

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins me to recap recent drill results from the Copala-Tajitos resource area announced June...

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Brien Lundin, Editor of The Gold Newsletter and Organizer of The New Orleans Investment Conference joins me to discuss the selloff in copper and precious...

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Jim Greig, President of Benchmark Metals (TSX.V:BNCH – OTCQX:BNCHF) joins me to recap the updated Resource Estimate at the Lawyers Gold and Silver Project, in...

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Kyle Hookey, President and Acting CEO of Allied Copper (TSX.V:CPR – OTCQB:CPRRF) joins me to provide an overview of the drill plans at the Klondike...

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to focus on copper and oil. Both of these commodities have pulled back in...

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to share his trading strategy for the general...

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMakret Prep website joins me to discuss general bearish sentiment and the...

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John Rubino, Founder of The Dollar Collapse website joins me to discuss the Bank of Japan’s monetary policy that is very different from the other...

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Mike Spreadborough, Executive Co-Chairman and Acting CEO of Novo Resources (TSX:NVO – OTCQX:NSRPF) join me to recap the recent news of pausing production and moving...

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), recaps the recent high-grade drill results out of the Helmi Discovery on the Aurion-B2Gold Joint-Venture.

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Fed week did not disappoint with the Fed hiking rates by 75 basis points which caused markets to fall further into bear market territory....

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Steve Penny, The SilverChartist, shares key charts on the Gold weekly & daily, Silver weekly, Platinum vs Gold ratio, Copper weekly, and Sandstorm Gold (NYSE: SAND) (TSX: SSL) on the monthly, weekly, and daily.

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Marc Chandler, Managing Partner of Bannockburn Global Forex and Editor of the Marc To Market website joins us for a discussion on central bank policy...

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to shares opinion on if the gold stocks are truly diverging from the...

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Sean Brodrick focuses on some of the macroeconomic factors that have him worried, and the market expectations that a recession is on the horizon.

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Craig Hemke discussed the key effects to the markets, economy, and consumers as a result of ongoing central bank policies.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, unpacks why he is using diversification as a strategy in his precious metals portfolio of junior mining stocks.

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Hubert Parent-Bouchard, CFO of Radisson Mining (TSX.V: RDS) (OTC: RMRDF), highlights the resource expansion potential at depth along the high-grade Trend #2 at the O’Brien Gold Project.

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Josef Schachter, Founder of The Schachter Energy Report joins us for a discussion on the energy sector. Sticking to the bearish camp Josef outlines a...

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Chad Peters, President and CEO of Ridgeline Minerals (TSX.V:RDG – OTCQB:RDGMF) unpacks the first two step out holes of the 2022 drill program at the CRD Target, at the Selena Project in Nevada.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his outlook for Fed rate hikes from September onward. He thinks the...

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF) updates us on the recent Company name change and further exploration plans at Stillwater West.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to discuss the key factors continuing to...

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Claudia Tornquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) joins us to provide an update on the 25,000 meter drill program at the...

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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF) joins us to outline this years drill program at the Kitsault Calley Project...

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Tim Johnson, President and CEO of Granite Creek Copper Ltd (TSX.V:GCX – OTCQB:GCXXF), outlines 3 key exploration target areas, IP survey data, and ongoing work for the PEA.

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Ed Moya, Senior Market Analyst at OANDA joins us for an extended discussion focused on the broad market selloff. The only assets on my screen...

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Welcome to another KE Report Weekend Show. It was another boring week until Friday when the CPI data showed inflation is not slowing which caused...

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Simon Ridgway, President and CEO of Volcanic Gold Mines (TSX.V:VG – OTC:VLMZF), outlines the maiden Inferred Mineral Resource Estimate of 406,316 oz at 9.57 g/t gold equivalent for the Holly Project.

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Marc Chandler, Managing Partner at Bannockburn Global Forex joins us to focus on the inflation, CPI, data released today. The number was higher than estimates...

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Brandon McDonald, President and CEO of Fireweed Zinc (TSX.V:FWZ – OTCQB:FWEDF) joins me to highlight the exploration plans for this year at the Macmillian Pass...

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Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF) joins me to recap the first pass drilling at the Tokosea Target on the...

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Erik Wetterling, The Hedgeless Horseman, unpacks how he approaches position sizing within his portfolio of junior mining stocks.

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Dana Lyons reviews his 2 pronged approach for selling the rips on this market bounce and shares his technical outlook on the energy sector.

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Ian Harris, CEO of Libero Copper & Gold (TSX.V:LBC – OTCQB:LBCMF) updates investors on the Big Red Project, Mocoa Project, and Esperanza Project.

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Brien Lundin, Editor of The Gold Newsletter joins us to discuss the general boring nature of the markets and metals. We focus on the mood...

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Cherie Leeden, President and CEO of Gold Bull Resources (TSX.V:GBRC – OTCQB:GBRCF) joins me to recap today’s news release reporting drill results from the Silica...

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Jordan Roy-Byrne reviews gold bull market correction analogs, 2-year treasury yields, and high oil prices in relation to gold mining stocks.

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Roger Moss, President and CEO of Labrador Gold (TSx.V:LAB – OTCQX:NKOSF) joins me to recap yesterday’s news release reporting the initial hole at the Golden...

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Ewan Downie, CEO of I-80 Gold Corp (TSX: IAU – OTCQX: IAUCF), reviews the exponential production growth and exploration upside at their 4 Nevada gold projects.

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Dave Erfle, The Junior Miner Junky, reviews all markets are awaiting CPI inflation data and Fed meeting minutes.

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John Rubino, Founder of the Dollar Collapse website, discusses market effects from high energy prices, inflation, corporate margin compression, and central bank hawkishness.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), with a financial, production, and exploration update at the producing Segilola Gold Project mine in Nigeria, along with an exploration update at the Douta development project in Senegal.

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Ed Moya, Senior Market Analyst at OANDA joins us to look ahead to this week and next with inflation data coming Friday and a Fed...

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Steve Bromley, President and CEO of Organto Foods (TSX.V:OGO – OTCQB:OGOFF) joins us to recap the record Q1 results from the Company and outlook for...

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Welcome to June, where sentiment remains bearish and central banks around the world continue to hike rates. This is a bad environment for equities across...

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Steve Penny, Publisher of The SilverChartist Report, shares key charts for Platinum, Gold, Silver, Commodities versus Stocks, Junior Silver Miners and the (TNX) 10-year treasury yields.

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Chris Jordaan, President and CEO of Superior Gold (TSX.V: SGI) (OTC: SUPGF) reviews the Q1 operations, production expansion, and exploration update at the Plutonic Gold Operations.

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Leo Hathaway, Executive Chairman and Co-Founder of Golden Shield Resources (CSE:GSRI) joins us to recap some of the recent drill results from the Phase 2...

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Marc Chandler, Managing Partner at Bannockburn Global Forex joins us to recap recent US economic data and the increase in central bank tightening policies. We...

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Glen Parsons, President and CEO of Awale Resources (TSX.V:ARIC) joins me to recap the May 31st news release announcing a strategic investment and exploration agreement...

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Craig Hemke, Founder and Editor of TF Metals Report, discusses the key macroeconomic drivers he’s watching that are feeding the stagflation backdrop.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, expands upon being a value investor in poor sentiment markets, and a shares a couple companies he likes.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to share his outlook for GDX, GDXJ, Silver and general US markets. Starting...

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Jose Garcia, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF) reviews the April operations update and unpacks resource update at the Nueva Recuperada Project

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX – OTCQB:FPOCF) joins me to update us on the second round of drilling planed at the...

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Jed Richardson, CEO of Trigon Metals (TSX.V:TM – OTC:PNTZF) joins us to introduce this copper producer focused at the Kombat Mine in Namibia. Currently in...

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), reviews the Q1 2022 financials at San Albino, and 2 new veins discovered at Las Conchitas

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Frank Lagiglia, Corporate Development for Benchmark Metals (TSX.V:BNCH – OTCQX:BNCHF) joins us to recap a couple recent news releases highlighting drill results from the Marmot...

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Richard Postma, AKA Doc joins us again at the end of the of month to recap the moves in metals and markets. We start with...

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), reviews the high-grade and broad intercept drill results from the 2021 exploration program at the Keno Silver Project.

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Dave Erfle reviews both the technical and macroeconomic drivers affecting the precious metals sector, and related mining stocks.

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Ed Moya focuses on the energy sector, and how the continued breakout higher in prices will affect consumers and businesses.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to discuss the continued move higher in oil and the energy sector as well...

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD – OCTQX:NFLDF) joins us to share the 2022 exploration plans at the Company’s portfolio of Projects...

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to share his outlook for the bear market...

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Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX:NVO – OTCQX:NSRPF) joins us to recap news releases from last week providing updates on the ongoing exploration...

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Welcome to another KE Report Weekend Show. This week we focus on investing during a bear market. The consensus is that we are still early...

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Marc Chandler, Managing Partner at Bannockburn Global Forex joins us to discuss the two main themes commentators are discussing, inflation and recession. With the Fed...

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Jason Kosec, President and CEO of Millennial Precious Metals (TSX.V:MPM – OTCQB:MLPMF), reviews the recent high-grade and wide-intercept drill results at the Mountain View Project in Nevada

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA – NYSE:VZLA) joins us to recap a couple recent news releases highlighting new discoveries and additions...

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to focus on the selloff in precious metals stocks. We look at the...

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Craig Hemke reviews the recent pullbacks across the board in general equities, bonds, and the precious metals and commodities.

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Brien Lundin, Editor of The Gold Newsletter joins us today to discuss the ongoing correction in big picture terms. We discuss what the main catalyst...

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John Rubino discussed the latest trends in inflation, Fed policy concerns, consumer spending, deflation, the US dollar, Gold, and Bitcoin.

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Jordan Roy-Byrne discusses the continued correction in precious metals sector and most other markets, and where we may see a bounce.

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Cherie Leeden, President and CEO of Gold Bull Resources (TSX.V:GBRC – OTCQB:GBRCF) joins us to recap yesterday’s drill results from the Sandman Project that expanded...

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Sean Brodrick, Natural Resource Analyst at Weiss Ratings and publisher of Wealth Wave, joins us to focus on a range of different commodities and market sectors

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Justin Reid, President and CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), recaps some recent drill results from the Southwest Zone and Gap Zone at the Troilus Gold Project

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap the continued breakdown in financial...

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Claudia Tornquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) joins us to recap the last round of drill results released May 4th that...

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Blaine Monaghan, President and CEO of Pacific Ridge Exploration (TSX.V:PEX – OTCQB:PEXZF) joins us to introduce the Company and the portfolio of projects in BC...

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Brett Richards, President and CEO of Goldshore Resources (TSX.V:GSHR – OTCQB:GSHRF) unpacks recent exploration results from the ongoing 100,000 meter drill program at Moss Lake Gold Project in Ontario.

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Ed Moya, Senior Market Analyst at OANDA joins us to discuss the selloff to start the week. Pretty much every asset class is down, and...

