The KE Report - SoundSage

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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.

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

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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 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.

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

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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

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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/

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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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

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

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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 Xfor more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

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

The KE Report: https://kereport.substack.com/
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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, B.C.

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/

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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.

Click here to follow the latest news from Kingsmen Resources

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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

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

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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

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

The KE Report: https://kereport.substack.com/
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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, located 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 Copper

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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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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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In this Company Update, I chat with Mike Spreadborough, Executive Co-Chairman, and Rohan Williams, General Manager of Exploration at Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF) to discuss upcoming exploration activities at the Tibooburra Gold Project in Western Australia.

Phase 2 Drilling Campaign Overview: The guys detail a 2,700-meter reverse circulation (RC) drilling program targeting high-priority prospects to build on previous high-grade intercepts.
Clone Prospect Expansion Strategy: Insights into step-out plans designed to test down-plunge extensions and define structural controls of near-surface gold mineralization.
Pioneer South Target Potential: An inside look at initial drill plans for a 600-meter continuous trend of outcropping gold quartz reefs returning significant rock chip assays.
Earn-In Joint Venture Milestones: A breakdown of project expenditure progress, operational control transitions, and broader regional exploration initiatives.
Portfolio-Wide Exploration Roadmap: Highlights from the updated corporate presentation, including near-term catalysts, regional soil programs, and active partner-led work across Australia.

Please email me with any follow up questions for Mike, Rohan, and the team at Novo Resources. My email address is 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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Greg McKenzie, President and CEO of Silver Storm Mining (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR), joins us for an update on the La Parrilla Silver Mine in Mexico. Greg breaks down where operations currently stand following their first concentrate shipments, what the ramp-up schedule looks like heading into next year, and how their ongoing drill program fits into the broader plan.

Key Discussion Points* Operational Ramp-Up at La Parrilla: What it took to get the plant and mine back online and the timeline to hit steady-state production. * Cost Structure and Cash Flow: Expected all-in sustaining costs (AISC), projected margins, and the path toward the target 3-million-ounce per year silver-equivalent run-rate. * The 15,000-Meter Drill Strategy: Where the surface and underground rigs are focusing to replace mined ounces and test fresh targets across their land package. * Offtake and Financial Support: How the multi-year deal with Samsung and backing from major shareholders like First Majestic and Eric Sprott help backstop operations.

Click here to listen to the introduction interview with Greg.

Click here to visit the Silver Storm Mining website to learn more about the Company

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In this Daily Editorial, we chat with Joel Elconin, co-host of PreMarket Prep and founder of the StockTrader Network. With market swings picking up after a busy week of economic news, Joel unpacks the aftermath of yesterday's Federal Reserve announcement, the latest moves in big tech, and how he's managing risk in his own portfolio right now.

Key Discussion Points:

Fed Decision Fallout & Rate Outlook: Joel gives his take on yesterday's Fed meeting, why Powell's comments rattled traders initially, and why he thinks rates might stay put much longer than the market expects.
Forced Selling & Deleveraging Spills: A look into the recent forced liquidations across over-leveraged hedge funds, and how institutional buyers stepped in to snag heavily discounted tech names.
Big Tech Earnings & the ETF Rebalancing Effect: Why Microsoft's earnings rebound caused unexpected collateral damage in unrelated software stocks due to rigid index weighting rules.
AI Market Expectations vs. Reality: Sorting out the spending hype around hyper-scalers, evaluating the "picks and shovels" trade, and why companies are realizing AI still can't replace core human talent.
Sector Rotations & Portfolio Strategy: Joel breaks down the move into value and defensive plays, key technical levels to watch on the S&P 500, and his rules for taking profits into market strength.

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/

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In this Daily Editorial, we sit down with TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot. TG walks us through the latest market moves, sharing his technical take on index divergences, sector rotations, and where he sees potential trade setups forming.

AI Trade Unwinding and Market Rotation: A look at recent chop in high-flying tech and chip stocks versus equal-weight market performance, including capitulation signals and where dip-buyers might jump back in.
Technical Signals & Moving Averages: Key indicators to watch, like the 50-day moving average, to figure out if we're seeing a real trend reversal or just a short-term bounce.
US Dollar & Precious Metals Outlook: How recent double-top price action in the US Dollar (USD) could give gold and silver room to breathe as they test critical support levels.
Copper Price vs. Copper Equities: Breaking down the current disconnect between spot copper ($CPER) and copper mining stocks ($COPX), plus the long-term setup for the sector.

Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.com/

Click here to visit the Profit Pilot YouTube page - https://www.youtube.com/@Profit-Pilot

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Cory Fleck and Shad Marquitz reconnect after a brief summer break to digest the latest price action across the commodity space. They take a close look at what’s driving the current market grind and where key sectors could be heading as the seasonal lull plays out.

Key Discussion Points:

Summer doldrums in full effect: Why low liquidity and quiet trading volume are keeping precious metals and broader commodities stuck in correction territory.
Fed policy and bond market realities: What rising ten-year yields mean for dollar strength and metals momentum.
Gold and silver chart setups: Looking at whether precious metals are quietly building a floor or just pausing before another leg lower.
Copper resilience versus equity lag: Why physical copper price action has stayed sturdy while copper stocks continue to drag.
Energy market wildcards: How ongoing geopolitical tension, crude swings, and shifting supply lines affect oil, and longer term potential future demand for natural gas, uranium, and critical minerals.
Navigating junior mining stocks: What investors need to keep in mind regarding cash burn, drill results, and tight financing conditions.

Please let us know your thoughts in the comments or through email! Our email addresses are Fleck@kereport.com and Shad@kereport.com

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Connor Pugliese, Vice President of Corporate Development for Summit Royalties Ltd. (TSX.V: SUM) (OTCQX: SUMMF), joins us to outline the value proposition from the current portfolio of 48 royalties and streams, but also the ability to grow with future transaction thanks to the announcement of US$50Million revolving credit facility.

On July 27th, the Company reported that it has entered into a credit agreement with National Bank of Canada for a revolving credit facility with an initial commitment of US$25 million. The Facility includes an accordion feature providing for up to an additional US$25 million, subject to the satisfaction or waiver of certain conditions, for total potential availability of US$50 million.

Key terms of the Facility include:

Maturity: The Facility has an initial tenor of three years, with Summit having the right to request an extension of the maturity date, subject to satisfaction or waiver of certain conditions and the consent of the lenders;
Purpose: The Facility is available for working capital and other general corporate purposes (including acquisitions permitted under the Facility);
Interest rate: Advances bear interest at the Secured Overnight Financing Rate or the Canadian Overnight Repo Rate Average, as applicable, plus a credit spread adjustment depending on the tenor of the applicable loan and 2.50% to 4.00% per annum, depending on the Corporation's net leverage ratio;
Standby fee: The undrawn portion of the Facility is subject to a standby fee of 0.5625% to 0.9000% per annum depending on the Corporation's net leverage ratio;
Financial covenants: The Facility requires the Corporation to meet certain financial covenants, including a net leverage ratio, an interest coverage ratio and a minimum liquidity amount;

Connor shares his background in the industry have created a number of royalties with Triple Flag PMs where mining companies are given much needed development capital in exchange for a royalty or stream on that project when it goes into production. We also highlight Drews background making accretive acquisitions on existing 3rd-party royalties and streams. The company will be pursuing both approaches for new transactions with this credit facility.

We review again the growth still available in the existing 4 producing royalties as well as the 2 development-stage royalties moving into initial production by year end but ramping up into commercial production in 2027. Wrapping up Connor outlines the value proposition for Summit Royalties both in terms of future compounded growth metrics, as well as in comparison to royalty peers in the sector.

Click here to follow the latest news from Summit Royalties

If you have any follow up questions for Connor about Summit Royalties, then please email them into us at Fleck@kereport.com or Shad@kereport.com.

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

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In this Company Update, we sit down with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF), to discuss major milestones at the flagship RC Gold Project in Yukon, Canada.

Key Discussion Points* 100% Ownership Consolidation: Mike details the accelerated acquisition of the Clear Creek property, completing full ownership of the strategic claim group containing the Rhosgobel deposit. * Royalty Structure and Strategy: Insights into the 5% NSR royalty on the Clear Creek property, including the option to buy down the royalty to 2% and the company’s right of first refusal. * 60,000-Meter Drill Program Update: Progress on the active drilling campaign across key targets including Rhosgobel, Contact Zone, Saddle, Eiger, and Bear Paw Breccia. * Assay Turnaround and Next Steps: What investors can expect regarding upcoming assay results, drill expansion plans, and progress toward an updated mineral resource estimate and PEA.

If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com.

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.com/

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[Recorded July 28, 2026] Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to discuss his investing outlook across multiple resource and general equity sectors in the current macroeconomic and geopolitical environment. He shares how he is managing his portfolio as it relates to gold, silver, PM stocks, A.I. Stocks, chip stocks, value stocks, and oil stocks.

The conversation kicks off around the precious metals sector, getting Sean’s outlook on what fundamentals are driving gold, the gold stocks, and silver.

Sean acknowledged the bearish price action in gold and gold stocks since the tops in late January and February to present, and would like to see the PMs just quit going down and stop making lower lows.
He points out that the world is sick of the weaponization of the US dollar, and so more central banks have been increasing their exposure to gold on their balance sheets, while diversifying out of the dollar and US treasuries.
He is generally constructive on the upcoming Q2 earnings which has just gotten underway, where producer margins were still very robust, even despite the higher energy inputs for the quarter.
Even if gold and silver continue to channel sideways then he still believes there are opportunities at present to pick up quality PM stocks.

Next we dove into the rotation in the general US equities out of some of the mega-cap tech leadership and out into other value sectors of the market.

Sectors like financials, healthcare, insurance, and companies generating large amounts of revenues from traditional businesses are providing more “certainty” in very volatile times and headlines.
Chinese A.I. platforms and chip companies could be quite disruptive to US tech companies, and this has roiled foreign stock markets like Korea and Taiwan.
Defense stocks, both traditional names and the next generation defense names in drones and counter-drones may be waking back up.
A recent Trump administration executive order focused on military contractors and the government focused on sourcing parts their supply chains from domestic sources, which may be a benefit to critical minerals stocks operating in the friendly trade partner sphere of influence.

Wrapping up we get Sean’s outlook on the wild headline driving oil price movements from the $60s up to the $90s and back down into the $70s, and how that may play into current opportunities in the energy stocks.

Sean is hanging on to his energy stocks for now, especially if they have solid fundamentals at these current prices, and pay a good dividend.
If the geopolitical tensions do calm down again, then he would be looking at accumulating more oil stocks if the WTI price got back down close to $70 again.

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

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Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q2 2026 operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina. We discuss the increased life of mine and MDN due to the acquisition of the adjacent Falcon Properties, and the ongoing 70,000 meter exploration program, both at surface and now with an underground drill rig. Additionally we get an update on the permitting process at the Lagoa Salgada VMS Project in Portugal and ongoing tradeoff studies for the coming Feasibility Study at the Mont Sorcier Iron Project in Quebec.

Q2 2026 MDN Operating Highlights:

Q2 Production of 15,415 vs 11,437 GEO in Q2 2025, 2026 first half Production of 28,257 vs 22,600 GEO in 2025
Heap leach production improved to deliver 9,981 GEO in the quarter
Underground development work continued; leading to increased production for H2/26
CIL plant continues to process a blend of stockpile material with an increasing mix of ore from underground operations, resulting in total production of 5,434 GEO in Q2
Acquisition of Falcon Properties has the potential to extend Heap Leach operations based on historical drill results.
Combined with the existing exploration program, the acquisition is expected to position the mine to add new mineable material quickly
Full year production guidance of 50,000-60,000 GEO maintained

Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the second quarter. He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside. We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend the project mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing.

On June 17th, the Cerrado gold announced that its wholly owned subsidiary, Redcorp - Empreendimentos Mineiros, Lda. (“Redcorp”) has been granted the injunctive relief it sought in connection with the opinion of the Portuguese Environmental Agency (Agência Portuguesa do Ambiente – “APA”). Granting of the injunction has the effect of suspending the effects of the APA opinion while the legal action commenced by Redcorp to overturn APA’s opinion continues to progress. This decision ensures that Redcorp continues to hold its concession contract and PIN classification for the Lagoa Salgada project valid and in good standing. Mark said the board and management team remain very constructive that a resolution will be found and were pleased that the court agreed with their position.

On July 15th the Company announced that it has elected to extend the completion date of the Bankable Feasibility Study at its Mont Sorcier high grade iron project in Quebec, led by Voyager Metals, a 100% owned subsidiary of Cerrado Gold, to review numerous optimization and trade off opportunities that have been identified during the BFS process as having the potential to materially enhance the overall value of the project.

Key Optimization Focus Areas Include: Enhanced Mine plan to reduce Overall Strip Ratio, Tailing Dam Construction, CAPEX and OPEX review in light of Ongoing Regional Inflation, Trade-off in Concentrate Quality vs Premium Price.

We wrap up discussing the underappreciated current valuation that the company is receiving for the producing MDN mine in Argentina, for both the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project.

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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Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive development update on all the derisking work going on with detailed engineering, the power has been secured with Hydro Quebec, the Company has been selected by Quebec for the New Filon Initiative which will expedite permitting, and an update on near-mine and regional exploration at the Troilus Copper-Gold Project located in northcentral Quebec, Canada.

Project Execution Progress Highlights

Detailed Engineering fully mobilized across process plant, infrastructure, site layout, 3D modelling and procurement support.
More than 40 bid packages have been issued for tender or are under technical and commercial evaluation, covering major process equipment, infrastructure, site services and enabling works.
Initial enabling infrastructure selections made for key water treatment and site support systems.
Major process equipment package progressing through final selection, representing an important upcoming milestone for Detailed Engineering and construction planning.
Geotechnical field drilling program completed, supporting foundation design, site layout, infrastructure planning and earthworks.
Independent third-party reviews of process plant design, Basic Engineering assumptions and capital cost methodology completed, with no material issues identified.

On June 10, 2026, Troilus Mining announced that it recently welcomed representatives from the Government of Québec to the Troilus Copper-Gold Project in north-central Québec for the official announcement of the allocation of 70 megawatts (“MW”) of hydroelectric power to the Project.

On July 27th, it was announced that the Troilus Project has been selected by Québec's Minister of Natural Resources and Forests, the Honourable Kateri Champagne Jourdain, as one of the first projects to benefit from Filon, a specialized support service established by the Government of Québec to enhance government coordination and support the advancement of strategic mining projects through the provincial permitting process.

Announced as part of Québec's 2025-2031 Strategy for the Development of Critical and Strategic Minerals, Filon is designed to strengthen coordination among government ministries and agencies involved in the authorization process for qualifying projects. The specialized support provided through the Filon initiative comes amid broader efforts by the Governments of Québec and Canada to improve the efficiency, clarity and predictability of regulatory processes for major projects through a dedicated team of mining specialists, the specialized support facilitates communication between project proponents and the government ministries and agencies responsible for issuing permits and authorizations, while maintaining Québec's rigorous environmental review framework.

Wrapping up we discussed the ongoing 40,000 meter drill program that has been focused on near-mine resource growth, high-grade target definition, and regional exploration across its 435 km² land package. Drilling is progressing on a combination of mine-plan optimization targets and previously identified regional opportunities.

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

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

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We are joined by Michael Rowley, President & CEO and Dr. Danie Grobler, Vice President of Exploration of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), live in the core shack at site, to provide a visual update of the key exploration work completed to date, the primary initiatives on tap for 2026, and the value proposition at the Stillwater West Ni-PGE-Cu-Co + Au project in Montana.

Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, copper, cobalt, chromium, and gold. Overall, Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.

Danie shares an overview of the structural controls of the geological environment that hosts the mineralization, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense. He goes on to outline why their 2025 exploration initiatives were successful and shows how there are several mineralized events in the sulfides bringing in pockets of higher-grade polymetallic zones within the overall bulk tonnage type of deposit

Danie highlights what they are learning from the geophysical surveys over their district-scale land package, and why their team has high-confidence in the ongoing 2026 drill program, to keep stepping out along the parameters and character of this mineralized trend.

Highlights and upcoming catalysts:

The updated MRE due out in Q3 will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus about a dozen select historic holes not included in the current estimate.
The update will build upon the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments.
The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.
Assays are pending from fresh drill core coming off the mountain in the 2026 program. Thus far the anticipated structural controls are holding up as expected.

If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Stillwater Critical Minerals 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 Stillwater Critical Minerals

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In this Daily Editorial, Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins the show to provide an insider's view from the trading desk on the latest developments across the global commodity space. Darrell breaks down key dynamic shifts in major commodity markets, including crude oil, natural gas, base metals, and precious metals:

Energy Volatility & Crude Oil: A look at why crude oil prices are swinging sharply, how geopolitical news continues to dominate the headlines, and the underlying fundamental factors shaping current risk premiums.
SPR Inventories & Supply Realities: Analysis of the persistent drawdown in Strategic Petroleum Reserves and what prolonged inventory declines could mean for long-term supply stability.
Natural Gas & Global LNG Flows: Discussion surrounding current Henry Hub pricing, seasonal demand patterns, and how maintenance schedules are impacting North American LNG export capacity.
Copper & Base Metal Fundamentals: An evaluation of copper’s steady floor, domestic inventory movements, and the potential implications of impending Department of Commerce decisions on copper tariffs.
Precious Metals & Macro Sentiment: Insight into gold and silver’s historic price swings, current support levels, and how institutional desk positioning is adapting to broader global economic uncertainty.

Click here to learn more about Bannockburn Capital Markets - https://www.bannockburnglobal.com/

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In this Company Update, we sit down with Alicia Milne, President and CEO of Q2 Metals (TSXV: QTWO | OTCQB: QUEXF | FSE: 458). Alicia breaks down the latest news out of the Cisco Lithium Project, coming off the final batch of winter drill assays and the kickoff of the 20,000-meter summer campaign. We dive into how the team plans to upgrade the maiden resource and what to expect from upcoming economic studies.

Winter Drill Results: Final assays wrap up the 10,000m winter program with high-grade spodumene hits over wide intercepts.
Summer Drill Strategy: What the team is targeting with 20,000 meters of drilling now underway, focusing on infill, resource conversion, and expansion targets.
Next Major Milestones: The setup for the upcoming Preliminary Economic Assessment (PEA), drill results and an updated resource.
Financial Runway: A look at the company’s ~$75M treasury and how it fully funds the current work program through key catalysts.

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

Click here to visit the Q2 Metals website - https://www.q2metals.com/

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In this edition of The KE Report Weekend Show, we dive deep into two critical resource sectors facing profound shifts: Platinum Group Metals (PGMs) and global energy. PGM expert Jeff Christian breaks down the extreme price volatility in platinum and palladium, separating speculative hype from true industrial fundamentals. Meanwhile, energy analyst Dan Steffens analyzes escalating Middle East conflicts, tight physical refine product inventories, and why the real global oil supply shock may hit harder in late summer.

Segment 1 & 2 - Jeff Christian, Managing Partner at CPM Group, discusses the platinum group metals (PGM) sector following the release of their annual PGM yearbook. During the interview, he breaks down the six noble metals that comprise the PGMs, analyzes the driver behind recent price spikes and corrections, and provides insight into market fundamentals, industrial applications, and long-term investment potential.
Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, discusses the energy and oil sector amid geopolitical conflicts, shifting market expectations, and the depletion of the US Strategic Petroleum Reserve. He highlights key market drivers, including broken supply chains, low refined product inventories, and high crack spreads, while outlining investment opportunities in high-dividend energy companies.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/

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In today’s Daily Editorial, we are joined by Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website. We dive into the key macro forces shaping global markets, including rising Treasury yields, rising US Dollar, energy price volatility, and central bank expectations ahead of upcoming central bank meetings. Mark breaks down the broader implications for currency trends and international capital flows.

Key Discussion Points:

Surging Treasury Yields: A look into the sharp rise in the US 10-year yield and how global bond markets are reacting to shifting duration risks.
US Dollar Momentum: An analysis of the greenback’s continued strength, driven by rate differentials and foreign equity inflows.
Oil Price Escalation: How the recent spike in crude contracts is reshaping inflation expectations and putting pressure on short-term rates.
Federal Reserve Outlook: Insights into market-implied probabilities for upcoming Fed meetings and the central bank's delicate balancing act.

Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/

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Robert Vallis, President, CEO, and Director of Tiger Gold Corp. (TSXV: TIGR) (OTCQB: TGRGF) (FSE: D150), joins me for an exploration update on the assay results returned for three drillholes from its Ceibal target at its Quinchía Gold Project in Colombia’s prolific Mid-Cauca gold belt. We review how results like this at Ceibal will be expanding the known 2 million ounces of gold resources, in all categories, already delineated from the Miraflores and Tesorito deposit areas. Additionally we discuss the blue-sky upside in a number of other regional targets across their district-scale land package.

Drilling at Ceibal has outlined a northwest to north-northwest trending mineralized corridor with an apparent strike length of at least 300 metres and an apparent width of approximately 375 metres. Mineralization has been traced to approximately 800 metres vertically below surface and remains open at depth. The geometry, true thickness, extent, and continuity of mineralization have not been defined at this early stage of exploration, and the corridor remains open to the northwest, southeast, and southwest.

Highlights:

CEDDH-011 intersected 685.35 m @ 0.6 g/t Au from surface and ended in mineralization
- including 7 m @ 1.0 g/t Au from 7 m downhole
- including 8 m @ 1.1 g/t Au from 42 m downhole
- including 12 m @ 1.5 g/t Au from 66 m downhole
- including 20 m @ 1.2 g/t Au from 86 m downhole
- including 16 m @ 1.2 g/t Au from 438 m downhole
- including 6 m @ 1.8 g/t Au from 660 m downhole
CEDDH-012 intersected 568.4 m @ 0.6 g/t Au from 309.5 m downhole, extending mineralization to approximately 800 m below surface
- including 5 m @ 1.0 g/t Au from 485 m downhole
- including 16.75 m @ 1.0 g/t Au from 784 m downhole
- including 12 m @ 1.2 g/t Au from 845 m downhole
- including 12 m @ 1.2 g/t Au from 864 m downhole
CEDDH-013 intersected 536 m @ 0.4 g/t Au from surface
- including 6 m @ 1.2 g/t Au from 6 m downhole
- including 6 m @ 1.2 g/t Au from 90 m downhole
- including 10 m @ 1.2 g/t Au from 102 m downhole
- including 6 m @ 1.1 g/t Au from 118m downhole

Drillholes CEDDH-014 and CEDDH-016 were collared approximately 165 metres and 220 metres northwest of CEDDH-013, along the interpreted apparent trend of the corridor, and were designed to test the northwesterly extent of the mineralized corridor beyond the area drilled to date. Drillhole CEDDH-015 was collared approximately 210 metres southeast of CEDDH-003 and was designed to test the southeasterly extent of the apparent mineralized corridor. Assays for all three holes are pending and will be reported in a subsequent news release.

Robert then highlights its broader 20,000-metre drill program with three diamond drill rigs, including one rig doing infill drilling at Tesorito and two rigs at Ceibal will support the continued definition and expansion of the project into an updated Mineral Resource Estimate in Q1 of 2027, which will then update the 2025 Preliminary Economic Assessment (PEA) with enhanced economics.

Wrapping up we touch up the even further bluesky exploration potential at depth under Tesorito and Ceibal, and the near-surface drill targets their team has been refining at the nearby Chuscal gold-copper target, and the untested corridor along the faults up into the Northeastern regional targets. There is also the 500,000 ounces of historic gold resources at Dos Quebradas to the Northwest.

If you have any follow up questions for Robert regarding Tiger Gold then please email those to me at Shad@kereport.com.

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In today’s Daily Editorial, we chat with Dana Lyons, Fund Manager and Editor of Lyons Share Pro, to dissect the shifting dynamics across global financial markets. As traditional tech leaders lose momentum, the conversation centers on internal market health, rotational trends, and technical setups driving major asset classes.

Key discussion points include:

Equity Market Rotation and Breadth: An analysis of shifting momentum within US equity broad averages, exploring how underlying breadth is supporting indices like the S&P 500 and Russell 2000 despite weakness in mega-cap technology.
Growth vs. Value Dynamics: A look at key index comparisons, such as RSP, IWM, IWD, and VTV, evaluating whether current market trends signal a temporary consolidation or a longer-term structural transition from growth into value sectors.
Bond Yields and the US Dollar: Technical insights into fixed income pressure, including the 10-year Treasury yield and TLT, along with the recent safe-haven bid and strength in the US Dollar Index (DXY).
Precious Metals Consolidation: A detailed chart review of gold (GLD) and silver (SLV), outlining key technical levels to watch after months of sideways action following early-year highs.
Commodity Trends in Energy and Copper: An overview of copper, copper miners (COPX), oil, and energy equities (XLE, XOI, OIH), highlighting technical divergences and long-term setup opportunities across critical minerals (REMX, LIT).

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/

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In this Company Update on The KE Report, Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX - OTCQX:DMXCF - Nasdaq First North: DMXSE SDB) joins me to unpack the results of the recently published Economic Impact Study (EIS) for the Viken Energy Metals Deposit in Sweden. Garrett outlines how the conceptual 13-year Phase 1 mine operation presents substantial economic, social, and strategic benefits for local communities, regional governments, and the Swedish state.

Key discussion points include:

Understanding Economic Impact Studies: Learn why conducting a third-party economic assessment is vital for quantifying local and state benefits beyond standard technical mine metrics.
Breakdown of Financial & Social Benefits: Discover how the projected US$7.66 billion headline economic contribution translates into corporate taxes, regional employment opportunities, and direct payouts to landowners.
Sweden's Mining Infrastructure & Labor: Gain insight into Sweden's deep mining heritage, skilled labor availability, and how local community connection impacts long-term operations.
Exploration Strategy & Near-Term Drilling: Hear about upcoming diamond drilling plans, high-priority geophysical targets, and the exploration timeline across the broader alum shale property portfolio.

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 - https://www.districtmetals.com/

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John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies as we head into Q2 earnings season later this week. We also discuss his outlook on the potential for more mergers and acquisitions, what stage of developer he is animated by, his outlook on royalty stocks, and the copper sector.

While Q2 earnings are not going to be as big as the record underlying metals prices seen in Q1, John believes the gold and silver producers will still report very solid revenues, because the average metals prices were the 2nd highest of any other quarter in history.

The caveat is that with the overall sector trend having been lower for the last 6 months in the underlying gold and silver prices, that this is what ultimately affects investor sentiment and stock price direction. The metals price direction is seemingly more germane than strong fundamentals, earnings, or value creation.
We debate whether the valuations in PM producers, which are now down closer to where they were back in Q3 and Q4 2025 are at a mismatch, considering the margins were still much larger in Q2 than those quarters. Many PM producers crashed down 40%-60% during the exact same time that they still generated near-record revenues and cashflows on their balance sheets.
We discuss where all that cash piling up has been going over the last few quarters as a return of capital to shareholders in share buybacks, new or increasing dividends, and why we aren’t seeing even more merger and acquisition transactions in this kind of environment.

John then distinguishes between the boring versus the opportune time to accumulate quality PM developers, to maximize the 2nd leg of the Lassonde Curve.

There is a typical lull in quality exploration stocks once they put out a resource estimate and put early-stage PEA economics on a project. Early-stage developers then face years of permitting, metallurgical and engineering studies, definition drilling, and the boring “orphan phase” of the Lassonde Curve; when speculators lose interest and rotate out to go chase other short-term catalysts.
John likes to focus on companies once they already have a compelling Feasibility Study in place and are closer to the construction decision, increasing their likelihood to become a takeover target by a larger company.
In general, John is more skeptical of explorers that become developers having the skillsets to build mines on their own, but he stresses that it really comes down to analyzing the management teams for their past track records, and the capabilities of their board and team.
Some select smaller to mid-tier producers, that bought divested mines from the majors, can also use those cashflows from operations at these higher metals prices to fuel and fund the progress on key flagship development projects.

Next, we point out how the royalty companies, that don’t have cost creep due to rising energy expenses or large labor costs, have still been chopped down by 30%-40% along with the rest of the PM sector; which makes little sense from a valuation standpoint.

John feels this is a prime example of an inefficient market where the fall in share prices and market caps creates a growing value proposition.
He’ll be using low-ball bids and weakness in the royalty stocks to keep accumulating.
His outlook is that we will continue to see a number of potential M&A deals in the royalty stocks, and this gives him comfort to go down the food chain into the mid-tier and smaller stocks, as they likely will be acquired by large companies with a better valuation multiple in the fullness of time.

Wrapping up we review the continued strength in the copper price, holding up near all-time highs, and why he remains longer-term bullish due to supply/demand fundamentals.

The caveat John mentions is that if there is a softening in AI data center buildouts, or if the Chinese AI platforms compete with domestic AI platforms, or if we see the lofty valuations in US equities roll over hard, in the near to medium-term, then this could also pressure copper and copper stocks to the downside.

Click here to follow John’s analysis and articles over at Substack

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Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the continued success sampling high-grade gold over broad strike lengths from underground development on the 1045 Level at the Mustang Mine at the Bralorne Gold Project, British Columbia, Canada. We also discuss their recent loan for purchasing ore-sorting equipment, the acquisition of Ben Nevis property, and the big-picture vision for the company’s future growth into multiple mines and satellite areas across their district.

The Company has successfully developed at the 1045 level on a continuous 127-metre strike length of high-grade gold mineralization along the BK-9870 Vein, averaging 21.52 grams per tonne (g/t) gold across an average true width of 0.83 metres.

Terry outlines that these encouraging results provide further validation of Talisker's geological model, demonstrating increasing grade and improved continuity of mineralized structures with depth within the Mustang Mine.
This was after the company had recently reported on previous results from the BK vein that returned a 60m strike length at 27g/t also on the 1045m level, and their team is pleased that lateral development at Mustang is returning results well beyond initial expectations.
He mentioned they are awaiting upcoming assays from development on the 1105m level above and from the new 1030m level, 15m below the 1045.

Next we discussed the news out July 17th which announced that the Company has entered into a loan agreement with Two Shores Capital Corp. for a delayed-draw term loan of up to $11.0 million to fund the acquisition of ore sorting and processing equipment. Terry mentions that they’ve already purchased the equipment, and some of the front-end crushing machinery is already showing up to site and then walks listeners through the timeline of final on-site testing of the ore sorting in the latter part of this year, and that it may impact run-of-mine material and show a significant reduction in waste rock as soon as H1 2027.

Additionally, we discussed the news out on July 13th that announced their acquisition of a 100% interest in the Ben Nevis property located contiguous to the Company’s Bralorne Gold Project in southwestern British Columbia from Coast Copper Corp.

The Property is strategically located south of the current Bralorne Gold Project and comprises 16 mineral tenure claims totaling 10,404.15 hectares.
The expanded land package lies southeast along the strike of the Cadwallader fault system which hosts the Bralorne deposits.
The new property expansion adds seven historic mineral occurrences and strengthens the Company’s exploration position by increasing the Bralorne Gold Project to 24,000 hectares spanning a 40-kilometre long mineralized district.

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

In full disclosure, Shad is a shareholder of Talisker 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 Talisker Resources

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In this episode, I sit down with Mike Spreadborough, Executive Co-Chairman, and Rohan Williams, General Manager of Exploration at Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF), for a deep dive into the company's recent exploration developments across their Australian portfolio. Mike and Rohan break down the maiden RC drilling program at the Wyloo Project in the Pilbara, outline new high-grade surface targets, and discuss the scale potential of their Toolunga Copper-Gold project.

Key discussion points include:

Wyloo Project Maiden RC Drilling: An intro to the preliminary results from the 16-hole RC program, proving the hydrothermal mineralization concept for silver and antimony.
Emerging Vera & Kavira Prospects: A quick look at recent high-grade rock chip sampling east and west of Wyloo and what it means for upcoming drill target generation.
Understanding Antimony & Economic Intersects: Clarifying how antimony grades are evaluated and what thresholds define an economic deposit.
Toolunga IOCG Copper-Gold Target: An overview of the 1,200 sq km land package, historical high-grade copper hits, and the three primary geophysical targets setting up early 2027 drilling.
Corporate Strategy & Near-Term Catalysts: How Novo is prioritizing capital across its extensive portfolio and what news flow investors should expect in the coming weeks.

Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is 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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Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins me to outline the news out today announcing that it has entered into an agreement with Barrick Mining Corporation; whereby Barrick has agreed to purchase 15,470,934 units of Kingfisher in a non-brokered private placement at a price of C$1.35 per Unit for gross proceeds of C$20,885,761.

Each Unit consists of one common share of Kingfisher and 0.5 of a common share purchase warrant. Each Warrant will have a term of two years and each whole Warrant will entitle the holder thereof to purchase one Kingfisher Share for a price of C$1.70 per Kingfisher Share.
The Placement will result in Barrick owning approximately 9.9% of the issued and outstanding Kingfisher Shares on a non-diluted post-transaction basis and 14.1% of the outstanding Kingfisher Shares on a partially diluted post-transaction basis, assuming exercise of all Warrants.
The Company has agreed to use at least 80% of the proceeds from the Placement for exploration and development of the HWY 37 Project, located in the Golden Triangle, British Columbia; with the balance for general working capital and other purposes.
Closing of the Placement is expected to occur on or before July 27, 2026, subject to customary closing conditions, including receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Dustin highlights the benefit of having some of the top-tier Barrick geologists to share ideas with their solid exploration team moving forward; and reiterated their technical bench-strength and the systematic approach that their team was already taking. The company already commenced a fully-funded 15,000 metre drill program earlier this month; and has 3 drill rigs currently turning in a three-pronged approach to various copper-gold porphyry and epithermal targets throughout the Hank-Mary district of the Hwy 37 Project.

Click here to follow the latest news from Kingfisher Metals

Click here to view the site visit video to the Hwy 37 Project

If you have questions for Dustin regarding Kingfisher Metals, then please email those to me at Shad@kereport.com.

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In this Company Update, Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V: AZT / OTCQB: AZZTF), joins me to discuss the recent extremely long width and high-grade drill results from the Tombstone Project in Arizona, highlighted by one of the thickest intersections ever recorded at the property. We discuss how advanced drilling techniques, deep targets, and improved assay turnaround times are positioning the company for its upcoming maiden Mineral Resource Estimate (MRE).

Key topics covered include:

Record-Breaking Drill Intersections: A look at hole TR26-30 (155.4 m averaging 1.08 gpt Au and 30.23 gpt Ag (1.63 gpt AuEq) within 198.1 m averaging 0.86 gpt Au and 24.52 gpt Ag (1.30 gpt AuEq)) and why the thickness and gold-silver grades mark a major milestone for the Tombstone property.
Expanding Beyond the Main Pit: How current reverse circulation (RC) drilling is pushing mineralization to the east and north, unlocking new exploration potential.
Testing Deep CRD Potential: Insights into the core drilling program, downhole geophysics, and what early observations reveal about deeper mineralized systems.
Timeline to Maiden Resource Estimate: An update on total meterage completed, improved lab turnarounds, and the expected target date for the initial MRE.

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/

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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 3 more advanced junior gold 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:

Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) - On July 16, 2026 the Company announced that it has received approval from the Bureau of Land Management for the fifth and most extensive modification to its Plan of Operations at its 100% owned 130km2 Atlanta Gold Mine Project in eastern Nevada.

The modification approves 78 additional reverse circulation ("RC") drill sites and 404 rotary air blast ("RAB") drill sites, enabling the Company to aggressively follow up on key mineralized targets and test extensions across the property.
With approximately C$18.1 million in cash and equivalents, Nevada King remains fully funded to complete its 40,000 metre Phase 4 RC drill program, of which approximately 12,000 metres have been drilled to date.

Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) – On July 9, 2026 the Company provided a construction and commissioning update regarding its Phase 1 gold-in-oxide heap leach project at the Cuiú Cuiú Gold District, Brazil.

Construction of the dry circuit for the Phase 1 gold-in-oxide heap leach project is now complete, with total project construction and commissioning now approximately 85% complete, and +90% of project costs committed under contract
Mining of gold-in-oxide ore has commenced, with ore being successfully processed by the sizer, agglomerated, and transported by conveyor systems to the heap leach pads

Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) (WKN: A40QYC) – On June 19, 2026, the Company announced the filing of a Preliminary Economic Assessment for the Auld Creek Gold Antimony Project located in the Reefton Goldfield on the West Coast of New Zealand.

Abraham Whaanga, BSc, MAusIMM (CP) of RSC has reviewed and verified the resource-related information disclosed herein.
Gary Davison, FAusIMM, Principal Mining Engineer and Director of Mining One Consultants, has reviewed the mining methods, mining capital and operating costs and is responsible for Economic Analysis.
Marius Phillips, NHD Ex Met, MAusIMM (CP), RPEQ and Technical Director of Pitch Black Group is responsible for information relating to plant capital and operating costs, mineral processing and metallurgical testing and recovery methods.

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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In today’s Daily Editorial, we sit down with Craig Hemke, Founder and Editor of TF Metals Report. Craig breaks down the quiet start to the trading week amidst broader geopolitical tension, steadying US Dollar strength, and key upcoming macroeconomic catalysts. We explore expectations surrounding the upcoming Federal Reserve meeting, projected interest rate movements, and incoming PCE inflation data. Additionally, we analyze the precious metals space, focusing on earnings expectations, valuation disparities, and market sentiment surrounding major producers like Newmont and Agnico Eagle Mines.

Key Discussion Points* Summer Trading Dynamics & Geopolitics: Exploring the market’s muted reaction to global conflict headlines, crude oil price fluctuations, and key technical levels in the US Dollar index. * Fed Quiet Period & Rate Outlook: Analyzing market expectations for the upcoming Federal Reserve policy meeting, potential rate hike scenarios, and the timing of a potential policy pivot. * Inflation Trends & PCE Preview: Evaluating incoming PCE data and how energy costs impact broad economic forecasts. * Precious Metals & Mining Earnings Sector Preview: Unpacking cost structures, profit margins, and overall market sentiment ahead of key quarterly reporting from major producers and mid-tier miners.

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

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In this episode, I sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | Frankfurt: 6MR1), to discuss the latest operational advancements at the Bethania Silver Project in Peru. David provides a comprehensive update on production scaling, corporate financial health, and the expanded exploration plans set to unfold throughout this year.