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Bob Wares, Chairman and CEO of Osisko Metals (TSX.V:OM – OTCQX:OMZNF) joins me to highlight the recent slight shift in focus of the Company towards...

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A tough 2022 continues for investors as almost every sector declined this week. It was volatile before the Fed meeting and post-Fed meetings things got...

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Matti Talikka, CEO of Aurion Resources $AU $AIRRF, joins us to recap the recent drill results out of the Helmi Discovery on the Aurion-B2Gold Joint-Venture, and the 100% owned Risiti property and Aamurusko Area in Finland.

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Nick Rodway, President and CEO of Core Assets (CSE:CC – OTCQB:GCOOF) joins us to introduce this new public Company focused on the Blue Property in...

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Ian Harris, CEO of Libero Copper & Gold (TSX.V:LBC – OTCQB:LBCMF) joins us to share more information on the 9 new porphyry targets announced yesterday, May 3rd, at the Mocoa Project in Colombia. Following up on the successful initial drill hole at Mocoa that intersected 557meters of 0.89% copper equivalent (announced April 19th) the news yesterday is showing exploration potential around the current 4.6 billion pounds of copper and million pounds of molybdenum.

We have Ian further detail the 9 targets and the location to the known resource. We also discuss the process of drill testing these targets that have never been drilled before.

If you have any follow up questions for Ian please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the recent news out of Libero Copper & Gold.

Analytic Signal Magnetics Map – Outlining The 9 Porphyry Targets

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Andrew Pollard, CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to unpack the Tonopah West Maiden Stope Optimized Resource Estimate; 2.9 Million Tonnes Grading 446 g/t AgEq for 42.6 Million Ounces AgEq, which was announced on May 2nd. Andrew addresses the inflated expectations of the retail investors, and contrasted their interpretation with institutional investors that were quite on-board with growing such a high-grade silver deposit of size, over 40 million ounces, in less than 18 months of drilling. Andrew mentioned that in the next month a more detailed report will be released to the market showing sensitivity do different grades and costs, and it will highlight how many ounces could be added to the resource using different metrics that will be useful for investors to keep in mind.

This resource estimate incorporated much of the exploration results from the 110,000 drill campaign at the Tonopah West Property, in Nevada. The majority of the drilling has been focused on infill and step-out drilling around the DPB Target and Victor Targe in a grid of 800 meters x 800 meters over 6 different veins. Recently the company has been drilling 250 – 300 meter step out holes at Denver vein, along with some larger discovery step out holes over 1km away from known mineralization which are still at the lab and awaiting results to come back. In addition, the Company is currently drilling their recently acquired Tonopah North project on BLM lands, with 7 holes drilled from the targeted 9,000 meters and 12 hole scout drilling program there to continue expanding resources.

If you have any follow up questions for Andrew on Blackrock Silver, then please email us at Fleck@kereport.com or Shad@kereport.com

Click here to visit the Blackrock Silver website and read over the recent news releases.

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Brian Miller, CEO of Astra Exploration (TSX.V:ASTR) joins me to recap the initial drill results from the maiden drill program at the Company flagship Pampa Paciencia Project in northern Chile. The first 11 holes, out of the 30 hole program, were released yesterday, May 2nd, many intersecting gold veins over long widths. The program is testing 5 targets across the Project.

We start by outlining where the best holes were drilled and getting a better understanding of the 5 targets that were drilled. As Brian notes the veins are very wide, ranging from 10-20 meters in width. We also discuss how the veins are being targeted since they are all undercover. The final point we cover is the overall cost for the 30 hole program coming in at around C$650,000.

If you have any follow up questions for Brain at Astra Exploration please email me at Fleck@kereport.com.

Click here to read over the recent news release we discussed from Astra Exploration.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMakret Prep website joins us to recap the extremely volatile US equity markets. After falling hard to end last week, the markets started Monday off by continuing to selloff. However in the last hour of trading yesterday they rebounded and today are fighting into positive territory. While there is no telling how the markets will react to the Fed statement tomorrow this little bit bounce is tempering at least some of the near term recession fears.

We also discuss the selloff in commodities, especially precious metals, as well as how China’s ongoing lock-down is hurting all economies.

Click here to visit Joel’s PreMarket Prep website.

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Jim Grieg, President of Benchmark Metals (TSX.V:BNCH – OCTQX:BNCHF) joins us to recap the recent round of drill results from the Dukes Ridge Deposit on the Lawyer’s Gold and Silver Project in the Golden Horseshoe of BC. The headline hole, Hole 22, intersected 57 meters of 2.52g/t gold equivalent and was drilled just outside the existing resource shell (see Figure 1 posted below).

Jim first recaps the location of this hole and how recent drilling has expanded on the Dukes Ridge Deposit. Also important from the drilling this year is the Company is seeing the Dukes Ridge Deposit connecting to the Cliff Creek Deposit (the largest of all deposits on the Property). These results will be included in the upcoming updated Resource Estimate which is still on track for this month.

There was also some metallurgical results announced last week with 93% gold recoveries and 65% silver recoveries.

If you have any follow up questions for Jim regarding recent news out of Benchmark Metals please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Benchmark Metals website and read over the recent news.

Figure 1: Long-section at the Dukes Ridge Zone showing gold and silver results from a series of drill holes.

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Kai Hoffman, CEO of Soar Financial Group, joins us to share his thoughts on the muted interest and recent pullback in the precious metals sector, and overviews for listeners the highlights of the upcoming mining conference in Germany. We start off with a look at the financial health of the industry as tracked by the Oreninc Index that Kai and his team facilitate. With the financing window closing for companies, over the course of 2022 and specifically over the last 2 months, companies that are cashed up for the work programs are in better shape than those that will need to raise capital in the near future. The discussion also gets into the tough positions company executives are in trying to strike the balance between moving the company forward, putting out news to investors, but also conserving capital at a time where most news is being shrugged off out of disinterest or simply becomes a liquidity event.

Next we ask Kai about the themes and presenters at the upcoming 4th German Gold Fair mining conference later this month on May 27th -28th in Frankfurt, Germany. He has a hunch the talking points will have shifted from concerns about inflation, prevalent at last year’s show, to now looking forward at the market conditions to a potential recession on the horizon. Click on the link down below for more information on Germany’s largest mining conference.

https://www.soarfinancial.com/home/

http://www.oreninc.com/

https://rohstoffbrief.com/2022/04/29/deutsche-goldmesse-jetzt-anmelden-zu-deutschlands-groesster-mining-konferenz/

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF) joins us to recap the next tranche of 10 drill results, released April 26th, at the Hope Brooke Gold Project in Newfoundland. 23 holes have been released so far out of the 50 holes that have been drilled, so far from the Phase 1, 25,000 meter drill program, with all of the holes intersecting gold mineralization.

We have Mike outline where the drilling has been focused so far at the Main Zone and 240 Zone as it moves to the southwest and at depth to possibly connect these two resource areas. There will also be drilling at depth under the Main Zone and 240 Zone, and then finally some shallow drilling in the NorthEast Extension Zone which is currently undrilled, but shows promise on the geophysics work completed thus far.

The Hope Brooke Project already has nearly 1million ounces of gold in a resource with the goal of continuing to grow the total ounces and update the resource estimate the beginning of next year, and then start working on a economic study to highlight the viability of the deposit. The study has not been updated since 2012, and that was at much lower gold prices, and it didn’t account for the copper found in about 70% of the holes, which should be a key co-credit.

If you have any follow up questions for Mike regarding the drill program please email us at Fleck@kereport.com and Shad@kereport.com.

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Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) announced a new copper-gold discovery at the Margarita Project in Chile this morning. Hole 13 intersected 90 meters of 0.94% copper and 0.84g/t gold. This hole was drilled int he north-central part of the project (see Figure 1 below for a map of the drill hole locations).

Shawn Wallace, Executive Chairman and Michael Henrichsen, Chief Geologist at Torq Resources join me to discuss the discovery. I have them recap the 4,075meter drill program and the process to the discovery hole 13. We also discuss the follow up work, still being planned, that is needed to expand on the discovery.

If you have any follow up questions for the team at Torq Resources please email me at Fleck@kereport.com.

Click here to visit the Torq Resources website and read over the full news release.

Figure 1: Illustrates the position of the discovery hole in the north – central region of the project along the Falla 13 structural corridor.

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Ed Moya, Senior Market Analyst at OANDA joins us to cover the the weakness in markets starting with precious metals continuing to sell off. Ed points tot he Fed as a key driver as now any war premium in gold has evaporated. We also discuss the general weakness in US markets where the S&P closed last week at a 52 week low and the NASDAQ is the whole way below 2021 trading levels. We wrap up with the rebound in the oil and energy sector, bifurcating from the rest of the commodity sector in the midst of strong US dollar.

Click here to visit the OANDA website to follow along with Ed’s daily market note.

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Blake Hylands, President of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), joins us to review some recent drill results near the Southwest Zone at the Troilus Gold Project; an advanced stage exploration and development project that is northeast of the Val-d’Or district, within the Frôtet-Evans Greenstone Belt in Quebec, Canada.

The Southwest Zone appears to be an analog of Z87, in the view of the exploration team, and they are starting to drill the Gap Zone between the existing resource and the Southwest Zone. Some recent drill assays announced from this region to the markets on April 21st were both 92 g/t and 68 g/t gold Over 1m, and 3.07 G/T AuEq Over 15m, Zone Extended +200m; Initial Gap Zone Drilling Returns 4.2 G/T AuEq Over 7m Gap. These higher-grade intercepts are shallow / near surface and have now expanded the Southwest Zone from 600 meters, at the time of the last PEA to roughly 2 kilometers.

We also discussed some of the projected guidance from the several years old PEA, like the targeted 22 year mine life producing around 200,000 – 250,000 ounces per year of gold production and 17-22 million pounds of copper per annum.

Blake mentioned that the cutoff for drilling to be included in the upcoming Pre-Feasibility Study due out by July of 2022, was last week. Since that last PEA the Company has drilled another 150,000 meters and greatly expanded the Southwest Zone, the precious metals prices are much higher, and there is a significant copper credit as well, so all of this will factor into the improved economics released on the PFS later this summer.

If you have questions for Justin regarding Troilus Gold, then please email us at Fleck@kereport.com and Shad@kereport.com.

https://www.troilusgold.com/

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Full Weekend Show Welcome to another KE Report Weekend Show! We now have April behind us which was a tough month for almost every asset, except of the US Dollar. Fed rate hikes, China’s lock-down and many other factors are contributing to a risk off shift by investors. The worry is that everything is getting sold off.We discuss it all in this weekend’s show.

Please keep in touch by emailing us at both Fleck@kereport.com and Shad@kereport.com.

Segment 1 – Adrian Day, President of Adrian Day Asset Management and Manger of the Euro Pacific Gold Fund kicks off the show by focusing on the macro economic environment that leads to a discussion on recession fears. The Fed rate hike next week and market perceptions are key to recent market moves.
Segment 2 and 3 – Richard Postma, AKA Doc, joins us for an extended segment on what he sees in the charts for gold, gold stocks, silver, the US Dollar and bonds. We keep it as simple as possible sharing price levels and times frame estimates for future moves.
Segment 4 – Brian Leni, Founder and Editor of The Junior Stock Review wraps up the show by shifting out focus to mid tier precious metals development companies. These stocks have been sold off with the rest of the sector but some are generating great financial results and have already stated to bounce back.