Key Discussion Points:

Bethania Operational Ramp-Up: How underground development, contractor additions, and operational momentum are setting the stage for a significant production increase by year-end.
Silver Price Sensitivity & Financial Outlook: Hear how Kuya Silver’s robust cash position insulates the company against market fluctuations and supports their path toward positive cash flow.
Underground & Surface Drill Program: Learn about the expansion to a multi-rig drilling strategy designed to extend vein systems, build high-grade resources, and test new district targets.
Pipeline Project Value Catalysts: Get an update on potential news flow and upcoming developments surrounding the Silver Kings project in Ontario and the Umm Hadid joint venture in Saudi Arabia.

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

Click here to visit the Kuya Silver website –https://kuyasilver.com/

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In this Company Update, I sit down with Tim Clark, President & CEO, and Valerie Doyon, Senior Geologist and VP of Geology (Quebec) of Fury Gold Mines (TSX: FURY | NYSE American: FURY). The team shares updates on their fully funded 2026 exploration programs, major drill campaigns, and the path toward developer status.

Key Discussion Points:

Eau Claire Exploration and Best-Ever Drill Results: Tim and Valérie dive into the Phase 2 drill results at the Eau Claire gold project in Quebec, highlighted by the best ever drill result on the project, and discuss the recent mobilization of a third drill rig.
The Path to an Updated Resource & Pre-Feasibility Study (PFS): Management outlines how conversion drilling is setting up an upgraded resource estimate by year-end, why historical modeling at $1,900 gold leaves massive untapped upside at current market prices, and what to expect from the upcoming Pre-Feasibility Study.
Committee Bay Program Kickoff: Tim details the start of the summer drilling campaign in Nunavut, exploring high-priority step-out targets.
High-Grade Lithium Upside: An overview of drill results from their Quebec lithium assets and how the company plan to eventually monetize this valuable non-core resource.

If you have any follow up questions for Tim or Bryan 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 - https://furygoldmines.com/

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This weekend edition of The KE Report explores the contrasting dynamics within the commodities sector. In the first segment, Brien Lundin, editor of the Gold Newsletter, breaks down the current correction in the precious metals market. In the second segment, energy experts Josef Schachter and Nathan Richie analyze recent volatility in crude oil and natural gas.

Segment 1 & 2 - Brien Lundin, editor of the Gold Newsletter, discusses the recent downward correction and volatility in the precious metals market. Drawing from investor sentiment at the recent Rick Rule conference, Brien highlights that despite near-term headwinds from a strong U.S. dollar and Federal Reserve policies, fundamental macroeconomic drivers like national debt and deficits will ultimately sustain a long-term bull market.
Click here to learn more about the Gold Newsletter. - https://goldnewsletter.com/
Segment 3 & 4 - Introducing Nathan Ritchie, VP of Energy Research and founder Josef Schachter of the Schachter Energy Report to discuss corporate modeling, price forecasting, and current stock opportunities within the oil and gas sectors. The duo highlighted critical growth catalysts, supply and demand metrics, and the strategic balance between shareholder returns and long-term capital reinvestment.
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
Click here to follow Josef on Substack at his Eye One Energy Report. - https://josefschachter.substack.com/

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Dave Cole, CEO, and Fred Bell, President and COO, of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), both join me for a visual tour through their key producing and development royalty and streaming assets.

We start off reviewing the key cornerstone gold and copper assets within their royalty portfolio of 18 cash-flowing royalties, 28 advanced development assets, and ~250 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.

In the process of going over key assets we touched upon the key news out yesterday on July 15th, regarding their strategic US$25 million investment package with Quilla Resources Inc. and its subsidiary Minera Pampa de Cobre S.A.C. (“MPC”) to expand Elemental’s royalty exposure to the producing Chapi Copper Project in Peru and support Quilla’s next phase of growth. Elemental acquired an additional perpetual, uncapped 1.0% NSR royalty over Quilla’s Pampa Negra and Candelaria concessions, increasing Elemental’s royalty interest to a total of 3.0% NSR

We also unpack the rationale and risk/reward proposition from their news out on May 14th announcing the definitive agreement to acquire all of the issued and outstanding common shares of Vizsla Royalties Corp. (TSX-V: VROY; OTCQX: VROY) by way of a court-approved plan of arrangement.

The new dividend has highlighted, which provides investors the option of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder. Their board of directors believes that Elemental Royalty Corp is currently positioned on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.

Click to follow the latest news from Elemental Royalty Corp

To see a comprehensive list of all Elemental Royalty Corp assets:

https://www.elementalroyalty.com/our-assets/

2026 Asset Royalty Handbook now available:

https://wp-elemental-royalty-2026.s3.eu-west-2.amazonaws.com/media/2026/06/ELE-Royalty-Asset-Handbook-2026.pdf

If you have any follow up questions for Dave or Fred at Elemental Royalty Corp, then please email those to me at Shad@kereport.com.

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

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In this Company Update, I welcome back Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF), to discuss the recent drill results from the RC Gold Project in the Yukon.

Key Discussion Points:

The Blackjack Drill Results: A deep dive into the geological significance of Hole 128, which delivered a 348 meter intercept of 1.12g/t gold.
The Depth Component: Why escalating grades at depth are reshaping the exploration model, shifting focus toward economic transitions from open-pit to underground operations.
Rhosgobel Expansion: An analysis of the first seven holes of the season and how they are expanding the known footprint of this key target area.
The Tungsten Advantage: The metallurgical potential of tungsten as a high-value byproduct to smooth out grades and boost overall project economics.
What Lies Ahead: A comprehensive look at the progress of the aggressive 60,000-meter program and upcoming catalysts from high-priority targets like the Saddle zone and Pukelman contact.

If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com.

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.com/

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Shane Williams, President and CEO Of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the key metrics from Q2 operations which demonstrated substantially higher mined ounces and gold produced at their flagship Madsen Gold Project, in the Red Lake district of Ontario, Canada.

Q2 Operating Highlights

Mined tonnage increased 46% to 75,524 tonnes in Q2 from 51,616 tonnes in Q1, while mined ounces increased 73% to 10,459 ounces from 6,033 ounces in the first quarter, reflecting both higher mining rates and an increase in average mined grade.
Gold production totaled 8,576 ounces during Q2 2026, representing a 51% increase from the 5,667 ounces produced in Q1 2026.
Due to increased mine productivity a surface stockpile of approximately 10,768 tonnes had been generated by the end of Q2 representing approximately 1,500 contained ounces of gold based on estimated grades.
The mill achieved average processing rates of approximately 842 tonnes per day (“tpd”). Over the second half of 2026, processing rates are expected to increase to approximately 1,000 tpd.

Shane reviewed that the development-focused strategy implemented during the first half of 2026 is now translating into measurable operating improvements as mine sequencing advanced to unlock multiple stoping fronts and operational flexibility continued to improve. Additionally, all the exploration success had at the 4447 Zone is now factoring into mining and production here in H2, and he points to all the recent success at the 904 Zone having a similar trajectory with first mining anticipated in H2 of 2027.

Next we discussed the higher All-In Sustaining Costs (AISC) in Q4 and Q1 and how the ongoing ramp-up in production will steadily lower the costs over the next few quarters. Shane highlighted that in the second half of this year that the shaft will be rehabilitated and begin hoisting ore, and this will further drive down costs over the next few quarters. The steady nameplate run-of-mine production and costs will likely be achieved in 2027 and beyond. We also discussed that the higher oil and diesel prices were not a major cost input and have very muted effect on their underground mining operations where the site mostly runs on cheap hydroelectric power.

We then discussed the next phase of growth which will see satellite deposits like Fork, Starratt-Olsen, and eventually Rowan augment the production at Lower Austin and Austin South at Madsen. The Company will be putting out a Pre-Feasibility Study in September wrapping updated economics around Madsen and factoring in how future production from Rowan would increase production growth and take the company to the next level of producer.

Wrapping up we discussed the many areas of focus for exploration and resource expansion, including greenfield surface targets, past producing brownfield areas like Starratt-Olsen and Mt Jamie, and underground targets as the company continues to dewater areas of Madsen that haven’t been touched by modern exploration or mining; with last mining occurring back in the 1960s and 1970s.

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 Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.

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

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources Ltd (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF), joins me for an exploration update reviewing the visual takeaways and geological interpretation from the first 10 holes from the 2026 drill program at the Surebet Discovery on the Golddigger Property; located in the Golden Triangle, B.C. Multiple step-out intercepts of gold-bearing mineralization have expanded the Bonanza Zone by 750 meters to the southwest, the Golden Gate Zone by 400 meters to the south and 200 meters to the north.

The Company is in a strong financial position with a fully funded large 50,000 meter expansion drill program lined up in 2026, that will be testing the limits of the mineralization, as well as pushing the geological thesis and their understanding of the multiple types of gold mineralization.

All drill holes completed thus far during the 2026 drill campaign have intersected quartz-sulphide mineralization which generally corresponds to high-grade gold mineralization.
10 out of 107 planned drill holes have been completed with a total of 4,983 m drilled in 2026.
Visible gold to the naked eye (VG-NE) has been intersected in multiple veins and shear zones from 6 out of 10 holes drilled in 2026, continuing to confirm the consistency of the mineralization within the Surebet system that remains wide open in multiple directions
Assays are pending on all 2026 drill holes completed to date.
5 drill rigs are turning at present, and 2 more rigs are on-site and will start up in a week.

If you have any questions for Roger about Goliath Resources, then please email them to me at 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

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Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join me for a visual exploration and development update on their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota, near existing mining infrastructure. We review all the drill results from 2025 and 2026 that will be incorporated into the upcoming resource estimate and Pre-Feasibility Study (PFS) in Q4, and the timeline of key development studies that will feed into updated Feasibility Study economics in 2027. We also highlight the upcoming drill program at their Maitland Gold Project, which will lead into a maiden resource estimate.

We start off with Shawn reviewing the existing site and regional infrastructure advantages along with the resources at Richmond Hill that were defined in prior years drilling, while Jack outlined the key economic metrics as outlined in the existing SK-1300 Internal Assessment of Cash Flow (IACF). Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029.

The 2026 Drill Campaign is now complete, and it totaled 17,273 meters of infill, expansion, and geotechnical drilling across 112 holes. Results from the 2025 and 2026 drill campaigns at Richmond Hill are being incorporated into a Pre-Feasibility Study (“PFS”) in the fourth quarter of 2026.

The exploration team has been encouraged by the series of solid results from the northeast expansion drilling, which continues to identify higher-grade zones that complement the large heap-leachable resource at Richmond Hill.
This data will support an updated mineral resource estimate, refine the geo-metallurgical model, and deliver a single optimized mine plan with sequencing.
Jack highlighted that the results being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results have encouraged their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.
These trade-off studies that will factor into the upcoming PFS will be analyzing the fine-tuning of the project economics around the grade optimization, mine optimization, amount of material processed, and run-of-mine streamlining.

Supported by their $107 million cash position as of March 31, 2026, Shawn pointed out that this strong capital position has allowed the Company to announce that they’ve secured the electrical substation build slot and are advancing engineering, site layout, and operational readiness along the project’s critical path. These workstreams will go above and beyond reporting reserves in 2026 PFS, and metallurgical test results and engineering studies will then inform the Feasibility Study to be completed in the first half of 2027.

Shawn reviews the maps of where the key site build-out will go on the private land, but also highlighted the potential to expand the Richmond Hill Project out beyond into the forest service lands in the fullness of time. There was information shared that there is also opportunities in the future for the sulphide material underneath the oxide material at Richmond Hill.

Wrapping up, Jack shares that the drill program for this year just got underway at the Maitland Gold Project, with 5,578 meters (18,300 feet) planned over 44 holes.

The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.
There may be some additional work into the JB Gold Zone which has iron formation mineralization similar to the Homestake Mine style of gold mineralization.

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Dakota Gold 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 Dakota Gold

Click here to view the YouTube Version of this interview:

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In this Company Update, I am joined by Eric Roth, President and CEO of Capella Minerals (TSXV: CMIL / OTCQB: CMILF), to discuss the company’s latest exploration advancements across northern Finland under their earn-in joint venture with Tümad. Eric shares critical insights from the recently completed winter drill program at the Killero East project, detailing what the high-grade copper mineralization and newly defined structural corridors mean for the system's overall scale. He also introduces the newly launched diamond drilling program at Killero West, where the team is actively targeting promising new gold-copper anomalies.

Key Topics Discussed:

Killero East Drill Results: What the high-grade copper, silver, and zinc intervals reveal about a potentially larger massive sulfide system.
Killero West Diamond Drilling Launch: Insights into the targets and goals behind the newly initiated scout drill program in northern Finland.
Tümad Earn-In Joint Venture Update: Where Capella stands with its Year 1 funding and drilling commitments under the joint venture.
Regional Pipeline Progress: An overview of upcoming results and permitting progress across the Company’s project portfolio. .

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

Click here to visit the Capella Minerals website to learn more about the Company.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to for a conversation around how he is navigating this low pricing, low sentiment, low news, and low volume Summer Doldrums period in his portfolio. This includes how he is approaching advanced developers versus earlier stage developers, and the spectrum of different gold and silver exploration companies.

We start off discussing the overall sector sentiment is mirroring the bearish metals and miners pricing backdrop. This is also evidenced in the very low volume levels in trading the last couple months from the large producers and sector ETFs all the way down to the junior PM stocks. There has not been nearly as much newsflow as anticipated across the space, where some companies have either sat on some news or scaled down their anticipated work programs.

Erik discusses how he is still animated by companies that have work catalysts that can impact their valuations and create alpha in the sector, and prefers those over more mature companies that have work programs that may only move the needle incrementally, and get stuck moving with sector beta and metals price direction.

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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In this Monday Daily Editorial, we sit down with Craig Hemki, Founder and Editor of the TF Metals Report, to discuss the ongoing search for a bottom in precious metal, amidst low overall sentiment. Craig outlines the heavy slate of US economic data and high-profile central bank commentary on the horizon that could break the current trend.

The conversation highlights several critical factors shaping the markets this week:

Upcoming Inflation Indicators: How the latest CPI and PPI prints could alter current expectations for rate hikes and impact real interest rates.
Humphrey-Hawkins Testimony: A look at what the upcoming Federal Reserve testimony before Congress means for market direction and future monetary policy.
Monthly Treasury Statement: A breakdown of the latest fiscal data, deficit spending numbers, and the long-term implications for bond yields and debt servicing.
The Copper vs. Precious Metals Divergence: A compelling comparison explaining why copper remains resilient near all-time highs while gold and silver struggle to find near-term momentum.

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

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This weekend's The KE Report Weekend Show provides a deep dive into the technical layout of the commodities sector and the shifting dynamics of the global currency markets. In two insightful segments, fund manager Dana Lyons shares his rigorous technical perspective on precious and red metals, while currency expert Marc Chandler breaks down recent dollar strength and the structural changes in global central bank reserves.

Segment 1 & 2 - Dana Lyons, a fund manager and editor of the Lyons Share Pro, kicks off the show to discuss how seasonality, political cycles, and chart trends impact various financial markets. Dana provides a comprehensive technical analysis, sharing a bearish short-term outlook for precious metals and copper while explaining why his models remain structurally bullish on general equities despite a recent leadership rotation into health care, financials, and small-cap stocks.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - https://lyonssharepro.com/
Segment 3 & 4 - Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market website, joins the show to analyze global currency trends, specifically examining the fundamental drivers behind recent U.S. dollar strength. He also highlights the gradual shift in central bank reserves away from the dollar toward gold and alternative currencies like the Australian dollar, while discussing how recent political developments in Europe are impacting the market.
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/

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Jason Jessup, CEO and Director of Magna Mining (TSX: NICU) (OTCQX: MGMNF), joins me for a review of Q2 operations at the McCreedy West Mine and the expedited development pathway for the Levack and Crean Hill mines located in Sudbury, Ontario. We also unpack the C$140 Million Strategic Investment by Alpayana, coming in as a new 19.9% stakeholder.

Q2 Operational Highlights:

As of June 26, 2026, McCreedy West had shipped 91,724 tons of ore from the 700 Copper Zone to Vale Base Metals’ Clarabelle mill in Sudbury, with four days remaining in the second quarter. This surpasses the 84,953 tons of ore produced in the fourth quarter of 2025 and represents a new quarterly record for McCreedy West under Magna ownership.
The average grade of the 66,445 tons of ore shipped during April and May is 3.55% copper equivalent (“CuEq”), based on the commodity prices assumed in the Company’s 2026 production and cost guidance. Final assays are pending for ore shipped in June but average grades for Q2 are anticipated to be near the upper end of the full year guidance range.
Underground development at McCreedy West during the quarter is anticipated to exceed 2,350 feet, also a record under Magna ownership.
McCreedy West has achieved a Total Reportable Injury Frequency Rate (“TRIFR”) of 0.0.
Numerous pieces of well-maintained underground equipment have been acquired from a nearby Sudbury operation that is moving into a state of closure for a total price of less than $1 million, well below market rates for equivalent used or new equipment. This equipment will be repurposed for use at the Company’s Levack Mine and to support other Magna projects in the Sudbury Basin with potential savings expected to be in the range of $9-12 million.

On July 6, 2026, the Company announced a non-brokered private placement financing with Alpayana S.A.C. to purchase 62,222,222 common shares of the Company at a price of C$2.25 per Share for aggregate gross proceeds of approximately C$140,000,000. At closing of the Offering, Alpayana is expected to hold approximately 19.9% of the issued and outstanding shares of Magna. Jason unpacked how the transaction came together, the shared values and business approaches between the 2 companies, and how this capital accelerates a dual-track development of both Levack and Crean Hill into commercial production by 2028.

The Company is planning to release a Preliminary Economic Assessment (“PEA”) for the Levack Mine in parallel with work to re-establish ore and waste hoisting capabilities during Q3. At present those economics will not include the high-grade drilling completed to date at the R2 Footwall Zone. We reviewed the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. Jason highlights that a development drift is being implemented to support ongoing underground exploration of this area, for the potential of future implementation into development plans.

Next we review the ongoing workstreams for Crean Hill that will be feeding into the upcoming PFS later this year. He notes that the significantly higher precious metals today compared to back in 2022 will be a factor that plays into the updated economics, and maps out that the ramp up into production could commence as early as H2 2027.

We wrap up discussing that the prior-producing Poldosky Mine and the development-stage Shakespeare Project are still both permitted assets of merit and will feed the development cue as mines number 4 and 5 further down the road.

Click here to follow along with the news at Magna Mining

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Magna Mining 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 chat with Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network, to dissect a shifting market landscape where classic tech leaders are taking a backseat to broader sector growth and what actually drives markets between valuations, momentum, seasonality, and economic data.

Key Discussion Points:* The Reality of Market Breadth: Discover why a widening market rarely signals a major top and what the rotation out of mega-cap tech means for the broader indices. * The AI CapEx Dilemma: Explore whether the massive infrastructure spend by hyper-scalers is finally hitting a wall of "too much compute" or if efficiency gains are just beginning. * Earnings and Valuation Disconnects: Examine the tension between strong fundamental earnings and growing street skepticism over future sustainability. * The Power of Momentum Over Macro: Learn why technical price action and underinvested market participants continue to override traditional economic warning signs.

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/

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[Recorded July 7, 2026] Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to discuss his investing outlook across multiple resource and energy sectors in the current macroeconomic environment. He shares how he is managing his portfolio as it relates to gold, gold stocks, oil, oil stocks, A.I. Stocks, and those infrastructure stocks adjacent to the massive A.I. datacenter buildouts.

The conversation kicks off around the precious metals sector, noting that the extreme selling pressure and downside momentum has stalled and that we did see a recent small bounce in gold and gold stocks off their lows since the middle of last week.

Sean acknowledged the bear market price action in gold and gold stocks since the tops in late January and February to present, and would like to see the PMs just quit going down and stop making lower lows.
We discussed the growing number of calls for entering a more a bullish period of seasonality, where the PM sector often bottoms in late July into early August.
Sean has been nibbling a little bit on quality PM producers into the overall sector correction, such as Aura Minerals (NASDAQ: AUGO), but ultimately wants to see more follow-through strength and a definitive break up out of the bearish downtrend, before getting more aggressive in adding to new positions.
He is constructive on the upcoming Q2 earnings, where producer margins were still very robust, even despite the higher energy inputs for the quarter. Now with oil prices down very close to levels before the war started, he’ll also be reviewing carefully the forward guidance from companies as it relates to projected costs for Q3.

Next we dove further into the WTI oil price movements into the $70s, and how that may play into current opportunities in the energy stocks, along with expectations around Fed policy.

Sean his hanging on to his energy stocks for now, especially if they have solid fundamentals at these current prices, and pay a good dividend.
He sees the markets as having become very tilted to overly hawkish expectations from Kevin Warsh’s comments on price stability in lieu of rising inflation concerns.
It’s possible that we may see 1 token rate hike from the Fed later in the year, but then it’s more likely to see neutral to dovish policies take back over, especially if energy prices stay in the $70s or low $80s and inflation moderates.

Sean weighs in on the narratives circulating about the potential overspend and over-commitment from big tech companies into the AI datacenter buildout.

Sean already exited profitable positions in the semiconductor chips, and recently pulled a 2nd wave of profits in most of the companies he held in his portfolio exposed to the infrastructure buildout of AI data centers, like Sterling Infrastructure, Inc. (NasdaqGS: STRL).
He notes several large mega-cap tech companies like Meta and Google now renting out some of their A.I. capacity as sign of an overbuild in compute; and draws parallels to the overbuild of fiberoptic cable during the dotcom bubble of the late 1990s into the internet stock crash in 2000-2001.
The rise of China’s less costly and equally efficient A.I. platforms pose a threat to domestic tech companies and may temper any further advances.
He points to the dangerous trends of previously cashflowing tech companies pivoting from profitability to now taking on massive amounts of corporate debt to keep building more compute capacity.
Sean outlined that there needs to be a market rationalization for how much further compute capacity and infrastructure buildout is actually needed, and that this industry may be out over its skis at this point.

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

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Tim Shearcroft, CEO and Co-Founder of BP Silver Corp. (TSX.V: BPAG) (OTCQB: BPSCF), joins me for an exploration update now that the 2,000-meter Phase 2 drill program has begun at the Cosuño Silver Project in Bolivia. This Phase 2 drilling forms part of a broader ~8,000 m diamond drilling campaign anticipated for 2026.

The Phase 2 drill program is designed to test the broader scale potential of the Cosuño lithocap-hosted hydrothermal system and build on the positive results of the Company's Phase 1 drill program; and will comprise approximately 20 to 24 diamond drill holes. The first drill hole is currently following up on high-grade silver mineralization intersected at the Pocañita Chica target, where discovery drilling returned 5 m grading 600.40 g/t silver, including 1 m grading 1,655 g/t silver.

We then discuss the series of other exploration workstreams that will be commencing over the next couple months, such as: the MAG Survey, IP Survey, more mapping and sampling. Together, these datasets are expected to improve significantly the Company’s understanding of the geometry, continuity, scale, and tenor of the vein and breccia systems across Cosuño.

Once this new data gets incorporated into the geological model, then it will lead into prioritizing the targets for the 6,000 meter Phase 3 drill program later this year. Tim also highlighted that Pocañita Grande will be getting its maiden drilling during the Phase 3 program, now that they have been developing roads and site access to this important target.

Click here to follow the latest news from BP Silver Corp

If you have any questions for Tim regarding BP Silver, then please email those into me at Shad@kereport.com.

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In today’s Daily Editorial, we chat with Dave Erfle, the founder of the Junior Miner Junky, to break down the latest price action in the precious metals sector. With gold and silver emerging from a multi-month pullback, Dave shares his technical outlook, major support thresholds, and the historical cycles keeping long-term investors grounded. This episode features an overview of key market indicators and sector ETFs, including GDX and GDXJ.

Here is a glimpse of the key discussion points covered in this episode:

Precious Metals Rebound: An analysis of the short-term trading rebound in gold and silver, highlighting the crucial psychological support levels currently holding the line.
Historical Market Analogues: Why the recent multi-month correction structurally resembles key cyclical moments from 2008, and what this pattern implies for the broader secular bull market.
Central Bank Accumulation: A look at the macro drivers keeping fundamentals strong, spearheaded by historic bullion purchasing from global central banks.
Junior Sector Catalysts: How a shifting corporate landscape and an upcoming deluge of junior mining news flow, including drill results, and economic studies could shake the sector out of its summer doldrums.

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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In this Company Update, I chat with Bob Archer, President and CEO of Pinnacle Silver & Gold (TSXV: PINN | OTCQB: PSGCF | FSE: P9J), to discuss the company's recent announcement regarding a strategic financing partnership for the El Potrero Project.

Bob breaks down the newly announced appointment of Auramet Capital Partners as a financier, detailing how this non-dilutive arrangement is designed to advance the asset toward small-scale production while protecting shareholder value. Bob also provides crucial updates on the company’s ongoing operational timelines, permitting processes, and exploration milestones.

Key discussion points include:

The Auramet Financing Structure: An overview of the US$5 million non-equity financing arrangement, the exclusivity terms, and how the relationship with Auramet dates back to successful historical ventures.
The Path to Production: A look at the anticipated 2027 timeline for restarting production at El Potrero, detailing upcoming capital expenditures from equipment procurement to infrastructure rehabilitation.
Underground Drilling Progress: Insights into the ongoing closely spaced underground drilling program, the strategy behind evaluating the vein's thickness and grade, and when investors can expect the next round of assay results.

Please email me with any follow up questions you have for Bob - Fleck@kereport.com.

Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news

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In this Company Update, I sit down with Dr. Paula Muto, founder and interim CEO of Apptly Health Technologies (CSE: APPT) (formerly known as UberDoc). Following the company's recent public listing, Dr. Muto explains the strategic restructuring designed to position the platform for rapid operational growth, enhanced physician integration, and recent major growth news.

Key discussion points include:

Strategic Corporate Restructuring: Why a pivot to a more physician-oriented leadership structure is accelerating the company's forward-facing marketplace goals.
Exponential Network Growth: An inside look at the consumer-side strategies that have already doubled patient/user growth, alongside a major new merger.
The Marketplace Growth: How the platform is integrating cutting-edge nutritional therapies and a subscription SaaS model featuring next-gen search engine indexing for doctors.
Game-Changing Healthcare Partnerships: The mechanics behind a massive new agreement that expands the platform's reach to tens of millions of employee lives through direct contracting.

Click here to visit the UberDoc website to learn more about the technology

Please note this interview was recorded early in the day on June 30th, 2026.

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In this Daily Editorial, Craig Hemke, Founder and Publisher of the TF Metals Report, joins me to discuss the moderating of the peak hawkishness in the markets around inflation and Fed policy expectations over the last couple weeks. Softening expectations have provided the conditions for the precious metals to begin to bottom and build a base, while lifting sector sentiment. We dive into the technical outlook for gold, silver, and PM equity prices, counterbalanced against the macroeconomic backdrop.

Key Discussion points:

Craig comments on pricing in gold, silver, and PM ETFs holding steady over the last week and not going down any further; and making a slight move higher.
There was legitimate chart damage done as pricing broke below the 200-day moving average, and 50-week moving averages as a ‘piling on’ effect from the peak hawkishness in the markets.
- However, if things calm down in these summer months and pricing consolidates through time, then those moving averages will coalesce and smooth out.
- This could rhyme with last summer’s sideways consolidation period, where the moving averages narrowed and built the energy for the short-duration price averages to break above the longer-duration price average to kick off the next leg higher in the bull market.
He believes most of the corrective move has now happened at this point; noting that every time gold moved below $4,000 that we witnessed strong buying come in to snap it back up over that level.
Craig reiterated that even if 2026 was to end the year flat and somewhere around the $4,340 level where it opened this year, that this would be solid performance after the outsized gains in gold on a percentage basis from 2024 and 2025.
Gold producers were chopped in half, on extreme negative sentiment from the falling metals prices paired with rising energy prices ever since the war broke out in March.
- Later in July and into August we’ll start getting the actual Q2 earnings reports from the PM producers, and Craig feels that they may surprise many investors to the upside.
- The average price of the metals and margins actually were higher than many quarters from last year, and definitely a stark difference compared to Q2 of 2025, for the year-over-year comparisons.
- Additionally, the actual effect of the higher oil prices on producers input costs versus the perceptions will be another key data point to follow. The fear around higher energy prices was the rationale many used to drop the valuation in producers by 40%-60%, even though the energy inputs only come in around 10%-15% of costs, and so the concerns were way overblown by skittish investors throughout Q2.
- As we receive Q3 guidance, it will come at time where oil prices are essentially right back down to where they were at before the war even began, which should bake those concerns back out of the cost estimates.
The Fed funds futures have swung to both extremes, coming into the year expecting 2 rate cuts, and flip-flopping by going to peak hawkishness and pricing in 2 rate hikes just a few weeks back, after Kevin Warsh’s first press conference post FOMC meeting.
Craig expects that as we get more data and those inflation expectations start to equilibrate, that the market will shift to more neutral Fed policy guidance moving into the Fall, which will be a boon for the precious metals sector.
- All eyes will be on the CPI and PPI numbers 2 weeks from now for more clarity on the trend in inflation.

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

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In this Daily Editorial, I chat with TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website. The rotation trend continues from mega-cap tech leadership out into a variety of market sectors, and then some sectors that have been under selling pressure, may have found short-term support for tradable rallies. TG provides the technical signals he is watching in tech, biotech, housing, cryptos, gold, copper, critical minerals, and oil.

Key Discussion Points

Broad Market Expansion: Discover why the current rally is broadening out significantly beyond just mega-cap tech giants, and how the Russell 2000 (IWM) and equal-weight S&P (RSP) are showcasing underlying market strength.
Interest Rates & Inflation Outlook: TG shares his contrarian perspective on bonds, and why he is looking to buy dips in the (TLT), in anticipation of neutral rates for now and eventual dovish monetary policy.
- If rates have topped out for now, then this creates a favorable backdrop for small cap stocks, like Rice Acquisition Corp (KRSP), and consumer stocks with a traditionally higher cost of capital.
Strength in Housing Stocks: This environment of peak interest rates that may roll over lower, is also constructive for real estate & housing, where he has noted recent strength in State Street SPDR S&P Homebuilder ETF (XHB), Opendoor Technologies (OPEN), and AirBnB Inc (ABNB).
Surging Biotech Stocks: Biotech stocks have been very strong recently, but may be reaching buying exhaustion soon. TG has had his subscribers long the sector since May in ETFs like ARK Genomic Revolution ETF (ARKG), Direxion Shares Daily S&P Biotech Bull 3X ETF (LABU), Tempus AI (TEM), and Intellia Therapeutics (NTLA).
The Cryptos Are Seeking Support: From the shifting dynamic of crypto miners into AI power generation to a technical breakdown of Bitcoin, Ethereum, and crypto repositories - find out if a digital asset turnaround is on the horizon. We look at the cryptos themselves like Bitcoin (BTC), Ethereum (ETH), and crypto-adjacent equities like MicroStrategy (MSTR), TeraWulf (WULF), Iris Energy (IREN), Galaxy Digital (GLXY).
Precious Metals Have Only Provided Bounces In Downtrends: An in-depth look at where Gold (GLD), Silver (SLV), and the VanEck Gold Miners ETF (GDX) might find technical support, after breaking down through key moving averages the last few months. Thus far all we’ve seen is relief rallies in broader PM downtrends.
Copper Has Been Rangebound: When contrasted against many metals, Copper and copper stocks have been more resilient, but have been in a whipsaw trendless market over the last few weeks. TG has sold out of copper stocks like Trekor Metals Ltd {formerly Taseko}, (TGB) and Southern Copper Corp (SCCO) until he sees more solid technical evidence of a break and trend in one direction or another.
Critical Minerals Overbought and Taking A Breather: After outsized moves this year, the narrative adjustment in AI datacenters and media focus, has seen the critical minerals stocks roll over after getting overbought on the charts. The VanEck Rare Earth/Strategic Metals ETF (REMX) and lithium and energy storage leaders like Albemarle Corp ALB have been rolling over after solid runs in 2026.
Oil Was A Short A Few Weeks Back, But May See A Bounce: TG noted the geopolitical effects on the oil price, after the MOU was signed between the US and Iran ending the hot war, but sees oil as technically oversold at this point. The technically oversold setup is similar in the State Street Energy Select Sector Index SPDR ETF (XLE), where a short-term relief rally would not be a surprise.

Click here to visit TG’s site – Profit Pilot – https://www.profit-pilot.com/

Click here to visit the Profit Pilot YouTube page – https://www.youtube.com/@Profit-Pilo

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Drew Clark, President and CEO of Summit Royalties Ltd. (TSX.V: SUM) (OTCQX: SUMMF), joins me to outline the transformational acquisition of Star Royalties Ltd. (TSXV: STRR, OTCQX: STRFF), which closed on July 3rd, 2026. The Arrangement materially expands Summit's portfolio with the addition of Star's royalty and streaming interests, including a 4% gold stream on Mining Americas Inc.'s (formerly Minera Alamos Inc.) Copperstone Project in Arizona.

The Copperstone gold stream provides Summit Royalties with exposure to a fully permitted Arizona gold development project where Mining Americas recently announced a positive pre-feasibility study and a formal construction decision. Based on the PFS results and current estimates, project construction is expected to take approximately one year, with initial production of 46,000 oz of gold per year anticipated by mid-2027.

Drew highlighted the upside potential to continue to grow the underground resources of the Copperstone Mine, considering Mining Americas having just announced a planned increase in the mill throughput from 600tpd to 1000tpd. Additionally, Mining Americas just announced there is a portion of resources outside of the PFS that exist in near-surface areas in proximity to the historic open pit excavations, and the Company believes there is potential for gold mineralization to be extracted via open pit mining methods. This open pit was not even factored in the initial valuation process, and Drew mentioned it was now like getting a gold stream on 2 mines for the price of 1.

Together with their existing portfolio, including a royalty on Jaguar Mining’s near-term producing Pitangui Project, where development is expected to commence in 2026 with first gold production targeted in 2027, this acquisition transaction of the gold stream on Copperstone strengthens the Company’s future revenue and cash flow growth.

With the closing of the Arrangement, Summit's portfolio now includes 48 royalties and streams, anchored with four producing assets, two assets expected to enter construction in 2026 which are targeted to begin production in 2027, and 42 additional royalties expected to add additional cash flow growth and optionality for years to come. The portfolio is focused mostly on gold and silver, and spans across 3 core jurisdictions - Canada, USA, and Australia. Summit is now the fastest growing company in the precious metals royalty sector; having completed their first royalty and stream transaction in May 2025, and just went public in the 2nd half of last year.

Summit Royalties has continued to demonstrate its ability to identify and execute accretive transactions, and intends to build on that momentum with discipline, to become the next mid-tier streaming and royalty company. Drew outlines that they are reviewing a few key term-sheets to keep making future actionable and accretive acquisitions to increase production and cash flow growth.

Improved capital markets presence and trading liquidity, with supportive shareholder base.
Pro forma Summit valued at a significant discount to peers on Price/NAV and Price/2027E cash flow per share (“CFPS”) basis.
The Corporation currently has no debt and sufficient cash on-hand for use in future acquisitions, as well as being in dialogue with financial institutions for adding a potential revolving credit facility.

If you have any follow up questions for Drew about Summit Royalties, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Summit Royalties 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 Summit Royalties

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Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQB:SRGXF), joins me for a comprehensive update covering the updated Mineral Resource Estimate and Pre-Feasibility Study (PFS), at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.

Leif mentioned that the completion of the Berg PFS marks an important milestone for Surge and materially advances one of Canada’s most significant undeveloped copper projects. Berg now stands out not only for its scale, but also for the quality of its development profile, with long-life production of copper as a primary metal, and industry leading molybdenum and silver output, strong infrastructure advantages, and access to low-carbon hydroelectric power. Just as importantly, this study reflects a great deal of technical work completed since the PEA and provides a more defined foundation for the next stage of advancement, including continued work with First Nations, formal entry into the environmental assessment process, and future feasibility-level studies.

Key highlights from PFS:

Base case after-tax NPV8% of C$4.6 billion, IRR of 24%, and payback period of 2.9 years, based on long-term commodity price assumptions of US$4.75/lb copper, US$20.00/lb molybdenum, US$45/oz silver, and US$3,500/oz gold and an exchange rate of 0.73 US$/C$
At spot prices as of June 2026 (US$6.45/lb copper, US$30.00/lb molybdenum, US$65/oz silver, and US$4,250/oz gold and an exchange rate of 0.73 US$/C$), a spot price sensitivity case generates an after-tax NPV8% of C$9.4 billion, an IRR of 36%, and a payback period of 1.8 years, underscoring the Project’s leverage to higher metal prices
Maiden Proven & Probable Mineral Reserve of 1.2 billion tonnes grading 0.22% copper, 0.026% molybdenum, 4.1 g/t silver, and 0.02 g/t gold, containing 5.8 billion pounds of copper, 687 million pounds of molybdenum, 160 million ounces of silver, and 0.8 million ounces of gold
Updated Mineral Resource Estimate includes Measured and Indicated Mineral Resources of 1.4 billion tonnes grading 0.21% copper, 0.025% molybdenum, 4.0 g/t silver, and 0.02 g/t gold, plus additional Inferred Mineral Resources of 1.0 billion tonnes grading 0.16% copper, 0.027% molybdenum, 4.3 g/t silver, and 0.01 g/t gold
28-year mine life with total production of 8.6 billion pounds (3.9 million tonnes) of copper equivalent (CuEq)1, including 4.9 billion pounds (2.2 million tonnes) of copper, 602 million pounds of molybdenum, and 89 million ounces of silver
First 5 years of steady-state production averages 416 million pounds (189 thousand tonnes) of copper equivalent annually, including 270 million pounds (122 thousand tonnes) of copper, 21 million pounds of molybdenum, and 4 million ounces of silver
Life of mine average annual production of 308 million pounds (140 thousand tonnes) of copper equivalent, including 176 million pounds (80 thousand tonnes) of copper, 21 million pounds of molybdenum, and 3 million ounces of silver
Life of mine C1 co-product cash costs of US$1.95/lb payable CuEq and by-product cash costs of US$(0.17)/lb payable Cu
Low life of mine strip ratio of 2.0:1, including waste pre-stripping requirements of 304 million tonnes
Initial capital cost of C$4.7 billion and sustaining capital of C$1.7 billion, based on an EPCM execution approach and a three-year construction period, and including a total life of mine contingency of C$715 million, implying initial capital intensity of US$24,416/t CuEq annual average production capacity, and life of mine capital intensity of US$0.55/lb recovered CuEq
Selected development case based on a 120,000 tonne per day concentrator and a new 230 kV transmission line connecting the Project to the BC Hydro grid, and downhill overland conveyor transport of ore to the process plant
Simple, stand-alone development case based on a single-phase build, conventional open pit mining and processing, with no reliance on phased expansions or third-party major infrastructure

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 weekend show, we replay the most popular Daily Editorials from the week. We feature Mike Larson and Robert Sinn both analyzing a volatile first half of 2026. The key theme uniting both interviews is the concept of a "market halftime", evaluating the massive rotations out of mega-cap tech, identifying potential bottoms in precious metals and crypto, and capitalizing on the global macro shifts driving energy and critical minerals.