Exclusive Company Interviews This Week

Skeena Resources – A Discussion And more Details On The Inaugural ESG Report
Reyna Gold Corp – Exploration Update On First 8 Drill Holes From The La Gloria Project
Metallic Minerals – Maiden Resource Estimate At La Plata Comes Out Near 116 Million Tonnes Copper Equivalent
Cartier Resources – Now The Largest Land Position East Of Val-d’Or, Here Are The Exploration Plans For This Year
Mako Mining – A Review of 2021 Financials, Q1 2022 Operations, And The Upcoming Exploration Plan
Colibri Resources – Exploration Update At The Pilar, Diamante, and Evelyn Projects
Metalla Royalty & Streaming – The Market Environment For Royalty Companies and An Update On Assets Coming Online In The Near Term
Kodiak Copper – 2nd Drill rig On Site Testing New Targets, Here Are The Key Targets Being Drilled
Radisson Mining Releases High Grade Gold Intercepts At Trend 0 From Deep Directional Drilling

Adrian Day Doc Brian Leni

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Steve Penny, Publisher of the SilverChartist Report, joins us to share a number of key charts on the US dollar, bond yields via the 10 year note, gold, and silver. (all charts are posted below so you can follow along). We intermix some macro market insights and recent news related to the greenback, interest rates, and precious metals to balance the technicals with the fundamentals. Steve also provides some insights into some of the strategies he has around short-duration trading versus longer-term investing, and some good sentiment principles to keep in mind along one’s investing journey.

Click here to visit the SilverChartist website

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Dana Lyons, Fund Manager and Editor of the Lyons Share, joins us to discuss the turbulent markets, through the lens of quantitative and technical analysis, and review which sectors look appealing for both long and short strategies.

We start off with the recent jump higher in the US dollar which is up testing resistance at $104, and so Dana has taken profits on that trade in the short-term, but still could see the trend in the dollar heading higher in the medium term. Next we moved over to the commodities and how some have been pressured by the strong dollar, but he is more constructive on the actual commodities than he is on the commodity-related equities in the near-term, where more weakness may be in store.

As for the general equity markets, Dana is still constructive on some of the defense sectors that have recently pulled back like consumer staples, utilities, healthcare, and some commodities, but he isn’t buying at present. He is still bearish on tech, growth, small caps, the Nasdaq, and Europe, but has pulled down some of the shorts they’ve had on, in the event of a near-term bounce, but he would go back to shorting them if they come up to key resistance areas the quantitative readings don’t substantially improve. We wrap up with bonds where Dana remains bearish on the longer term trend, and bullish on rising yields and while they have had good trades in yields to the upside they are scaling them back in the short-term in case they take a pause, but still looking at higher yields to come and lower bond prices in the medium to longer-term.

Click here to stay up to date with Dana at the Lyons Share website.

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Rahul Paul, President and CEO of Radisson Mining (TSX.V: RDS) (OTC: RMRDF), joins us to discuss some of the deeper directional drill results in the Trend O area at the flagship O’Brien Gold Project located along the world-renowned Larder Lake-Cadillac Break in Abitibi, Québec. On April 21st, the Company reported multiple high-grade intercepts including 37.86 g/t Au over 2.00 m and 12.69 g/t Au over 3.50 m, expanding mineralization laterally and at depth in the gap between current resources and the old O’Brien Mine at this Trend #0.

These results are part of a larger on-going 130,000 meter drill program, and in line with the Company strategy to continue testing their 5 zones at depth. We had Rahul outline how this new directional drilling approach was not only more effective in branching out multiple times from a single pilot hole, but also in how many meters of traditional surface drilling it saved, for a more economic approach to deep exploration. We discussed how deep the exploration team has drilled thus far at Trends 1, 2, 3, and 4, in concert with some of the more shallow surface drilling that is still underway doing true discovery exploration. We wrap up with the meters still at the lab to be released, along with the meters remaining to be drilled, and the successful hit rates the company has in the different trends they are exploring as they better understand the geology.

If anyone has any further questions for Hubert regarding Radisson Mining, then please email me at Shad@kereport.com.

https://www.radissonmining.com/press-releases/

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to focus on the currency markets. The USD went pretty much straight up in April while markets and economies around the world sold off. Next week is data and central banks heavy so we look ahead to what could move markets and possibly reverse current trends.

Click here to visit Marc’s blog – Marc To Market

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Claudia Tornquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) joins us to discuss the new key exploration targets on the MPD Project that will be drilled with the second drill rig that just came to site.

We start by recapping the 25,000 meter drill program that now has 2 drills on site. With the first drill continuing to drill the Gate Zone, a discovery made in 2020, and the second drill now focused on making new discoveries across the Property. These new targets include Axe, Dillard, Mann, Prime, 1516, and the new parallel zone to the Gate Zone.

If you have any follow up questions for Claudia please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to read over the recent news out of Kodiak Copper.

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Brett Heath, President and CEO Metalla Royalty & Streaming (TSX.V:MTA – NYSE:MTA) joins us to provide a general update on market sentiment for gold stocks and the royalty companies. We also discuss the internal growth for Metalla in terms of royalty assets scheduled to come online in the near term.

Starting with the market environment for royalty companies, we discuss the move seen in the largest mining companies and royalty companies but how the rest of the stocks were left behind. For Metalla specifically we have Brett explain the royalty portfolio for the Company and breakdown how may assets are currently cash-flowing and what’s in the pipeline for this year and next.

If you have any follow up questions for Brett please email us at Fleck@kereport.com and Shad@kereport.com

Click here to visit the Metalla website and read over the Company’s Presentation.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review the recent corrective moves in the precious metals and commodities sector, and market reactions to central bank policy and a strong US dollar. The discussion covers a number of macro factors including the Fed rate hiking cycle, persistently high inflation, the negative GDP growth numbers from Q1, the developing stagflation backdrop, the strong US Dollar in relation to other currencies, the Japanese and European central bank policies, the price action in silver and the gold mining stocks, and the Chinese lockdowns.

Click here to visit Craig’s site, TF Metals Report.

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Ian McGavney, COO of Colibri Resources (TSX.V:CBI – OTC:CRUCF), joins us to provide a comprehensive exploration update on the Pilar, Diamante, and Evelyn projects in Sonora Mexico. We start off with the Pilar Gold-Silver Property joint-ventured with Tocvan Ventures, as they are still drilling their Phases 3 program out of 5 Phases, and have been putting out some promising wide drill intercepts that also include high grade sections. Drill hole JES-22-62 returned 108.6-meters at 0.8 g/t Au and 3 g/t Ag, including 31.9-meters at 2.4 g/t Au and 2 g/t Ag. Within this broader mineralized interval, consistent high-grade gold mineralization was recorded within a silicified sulphide-bearing breccia which returned 9.4-meters at 7.6 g/t Au and 5 g/t Ag .

Next we moved over to the joint-venture optioned Diamante property being worked on by Silver Spruce with some high grade channel sample results, including 51.5 g/t from silicified breccias in the Calton target, which was the highest Au grade yet reported from Diamante. In addition there were silver values >1,000 g/t were recorded from base metal sulphide-bearing veins at Pillado, El Chon and El Cumbro, the latter returning 2,270 g/t Ag, accompanied in several target areas by high-grade primary and supergene Lead + Zinc + Copper up to a combined grade of 50.9 wt.%.

There are a number of upcoming drill programs, trenching programs, and groundwork mapping programs at all 5 Company projects and a great deal of newsflow on tap for the balance of 2022 for investors to keep tabs on.

Please email us with any follow up questions for Ian regarding Colibri Resources. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the recent news out of Colibri Resources.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website joins us to share a couple companies he thinks are higher quality but have sold off hard with the rest of the sector. There is no denying that precious metals stocks continue to selloff so when looking at individual stocks it’s important to understand what will drive the stock in the future.

The stocks mentioned are Cassiar Gold (GLDC) and Snowline Gold (SGD).

Click here to visit Erik’s site.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss how the rate of inflation, real interest rates, looking forward at stagflation, and the expectations around the Fed tightening cycle are affecting the gold and gold stocks. We have Jordan provide some technical outlook on the precious metals sector, as well as run through a few likely scenarios as to how things will develop in the short-term and medium-term, before we see the larger bullish pattern unfold.

Click here to learn find out more about The Daily Gold website.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the 2021 and Q4 financials and the Q1 2022 operations and production numbers at the San Albino Gold Mine in northern Nicaragua. With an average blended head-grade of 7 – 9 g/t gold, and an All-In Sustaining Cost of $830, the revenues and net incomes are quite robust coming out of San Albino.

We ask Akiba to unpack how the production profile will be expanding from 500 tpd to 1000 tpd, and where that growth will be coming from at San Albino, Las Conchitas, and eventually regional targets like La Segoviana, to essentially double the production rate in 2023. The company launched a $17 million exploration plan for 2022 with the goal of drilling 110,000 meters at near mine and regional targets, and there will be coming exploration news in the months to come.

If you have any questions for Akiba about Mako Mining, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here for a summary of the recent news out of the Company.

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Josef Schachter, Founder and Editor of The Schachter Energy Report joins us to focus on the upcoming earnings season for energy stocks. Cenovus Energy was first to report today with strong earnings. Expectations are for a strong quarter across the board. We look ahead to possible cost increases on the negative side and some more bullish factors.

Click here to visit the Schachter Energy Report website to learn more about Josef’s investment letters.

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Robert Sinn, AKA Goldfinger joins us to share his outlook for gold, silver, base metals and US markets. As investors have clearly switched focus away from the war in Ukraine and towards rate hikes, pretty much everything except for the US Dollar has been selling off. Gold sold off over $100 in 6 trading days and the stocks were hit even harder. As many recession and market collapse forecasts we here it might take a while for these to play out.

Click here to visit the Energy and Gold website to keep up date with Robert and his market and stock commentary.

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Philippe Cloutier, President and CEO of Cartier Resource (TSX.V:ECR – OTC:ECRFF) joins us to outline the exploration and growth plans for the Company this year now that the acquisition of the East Cadillac Property, from O3 Mining, is completed. This acquisition makes Cartier Resources the largest land holder east of Val-d’Or, Quebec, and greatly expands the land holdings around the Company’s flagship Chimo Mine Property.

We start by having Philippe outline the total resource base that is now over 2million ounces. We also focus on the work plans this year to grow the resources as well as test some new areas on the combined Project.

If you have any follow up questions for Philippe please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Cartier Resources website to read over the recent news.

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David Erfle, Founder and Editor of Junior Mining Junky, joins us to discuss the market correction in many sectors, but in specific the precious metals sector since the middle of last week. The discussion touches on many aspects from Fed policy, to inflation, to ongoing war in Ukraine, to the lockdown of many Chinese cities. Dave shares what price levels he is looking for as support and resistance in gold, GDX, GDXJ, and silver, and what he’d like to see to end the week and month by this Friday.