- Segment 1 & 2 - Mike Larson, the editor-in-chief at The Money Show, kicks off the show to break down the shifts within the financial markets at the midpoint of the year. Larson provides a detailed review of the stark contrast between the first and second halves of the year, highlighting the massive rotation out of red-hot technology and AI sectors into underperforming areas like healthcare, while also noting that critical minerals are presently eclipsing precious metals as a focal point for generalist investors due to global supply chain and national security policies.
- Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.com/
Segment 3 & 4 - Robert Sinn, also known as "Goldfinger" on CEO.ca and "CEO Technician" on X, who is the publisher of Goldfinger Capital on YouTube and Substack. In the segment, Sinn shares his technical and fundamental analysis of the precious metals sector, highlighting a strong Q3 rebound for gold and silver, while discussing the potential for mining stocks to outperform later in the summer despite recent market drawdowns.
Follow Robert’s analysis on Substack

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In this edition of The KE Report, I sat down with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website, to unpack another full week of macroeconomic data. We focused on the US jobs report, GDP estimates for Q2, the mid-week European central bank meeting where Kevin Warsh spoke, the shift to an annual review of the Mexico/Canada/America (“MCA”) trade agreement, further geopolitics effects of tariffs and the Strait of Hormuz supply shock, and how all of that factors into interest rates, currencies, and international markets.

Key Discussion Points:

Jobs Report Metrics Come In Weaker Than Expected: The Bureau of Labor Statistics announced that the US added just 57,000 jobs in June, a slowdown from previous months and below the 113,000 economists expected. The unemployment rate, however, ticked down to 4.2%, below the expected 4.3%.
- Marc gets under-the-hood and looks at the nuances of the regular revisions to the jobs data, the nature of the data collection and inherent challenges with getting it all in a timely basis, and how the low participation rate effected the unemployment rate.
The Atlanta-based GDP Now Forecasts ~1.2% GDP Growth in Q2: While this number is also subject to revision when the official number comes out, and is contrast to Bloomberg’s 2.2% GDP growth estimate, it highlights a reduction in growth in Q2 versus Q1.
- When contrasting the 1.2% GDP growth estimate versus the May inflation reading at 4.2% area, some economists point to negative growth in “real” inflation-adjusted terms and point to this being stagflation. Marc weighs in on the conversation and is less convinced of the economy being in that kind of dire stagflationary pressure, and lays out the case for steady growth and how different segments of the economy are in different situations.
Inflation Expectations and Fed Policy: A few weeks after Fed Chair Kevin Warsh’s debut meeting, and after getting more comments from him this last week at the European Central Bank Forum, the market is pricing in a hawkish trajectory for the end of the year; with 1.5 hikes prices in. This is affecting the short-end of the bond yield curve, while the longer-dated treasury yields are flattening. Mark weighs in on the key takeaways in these trends as well as where "real" inflation-adjusted interest rates are coming in.
International Market Movers: Widening the scope beyond US markets, we discuss interest rates, currencies, and stock markets abroad from Europe to Asia, and the trends and moves by specific countries that have Marc’s attention.
Mexico/Canada/America (“MCA”) Trade Agreement Goes To Annual Review: Marc highlights that now that July 1st deadline has come and gone, the MCA is still intact, but now goes to an annual renewal and review for the next decade. This brings up the larger discussion around North American trade and economies of scale between the 3 countries, and the benefits of the MCA versus bilateral trade agreements.
Strait of Hormuz Supply Shock Effects Multiply: While the MOU for the ceasefire between the US and Iran is on unsure footing, there has been a significant drop in crude oil prices over the last couple of weeks, easing some future inflation expectations. However, the resulting supply shock in fertilizers and pesticides, had an impact on farming in a year where the warmer weather effects from El Niño are anticipated to result in lower food yields. This is one of the big themes Marc will be watching for the balance of this year and setting up for 2027.

Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.com/

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In this Daily Editorial on The KE Report, I chat with Joel Elconin, Co-Founder of the Pre-Market Prep Show and Founder of the Stock Trader Network, to discuss the “violent rotation trade” underneath the surface of the US equity markets. His big takeaway lately has been that “leaders have turned into laggards, and the laggards have now turned into leaders.”

We picked it up where we left off last week where Micron Technology (MU) and SanDisk (SNDK) had blasted up after a nice earnings beat, but then dropped precipitously this week.

Micron got “Broadcom’ed” by the market… Joel points out that initially Broadcom (AVGO) had rallied on its earnings, before then getting taken out to the woodshed and beaten down over the last month.

There have been pockets of strength lately, due to a rotation trade out of MAG-7 leadership and out into select financial stocks, consumer staples, mixed retail, utilities, biotech (XBI), healthcare (XLV), but Joel advised caution in chasing these sectors much higher.

Another laggard trade, that has morphed into a leader trade has the been the small cap stocks as evidenced by the move in the Russell 2000 (IWM) for the last year, and picking up pace over the last few months.

We discussed that some stocks, like Intel Corp (INTC), with a current forward PE ratio over 150, are making upside moves that normally take years in just a matter of days and weeks; and thus, their valuations are now priced to perfection far out into the future.

His concern is the eventual assertion of gravity in the markets, where valuations actually start to matter again.

Oil prices have collapsed since the MOU was signed between the US and Iran, which is a bright spot for consumers and businesses alike, and it should help with the inflation readings moving forward. However, Joel points out that if the WTI prices drop even lower and the trends shift over into a deflationary cycle, then that could roil the markets.

When probed about the potential rotation from growth into value in that kind of a scenario, Joel highlighted that this is what we are already starting to see under the surface of these markets, and that happens later in the cycle when traders get into a more defensive posture.

Joel flagged that his biggest concern at present is that the markets are content to focus on the benefits of the rotation trade, but if money quits pulling out of one asset class and plowing right back into another and instead just goes to the sidelines, then things could also morph into a “sell everything” market in the 2nd half of the year. For this reason, his posture and general outlook is moving from neutral to bearish looking ahead to the balance of 2026.

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/

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In this Daily Editorial from The KE Report, I sit down with Brien Lundin, Editor of the Gold Newsletter and host of the upcoming New Orleans Investment Conference, to get his outlook on where we are at in the precious metals market, and why he believes the bottoming process is already underway here in the mid-point of the year. We are transitioning from what was a very difficult correction in Q2, to a metals and mining prices that seem to have hit selling exhaustion and are bouncing up to kick off Q3.

While the short-term charts for gold have been under pressure, Brien highlights several under-the-radar shifts that suggest a market transition is underway in the PM complex.

Gold dipped briefly below $4,000 a few times, but didn’t stay there and quickly rebounded back up above that round psychological number each time. The last few days of June and first couple days of July have put some breathing room in between current prices and $4,000.
The Fed policy expectations went a bit too extreme in the hawkish camp, and Brien points out that eventually Kevin Warsh and the Fed will transition back to a more accommodative policy, using their task forces to define new readings on economic datapoint.
The stronger US dollar is not going to be the headwind some may expect, and is less relevant to the gold or silver price over the medium to longer-term than other macro trends.
We are entering an attractive window of seasonality, where often the lows in the PM sector occur between late July and early August and then rally for months into the Fall. While we could see a bit more continued price weakness, he sees that as a great spot to go shopping for companies on people’s watch lists.

The precious metals stocks are going to have a wave of positive news coming in Q3 from robust earnings in the producers, to cashed up exploration programs, resource estimate updates, and economic studies in the juniors.

Brien highlights the following companies as ones that have positive news catalysts on tap that he is keenly interested in following for H2: Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF), K2 Gold Corp (TSXV: KTOV) (OTCQX: KTGDF), Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF), Delta Resources Ltd (TSXV: DLTA) (OTC Pink: DTARF), and Auro Metals Inc. (TSXV: AURO) (OTCPK: AURFF).

Click here to learn more about the Gold Newsletter. – https://goldnewsletter.com/

Click here to learn more about the New Orleans Investment Conference on October 28-31.

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In this KE Report Company Update, I sit down with Luke Alexander, President and CEO of Newcore Gold (TSXV: NCAU / OTCQX: NCAUF), to break down the company’s crucial recent milestones at their flagship gold project in Ghana. Luke provides an overview of the key numbers in the newly released Pre-Feasibility Study (PFS). The conversation also highlights recent high-grade drill results expanding on the current resource base at the Enchi Gold Project.

Key Discussion Points:

The Strategic Shift to a CIL Flowsheet: Why transitioning from a heap leach model to Carbon-in-Leach (CIL) maximizes gold recoveries and aligns with West African mining standards.
Project Economics: A high-level overview of the key numbers in the PFS, including after-tax NPV, IRR, and payback period.
Significant Gold Price Leverage: How the project's valuation scales when modeled against higher gold prices.
High-Grade Drilling Results: Insights into the latest drill holes from the Nyam deposit that demonstrate strong potential to expand the mine life.

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

Click here to visit the Newcore Gold website. - https://newcoregold.com/

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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 for another wide-ranging discussion on his technical outlook, fundamental factors that matter, and portfolio management strategies in this current setup in gold, silver, and precious metals stocks heading into Q3.

We start off reviewing the bearish technical action on the charts from the Q1 peaks in January and February to the support breaking to lower prices in Q2 through the end of June.

Q2 had a very ugly bullish engulfing quarterly candle, which he just wrote about on Substack, but he also cautioned people that it doesn’t mean things are just going to go straight down from here.
Robert points out that selling compounded and Q2 closed up at max pessimism in the sector, and he noted that this is the type of environment where selling can become exhausted and where directional turns can happen.
Additionally, we noted the extreme low readings in sector sentiment, extreme low bullish breadth readings, and the weak seasonality factor, where the summer doldrums seemed to come early this year.
He highlights that turning over the calendar month & quarter can bring in different positioning from institutions, and that in seasonality terms, coming out of the US Independence Day long weekend can often set up a more constructive stretch in the PM complex for the next few months.

Next we addressed the fat margins that producers still had in Q2 and heading into Q3, despite the corrective moves in the metals and higher energy costs for the quarter, and potentially compressing margins some from where they were in Q1. We also outlined the constructive situation with regards to so many gold and silver explorers and developers being more cashed up than they have been in years, doing some of their largest work programs in years. We are going to have flood of positive sector news over the next few months that could be the catalysts to bring more buying and interest into the junior PM equities.

Wrapping up we discussed a few portfolio management strategies, where pullbacks in quality companies can be good accumulation points. Robert reiterated that investors should take inventory of what they own and why they own those stocks; shedding situations that are continually not working out, and focusing on their highest conviction stories that they have the best understanding of as their heaviest weightings.

Follow Robert’s analysis on Substack

https://ceo.ca/@goldfinger

Click here to follow Robert on X/Twitter

https://www.youtube.com/@GoldfingerCapital/videos

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Steve Penny, Founder and Publisher of The SilverChartist Report is back! Steve joins me in a wide-ranging discussion to rapid-fire through a number of monthly and daily charts and key technical analysis takeaways on: The US dollar, Silver, Gold, the VanEck Gold Miners ETF (GDX), the Amplify Junior Silver Miners ETF (SILJ), the Sprott Physical Uranium Trust (SRUUF), and the Sprott Uranium Miners ETF (URNM).

We also weave in macroeconomics, fundamental data on the focus commodities sectors, and approaches for using technical analysis to navigate fluctuations in investor sentiment.

To view the video segment of the interview, click the YouTube link below:

https://youtu.be/K27LeEaAswI

Click below to learn more about Steve’s Silver Chartist analysis & community:

https://silverchartist.com/plans

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The companies we discussed in the interview are: Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 gold junior resource stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

Integra Resources Corp. (TSXV: ITR; NYSE American: ITRG) – On June 25, 2026, the Company announced the results of its updated Technical Report Feasibility Study and Life-of-Mine Plan for the producing Florida Canyon Mine located in Nevada. Less than two years after acquiring Florida Canyon for $68 million, Integra has transformed the operation into a larger, longer-life asset with a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in annual gold production and active mining extended through 2033.
Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) – On June 25, 2026, the Company announced receipt of strong assay results from newly discovered feeder style mineralization at its Omu Sinter epithermal gold-silver project located in Omu, Hokkaido, Japan. Diamond drill hole 26OMS-002, a 53m vertical hole drilled near the eastern margin of the sinter target earlier this year, intercepted 0.98 gpt Au and 68.96 gpt Ag (2.06 gpt AuEq) over 47.7m beginning at the top of bedrock and continuing to the end of the hole.
K2 Gold Corporation (TSXV: KTOV) (OTCQX: KTGDF) – On June 25, 2026, the Company announced that it has commenced its 2026 exploration and 5,650 metre drilling program at the 100%-owned Mojave Project in Inyo County, California. K2 has commenced an initial drilling program with the approved Plan of Operations providing for up to approximately 14,000 metres of drilling across the Eastern Target Area and will be following up on prior compelling drill results from 2020 and 2021.
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

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

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Victor Cantore, President and CEO of Amex Exploration Inc. (TSX.V: AMX) (OTCQX: AMXEF) (FSE: MX0), joins me for a big picture update on their transition to development and near-term production at it flagship Perron Gold Project, located in Quebec, Canada. The Company will be changing its name to Amex Gold Mining Inc. in early July to reflect this transition into a developer/producer over the next 2 years; but will also be maintaining a 100,000 meter drill program, so there is still the dual-focus on exploration as well.

On June 18th, the Company announced the completion of the final tranche of the oversubscribed "best efforts" private placement for C$80Million, where Eldorado Gold maintained their 27% stake, and they have received receipt of the key permits for the upcoming bulk sampling program. We discussed how the bulk sample will achieve multiple goals of learning about the actual grade and metal recovery reconciliation measured against the metrics outlined in the positive Feasibility Study for the 5 years of commercial Phase 1 production at the project. The bulk sample will have an initial capital outlay of around C$50Million, but after processing ~40,000 tonnes via toll-milling at a nearby plant; and producing around 23,000-28,000 ounces of gold, this will generate revenues more than double that capex.

We discussed how the market does seem to fully appreciate or value that the Company will be mining and producing metals and revenues by the end of 2027. Additionally, Victor points out that the portal and decline/ramp development utilized in this upcoming bulk sample is the exact same plan envisioned in their economic study, and will shave all that capital, development work, and time off the front-end of Phase 1 development, providing a faster organic natural transition in Phase 1 commercial mining in 2028 simply by extending that ramp further into the mine.

We then discussed the even larger strategy where the revenues generated from the bulk sample in 2027, followed by the 4-5 years of DSO toll-mining in Phase 1, will then fund the exploration and development work that feeds into the Phase 2 studies. Phase 2 will envision the move into a larger production scenario building a processing plant on site, from the robust revenues projected during Phase 1.

In addition to all the development slated for this year, the company is pressing forward with an aggressive 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario. The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.

Click here to follow the latest news from Amex Exploration

If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Amex Exploration 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, I sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to provide a comprehensive, trading-desk perspective on the recent broad-based correction across the commodity complex. As the markets reach the half-year mark, Darrell breaks down the technical and fundamental forces driving recent sell-offs and what investors should watch heading into the second half of the year.

Key Discussion Points:

Broad-Based Market Correction: An overview of the recent sell-off across energy and metals, examining whether this indicates the end of the long-term commodity bull market or a healthy, constructive pause.
The Energy Complex & WTI Crude: A look at the bearish and bullish factors impacting oil as it tests key moving averages, alongside the market's reaction to regional conflicts and global supply disruptions.
Natural Gas Trends & Seasonality: Analysis of the current range-bound natural gas market, record temperatures in Europe, shifting US weather patterns, and the latest storage data.
Precious Metals & Gold's Psychological Floor: A deep dive into gold and silver's sharp corrections, the influence of a hawkish Federal Reserve, and how the $4,000 level is acting as a major technical support zone.
Base Metals Resilience & Copper Tariffs: An exploration of why copper remains the strongest major commodity despite broader base metal sell-offs, and what the upcoming tariff decisions mean for the market.

Click here to learn more about Bannockburn Capital Markets - https://www.bannockburnglobal.com/

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In this Daily Editorial, Craig Hemke, Founder and Publisher of the TF Metals Report, joins me to analyze the peak hawkishness in the precious metals market since last week. We dive into the macroeconomic backdrop as it relates to interest rates and Fed policy and the fallout after Kevin Warsh chaired his first FED meeting 2 weeks ago and addressed the markets focused on price stability.

Craig wrote an article last week titled: “Peak Hawk” outlining some of the topics we dove into during this discussion, and there is a link to that here:

https://www.tfmetalsreport.com/blog/13750/peak-hawk

Technical Levels to Watch:

- Craig comments on the break-down in gold, silver, and PM ETF breaking below the 200-day moving average, and 50-week moving averages as just a ‘piling on’ effect from this peak hawkishness in the markets.
- He believes most of the corrective move has happened at this point, and is anticipating 2026 to end somewhere around flat on the year; which he notes wouldn’t be too bad after the outsized gains in gold and silver in 2024 and 2025 on a percentage basis.
- He points out we may need that last capitulation move this summer to wash out any remaining weak hands, and to then base and bring in the new buyers that cause shorts to cover and begin a new upleg.
- Craig also points to the flattening yield curve, and where the 2-year and 10-year treasury yields have been trending as a factor worth paying attention to.

Kevin Warsh Will Be Speaking In Europe this Wednesday:

Kevin Warsh is participating in a policy panel at the European Central Bank Forum on Central Banking. Craig will be watching to see if he emphasizes the hawkish hold or dials it back a little at this meeting.
- The Fed funds futures are now anticipating 1-2 rate hikes this year versus the initially market anticipated rate cuts, coming into this year. We discuss the likelihood of the market has now swung so hawkish, that it may be excessive and misplaced.
Even if we see an initial hawkish rate hike, Craigs sees that as posturing, and doesn’t anticipate that we’d have long to wait after that before the economic data on inflation softens with lower energy prices now, and that monetary policy will adjusts course in the opposite direction, in a more dovish playbook… like it has over and over again historically.

We’ll Get The Jobs Data on Thursday This Week:

- The June BLS jobs report will be released on July 2, 2026, which is expected to show the creation of 172,000 new jobs. We are getting this data on Thursday, due to the observance of Independence Day on Friday.
- Additionally, the Conference Board's Consumer Confidence Index and the Job Openings and Labor Turnover Survey (JOLTS) will also be reported this week.

The Macroeconomic Fundamentals Haven’t Changed:

- Sovereign debt remains at record levels and most nations can not endure interest rates that go up to drastically. Craig highlights that “The Math is the math.”
- Throughout history, central banks have opted for printing more money and driving interest rates meaningfully lower, to inflate their way out of economic challenges, and to pay off higher interest debt with lower-rate debt.
- Overall, central banks continue to add gold to their balance sheets versus adding more US or foreign treasuries.

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

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Graham Richardson, CFO of Faraday Copper (TSX:FDY – OTCQX:CPPKF), joins me to provide a big picture overview of the key exploration and development objectives and shifting workstreams now that Faraday has entered into a non-binding letter of intent for the proposed acquisition of BHP's San Manuel Property, adjacent to their Copper Creek Project in Arizona.

This is truly a transformational transaction, which once closed, consolidates two adjacent and complementary assets in the heart of the Arizona copper corridor, at a time when sourcing of critical minerals within the USA is essential. We discuss how combining the historic open pit San Manuel Mine and robust Kalamazoo underground assets with Copper Creek Project’s at-surface open pit breccias and underground porphyry assets at American Eagle and Keel creates a multi-asset copper district in the USA; and one of the largest undeveloped copper projects in North America.

Strategic Rationale

Significant resource potential: The combined project would have the potential to become a multi-generational copper district delivering made-in-America copper.
Accelerates pathway to production: Opportunity to leverage the private land position of San Manuel to facilitate the potential for expedited copper cathode production from the combined projects.
Flexibility through private land and infrastructure: Additional ~27,000 acres of private land for site facilities and access to existing regional infrastructure, including road, rail, gas and power.
Centralizes infrastructure and reduces environmental footprint: The proximity of Copper Creek and San Manuel allows for the potential to leverage existing infrastructure and for future facilities to be shared between the projects, reducing the overall environmental footprint while enhancing capital efficiency.
The combined assets offer potential for project staging: Prioritization of copper cathode production, followed by open pit sulphides before development of underground operations.
BHP to become a strategic shareholder: BHP to join the Lundin Group as a strategic shareholder of Faraday to deliver USA copper supply through a consolidated district.

Phase 4 drilling at Copper Creek will be factored into an updated copper Resource Estimate, which will be paired with upcoming confirmation drilling of the San Manuel historic resource. This will set up a wrapping economics around the Phase 1 open pit development at both projects into a combined approach, and will be combined with other data-collection and metallurgical studies. The Phase 1 open pits will then fund the eventual development into the underground resources at Kalamazoo, and eventually American Eagle and Keel.

The Company is well-funded to deliver on its key milestones and benefits from a growing management team and board of directors with senior mining company experience and expertise to deliver on the pathway from development into production.

If you have any questions for Graham regarding Faraday Copper, then please email them to me at Shad@kereport.com.

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

Click here to view the latest news from Faraday Copper

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In this Company Update, Tara Christie, President and CEO of Banyan Gold (TSXV: BYN / OTCQB: BYAGF), joins the show to discuss the latest exploration and development milestones across the company's Yukon gold properties. Tara breaks down recent high-grade drill results at AurMac, the commencement of the regional drilling program at Nitra, and how the newly filed technical report sets a strong foundation for the upcoming Preliminary Economic Assessment (PEA).

Key discussion points include:

AurMac Project Drill Results: Insights into the recent high-grade intercepts from the Powerline deposit, including standout numbers over 5.5 g/t gold, and what these results mean for expanding the known high-grade core.
Nitro Project Exploration: An update on the newly initiated 7,500-meter diamond drilling program targeting regional targets to unlock district-scale potential.
Predictive Geological Modeling: How Banyan’s refined lithological model is successfully predicting higher-grade zones and bringing increased credibility to the resource.
Upcoming PEA and Valuation: A look ahead at the upcoming PEA catalysts in the second half of the year and the company's current valuation relative to its peers.

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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In this Company Update, I sit down with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX.V: SIG | OTCQB: SITKF | FSE: 1RF), to break down the latest high-grade drill results from the Blackjack deposit at their flagship RC Gold Project in the Yukon.

Mike discusses the strategic balance between infill and expansion drilling, explains how structural controls are guiding their deep exploration, and compares their current asset scale to Tier-1 gold systems in the region.

Key Discussion Points:

Recent High-Grade Drill Results: A look into the high-grade intercepts from the June 23rd release and what these mean for the asset.
Infill vs. Expansion Drilling: How the company is prioritizing shallow, near-surface ounces while simultaneously testing the boundaries of the deposit.
Deep Mining Trade-Off Studies: The ultimate goals for their deep drilling program and how it will shape future open-pit versus underground development decisions.
Understanding Visible Gold: The real-time exploration value of frequent visible gold observations in the core and its correlation with higher-grade pockets.
Corporate Scale and Target Size: Comparing Sitka's growing resource base to multi-million-ounce intrusion-related gold systems like Fort Knox and Eagle.

If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com.

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.com/

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In this Sunday special edition of The KE Report, I sat down with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website, to unpack a whirlwind week for global macroeconomics, geopolitics effects on the oil sector, central bank policy and how that factors into interest rates and currencies, and international markets.

Key Discussion Points:

Strait of Hormuz Geopolitics and The Oil Price Response: We discuss the significant drop in crude oil prices over the last couple of weeks as a market response to the MOU signed between the US and Iran, but counterbalance the conversation with the renewed tensions to end the week and heading into the weekend.
Inflation Expectations and Fed Policy: Two weeks after Fed Chair Warsh’s debut meeting, the market is pricing in a hawkish trajectory for the end of the year, which is affecting the short-end of the yield curve, while the longer-dated treasury yields are flattening. Mark weighs in on the key takeaways in the trends.
The Surging US Dollar Index: Why the dollar is breaking out of its year-long range, achieving new highs against the Japanese Yen and Canadian Dollar, and defying widespread expectations of a decline.
MAG-7 Leadership Rolls Over: We’ve seen many of the megacap tech stocks rolling over the last couple of weeks, and dissect whether this is healthy rotation into other sectors, or a more worrisome sign.
SpaceX IPO Fallout For The Space Stocks: We review the potential frothy market sentiment read of high profile IPOs like SpaceX and Anthropic, and what this means for the space sector valuations dropping most of this year. Mark points out that the increased issuance of shares overall in the market data means that the same money is chasing even more paper, and causing selling in some sectors to rotate into the new trending stories.
International Market Movers: We discuss interest rates, currencies, and stock markets abroad from Europe to Asia, and the trends and moves by specific countries that have Marc’s attention.

Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.com/

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As mega-cap tech giants experience sharp rotations and growing pains over artificial intelligence expenditures, savvy investors are looking toward the broader macro picture for stability and alpha. In this KE Report Weekend Edition Rick Bensignor and Josef Schachter break down the underlying forces shifting today's markets, tracing the path from volatile tech stocks and cooling precious metals to the quiet accumulation phase developing within the global energy sector.

Segment 1 & 2 - Rick Bensignor, the President of Bensignor Investment Strategies and founder of the In The Know Trader website. Rick discusses the current broad-based market pullback, emphasizing that while the tech sector has driven recent momentum, massive rotation and specific stock movements are creating complex dynamics. He also shares thoughts on the precious metals pullback and copper market.
Click here to visit the In The Know Trader website - https://intheknowtrader.com/
Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report and the Eye on Energy newsletter (on Substack), discusses the current sharp decline in oil prices and previews key indicators like the bullish percentage index to identify potential buying windows for energy stocks. Josef also lays out his long-term bullish thesis for commodities and outlines top natural gas and oil stock picks that are approaching bargain levels.
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
Click here to follow Josef on Substack at his Eye One Energy Report. - https://josefschachter.substack.com/

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Dana Lyons, fund manager and editor of the Lyons Share Pro website, joins me for an in-depth discussion around a number of market sectors and provides his technical insights and trading strategies around general US equity markets, some specific sector ETFS, and then commodities and resources stocks as it relates to oil, gold, silver, copper, rare earths, lithium, bitcoin, international markets, and emerging markets.

He makes the point that many sectors are working, even as mega-cap tech leadership has been rolling over. We discuss portfolio trading strategies, monitoring relative strength, where to sell the rips, and where to buy the dips.

Sectors and ETFs specifically addressed in this conversation:

(RSP) Invesco S&P 500 Equal Weight ETF
(RZG) Invesco S&P SmallCap 600 Pure Growth ETF
(RFG) Invesco S&P MidCap 400 Pure Growth ETF
(FBT) First Trust NYSE Arca Biotech ETF
(FXH) First Trust Health Care AlphaDEX ETF
(JETS) US Global Jets ETF
(XLE) State Street Energy Select SPDR ETF
(OIH) VanEck Oil Services ETF
(GLD) SPDR Gold Shares
(GDX) VanEck Gold Miners ETF
(SLV) iShares Silver Trust
(CPER) United States Copper Index
(COPJ) Sprott Junior Copper Miners ETF
(COPX) Global X Copper Miners ETF
(REMX) VanEck Rare Earth/Strategic Metals ETF
(LIT) Global X Lithium & Battery Tech ETF
(BTC/USD) Bitcoin
(EWY) iShares MSCI South Korea ETF
(EWT) iShares MSCI Taiwan ETF
(EEM) iShares MSCI Emerging Markets ETF
(IEMG) iShares Core MSCI Emerging Markets ETF

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services – https://lyonssharepro.com/

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Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins me to highlight the commencement of their fully-funded 15,000 metre drill program; in a three-pronged approach to various copper-gold targets in the Hank-Mary district of the Hwy 37 Project, in the Golden Triangle, British Columbia.

2026 Drill Program Update

The first diamond drill has re-entered the 2025 Hank Porphyry discovery hole (HW-25-011) with the goal of extending mineralization beyond the previously reported intercept of 425 m of 0.15% Cu, 0.21 g/t Au, and 2.2 g/t Ag (0.40% CuEq).1,2,3 The original intercept bottoms in increasing Cu grades at 959 m depth where potassic alteration is identified and becoming more prevalent. The second drill will collar in the Hank Porphyry Target area, stepping out over 300 metres, and complementing the first drill. The 3rd drill is set to arrive to site in early July and drill pads are being planned and set up.

2026 Field Program Underway

Reconnaissance prospecting and regional stream sediment sampling are also scheduled to begin shortly across the HWY 37 Project, with geological mapping and soil sampling scheduled to begin during the second week of July. Ground IP geophysics and the airborne Mobile Magnetotelluric (MMT) and magnetic surveys remain on track to commence around mid-July.

Hank Porphyry Cu-Au Discovery – Expansion and Delineation

The Hank porphyry Cu-Au discovery represents a well-defined, large-scale copper-gold target supported by multiple converging lines of geological and geophysical evidence:

Kilometre-scale geophysical anomalies: IP geophysics, magnetics, and magnetotellurics (MMT) anomalies all converging on the same broad target.
Compelling emplacement timing: Porphyry mineralization at Hank, Williams & Mary (~190–186 Ma) overlaps in time with the nearby Mitchell deposit (~196–189 Ma)⁴ the largest undeveloped Cu-Au deposit in Canada.

Hank Au Targets – Bulk Tonnage Gold Targets

At-surface bulk-tonnage gold targets proximal to the Hank Porphyry Target offer significant opportunities for expansion with untested wide-spaced gaps (up to 500 m) between historical drill holes despite evidence of strong gold endowment in historical drilling.

Historical results include:
- 55.8 m of 1.38 g/t Au (DDH84-4)
- 42.0 m of 2.52 g/t Au (DDH85-32)
- 63.0 m of 1.86 g/t Au (DDH85-45)
Several historical holes terminate in mineralization including DDH88-16 with 74 m of 0.43 g/t Au including 0.92 g/t in the last assay.

Structural High-Grade Au Targets

Updated LiDAR, geological interpretation, and 3D modelling are being used to identify higher-grade structural gold zones. Previous workers explored with a single NW-SE azimuth to drill holes, this created a strong bias on ore geometry. New interpretations indicate multiple and complex structural patterns would have been poorly tested by previous holes. Revised interpretations will test projections of identified structures and ore shoot concepts as well.

New Discovery Drilling – Turquoise, Rainbow, & Regional Porphyry Targets

Beyond the Hank Porphyry Target, the Company will conduct first-pass discovery drilling at the Turquoise and Rainbow targets, along with additional regional prospects. This initiative is focused on identifying large-tonnage porphyry systems across the full breadth of the Company’s multi-district-scale land package — providing multiple opportunities for new discovery.

If you have questions for Dustin regarding Kingfisher Metals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Kingfisher Metals

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Jason Jessup, CEO and Director of Magna Mining (TSX: NICU) (OTCQX: MGMNF), joins me for a review of Q1 operations and financials at the McCreedy West Mine located in Sudbury, Ontario, Canada. Then we dive into an overall exploration and development update at the prior-producing Levack Mine, and a development update at Crean Hill to map out what the pathway to restarting production would entail at both mines.

We start off noting the graduation from the TSX Venture Exchange (“TSXV”) to the Toronto Stock Exchange (“TSX”). The Common Shares just began trading on the TSX at market earlier this week on Tuesday, June 23, 2026, and will continue to trade under the current stock symbol, (“NICU”). Jason highlights the extra liquidity and potential for passive fund inclusion that this will present in the fullness of time.

Q1 Operations and Financial Highlights:

Positive cash margin of $6.0 million at the McCreedy West copper-precious metals-nickel Mine.
In Q1 2026, 82,296 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West at a grade of 3.38% copper equivalent (“CuEq”) based on realized metal prices in the quarter.
The Company produced 4.1 million CuEq payable pounds (“lbs”) in Q1 2026. With both tonnage and grades forecast to increase from Q1, the Company continues to expect to achieve full year production guidance of 16-18 million CuEq payable lbs.
Quarterly cash costs of US$3.48 per CuEq lb, and All-in sustaining costs (“AISC”) of US$4.21 per CuEq lb, respectively. Production costs per ton processed in Q1 2026 declined by 5.3% quarter over quarter to $214 per ton.
Ended Q1 2026 with cash and cash equivalents of $35.8 million and a working capital balance of $53.7 million.
Exploration and evaluation expenses in Q1 2026 of $2.8 million, including $2.3 million at Levack Mine as focus transitioned to infrastructure readiness to support early ore sources and new underground exploration platforms to test the R2 Footwall Zone, with completion of a Preliminary Economic Assessment (“PEA”) expected in Q3.
During Q1 2026, the Company announced initial Mining Reserves for the 700/PM copper-precious metals Zones at McCreedy West which demonstrate an initial three-year production profile, assuming forecasted mining rates which are in line with the current operation and 2026 guidance.

We reviewed the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine.

Highlights from the new assay results include:

MLV-26-14A W2 – intercepted 9.4% Cu, 2.3% Ni, 28.7 g/t Pt+Pd+Au, 52.9 g/t Ag (29.7% CuEq) over 3.4 metres,
- Including 18.7% Cu, 0.7% Ni, 60.2 g/t Pt+Pd+Au, 103.8 g/t Ag (57.0% CuEq) over 1.5 metres,
- And 21.4% Cu, 0.4% Ni, 40.8 g/t Pt+Pd+Au, 152.0 g/t Ag (34.0% CuEq) over 0.4 metres,
MLV-26-14A W3 - intercepted 22.5% Cu, 1.4% Ni, 49.9 g/t Pt+Pd+Au, 135.0 g/t Ag (43.9% CuEq) over 1.1 metres;
- And 14.0% Cu, 1.9% Ni, 47.2 g/t Pt+Pd+Au, 96.0 g/t Ag (36.2% CuEq) over 1.5 metres,

Next we review the ongoing workstreams for Crean Hill that will be feeding into the upcoming PFS later this year. He notes that the significantly higher precious metals today compared to back in 2022 will be a factor that plays into the updated economics, and maps out that the ramp-up into production could commence as early as H2 2027.

Click here to follow along with the news at Magna Mining

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

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

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In this Company Update, I am joined by Charles Funk, President and CEO of Heliostar Metals (TSXV: HSTR | OTCQX: HSTXF), for an in-depth corporate update reviewing spectacular new drill assays at Ana Paula and La Colorada, upcoming feasibility milestones, and newly secured permits at La Colorada.

Key Discussion Points:

The Ana Paula High-Grade Panel: Charles breaks down the continuity and width of the recent infill drilling results, highlighting why Ana Paula is tracking to become one of the most profitable, lowest-cost gold mines in the industry.
Unlocking the Deep Expansion Zone: We explore the geological upside sitting underneath the core high-grade resource, where step-out drilling that could significantly extend the mine's longevity.
The "North Zone Linkage" Discovery: Charles introduces a brand-new structural trend connecting separate mineralized zones, adding a fresh layer of exploration potential.
La Colorada's "Veta Madre Plus" Pit Expansion: We discuss the newly granted environmental permits and the strategic shift toward a larger pit design slated to add significant near-term production ounces by mid-2027.
Insulated Growth and Insider Alignment: Learn how the company's conservative budgets and low all-in sustaining costs protect shareholders from equity dilution, plus nearly $1 million in recent insider buying.

Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals.

Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.com/

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In this Daily Editorial on The KE Report, I chat with Joel Elconin, co-founder of the Pre-Market Prep Show and founder of the Stock Trader Network, to discuss a mixed week in US equities, where he highlights an “unsatisfied bid underneath the market.”

On the positive side of the market:

Micron Technology (MU) had an amazing day up over 15% after a solid earnings report and estimate beat, and this caused sympathetic buying in SanDisk (SNDK) up almost 22% on the day. It was a big day for hardware stocks.
The financial stocks, consumer staples, mixed retail, utilities, biotech (XBI), Caterpillar (CAT) and Deere (DE) all have had constructive moves higher lately.
Airline stocks and cruise stocks have been benefitting from the pullback in oil prices.

On the negative side of the market:

The MAG-7 megacap tech stock leadership has been rolling over lately, with Apple (AAPL), Nvidia (NVDA) , Meta (META), and Microsoft (MSFT) leading the charge down this week.
The SpaceX (SPCX) IPO highlights excessive market speculation and after a very big launch, it has now crashed back down to Earth, with pricing very near now to where it initially came to market; creating a lot of new bagholders.
Oil prices have collapsed since the MOU was signed between the US and Iran, but there was a slight lift today in oil and energy stocks on the news that projectiles were shot at a tanker by Iran in the Strait or Hormuz.

We debate how the wider market breadth rotating out of the megacap tech stocks into more areas of the market could show a healthier market, but Joel points out with the MAG-7 having a disproportionately high weighting in the S&P and Nasdaq, and with many institutions so heavily weighted to concentrated positions, that it has him leaning more neutral to bearish coming into the summer.

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/

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Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSX.V: OMG) (OTCQB: OMGGF), joins me for a special video presentation and visual exploration update, with mineralization expanding in the updated Resource Estimate to ~8 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America. We also discuss the dual path of the company now, split between exploration, and all the project derisking being factored into development and the upcoming updated economic study.

The Omai Gold Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent, intrusion-hosted Gilt Deposit (Figure 1), with a combined updated MRE (over the August 2025 MRE) of:

2,495,000 ounces of gold (Indicated MRE), a 17.6% increase, averaging 2.04 g/t Au in 38.1 Mt and
5,465,000 ounces of gold (Inferred MRE), a 24.7% increase, averaging 1.59 g/t Au in 106.6 Mt

That updated model will then be incorporated into the upcoming Preliminary Economic Assessment (PEA), slated for Q3 of 2026; building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.

That prior PEA did not yet include rest of the resources at Wenot or the expanded profile in the updated MRE, nor did it include the underground project economics from the Gilt Creek deposit.
The updated PEA slated for next quarter will be more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.

Multiple zones of gold mineralization were intersected in each of the recent assays from the ongoing 50,000-metre diamond drill program.

*Highlights from the recent drilling include:

Hole 26ODD-169 – 2.90 g/t Au over 22.9m o Including 9.13 g/t Au over 4.1m o 2.64 g/t Au over 19.2m o Including 4.90 g/t Au over 8.9m
Hole 26ODD-173 – 3.49 g/t Au over 16.9m o Including 13.21 g/t Au over 1.5m o Including 46.68 g/t Au over 0.6m o 3.86 g/t Au over 23.8m o Including 66.21 g/t Au over 0.8m o Including 28.33 g/t Au over 0.9m
Hole 26ODD-173W – 2.63 g/t Au over 11.5m o 3.68 g/t Au over 8.1m o 2.62 g/t Au over 13.1m o 5.79 g/t Au over 7.7m
Hole 26ODD-180 – 8.54 g/t Au over 20.6m o Including 25.89 g/t Au over 2.5m o Including 13.42 g/t Au over 5.8m o 3.43 g/t Au over 12.3m o Including 5.57 g/t Au over 5.4m
Hole 26ODD-183 – 2.96 g/t Au over 14.3m o 1.57 g/t Au over 22.5m o Including 3.94 g/t Au over 5.5m
Hole 26ODD-185 – 7.26 g/t Au over 34.8m o Including 19.94 g/t Au over 2.5m o Including 54.05 g/t Au over 1.5m o Including 9.83 g/t Au over 3.0m o 15.89 g/t Au over 1.9m o 1.71 g/t Au over 14.0m o 2.10 g/t Au over 10.9m o 7.22 g/t Au over 2.4m o 2.28 g/t Au over 6.9m

Next we discussed the favorable results from this first phase of metallurgical testing, and that both Wenot and Gilt are orogenic gold deposits that are responsive to reliable, industrially proven processing technologies and consistent with the historical production results.

High gold extraction was achieved from testwork with 93% gold (“Au”) extraction at 1.0 g/t Au to 95% Au extraction at 3.2 g/t Au, from a material grind size of 80% passing 75 microns

Wrapping up we discussed the company valuation compared to peers on a P/NAV basis and price per ounce basis, some of the recent high-profile M&A deals in the sector includingG2 Goldfields in Guyana, the ongoing permitting process work towards the EIA, and other derisking work on the Project, gathering all this data to be utilized in the upcoming PEA.

If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.

Click here to see the latest news from Omai Gold Mines.

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Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to recap the Q1 operations and financial update at their La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines: La Guitarra, Coloso, and Nazareno. We look ahead to the 2-phase mill expansion and upcoming increased 30,000 meters of drilling planned across the La Guitarra property. Additionally, we discussed the closing of the transaction for the Del Toro mining complex this week, and the increased drill program to 30,000 - 50,000 meters of drilling at the property starting in the second half of this year.

Highlights

Revenues: Gross silver revenues for the quarter totalled $5.9 million ($85.14 per ounce) and gold revenues totalled $5.1 million ($4,906 per ounce). Silver revenues for the quarter ended March 31, 2025 ("Q1 2025") totalled $2.3 million ($31.13 per ounce) and gold revenues totalled $2.9 million ($2,828 per ounce).
Sales: In Q1 2026, the Company sold 69,006 ounces of silver ("Ag") and 1,038 ounces of gold ("Au") or 128,827 silver equivalent ("AgEq") ounces, based on the ratio of silver and gold prices realized for each shipment in the quarter. This compares to 75,137 ounces of Ag and 1,022 ounces of Au or 165,093 AgEq ounces sold in Q1 2025.
Cash Costs for the quarter were $42.55 per AgEq ounce produced, as compared to $33.63 per AgEq ounce produced in Q4 2025 and $22.51 in Q1 2025 due to a number of factors including the ramp up of operations at Coloso and Nazareno and inflationary pressures on our input costs, as detailed below.
Adjusted EBITDA of $2.8 million for Q1 2026 compares to $1.1 million for Q1 2025.
Cash from Operations: the Company generated $3.5 million of cash from operating activities in Q1 2026 as compared to $729 thousand in Q1 2025.
Gross Profit was $3.61 million for Q1 2026, as compared to $1.36 million for Q1 2025.
Cash and cash equivalents and short-term investments at March 31, 2026 totalled $13.2 million and working capital totalled $14.4 million.
Cost Drivers: Ramp-up and development activities at Coloso and Nazareno drove a significant share of the current production from off-book, out-of-resource, lower-grade material, which weighed on unit mining costs. Gold and silver recovery declines stemmed from feed blend optimization across the three mines, further pressuring costs.
Coloso and Nazareno: Mining restarted at the higher-grade Coloso underground mine at the end of Q1 2025 (estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins). In September 2025, Sierra Madre also announced the restart of mining at the Nazareno mine. The Company is focused on ramping up operations at Coloso and Nazareno ahead of the increased plant throughput levels anticipated upon completion of Phase I of the Guitarra expansion.
Phase I and II production targets: In late April, Sierra Madre selected a special services contractor to provide equipment and manpower to accelerate mine development at Coloso and Nazareno. The contractor began mobilization to site in early May. Once the contractor is in place, the Company will be able to transfer its miners and equipment to the Guitarra mine to accelerate production.
Expansion Progress: For the two-phase expansion of the La Guitarra plant, Sierra Madre has acquired key equipment— including a second crusher (tested and installed) and a 600-700 tpd ball mill, now refurbished and under contract for installation, with commissioning expected in late Q2 2026. Construction crews for the ball mill foundation work have been mobilized to site and the purchase of critical equipment has begun.
Once the first stage of the expansion is completed, the planned second phase would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027; essentially doubling production capacity once again.

Beyond the production growth, we also focus on the substantial exploration programs planned for the 2nd half of this year both district-scale land packages.

There are 30,000 meters of drilling planned at the La Guitarra complex; and Alex points out that having their own assay lab should allow the company to quickly react to incoming assays at La Guitarra, going from 20 holes, to 40 holes, and then eventually 80 holes.
Now that the acquisition of the Del Toro Silver Mine complex in the Chalchihuites District in Mexico from First Majestic Silver Corp. has closed, there is a 50,000 meter drill program on tap. The goal of this program will be testing a number of high-priority targets and growing existing resources to extend the mine life for when a restart decision is made on these 3 mines and the 3,000 tpd plant.

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

In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.

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

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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 assortment of messy macroeconomic factors, how he is navigating the bearish metals price trends, and portfolio management strategies in select gold, copper, lithium, rare earths, and uranium stocks.

We start off reviewing the mix of messy macroeconomic movers like:

Market effects from the rising US Dollar – over 100 and climbing
Rising short-term interest rates at the short-end of the yield curve due to Fed policy and Warsh’s meeting and press conference last week; contrasted against flattening rates at the long-end of the curve
Rising inflation readings, but wild fluctuations between monthly and quarterly trends
Knock-on effects from geopolitics and continued uncertainty around the US/Iran MOU and supposed reopening of the Strait of Hormuz. Fluid situation causing increased volatility and impulsive reactions in both directions
Sovereign debt loads and how rising rates will pressure global governments
Capex investments in AI data-center build-outs are ongoing.

The majority of the macro news has been a headwind to the commodities sector, but it is a messy situation because there are positive tailwinds present at the same time. We discussed the pullback in oil prices, in precious metals prices, and copper prices and how Nick is navigating these markets.

After touching the hot stove in a few instances, (after taking a nibble at the GDXJ only to see it fall a bit further), he is not interested in trying to pick a bottom or “catch the falling knife” in most commodities.
Nick would prefer to see a sustainable real low put in for each respective commodity, like the PMs or Oil or Copper, and for a new uptrend to assert itself before deploying any more new capital.
He is more than happy to have a certain portfolio weighting to cash to wait out any more near-term market corrections, and is willing to deploy more cash once the turn higher is more clear.

With regards to portfolio management, Nick is concentrating his portfolio into less positions and fortifying his highest conviction investment stories with compelling catalysts. He is more likely to trim or sell positions that were picked up based on bullish metals price direction, or as a result of spinouts, or where he is not as confident on the assets or management teams. He recommends investors take inventory of what they own, and the investment case for why they own it and only be in the higher conviction stories.

Nick highlighted Gladiator Metals Corp. (TSXV: GLAD) (OTCQB: GDTRF) for copper, and Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF) for gold as 2 positions he has held for some time in his portfolio that he is happy to hold through any more volatility and even add to in their weighting. He points out that both companies have solid management teams and projects, and both still have a lot of drilling on tap for this season as a catalyst.
There are also gold stocks on his watchlist that are becoming more attractive during this ongoing sector correction, like Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE), Tiernan Gold Corp. (TSXV : TNGD), or copper stocks like Amerigo Resources Ltd. (TSX: ARG) (OTCQX: ARREF) or Ero Copper Corp. (TSX: ERO, NYSE: ERO) that he is keeping a close eye on for a potential future position.

When reviewing where he is seeing the most strength in the commodities sector, Nick highlights the Critical Minerals as having been the most resilient.

He points out that the Global X Lithium and Battery ETF (NYSE: LIT) and lithium developers like Q2 Metals Corp. (TSX.V: QTWO) (OTCQB: QUEXF) and PMET Resources Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) have held up better than most other metals or resource stocks.
Nick highlights the ongoing direct investment and policy initiatives into the rare earths processors, separators, recyclers, noting prior investments into USA Rare Earth, Inc. (Nasdaq: USAR), MP Materials (NYSE: MP), or the news this week where Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) was approved for a $725 million financing commitment from the Department of War, U.S. Office of Strategic Capital, to support infrastructure and capacity to process rare earth elements and other critical materials.
Uranium and nuclear stocks have also been soft ever since the big move up in January, but Nick outlined the continued support from many sovereign nations to invest in both their nuclear infrastructure as well as uranium miners with projects of significance.
- Cameco Corporation (TSX: CCO; NYSE: CCJ) announced yesterday a conditional commitment for a loan package of up to US$17.5 billion by the US Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) to reenergize the large-scale nuclear reactor supply chain, drive down costs, and accelerate the deployment of AP1000 reactors in the US and globally.

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

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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. Justin provides some boots-on-the-ground feedback, after just recently attending the WNFM 52nd Annual Meeting and International Conference on Nuclear Fuel in Scottsdale, Arizona. We discuss primary versus secondary demand, how the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle, and how he is positioning in the uranium equities that feed the front-end of that supply chain.

This is a longer-format discussion building upon our prior conversations throughout 2024 and 2025, because even more key macro news and company developments continue to be announced in the nuclear and uranium sector.

We start off reviewing the Primary Demand drivers for uranium from the existing global fleet of nuclear reactors, which is augmented by the many reactor life extensions and restarts, as well as all the new reactors coming online over the next decade that are under construction or planned. The investing case for uranium bulls is compelling even with conservative modeling on this primary demand out for the next 5-10 years.

Next we layer on the various aspects of Secondary Demand that are harder to model, but will definitely have an additive effect on overall global uranium demand:

Financial demand from entities like the Sprott Physical Uranium Trust, Yellowcake, hedge funds, institutional buyers, etc…
Sovereign stockpiles and strategic reserves
Utility companies inventory stockpiles
Small Modular Reactors (SMRs) demand
Military demand

Next we transition over the supply side of the equation focusing on the uranium mining companies. We’ve seen a flurry of news the last couple years out of the U308 producers, many of which have been struggling to ramp up production.

Justin unpacks his outlook on mined supply from Kazatomprom, the largest uranium swing producer in Kazakhstan, the slow ramp up of Uzbekistan production, missed guidance last year from Canadian senior uranium producer Cameco (CCO.V) (CCJ), and the slow but steady ramp up of US producers.
Each country and the producing entities have had a series of setbacks and challenges to hit their annual guidance, which has kept supply and inventories tight.

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 importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing their production 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, Namibia, and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.

Justin weighs in on the importance of seeing more developers and explorers move their projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.

Wrapping up we discuss the utility and diversification with some of the sector ETFs like (URA), (URNM), (URNJ), and (NUKZ), and the interesting potential buy-the-dip moment in the nuclear stocks, while the markets are quiet with less speculative participation.

Click here to visit the Uranium Insider website.

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review the news out June 22nd, announcing the updated project economics in the Definitive Feasibility Study (“DFS) on the Company’s wholly owned Diablillos property in Argentina. We look at the multiple value levers the company has to pull on for a rerating to higher once the upcoming Phase 2 economics study incorporates the heap leach or higher throughput rates, in addition to all exploration and resource expansion potential and even just the upside present if rerated higher to peer comparable metrics.

In May the company released an updated Mineral Resource Estimate (“MRE”), which demonstrated significant growth across the Project, with Measured & Indicated (“M&I”) resources now totaling 232 million tonnes (“Mt”), containing approximately 248 million ounces (“Moz”) of silver and 2.54 Moz of gold (454 Moz silver-equivalent “AgEq”). For the first time ever, the DFS released this week includes the Project reserves as proven and probable ounces.

Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.

The DFS positions Diablillos as one of the world's premier undeveloped silver-gold projects, based on a stand-alone 9,000 tonnes per day (“tpd”) processing operation that delivers robust economics, high early production levels and low operating costs.

DFS Study Highlights:

After-tax NPV5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices.
- At spot prices1, after-tax NPV5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years.
Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au;
- Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”).
Low All-in Sustaining Cash Costs (“AISC”)2 of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally.
Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow.
Compelling after-tax NPV-to-Capex ratio of 4.2x, highlighting the Project’s robust project economics and strong value generation potential.
Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.
First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027.
Multiple opportunities exist to further enhance Project value beyond the DFS, including:
- A Phase 2 heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production, with results from a Preliminary Economic Assessment (the “Heap Leach PEA”) expected before the end of June 2026;
- Potential future plant throughput expansion to increase annual silver and gold production; and
- Continued exploration success across the broader Diablillos district
Enhanced TSF incorporates a downstream waste rock buttress design, to eliminate credible failure risk while reducing haulage costs and dust generation.
Grid power connection planned in Year 3, reducing both operating costs and carbon emissions.
The Compnay has already received approval of the Environmental Impact Assessment (EIA) {“Declaración de Impacto Ambiental” or “DIA”} from the Government of Salta Province in Argentina, and should have the final permit approved from the Catamarca Province imminently.

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

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

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

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In this Daily Editorial, Craig Hemke, Founder and Publisher of the TF Metals Report, joins me to analyze the unusual intra-day swings in the precious metals market ever since the signing of the US/Iran MOU ending the war, and since Kevin Warsh chaired his first FED meeting and addressed the markets last week.

In this episode, we cover:

Technical Levels to Watch:
- Craig comments on the break-down in gold and silver below the 200-day moving average, resulting in weakening pricing momentum.
- This is creating the potential for gold to dip below it’s double bottom around $4,100 and silver to retest or dip below its double bottom around $61.
- Even if gold breaks below $4,000 into the mid $3,000s or if Silver breaks $61 and heads down to the $54 support level from last falls “double-top,” Craig points out that still would not invalidate the larger bull market trend of the last few years.
- He points out we may need that last capitulation move this summer to wash out any remaining weak hands, and to then base and bring in the new buyers that cause shorts to cover and begin a new upleg.
- We review again the very low “open interest” levels on the COT report, and how this lower level of market participation can cause unusual intra-day price swings in both directions.
Kevin Warsh’s First Fed Meeting and Press Conference:
- We contrasted the outlook and approach Kevin Warsh outlined last week versus the approach to data collection and forecasting that his predecessor Jerome Powell had taken.
- The markets took Warsh’s comments "this committee will deliver price stability," to be a hawkish hold, since he indicated focusing on the higher inflation readings.
- The Fed funds futures are now anticipating 1-2 rate hikes this year versus the initially market anticipated rate cuts, coming into this year.
The Macroeconomic Fundamentals Haven’t Changed:
- Sovereign debt remains at record levels and most nations can not endure interest rates that go up to drastically.
- Throughout history, central banks have opted for printing more money and driving interest rates meaningfully lower, to inflate their way out of economic challenges, and to pay off higher interest debt with lower-rate debt.
- Even if we see some initial hawkish rate hikes, Craigs doesn’t anticipate that we’d have long to wait after that before monetary policy adjusts course in the opposite direction, in a more dovish playbook.
- Overall, central banks continue to add gold to their balance sheets versus adding more US or foreign treasuries.
- We also noted that many individuals and financial institutions have been rotating some of their bond holdings into the precious metals complex.
- All that really changed over the last few months was the black swan of a war in the Middle East; and now that it appears to be winding down, we'll see if the prior pre-war trends reassert themselves over the fullness of time.

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

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In this weekend’s show, we take a step back from the daily price grinds to examine the massive, structural shifts occurring across the metals and energy markets. From re-valued investor psychology to geopolitical choke points, the big picture is anything but quiet.

Segment 1 & 2 - Jeff Christian, managing partner at the CPM Group, kicks off the show to discuss structural changes and evolving investor psychology within the precious metals market. He highlights how robust investment demand is driving a long-term upward revaluation of assets like gold and silver, which he expects will lead to higher average prices despite short-term corrections.
Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, discusses the current volatility in the energy sector, highlighting the critical decline in domestic and global oil inventories despite recent diplomatic developments. He also provides an outlook on the financial resilience of upstream companies, emphasizing the strong dividend yields and growth potential within the oil services and natural gas markets.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/

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Terry Lynch, CEO of Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1), joins me for another exploration update catching us up on multiple news releases from the Lion Zone as part of their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec. We also discuss all the pending results still at the assay lab, other key regional exploration targets of interest for 2026 drilling, and the various technology being deployed behind their drill targeting. Additionally, we touch upon their new JV in Saudi Arabia.

We start off with a financial update where the Company announced on June 10, 2026 the closing of its previously announced "best efforts" private placement for aggregate gross proceeds of C$28,228,750, which includes a lead order from Eric Sprott.

This capital provides the company with the ability to execute on a fully-funded exploration program on multiple targets on the ongoing six-rig drill program focused on expanding the mineralized around the Lion Zone both stepping out looking for other broad mineralized zones, and also testing at depth for the potential “Elephant Zone,” as well as at Lion West and the Tiger Deep Zone. Terry highlighted some of the surprising gold intercept values when testing Lion Deep that will get some follow-up work. Additionally, new polymetallic targets are being tested in fan holes at the Hydro Fold-Hinge Zone, which will utilize borehole EM technology.

Additional assays from its winter 2026 drill program continue to come in with all assay results expected by mid-June for adding to the MRE.

New drill results include 10.30m @ 4.04% CuEq and 4.07m @ 8.73% CuEq, with metallurgical testing confirming strong recovery potential from disseminated low-grade zones.

Building on the recent Muon Tomography program launched on May 13, the Company is deploying three advanced geophysical surveys to accelerate the hunt for deeper high-grade Ni-Cu-PGE mineralization. Power Metallic is planning an Ambient Noise Tomography (ANT) survey on the Nisk Far West target, completing a gravity survey over the Lion area, and completing a superconducting quantum magnetometer SQUIDs survey over the Lion area. These state-of-the-art techniques will sharpen targeting for the Lion Zone extensions and new discoveries across the expanding property, leveraging Power Metallic's significant 2025 land acquisitions.

One of the larger upcoming Company milestones will be completing the work building towards an initial NI-43-101 Mineral Resource Estimate (MRE) on the Lion Zone and an update of the Nisk Ni-Cu-Pd deposit MRE with completion and reporting of estimates by the end of July. This MRE will form the basis for a Preliminary Economic Assessment (PEA) to begin immediately following the completion of the MRE.

On May 19, 2026, Power Metallic announced that it entered into a strategic alliance and joint venture framework agreement with Amaar United Mining Company ("Amaar Mining"), a Saudi Arabian company affiliated with Amaar Holding, to jointly pursue mining license opportunities in the Kingdom of Saudi Arabia.

The agreement marks the next step in Power Metallic's expansion strategy in Saudi Arabia following the Company's award of the Jabal Baudan exploration license in the Jabal Sayid Mineralized Belt.
Under the agreement, Power Metallic and Amaar Mining intend to cooperate in future Saudi mining license auction rounds and other mutually agreed opportunities, combining Power Metallic's technical, geological, and exploration capabilities with Amaar Mining's local strategic presence, coordination capacity, and regulatory interface experience in the Kingdom.

Click here to follow the latest news from Power Metallic Mines

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In this special Friday editorial edition of The KE Report, we sit down with Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, to unpack a whirlwind week for global macroeconomics and central bank policy.

Key Discussion Points:* The New Era at the Federal Reserve: A deep dive into Fed Chair Warsh's debut meeting, his lean toward "strategic ambiguity," and why the market is now pricing in a hawkish trajectory for the end of the year. * The Surging US Dollar Index: Why the dollar is breaking out of its year-long range, achieving new highs against the Japanese Yen and Canadian Dollar, and defying widespread expectations of a decline. * Yield Curve and Global Rate Differentials: An analysis of the flattening 2-to-10-year yield curve and how widening interest rate differentials between the US, Europe, and Japan are acting as a powerful tailwind for the greenback. * Commodities and Looming Macro Risks: Why a significant pullback in crude oil prices is reshaping inflation expectations, contrasted against potential supply shocks in agriculture and shifting geopolitical risks in the Middle East. * Market Psychology: Optimism or Complacency?: A candid look at whether current equity markets are priced to perfection, the signals to watch next, and how investors can use disciplined trailing stops to protect their portfolios in a late-stage bull market.

Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/

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In this KER QuickTake, Cory and Shad provide an inside look at the recent dramatic shifts across the commodity landscape. We analyze everything from the short-term summer doldrums to the broader resource cycle, offering perspective on where investors can still find massive opportunities.

Key Discussion Points:

Precious Metals Technical Damage: A breakdown of how gold, silver, GDX, and SILJ have broken down on short and now medium term charts.
The BPGDM Sentiment Gauge: How the Gold Miners Bullish Percent Index recently flagged an ultra-rare extreme reading, and what it means for short-term traders.
A Flood of Free-Trading Paper: Analyzing a massive, multi-billion-dollar wave of newly tradeable stock hitting the junior sector and its downward pressure on current momentum.
Copper as the Outperformer: Why copper remains in a textbook bull market and where the opportunities in the equities are.
Crude Oil and Energy Volatility: Assessing the structural damage to the oil markets, the reality of depleted strategic reserves, and why energy stocks still hold long-term value.

Please let us know your thoughts! Our email addresses are Fleck@kereport.com and Shad@kereport.com

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In this Company Update, I chat with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSXV: GMG / OTCQX: GMGMF), to discuss the company’s latest operational milestones and future growth strategy. Craig breaks down recent news regarding their additional EPA application in the United States and answers a variety of investor questions spanning multiple product divisions.

Key discussion points include:

US EPA Application: An overview of the integration of G® Lubricant and THERMAL-XR®, and what the ability to manufacture graphene directly in the US means for the company's North American expansion plans.
Commercial Sales Trajectory: A look into GMG's rapidly growing sales team, the current state of global product trials with major corporations, and the timeline for reporting substantial revenues.
Battery Division Innovations: A deep dive into the energy density of their graphene aluminum-ion batteries, including how they achieve a zero-to-100% charge in just six minutes without the need for cooling systems.
Next-Generation Products: A sneak peek into how GMG plans to leverage its existing distribution channels to bring new thermal management solutions to market.

Please keep the questions coming! Email me at Fleck@kereport.com.

Click here to visit the GMG website to learn more about the Company - https://graphenemg.com/

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This weekend’s KE Report dives deep into the gold market’s extraordinary run through the eyes of generalist investors and traders. We explore what’s driving the bull market in PMs and trading strategies for those invested in the metals and equities.

Chief Investment Officer Peter Boockvar explains why gold’s move isn’t a “fear trade” but part of a global currency realignment, while fund manager Dana Lyons breaks down how to manage profits, hedge risk, and identify the next sectors poised to lead.

Segments

Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at OnePoint BFG Wealth Partners and author of The Boock Report on Substack, explains that gold’s surge past $4,000/oz is being driven by multi-year central-bank buying and de-dollarization (with rising ETF inflows), not “safe-haven” fears. He also highlights silver’s catch-up potential and tight supply, improving margins for gold/silver miners, copper’s constructive setup amid disruptions, a contrarian-bullish view on oil & gas, growing government interest in critical minerals, and the importance of watching for parabolic tops.
Click here to follow Peter at The Boock Report on Substack
Segment 3 & 4 - Dana Lyons, fund manager and editor of Lyons Share Pro, wraps up the show assessing the sharp pullback in precious metals on Thursday. We discuss trading strategies he is using - urging against chasing, advocating trimming “windfall” gains at Fibonacci/technical levels (with GLD support near 330), and favoring redeployment into emerging relative strength. He notes his risk models remain bullish, is watching uranium/nuclear, and recently added exposure to biotech and Ethereum while using broader-market hedges rather than sector shorts.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services

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In this Daily Editorial (Fri, Oct 10), Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, unpacks China’s post-holiday policy salvo and what it means for markets, AI supply chains, and resource equities. We cover how export restrictions on rare earths and processing tech, new EV battery curbs, and port levies on U.S. ships raise the stakes - and why the U.S. response could entrench a longer, messier standoff.

Key Discussion Highlights What China just did (and why it matters): Tightened export controls on rare earths and processing know-how; added limits on EV battery tech; announced special levies on U.S.-flagged cargo calling at Chinese ports - an escalation that targets chokepoints rather than finished goods. * Semis vs. rare earths - who has leverage? The U.S. tried to corner advanced chips; China is signaling control over inputs* (rare earths, high-performance magnets) that feed chips, defense, and electrification. * AI growth at risk: If rare earth processing and magnets get squeezed, it reverberates through data centers, networking gear, and robotics - potentially clipping a major slice of U.S. growth attributed to AI investment. * Market reaction and setup: Dollar strength faded; Nasdaq/S&P rolled over after fresh highs; meanwhile, U.S.-linked rare earth names caught a bid as investors handicap supply-chain reshoring and strategic stockpiling. * Policy path from here: Tariffs vs. talks - what skipping APEC signals; why “first-mover” domestic processors may see sustained support; the transparency problem when governments take equity stakes. * Beyond rare earths: Where China’s vertical integration and scale may pressure next (think pharma ingredients), and why Western timelines (3–10 years) make near-term substitution challenging.

Stocks / Symbols MentionedMP Materials (MP) • Energy Fuels (UUUU) • Trilogy Metals (TMQ.TO)

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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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Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to review the details of a planned two-stage expansion at its La Guitarra silver-gold mine complex located in Estado de Mexico, Mexico. Additionally, production is ramping up at the higher-grade Coloso mining center, where dewatering and underground development are underway. Mining has also just commenced at the Nazareno Mine, and ties into the overall expansion plans at the overall La Guitarra mining complex.

Alex discussed how the recent C$19.5 million financing is being deployed in part to purchase additional equipment and implement improvements at the mine to reduce costs and increase production grades and volumes in the near-term. These planned expansions would increase the site's nameplate processing capacity by 50% to a range of 750 dry tonnes per day ("tpd") to 800 tpd by Q2 2026. The site is currently operating at a rate of 500 tpd. This first expansion would involve the construction of a paste fill and thickener plant, the addition of a fourth ball mill and second cone crusher as well as an increase in the conveyor circuit's material handling capacity.

Subsequently, construction of a new, fully permitted, Dry Stack Tailings Storage Facility and addition of a second crushing circuit would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027. The Company currently has access to the capital to complete these expansions, which we anticipate funding from the Company's treasury and cash flow, eliminating the need for further near-term capital raises.

We get into the higher-grade ore which will be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, and the ramping up of this blended material will raise the grades and recoveries of gold and silver, as well as start lowering costs over the next few quarters.

Wrapping up we discuss the preparations and early targeting work underway to engage in a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters. The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.

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

In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.

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

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.

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In this KE Report Daily Editorial, we’re joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network, to discuss market dynamics amid the ongoing U.S. government shutdown and missing economic data.

With key reports like jobs and inflation delayed, Joel outlines what’s driving markets in the meantime and what could shift sentiment once data resumes.

Key Discussion Highlights:

No data, no problem? Markets remain steady despite a lack of government reports, with momentum trades and algos leading the way.
Earnings season ahead: Big banks kick things off next week, followed by mega-cap tech and retail - with expectations running high given lofty market levels.
Tariffs and guidance: Companies may use tariff uncertainty to lower expectations, but actual impacts appear limited so far.
AI & government stakes: A new phenomenon - the U.S. government taking positions in tech, healthcare, and resource companies - fueling strong rallies but raising sustainability questions.
Sector rotation: Homebuilders slump despite easing rates; value stocks and healthcare catching bids as mega-cap tech momentum fades (except Nvidia).
Retail & Robinhood: Retail traders remain dominant. Robinhood’s expansion into prediction markets could drive another wave of activity if pattern day trading rules are eased.

Stocks / symbols mentioned:
AAPL, MSFT, NVDA, ORCL, AMD, INTC, PFE, HOOD, DKNG, PENN, DAL, PEP, XLV

For more market commentary & interview summaries, subscribe to our Substacks:
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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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Recorded on October 7th, 2025: Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he still remains bullish and holding positions in gold, rare earths, antimony, uranium, and oil stocks.

Gold is now above $4,000 and we’ve started to see a little profit taking in the gold equities this week, and many technical indicators point to the sector starting to get overbought. Despite the many calls for a pullback, we point out that with so many people waiting on the sidelines to buy any dips, that there may not be as big of a protracted or deep correction as many have been waiting for. Sean has been holding most of his PM positions for some time, but added a few new gold names right after attending the Precious Metals Summit in Beaver Creek in early September. While he’s up nicely in those with his subscribers, he wishes he’d have kept buying even more throughout last month as they’ve continued to ratchet even higher here into the early part of October.

Next we got into the blistering rally higher that we’ve seen in some of the rare earth stocks on the back of Chinese export bans sending prices skyrocketing, and with the US government bringing more attention to the downstream processors with a strategic investment into MP Materials Corp. (NYSE: MP). This has really ignited a further boom in the sector where Sean wants to be invested with companies like Energy Fuels Inc. (NYSE American: UUUU); (TSX: EFR), a U.S. producer of rare earth element oxides from their mineral sands projects, and USA Rare Earth, Inc. (Nasdaq: USAR), that have a compelling development project and domestic mine-to-magnet supply chain approach that may be able to attract some of those government funds earmarked for this sector.

This brought up a larger discussion on positioning in the critical minerals sector, where another metal of focus for Sean has been in antimony. He’s got some exposure through gold companies with antimony credits, but also mentioned United States Antimony Corp (NYSE:UAMY) as a stock that has been a big winner for him and his subscribers. US Antimony is another company that has received government funds for development of domestic critical minerals projects.

The trends higher in nuclear and uranium stocks have been another sector that Sean has been exposed to for some time, and that he feels still has a lot of potential to keep moving higher. With regards to the uranium stocks, he is positioned in US and Canadian producers and developers, including Energy Fuels that was aforementioned. When discussing a company we met with at the PM Summit in Beaver Creek, enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), it brought the discussion to the potential for US producers to be consolidated, and if most of them were rolled into a larger entity if it would qualify as a monopoly. Sean is not as animated by uranium exploration companies until we see significantly higher prices, because there has already been plenty of uranium delineated by exploration work in past cycles that is still in the ground.

Wrapping up we shifted over to traditional energy with the oil and gas stocks, where Sean is considering selling some of them, to put more focus on the critical minerals sector, but is still going to keep holding some of the better oil producers that pay him to wait with solid dividends. We consider whether this could be a contrarian area to follow more closely in the commodities 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

Click here to find out about registering to see Sean at the Orlando Money Show

For more market commentary & interview summaries, subscribe to our Substacks:
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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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Fresh off another record-breaking week for precious metals, Cory Fleck and Shad Marquitz dive into the numbers behind this historic rally and what it means for valuations, exploration plays, and investor strategy going forward.

Key TopicsHistoric run: Gold has surged past $4,000/oz, rising seven straight weeks and up nearly 20% since late September. GDX and GDXJ have both outperformed gold, up over 120–140% YTD, while silver has gained roughly 50% in the last four months.

Valuation discipline: With miners flying, Cory and Shad unpack how to assess value at these levels - using economic studies, considering NPV sensitivity, realistic spot price assumptions, and peer comps by deposit size and jurisdiction. They also flag red flags in “financial engineering” where low CapEx hides high sustaining costs.

Exploration risk & reward: Exploration money is flowing again, but investors should stay selective. In today’s bull market, 300–400 gram-meter hits are the new standout threshold. Companies chasing multiple targets have the best odds of a true new discovery win.

M&A reality: Global deal value is up 15% this year to $1.1T, but mining takeovers remain concentrated among majors and mid-tiers. Not every junior will be bought - teams that can build mines should outperform those just waiting for takeouts.

Portfolio strategy: After nine straight up weeks for GDX, Cory and Shad emphasize taking partial profits, managing concentration, and rotating some gains into other resource sectors. Trim into strength - and always have a plan beyond “waiting for a buyout.”

Stocks / ETFs mentioned:
GDX, GDXJ, SILJ, EQX.TO / EQX (Equinox Gold), GMIN.TO (G Mining Ventures)

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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In this KE Report Company Update, Matt Roma, CEO of Golden Cross Resources (TSX.V:AUX – OTCQB:ZCRMF – FSE:ZMLO), joins us to discuss the company’s ongoing exploration at the Reedy Creek Gold Project in Victoria, Australia. Golden Cross recently completed its Phase 1 drill program and has already launched a fully funded 10,000-meter Phase 2 program with two rigs turning.

Key Discussion HighlightsPhase 1 Drilling Recap

Completed ~2,300 meters across the Reedy Creek Goldfield and Prince Of Wales target; results released from the first 3 holes.
Best intercept to date: 11 meters at just over 2 g/t gold.
Approximately 1,900 meters of assays still pending, expected over the coming months.

Phase 2 Program – 10,000 Meters Underway

Dual rigs testing multiple targets across the Reedy Creek Goldfield, including Welcome Reef, a historic high-grade field recently opened for modern exploration.
Program designed to vector toward feeder structures using pathfinder minerals like arsenic, stibnite, and antimony.

Geological & Exploration Insights

Arsenic halos near surface and stibnite (antimony) at depth mirror mineral signatures from nearby deposits like Costerfield and Fosterville mines.

Financial & Operational Overview

Treasury stands at ~C$5 million, fully funded drill program.
All-in drill costs: approximately C$230 per meter.

Click here to visit the Golden Cross Resources website.

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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In this KE Report Company Update, Jon Ward, CEO of Corcel Exploration (CSE:CRCL - OTCQB:CRLEF), joins us to discuss the company’s next steps at its Yuma King Project in west-central Arizona. Corcel recently released historical drill results as it finalizes targets and prepares for a Phase 1 drill program.

Key Discussion Highlights:

Project Overview:
The Yuma King Project covers 3,200 hectares of BLM claims in Arizona, hosting the historic Yuma King Mine, which produced nearly 8,000 tons between 1940–1963, yielding ~500,000 lbs of copper at grades around 2.65% Cu.
Historical Drilling:
Roughly 3,900 meters across 21 holes were drilled in 2006 and 2011. The standout intercept - 45.7m of 0.78% Cu and 0.5 g/t Au (1.1% CuEq) - was near surface, confirming shallow, high-grade copper-gold skarn mineralization.
Exploration Strategy:
Corcel plans a mix of confirmation and step-out drilling around the historic workings, supported by recent drone magnetic surveys and rock-chip sampling. These have highlighted new skarn extensions and possible porphyry targets at depth in the Yuma King West and Three Musketeers areas.
Upcoming Drill Program:
The company is finalizing permits with the BLM and expects to begin a ~2,000-meter, 8-hole drill program, combining shallow skarn tests with a few deeper holes to probe potential porphyry systems.
Infrastructure Advantages:
Excellent access via highway and graded roads, close proximity to the town of Parker, and on-site water availability from the historic flooded mine make logistics straightforward.
Valuation & Market Positioning:
With a market cap of roughly C$6 million, Corcel trades at an early-stage valuation despite the project’s advanced groundwork and copper-gold exposure. Management expects increased market attention as drilling begins amid rising metal prices.

Any follow up questions for Jon? Comment below or email at Fleck@kereport.com

Click here to visit the Corcel Exploration website to learn more about the Company.

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Recorded October 7th, 2025: Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review adjustments that he is making to the value proposition in 3 gold exploration stocks, based around recent press releases and milestones. He sees this newsflow as much more relevant for any changes in the company’s valuation (either up or down), than the improving sentiment within the backdrop of rising underlying precious metals price environment.

The companies we discuss in this interview are:

Rackla Metals Inc. (TSX-V: RAK) (OTC: RMETF)
West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF)
Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTCQB: EQTRF),

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

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In this KE Report Daily Editorial, we’re joined by Dave Erfle, Founder and Editor of The Junior Miner Junkie, to discuss gold’s breakout to $4,000/oz on the futures market, what it means for investors, and how to navigate potential corrections in precious metals equities.

Key Discussion Highlights:

Gold at $4,000:
Gold futures closed at $4,002, achieving the long-discussed target. Dave explains how this “sell-the-news” reaction triggered weakness across gold equities (GDX, GDXJ) and silver, which remains volatile but in a firm uptrend.

Overbought but strong:
After seven consecutive weekly closes above the upper Bollinger Band, the gold-stock sector is due for a cooling period. Dave highlights support levels near $3,750 and $3,500 in gold and why geopolitical turmoil and debt pressures will likely limit downside moves.

Stock selection over timing:
While a sector correction may loom, Dave stresses that high-quality juniors remain deeply undervalued, often trading at $20–$30/oz in the ground versus producers’ record margins. He reveals he’s still buying selectively, especially pre-PEA stage juniors with strategic partners and strong financing.

Developers taking control:
Many mid-tier and silver developers are now self-financing projects and hiring build-ready teams - showing intent to construct rather than wait for takeovers. Dave cites examples like Vizsla Silver (TSX.V:VZLA) and AbraSilver (TSX.V:ABRA), both well-funded ahead of definitive studies.

Timing the Lassonde Curve:
Dave discusses holding through the construction-to-first-pour phase, the “second wave” of the Lassonde Curve where re-ratings often occur, citing Montage Gold (TSX.V:MAU) as a standout 10-bagger in his portfolio.

Silver’s massive setup:
Silver’s 45-year cup-and-handle breakout has Dave especially bullish. He’s positioned in 14 high-torque silver juniors, seeing potential for an explosive move as silver plays catch-up to gold’s long-term breakout.