Click here to learn more about Dave’s newsletter – The Junior Miner Junky.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to outline the NI 43-101 compliant Maiden Resource Estimate at the La Plata project near Durango, Colorado, that was just announced today. The resource estimate came in at 115.7 million tonnes at an average grade of 0.39% copper equivalent (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade. Scott mentioned that if this copper equivalent resource was converted to silver equivalent, then it would come in near 200 million ounces of silver, just for investors to have that perspective.

After the prior 56 historic drill holes worked on by Rio Tinto and Freeport, many of which have been resampled, in combination with the 2,000 meters of confirmation drilling completed by Metallic Minerals last year, and this all lead led towards bulking up to an initial resource in fairly short order since acquiring the project in 2019. The main focus of drilling at La Plata has been at the Allard target and even inside the Allard Tunnel, but because porphyries occur in clusters, the exploration team also is optimistic that more porphyry centers will be found with 16 other targets identified from prior geophysics studies, for future drilling on their district-scale land package. In addition there are some very encouraging gold & silver vein target all over the property that exploration team will be focusing on as drilling picks back up in the second half of 2022.

Next we transition over to the Keno Silver Project in the Yukon, discussing some of the successful drill results returned from the Central Keno Area at the Caribou and Formo targets, as well as the big picture exploration strategy for 2022 with more drilling at Caribou, Homestake, and Keno East that show promise at depth. The company will be releasing the exploration plans for both the Keno Silver project and the La Plata project in the near future.

If you have any follow up questions for Scott on Metallic Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

The company will also be hosting a webinar tomorrow Wednesday the 27th and investors can register here at this link:

https://us02web.zoom.us/webinar/register/WN_O0OBsnknTry9akkqgRytfQ

Click here for a summary of the recent news out of Metallic Minerals.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to share his option of Elon Musk’s offer to buy Twitter and take the Company private. Investors do not seem impressed as Tesla stock is down over $100 (~10%) today. A key aspect of the proposed deal is the banks role in helping finance the $44billion deal and the Tesla stock Musk is pledging.

We also discuss the broad weakness in the markets as tech is leading the way again to the downside and the NASDAQ close to breaking to new lows for the year.

Click here to visit Joel’s PreMarket Prep website.

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The Company has embarked on the first 10,000 meter drill program that kicked off in February, with 18 holes drilled thus far, and results from the first 8 holes that were released on April 20th. There are multiple target areas, but the initial focus in 2022 is going to be on the Main Zone and El Sombrero targets. Two of the holes that have reported thus far were drill hole LG-22-005, 7.85m of 3.95 grams per ton (g/t) Gold (Au)from surface, including 1.30m of 19.65 g/t Au, extending the known breccia northeast, and drill hole LG-22-001, 30.6m of 0.51 g/t Au from surface increasing depth of known breccia at Big Pit.

In addition to the success in the breccia zone, the company also made a discovery of the new Las Amarillas quartz vein mineralization at Pique Viejo with drill holes LG-22-007 & LG-22-008 discovered Las Amarillas Vein including intersects of 0.6m of 8.61 g/t Au and 0.5m of 4.13 g/t Au and established minimum length for Amarillas Vein of 280m and 81m discontinuous length with seven veins closely stacked.

We also discussed the polymetallic nature of the mineralization with 5 metals – gold, silver, copper, zinc, and lead at some of the exploration work completed at surface and with drilling at the Main Zone and El Sombrero, and why this has their team encouraged. The exploration team is guided by the prolific geologists Dr Peter Megaw and Doug Kerwin as technical advisors, and solid team acquired from many of the other mines operated by the major producers along this prolific mineralized trend.

If you have any questions for Michael regarding Reyna Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Corporate Presentation

Reyna Gold News

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Chris Tucker, Corporate Innovations Manager at Skeena Resources (TSX:SKE – NYSE:SKE) joins me to discuss the inaugural ESG Report published by the Company on April 21st. Since this is the inaugural Report I have Chris outline what went into the Report. I also have Chris highlight some of the key aspects of the ESG Report and how the Company can use this to market to ESG focused investors.The full ESG Report is linked below.

If you have any questions on the ESG Report or want more information on any aspect of the Report please email me at Fleck@kereport.com.

Click here to read over the full ESG Report.

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John Rubino, Founder and Editor of The Dollar Collapse website, joins us to discuss the recent market pressure and selling across the board in many sectors. We start off by reviewing the investor expectations around Fed policy tightening and the more aggressive rate hikes slated to help tame inflation.

Next we moved into the demand destruction in the commodities and further global supply chain interruptions caused by further covid lockdowns in many parts of China. This lead the discussion into the continued movement higher in the US dollar due to the range of uncertainty in the markets from slowing growth and persistently high inflation, to rising interest rates and central bank tightening, in tandem with ongoing war and geopolitical tensions. John points out that the dollar is strong in relation to other more burdened currencies like the Euro, Pound, and Yen, but that it is still having it’s purchasing power eroded by the 8% inflation.

We wrap up with the key factors John will be watching as things continue to unfold towards a potential recession and deflationary period, and at what point the market pain grows high enough to where the Fed will decide to reverse course and reliquify the markets.

Click here to visit John’s site, The Dollar Collapse.

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Ed Moya, Senior Market Analyst at OANDA joins us to discuss the continued weakness in markets and commodities. With China sticking to it’s zero-Covid policy Ed thinks this is the biggest factor weighing on markets. The issue is there doesn’t seem to be any sector outside of the US Dollar and US bonds (short term) in positive territory. Even the safe assets, especially gold are getting hammered. Commodities broadly are getting hit as well.

Click here to read over Ed’s daily note on the OANDA website.

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Full Weekend Show Well, that was a very bad way to end the week for all investors. It seemed like nothing was safe from the selloff that started on Thursday and continued on Friday. I focus the whole show with two guests on the weakness in US markets, bonds, gold and PM stocks.

Please keep in touch with us through email. We love hearing your thoughts on the markets, metals and companies you think we should feature on the show.

Segment 1-3 – This is an extended segment with Rick Bensignor, President of Bensignor Investment Strategies. Rick kicks off the show by sharing why his trading strategy is now to sell the bounces and cut the lagging stocks. We discuss US markets (which individual sectors he is long), gold and gold stocks as well as commodities broadly. Click here to learn more about Rick’s investment letters.
Segment 4 – Marc Chandler, Managing Partner at Bannockburn Global ForEx joins wraps up the show with a focus on the currency markets and what they are telling us about future Fed policy. We also look at the bond market where yields have exploded higher in the past 2 months. Click here to follow Marc on his blog – Marc To Market.

Exclusive Company Interviews This Week

GR Silver Mining – Growth Plans This Year Building Off The Resource And New Discoveries
Libero Copper & Gold – More Information On The Initial Drill Results From Mocoa Yielding 443 meters of 0.74% CuEq
Novo Resources – Answering Your Questions On Operations, Management Changes and Selling Of New Found Shares
Gold Bull Resource – Drill Results At The Sandman Project hit Long Intercepts Of >1g/t and High Grade Gold Of 13g/t
Allied Copper – Outlining Drill Plans For All 3 Company Projects In Nevada and Colorado
Labrador Gold – More Information On A New Discovery, Midway, On The Kingsway Project In Newfoundland
Newcore Gold – Expanding The New Tokosea Discovery With Large Step Out Drill Results
KORE Mining – A Look Ahead To Exploration Plans And Permitting Updates At The Imperial and Long Valley Projects In California

Rick Bensignor Marc Chandler

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Scott Trebilcock, President and CEO of KORE Mining (TSX.V:KORE – OTCQX:KOREF) joins me to recap a 2021 and provide an outlook for 2022 in terms of permitting and exploration. It had been over a year since I last had Scott on the show. Unfortunately 2021 was a tough year for the Company on the permitting front. Scott outlines what happened with the delays from the BLM.

In 2022 the Company is getting ready to drill the Long Valley Project, which already has a 1.7million oz gold deposit. We also discuss the ongoing permitting work at the Imperial Project, a 2.2million ounce resource that is fully defined.

If you have any follow up questions for Scott please email me at Fleck@kereport.com.

Click here to visit the KORE Mining website and read over the Company’s Corporate Presentation.

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Greg Smith, VP of Exploration at Newcore Gold (TSX.V:NCAU – OTCQX:NCAUF) joins me to highlight the recent drill results that expand on the new Tokosea Discovery, announced last month, at the Enchi Gold Property in Ghana.

We start by recapping the most recent results and what they mean for a possible initial resource from the Tokosea area. the Company has drilled very wide step outs which has shown scale to this area while only averaging a depth of 75 meters. The type of mineralization is very similar to other deposits on the Project. With a lot of drilling ongoing Greg provides an overview of the upcoming news and catalysts.

If you have any follow up questions for Greg or the team over at Newcore please email me at Fleck@kereport.com.

Click here to read over the news release reporting the Tokosea drill results.

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Criag Hemke, Founder and Editor of TF Metals Report joins me to breakdown the weakness in precious metals this week. On Tuesday the metals and underlying stocks dropped but yesterday, Thursday, was noteworthy day to the downside as silver and gold stocks were hit hard. Interestingly base metals and energy was flat to up.

Click here to visit Craig’s site – TF Metals Report.

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Roger Moss, President and CEO of Labrador Gold (TSX.V:LAB – OTCQXNKOSF) joins me to recap yesterdays news highlighting a new gold discovery at the Midway Target on the Kingsway Project in Newfoundland. This near surface discovery is 2.7km north of Big Vein and is showing a different type of mineralization.

We focus on the Midway Target and what this different type of mineralization could mean for other un-drilled targets on the Project. With 2 more holes at the assay lab and a total of 10 holes planned at Midway there will be plenty more information regarding this discovery coming in the near term.

If you have any follow up questions for Roger please email me at Fleck@kereport.com.

Click here to read over the full news release highlighting this new discovery.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website joins me to discuss the selloff in PM stocks today. From the big stocks down to the little ones there is a lot of rd on the screen. I have Erik share how he views this market for the junior stocks. We focus a lot on sentiment and if it truly at a bottom.

Click here to visit Erik’s site and keep up to date on the stocks he is liking.

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Kyle Hookey, Interim CEO and President of Allied Copper (TSX.V:CPR – OTCQB:CPRRF) joins me to discuss the explroation plans at the Company’s three Projects, Klondike and Stateline in Colorado and the SK Property in Nevada, for this year.

I start by having Kyle provide more information on the management changes that have brought Kyle into the interim CEO and President roll. We also have Kyle outline his vision for the Company moving all three assets forward.

In terms of drill plans Kyle shares general timelines on when a drill will hit the ground starting at the Klondike Property first, then move to Stateline and finally SK later in the year. We also recap the recent news of an IP survey completed on the SK Property that has outlined a large drill ready target.

If you have any follow up questions for Kyle please email me at Fleck@kereport.com.

In full disclosure I will be buying shares in Allied Copper next week.

Click here to visit the Allied Copper website and read over the recent news.

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Mike Larson, Editor of The Safe Money Report joins me to focus on the sectors that continue to outperform this range bound market. As Mike points out late cycle sectors, like utilities, staples and precious metals continue to trend higher. The high flying sectors and stocks like tech continue to struggle and Netflix earnings report disappointment really hit the stock. We tie this market action in the growing calls of a recession right around the corner.

Click here to learn more about Mike Safe Money Report.

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Cherie Leeden, President and CEO of Gold Bull Resources (TSX.V:GBRC – OTCQB:GRRCF) joins me to recap yesterday’s news reporting drill results from the Silica Ridge. Hole 43 was the best hole in the release yielding a high-grade intercept of 13..13g/t gold over 1.5meters withing a long intercept of 51.8 meters at 1.12g/t gold. The Company also announced the increase to the drill program to 5,000 meters (from 4,000 meters initially planned).

Cherie and I discuss the two different styles of mineralization on the Project and where the drills are turning now. With a focus on new areas to make new discoveries the Company will drill two new targets in the now 5,000 meter program. We also discuss the path to 1million ounces through drilling and potential acquisitions.

If you have any follow up questions for Cherie please email me at Fleck@kereport.com.

Click here to read over the full news release highlighting the drill results at Silica Ridge.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to discuss the technical outlook for gold, gold stocks and silver. While gold and silver continue to be stuck in ranges, gold stocks staged a mini breakout and are only around 10% off of very important resistance levels. We also discuss the environment where PMs continue to consolidate for a while building up momentum for another powerful move.

Click here to learn find out more about The Daily Gold website.

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Mike Spreadborough, Executive Co-Chairman and acting CEO of Novo Resources (TSX:NVO – OTCQX:NSRPF) joins me to recap four recent news releases encompassing operational results for Fiscal 2021 and Q1 2022, management changes and the sale of New Found shares for C$125.9million.

Starting with the Fiscal 2021 financial results we focus on the production costs that remain elevated. We look ahead to what will help bring down those costs as the Company transitions into mining the fresh ore.

We then move to the selling of New Found shares for C$125.9million. The focus is on the cash in the Company and paying down the current debt. Plus building cash for the continued drill program across a number of the Company’s assets.

Finally we discuss the management change with Rob Humphryson leaving his roll as the CEO. We discuss who will take over his rolls on the production front and with ore sorting.

If you have any follow up questions please email me at Fleck@kereport.com.

Click here to visit the Novo website and read over the recent news releases we discussed.

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Ian Harris, CEO of Libero Copper & Gold (TSX.V:LBC – OTCQB:LBCMF) joins me to recap the initial drill results from the first hole at the Mocoa Project, in Colombia. The hole was recently extended to over 1,200 meters (from the initially planned 1,000 meters). The result released yesterday was for the first 450 meters.

We discuss the location of this hole, how it relates to the historic resource and what work is upcoming. We also chat about the exploration environment in Colombia and how this Project compares to Solaris Resources and the Warinza Project.

If you have any follow up questions for Ian please email me at Fleck@kereport.com.

Click here to read over the drill result news release.

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Dave Erfle, Founder and Editor of The Junior Miner Junky joins me to discuss the types of gold stocks he is investing in. We focus mainly on mid and small cap stocks ranging from drill plays to resource stage assets up to development assets. There is a clear distinction in the market right now where the largest stocks are moving higher and the small drill plays continuing to lag.

Click here to visit Dave’s site and learn more about The Junior Miner Junky newsletter.

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Sean Brodrick, Natural Resource Analyst at Weiss Ratings joins me to focus on a range of commodities. With commodities continuing to show strength we isolate the certain commodities that Sean thins will continue higher and the areas he is looking for a small pullback before taking positions. We discuss energy, mostly oil, gas and uranium as well as agricultural commodities.

Click here to visit the Wealth Wave website and keep up to date with what Sean is investing in.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to discuss the complete shift in markets today toward risk on stocks and sectors. Lead by small caps and the NASDAQ today is a very different day from this whole year of trading. Remember one day does not make a trend.

We also recap a couple recent earnings reports from Bank of America and Delta Airlines plus comment on the pullback in commodities today.

Click here to visit Joel’s PreMarket Prep website.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to recap some of his favorite sectors right now. Building of the trend of this year where defensive stocks are outperforming we focus on energy and precious metals plays. TG’s recent position in Natural Gas has been doing great alongside oil and his gold investments. We look ahead to see just how stable these uptrends are.

Click here to visit TG’s website – Profit Pilot.

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Eric Zaunscherb, CEO and Chairman of GR Silver Mining (TSX.V:GRSL – OTCQB:GRSLF) joins us to outline the growth and exploration plans for this year.

We start with a simplification of the Projects, now all called the Plomosas Project, which includes the key target areas of the San Marcial Area, Plomosas Mine Area. We then discuss the growth opportunities for the current resource and planned drilling for this year. On the resource front the Company is looking to grow the ounces while also bringing up the grade of the already defined ounces.

If you have any follow up questions for Eric regarding the plans for GR Silver Mining this year please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the GR Silver Mining website and read over the recent news out of the Company.

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Jayant Bhandari, private resource investor joins us on this Easter Monday to share two stocks he is investing in. The stocks are Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) and Salazar Resources (TSX.V:SRL)

We start with Aztec Resources and the recent drill results from the Cervantes Project. We featured Aztec’s President, Simon Dyakowski on the Weekend Show because of the move in the stock post news. We then move to Salazar Resources and the value Jayant sees in the Curipamba Project.

Click here to visit Jayant’s site.

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Full Weekend Show Thanks for taking time out of your Easter long weekend to listen to this Weekend’s Show! We focus on commodities and a couple PM stocks that are trending higher. With more money flowing into PM stocks this week we feature a couple companies that are at different stages but both putting out good news.

This year has been a huge shift in terms of where money is flowing. Growth is out while defensive stocks and commodities are in.

Please keep in touch by emailing us at Fleck@kereport.com and Shad@kereport.com. We love hearing your thoughts on the markets and companies!

Segment 1 – This is an extended segment with Fund Manager Dana Lyons. We isolate the sectors Dana is playing on the long side and what he is shorting. Dana has pivoted perfectly which these markets. It’s interesting to see what he likes now is quite different from a couple years ago. Click here to learn more about what Dana is trading at the Lyons Share website.
Segment 2 and 3 – Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV) joins us to provide an update on the construction of the mine at the Las Chispas Project in Mexico. Soon to be in production this is one of the best known advanced stage Company’s in the silver sector. We also discuss the recent drill results from the Le Picacho Project, 85Km away from the Las Chispas Project. Click here to read over the SilverCrest Corporate Presentation noting slide 14 that we discuss in the interview.
Segment 4 – Aztec Minerals (TSX.V:AZT – OTCQB:AZZTF) released drill results from the Cervantes Project in Mexico last week that drove the stock higher on big volume. We have Simon Dyakowski, President and CEO of Aztec Minerals elaborate on these results and what it means for moving the Project forward. Click here to visit the Aztec website and read over the news release.

Exclusive Company Interviews This Week

Capella Minerals – A New Acquisition Of An Advanced Stage Copper-Zinc-Cobalt Project In Norway
Metallic Minerals – Exploration Update On All 3 Company Projects
Visionary Gold – New High-Grade Gold and Copper Target With Drilling Starting Soon In Wyoming
Nomad Royalty – A Review Of A Solid 2021, Great Start In Q1 Of 2022, And Royalty Partner Updates
Mammoth Resources – Exploration Update At The Tenoriba Project
Golden Shield Resources – Introducing This New Exploration Company Focused In Guyana With 3 Drill Ready Projects
Benchmark Metals – Discussing Drill Results From The Dukes Zone, 51 meters of 3.71g/t AuEq And A Look Ahead To The Updated Resource
Thor Explorations – Q1 Production And Operations Report And Exploration Update
Mantaro Precious Metals – Insights On The First Drill Program Starting Soon At Golden Hill, in Bolivia
Arizona Sonoran Copper – A New Copper Company With An Advanced Asset In Arizona With A Pathway To Production
Libero Copper & Gold – An Update On The Initial Hole At The Macoa Project, Now Extended To 1,200 Meters

Dana Lyons Chris Ritchie – SilverCrest Metals update Simon Dyakowski – Aztec Minerals

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We hope everyone is having a good start to the Easter long weekend!

This is a preview to the upcoming Weekend Show where we feature Chris Ritchie, President of SilverCrest Metals (TSX:SIL – NYSE:SILV). We have Chris update us on the constructions progress at Las Chipsas as well as provide an exploration update on the back of the El Picacho drill results. Chris also shares some of the Company’s research on how inflation impacts silver producers, separated by the cost profile.

Click here to visit he SilverCrest website and read over the recent news.

Here is the slide we refer to in the interview – Slide 14 of the SilverCrest Corporate Presentation.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review support levels in the precious metals sector after we’ve seen a short-term corrective pullback, in the context of the larger bull market pattern still well underway. We start off discussing the pullback in gold and that Jordan’s earlier target of $1908 came into play, right above key $1900 support, but that he is still watching to see if gold can get up and hold above $1920. Jordan breaks down 2 prior periods where gold corrected, then approached all-time highs, and then had corrective moves followed by even larger rallies. Jordan unpacks where these moves project a potential pullback to the high $1800s, but in the context of that bullish medium-term bounce out of that move, and also in conjunction with the longer-term cup and handle pattern that is also still playing out.

Next we moved over to silver and that while the technical outlook isn’t quite as bullish as gold, and it has more overhead resistance levels to clear at $28-$30, $35-$37, and $50, that Jordan still believes it will eventually start to play catchup to the moves in gold, once the yellow metal is above $2100. We wrap up by taking a look at how the mining stocks via GDX and GDXJ, that have generally held onto more of their gains and have better technical setups than the metals; which is a constructive development in the sector.

Click here to visit The Daily Gold website and keep up to date on Jordan’s technical outlook.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) (OTC: MKNVF), joins us to outline the upcoming drill programs at both the Tomtebo Project and Gruvberget Project in Sweden, and Bakar Copper Property located on Northern Vancouver Island in British Columbia.

There will be 1200 meters over 3 holes drilled at the Tomtebo Project, with 2 of the holes testing massive sulfide extensions at depth using EM data, and 1 step-out regional hole testing an exciting anomaly. At the Gruvberget Project there 1800 meters over 10 holes planned for a maiden drill program, following up on historic data. In the second half of the year drilling at the Bakar Copper Property will comprise 800 meters in two holes to test the high priority Elephant Crossing Target, following up on high-grade copper rock chip samples and ZTEM anomalies.

If you have any follow up questions for Garret regarding District Metals, then please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release recapping the drill results.

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Jeffery White, VP of Investor Relations for Falco Resources (TSX.V:FPC – OTC:FPRGF), joins us to outline the Project economics, resources, mix of metals, and projected production profile of the Company’s Horne 5 Deposit, in the Abitibi region of Quebec.