Stocks Mentioned:
GDX, GDXJ, NEM, VZLA.TO, ABRA.TO, MAU.TO, SKE.TO, TLG.TO, COMEX Gold Futures

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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In this KE Report Company Update, Zach Flood, President & CEO of Kenorland Minerals (TSX-V:KLD - OTCQX:KLDCF - FSE:3WQ0), joins us to discuss progress across the company’s royalty and exploration portfolio. Kenorland continues to execute its prospect-generator model with active partners Sumitomo Metal Mining, Centerra Gold, Auranova Resources, and Newmont, while expanding its 100%-owned project pipeline across Canada.

Key Discussion Highlights* Frotet (Quebec) - Maiden resource estimate underway with 130,000+ meters drilled; Sumitomo Metal Mining as operator. High-grade orogenic gold system over 2 km strike and 1 km depth, open in all directions. Kenorland holds a 4% NSR (3.25% post buy-down). * South Uchi (Ontario) - 6,000m Phase 2 drill program following visible gold discovery in Phase 1. Auranova can earn up to 70% with $10M in spending; Kenorland retains a 30% carried interest and 2% NSR Royalty. * Centerra Partnership - $3.5M exploration program across 300,000+ha in NW Ontario targeting large regional gold anomalies for 2026 drilling. * 100%-Owned Projects - Over 600,000ha staked in Ontario, Quebec, and New Brunswick; geochemical surveys ongoing to generate new joint-venture opportunities.

Any follow-up questions for Zach? Comment below or email Fleck@kereport.com.

Click here to visit the Kenorland website.

-------------------

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Jeff Phillips, President of Global Market Development, and an activist investor in the junior resource space, joins us to review the benefits of investing in the prospect generator business model in some of his positions; while still maintaining other positions in pure explorers. He goes on to unpack the value proposition in 4 different prospect generators that he holds in his portfolio, after participating in various private placement financings. We also get more perspective on how Jeff evaluates opportunities in mining stocks and the types of management teams and share structure that he likes to see to participate in their financings.

Jeff has been involved in the natural resource space for the last three decades, and is a large strategic shareholder of over a dozen junior companies, and still a significant shareholder in a number of other mining stocks. Jeff also serves as a technical consultant and advisor to several companies in the junior resource space, working on improving their messaging to the marketplace, roster of investors, and liquidity. Even though he doesn’t do many public-facing interviews or write in widely followed publications, Jeff is one of the most influential and well-respected people in the business. You’ll often see him hard at work at mining conferences, doing his due diligence and connecting people to one another.

The companies we discuss in this interview are:

Headwater Gold (CSE: HWG) (OTCQB: HWAUF)
Almadex Minerals (TSX-V: DEX) (OTC: AAMMF)
Kincora Copper (ASX: KCC) (TSXV: KCC)
Latin Metals (TSXV: LMS) (OTCQB: LMSQF)

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Gold and silver have extended their historic run, with gold up 8 of the last 9 months (~50% YTD) and silver up over 60% YTD. Meanwhile, the mining ETFs (GDX, GDXJ, SIL, SILJ) have posted massive gains - GDX up 125% this year. Craig Hemke, founder and editor of the TF Metals Report, joins me to break down why this move is not parabolic speculation but part of a recurring pattern - and why miners may just be getting started.

Key Topics
Breakout structure: Gold’s fourth major breakout in two years follows the same rhythm — multi-month consolidations followed by 15–20% surges. Craig explains why the late-August breakout fits that roadmap and how far it could extend into year-end.

Silver’s acceleration: Structural supply deficits, record industrial demand, and a FOMO-driven futures trade are propelling silver toward its prior highs. Craig outlines why $49–50 may trigger a short consolidation before a push into new territory.

Miners’ earnings leverage: With record quarterly average prices for gold and silver, falling energy costs, and strong margins, miners are set for spectacular Q3 results. Craig highlights why mid-tier, low-AISC producers offer the best torque and why developers remain undervalued on a per-ounce basis.

Flows & valuation reset: Even 1% of the $20 trillion combined market cap of the “Mag 6” mega-caps could buy the entire GDX ten times over. A small rotation into miners could rewrite valuation norms as ETF and fund flows broaden across the sector.

Macro backdrop: With the U.S. government shutdown delaying data and upcoming CPI/PPI releases, markets remain focused on the Fed’s next move. Craig also points to ongoing currency debasement, de-dollarization, and central-bank buying as key tailwinds for gold demand.

Investor playbook: Why “buy-the-dip” behavior persists, how to identify quality producers with low costs, and why the absence of 2011-style M&A suggests this bull market still has room to run.

Stocks / symbols mentioned:
GDX, GDXJ, SIL, SILJ, CDE, FNV, WPM

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

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Kimberly Ann, President, CEO, Executive Chair of Lahontan Gold (TSX.V: LG – OTCQB: LGCXF), joins us for a comprehensive update on this Nevada gold explorer and developer, with 2 million ounces of gold at their flagship Santa Fe Project and an upcoming drill program at their satellite West Santa Fe Project.

We start of focusing on the Company’s flagship Santa Fe Project, including the updated Resource Estimate, advantages of all the brownfield infrastructure as a prior producing mine, the ongoing work to improve metals recoveries, and update the economics, and where future drilling and resource expansion is planned once those permits come back in. The company is aggressively pursuing development of Santa Fe to get it into production by 2027.

The West Santa Fe Project, is a satellite project very near to the Santa Fe Project that was picked up 2 years ago, and it next in line for exploration once a drill rig can be put on site in the near future. Their exploration team hopes to delineate a few hundred thousand more near-surface oxide resources that could supplement the main Santa Fe development plans.

Wrapping up we have Kimberly share her background in the resource sector along with the other Co-Founder and VP of Exploration Brian Maher, and then get into the financial health of the company and key strategic shareholders.

If you have any follow up questions for Kimberly and her team at Lahontan Gold, then please email those into us at Fleck@kereport.com or Shad@kerepor.com.

Click here to follow the latest news from Lahontan Gold

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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In this KE Report Company Update, I chat with Rob Carpenter, President & CEO of Prospector Metals (TSX.V:PPP - OTCQB:PMCOF - FSE:1ET), following the company’s discovery hole announced October 1st at the ML Project in the Yukon.

Hole 31 intersected 13.9 g/t gold and 1.9% copper over 44 meters, including a higher-grade core of 21.8 g/t gold over 24 meters.

This hole confirmed a brand-new discovery, dubbed the TESS Zone, located beside the North Vein Zone. Both zones were intersected by the same hole - just one of two holes drilled in this area during a 39-hole, 6,648-meter program.

Key Discussion Points:

Discovery details: How Hole 31 revealed multiple stacked mineralized zones and parallel structures.
Targeting strategy: Use of LiDAR and WorldView satellite data to pinpoint blind mineralization near surface.
Follow-up results: Hole 32 assays pending, with more from the Bueno, Scarn Ridge, and other zones coming soon.
Next steps: Plans to triple next year’s drill program with three rigs testing expansion, parallel zones, and new targets.
Company focus: Rob emphasizes Prospector’s mission to discover and monetize high-grade deposits.

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

Click here to visit the Prospector Metals website.

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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In this KE Report Company Update, Tim Warman, CEO of Fuerte Metals (TSX.V:FMT - OTC:FUEMF), outlines the company’s transformational acquisition of the Coffee Gold Project in the Yukon from Newmont (NYSE: NEM) - a project boasting 3Moz M&I and 0.8Moz inferred gold.

Highlights:

Deal Structure: US$10M cash + US$40M equity, with a US$100M NSR buyback post-production.
Advanced Asset: Over 200,000m drilled, extensive engineering and permitting already complete.
Development Path: PEA in Q1 2026, Feasibility Study by year-end 2026.
Infrastructure Ready: The site hosts significant infrastructure - a fleet of haul trucks, excavators, and dozers.
Permitting: Environmental approvals secured; key Yukon licenses expected next year.
Broader Portfolio: Beyond Coffee, Fuerte continues to advance its Chile copper-gold porphyry project through potential partnerships and is updating the resource at its Mexican gold project.

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

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. 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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This weekend’s KE Report dives into two overlooked corners of the resource market. First, we sit down with Brian Leni, who shares why rotating profits from precious metals into copper, nickel, and undervalued juniors is the contrarian play. Then we shift gears with Josef Schachter of the Schachter Energy Report, who outlines why oil and natural gas remain sluggish today but could be setting up for a major multi-year rebound.

Segment 1 & 2 - Kicking off the show is Brian Leni, founder and editor of Junior Stock Review, who recaps the Metals Investor Forum and makes the contrarian case for rotating some profits from the hot precious-metals trade into undervalued copper and nickel. Focused on copper stock analysis he stresses bottom-up analysis over EV/lb shortcuts, the primacy of infrastructure/jurisdiction and major-partner backing for capex-heavy projects, cautioning against small early-stage hype.
Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in
Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report (and author of Eye on Energy on Substack), also hosting the Catch the Energy conference in Calgary on Oct 18. He outlines why oil and gas are soft near-term (seasonality, rising OPEC/Kurdistan supply, resilient U.S. output), expects WTI to test $57–59 before recovering toward the $70s next year and potentially $80+ in 2026, sees nat gas improving with winter and LNG Canada, and favors dividend-paying names, selective small caps, and M&A opportunities after a further washout.
Click here to learn more about The Schachter Energy Report and Josef's Catch The Energy Conference in Calgary on October 18th - Email me at Fleck@kereport.com to be entered into a draw to win 2 free tickets to the conference.

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Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, joins us to unpack why stocks keep hitting record highs, gold is breaking into uncharted territory, and what’s next for bonds and the U.S. dollar.

Marc breaks down:

Why markets are looking past the shutdown and focusing on Fed cuts later this month
Gold’s relentless trend: central-bank buying, momentum, and geopolitical reserve risks
Bonds, inflation, and why yields could break lower from ~4%
The dollar’s sideways range - bounce now, but broader downtrend ahead
Global ripple effects as equities from Europe to Japan to Mexico also test record highs

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

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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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Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins us to review the latest batch of high-grade gold assay results from the largest ever drill program, and a number of key ongoing initiatives and further derisking work building towards an upcoming Preliminary Economic Assessment (PEA), with a bulk sample in progress, and an ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.

We start off reviewing the next batch of high-grade drill results returned from the ongoing planned 25,000 meters exploration program at the Blueberry Contact Zone.

Highlights:

Blueberry Contact drillhole SR25-370 intersected 7.43 grams per tonne (g/t) gold over 18.75 metres (m), including 30.0 g/t gold over 3.3 m at the Lemoffe vein zone (Table 1, Figures 1,2,4).
Blueberry Contact drillhole SR25-369 intersected 37.0 g/t gold over 2.85 m at the Blueberry vein zone (Table 1, Figures 1,2,3).
Blueberry Contact drillhole SR25-365 intersected 9.99 g/t gold over 4.00 m at the Fifi vein zone (Table 1, Figures 1,2).
Blueberry Contact drillhole SR25-367 intersected 61.9 g/t gold over 1.00 m at the Fifi vein zone (Table 1, Figures 1,2).

Brad highlights that 4 diamond drill rigs have been turning across the property at the high-priority Blueberry Contact Zone, around the past-producing Scottie Gold Mine, including at the Wolf Zone discovered last season, and at the C & D veins. Brad points out that about 21,000 meters has been drilled thus far, and that the big percentage of that will be infilling areas with tighter spacing, focused on upgrading the resources from inferred to indicated categories at the Blueberry Contact Zone. However many of the holes will also go deeper doing some true exploration work with a focus on expanding the potential open pit and upper portions of the underground resources at both Blueberry and Scottie areas.

Ongoing geotechnical and hydrogeology drilling will also provide data to inform mine design and assist efforts with the recent initiation of Baseline Environmental Studies. With all this exploration and fieldwork now underway, the Company remains on track to deliver a low-capex PEA based on a Direct Shipment Ore (DSO) scenario in October. Brad reiterates that the management team and board believes this coming economics study will clearly highlight the significant, untapped value of the Scottie Gold Mine Project. The company then plans to springboard over the Pre-Feasibility Study and head straight into work streams for a Feasibility Study (FS) with actual cost estimates and more detailed economics as the next major economic study to be undertaken.

Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have been blasting and mucking mineralized material from the road-accessible outcropping Bend Vein located on the north end of the Scottie Gold Mine Project. Bulk sample progressing on schedule, where the mucking has now been completed and crushing and transport has commenced down the Granduc road. Brad outlines that this bulk sample will be a nice opportunity to learn more about a number of metrics and provide a nice proof of concept, as well as generating some non-dilutive capital for the Company in the process.

When reviewing their direct-ship ore strategy, Brad highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America’s cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site. Ocean Partners recently participated in a financing for the company this summer, and has expressed interest in the offtake of this material in a development scenario.

Wrapping up we discussed the ongoing Phase 2 ore-sorting study underway, that will be a more advanced Feasibility Study level test of upgrading the ore, with the strategy to reduce the amount of waste rock before shipping. Ore sorting could significantly enhance the efficiencies of the overall DSO strategy, and those results are due out in Q4.

If you have any questions for Brad regarding Scottie Resources, then please email them in to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Scottie 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 Scottie Resources

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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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In this company update, I welcome back Blaine Monaghan, President & CEO of Pacific Ridge Exploration (TSX.V:PEX - OTCQB:PEXZF). The company is advancing its 100%-owned copper-gold projects in British Columbia’s Toodoggone District, with a focus on the Kliyul and RDP Projects.

Key discussion points:* Kliyul Copper-Gold Project:

+ Maiden resource (Aug 2025): 334M tonnes grading 0.33% CuEq, or 2.42B lbs CuEq (includes 1.1B lbs copper, 2.7M oz gold, 10M oz silver).
+ Resource remains open in multiple directions.

RDP Project:
- 2022 Antofagasta drill hole returned 107m of 1.39% CuEq, one of BC’s best intervals that year.
- Pacific Ridge has now completed 5 additional holes (~2,100m), with results expected in the coming weeks.
- Valuation vs. peers: Pacific Ridge trades at ~$14M market cap. Baline makes the comparison to peers such as Vizsla Copper, Kodiak Copper, and NorthWest Copper who all are at higher valuations.
- Next catalysts:
- Initial RDP drill results expected mid-October, followed by Kliyul results in November.
- Exploration strategy includes continued infill, step-outs, and testing new targets across both projects.
- Treasury (~C$2.5M cash + 4M in-the-money warrants).

Click here to visit the Pacific Ridge Exploration website.

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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Recorded on September 30th: Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the updated mineral resource estimate, based on only the M&I conversion drilling for its 100% owned Tonopah West project located in West-Central Nevada, United States. We then get into all the expansion drilling that has just been completed, with many assays still pending, that will be building towards the upcoming expanded resource estimate in Q1 2026, and then followed by an updated PEA.

HIGHLIGHTS:

The Updated MRE contains a total of 0.107 million ounces ("Mozs") of gold ("Au") and 9.5Mozs of silver ("Ag"), or 21.1Mozs of silver equivalent ("AgEq") of indicated mineral resources, and 0.47 Mozs of Au and 35.5Mozs of Ag, or 86.88Mozs of AgEq of inferred mineral resources.
Indicated mineral resources were not previously included in the mineral resource estimate for Tonopah West effective August 25, 2024, highlighting how Blackrock's recent in-fill drilling program (the "M&I Conversion Program") at Tonopah West which commenced in mid-July 2024 has confirmed previous inferred mineral resource estimates and improved geologic confidence in the mineral resource estimate on the Project.
At a 180 grams per tonne ("g/t") AgEq cutoff, the average block-diluted grade of the indicated mineral resources is 493 g/t AgEq and the average block-diluted grade of the inferred mineral resources is 525.9 g/t AgEq.
The Updated MRE includes 83 new drillholes completed in 2024-2025 and is based on a refined geologic model which was updated to reflect the new drilling and added more detail to the spatial distribution of mineralized veins.
Silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, and at depth.

We then shifted over to the additional resource expansion exploration program at Tonopah West, where drilling commenced in September 2024, and 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. There will be a second expanded resource update in Q1 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 that resource has been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA next year.

We wrap up discussing the financial health of the company due to the early exercise of warrants, bringing in around $5Million dollars into the company’s treasury. Now that the market has seen the continuity of the mineralization holding together better than many had modeled in the recent M&I resource estimate update, in conjunction with the anticipation of how higher silver and gold prices will positively impact the economics of the project, more warrants are being exercised early to position for the coming catalysts on tap over the next 2 quarters.

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 Brien Lundin, editor of Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5). Shad and I will both be attending, and we hope to see many of you there as well.

Brien shares his insights on the remarkable run in precious metals equities and where opportunities still remain, from development-stage “optionality plays” to the surge in exploration success stories.

Key discussion points:

Optionality plays: Once trading at $10/oz in the ground, many have rerated to $30–$50/oz. But history shows they’ve commanded $100-$300/oz in prior cycles. M&A may drive the next leg higher.
Exploration upside: A wave of strong drill results, including standout discoveries like Prospector Metals in the Yukon, fueled by years of careful groundwork during leaner times.
Financing boom: Juniors raising capital at unprecedented levels, often without warrants - creating both opportunity and caution around free-trading share overhangs.
Strategic investments: Producers like Centerra Gold are increasingly backing juniors, bringing capital, technical expertise, and long-term support.
Jurisdiction focus: Safe, established regions (Canada, Nevada, Yukon) are attracting the most capital and generating the most discoveries.

Stocks & themes discussed: Prospector Metals (TSX.V:PPP - OTCQB:PMUSP), Centerra Gold (TSX:CG - NYSE:CGAU).

Click here to learn more about the New Orleans Investment Conference on November 2-5.

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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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Graham Downs, President and CEO of Cascadia Minerals (TSX.V: CAM) (OTC: CAMNF), joins me for an update on their 4,000 meter and 13 drill hole exploration program at their newly acquired Carmacks Copper-Gold Project in the Yukon, Canada.

We start off having Graham outline what attracted Cascadia to the Carmacks Project, which led to the acquisition of Granite Creek Copper earlier this year. He discusses the high-grade copper intercepts reported in historical drilling, and even from the most recent drilling back in 2021. There is also a meaningful gold credit in results across the property and plenty of exploration work to do for expanding the known resources and stepping out from prior high-grade areas.

We discuss that some of the other properties in the company’s portfolio like the Catch Property in the Yukon which got some work last year, and some upcoming exploration results that should be coming back this year from their Macks, Milner, and Rosy properties.

We discuss the financial health of the company with a little under CAD $5M in the treasury, as well as some of the key stakeholders in Cascadia Minerals, such as Hecla Mining, Barrick Gold, and activist investor Michael Gentile, and management stake, as well as the tight share structure. The company is cashed up for this exploration season, and will still have some funds left over to begin more work next year.

If you have any questions for Graham regarding Cascadia Minerals, then please email those into me at Shad@kereport.com.

Click here to follow along with the latest news from Cascadia Minerals

For more market commentary & interview summaries, subscribe to our Substacks:
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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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In today’s KE Report Daily Editorial (Oct 1), we’re joined by Dave Erfle, founder and editor of Junior Miner Junky, to break down the latest surge in precious metals.

Key discussion points:

Gold’s runaway rally: Up over $400 in September alone, testing $4,000/oz with monthly RSI levels never seen before.
Silver’s breakout: A 45-year cup-and-handle pattern confirmed with Q3 closing above $46 … the strongest quarterly average in history.
Gold-to-silver ratio: From 100:1 in May down to ~80:1, with potential to move toward historical averages near 60:1 or lower.
Investor sentiment shift: Institutions and even high-profile fund managers now recommending 20% portfolio allocation to precious metals.
Correction vs. cycle extension: After eight straight weeks of gains in miners, a pullback seems due.
Strategy & positioning: How Dave is locking in profits, recycling cash, and targeting optionality plays in gold, silver, and copper juniors.

Stocks / ETFs discussed: GDX, GDXJ

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

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Investment disclaimer:
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José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me to review the year-to-date operations from the Tangana Mine at the Nueva Recuperada Project, located in central Peru. We then spend the balance of the interview unpacking the operational and exploration growth initiatives for the Company, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025.

We start off by having José outline some of the step changes being made to control waste dilution and increase grade from the Tangana mining unit from the end of last year and throughout the first 3 quarters of 2025. We touch upon the improving financials and operations, but he outlines that there are processes in place to significantly impact those metrics in a more meaningful way on a move-forward basis. In addition to the increasing grade there will be a focus on growing the production throughput from 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720 tpd, and they are seeking permits at present to expand to 1,000 tpd. The recently announced PEA then envisions a further expansion of the existing mill to 1,500 tpd and then the addition of a 2nd 1,500 tpd mill, taking throughput up to 3,000 tpd by 2029.

The increase in material will be through increasing mining at the Tangana unit, but then adding in both the Plata Mining Unit and Red Silver Mining Unit. This brings up the potential for expansion of high-grade silver resources from the Plata and Red Silver deposit areas and how those areas will fuel the future growth of the Company.

If you have any questions for José regarding Silver X Mining, then please email those into me at Shad@kereport.com.

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

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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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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join me to review the next batch of silver and gold drill assays returned on September 30th, from the ongoing Phase V exploration program; which is focused on the Oculto East and JAC zones at their wholly-owned Diablillos property in Salta Province, Argentina.

These 6 drill holes continue to expand oxide-hosted gold mineralization to the east of the Oculto deposit and oxide silver mineralization within the JAC zone, highlighting the continued strong exploration upside potential across the Diablillos system.

Oculto East: Numerous broad zones of continuous gold mineralization intercepted, including:

DDH 25-066: 1.0 metre ("m") with bonanza grades of 108.9 g/t gold from 288 m downhole, as well as 18.0 m at 0.97 g/t gold from 353 m
DDH 25-069: 24.0 m grading 1.02 g/t gold from 243 m
DDH 25-071: 33.0 m grading 0.42 g/t gold from 69 m
DDH 25-072: 140.0 m grading 0.57 g/t gold from 262 m, including 8.0 m at 2.60 g/t gold from 338 m

JAC: Strong near-surface silver mineralization continues to expand the Mineral Resource potential, including:

DDH 25-053: 29.0 m at 65 g/t silver from 85 m, including 7.0 m at 108 g/t silver
DDH 25-058: 32.0 m at 100 g/t silver from 58 m, including 2.0 m at 400 g/t silver

John pointed out that these latest drill assays highlight the strong continuity of wide gold zones at Oculto East, together with additional near-surface silver mineralization at JAC. Importantly, these results continue to expand both gold and silver resources well beyond the current Mineral Resource conceptual open pit, and they further demonstrate the scale of Diablillos Project to keep growing.

Dave shares the key takeaways their geological team is getting from the continued silver mineralization continuing to the west at JAC, while the gold mineralization is continuing to be delineated in Oculto East. He mentions that they now believe the higher-grade gold intercepts are just the top of a porphyry deposit at depth, and more holes will be testing this in the future, as well as the deeper hole targeting a different porphyry target at Cerro Viejo. Additionally, we circle back to the Sombra target identified in the Phase IV drill program last year, and how it is possible that there is a parallel trend that could extend from Sombra up to Oculto East, and that more drilling will focus on that thesis in the future.

Wrapping up John takes us through a number of ways that the company could still keep rerating higher, not just based on the thousands of meters of ongoing drilling, but also in light of how significant the higher silver and gold spot metals prices are to their project economics, and how the prior economics were run at substantially lower consensus metals prices. The Company is doing all the derisking work all building towards their ongoing Definitive Feasibility Study due out in early 2026, which in tandem with permits expected to be received, will be the triggers for a construction decision.

If you have any follow up questions for John or Dave regarding at AbraSilver, then please email them into me at Shad@kereport.com.

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

For more market commentary & interview summaries, subscribe to our Substacks:
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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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Fresh off the Metals Investor Forum in Vancouver, Cory and Shad recap the sentiment, company buzz, and investor conversations across the floor.

Key topics

Conference vibe: Packed retail presence, buoyed by record weekly closes for gold and silver; optimism ran high across presentations and networking.
Silver dominates: Numerous new or refocused silver juniors, many trading at $50–80M market caps despite no resource yet - highlighting just how far valuations have re-rated.
Financing window: A surge of bought deals without warrants and in-the-money warrant exercises is filling treasuries; expect higher liquidity as paper becomes free trading.
Rotation watch: While silver stole the show, investors are diversifying into copper and uranium; rare earth processors have soared, with government support driving momentum in critical minerals.
Risk appetite rising: Newsletter writers and investors moving down the food chain into early-stage drill plays; classic bull market behavior, but a reminder to manage risk and trim profits.

Stocks / symbols mentioned
GDX, MP (MP Materials), NEO.TO (Neo Performance Materials), ARA.TO (Aclara Resources), UCU.V / UURAF (Ucore Rare Metals), UAMY (US Antimony), SURG.V (Surge Copper), COSA.V (Cosa Resources)

For more market commentary & interview summaries, subscribe to our Substacks:
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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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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the news release today, on September 30th, announcing that the Company has entered into of a binding term sheet with Sailfish Royalty Corp. to acquire the Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA, through the acquisition of 100% of Mt. Hamilton LLC, the direct owner of the Mt. Hamilton Project, through a series of transactions. Sailfish will acquire MH LLC on an arm's length basis from Mt. Hamilton Holdings LLC, and subsequently transfer the interests to Mako in consideration for a corporate gold stream, and a 2% net smelter return ("NSR") royalty on the Mt. Hamilton Project from Mako. Neither Mako nor Sailfish will issue any equity to complete these transactions.

The Mt. Hamilton Project has all major state and federal permits to allow construction of an open pit, heap leach gold-silver project, and has a current mineral resource estimate with an effective date of September 23, 2025 (the "Mt. Hamilton MRE") that was prepared by James N. Gray, P.Geo., of Advantage Geoservices Ltd., out of Vancouver, British Columbia.

Additionally, we discussed the 2nd layer of mineralization and value proposition of the Mt Hamilton Project, because it also hosts a tungsten/copper/molybdenum target, located below and independent of the gold and silver Mt. Hamilton MRE. This tungsten target has been defined by over 100,000 ft of historical exploration drilling. In a report by the Department of the Interior, dated August 25, 2025, tungsten (W) was named as one of the top 10 critical metals listed by their estimated probability-weighted impact of supply disruptions on the U.S. economy. There is the potential to seek government funds allocated for the development of critical minerals for this portion of the deposit down the road as another potential opportunity.

We also unpack the anticipated mining to begin in Q4 at the Moss Mine, and what to anticipate for the several months of ramp up of increased production. Additionally, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in late 2026 and production by H2 of 2027. This is a longer-format interview where we get into many nuances of operations and coming catalysts in all 4 jurisdictions.

If you have any further questions for Akiba regarding Mako Mining, then please email them into me at Shad@kereport.com.

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

Click here for a summary of the recent news out of Mako Mining.

For more market commentary & interview summaries, subscribe to our Substacks:
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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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We’re joined by Glenn Mullan, President & CEO of Val-d’Or Mining (TSX.V:VZZ), for a company introduction and update. Val-d’Or Mining is a prospect generator with over 50 projects across Quebec and Ontario. The company is advancing its portfolio through strategic partnerships, most notably with Eldorado Gold.

Key discussion points:

Business Model: Prospect generator strategy focused on royalty creation.
Partnership with Eldorado Gold: Five JV agreements covering 12 projects with a total $36.5M earn-in commitment over 5 years. Val-d’Or acts as operator on 10 Ontario projects.
Recent Results: Phase 2 drilling at the Parestroika Prospect (Quebec) returned both narrow high-grade intercepts and bulk-tonnage style mineralization along the Cadillac-Larder Lake fault system.
Upcoming Catalysts:
- Maiden drill program at the Baden Project in Ontario (October start).
- Advancing Claw Lake Prospect (Ontario) into 2026.
- Ongoing exploration by JV partner Kirkland Lake Discoveries at the KL West Property.
- Strategic Positioning: Building long-term royalty exposure while minimizing dilution by having partners fund exploration.

Click here to visit the Val-d’Or Mining website to lean more about the company’s project portfolio.

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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David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins us to review the news out to the market on September 19th that announced the granting of exploration permits for the San Antonio and Terranova claims, adjacent to and expanding the footprint of their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.

These 2 new properties add an additional 181 hectares to Emerita’s wholly owned Iberian Pyrite Belt holdings, taking the Company’s total mineral property holdings in the IBW area to 8,144 hectares. The IBW Project hosts three Volcanogenic Massive Sulphide (VMS) deposits, which comprise NI 43-101 compliant mineral resource estimates from the La Romanera, La Infanta and El Cura deposits.

The San Antonio license is located southwest of the Company’s large claim referred to as the Ontario license and is directly along the geological trend of the IBW Project’s La Romanera deposit. For future reference, these claims, along with those formerly referred to as “Ontario” will be treated as a single exploration project area and referred to as the “San Antonio Project”.

The Terranova license also occurs along this mineralized trend along strike of La Romanera and extends the Company’s mineral property close to the border of Portugal. There are several historic small-scale mines on the Terranova license that were mined up to the mid-20th century; including the Vuelta Falsa Mine and the Trimpancho Mine. Exploration can commence immediately in these newly permitted areas and the Company is developing plans for exploration work on these claims along with the larger San Antonio project.

The company also announced in that same press release from September 19th that Emerita has entered into a letter of intent (“LOI”) with Western Metallica Resources Corp. to acquire 100% ownership of the Nueva Celti Copper Project located 75 km northeast of the city of Seville in the province of Andalusia, Spain; with historic mining operations and situated in the Ossa Morena geological massif.

We discuss all the derisking work going on in the background at the IBW Project, building toward the Pre-Feasibility Study (PFS) for late Q4 of this year, or Q1 of next year, as well as an update on the key environmental permits anticipated to come in over the next couple months.

We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further 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 us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Emerita Resources

For more market commentary & interview summaries, subscribe to our Substacks:
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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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In this KE Report Daily Editorial (Sept 29), I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who oversees the firm’s commodities trading desk.

Darrell provides his monthly update on market positioning, trading flows, and price trends across precious metals, base metals, and energy.

Discussion highlights:

Precious metals surge: Gold pushes toward $4,000 while silver breaks above $47, with broader investor flows extending beyond central banks.
Copper strength: A steady climb toward $5/lb, boosted by the Freeport Grasberg disruption and tight long-term supply fundamentals.
Sector rotation: Silver equities rally sharply, showing heightened volatility compared to gold.
Energy weakness: Oil remains stuck in a range with bearish fundamentals; natural gas looks fairly valued heading into winter with ample storage.
Big picture: Metals are pulling commodity indices higher even as energy drags, underscoring the sector’s shifting drivers.

Stocks mentioned (symbols): Freeport-McMoRan ($FCX)

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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I’m joined by Andrew Thomson, President & CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF), to discuss the company’s strategic pivot toward silver exploration in Peru and the path forward for its growing project portfolio.

Key discussion points:

Silver Focus: Palamina is expanding exploration on its silver-copper projects in Peru, particularly the high-grade Galena Project, located in the Santa Lucia district.
Galena Project: Early work highlights silver grades up to 1,000 g/t and copper values exceeding 7%. A gravity survey is set to begin within weeks, with first drilling targeted for early next year.
Pluma Project: Acquired from IRANIA. Adjacent project has JOGMEC partnered with Hannan Minerals.
Usicayos Gold Project: Permitted for drilling but currently delayed due to landowner negotiations; exploration continues at surface.
Project Generator Strategy: With multiple projects across gold, silver, and copper in Peru, Palamina is advancing select assets while exploring JV and option agreements with larger partners.

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.

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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Don Durrett, Founder and publisher of the website GoldStockData.com and author of the book "How To Invest In Gold And Silver -- A Complete Guide With A Focus On Mining Stocks" joins me to overview why he believes we've finally arrived at a generational one-time trade for the precious metals equities.

This is an informative wide-ranging discussion on how Don approaches investing in gold and silver stocks, and touches upon what investing criteria will lead to 5-baggers, 10-baggers, and even 25-baggers and 50-baggers, why holding more positions than is typically recommended can actually give value investors an edge and takes the emotion out of investing in this sector, and why nobody can actually pick all the winners in advance within their portfolio.

Key Topics Discussed:

Don's 2-decade history investing in the precious metals sector, why he wrote his book, and why he developed his research website as a teaching tool for investors.
Why Don has always positioned for a one-time generational trade in gold, silver, and the PM equities, and why he believes the period of time for for that trade to unfold has arrived.
Don's outlook on gold to eclipse $5,000 in this run and for silver to move to over $100.
Don't outlook on the US bond market starting to fail, and while gold and silver will be the beneficiaries if the US treasury market becomes fragile, and no longer risk-free.
How to get an edge by diversifying one's portfolio across a larger portfolio, to get better odds at dozens of 5-baggers and 10-baggers, and the potential for a handful of 25-baggers and even 50-baggers
Don's mining stock portfolio is now 177 stocks, and while he concedes that is too many positions, he points out that for most investors they should really hold a portfolio of 50-80 gold and silver stocks; unless they are an active trader - where 30 positions are more appropriate.
Don points out that he rarely will have exposure to a 1% position, with the exception of the 2%+ position size he maintains in the 6 ETFs and 3 mutual funds that he holds within his portfolio
"I didn't want large positions, and I still don't want large allocations. I found out that 1% is a large allocation, and I don't take 1% positions very often."
Why even his current favorite developer, 1911 Gold Corp (TSXV: AUMB) (OTCQB: AUMBF) is just barely over a 1% position size, and why he will not let it get over 1.5% inside his portfolio despite how much potential it has to rerate higher.
Why his strategy takes the emotion out of holding a portfolio of PM stocks, and why active investors with 30 positions or less still will have a lot of risk and also emotion tied to any one position that is weighted too heavily.
Why Don doesn't need to use stop losses, and doesn't care if a few individual companies fail.
An overview of the disciplined strategy and checklists that Don uses for making acquisitions of any position. Don shares a checklist of 10 criteria for producers, 6 criteria for developers, and 2 criteria for explorers.
Why nobody can truly pick eventual winners, due to the nature of dilution versus value creation, unexpected acquisitions, and unforeseeable discoveries. All investors can do is pick potential winners.
Coeur Mining (NYSE: CDE) is a company that didn't do will historically during bear market periods, but one that Don believes every precious metals portfolio should own. He goes on to share why he feels this is a must own stocks, because of how well it performs during bull market periods, due to the excellent location of their operating mines, and because of how accretive the Silvercrest acquisition was for fixing their balance sheet and their future trajectory.
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) has been a poor performer in the past, but Don explains that their acquisition of Gatos Silver fixed the company, but that he believes a future acquisition could make them an even-better overall company.
Avino Silver & Gold Mines Ltd. (TSX: ASM)(NYSE American: ASM) was a stock Don believes could be as much as a 50-bagger from the low to the eventual high in a $5,000 gold and $100 silver environment. Even though the stock has run up over 6X on this recent move the last 2 years, Don still believes Avino is undervalued and heading much higher, but that it is also a prime takeover target in this cycle.
Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) is one of the 8 silver stocks that Don believes you can "marry" for this PM cycle. He unpacks why he has changed his mind from not initially liking the recent acquisition of their Kolpa Mine in Peru, to now seeing it as very forward-looking and value-accretive for the longer term. Additionally, Don highlights why the Terronera Mine just finishing construction and beginning the ramp-up into production is going to be so significant to the company's growth profile and costs, along with the very large Pitarrilla Mine which is up next in the development cue.
In full disclosure, Shad is a shareholder of Coeur Mining, Avino Silver and Gold, and Endeavour Silver, and may choose to buy or sell shares at any time.

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.

Click here to visit Don's website Gold Stock Data

Click here to order Don's book - How To Invest In Gold and Silver

How to Invest in Gold and Silver: A Complete Guide with a Focus on Mining Stocks

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This weekend’s KE Report show dives deep into two key corners of the commodities market. In the first half, Matt Geiger breaks down precious metals sentiment post-Beaver Creek and where copper could be the next big mover. In the second half, Dan Steffens highlights why select oil and gas names remain undervalued despite a flat pricing environment.

Segment 1 & 2 - Managing Partner Matt Geiger of MJG Capital joins to discuss Beaver Creek’s upbeat sentiment and why he sees precious metals in the “middle innings,” expecting near-term consolidation in gold/silver while turning bullish on copper given supply disruptions and an extreme copper-to-gold disconnect. He also weighs in on the Elemental Altus–EMX royalty merger and Tether’s role, majors like Centerra taking stakes in juniors, and his playbook of favoring early-stage copper names, taking profits into hype, raising cash, and redeploying into high-quality pullbacks.
Click here to visit the MJG Capital website to learn more about Matt’s fund
Segment 3 & 4 - Dan Steffens, president of the Energy Prospectus Group, argues that even with range-bound oil and gas prices, geopolitical risks and the IEA’s shifting outlook keep supply tight. He highlights company-specific catalysts - Crescent Energy’s merger and hedges, Diamondback’s gas-to-power/AI plans (and Viper Energy), Devon’s buybacks, and dividend-rich Northern Oil & Gas - while favoring natural-gas-weighted names ahead of rising LNG demand, a possible La Niña winter, and increased year-end M&A.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins us to review the big picture takeaways from the early interpretations and initial assays coming in from the 110 holes and over 64,000 meters drilled with 9 drill rigs and 4 helicopters during the 2025 drill program on Surebet discovery on the Golddigger Property located in the Golden Triangle of British Columbia. The 2025 field season will officially come to an end in the next couple of weeks, once all the logging has been completed.

We discussed some of the initial high-grade gold intercepts starting to come back from the lab, but Roger reminds listeners that these are just on the gold, and don’t yet contain the multi-element assays. Additionally, assays are still pending for 88 drill holes drilled in 2025 along with a few more holes that have been relogged from prior years drilling.

100% of the drill holes completed to date in the 2025 drill program at Surebet have intersected substantial quartz-sulphide mineralization. Including 76% of drill holes containing visible gold to the naked eye “VG-NE” have been completed and currently logged in 2025, with more holes still to log. This clearly demonstrates the continuity and predictability of this expansive gold-rich system that remains wide open.

Rogers provides a little more detail on drill density of the over 600 pierce points, the continuity of the high-grade zone that is coming into focus in the Bonanza Zone, where the sediment rock packages contact the volcanic rock packages, and the better overall geological understanding that is emerging at the Surebet discovery. There are now gold results coming in from three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.