We start off by looking at how the project economics improved from 2017 to the updated Feasibility Study released in 2021, and then also detailed how robust the economics are with sensitivities to current metals prices. The Horne 5 Deposit has 6.1 million gold equivalent ounces in reserves, and over 9 million gold equivalent ounces in all categories. The mix of metals represented in the project is 68% gold, 7.4% silver, 9.4% copper, and 14.9% zinc. The Project is estimated to produce 220,000 ounces of gold annually, with a total of 320,000 ounces of gold equivalent ounces annually over a 15 year mine life.

Next we shift over to the key milestones for 2022 and 2023 for investors to keep tabs on and get a breakdown from Jeff on the Capex needed for various parts of the development process. We also discuss the large company partners that all have an interest in this asset and will help with various parts of the Project financing. These partners include Osisko Gold Royalties, Osisko Development, the Province of Quebec, and Glencore.

Please email us with any follow up questions you have for Jeff regarding Falco and the Horne 5 Deposit. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the Falco Corporate Presentation.

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Quinton Hennigh, Technical Advisor and Director of Eskay Mining (TSX.V:ESK – OTCQX:ESKYF) and John DeDecker, VP of Exploration, joins me to recap yesterday’s news reporting the final drill results from the 2021 drill program at the Consolidated Eskay Property, in the Golden Triangle of BC.

We start by having Quinton recap the overall goals of the drill program and the key results. Most of the drilling was focused on the TV and Jeff Zones there were some news targets drilled. A new discovery that was reported in the news yesterday was the C-10 Prospect. John provides more information on this new discovery and the the follow up work planed. Quinton also provides insights on the drill program upcoming for this year.

If you have any follow up questions for the team over at Eskay Mining please email me at Fleck@kereport.com.

Click here to read over yesterday’s news release that we discussed.

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Dave Erfle, Founder of The Junior Miner Junky, joins us to review the big corrective move we’ve seen in the precious metals sector as the geopolitical premium came out of the markets since the end of last week. We start off by reviewing the generally bullish longer-term technical setup despite the recent pullback, and that Dave would ultimately like to see a quarterly close in gold above $1975 to confirm the breakout on the longer duration Cup & Handle Pattern on the chart, which is still unclear here in mid-March whether that will still be possible.

We then pivot over to look at how the mining stocks have not moved to valuations even close to prior cycles when metals prices got to levels we saw just last week, and look at what it will take for them to catch up with the moves in the underlying metals. Dave is still encouraged by the upward trends on the GDX:GLD and GDXJ:GLD ratio charts, and believes the strength in the mining stocks today, in the face of falling gold and silver prices, is another indicator that the stocks are sniffing out another turn higher in anticipation of the Fed rate hiking cycle set to begin tomorrow. Next we shift over to how the mining stocks may be correlated recently with the moves in the general us equities markets, and Dave is still expecting that trend to diverge like we saw for most of the year until recently, and feels this further divergence is what will drive new buying into the PM sector. We wrap up with the unusual news of the movie theater chain company AMC Entertainment (AMC) buying a stake in a gold mining company along with Eric Sprott, and how this may be an early indication of more speculative money starting to follow the mining sector.

Click here to visit the Junior Miner junky website to learn more about Dave’s newsletter.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to make sense of the continued volatility in the markets. We start on the commodity front where some of the recent spikes have been sold off to levels close to where they were when the war started. This is telling us that the market thinks the war is over, however comments today by Putin say the otherwise. We tie the volatility to the the Fed meeting tomorrow and what the Fed is going to do.

Click here to visit Joel’s PreMarket Prep website to keep up to date on when he’s seeing in the markets.

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Paul Geddes, VP of Exploration and Resource Development at Skeena Resources (TSX:SKE – NYSE:SKE) joins me to recap the final drill results from the 2021 drill program at the Eskay Creek Project, in the Golden Triangle of BC.

We start with the latest results that expand on one of the new discoveries, the 21A West Zone and hole 997 that yielded 8.95g/t AuEq over 34 meters. As Pual states hole 997 was drilled within the pit in an area that was previously thought to be waste material. I also have Paul relate these results to the other new discovery of the 23 Zone, announced in January.

We then focus on the 60,000 meter drill program for this year. Paul shares the main areas being focused on with the goal of continuing to make new discoveries and expand on the recent discoveries.

If you have any follow up questions for Paul please email me at Fleck@kereport.com.

Click here to read over the full news release that Paul and I discussed.

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Peter Dembicki, President and CEO of Tier One Silver (TSX.V:TSLV – OTCQB:TSLVF) and Christian Rios, VP of Exploration join me for an update on yesterday’s news release highlighting the drill targets for the upcoming Phase 2 drill program at the Curibaya Project in Peru.

The Phase 2 program will have a general focus on the northern part of the Property, at the Cambaya Corridor (see Figure 1 posted below), as well as a new copper porphyry target (see Figure 5 also posted below). We recap the overall strategy of the program and what work still needs to be completed before drills hit the ground.

If you have any follow up questions for the team at Tier One Silver please email me at Fleck@kereport.com.

Click here to read over the most recent news release on the targets and drill program at Curibaya.

Figure 1: Illustrates structural corridors and significant drill hole and channel sampling results from the Curibaya project to date.

Figure 5: Illustrates the geochemical zonation observed within the precious metal veins within the Curibaya project area. An analysis of vein geochemistry across the property has demonstrated concentric zonation with copper-lead-zinc zoning outward into lead +/- copper and then zinc +/- lead in the peripheral zone. This geochemical zonation is consistent with porphyry systems and the central copper-lead-zinc zone would be the primary target area at depth. In addition, the magnetic and chargeability anomalies shown on the figure could represent an intrusion or potassic alteration and sulphidation, respectively, at a depth of approximately 400 m.

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John Rubino, Founder and Editor of The Dollar Collapse website, joins us to discuss the recent pullback in the commodities on more market optimism on a resolution to war between Ukraine and Russia, but how the evolving supply chains may be changing longer term for raw materials, energy, and food.

We discuss how global trade for many commodities is very unsettled at present, and these conditions are likely to persist even if there is a reduction in the Ukraine situation, long after the fact, as new alliances are forges and old supply chains are disrupted. We also look at how record high inflation is unlikely to come down far enough to where the Fed’s monetary policies and rate hikes have much of an effect on normalizing interest rates and taming inflation. All of these factors may be adding up to the realization of many nations of the important role mining plays in extracting raw materials and may put the mining industry in cue for more government and individual support to establish new sources of domestic supply.

Click here to visit John’s site, The Dollar Collapse.

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Ed Moya, Senior Market Analyst at OANDA, joins us to understand the strong wave of optimism that the Ukraine tensions and talks are proceeding in a constructive manner, and how that is impacting the markets. We are seeing the commodities across the board from oil and natural gas, to gold, palladium, and other base metals continue the correction that started the end of last week on this news, and this brings up the discussion of how supply chains and trading national trading partnerships may change as a result of these recent geopolitical events.

Next we shifted over to the health of the economy with the consumers living off savings and even starting to buy on credit, and still faced with very high inflation in most prices for goods and services. We reviewed that if businesses can pass their higher input costs and rising wages for staff on to consumers then this may hit their future earnings results, further impacting calls for slowing growth. Things then shift over to a talk about the upcoming Fed rate hikes slated to start this week, and about how many hikes they guide for the balance of the year, and whether or not this is all going to have much impact on record high levels of inflation, or even if they can normalize interest rates.

Ed feels that in this volatile environment of rising rates, that the financial sector will still benefit, and that the consumer staples sector may be the defensive area of the market that many investors rotate into to ride out the remaining choppiness.

Click here to follow along with Ed’s daily note over at OANDA.

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Serafino Iacono, CEO of NG Energy (TSX.V:GASX – OTC:GASXF) joins us to review the growth potential for the next 2 years for natural gas and now light oil focused in Colombia. The Company has 3 assets, 2 of which have straightforward pathways to production, Maria Conchita and SINU 9.

We start off by having Serafino outline the progress at the Maria Conchita project bringing online the Aruchara-1 Well and Istanbul-1 Well this year, ramping up from 20 million cubic feet per to 40 million cubic feet over the next year. The Company has finished installing and hooking up the 14 km pipeline to connect to the Colombia’s network. There is also the plans to bring on the new Tinka-1 Well by September, and this will contribute another 10 million cubic feet to the Maria Conchita production.

Next we shifted over to SINU 9 and outline the work planned to bring those 4 wells into production in 2022, with an initial plan of 100 million cubic feet and then expand to 200 million cubic feet per annum as more wells are drilled in 2023. We also touch on new focus on light oil, from an old historic discovery, where the exploration team will be testing the western area where the Company believes there may be close to 1 billion barrels of oil with 25% recovery, so potentially 250 – 280 million barrels of light oil, and the company will be doing some wildcat drilling to follow up on the historic results.

If you have any follow up questions for Serafino regarding NG Energy, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit he NG Energy website and learn more about the Company.

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Full Weekend Show On this Weekend’s Show we focus on the spike in commodities prices. We gather a couple differing opinions on what’s driving these prices higher, where prices could revert to after the Russia/Ukraine war and the market impacts of upcoming Fed rate hikes.

While so much is still unknown about the near term future the best we can do is try to make sense of the market trends and where investors are positioning themselves.

We hope you all enjoy this Weekend’s Show. Please keep in touch by emailing us at Fleck@kereport.com and Shad@kereport.com

I will be away starting mid next week but dropping in periodically while Shad takes the reins for just over a week.

Segment 1 – Robert Sinn, AKA Goldfinger on ceo.ca kicks off the show by commenting on the spike in oil prices to start the week. He sent out a note to subscribers at the perfect time on the morning oil spiked to $130/barrel saying it was a blow-off top. We also discuss if any other commodities are at blow-off tops as well as the set up in gold and silver. Click here to follow along with Goldfinger’s trades and market thoughts.
Segment 2 and 3 – Jeff Christian, Managing Partner at the CPM Group joins us for a discussion on the overall environment for commodities. This ties into a discussion on inflation and price moves throughout this year. Drivers behind the gold price are broken down as well as the hedging environment for major miners. Click here to learn more about the CPM Group.
Segment 4 – Marc chandler, Managing Partner at Bannockburn Global Forex wraps up the show with an extended discussion on what the currency markets are telling us about investor outlooks. We start with the USD increases balanced with the issues in Europe. The commodities currencies have been under-performing and the Yen is is a precarious position. We then move to Fed policy and gold’s trading this week with the $100 swing in 24 hours. Click here to visit Marc’s blog, Marc To Market.

Exclusive Company Interviews This Week

Nova Royalty – Looking Ahead To Catalysts For This Base Metals Royalty Company
Blackrock Silver – In Preparation For Maiden Resource Estimate, Eric Sprott Increased Position Through C$5 Million Private Placement To Become The Largest Stakeholder
DevvStream – Introducing A New Carbon Credit Streaming Company Focused On Tech Based Solutions
Newcore Gold – Recapping 2 New Discoveries On The Enchi Gold Project
Graphene Manufacturing Group – Agreement To Build Graphene Manufacturing Projects and An Update On The Battery Division
Karora Resources – 2021 Operations Review And 2022 Guidance For This Growth-Oriented Gold-Nickel Producer
Cartier Resources – A Discussion On The Acquisition Of The East Cadillac Property From O3 Mining And Upcoming Work Plans
Torq Resources – Updates On Upcoming News From The Santa Cecilia and Margarita Projects
Scottie Resources – More High-Grade Gold Expansion Drill Results From The Blueberry Zone Yielding 34.6 g/t Gold Over 11.86 Meters
Group Ten Metals – Exploration Update at the Stillwater West Nickel-Palladium Project
AbraSilver Resource – Recapping 2021 Drill Results, Updated Resource and PEA and A Look To This Year’s Multiple Drill Programs

Robert Sinn Jeff Christian Marc Chandler

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Steve Penny, Publisher of the SilverChartist Report, joins us to share a number of key charts on Gold, Silver, GDX, Uranium, URNM, and the Uranium:Gold ratio. (all charts are posted below so you can follow along). We intermix some macro market insights and recent news related to the precious metals, uranium, and the commodity sector. Steve stresses the point of knowing yourself and having a personal investing strategy, along with ways to manage risks using technical analysis to pick entries, accumulating in tranches on dips, and not chasing overbought rallies. We wrap up with some general comments on the wild moves higher we’ve seen in the commodity sector this week and that despite this big move higher recently, longer-term there is still plenty of room for commodities to continue gaining ground on other asset classes.

Click here to visit the SilverChartist website and sign up for Steve’s free email list. That is the best way to get a handle on Steve’s research.

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Craig Hemke, Founder and Editor of TF Metals Report joins me to share his thoughts on the pullback in commodities and upcoming rate hikes from the Fed. We focus on the big picture of inflation, real interest rates and the ongoing war between Russia and Ukraine. There is a lot coming next week, including the rate hike from the Fed, Powell press conference and inflation data.

Click here to visit Craig’s site, TF Metals Report.

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John Miniotis, President and CEO of AbraSilver Resource (TSX.V:ABRA – OTC:ABBRF) joins us to bring us all up to speed on the approximately 16,000 meter drill program from 2021 as well as the updated resource and PEA. We also look ahead to the drilling this year, with a 20,000 meter Phase 2 program three quarters completed and a Phase 3 program planned for later this year. The Company has around $20million still in the bank to move ahead with all the growth plans for this. A Pre-Feasibility Study is also planned for early next year.

If you have any follow up questions for John at AbraSilver please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the AbraSilver Resource website and read over the recent news.

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Erik Wetterling, Founder and Editor of the Hedgeless Horseman website, joins us to share his perspectives on being a contrarian value investor in junior mining investing, versus the more common sporadic trading approach based on sentiment and momentum. We review, once again, that despite the higher gold and silver prices, and movement in the larger cap producers and royalty companies, that most of the junior stocks are still lagging and not confirming these moves higher in the metals.

Erik contrasts some of the valuations we saw pre-discovery in previous frothy periods of speculation in junior miners, and contrasts that to the present environment we bad news is severely discounted, and even good news only produces muted responses, if any. He continues to see unrealized value in juniors across the board, but especially in those companies that are continuing to derisk projects and that are conducting meaningful work, but are not getting rewarded for it. Eloro Resources (TSX.V: ELO) is one company he highlighted as an example that just put out one of their bear drill holes to date with little reaction.

Click here to visit Erik’s site – The Hedgeless Horseman.

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Michael Rowley, President and CEO of Group Ten Metals (TSX.V: PGE – OTCQB: PGEZF) joins us for an exploration update and big picture overview of the Company’s flagship Stillwater West project in Montana. We start off by reviewing the big moves in most metal prices recently, with a particular focus on the 2 largest metals in the resources at Stillwater West, both nickel and palladium. Based on the Maiden Resource Estimate released last October, the resource breaks down to 42% nickel, 20% palladium, 12% copper, 10% cobalt, 5% platinum, 5% rhodium, and 4% gold.

Next we shifted over to exploration progress, where a second tranche of 4 drill hole assay results were announced on March 7th, taking it up to 6 total holes released thus far from last year’s program from the 14-hole resource expansion campaign. These results were mineral rich in a number of key battery metals and PGMs, and continue to advance Stillwater West towards expanded resource estimates in three of the five deposit areas – the Chrome Mountain area at Hybrid and DR, the CZ area, and the HGR target at the Iron Mountain area. More holes will be released in 2 or 3 more tranches from last year’s program, and Mike outlines the Company well-developed plan for the next phase of drilling to begin later in 2022.

If you have any follow up questions for Mike regarding Group Ten metals, then please email us at Fleck@kereport.com or Shad@kereport.com.

https://grouptenmetals.com/news/2022/

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Brad Rouke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF) joins us to recap the March 8th news release reporting the final drill results from the 2021 program at Scottie Gold Mine Project, in the Golden Triangle of BC. The Company is continuing to hit high grade gold over long widths at the Blueberry Contact Zone. The most recent drill result of 34.6 g/t gold over 11.86 meters extended the mineralization at the Blueberry Zone to more than 720 meters.

We have Brad recap the most recent results as well as the summarize the full 2021 program. With 10 holes grading over 100 gram meters over the full program the Blueberry Zone has turned into the main focus for the Company. We also look ahead to this year’s expected program which will have the most drilling at Blueberry to date.

If you have any follow up questions for Brad regarding the drill results or plans for this year please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to to read over the most recent news releases out of the Company.

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Shawn Wallace, Executive Chairman of Torq Resources (TSX.V:TORQ – OTCQX:TRBMF) joins us for an update on the work program at the Margarita Project and how the newly acquired Santa Cecilia Project community access agreement are progressing. We also discuss the exploration environment in Chile in terms of larger mining companies.

If you have any follow up questions for Shawn please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the recent news out of Torq Resources.

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Philippe Cloutier, President and CEO of Cartier Resources (TSX.V:ECR – OTC:ECRFF) joins us to recap the LoI signed with O3 Mining to acquire the East Cadillac Property, which surrounds the Chimo Mine Property, in Quebec. This acquisition greatly expands the land package for the Company and adds ounces to the overall resource.

We have Philippe outline some of the near term drill targets that the Company will test this year once the deal is closed. We also discuss the catalysts this year to watch for to advance the Company.

If you have any follow up questions for Philippe please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release highlighting the LoI to acquire the East Cadillac Project.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to outline why gold may not have the rally many are expecting if we don’t see a correction lower first heading into the Fed rate hiking cycle. We discuss 3 potential paths forward for the precious metals based on whether 1) gold has one more capitulative move down prior to the rate hikes, versus 2) gold continuing to channel sideways into the rate hikes, or if 3) gold could sustain and upwards trajectory and break out higher in the event inflation readings keep coming in hotter than anticipated.

Jordan reaffirms that his expectations are that inflation has mostly peaked here, so the continuation move higher in gold seems like the least likely option, but we do dig in a bit more to the scenario where if gold trends sideways into the hikes that it will likely bottom after a few hikes and then turn higher when the market starts to anticipate in advance that the Fed will be pressured to stop the rate hike cycle and reverse course. The most ideal scenario is still corrective move leading into this central bank policy change.

We wrap up with thoughts on how watching the yield curve and action in bonds will be instructive for just how much wiggle room the Fed has, but note the risks they face by starting so far behind the curve and with inflation already have run so far beyond their initial expectations.

Click here to visit The Daily Gold website and keep up to date on Jordan’s technical outlook.

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Dave Erfle, Founder of The Junior Miner Junky joins us to recap the recent action in gold, GDX and GDXJ. The gold price continues to hold above $1,800 and the stocks have also rebounded from key support levels. We discuss some of the key characteristics that Dave is looking for in junior stocks.

Click here to visit the Junior Miner junky website to learn more about Dave’s newsletter.

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Fred Bell, President and CEO of Elemental Royalties (TSX.V:ELE – OTCQX:ELEMF), joins us to discuss the recent hostile takeover bid received from Gold Royalty Corp (NYSE: GROY), and why the key shareholders he has talked to are not inclined to vote towards accepting the offer for a number of factors seen as inadequate. The company issues a press release on January 26th titled: “Elemental Board Of Directors Unanimously Recommends Shareholders Reject The Hostile Bid.”

We discussed that the attraction was to the Company’s pipeline of cash flowing assets which are very hard to come by in this competitive market, and that they have a great deal of growth over the next few years that has not been daylighted yet in the current valuation. Fred unpacks the two largest royalties being the Karlawinda Gold Mine Royalty operated by Capricorn Metals (ASX.:CMM), which will almost double the Company’s royalty revenue with a mine life of over 10 years, and then the key long-life Wahgnion Gold Project Royalty operated by Endeavour Mining (TSX: EDV). Fred also outlined the expected revenues to start by the second half of 2022 at the Mercedes Mine Royalty, that just changed hands from Equinox (NYSE: EQX) to Bear Creek Mining (TSX.V: BCM) and the Mt Pleasant Royalty operated by Zijin Mining (OTC: ZIJMF) that is starting to mine from their royalty concession this year.

If you have any follow up questions for Fred about Elemental Royalties, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to visit the Elemental Royalties website and read over both news releases we discussed.

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Dave Clark, CEO of Burin Gold (TSX.V:BURG) joins me to discuss the 10,000 meter drill program that just started at the Hickey’s Pond Project in Newfoundland. We outline the overall goals of the program and the key targets being drilled. This ties into the past exploration work completed on the Project in 2020 as the first drill is focused on expanding on past gold hits.

If you have any follow up question on Burin Gold please email me at Fleck@kereport.com.

Click here to visit the Burin Gold website and read over the recent news.

For an in depth overview of Burin Gold be sure to watch the recording of the webinar I hosted back in November.

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Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show and Editor of the PreMarket Prep website joins us to look at a couple sectors that are bouncing back. We start with the reopening stocks and the general outlook moving forward as more people build confidence to get back out and doing things. We then move to social media stocks and financials. All of these sectors are bouncing for different reasons but the key factors continue to be Fed policy and Covid. It is interesting to see some more money come into the market after the choppy start to the year.

Click here to visit Joel’s PreMarket Prep website.

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Claudia Tornquist, President and CEO of Kodiak Copper (TSX.V:KDK – OTCQB:KDKCF) joins us to recap the February 3rd news release highlighting new high-priority targets on the MDP Project generated using 3D Induced Polarization (3D IP) geophysical and soil geochemical surveys. See Figure 2 from the news release, posted below, for a visual of the large target parallel to the Gate Zone.

We have Claudia recap how these exploration targets were generated, by using a 3D IP and soil geochemical surveys and past drill results as a guild. With a 25,000 meter drill program planned for this year the Company will be testing a number of targets. We recap the key targets to be tested in the program. We also get an update on the Mohave Project in Arizona that will have exploration work starting this year.

If you have any follow up questions for Claudia please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to read over the full news release highlighting the new targets.

Figure 2: Conductivity drape from 3D IP survey at 300 m below surface at Gate Zone. Image shows excellent correlation of conductive trends to drill mineralization at depth, potential to extend Gate east and southwest to depth, a conductive/structural link between Gate and Prime; and a 1 km long parallel geophysical analogue to Gate situated 650 m to the southeast.