There will be a flood of assays coming in from this exploration season for many months into the future, 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

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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Peter Akerley, President & CEO, Erdene Resource Development (TSX:ERD - MSE:ERDN - OTCQB:ERDCD) joins us to provide a company overview and discuss the first gold pour (announced Sept 14) at the high-grade, open-pit Bayan Khundii mine in Mongolia. Peter outlines the production ramp-up, cash flow outlook, mine-life extension plans, and exploration priorities.

What we cover

Bayan Khundii milestone: First gold pour achieved; targeting nameplate ~85–90 koz/yr by year-end, leveraging high-grade open-pit feed and strong margins.
Costs & cash flow: Updated view from the 2023 Feasibility - AISC tracking in the ~$1,100–$1,150/oz range after royalties and capex inflation; at current prices, management frames Bayan Khundii as a “cash machine” at steady state.
Mine life growth: Resource/reserve expansion targeted around the pit with path to 10+ years through lower cut-offs, in-pit/near-pit drilling, and satellite oxides.
Near-mine discoveries: Dark Horse (shallow, oxide, potential for heap-leach add-on) and a blind target ~0.5 km west of the pit showing multi-g/t intercepts at depth.
District scale: Earlier discovery Altan Nar to be revisited as cash flow builds.
Partnership & build: 50/50 JV with a leading Mongolian mining group.
Balance sheet & debt: Shareholder loan targeted for rapid paydown as production stabilizes; exploration continues in parallel given robust operating cash generation.
News flow ahead: Commercial production/nameplate updates, near-mine drill results, expansion studies, and broader district exploration.

Click here to visit the Erdene Resource Development website.

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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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I’m joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for an update on the company’s recent drill results and broader exploration progress across the Yukon.

Key discussion points:

Jupiter Target (Einarson Project):

Strike length extended by ~550m, bringing mineralized trend to ~1.9 km and open along strike.
Highlight intercept: 6.8 g/t gold over 9m.
Strategy mirrors Valley’s early success with large step-outs to quickly test scale before infill.
Next steps: blend of selective infill, deeper tests, and additional step-outs to north and south.

Valley Deposit (Rogue Project):

Current resource: 7.9 Moz Indicated + 0.9 Moz Inferred.
New mineralized zone discovered east of the proposed pit, with visible gold.
Recent holes confirm continued growth at the margins, including intercepts beyond the current pit shell.
Engineering and environmental baseline work advancing alongside drilling.

Regional Exploration:

Seven additional targets drilled at Rogue in 2025 (Cujo, Ramsey, Aurelius, JP, Gracie, Duke, Charlotte) totaling over 6,000m.
Two holes completed at Neptune (Einarson Project); assays pending.
Strategic goal: identify another Valley-scale system while continuing to expand Valley.

Snowline is executing on a dual-track strategy - advancing Valley toward development while systematically testing district-scale opportunities. The combination of strong Valley resource growth and Jupiter’s step-out success highlights the potential for multiple large discoveries across the company’s portfolio.

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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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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I’m joined by Jim McDonald, President & CEO of Kootenay Silver (TSX-V: KTN - OTCQX: KOOYF), for an update on the company’s progress at the Columba Project in Mexico.

This conversation covers:

Maiden Resource Estimate - 54M oz silver at 284 g/t, supported by 53,000m of drilling across 214 holes.
Key Veins Driving Growth - D-Vein alone holds ~60% of the ounces; additional ounces at Lupe, B, and F veins.
50,000m Drill Program Underway - Funded by a recent $20M financing, with two rigs turning and results expected regularly over the next 8–10 months.
Expansion Strategy - Step-outs around existing zones (all open along strike and depth), plus deeper drilling and new target testing.
Next Steps - Potential to grow toward 100M oz, followed by a resource update and possible PEA.

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

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

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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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 us to review his medium-term technical outlook for the precious metals space, some potential targets and approaches if we see an intermediate-term corrective move in the gold and silver stocks, and some nuanced approaches for when to buy, hold, or trim positions in ones portfolio.

Key topics discussed:

Gold looks to be still breaking out of the recent bull flag, and may have a little room left to run to upside targets of $3,900 - $3,950.
The short to medium-term picture is a bit more murky, and so it is unclear if gold has the energy to blast up past $4,000-$4,200, completing the logarithmic extension of the longer-term 13-year cup and handle pattern breakout, before putting in a more meaningful corrective move, or…
After this current moves tops, then we’ll likely see a more meaningful correction to digest these moves. Investors and traders will need to get clear on their strategy of whether they want to just hold through that period and add to positions with cash reserves once it is extended, or if they want to get out of the way of the move down.
If GDX and GDXJ both correct down by 20%-25% then some of the juniors may go down about double that by 40%-50%. Investors should have a strategy in advance of how they want to approach that kind of scenario in the portfolio or watch list, should that play out in the medium-term.
With regards to when to trim, Jordan advises that there are 3 scenarios that he considers: 1) if a position has become to large of a weighting within one’s portfolio. (2) if a longer term 3-5 year chart shows a stock has done a huge parabolic rhino horn, as there is likely not as good of a risk/reward setup at this point (3) if the fundamentals drivers for a stock have changed or lack the value creation catalysts over the next 12-18 months.
He also goes on to unpack why he currently has a higher concentration to silver stocks than is typical, when compared to his normal weighting to gold positions, when we are at this point in the cycle, where silver has started to lead.
Jordan also shares why he’s positioned in more developers and producers in his portfolio than explorers at this point in the cycle. He is seeing the biggest value in the developers with defined ounces in the ground and improving economic studies based on the higher metals prices.

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

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Dan O’Flaherty, CEO of Versamet Royalties (TSX.V: VMET), joins me to provide an update on the recent acquisition of both a silver stream and net smelter royalty on cash-flowing producing assets from Appian Capital. We also take a deeper dive into the value proposition embedded in their portfolio of streams and royalties, and the triple-pronged approach to growth for this newer royalty company, that just listed publicly back in May of this year. Dan previously led Maverix Metals, which sold to Triple Flag in 2023, and now he’s building Versamet to fill the gap between junior royalty players and the multi‑billion‑dollar majors.

Key Highlights from Our Discussion:

Closed an agreement on September 24th for the acquisition of two long-life, high-quality, producing assets from Appian Capital Advisory; with immediate cash flow for an up-front cash consideration of $125 million.
Rosh Pinah Zinc - a 90% silver stream an operating underground mine in Namibia with over 55 years of mining history and a long history of resource additions and significant exploration potential
Santa Rita - a 2.75% net smelter return royalty (NSR) on a top tier nickel sulphide mine located in Bahia state, Brazil, currently producing from an open pit.
The Stream and NSR Royalty are expected to contribute approximately 5,000 gold equivalent ounces ("GEOs") in 2026 using analyst consensus metal prices.
Cash‑flow focus: From ~10,000 GEOs in 2025 to ~20,000 GEOs by 2026, translating to over $70M in annual revenue targeted for next year, using consensus gold prices, and even higher than that at current spot prices.
Balance sheet strength: Paid off initial debt out of robust revenues, before adding this recent debt on the back of these 2 acquisitions; with a roadmap to paying that back down in an accelerated fashion from quarterly cashflows.
Rapid portfolio growth: Over US$400M in acquisitions since 2022, growing Versamet’s market cap to over CAD$800 million.
We review how several key strategic stakeholders got into partnership with Versamet including: B2Gold (33%), Sandstorm (25%), and Equinox Gold (13%) as cornerstone shareholders, providing technical strength and deal flow.
Investors today can get an early mover advantage before more institutional investors and passive fund investments have entered the story.
Triple-pronged approach to growth: (1) Near‑term organic growth from within their existing portfolio of royalties and streams, (2) future accretive acquisitions, and (3) the coming U.S. listing for more liquidity, a broader investor base, and the potential inclusion in funds and ETFs.

If you have any questions for Dan regarding Versamet Royalties, then please email those in to me at Shad@kereport.com.

Click here to follow the latest news from Versamet Royalties

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We’re joined by Garrett Ainsworth, President & CEO of District Metals (TSX-V: DMX - OTCQB: DMXCF - Nasdaq First North: DMXSE SDB), to discuss the latest results from airborne Mobile MT surveys at the Viken Property in Sweden, one of the largest uranium deposits in the world.

Garrett explains how these surveys confirmed the known Viken deposit and identified nine new high-priority target areas - with three of them showing even stronger geophysical signatures than Viken itself.

Key discussion points include:

How Mobile MT surveys validate the Viken deposit through a one-to-one correlation with historic drilling.
Nine new target zones discovered, with 6 emerging as the most prospective.
Shallow, near-surface potential - many targets appear at ~100m depth or less.
Scalability of the alum shale system, where limited drilling could quickly define significant tonnage.
Exploration and news flow ahead, including further survey results from other Swedish projects.

Garrett also shares perspective on Sweden’s pending uranium moratorium lift, expected in late 2025, which would unlock the path to drilling and advancing these discoveries.

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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In this daily editorial, we welcome back Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network.

Joel and Corey dive into the recent pullback in U.S. equity markets, led by weakness in tech stocks, and whether this signals:

A healthy correction or the start of a larger pullback
The Fed’s latest rate cut, the dot plot, and implications for inflation and future monetary policy
Sector extremes - from stretched valuations in nuclear/quantum tech names like Oklo (OKLO), to undervalued plays in Chinese equities such as Alibaba (BABA)
Signs of excessive speculation in small-cap momentum names and what this means for traders vs. long-term investors
Where defensive money is moving - gold, utilities, staples, and biotech
Practical advice for investors on risk management, profit-taking, and strategy based on investment cycle

Joel also shares his perspective on why this market remains “orderly” despite euphoria in certain sectors, and why corrections are essential to a sustainable bull run.

Click here to visit Joel’s PreMarket Prep website

Click here to visit the Stock Trader Network - Use code PMPSTN for a 10% discount

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

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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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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joined me to discuss their new chair of the board, Marie Inkster, as well as the bench strength of the rest of the board and management team, their key strategic shareholders, an exploration update on the Phase 5 drill program, and the development pathway towards a construction decision at their wholly-owned Diablillos property in Salta Province, Argentina.

John highlights how the appointment of Marie Inkster marks another key inflection point as a company to take them into the next phase of growth. Ms. Inkster will take over as Chair of the Company's board of directors, replacing Robert Bruggeman, who will continue to serve as a director.

Ms. Inkster is a very highly accomplished mining executive and corporate director with more than 25 years of international experience spanning corporate leadership, finance, governance and capital markets. From 2018 to 2021, she served as President & CEO of Lundin Mining Corporation, after nearly a decade as its Chief Financial Officer. She currently serves on the boards of Cameco Corp. and Foran Mining Corp., and has also held board roles with global mining leaders including Vale S.A. and Lucara Diamond Corp.

John then spent some time reviewing the various disciplines and expertise of their board of directors and management team, and why this addition of Marie really rounds out the various skillsets needed to advance from an exploration company into a full-fledged development company. We also highlighted the strength of having strategic partnerships like Central Puerto, the largest utility company in Argentina, as well as senior mining companies like Kinross and Teck Resources, so share ideas with.

With three drill rigs now active across the broader Diablillos land package, the ongoing 20,000 meter Phase 5 drill program, and the potential to add a fourth rig in the future, the Company is entering another exciting new phase of exploration growth and is testing new targets. In addition, the Company is doing all the derisking work programs in parallel with exploration for their ongoing Definitive Feasibility Study due out in early 2026, which will be followed by a PEA on the heap-leach economics, and another updated to the mineral resource once all the Phase V data is incorporated into that study.

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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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macroeconomic themes and fundamental value drivers that that are presenting catalyst-driven opportunities in select gold, silver, lithium, and uranium stocks.

We start off reviewing how the Fed’s first rate cut in 9 months, here during the month of September, and that sticky and rising inflation has been a key tailwind for reflationary trends in US equities, cryptos, and the commodities sectors. Nick points out, once again, that real assets are moving higher in response. Despite the melt up we’ve seen in many metals resource stocks, Nick goes on to outline where there are still opportunities in companies that have solid work programs and news catalysts on the horizon in the precious metals stocks, and that there are still many positive macro policy factors providing tailwinds to critical minerals like copper, rare earths, and antimony, and energy metals like lithium and uranium.

Nick highlights a few gold and silver companies that have had news catalysts driving their charts higher like recent high-grade silver equivalent results returned in the initial drill results from Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), and the compelling market cap gulf between the earlier stage Daura Gold Corp. (TSXV: DGC) exploring adjacent on the same mineralized trend to the more richly valued Highlander Silver Corp. (TSX:HSLV) in Peru.

Next, we revisited the point Nick has made in prior discussions that the lithium space presented a “buy the dip” moment a few months back, and that both the underlying metals price and the related equities have bounced and started a trajectory higher. He also pointed to the doubling of the stock price this week in Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), on the back of media reports pertaining to the status of its previously announced $2.26 billion loan from the U.S. Department of Energy (“DOE”).

Shifting over to the nuclear power and uranium tailwinds from the government fiscal bills and executive orders passed the last few years have had provisions in them for accelerating the development of nuclear power infrastructure and uranium mining. Just this month we saw more comments from the US administration on creating a strategic uranium reserve and this has sent the prices of North American uranium stocks even higher, as they’ve been in a multi-month rally coming off the April sector lows. Nick highlights the prior trading opportunity he brought to listens attention a few months back in the Sprott Junior Uranium Miners ETF (URNJ) as one that has worked out nicely.

Nick also flagged uranium companies like Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), Uranium Energy Corp (NYSE American: UEC), North Shore Uranium Ltd. (TSXV:NSU), Denison Mines Corp (TSX: DML) (NYSE American: DNN), and Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) as different stages of uranium companies that are doing good work to advance their projects, which continue to have his attention.

Wrapping up Nick shares the technical innovation in the mining sector and value proposition he sees in MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) a leading provider of digital supply chain solutions for the commodity markets. He points out his it is valuable to banks, to traders, to exchanges, to metals producers, to exporters, to importers, to smelters to provide big data and assurances of supply chains. This opens up a number of lucrative avenues for helping the resource sector, materials space, and manufacturing industries by leveraging this technology, and it is already attracting major partners.

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

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

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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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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), and Dave Cole, CEO of EMX Royalty Corp (NYSE American: EMX) (TSXV: EMX), both join me to unpack the key transaction details, synergies, and growth profile emerging from the business combination of both companies into the emerging Elemental Royalty Corp. In the new combined entity, Dave will be the CEO, and Fred will be the President and COO, with the balance of the management team and board being a solid blend of the 2 companies current teams.

Dave starts us off with the big-picture rationale for this merger, creating a larger royalty company of scale, graduating up to the mid-tier category, with more analyst coverage and liquidity, a better cost of capital, the financial strength from the backing of the key strategic shareholder Tether Investments, and the potential to rerate in the future to a better price to net asset value multiple more in alignment with larger royalty peers.

Fred then takes us through the transaction specifics of the merger, including the recent financing, share roll back, and US big board exchange listing that were all announced earlier this month, in concert with this business combination. Fred also outlines the importance of having Tether Investments as their key strategic shareholder, and they financially backstop the kinds of accretive acquisitions that they can now go after. He also explains why they made the choice to establish an institutional account to gain exposure to Tether Gold (XAUt), a tokenized asset backed 1:1 by physical gold, to diversify the Company's treasury and increase exposure to rising gold prices with enhanced liquidity and efficiency.

We also dive into updates on their key cornerstone royalty partner projects: Timok, Laverton, Karlawinda, and Caserones. the organic development growth still on tap in their portfolio of royalties, the future upside of the continued royalty generation strategy, and a look ahead to future larger acquisitions than were possible for both companies up until the creation of this new combined vehicle.

If you have any follow up questions for Dave or Fred regarding the merger of Elemental Altus Royalties with EMX Royalty, into the new Elemental Royalty Corp, then please email them to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of both Elemental Altus Royalties and EMX Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.

Click here to learn more about the Elemental Altus and EMX Royalty merger

Click here to view recent news on Elemental Altus Royalties

Click here to view recent news on EMX Royalty

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In this KE Report Daily Editorial (Sept. 24), we welcome back Dana Lyons, fund manager and editor of Lyons Share Pro. Dana shares how his proprietary models continue to signal bullish conditions despite some red flags in sentiment and seasonality.

Discussion Highlights:

Market Outlook: U.S. equities still trend higher, with Dana’s models staying net long despite extended rallies.
Risk Management: How Dana trims profits and manages position sizing when sectors hit stretched levels.
Sector Rotation: Fresh strength emerging in technology, uranium, China, and now the energy sector (ETFs: XLE, FXN, PSCE).
Precious Metals: Gold, silver, and miners (GDX, GDXJ, SILJ) remain strong, with equities still catching up to metals prices.
Uranium Equities: Breakouts in URA, URNM, and NUKZ suggest more upside after consolidations.
Alpha Generation: Why experience and disciplined models matter most in extended bull markets.

Mentioned ETFs & Tickers:
XLE, FXN, PSCE, URA, URNM, NUKZ, GDX, GDXJ, SILJ, GLD

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

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

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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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We welcome back Simon Dyakowski, President & CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF), to discuss the latest drill results from the Tombstone Project in Arizona, released September 23rd.

Key Highlights:* Five new RC holes drilled at the Contention Main Pit Zone, all step-outs to test the system’s growth. * Hole 6 standout result: 3m @ 2,150 g/t silver equivalent within 28.9m @ 250 g/t silver eq., starting at 76m depth. * Hole 5 highlight: 4.6m @ 590 g/t silver eq. within a broader 47m @ 85 g/t silver eq. * Holes 7 & 8 confirm potential to extend mineralization westward and at depth. * Drill program expanded from 5,000m to 7,500m. * Upcoming results: step-outs to the south (near last year’s 7,000 g/t silver eq. hit), plus CRD target testing at depth.

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

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Investment DisclaimerThis 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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In this company update, we speak with Wendell Zerb, Chairman and CEO of Red Canyon Resources (CSE: REDC - OTCQB: REDRF), about two major developments:

Strategic Financing: Closed an oversubscribed +$2.3M financing (charity flow-through). Teck Resources (TSX: TECK.A & TECK.B | NYSE: TECK) participated, acquiring a 9.9% stake in Red Canyon.
Kendal Project Drilling: A 2,500m drill program (5–8 holes) is underway at the Kendal Ridge target in British Columbia. The focus is on defining potential porphyry copper centers within a kilometer-scale alteration system.
Exploration Approach: Wendell explains how geoscience works - geology, alteration studies, geophysics, and sampling - has built the case for drilling this high-priority target.
Pipeline Projects: Updates on the Inzana copper-gold project in BC (advancing toward drilling in 2026) and the Scraper Springs project in Nevada, potential partner interest.

For more information, visit Red Canyon Resources Website

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

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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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We’re joined by Dave Erfle, founder and editor of Junior Miner Junky, to break down the ongoing strength in precious metals. Gold is holding above $3,800/oz and silver over $44/oz, with mining stocks - both large and small - continuing to outperform.

Discussion highlights:

Gold & Silver surge - strongest impulse move in 20 years, targets of $3,850–$4,000
Mining stocks outperforming - GDX, TSX Venture, and juniors still have room to catch up
Valuations - many development companies remain cheap on an “ounces in the ground” basis
Producers vs. juniors - Newmont (NEM) cash flows exploding, but early-stage juniors still offer big upside
Strategy - balancing short-term trading vs. long-term holding in a runaway bull market

Stocks mentioned:

GDX (VanEck Gold Miners ETF)
NEM (Newmont Corporation)

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

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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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We welcome back Eric Roth, President & CEO of Capella Minerals (TSX-V: CMIL - OTCQB: CMILF) for an important company update.

Earlier this summer, Capella announced a strategic joint venture earn-in agreement with Tümad Mining, a major Turkish gold producer. That deal is now finalized, setting the stage for significant exploration across Capella’s copper and gold assets in Norway and Finland.

Key Discussion Points:

Definitive JV Agreement Signed: Tümad Mining can earn up to 51% through staged exploration spending.
Year 1 Commitment: Minimum of 12,000 meters of drilling (~US$4M), split between the Hessjøgruva copper-cobalt-zinc project (Norway) and the Killero copper-gold target (Finland).
Exploration Focus:
- High-grade VMS copper deposits in Norway’s Hessjøgruva district.
- Untested gold-copper anomalies in Finland’s Central Lapland Greenstone Belt.
- Strong News Flow Ahead: Continuous drilling programs expected to deliver steady results over the next 12 months.
- Capella’s Strategy: While Tümad funds the JV exploration, Capella is advancing plans to add a new 100%-owned copper or gold project to its portfolio.

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

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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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We welcome Mike Allen, President & CEO of StrikePoint Gold (TSX-V: SKP - OTCQB: STKXF), for a full introduction to the company’s flagship Hercules Gold Project in Nevada.

Key discussion points include:

Hercules Gold Project overview - a 100 km² land package in the Walker Lane Trend.
Mike’s history with the project, selling it previously for US$20M and reacquiring it for just C$250k.
Results from recent drilling: 6-for-6 successful holes, including strong intercepts confirming the new geological model.
Exploration target of ~1 million ounces of oxide gold.
Comparison to nearby projects and recent Nevada M&A transactions.
Upcoming catalysts: new permits, additional drill programs, and potential M&A opportunities.

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

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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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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review why the value proposition in the exploration alpha plays are based around news catalysts and milestones, more so that higher metals prices. For this very reason, he’s less interested in the sector sentiment turns we’ve seen in the valuations of producers and advanced developers in the higher underlying metals price environment, and more animated by the fundamental prospectivity of the explorers that haven’t moved up as much yet, but have the biggest potential for gains if they deliver on their thesis and make a discovery and define a significant future economic deposit.

Erik discusses some of the nuances around valuing the potential upside in gold and copper exploration companies, that have compelling drill targets, large strategic shareholders that have already vetting the projects and management teams, are in the right jurisdictions, and that have the potential for rapid upside moves if they make compelling discoveries while expanding resources.

The companies we discussed in the interview are:

Red Canyon Resources Ltd. (CSE: REDC) (OTCQB: REDRF)
New Break Resources Ltd. (CSE: NBRK)
Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF)
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

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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Sun Peak Metals (TSX.V:PEAK - OTCQB:SUNPF) is making a major strategic move. President & CEO Greg Davis joins us to discuss the recently announced LOI with Saudi Discovery Company and the company’s shift of focus to Saudi Arabia.

Key points:

Strategic pivot: Ethiopia’s Shire project on hold under force majeure → shifting across the Red Sea.
LOI details: Sun Peak shareholders ~60%, Saudi Discovery ~40% post-financing.
Saudi portfolio: 6 granted licenses (~340 km²) + ~700 km² pending, all on VMS trends.
Work plan: Mapping, geophysics, and drilling to start quickly with strong infrastructure in place.
Supportive regime: Favorable permitting, tax/royalty terms, and government-backed financing incentives.
Competitive edge: Early mover advantage in Saudi exploration, backed by a proven technical team with 20+ years in the Arabian Nubian Shield.

For more market commentary & interview summaries, subscribe:
The KE Report:https://kereport.substack.com/ Shad’s resource market commentary:https://excelsiorprosperity.substack.com/

Investment disclaimerThis 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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We’re joined by TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, for a deep dive into his current bull market playbook.

TG shares insights on how he’s positioning across multiple sectors during this risk-on environment and how traders can manage positions when stocks go vertical.

Key topics discussed:

Small-cap opportunities in a pro-growth, pro-business environment
Three ways to manage stocks that have gone parabolic: covered calls, profit-taking, and buying dips
Why market breadth is weakening despite indices pushing higher
How TG uses leveraged ETFs (SOXL, IONL, GDXU, NUGT) to capture big moves without options risk
Caution signs in precious metals equities and how to hedge with inverse ETFs (JDST, DUST)
Hot sectors right now: semiconductors, quantum computing, and TG’s top pick – drone stocks

Click here to visit TG’s site - Profit Pilot

Stocks/ETFs Mentioned:
Tesla (TSLA), IonQ (IONQ), AMD (AMD), Nvidia (NVDA), Barrick Gold (B), GLD, SLV, GDX, SOXL, GDXU, NUGT, JDST, DUST, IONL

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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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In this KE Report company update, CEO Alain Lambert of Prismo Metals (CSE:PRIZ - OTCQB:PMOMF - FSE:7KU) provides details on the latest discovery at the Silver King Project in Arizona. The company has identified porphyry-style copper mineralization, adding a new dimension to its exploration plans.

Highlights from the discussion include:

New Porphyry Discovery: Surface work has outlined porphyry-style mineralization, comparable to the nearby historic Magma Mine and world-class Resolution Copper deposit.
Target Pipeline: Three distinct targets at Silver King:
- Around the historic Silver King Mine (first drill priority).
- Newly identified mineralized silver veins.
- Porphyry-style copper mineralization (requires additional permits, expected in Phase 2).
- Location Advantage: Silver King sits just 3 km from Resolution Copper, the world’s largest undeveloped copper deposit (JV between Rio Tinto & BHP).
- Permitting & Timeline: Phase 1 drilling permits expected in the coming weeks; drilling anticipated before year-end. Phase 2 permits to follow for the porphyry target.
- Next Catalysts: Results pending on 29 surface samples (expected late September) and an additional 15 samples. Plans underway to dewater the historic Silver King Mine for future exploration.

Click here to visit the Prismo Metals website

For more market commentary & interview summaries, subscribe to our Substacks:
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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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Rick Bensignor, President of Bensignor Investment Strategies and editor of Supposedly Irrelevant Factors, joins us to discuss practical trading strategies for persistent bull markets across U.S. equities, precious metals, and select international markets. We focus on how to manage winners without getting shaken out by every “it’s overbought” headline.

Key takeaways* Separate long-term holdings from tactical trades. * Trim or hedge positions at technical targets instead of selling outright. * Spotting exhaustion signals at highs with tools like DeMark counts. * Case studies: trimming $TSLA, $INTC, $PAAS; tactical put spreads in $GLD. * Why most investors should limit trading to 10-15% of assets and let ETFs ($SPY, $QQQ, $DIA) compound long term.

Stocks & ETFs mentionedSPY, QQQ, DIA, TSLA, PAAS, SLV, GLD, GDX, INTC, NVDA, PFE.

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This week The KE Report Weekend Show dives into two hot topics: Cory and Shad’s takeaways from the Beaver Creek Precious Metals Summit, and Mike Larson’s insights on Fed policy and sector leadership. Both conversations point to one conclusion: we’re in a bull market for stocks and metals… but are we mid-game or late innings?

Segment 1 & 2 - Replay of the first ever KER QuickTake (posted Monday). Cory and Shad recap the sentiment at the Beaver Creek Precious Metals Summit. An overwhelmingly bullish sentiment - family offices and funds returning, investor meetings up, juniors bifurcating (fast-tracking developers vs. idle laggards), warrants flowing in, gold’s breakout sustaining momentum, and likely rotations toward copper/uranium/critical minerals while watching breadth, timelines, and potential M&A.
Segment 3 & 4 - Mike Larson, Editor-in-Chief at MoneyShow, joins us to unpack the Fed’s 25 bp cut and dot plot, a steepening yield curve and weakening dollar, and why he favors metals (gold/silver), small & micro caps, and financials. He also highlights the AI-driven capex boom (benefiting utilities/data centers), mining leadership in MoneyShow’s “Best Of” picks with momentum spreading to copper/platinum, policy tailwinds for critical minerals, and crypto’s growing institutionalization.
Click here to find out about the upcoming MoneyShow conferences

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Investment disclaimer:

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In this KE Report update we’re joined by Tara Christie, President & CEO of Banyan Gold (TSX.V: BYN - OTCQB: BYAGF), for a company update on the AurMac Project in Yukon.

In this interview, Tara recaps:

Recent drill results (Sept 4 & Sept 15) including highlights of 1.44 g/t Au over 33.2m and 1.85 g/t Au over 27m.
Ongoing drilling between the Airstrip and Powerline deposits and how results could connect the two.
Expansion of the program from 30,000m to 40,000m with over 100 holes pending assays.
Demonstrated continuity of high-grade mineralization and potential conversion of prior waste areas into resource ounces.
Banyan’s move to 100% ownership of AurMac and decision to incorporate new drilling into an updated PEA expected in 2026.
Strong share price performance since July on huge volume.

With an existing 7.7Moz gold resource (2.3Moz indicated + 5.5Moz inferred), Banyan is focused on adding ounces above 1 g/t Au and advancing AurMac as a large-scale, mineable open-pit project.

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

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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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In this KE Report company update, we sit down with Mike Stark, President & CEO of Arizona Gold & Silver (TSX-V: AZS - OTCQB: AZASF) to discuss the company’s strongest drill results yet from the Philadelphia Project in Arizona.

Released on September 17th, the latest hole returned 9.05 g/t gold and 34 g/t silver over 20 meters from 320 meters downhole - the highest-grade and thickest mineralization intercepted on the project to date.

Key discussion points include:

Geological significance of the new intercept and the Perry Vein system.
How deeper drilling is confirming the Red Hill area as a potential heat source.
Current step-out drilling (holes 157–159) and expanded permitting to expand exploration area by 200 acres and 16 new drill pads.
Funding position with ~$2M recently raised, supporting drilling through 2026.
Exploration upside, including the underexplored southern strike extension and broader property package (only 3% of 3,300 acres tested).
Longer-term plans for new targets, including potential greenfield drilling and work at the Sycamore Canyon Project.

Click here to visit the Arizona Gold & Silver website.

For more market commentary & interview summaries, subscribe to our Substacks:
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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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In today’s pre-market daily editorial, we’re joined by Joel Elconin, co-host of the PreMarket Prep Show. Click the link in the show notes to listen to Joel and his team for daily market conversations, as well as a link to the Stock Trader Network.

This week’s discussion centers around the Fed’s latest rate cut and updated dot plot, projecting two more cuts this year and one in 2026. Despite shifting policy, markets continue to grind higher toward all-time highs.

Joel shares his perspective on:

The Fed’s decision and why markets keep shrugging off “bad” news.
The historical trend: markets rising after Fed cuts near highs.
Whether today’s rally is still concentrated in big tech or broadening across small caps, biotechs, gold, silver, and other sectors.
Key catalysts ahead: quad witching, Jewish holiday rotation, jobs and inflation data.
Why hedging remains limited even with volatility upticks.
A closer look at Intel (INTC) following U.S. government backing and Nvidia’s $5B stake.

Joel also outlines his simple but disciplined approach to market levels, why he’s not placing resistance targets, and what could derail this momentum heading into Q4.

Stocks discussed:

Intel (INTC)
Nvidia (NVDA)
Broader small-cap (IWM), biotech, and precious metals trends

Click here to visit Joel’s PreMarket Prep website.

Click here to visit the Stock Trader Network.

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. 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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Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to review their Q2 operations and key financial metrics, the further debt repayment, ongoing metallurgical work, 4 separate exploration programs, and provides insights on key upcoming catalysts across both of Luca’s producing assets – the Tahuehueto and Campo Morado mines, located in the prolific Sierra Madre mineralized belt in Mexico.

Second Quarter Highlights

Gold equivalent production totaled 17,861 ounces in Q2 2025, up 28% compared to Q2 2024, and 39,154 ounces in H1 2025, supported by continued ramp-up at Tahuehueto, strong base metals output, and strong plant availability at Campo Morado.
Tahuehueto advanced operationally, maintaining over 90% plant utilization in the quarter while increasing tonnes milled by 104% year over year to 72,396, underscoring continued ramp-up progress and plant reliability.
Throughput momentum continued as well in the quarter, with a 65% increase in consolidated tonnes milled to 253,717; Campo Morado milled 181,320 tonnes (+54%), an average of 2,133 tonnes per day, while Tahuehueto more than doubled output, averaging 905 tonnes per day in the quarter, compared to the same period in the prior year.
Gold production reached 6,622 ounces, up 55% from Q2 2024, supported by stable recoveries at Tahuehueto and steady plant operations despite lower mined grades.
Campo Morado set a new benchmark with 98.7% grinding availability, its highest of the year, and delivered 11,106 gold-equivalent ounces—supported by stronger zinc and copper grades.
Tahuehueto contributed 6,755 gold-equivalent ounces, a 44% increase year over year, and silver production rose 108% to 71,441 ounces, highlighting rising output from higher-grade zones.
Zinc, copper, and lead production rose 74%, 66%, and 49%, respectively, on a consolidated basis, benefiting from improved head grades, higher throughput, and processing efficiency across both sites.
Consolidated revenues more than doubled year-over-year to US$36.78 million driven by higher production volumes and improved realized prices across most metals, and delivered record revenue of US$75.4 million for the first half of the year..
Cash provided by operating activities totaled $12.61 million in Q2 2025, a substantial increase from $739,000 in Q2 2024, primarily driven by a 102% increase in revenues supported by higher gold-equivalent production (+28%) and improved realized prices. Strong throughput growth at both operations, particularly a 104% increase in tonnes milled at Tahuehueto and 98.7% grinding availability at Campo Morado, contributed to enhanced cash generation.
Adjusted net earnings totaled $3.26 million in Q2 2025, a step in the right direction from a near break-even result in Q2 2024. The turnaround reflects improved operational profitability, stronger metal sales, and disciplined cost management, offsetting non-cash and non-recurring items that impacted the reported net loss.
Positive adjusted EBITDA of US$5.8 million in Q2 2025 (Q2 2024 – positive adjusted EBITDA of $4,166), with US$18.2 million generated in the first half of the year; supported by increased sales across gold, zinc, and copper, as well as improved operating margins.
For the year ahead, the Company anticipates producing between 85,000 and 100,000 gold equivalent ounces with payable ounces ranging between 65,000 and 80,000. The Company expects to generate between US$30 million and US$40 million in free cash flow before working capital adjustments for the year, reflecting the strength of its core mining operations.

Dan goes on to highlight both the underground drilling and surface drilling going on at Campo Morado and Tahuehueto, with essentially 4 exploration programs, and the first meaningful drilling in over a decade. In addition to targeting new high-grade gold and silver areas, there is a concerted effort to expand mineralization and extend the mine life for both projects. The company is also engaged in ongoing metallurgical testing to improve recovery rates for their 5 metals, and 3 concentrates.

If you have any question for Dan regarding Luca Mining, then please email those into us at Fleck@kereport.com or Shad@kereport.com.

In full disclosure Shad is a shareholder of Luca Mining 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 Luca Mining

________________________________________________________________________________________

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In this daily editorial, we welcome back Jeff Christian, Managing Partner at CPM Group, for his monthly update on the precious metals sector. With gold and silver recently breaking out to multi-year highs, Jeff provides valuable context on the market drivers, technical considerations, and the broader macroeconomic environment.

Discussion Highlights:

Gold outlook: After breaking above $3,700, Jeff shares why near-term pullbacks are possible but believes the upside potential toward $3,800-$4,000 remains strong into late 2024 and early 2025.
Pullbacks vs. peaks: How a 10-20% correction could unfold, and why robust investor demand likely supports prices well above prior record levels.
Interest rates & gold: Why the traditional “higher rates = bad for gold” narrative doesn’t hold up under data.
Equities & gold: How gold can act as a diversifier, even while equity markets remain elevated.
Silver outlook: Support above $40, with potential to reach $44-$48 in Q4 and possibly $50 in 2025 as investor selling abates and new buyers enter the market.
Longer-term view: Gold and silver prices could extend gains into 2026-27, with risks and uncertainty continuing to drive investment flows.

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

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. 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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Rob Eckford, CEO of Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC), joins me to introduce the value proposition and current work programs at their 2 district-scale gold exploration projects in New Zealand.

Rob starts off by highlighting that their team, that has developed, constructed, and run mines in Burkina Faso and Colombia, but then decided to focus on New Zealand a handful of years ago; eventually leading to the company going from private to publicly listed in 2024. They’ve consolidated the land over 2 large land packages prospective for high-grade gold on both the North Island and South Island.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t. The exploration team currently has 3 drills turning across the project, and anticipates an update to the Resource Estimate by year end.

The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga; north of their Waihi gold mine. After obtaining a permit later this year, drilling will commence across the Glamorgan Project.

Rob shares his background and the pedigree and experience of the management team and board of directors, and wraps us up with the capital share structure, key strategic investors, and financial strength of the Company to execute on its next initiatives.

If you have any questions for Rob regarding Rua Gold, then please email them into me at Shad@kereport.com.

Click here to follow the latest news from Rua Gold

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In this KE Report company update, I speak with Nick Appleyard, President & CEO of Tristar Gold (TSX-V: TSG - OTCQB: TSGZF). We revisit TriStar’s flagship Castelo de Sonhos (CDS) gold project in Brazil, which hosts a 2.5 million-ounce resource (1.8Moz Indicated + 0.7Moz Inferred) and a completed Pre-Feasibility Study.

Nick provides an update on:

Permitting progress: The status of the environmental license, the recent civil public action, and strong support from the State of Pará.
Next steps: Advancing toward the construction permit within 12 months, positioning CDS as a shovel-ready project.
Economics: Updated project economics at higher gold prices.
Valuation disconnect: Why market cap lags asset value and how resolving the permitting challenge could unlock $100M+ in shareholder value.
Strategic options: Financing outlook, potential partnerships, and how TriStar is managing cash reserves (~US$5M) to advance the project.

Click here to visit the TriStar Gold website to learn more about the Company and Project.

For more market commentary & interview summaries, subscribe to our Substacks:
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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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In this Pre-Market Daily Editorial, we welcome back Dave Erfle, Founder and Editor of Junior Miner Junky. Fresh off the Beaver Creek Precious Metals Summit, Dave shares his key takeaways from over 20 company meetings and his perspective on the sector’s strong bullish momentum.

Discussion highlights:

Why sentiment has shifted with juniors now in a full-blown bull market.
The growing importance of U.S. big board listings (NYSE/AMEX/NASDAQ) for attracting both retail and institutional investors.
Signs of an imminent correction after six straight weeks of gains in GDX/GDXJ - and how Dave is preparing to deploy cash.
Ongoing M&A activity, from mega-mergers (Teck + Anglo American) to billion-dollar private deals, and what this means for mid-tiers and developers.
Where Dave still sees potential 3–10x upside opportunities - and the risks tied to chasing them.

Dave also weighs in on investor sentiment, whispers from behind-the-scenes meetings, and the long-term outlook for gold miners relative to rising gold price floors.

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

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

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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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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review his key takeaways from the Precious Metals Summit in Beaver Creek, and the best opportunities he sees presenting themselves in the resource sector. Additionally, we get to hear Erik’s reaction to the news that broke this Monday reporting on the merger of First Nordic Metals with Mawson Finland, to produce a larger Scandinavian exploration and development vehicle.