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Cole Evans, President and CEO of Enduro Metals (TSX.V:ENDR – OTCQB:ENDMF) joins me to recap the drill results released yesterday from the Newmont Lake Project in the Golden Triangle of BC. The 4 holes released were all focused on the Burgundy Ridge Zone. We have Cole recap the initial discovery hole and what these results are telling the team about his new discovery.

We also look ahead to all the drill core that is still at the lab. There were a total of 4 targets drilled with results from only one received to date.

If you have any follow up questions for Cole please email me at Fleck@kereport.com.

Click here to read over the full news release highlighting the drill results.

Table 1: Reported assay intervals for BR21-01, 02, 03, and 04. Metal prices used in CuEq calculations are as follows: Gold $1670/oz, Silver $21.50/oz, Copper $4.10/lb, and Zinc $1.38/lb. The CuEq formula used for calculations is: CuEq % = (Cu ppm + ((Au ppm * $53.85) / $0.009038960) + ((Ag ppm * $0.69) / $0.009038960) + ((Zn ppm * $0.003042382) / $0.003042382)) / 10,000. True widths are unknown as the mineralized body remains open and requires further drill testing. Recoveries are assumed to be 100% for the purposes of equivalent calculations.
Full assay data is available at www.endurometals.com

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Doug Bartole, CEO and President of InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF), joins us to overview the key projects, the growth of production, reserves, and funds flow, and the successful acquisition of Prairie Storm Resources Corp in 2021, and how this is setting up the Company for a record year in 2022.

We start off with a review of InPlay’s Cardium oil and gas assets are located in West Central Alberta focused in the 2 key asset land packages at the Pembina and Willesden Green pools. There have already been 11 wells drilled into Pembia so far, with 3 having just been completed in Q1. There were also 2 wells completed in January at Wellesden Green, with 2 more slated to come online in March; making for the most active quarter in the Company’s history. The plan is to focus about 50/50 on the development of the 2 areas for the balance of 2022 with large growth in reserves and production planned, feeding record fund flows. We wrap up with some information on the management team and the financial strength of the balance sheet; with aggressive plans to keep paying down debt, the potential for more acquisitions, and the potential future return to shareholders through dividends or share buybacks as the year progresses.

If you have any further questions for Doug regarding InPlay Oil, then please email us at either Fleck@kereport or Shad@kereport.

https://www.inplayoil.com/news/news-releases

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Brian Millar, CEO of Astra Exploration (TSX.V:ASTR) joins us for a look ahead to the 3,000 meter maiden drill program starting this month at the Company’s flagship Pampa Paciencia Project in Chile. The program is approximately a 50/50 split, with 50% being drilled around the known discovery made by B2Gold and 50% on regional new vein targets.

The Company was just listed on the TSX.V on January 26th, 2022.

Please email me with any follow up questions you have for Brian regarding Astra Exploration. My email address is Fleck@kereport.com

Click here to visit the Astra Exploration website and read over the Corporate Presentation.

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Ed Moya, Senior Market Analyst at OANDA joins us to look ahead to the key data coming this week, which is all about inflation. This data will immediately be tied to what the Fed will or won’t do in terms of tightening monetary policy. Also tied into the yield comments we look to Europe where yields are rising very quickly. Finally we touch on the slight pullback in oil prices to kick off the week.

Click here to follow along with Ed’s daily market note.

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Full Weekend Show Welcome to another KE Report Weekend Show! On This Weekend’s Show we focus on the weakness in US markets, flat gold price and jurisdictional risk in resource stocks. While most of the declines in markets can be attributed to central banks tightening monetary policy, we focus on where markets are going from here when rate hikes start to kick in.

We hope you all enjoy this Weekend’s Show. Please keep in touch by emailing us at Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 – Richard Postma, AKA Doc kicks off the show by sharing his outlook for US markets, commodities and gold. Doc recently stated he shifted to over 90% cash, we get the reasons why.
Segment 3 – Dana Lyons, Fund Manager and Editor at The Lyons Share updates us on his recent bearish market calls for US equities. We focus mostly on US markets and gold. Click here to learn more about The Lyons Share.
Segment 4 – Brian Leni, Founder and Editor of The Junior Stock Review wraps up the show by switching focus to resources stocks. We focus on jurisdictional risk for miners and explorers. Click here to visit Brian’s site.

Exclusive Company Interviews This Week

Ridgeline Minerals – Acquisition Of Robber Gulch Oxide Gold Project In Idaho, And 2022 Exploration Strategy At Selena And Swift In Nevada
Summa Silver – 2022 Exploration Strategy And Work Towards Maiden Resource Estimates At Both Mogollon And Hughes
Lion One Metals – Updates For The Ongoing Drill Program at Tuvatu, Including Infill Results Showing Very High Gold Grades
Aztec Minerals – Updates On The Current Drill Program At Cervantes and 2022 Plans at Tombstone
Fathom Nickel Sees Over 10 Meters Of High-grade Nickel And Copper Mineralization Using Portable XRF Scans
Radisson Mining – A Company Introduction And Exploration Overview At The O’Brien Gold Project
Exploits Discovery – Recapping The 2021 Exploration Work in Newfoundland, Including 13,500meters Of Drill, And A Look Ahead To Plans This Year

Doc Dana Lyons Brian Leni

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Steve Penny, Publisher of the SilverChartist Report, joins us to share a number of key charts on Crude Oil (WTIC) , the Oil:Uranium ratio, Uranium spot price, and the NS Global Uranium Mining ETF (URNM). (all posted below so you can follow along).

Steve sees probabilistic short term weakness in the oil price chart, but is constructive on it getting up to triple digits medium to longer term. We discuss the better setup for a move higher in uranium relative to oil and relative to where overhead resistance levels will come in. While the uranium miners have had a big corrective move, with more potential downside in the near to medium term, Steve outlines that the miners would respond in an outsized manner to any moves higher in the spot pricing, and that longer term he is still very constructive on the whole energy sector.

Click here to visit the SilverChartist website and sign up for Steve’s free email list. That is the best way to get a handle on Steve’s research.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to outline why he is increasingly confident gold will break down heading into the Fed rate hikes. We discuss why this would follow historical precedent leading into prior rate-hiking cycles, and why it would be preferred to see one last wash out to provide the impetus for solid rally higher in the precious metals once the rate hike cycle get moving and then eventually the Fed reverses course. This ties into a discussion on Jordan’s expectations that inflation has peaked and will start trending down, that the general markets may run into challenges, and that the US dollar will likely top out once the rate hiking cycle plays out.

Click here to visit The Daily Gold website and keep up to date on Jordan’s technical outlook.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx joins us to recap the key market news this week which ties into the three themes Marc thinks are key for investors to understand. These themes are; 1) Fed policy expectation tied in with today’s jobs data, 2) Rising rates in Europe, and 3) the oil price continues to breakout.

We address all three of these trends and related market and economic expectations.

Click here to visit Marc’s blog – Marc to Market.

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD – OTCQX:NFLDF) joins us to provide an update on the 2022 exploration plans across the numerous Projects held by the Company in Newfoundland, as well as recap the work done last year, in 2021.

Starting with the 2021 completed work we have Jeff outline the goals around the 13,500 meters of drilling completed in 2021 on 5 targets. The Company also completed a lot of surface work that continues to generate new targets. We then discuss this year’s plans to follow up on the drilling, when assays are received, and test new targets generated by all the surface work completed. With around C$14million in the bank the Company will be busy exploring and drilling for most of the year.

If you have any follow up questions for Jeff please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to read over the January 20th news release recapping all the work completed in 2021.

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Brien Lundin, Editor of the Gold Newsletter joins us to share his thoughts on the balance of raising capital versus drilling strategies for junior exploration companies in different types of macroeconomic environments.

We start off by discussing just how aggressive a drill play should be in raising capital in tougher markets like we have at present; and when it is better to wait for a turn in the market, and when is best to still forge ahead. Then we get Brien’s thoughts on whether he is more animated by companies that raise funds to try and make a new discovery, versus companies that raise capital to do resource expansion towards the goal of a resource estimate or economic study. We also discuss the overall health of the financing window at present for the junior mining companies.

We wrap up by outlining the why Great Bear Resources (TSX.V: GBR) (OTC: GTBAF) was such a template for a success story in junior mining from the initial discovery, to aggressive exploration expansion, to raising money at successively higher prices, to the takeover win for shareholders that freed up funds to then rotate into the next speculative exploration stories.

Click here to learn more about Brien’s Gold Newsletter.

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Rahul Paul, President and CEO of Radisson Mining (TSX.V: RDS) (OTC: RMRDF), joins us to overview the overall exploration results over the last few years on the flagship O’Brien Gold Project located in the Bousquet-Cadillac mining camp along the world-renowned Larder Lake-Cadillac Break in Abitibi, Québec. Since 2019 there has been 119,000 meters of drilling, with 87,000 meters published and released, 29,300 meters pending from 62 holes, and an additional 14,000 meters of deeper drilling planned for 2022.

Rahul outlined how there are 4 high-grade mineralized trends on the O’Brien Gold Project, and that the plan for drilling this year is test deeper zones in the target, which the mineralized trend along the Cadillac Break is known for, as well as to keep testing along strike. The goal will then be to compile all the drilling from the last few years into an updated resource estimate by year-end.

If anyone has any further questions for Rahul regarding Radisson Mining, then please email us at either Fleck@kereport.com or Shad@kereport.com.

https://www.radissonmining.com/press-releases/

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to recap the upward trending channel he has noted in the US dollar ever since the June FOMC meeting announced policy changes, and we take a look at how the 200 day moving average has been a key level of resistance for Silver. Craig outlines what scenarios could happen that would change the trend of both charts, and also points to the correlation between a wide range of markets, mostly due to the dependence on the Fed policy in response to inflation.

Click here to visit Craig’s site, TF Metals Report.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep-Show, joins us to review some of the moves in the technology sector, with weakness in many names from payment stocks to, small to mid-cap growth stocks, and even up to the leadership large-cap FAANG stocks. We dsicuss how earnings report misses, name changes, lower advertising budgets, and valuation metrics are coming into play, and how the market dynamics may be starting to change as far as how investors are approaching longer-term positions. We also discuss the importance of using technical analysis for those investors looking to trade these volatile markets. Joel offers some cogent thoughts and trading wisdom as a longer term market veteran and advised investors take account of where they are in their investing journey, their time horizon, risk tolerance, and personal goals.

Click here to visit the PreMarket Prep website.

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Erik Wetterling, Founder of The Hedgeless Horseman joins us for a discussion on investing in new discovery plays. This conversation came up on the back of the Bell Copper news release commenting on drill core including pictures of the core. This more than doubled the stock price.

We discuss the different stages of a discovery, from pre-discovery to follow up drill programs that continue to grow a discovery into a true asset and resource. We tie in typical stock moves that we see at each stage of the discovery and why some investors miss out on the biggest moves. On the other side of things we outline just how risky these plays are.

Click here to visit the Hedgeless Horseman website.

KER Commentary : Recent Episodes

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