Coming into the PM Summit in Beaver Creek, gold, silver, and the precious metals stocks were continuing to make new highs, giving a much improved sentiment to the conference as the bull market raged on. We also got into the nuances of how one may need to adjust company valuations in a dynamic way based on how their newsflow compliments or is at odds with the underlying macro conditions and gold and silver price action.

Erik points out that many of the PM producers and developers, that looked grossly undervalued a year ago and seemed to be ignoring the surging metals prices, are now finally up multiple-fold. Even the optionality “beta” plays, with sunk costs and banked success via ounces in the ground, have continued to rerate higher at this point; making them less attractive from his vantage point. In contrast, many of the exploration stocks have only started to move recently, and some explorers or early-stage discovery stocks haven’t even moved that much in contrast to the rest of the sector. Erik remains more encouraged by these “alpha” plays, that have clear catalysts on the horizons from their ongoing work programs.

We then shifted over to the news that broke early this week on September 15th, announcing the merger of First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) (FSE: HEG0) and Mawson Finland Limited ("Mawson") (TSXV: MFL) (FSE: PM6). Erik unpacks the synergies that he sees in this transaction between the 2 companies, the value proposition of their combined projects, management teams, and board of directors, and how this may provide a better cost of capital, more liquidity, and the ability to negotiate with Agnico Eagle from more of a position of strength.

This transaction will consolidate a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Joint Venture Project and Gold Line Belt projects in northern Sweden and Oijärvi Project in northern Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland.

In full disclosure, both Erik and Shad are shareholders of First Nordic Metals.

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

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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In this KE Report company update, we welcome back Garrett Ainsworth, President & CEO of District Metals (TSX-V: DMX - OTCQB: DMXCF - NASDAQ First North: DMXSE-SDB).

We cover:

Recent UAV (drone) survey results at the Sågtjärn and Nianfors projects in Sweden, and how the data led to expanded land positions.
Background on these projects, which host historical uranium resources, high-grade uranium boulders, and rare earth element potential.
Exploration strategy across District’s five uranium projects, including the flagship Viken Project, one of the world’s largest undeveloped uranium deposits.
The latest developments on Sweden’s uranium mining moratorium, the timeline for a potential repeal, and how this impacts District’s plans.
Recent share price volatility following government announcements and investor sentiment shifts.

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.

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

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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. 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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In this Daily Editorial, we are joined by Jim Tassoni, CEO of Armor Wealth Strategies, for his monthly trader’s perspective. Jim is a momentum trader, and in today’s conversation he shares how he’s navigating what feels like a “buy anything” market where both risk-on and risk-off assets are moving higher.

We cover:

Momentum in equity markets - the S&P and NASDAQ hitting new all-time highs, and how Jim manages positions with tactical trims and adds.
Trading around news events - using volatility from Fed decisions, inflation, and jobs data to adjust exposure without breaking trend.
Sector opportunities - broadening exposure with ETFs like QQQ, RSP, and XLF; increasing interest in healthcare as a potential catch-up sector.
Commodity momentum - strong moves in gold, silver, platinum, and steel via ETFs (GLD, SLV, GDX, PLTM, SLX), and how Jim manages entries and trims.
Precious metals outlook - GDX breaking above its 2011 peak, silver pushing toward $50, and why Jim prefers to let momentum dictate exits rather than trying to call a top.
Market psychology - parallels to the late-1990s “buy anything” market, and why discipline and exit levels matter in case of a downturn.

Stock & ETF Symbols Mentioned: SPY, QQQ, RSP, XLF, GDX, GLD, SLV, PLTM, SLX, UFO

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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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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In this company update, Cory Fleck is joined by Tim Clark, President & CEO of Fury Gold Mines (TSX:FURY - NYSE:FURY), and Bryan Atkinson, SVP Exploration, to provide a comprehensive update on the company’s projects and recent milestones.

Discussion Highlights:* Eau Claire Project (PEA Released Sept 2, 2025):

+ Three development scenarios: standalone operation, hybrid toll milling, and full toll milling.
+ Strong economics, including an after-tax IRR of 41% (base case) and up to 84% (toll milling case).
+ Path toward a Pre-Feasibility Study (PFS) supported by 76% of ounces already in M&I categories.
+ Exploration upside with mineralization open in all directions.

Sakami Project (Drill Results - Aug & Sept 2025):
- Wide gold intercepts with higher-grade cores.
- Discovery of a silver zone grading 546 g/t Ag over 1.5m.
- Large-scale 23 km mineralized trend with multiple targets still to be tested.
- Committee Bay (2025 Drill Program):
- First drilling in years following Agnico Eagle’s investment.
- Testing new shear-hosted targets at Three Bluffs and Raven.
- Results coming soon.

With strong economics at Eau Claire, ongoing discovery at Sakami, and strategic exploration at Committee Bay, Fury is positioning itself for near- and long-term growth.

For follow-up questions, email Cory at fleck@kereport.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. 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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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. After just getting back from the World Nuclear Symposium in London, Justin provides some boots-on-the-ground feedback as to the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle that he is watching, and how he is positioning in the uranium equities to feed the front end of that supply chain.

This is a longer-format discussion building upon our prior conversations in 2024 and early 2025, because even more key macro news and company developments have been announced in the nuclear and uranium sector.

We start off reviewing the series of right-tail risks that are propelling the sector and supply/demand fundamentals to the upside. In addition to the global reactor builds, pinch points in enrichment, buying in the spot markets from the Yellowcake fund and Sprott Physical Uranium Trust, and the 4 executive orders out of the Trump Administration in May that focused on the nuclear and uranium industries; we’ve continued to see even more factors stacking up for the bullish longer-term thesis. Justin highlights that just this afternoon we saw the Trump administration announce that it was researching building up a strategic uranium reserve, which sent many uranium stocks up double-digits on the day.

Transitioning over the supply environment from the uranium mining companies, we’ve seen a flurry of news all year out of producers across the board struggling to ramp up production. Justin unpacks the news out of Kazatomprom, the largest uranium swing producer in Kazakhstan, lowering expected guidance, as well as Canadian senior uranium producer Cameco (CCO.V) (CCJ) discussing the difficulty they are having in sourcing skilled labor to expand their operations.

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), Paladin Energy’s (ASX: PDN) (OTCQX: PALAF) Triple R/Patterson Lake Project, and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), 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 uranium demand. Justin highlights the opportunity he sees for growth in the smaller US producers and developers, and that he expects to see merger and acquisition transactions in this jurisdiction in the years to come.

Wrapping up, Justin weighs in on the importance of seeing more developers and explorers move projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.

Click here to visit the Uranium Insider website.

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Fresh off the Beaver Creek Precious Metals Summit, Cory and Shad break down what they saw and heard across meetings with companies, funds, family offices, and active investors.

Key topics

Conference vibe & flows: One of the busiest Beaver Creeks in years; more meetings with investors (not just corporates). Sentiment broadly bullish.
Producers vs. juniors: Developers and producers pushing larger programs and timelines; many juniors still lagging due to thin newsflow, warrant overhangs, or unclear work plans.
“Early innings?”: Why calling this the start of the cycle is misleading - majors and ETFs have been trending for years; juniors are now playing catch-up.
Timelines that matter: PEA → FS fast-tracks, bulk samples, and small-scale production - where that can work and where it can go wrong.
Warrants everywhere: In-the-money warrants fueling treasuries and rotation; how investors are exercising, clipping, and reallocating.
Rotation watch: While gold leads, eyes are turning to copper, uranium, and critical minerals for the next leg.

Stocks / symbols mentioned
NEM (Newmont), AEM (Agnico Eagle), GDX, GDXJ
Macro & rotation talk (no recommendations): uranium, copper, critical minerals

—

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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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Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), joins me for an update on the company’s latest drill results from the RC Gold Project in the Yukon. We discuss the most recent assays from the Rhosgobel discovery, which continues to deliver standout results.

Key highlights from the update:

Latest results: 162m of 1.02 g/t Au from surface, including 71m of 1.57 g/t Au.
All 8 holes drilled to date exceed 100 gram-meters, with one exceeding 200.
Strong continuity over ~300m strike length and mineralization observed down to 400m depth.
Current program expanded from 10,000m to ~12,000m of drilling, with two rigs turning and ~41 holes completed so far.
Geologists report visible gold in 31 of the first 34 holes logged.
Potential resource estimate considered for early 2026, with comparisons drawn to major deposits in the Tombstone Gold Belt (Fort Knox, Valley, Eagle).
Growing footprint of the Rhosgobel discovery suggests potential to host a multi-million-ounce deposit.

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

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

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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 may own shares in companies mentioned.

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Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins us to highlight the September 8th news announcing the successful completion of their first gold sale from the Mustang Mine, at their 100% owned Bralorne Gold Project in British Columbia. The Company had previously starting trucking over the first development ore from the Mustang Mine to Nicola Mining’s Craigmont Mill located in Merritt, British Columbia; and sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million.

Terry outlines that this milestone confirms the category shift of Talisker resources from an advanced-stage developer to an active gold producer and the successful completion of early-stage commissioning activities at Bralorne. Talisker has been implementing a phased ramp-up development strategy to optimize resource extraction, reduce operational risks, and generate near-term cash flow. He reviews the areas of focus within the underground mine to continue with accessing ore from the high-grade 1060, 1075, 1105 and 1120 levels along the Alhambra and BK veins, increasing future mine output, gold production, and revenues.

We also reviewed some of the exploration success at the 1075 and 1060 levels:

Key Highlights:

220.0 g/t over 0.50m within 40.44 g/t over 2.76m from Alhambra Vein, West Face No. 8 (sample X000816)
43.3 g/t over 0.85m within 13.0 g/t over 2.93m from Alhambra Vein, West Face No. 2 (sample X000443)
37.0 g/t over 0.85m within 11.0 g/t over 2.86m from Alhambra Vein, West Face No. 4 (sample X000507)
60.5 g/t over 0.57m within 8.8 g/t over 4.01m from Alhambra Vein, West Face No. 23 (sample X000831)
46.4 g/t over 0.46m and 45.2 g/t over 0.49m within 17.2 g/t over 2.64m from Alhambra Vein, East Face No. 2 (samples X000388, X000389)
44.7 g/t over 0.66m within 10.7 g/t over 3.08m from Alhambra Vein, West Face No. 22 (sample X000822)

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 us at Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Talisker Resources

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In this KE Report company introduction, I speak with Alain Lambert, CEO of Prismo Metals (CSE:PRIZ - OTCQB:PMOMF - FSE:7KU), about the company’s expanding project portfolio across Arizona and Mexico.

Key Discussion Points:

Silver King Mine (Arizona): Historic high-grade silver producer. Surface sampling underway, drill permits pending, and a Phase 1 drill program planned before year-end.
Ripsey Mine (Arizona): Another past-producing silver mine with strong gold grades, set for mapping and evaluation as Silver King drilling progresses.
Hot Breccia (Arizona Copper Belt): Large copper prospect adjacent to Rio Tinto & BHP’s Resolution Copper. A potential partnership with majors is being considered due to deep drilling requirements.
Palos Verde (Mexico): Surrounded by Vizsla Silver (NYSE/TSX: VZLA), which is also Prismo’s largest shareholder. Potential long-term value once Vizsla advances its exploration in the district.
Corporate Overview: Management, directors, and advisors own 26%+, with Vizsla as a cornerstone investor.

.Click here to visit the Prismo Metals website

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OceanaGold is a mid-tier gold–copper producer with four operating centers, a strong balance sheet, and a clear growth path. The company is generating record cash flow at current gold prices while reinvesting in expansion, advancing exploration, and returning capital to shareholders.

Brian Martin, Senior Vice President of Business Development & Investor Relations joins us to provide a high level overview of the company.

Key Discussion Highlights* Operational Overview: Four producing assets - Haile (USA), Macraes & Waihi (New Zealand), and Didipio (Philippines) - delivering 450k–520k oz gold in 2025, with production set to rise toward 600k oz next year. * Haile Growth Engine: Largest contributor (≈40% of production). Grade-driven expansion with Horseshoe Underground in place and new underground targets advancing. * New Zealand Upside: Macraes reserve extensions underway; Waihi hosts a higher-grade resource with potential to scale annual output to 200–250 koz. * Didipio Advantage: Lowest-cost operation with significant copper credits, providing strong margins and diversification. * Financial Momentum: Record revenue and net income in Q2 2025. Capital allocation balances growth investment, record exploration budgets, dividends, and a US$100M buyback (≈US$70M deployed YTD). * Exploration Focus: High-grade drilling success NZ, plus underground targets at Haile, regional drilling at Didipio, and reserve extension work at Macraes. * Valuation & Listings: Management sees OGC trading at a discount to peers such as Alamos, Eldorado, B2Gold, and Lundin Gold. Plans are underway for a NYSE listing in H1-2026.

Click here to visit the OceanaGold website and learn more about all the operations.

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In this KE Report company update, we speak with Colin Padget, President & CEO of Founders Metals (TSX.V: FDR - OTC: FDMIF - Frankfurt: 9DL0), about the latest developments from the company’s 60,000-meter drill program at the Antino Gold Project in Suriname.

We focus on:

High-grade results at depth - including 18m of 6.14 g/t gold from 450m and confirmation of continuity in the Upper Antino zone.
Open-pit to underground potential - how the deeper drilling supports long-term underground mining scenarios.
Pipeline of new targets - progress at Maria Geralda, Van Gogh, Da Vinci, Parbo, and Lawa, and how auger/trenching work is defining future drill-ready zones.
District-scale potential - three parallel mineralized trends and the possibility of multiple “Upper Antino-type” discoveries.
Program status - ~40,000 meters completed, with ~20,000 meters to go before year-end.

Colin also shares insights on how the company in balancing exploration drilling vs. resource definition.

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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Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review a number of key ongoing initiatives and newsflow including the best ever drill hole assay returned to kick off the largest ever drill program, further derisking work building towards an upcoming Preliminary Economic Assessment (PEA), a bulk sample in progress, and an ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.

We start off reviewing the initial high-grade drill results returned from the ongoing planned 25,000-30,000 meters exploration program at the Blueberry Contact Zone.

Highlights:

Blueberry Contact drillhole SR24-364 intersected 30.1 grams per tonne (g/t) gold over 23.65 metres (m), including 83.3 g/t gold over 4.4 m at the Fifi vein.
Blueberry Contact drillhole SR24-362 intersected 9.18 g/t gold over 21.00 m and 5.19 g/t gold over 6.00 m at the Blueberry vein zone.
Blueberry Contact drillhole SR24-360 intersected 23.1 g/t gold over 2.00 m at the Fifi vein zone.
3 of the 5 reported holes have discreet intercepts of greater than 5 g/t gold in the siltstone host rock, including 29.8 g/t gold over 1.05 m in SR25-364.

Brad highlights that 4 diamond drill rigs have been turned across the property at the high-priority Blueberry Contact Zone, around the past-producing Scottie Gold Mine, including at the Wolf Zone discovered last season, and at the C & D veins. Brad points out that about 14,000 meters has been drilled thus far, and that a big percentage of the will be focused on upgrading the resources from inferred to indicated categories as well as targeting resource growth at the Blueberry Contact Zone, with a focus on the open pit and upper portions of the underground resources at both Blueberry and Scottie, and detailed testing of the siltstone side of the contact zone. We also review follow-up step-out drilling on the Wolf Zone target discovered in 2024 at the Scottie Gold Mine area.

Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have been blasting and mucking mineralized material from the road-accessable outcropping Bend Vein located on the north end of the Scottie Gold Mine Project. This will be a nice opportunity to learn more about a number of metrics and provide a nice proof of concept, as well as generating some non-dilutive capital for the Company in the process.

If you have any questions for Brad regarding Scottie Resources, then please email them in to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Scottie 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 Scottie Resources

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Gold and silver have broken out to new cycle highs after a 5-month consolidation. Craig Hemke, founder and editor of the TF Metals Report, joins me to map the pattern driving the move, where it could go next, and how equity inflows and central-bank dynamics are reshaping the precious metals landscape.

Key Topics

Breakout mechanics & roadmap: Four repeated cycles over the last ~2 years … 3–4 months of sideways consolidation followed by 15-20% surges. With the latest breakout confirmed in late August, Craig outlines upside scenarios into Q4.
Miners vs. metals: Why strong metal prices plus widening margins can still mean more catch-up ahead for producers and developers; how valuation frameworks (P/E, price/book) may evolve if capital rotates into the sector.
ETF flows & breadth: Rising inflows into GDX/GDXJ as broad participation improves across large caps and juniors; how equity strength and metal strength reinforce each other.
Macro drivers: Slowing U.S. data, rate-cut expectations into the upcoming Fed meeting, and the prospect of yield-curve management; how global de-dollarization and central-bank buying since 2022 continue to underpin gold demand.
Then vs. now: Lessons from the 2009–2011 bull market compared to today’s debt math, policy backdrop, and global currency dynamics.
Positioning mindset: Why “buy-the-dip” may persist in a structurally supportive backdrop, and what traders should watch as liquidity returns post-summer.

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

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We welcome back Mike Konnert, President & CEO of Vizsla Silver (TSX: VZLA, NYSE: VZLA), to discuss the company’s latest milestone: a US$200 million project financing package with Macquarie to fund development of the Panuco Project in Mexico.

This deal is a key step toward making Vizsla Silver one of the world’s largest single-asset primary silver producers. Mike outlines:

Details of the Macquarie financing and why it’s one of the cleanest project finance deals in the silver sector.
Updated capital position – nearly half a billion US dollars in liquidity.
Development milestones ahead, including the feasibility study (expected later this year) and permitting.
How the test mine and early development work are expediting timelines toward production.
Ongoing exploration at multiple high-potential targets across the Panuco district and new properties like Santa Fe and Santa Enrique.

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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We’re joined by Luke Alexander, President & CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), to discuss the latest results from the company’s ongoing 35,000m drill program at the Enchi Gold Project in Ghana. With recent highlights including 184 g/t gold over 1m and 3.1 g/t over 13m at the Kojina Hill target, the company is balancing resource expansion drilling with advancing toward a PFS.

Key Topics Covered:

Drill results at Kojina Hill, including one of the highest-grade intercepts to date and the potential for future resource inclusion.
The importance of deeper drilling to test high-grade feeder zones at the Sewum and Boin deposits.
Funding position and upcoming warrant exercises that could add ~$13M to the treasury.
Strategy for converting resources from Inferred to Indicated while growing beyond the current 1.71Moz resource base.
Outlook for an updated resource estimate and upcoming PFS as catalysts.

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

Click here to visit the Newcore Gold website.

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Gold surges, juniors revalue, and traders eye sector rotations – insights from Axel Merk (Merk Investments) and Dana Lyons (Lyons Share Pro).

This weekend’s KE Report show dives deep into the accelerating precious metals bull market and broad market setups. In the first half, Axel Merk breaks down gold’s breakout, the financing wave in juniors, and what signals to watch for a market top. In the second half, Dana Lyons shares model-driven strategies across equities, tech, small caps, bonds, and crypto, plus his take on how to trade stretched metals markets.

Segment 1 & 2 - Axel Merk, President & CIO of Merk Investments and manager of the ASA fund, joins to unpack gold’s breakout after a five-month consolidation, the rare risk-off mix of falling bonds and rising gold, and how Fed-cut expectations, stronger miner margins, and improving junior financing/M&A could keep the move running. He also flags what would signal a top—overpaying deals, loosening discipline, and valuation models chasing higher gold assumptions.
- Click here to learn more about Merk Investments
Segment 3 & 4 - Dana Lyons, fund manager and editor of Lyons Share Pro, joins to discuss why his risk models remain broadly bullish since late April while advocating short-term “digestion,” highlighting rotation among high-RS sectors (tech consolidating; utilities/staples and miners in focus), small-cap and dividend setups, standout international plays (notably China), sideways bonds, overbought but intact trends in gold/silver, strength in platinum and copper miners, constructive uranium consolidation, and buy-the-dip levels in Bitcoin/Ethereum. He outlines taking profits into strength and redeploying on support as the seasonally weak Sept–early Oct window plays out.
- Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.
- To take advantage of Dana’s extended sale please email either dlyons@jlfmi.com or Fleck@kereport.com.

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Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 financials and operations, along with the dual-pronged 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.

Q2/25 MDN Operating Highlights:

Q2/25 production of 11,437 GEO and AISC of $1,779/oz
Unit costs expected to continue to decline as production increases in H2/2025
Q2/25 Adjusted EBITDA of $7.4 million
Record heap leach production of 7,864 GEO during the Quarter
Underground development at Paloma started with three access portals
CIL plant receiving initial contribution from underground development; production expected to ramp up over H2/2025
20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities

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. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs into H2.

The production profile will also keep growing with the underground mining having now commenced. With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q2/25, but new high-grade material from the underground mining operations will start being blended with it moving forward, and this will increase the average grade throughput at the mill.

Another area of future growth will be the 20,000 meter drill program will be a combination of underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface.

Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project in Portugal, 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. We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by Q1 2026. Construction is targeted for H2 of 2026, with first production slated for early 2028.

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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The U.S. labor market just flashed its weakest signal since the pandemic. Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, joins us to recap the jobs data and look ahead to next week’s inflation data, and the Fed meeting the following week. Will it be 25 bps… or could the market force a bigger cut?

Marc breaks down:

Why the Fed is stuck balancing weak jobs with sticky inflation
How QT and the yield curve complicate the picture
The near-term risk of a U.S. dollar bounce despite the bigger downtrend
Global ripple effects - from Canada’s fragile data to Europe’s political pressure

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

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I’m joined by David Stein, President & CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1), for a detailed update following several key announcements. The company recently raised over $9 million in August, providing its strongest balance sheet since its 2020 RTO. With this capital, Kuya is accelerating both mining development and exploration at the Bethania Silver Project in Peru.

Discussion Highlights:* Acceleration of Mining at Bethania - Funds will fast-track underground development, including construction of an internal ramp to boost efficiency and support long-term expansion. * Production Ramp-Up - Targeting ~100 tpd by September with further growth into 2026. Even at modest throughput, Kuya expects strong cash flow potential relative to peers. * Exploration Strategy - USD$1.5M allocated to drilling, with near-term programs focused on depth extensions below current mine workings and step-outs to the east. * Resource Growth Potential - Management believes Bethania and its satellite zones hold significant upside, with the aim of adding tens of millions of silver ounces. * Q2 Review - Output doubled at Bethania, with a one-time concentrate sale from the Silver Kings Project boosting revenue. Development remains on track.

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

Click here to visit the Kuya Silver website

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We’re joined by Brian Leni of Junior Stock Review to break down where the best opportunities are now in the raging precious metals bull market, and where contrarian investors should be looking next.

Key themes:

Gold & Silver Surge - Why the bull market is already well underway, how stocks have outperformed, and where value still exists in the space.
Contrarian Copper & Nickel - Developers trading at less than 2% of NAV in some cases, with re‐rating potential even if commodity prices stay flat.
Catalyst-Driven Picks - A couple stocks Brian sees as good value at current copper prices.
Managing Risk & Psychology - Modeling financing costs properly, anticipating dilution, and maintaining discipline with profit-taking to avoid “round-tripping” winners.
Why Developers Shine - How Brian has delivered outsized returns focusing on this “boring” but high-value part of the mining cycle.

Stocks Mentioned: Hot Chili (TSXV: HCH; ASX: HCH; OTCQX: HHLKF) • Surge Copper (TSXV: SURG; OTCQB: SRGXF)

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

Follow up on Substack* For summaries & notes on our market commentary, subscribe to The KE Report Substack: https://kereport.substack.com/ * For resource market insights & trading opportunities, check out Shad’s Substack:https://excelsiorprosperity.substack.com/

Investment disclaimer:

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Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins us to review the Q2 2025 operations and financials showing profitability as the operations team continues fine-tuning the mining and milling processes at the site, at the La Guitarra Mine and processing plant, in Mexico. Additionally, production is ramping up at the higher-grade Coloso mining center, where dewatering and underground development are underway. We also discuss how the recent $19.5Million financing announced on July 31st, funds the future development and exploration value drivers for the Company across their district-scale land package.

Q2 2025 Highlights

Net Revenues: Silver revenues for the quarter totalled $2.18 million ($33.20 per ounce) and gold revenues totalled $3.59 million ($3,271 per ounce).
Net revenues for Q2 2025 increased by 10.7% to $5.36 million or $30.87 per AgEq ounce sold as compared to $4.84 million or $29.32 per AgEq ounce in the quarter ended March 31, 2025.
Sales: In Q2, the Company sold 65,683 ounces of silver ("Ag") and 1,096 ounces of gold ("Au") or 173,562 silver equivalent ("AgEq") ounces.
Cost of sales was $4.07 million for Q2 2025, or approximately $23.45 per AgEq ounce sold as compared to $3.60 million, or $21.84 per AgEq ounce sold for Q1 2025.
Adjusted EBITDA increased by 37.5% to $1.46 million for Q2 2025, compared to $1.07 million for Q1 2025.
All-in-sustaining costs per AgEq ounce sold of $30.10 per ounce, compared to $28.98 in Q1 2025. In Q2 2025, production unit costs were impacted by the effects of an early onset of the Mexico rainy season and related power outages on production volumes, wage increases, increased depreciation and depletion.
Gross Profit was $1.29 million for Q2 2025 ($1.23 million in Q1 2025).
Cash provided by operating activities was $1.00 million for the six months ended June 30, 2025 ("H1 2025") and includes $535,000 generated in Q1 2025.
Current assets, including cash, totaled $5.93 million at June 30, 2025 ($4.33 million at March 31, 2025).
Closed C$19.5M Private Placement: On July 24th and July 31st, 2025 in two tranches.
First Majestic Loan Extension: On May 30, 2025, the Company and First Majestic Silver Corp. agreed to extend the $5 million senior secured project financing loan for an additional twelve months to mature on May 8, 2027. All other terms of the agreement remain unchanged.

Additional Operational Details

Mine Operations: Milled 41,235 tonnes of material, with silver recoveries averaging 76.62% and gold recoveries averaging 77.95%.
Production: Produced 66,011 ounces of silver and 1,048 ounces of gold (vs. production of 70,176 ounces of silver and 1,001 ounces of gold in Q1 2025).
Coloso Mining: On April 29th, mining at the high-grade Coloso Mine restarted within the Guitarra Complex with the first stope being brought into production.
Equipment Purchases: In H1 2025, spent $764,000 to acquire mining and mobile equipment and refurbish underground equipment (including $378,000 spent in Q1 2025).
Development: $113,000 spent on mine development in H1 2025.
Exploration: spent $362,000 on exploration and evaluation activities in H1 2025, which includes capitalized concession fees.

Alex discussed how the C$19.5 million financing, supported by high-quality institutional shareholders, will be deployed in part to purchase additional equipment and implement improvements at the mine to reduce costs and increase production grades and volumes in the near-term. They are finalizing plans for a plant expansion to increase capacity up from the current 500 t/d run rate, and preparing for a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters.

The property hosts 8 different past-producing mines, with the first 2 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 connecting to the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already.

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

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

In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.

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.

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Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network, joins us to break down the latest action in U.S. equity markets.

September opened with a quick dip across the S&P, Dow, and Nasdaq, but as Joel highlights, the buy-the-dip mentality remains firmly in place - driven by mega-cap tech, broadening participation across sectors, and ongoing retail interest in equities.

Key Topics Discussed:

Mega-Cap Tech Leadership - Google, Apple, Amazon, and Meta continue to drive indexes, with court rulings and AI expansion acting as catalysts.
Broadening Rally - Equal-weight indexes, small caps (IWM), and biotech show strength alongside value plays like healthcare and dividend stocks.
Retail Sector Resilience - Strong reports from Macy’s (M) and American Eagle Outfitters (AEO) highlight consumer demand, even as IPO speculation unwinds.
Precious Metals & Inflation - Gold and silver rising as investors hedge against inflation concerns, with Fed rate cuts looming despite strong markets.
Risk Factors Ahead - The potential for stagflation if growth slows while inflation persists.

Click here to visit Joel’s PreMarket Prep website

Click here to visit the Stock Trader Network

Investment disclaimer:

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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 us to review his medium-term technical outlook for the precious metals space, the potential paths towards an interim top and corrective move in the gold and silver stocks, and the bigger-picture intermarket analysis themes that complicate this path forwards.

Key topics discussed:

The shorter-term to medium-term technical pattern in gold is a bit murky, on whether:

it will just make a $200-$300 run higher and then top out, or…
if it has the energy to blast up past $4,000-$4,200, completing the logarithmic extension of the longer-term 13 year cup and handle pattern breakout, before putting in a more meaningful corrective move, or…
if what we are seeing now is really more of a false breakout that is already hitting buying exhaustion and is going to run out of steam in these overbought readings.

When looking at the gold stocks, via GDX and GDXJ, the breadth signals that 75% of stocks inside these ETFS have been making new 52-week highs over the last week, coupled with overbought readings on the longer duration charts, has him watching for the conditions where the gold stocks may quit advancing as aggressively, and top out and turn down before gold does. He notes that we are definitely not in the early stages of this move, but rather we are much closer to the end of this current move up in gold stocks, before reaching an area where pricing will roll over and consolidate to the downside for a period of time.

What complicates this outlook is that the gold stocks in the GDX and GDXJ just broke out against the 60/40 portfolio of US general equities and bonds, and that there is a lot of institutional capital still very underweight this sector that wants to come in and get into position. This may mean that pullbacks are immediately bought up, and that corrective targets are not hit. He mentions that the recent corrective move in gold didn’t even reach the 200-day moving average as an example before ramping back higher again. This is all symptomatic of a larger bull market process underway.

With regards to silver, the pricing has approached overhead resistance at the $41-$42 level as anticipated, and he is watching here to see if this is where the metal may pause and regroup at a lower level, before building the energy to make it definitively through the $42 resistance zone in the move to test the all-time high at $50 at a later date.

He points out that a lot of the silver stocks have been going through the roof with rhino-horn moves, and that many of these stocks should be “rented but not owned for the longer-term.” There is a lack of quality silver-focused projects and companies of size, and many “base metals companies parading around as silver stocks,” and that investors should be careful in this space and know what they own and what the value drivers are.

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

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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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us or a discussion on the psychological part of investing as sector sentiment improves in this ongoing precious metals bull market. We also get into the nuances of how one may need to adjust company valuations in a dynamic way based on how their newsflow compliments or is at odds with the underlying macro conditions and gold and silver price action.

We start off contrasting the upward pricing of gold and silver metals prices to record prices has been allowed many of the producers and higher quality developers to revalue, but that few of the gold juniors have had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop and remain quite cheap still. Erik makes the point that many of them, even after having moved up 100%-200% may actually look even cheaper than they did 1-2 years ago, in light of their newsflow, catalysts achieved, and married with the higher metals prices.

Erik addresses how he views different valuations scenarios that can befall junior resource stocks, and that not every portfolio laggard is an indication that something is wrong or that the position needs to be abandoned. He also reviews some of the pitfalls that investors fall into rotating out of lagging stocks to chase stocks that are consistently running higher, only to see those same trends reverse and for people to be out of position and doubting their investing thesis at precisely the wrong times in the cyclicality of this volatile sector.

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

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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Coal remains central to both power demand (AI data centers, baseload needs) and steelmaking (met coal). Matt Warder, Publisher of The Coal Trader, outlines where the market sits in its cycle and how equities are positioning for the next leg higher.

Key Points:

Thermal vs met coal: distinct demand drivers (power vs steel).
AI data centers + global power needs may keep coal in the mix.
China still dominant near-term; India a key long-term growth driver.
Coal cycles run ~5 years - next peak expected by 2026–27.
Company catalysts: cost curves, production growth, buybacks, and dividends.

Stocks discussed: AMR, HCC, METC, NRP, BTU, ARLP, CNR

Click the following links to keep up to date on the coal market and coal stocks

Substack - https://thecoaltrader.substack.com/
Podcast - https://clearcommodity.net/podcasts/the-coal-trader

Investment disclaimer:

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Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive operations and exploration update at their producing McCreedy West copper mine in Sudbury, Canada. We also review the bonanza grades in multiple metals encountered in recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack in Q3 and then putting out a mine restart plan by year-end for potential production to commence by the end of 2026.

Q2 Operational Highlights

April-June 2025 (“Q2”) was the first full quarter of production from the McCreedy West copper mine under Magna’s operation.
Total ore processed in Q2 was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Intermain Nickel Zone, for a combined total of 70,045 tons.
Combined ore grade for the quarter was 3.26% Copper Equivalent (“Cu Eq”).
McCreedy West produced 3.05 million pounds of copper equivalent payable in the quarter at an average grade of 3.26% Cu Eq.
Underground development increased from 14.4 feet per day in April to 17.0 feet per day in June.
End of period cash balance of $27 million.

Since acquiring the McCreedy West Mine on February 28, 2025, the team at Magna Mining has implemented multiple mine optimization initiatives and invested substantial capital in equipment and underground development to improve the operation. April production was affected by a lack of operating and capital development completed in the preceding quarters while the mine was under prior ownership. Production in April also included tonnage from the Intermain Nickel Zone that was previously developed by the prior operators. We talked about the optionality of having these different mineralized zones.

During the quarter they increased their staff and workforce, made management changes and realized a material increase in the amount of daily development completed at the mine. Throughout Q2, there was month over month increases in the amount of payable copper-equivalent pounds as well as improved grades produced at the operation.

Next we discussed some of the recent exploration results returning high-grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone and within 150 metres of surface. The reported holes were drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied.

Then we transitioned over to recent bonanza-grade assay results from the ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada (Figure 1). Drillhole FNX6083-W1 was drilled to test an area 140 metres below drill hole MLV-25-14A. Jason points to the high-grade gold platinum and palladium values along with the bonanza grade copper grade intercepts.

Highlights from the new assay results include:

FNX6083-W1 - 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres

Including 2% Cu, 0.9% Ni, 53.0 g/t Pt+Pd+Au over 1.0 metres
And 5% Cu, 1.8% Ni, 26.3 g/t Pt+Pd+Au over 0.5 metres

There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit,

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

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

Click here to follow along with the news at Magna Mining

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We kick off September with decisive breakouts in gold, silver, and mining equities. Joining us is Dave Erfle, founder and editor of Junior Miner Junky, to discuss the powerful setup unfolding across the precious metals sector.

Key Topics Covered:

Why the latest gold breakout above $3,500 signals momentum toward $3,850-$4,000.
Silver and junior miners surging, with SILJ nearing all-time highs on strong volume.
The technical significance of multi-timeframe breakouts (daily, weekly, monthly).
Why even financings, consolidations, and neutral news are pushing junior miners higher.
Dave’s disciplined sell strategy: trimming at 3x upside and managing portfolio weightings.
What he’s looking for in earlier-stage juniors and the role of Beaver Creek & Denver Gold Forum in setting the tone for M&A activity this fall.

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

For more market commentary & 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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In this KE Report Daily Editorial (Tuesday, September 2nd), we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot.

We start with the weak opening for September as the S&P 500, Nasdaq, and Dow all pull back while the VIX spikes higher. TG shares his perspective on:

Why August and September are historically weak months for equities.
The impact of institutional book-squaring and seasonality (including the "Sell Rosh Hashanah, Buy Yom Kippur" effect).
Whether shallow pullbacks remain buying opportunities - or if a deeper correction is needed.

We also dive into precious metals, with gold nearing $3,600 and silver pushing above $41. TG breaks down the technical setups in GLD, GDX, and SIL, explaining how sideways consolidation and moving averages have set the stage for today’s breakout.

Finally, TG highlights opportunities he’s tracking in crypto and COIN, which appear to be stabilizing after recent weakness.

Visit TG’s Profit Pilot website here: https://www.profit-pilot.com/

For more analysis, check out our Substacks:

The KE Report – daily market commentary and summaries.
Shad’s Substack – resource sector insights and trading setups.

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review multiple drill assays, both new and relogged, 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 in tandem with some of the early assay results from the ongoing 60,000 meters of new drilling, which will be the largest exploration program to date.

Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).

65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date

100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.

Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.

The Company also still awaits more assays from this year’s early exploration focus on relogging prior year 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, reflecting the testing of gold in those 3 distinct rock pages on the property.

There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season for many months into the future, 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.

Click here to follow the latest news from Goliath Resources

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In this company introduction, we speak with David Elsley, President & CEO of Cardiol Therapeutics (NASDAQ/TSX: CRDL), a clinical-stage life sciences company focused on developing therapies to address inflammation-driven cardiovascular diseases.

Cardiol’s lead asset, CardiolRx™, is currently in:

A Phase 3 trial (Maverick Study) for recurrent pericarditis, enrolling patients at world-leading centers including the Cleveland Clinic, Mayo Clinic, and Mass General.
A Phase 2 trial (ARCHER Study) for acute myocarditis, where recently released top-line results showed promising impacts on heart size and function.

We also cover:

The company’s orphan drug designation from the FDA and its implications for market exclusivity.
Development of CRD-38, a next-generation therapy designed for heart failure - a market with multi-billion-dollar potential.
Cardiol’s capital position, with funding secured well into 2026.
Key upcoming milestones for investors, including full data presentations, trial updates, and potential pharma partnerships.

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

Click here to learn more about Cardiol Therapeutics.

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Precious metals surge while generalists stay on the sidelines, copper sets up for a supply crunch, and oil investors await a “table-pounding” buy opportunity.

This KE Report Weekend Show dives into the dual bull markets in precious and industrial metals with Rick Rule, and the near-term downside but long-term upside in oil and gas with Joseph Schachter. From gold’s re-rating to Canadian energy yields, the insights are packed with actionable takeaways for active resource investors.

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 - Rick Rule, founder of Rule Investment Media and Battle Bank, discusses the dual nature of today’s commodities bull market - precious metals driven by fears over U.S. dollar purchasing power and broader commodities challenged by underinvestment and economic risk - along with insights on gold producers, silver opportunities, copper outlook, and the role of M&A and prospect generators in the sector.
Click here to visit the Rule Investment Media website and have Rick grade your portfolio.
Segment 3 & 4 - Joseph Schachter, founder and editor of the Schachter Energy Report and writer of the Eye on Energy Substack, shares his outlook for oil and natural gas - calling for near-term weakness below $60 as a “table-pounding buy” opportunity, a rebound toward $75–80 into winter, and longer-term multi-bagger potential in Canadian energy equities as LNG growth, infrastructure, and global demand drive the next upcycle.
Click here to learn more about The Schachter Energy Report and Josef’s upcoming conference on October 18th.

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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review their Q2 2025 financials, an operations and exploration update at their 4 producing mines in Mexico, the permitting approval for future development at Pinguico, and the strategy for growth in H2 2025 and beyond.

Selected Q2 2025 Highlights:

Mine operating income of $3.38M was the fifth consecutive positive quarter; mine operating income totaled US$8.2M for H1 2025.
Adjusted EBITDA of $1.89M was also positive for the fifth consecutive quarter.
Working capital deficiency improved by 56% or $8.7M during H1, 2025; down from -$15.4M to -$6.7M.
The average realized silver price for the quarter was $33.58 per ounce, up 5.2% from Q1.
The average realized gold price for the quarter was $3,278 per ounce.
Guanajuato Silver is a primary precious metals producer with over 90% of the Company's revenue derived from the production and sale of silver and gold.
Production for the quarter was 659,237 silver equivalent ("AgEq") ounces. Production consisted of 321,990 ounces of silver, 2,913 ounces of gold, 683,163 pounds of lead, and 853,646 pounds of zinc.

James reviewed a number of equipment purchases and underground operational initiatives implemented in the quarter, that will improve future working efficiencies at all four of their producing assets in Mexico. Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.

Next we discussed that the past-producing Pinguico Mine, an epithermal gold-silver vein project, and a satellite project to the nearby El Cubo Mines Complex, received a key development permit on August 6th that allows the Company to advance this wholly owned project. Receipt of a General Use Explosives Permit, issued by the Ministry of Defense, allows for restart of development work at Pinguico. Drifting along the mineralized San Jose vein structure towards the Pinguico underground stockpile is expected to recommence in Q4, 2025.

We then got a comprehensive exploration update at Pinguico, the El Horcon Mine, and reviewed some of the recent drill intercepts at the new high-grade zone at the San Ignacio Mine. Wrapping up James summarizes the various growth initiatives across the Company’s portfolio of projects, and why he anticipates improving metrics over the balance of 2025.

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Guanajuato 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 Guanajuato Silver

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Dr. Rebecca Hunter, CEO of Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF), joins me to discuss the news released today that the merger with Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is official, after the completion of the plan of arrangement under the Business Corporations Act, as previously disclosed on June 24, 2025. The pro-forma Company is well capitalized with over $12 million in cash and having multiple high-potential projects within its asset base, including the flagship Aberdeen Project in Nunavut and the Hook-ACKIO Project in Saskatchewan, in addition to another dozen secondary exploration projects.

During Baselode's Annual General and Special Meeting to be held on September 16, 2025 Baselode will seek shareholder approval to change its name to Geiger Energy Corporation and is to be traded under the ticker (TSX.V: BEEP). Geiger Energy will be led by Rebecca Hunter, PhD as CEO, Stephen Stewart as Chairman, and will be backed by the Ore Group team. James Sykes, prior CEO of Baselode Energy, will remain on as Director and Special Advisor given his experience and track record of discoveries in the Uranium space.

Rebecca outlines the big picture vision of the new combined company, and the synergies between the geological and exploration approaches between both teams and portfolios of projects. She points to the ongoing 2025 exploration program their 100% owned Aberdeen Project in the Thelon Basin of Nunavut, Canada; where drills are currently turning at multiple unconformity-style and basement-hosted uranium targets across Aberdeen for a roughly 4,000 meter 15-20 exploration program. The key four targets for this year’s program are Loki, Bjorn, Tarzan, and Lobster; but we remind listeners of the many other targets across the project like Thor, Lightning, Squiggly River, Ned, Ayra, Nymeria, Willow, Apollo, and Starbuck. Additionally there are 2 known basement-hosted uranium deposits that have received expansionary exploration work the last 2 seasons at both Tatiggaq and Qavvik, which will be the focus of future drill campaigns.

In additions to the Aberdeen Project, Forum brings into Baselode Energy 9 other projects in the Athabasca Basin, of Saskatchewan; with some projects having existing joint venture (JV) agreements in place, and some projects that are available to option out to other partners. Most notably, the Northwest Athabasca JV Project with Global Uranium, will have upcoming winter exploration work.

Then shifting over the Baselode portfolio folio of projects, there will be a winter drill program slated for the Hook – ACKIO Project that will be following up on exploration work the past couple of seasons at the various pods and clay alteration zones. Other projects of note are the Catharsis and Bear projects along the Key Lake Trend, as well as Shadow in Northern Saskatchewan along the Virgin River Shear Zone.

If you have any follow up questions for Rebecca or the team at Baselode Energy, then please email them into me at Shad@kereport.com.

Click here to follow the latest news from Baselode Energy

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I’m joined by Anthony Margarit, President & CEO of K2 Gold (TSX.V:KTO - OTCQB: KTGDF - FSE:23K), for a detailed update on the company’s flagship Mojave Project in California. With the permitting process nearing its final stage, Anthony outlines the next steps and what shareholders can expect.

Key Discussion Points:

Permitting Progress: Final EIS submitted to the BLM; permit decision expected soon.
Planned Drill Program: 120 holes from 30 pads (~30,000 meters) focused on building continuity across major target zones.
High-Grade Discoveries: New surface samples including assays up to 375 g/t gold, expanding the potential well beyond known zones.
Multiple Targets: 5 gold, 4 copper, and 4 silver-lead-zinc areas across the property, including proximity to the historic Cerro Gordo mine.
Strong Treasury & Warrants: $3.5M in the bank with potential for ~$9M more from warrant exercises this fall.

The Mojave Project has been years in the making, and with permitting near completion, K2 is positioned to launch its largest drill program yet.

If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com.

Click here to visit the K2 Gold website.

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HelioStar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) is accelerating exploration at the Ana Paula Project with the launch of a 15,000-meter drill program focused on converting high-grade inferred ounces into the measured & indicated category. This work is a key step toward a feasibility study and potential mine development.

In this interview, Charles Funk, President and CEO outlines:

The first drill results, including 30m grading 6.29 g/t gold and new high-grade zones.
The company’s ambitious 40,000–50,000 meters of drilling through 2025, fully funded from mine cash flow.
How HelioStar aims to lift Ana Paula’s resource to 1.5 million ounces M&I in the shallow high-grade core.
Upcoming catalysts: continuous drill results, updated technical reports, feasibility study milestones, and quarterly production updates.
A healthy cash balance of ~$30M and reinvestment strategy with minimal dilution.

With multiple projects advancing in parallel and consistent news flow expected, HelioStar is positioning itself for significant growth in both resources and production.

Send follow-up questions to fleck@kereport.com.

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

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Luke Norman, Co-Founder and Chairman of US Gold Corp. (NSADAQ:USAU), joins me to reintroduce the value proposition at the Company’s flagship, fully-permitted, and shovel-ready CK Gold-Copper Project in Wyoming, the upcoming catalysts, as well as the significant underappreciated value in their secondary Keystone Gold Project in Nevada.

We start by discussing the 1.6 million gold equivalent ounces of resources, broken down into roughly 1 million ounces of gold and 260 million pounds of copper. They company is in the process of working towards their Definitive Feasibility Study where they’ll demonstrate to the market improved metrics over the prior versions of their Pre-Feasibility Study (PFS).

We discussed though that based on the existing PFS, using just a $4.30 copper price and $2,500 gold price that the after-tax NPV of the project is $532Million with a 39.4% IRR and a payback period of 1.63 years. As it stands today there is a10-year mine life, projecting to produce an average of 110,000 gold equivalent ounces per annum, with an All-In Sustaining Cost of $937, an upfront capex of $277Million, and sustaining capital of $13Million per year. Those metrics will all be getting updated in the DFS due out in Q4.

Additionally, Luke highlights how their granite is actually very high spec, and a saleable product with several interested parties interested in off-taking this material, so that is even more considerable value above and beyond the gold and copper resources. One other unique feature of the project that we discuss, is that after the pit has been mined out, as part of the mine closure process, it will be turned into a large water storage facility for the surrounding area and state park, and keeps them from having to build larger dams to flood that surrounding area.

Next we shift over the value potential of their Keystone Gold Project in Nevada, which is located along the same mineral trend as Nevada Gold Mine’s Cortez Complex. This property has many similarities to this well-endowed district, with the same kind of pathfinder arsenic mineralization with the gold found in these Carlin-gold type systems, as well as the Wenban rock formations. Luke was very constructive of their potential to unlock more value in the project.

Wrapping up we discussed the key members of the management team and board of directors, the financial health of the company, the tight share structure, solid analyst coverage, plan to work on the capex financing, and other key upcoming catalysts over the balance of the next several months.

If you have any follow up questions for Luke regarding US Gold Corp, then please email me at Shad@kereport.com.

Click here to follow the most recent news from US Gold Corp

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In this KE Report daily editorial, we welcome back Marc Chandler, Managing Partner at Bannockburn Global Forex, for a timely breakdown of the latest Fed meeting, ongoing U.S. economic data deterioration, and key currency market developments.

Key points include:

Federal Reserve Recap: The Fed left rates unchanged, but the dot plot revealed a sharply divided committee, ranging from no cuts to three cuts in 2025. Marc notes the underlying message: elevated uncertainty remains, despite Powell’s claim of improved clarity since April.
Economic Data Trending Lower: Marc outlines a string of disappointing economic reports - retail sales, industrial output, and housing starts - that point to a gradual weakening of the U.S. economy. He notes that data surprise models have cratered, and the Fed’s GDP forecast for 2025 was revised down to 1.4%.
Rate Cut Timing: July vs. September? Despite dovish remarks from Governor Waller, Marc views a July cut as unlikely. Most Fed officials are signaling a wait-and-see approach, with September now the key window, especially if labor market softness persists.
Is It Stagflation? While the term is gaining traction, Marc pushes back, arguing inflation remains moderate and real growth, while slowing, is still above recessionary levels. But he acknowledges the “stagflation psychology” is creeping into markets and sentiment.
Currency Market Focus: The U.S. dollar remains under pressure, despite a short-term rebound above 99 on the DXY. Marc notes positioning is crowded short and highlights the structural shift in asset allocations away from the U.S. as a longer-term drag.
Potential Shocks Ahead: Marc flags two looming risks:
• Tariffs - July 9 could bring new U.S. trade actions across pharma, chips, and more.
• Middle East Conflict - Oil prices have responded, but broader markets remain cautious unless the conflict escalates.

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

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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 GEOs 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 )
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.

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.

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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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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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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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.

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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 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.

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.

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!

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Christopher Aaron, Founder of iGold Advisor, Elite Private Placements, and Senior Editor at the Gold Eagle website, joins me to review his medium to longer-term technical outlook on gold, GDX, silver, SIL, and the junior mining stocks by way of the TSX Venture exchange.

This is a longer-format video where we really dive into the technical analysis setups in the precious metals sector, and he lays out the historical case and patterns to why we haven’t seen the really big moves yet. The setups are in place for potential life-changing gains over the next 1-2 years in the junior gold and silver stocks.

Christopher lays out the technical case for why sector sentiment has been lagging for years, compared to prior cycles, and refreshingly, it has nothing to do with margins, dilution, or competing moves higher in the US equities. He points to a number of recent breakouts or emerging breakouts on many charts that will start to attract more investor momentum over the next 12-18 months. Therefore, he points out that this is not time to ring the register on PM trades and that as the metals and equities work through their near-term resistance levels, that we’ll see much higher prices that will surprise even the PM bulls.

Click here to visit the iGold Advisor website to follow Christopher’s analysis and private placement services

Click here to follow Christopher’s writing over at the Gold Eagle website

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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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Robert Bergmann, CEO and Director of Relevant Gold Corp. (TSXV:RGC) (OTCQB:RGCCF), joins us to introduce this gold exploration company focused on the acquisition, exploration, discovery, and development of district-scale gold projects, and is applying an Abitibi-style geological modeling to projects in the state of Wyoming. Their land concessions cover both the Bradley Peak Camp and South Pass Camp with 5 key projects and 17 targets to explore for orogenic gold.

The Company just announced on June 11th that it has received both State and Federal permit approvals for a fully-funded 5,000-meter drill program on the Apex target at the Bradley Peak Gold Camp in central Wyoming. This drill campaign is the first ever at the Apex Target and is integral to the Company's 2025 exploration program. Mobilization has begun and drilling is expected to commence soon.

Robert outlines why the team is so interested in this Apex Target from an orogenic gold perspective, and provides some context on their overall Bradley Peak Gold Camp. Then we shift over to their South Pass Camp, which has 4 Projects: Golden Buffalo, Lewiston, Shield-Carissa, and Windy Flats. The Company did 2 prior drill programs at the Lewiston Project, and drilling in at the Golden Buffalo project the prior 2 years, and will be doing more mapping, sampling, and surveying of these properties this year to vector in on more targets for future drilling.

Wrapping up we cover the geological experience and business acumen of the management team and board, key strategic shareholders like Kinross, William Bollinger, and Rob McEwen, and the capital structure. The company has ~ $8 million in the treasury to carry out this drill program and execute on future work initiatives.

If you have any questions for Robert regarding Relevant Gold, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news on Relevant Gold

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Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to review the Q1 2025 operations and financial metrics showing profitability from the very first quarter of commercial production at the La Guitarra Mine and processing plant, in Mexico. We also look a number of future development and exploration value drivers for the Company across their district-scale land package.

Q1 2025 Highlights

Net Revenues: Silver revenues for the quarter totalled $2.34 million ($31.13 per ounce) and gold revenues totalled $2.89 million ($2,828 per ounce).
The Company sold 75,137 ounces of silver ("Ag") and 1,022 ounces of gold ("Au") or 165,093 silver equivalent ("AgEq") ounces, based on the ratio of Au and Ag prices realized for each shipment in the period.
Cost of sales was $3.6 million, approximately $21.84 per AgEq ounce sold.
All-in-sustaining costs per AgEq ounce sold of $28.98 per ounce, compared to $32.18 in Q4 2024.
Gross Profit was $1.2 million.
Cash provided by operating activities was $535,000.
Current assets, including cash, totaled $4.3 million at March 31, 2025, up from $3.5 million in Q4 2024.

Q1 2025 Operational Details

Mine Operations: Milled 39,167 tonnes of material, silver recoveries averaged 79.21% while gold recoveries averaged 78.77%.
Production: Produced 70,176 ounces of silver and 1,001 ounces of gold.
Coloso Mining: On April 29 2025, Sierra Madre announced the start of underground mining at the Coloso mine within the Guitarra Complex. The estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins. During the ramp up of Coloso mining, various blending percentages for mill feed will be tested to ascertain best recovery procedures.

Alex then lays out the envisioned plan is to run the mill at 500 tpd most of next year, at the slated commercial production throughput. However, he then also shares the pathway forward where a modest amount of equipment can be purchased and installed 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. In addition to the potential of growth through production, we also discuss the leverage that a silver and gold producer like Sierra Madre will have to the potential of rising metals prices in 2025 and 2026.

Next we shift over 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, funded through organically generated revenues. The property hosts 8 different past-producing mines, with the first 2 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 high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already. Moving the Coloso Mine back into production will be another near-term area of future expansion, which could see supplementary production complimenting the current production coming out of La Guitarra.

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@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

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In this KE Report company update, we catch up with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF), to dive into the company’s latest developments across all divisions - graphene production, G® Lubricant, batteries, and THERMAL-XR®.

Key topics include:

Second Generation Graphene Plant: Early works are underway on a next-gen production facility that will boost graphene output 20x - up to 10 tonnes annually using the same inputs. This modular, scalable design could enable global rollout, with full commissioning targeted by mid-2026.
Cost Efficiency and Environmental Advantage: The Gen 2 process is expected to significantly lower graphene production costs - potentially below the cost of mining graphite.
G® Lubricant Commercialization: New independent engine tests show a 10% fuel saving and 33% drop in emissions. Sales have launched globally viag-lubricant.com, with distributor discussions underway. U.S. sales are pending EPA approval.
Battery Division Progress: GMG is working with a top-tier U.S. battery innovation center to streamline pouch cell development. Craig outlines a timeline for customer testing and commercial readiness.
THERMAL-XR® + Strategic Partners: While EPA approval is still needed for the U.S., interest remains strong - particularly from data centers and industrial HVAC users. New packaging and website updates are helping broaden access. OEM partnerships and licensing discussions are also discussed.

For follow-up questions, email fleck@kereport.com. Stay tuned for another GMG update in about a month!

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

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Taj Singh, CEO, and Adam Cegielski, President of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), join me to review their recent analyst site visit, the acquisition of EMX Royalty’s Nordic Business Unit, the pending drill assays from the Aida Target at the Paubäcken Project, drilling commencing this summer at the Nippas Target at the Storjuktan, and then the Harpsund Target at Paubäcken, all located on their 100% owned property along the Gold Line Belt of Sweden.

We start off with Adam recapping the key takeaways from their analyst and strategic shareholders site visit to see the flagship Barsele Project in a Joint Venture with Agnico Eagle, and then out to see the ongoing drilling at the Aida Target at Paubäcken. This led into a discussion about the growing institutional and analyst coverage of the company, and the keen interest from investors in the exploration upside along the Gold Line Belt, as well as the value already underpinning the company at the 2.4 million ounces of gold delineated at Barsele.

Next, Taj walks us through a few key drilling targets located at their Paubäcken Project, getting the exploration work this year. We touch upon the high-priority Aida Target (which is awaiting assays in the near-term), the Harpsund target which has shown promising Base-of-Till (BOT) drilling, surface till sampling, and geophysics that is gearing up to be drilled this summer, and the further ongoing targeting work at the Brokojan target.

Pivoting over to their Storjuktan Project, there have been some exciting developments at five new regional targets with gold-in-till anomalies matching geophysical data in both the north and south, with the Bråna target even showing outcropping mineralization and becoming a new target of interest for this year. Nippas is still the most derisked target at Storjuktan, and drilling is anticipated to be starting imminently in this next phase of the 25,000 meter exploration program.

Wrapping up Adam lays out the case for even more institutional coverage to be announced in the months to come, the strong financial position the company is in with over $7million still in the treasury for their ongoing exploration program, and the growing interest on Sweden as a jurisdiction for gold development projects.

If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of First Nordic 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 First Nordic Metals

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In this KE Report company update, we’re joined by Tim Clark, President and CEO of Fury Gold Mines, and Bryan Atkinson, SVP of Exploration, to unpack a busy year ahead.

The conversation starts with a key milestone: Agnico Eagle’s $4.3 million strategic investment in Fury, signaling growing institutional confidence and a renewed focus on the Committee Bay Gold Project in Nunavut. Tim outlines why the structure of this deal, an equity stake rather than a project specific investment, preserves upside while aligning Fury with a major regional player.

Bryan then shares details on Fury’s upcoming 5,000-meter drill program at Committee Bay, marking the first drilling since 2021. The program targets high-grade extensions at Three Bluffs and brand-new regional shear zones with strong discovery potential.

The update continues with Fury’s growing Quebec portfolio, including:

Sakami Project - Drilling begins imminently, targeting confirmation and expansion of a broad gold zone.
Eau Claire Project - High-grade, road-accessible gold deposit with existing M&I resources and room to grow.
Comments on strategic positioning around the Éléonore Mine, now owned by Dhilmar, and what this means for consolidation prospects.

As a recap… Drills mobilizing in 10 days. Three major programs planned. High-grade targets across the board.

If you have any follow up questions for Tim or Bryan 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.

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Dr. Robert Quartermain, Co-Chairman, Director and CEO of Dakota Gold (NYSE American: DC), joined me for an update on their Richmond Hill Project and Maitland Gold Project, both located in the historic Homestake District of South Dakota, near existing mining infrastructure. The company is advancing its Richmond Hill project toward eventual surface heap leach gold operation as soon as 2029, and expanding the high-grade gold mineralization discovered at the Maitland Gold Project toward an initial resource estimate.

We start having Robert share his background in the industry, as he was previously the Executive Chairman of Pretium Resources Inc., which he founded in October 2010. Prior to Pretium, he was President and Chief Executive Officer of Silver Standard Resources Inc. (now SSR Mining Inc.) for 25 years from 1985-2010. Not only does he have a wealth of experience in developing and constructing producing mines, but he has assembled a solid management team and board filled with industry veterans that have worked in either the Homestake Mine, before it closed down, or the currently producing nearby Wharf Mine, operated by Coeur Mining.

Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029. Principle Projects on Private Land which equates to a positive attribute for efficient permitting with State and County organizations.

S-K 1300 Mineral Resource (Heap Leachable):

65 M oz M&I Gold, 2.61 M oz Inferred Gold
1 M oz M&I Silver, 22.8 M oz Inferred Silver

Dakota Gold has engaged the current consulting groups based on their capabilities to deliver an Initial Assessment with Cash Flow (IACF) in mid-2025 (similar to a PEA). This economic study will be based on a 30,000 ton per day crushing circuit, and further the project towards ultimate production. The Company continues Feasibility planning with M3 as the overall Study Manager as well as the lead for processing, while RESPEC will manage the mining and environmental aspects

There are currently two drill rigs turning at Richmond Hill. In 2025, the Company expects to drill ~80,000 feet (24,384 meters) using a combination of Reverse Circulation and Core drilling. The primary focus of the program is to collect metallurgical samples for the Feasibility Study, infill, and expansion resource drilling in the northeast corner of the Project area. This area is expected to be mined at the beginning of the mine plan and is higher-grade than the overall deposit.

At the Maitland Gold Project the Company is currently assessing the exploration data collected to date from the JB Gold Zone and the Unionville Zone with the intent of outlining an initial inferred gold resource. The work is expected to be completed in the fall of 2025. To date the JB Gold Zone has encountered a number of high-grade intersections which average 10.76 g/t Au over 4.0 meters.

With the recent financing announced March 20, 2025, the Company currently has a cash balance of $47 million as noted in the filed 10Q as at March 31, 2025, and is fully financed through the IACF and the subsequent completion of its Feasibility Study on the Project.

If you have any questions for Bob Quartermain regarding Dakota Gold, then please email those in to me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Dakota Gold 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 Dakota Gold

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Jamie Levy, President and CEO of Generation Mining Limited (TSX:GENM, OTCQB: GENMF), joins me for an update on their fully-permitted and shovel-ready Marathon Copper-Palladium Project in Northwestern Ontario. We talk resources, key metrics from the Feasibility Study, options for the upcoming mine financing, and the potential for funding support from the province of Ontario.

We start off talking about he robust resources at Marathon with 1.1 billion lbs of copper, ~4 million ounces of palladium, and 1.3 million ounces of platinum, with some additional co-credits from gold and silver. Jamie highlights the importance of developing domestic sources of these strategic metals in Canada, and the interest from the provincial and federal governments on expediting the construction of new mines and sources of supply in country.

The Feasibility Study estimated a Net Present Value (using a 6% discount rate) of C$1.07 billion, an Internal Rate of Return of 28%, and a 1.9-year payback based on the 3-yr trailing average metal prices at the effective date of the Technical Report. Over the anticipated 13-year mine life, the Marathon Project is expected to produce 2,161,000 ounces of palladium, 532 million lbs of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals.

We discuss the capital stack coming together starting off with the Wheaton Precious Metals stream, which consisted of an early deposit of $40 million (received) and then an upcoming $200M construction payment for 100% gold and 22% platinum production. Endeavour Financing has also helped set up a mandate letter for banking syndicate of Export Development Canada, ING Capital LLC and Societe Generale to arrange a Senior Secured Project Finance Facility of up to $540M. Conditional on final diligence and debt capacity. Additionally, there are ongoing discussions for $200M of deeply subordinated debt, and the potential for government grants.

Wrapping up we discussed the experience of the team in developing and building prior mines, and why they'd prefer to build Marathon internally, but are still open to the options of JV partners or a project scale if it was the best value creation for shareholders.

If you have any questions for Jamie regarding Generation Mining, then please email those in to me at Shad@kereport.com.

Click here to follow the latest news from Generation Mining

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Astra Exploration (TSX.V:ASTR - OTCQB:ATEPF - FSE:S3W) CEO Brian Miller returns to share assay results from the company's initial drill program at the La Manchuria gold-silver project in Argentina.

Since our last conversation in February, Astra has completed a 2,468-meter, 11-hole program targeting extensions and parallel structures in the project's main zone. The market took notice after the company reported three out of four holes that returned high-grade intercepts.

Brian breaks down:

Key results from the first four holes and why 108A stands out
The structural complexity and vein density of the system, including up to 20 individual vein structures in one section
How Astra is stepping beyond historic drilling to expand the known mineralized footprint
Expectations for remaining assays and timing for the next drill program
Current treasury position (~C$2M) and next steps for drilling once field conditions improve

With a more bullish gold market backdrop, strong results like these are finally being rewarded. Astra is positioned for a potentially transformative year.

Visit Astra's website to review the latest news releases.
Email questions to follow up with Brian on the next update - Fleck@kereport.com

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition and key takeaways from the recent site visit that he took to see the First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) projects along the Gold Line Belt of Sweden.

We start off getting some of the nuances around using the collective wisdom of other institutional site visit attendees and various members of the First Nordic team on-site to get a better understanding of the various projects, key targets identified, exploration work underway, and what criteria other investors and analysts were weighting more heavily.

The conversation then turned to the underlying value in the 2.4 million ounces of gold defined so far in the Barsele Project, in a JV with Agnico Eagle. Erik outlines that some member of Agnico Eagle were present at the site visit and outlined 7 drill targets they’d be going after for this year’s exploration program.

We also discussed the amount of drilling focus that the Aida target has received at the Paubäcken Project, with many assays pending release from the lab, and some showing visible gold. When Erik was there the team finished up drill hole #38. The exploration team at First Nordic has also done a lot of targeting work for upcoming drilling at the Harpsund target, and more targeting underway at the Brokojan target.

The Storjuktan Project is also seeing drilling get underway at the Nippas target, which has had a lot of targeting work completed thus far. Additionally, there are several other regional targets at Storjuktan that different geologists and analysts were animated by, particularly Bråna to the south, due to mineralization that is outcropping at surface.

We wrap up discussing the financial health of the company to continue the ongoing 25,000 meter drill program across the Gold Line Belt.

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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Dave Erfle, founder and editor of Junior Miner Junky, joins us for a timely update on the silver sector, following a major technical breakout in silver above the long-standing $35 resistance level.

Silver is now trading above $36, yet many silver stocks are still lagging, presenting both a potential opportunity and a challenge for investor sentiment. In this interview, we break down the signals from the market and silver equities.

Key themes discussed:

Why silver’s breakout wasn’t a surprise to seasoned silver stock investors
Volume and price action in SIL and SILJ - and what it suggests
Why many silver stocks are still undervalued, even after the breakout
The importance of a disciplined selling strategy in bull markets
Where Dave sees the most value: advanced-stage juniors with de-risked projects and upcoming PEA catalysts

We also revisit past silver runs, including the 2020-2021 silver squeeze, and compare current valuations. Dave shares what indicators he’s watching next, including inflation data, the U.S. dollar, and how much FOMO sidelined investors can handle before jumping back in.

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Craig Hemke, founder and editor of TF Metals Report, returns to share insights into the continued strength across precious metals markets, with a particular focus on the outperformance of silver and junior mining stocks.

While gold remains rangebound around $3,300, silver has surged past $35/oz and now $37/oz , marking a breakout many investors have been waiting for. Craig highlights the powerful momentum dynamic in silver, where price strength feeds investor interest, accelerating further gains. This move is also showing up in key silver equities like the SILJ ETF, which has reclaimed levels not seen since 2022.

Key discussion themes include:

The self-reinforcing momentum in silver and how it mirrors past speculative cycles
ETF and equity signals: SILJ surpassing key resistance, signaling investor confidence
Rotation into silver, platinum, palladium, and copper as gold consolidates
The impact of central bank demand and a sharply weaker U.S. dollar on gold and silver
Upcoming catalysts: CPI/PPI inflation data, FOMC meeting and dot plot, and option expiries in metals and mining stocks

Craig also outlines how institutional buy-side expectations are slowly catching up to the new price environment and how that could impact analyst price targets across the mining sector.

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

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Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a review of Q1 financials and operations update at the producing McCreedy West copper mine in Sudbury, Canada. We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end. There are currently 4 drill rigs turning between the 2 properties.

We kick off the conversation with a review of Q1 2025 financials and how production and development has been going over the last few months at their McCreedy West Copper Mine, since the company took over the operations from KGHM International on February 28, 2025. The quarter included 1 month of production from McCreedy West coming in at 790,000 lbs of copper equivalent payable in March; and with the total ore processed being 20,388 tonnes at an average grade of 3.01% copper equivalent. The end of Q1 cash balance for the Company was $38.3 million.

Jason discusses the primary focus at McCreedy West for this year is really getting all the development work completed to be able to really ramp up production in a big way in 2026. There will still be ore processed each quarter, but the operations teams wants to get enough stopes opened up through development for the balance of this year to have options in accessing mineralization from different parts of the mine. We also reviewed how in addition to the high-grade copper area of the mine in the 700 Copper Zone, that there is the Intermain Nickel Zone and a Precious Metals Zone, with platinum, palladium, and gold that can be accessed down the road at the right metals prices and margins.

Next we transitioned over to all the exploration focus at the past-producing Levack mine and Jason outlines the Company strategy to keep aggressively drilling and delineating mineralization with a targeted Resource Estimate for Q3, while also continuing with engineering work to then put out a Mine Restart Plan by year end. This is all leading towards the pathway for bringing the Levack Mine back into production in 2026. Additionally, the team is still advancing similar derisking and development work at their Crean Hill Project where, depending on financial market conditions, it could be on a dual track for production in late 2026 or early 2027.

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

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

Click here to follow along with the news at Magna Mining

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In this market focused Daily Editorial, we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot website and YouTube channel. TG joins us every few weeks to provide a data-driven look at key trends in markets and equities, based on what he’s seeing in his charts and trading room.

TG breaks down several important themes playing out right now:

S&P 500 grinding above 6,000, despite expectations of a pullback
Rotation underway: Leaders like Nvidia and Broadcom are stalling, while names like Qualcomm, ARM, and Micron catch a bid
Small caps are playing catch-up, with the Russell 2000 (IWM) outperforming large caps in recent days
Gold consolidating, but gold equities (GDX, GDXJ) and silver stocks (SIL) show technical strength
Copper and silver may be flashing signs of broader economic growth
Nuclear stocks still a buy: TG remains bullish on the small modular reactor trend, with names like Oklo and NuScale holding up after big runs

Click here to visit Profit Pilot to follow TG’s trades and market videos.

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In this KE Report company update, we welcome back Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD - OCTQB:NFLDF - FSE:634), to discuss the company’s transformational pivot toward Quebec and Ontario gold projects, while still maintaining a presence in Newfoundland.

Exploits Discovery has just signed an option agreement with Cartier Resources to acquire three gold projects in Quebec - Benoist, Fenton, and Wilson - which collectively host approximately 680,000 ounces of historic gold resources. This comes on the heels of a recent Ontario acquisition at the Hawkins Project, signaling a major shift in strategic focus and setting the stage for potential resource growth and re-rating.

Key Highlights from the Interview:

Strategic entry into Quebec with flexible terms on the Cartier option agreement
Initial exploration plans at Benoist, where historic intercepts include 21 g/t Au over 5.6m and 26 g/t Au over 4.1m
Plans for dual fall drill programs at both Benoist and Hawkins following permit approvals
Continued monitoring of Newfoundland properties, with the potential to re-allocate exploration capital based on discovery upside
Insight on potential partnerships, investor interest from Quebec, and valuation upside based on current EV/ounce metrics

🔗 Visit Exploits’ website:https://exploitsdiscovery.com.

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

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In this company update, we welcome back Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL - OTCQB:CMILF), to discuss a major new exploration agreement advancing their gold and copper projects in Norway and Finland.

Capella has signed a multi-stage earn-in deal with Turkish gold producer Tümad Madencilik, a company with 200,000 ounces of annual gold production and ambitions to expand internationally. The agreement could see up to US$12 million in exploration expenditures across Capella’s Scandinavian assets, without any corporate-level dilution.

Eric explains:

How the relationship with Tümad developed from his previous success with Mariana Resources and the Hot Maden discovery.
The three-stage earn-in structure, with Tumad able to earn up to 51% by funding exploration work.
Immediate exploration plans for summer 2025, including drill programs at the Hessjøgruva copper project in Norway and the gold-copper targets in Finland.
The flexibility for potential future acquisitions and Tümad’s appetite for additional projects.

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

Click here to visit the Capella Minerals website to learn more about the Company.

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In this KE Report company update, we welcome back Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX - OTCQB:DMXCF - Nasdaq First North: DMXSE SDB), for a wide-ranging discussion covering recent exploration updates, project strategy, and corporate developments.

District is gaining strong investor attention, with shares rallying alongside broader uranium sector momentum. Garrett walks us through the launch of a Mobile MT airborne geophysical survey at the company’s flagship Viken uranium-vanadium project - the second largest undeveloped uranium resource globally. The survey is designed to improve geological understanding and guide future drill targeting, while potentially enabling the company to optimize and expand its land package.

Garrett also discusses:

Plans for a smaller-scale, quarry-style mining scenario to enhance economics and community support once Sweden’s uranium moratorium is lifted (expected January 2026)
The sale of the non-core Bakar copper asset on Vancouver Island and rationale behind the exit
Upcoming airborne work across District’s broader uranium portfolio in Sweden, including detailed radiometric and magnetic drone surveys
Insider confidence, shown by recent option exercises, and why the team is holding firm despite the stock’s rally

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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This Weekend’s Show dives deep into two of the most critical commodity narratives shaping the investment landscape. In the first half, Brien Lundin (Gold Newsletter) breaks down why junior gold and silver stocks are finally catching fire. In the second half, Josef Schachter (Schachter Energy Report) outlines why energy equities could present a buying opportunity, even as oil trades under pressure.

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 and 2 - Brien Lundin, editor of the Gold Newsletter and host of the New Orleans Investment Conference, joins the KE Report to discuss the strengthening bull market in gold and silver, highlighting the breakout in silver above $35 and the surge in junior mining stocks. He emphasizes the growing participation of generalist investors, the potential for early-stage production strategies, and why staying positioned in quality juniors is key as institutional money flows into the sector.
Click here to learn more about the New Orleans Investment Conference on November 2-5.
Segment 3 & 4 - Joseph Schachter, founder of the Schachter Energy Report, shares his cautious near-term outlook for oil and natural gas due to high inventories and weak demand, but maintains a bullish stance for Q4 driven by summer demand, geopolitical supply disruptions, and rising LNG exports. He also highlights dividend-paying energy stocks, M&A activity, and service companies as key areas for investor focus.
Click here to learn more about The Schachter Energy Report

Please remember to subscribe and leave a review in your podcast player!

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Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT – OTCQB:ISVLF), joins me to outline the key takeaways from the Q1 2025 financial and operations, and provides an update on the current production and exploration upside at the Zacualpan Silver-Gold District, as well as the Plomosas Zinc-Lead-Silver Mine in Chihuahua, Mexico.

The Company reported revenue of $10.7 million for Q1 2025, more than double the $5.3 million reported in Q1 2024. This significant increase was driven by the commencement of new production at the Plomosas mine and higher commodity prices. EBITDA for Q1 2025 was $1.0 million, marking a strong recovery from the negative $3.6 million in Q1 2024. Net loss for the quarter was $0.1 million, a notable improvement compared to the net loss of $4.4 million in the same period last year. This reflects a substantial year-over-year improvement, as inflationary pressures on costs eased and commodity prices remained strong, supported by a higher aggregate production volume. At quarter-end, the Company had $6.6 million in cash and no structured debt.

Fred also unpacked that in 2024, the Company revised its accounting policies for early-stage exploration. This change has been applied retrospectively, resulting in $0.8 million in exploration costs being expensed in Q1 2025 and $1.2 million in Q1 2024. Subsequent to quarter-end, the Company announced an equity financing of up to $5.0 million.

With regards to all the exploration initiatives for this year, we kick things off with opportunities to keep exploring deeper underground for more high-grade zinc, lead, and silver at the Plomosas Mine. Fred also points out that there is a new area of interest nearby that is more endowed with gold and copper mineralization, and that will be getting some upcoming surface drilling.

Shifting over to the Zacualpan Silver-Gold District the Company has 4 underground mines and 1 open-pit mine all feeding into the Guadalupe processing plant. Fred and I review exploration targets at the new Kena Discovery at the Guadalupe Mine, the San Ramon Deeps and San Ramon South area at the San Ramon Mine, both a gold-rich and a silver-rich vein respectively at the Alacran Mine, some silver targets like San Antonio at the Mina Grande Mine, and a few target like Carlos Pacheco and Chapanial at the Valley de Oro exploration area.

We wrap up having Fred outline that the purpose of the recent $5million capital raise is to accelerate all this exploration efforts at both district-scale properties, looking for areas to exploit with mining, and eventually growth the production profile.

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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In this KE Report Daily Editorial, we welcome back Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market blog, for a comprehensive breakdown of the U.S. jobs report, Fed policy trajectory, global central bank trends, and FX market implications.

We kick off with May’s mixed U.S. employment report: headline job growth surprised to the upside, but revisions and the household survey painted a weaker picture. Marc explains how the Fed will likely interpret this as confirmation to remain patient, with expectations for rate cuts shifting to Q4 and markets increasingly skeptical about more than one cut in 2025.

Marc also discusses:

Why the resilient U.S. labor market and gradual disinflation keep the Fed sidelined
How ongoing tariff announcements are distorting GDP and trade data
What to watch in the Fed's balance sheet strategy and whether QT will continue
A global view on divergent central bank cycles, FX implications, and why Marc remains medium-term bearish on the U.S. dollar
The role of liquidity and uncertainty in driving volatile but not collapsing markets

As we near the midpoint of 2025, Marc outlines the key data points and global risks that could move the needle on Fed policy, including inflation trends, unemployment, and fiscal disruptions from trade policies.

🔗 Visit Marc’s blog: Marc to Market

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In this KE Report company update, we’re joined by Bart Jaworski, CEO of Group Eleven Resources (TSX.V: ZNG - OTC: GRLVF - FRA: 3GE), a zinc, copper, and silver explorer operating in Ireland. The company has recently captured market attention with a breakthrough drill result at the Ballywire Discovery on the PG West Project, announced on May 8th.

Key highlights from the discussion include:

High-grade discovery: 12 meters of 2.3% copper and 560 g/t silver, including 6.4 meters grading 3.72% copper and 838 g/t silver.
The copper-silver intercept lies beneath a known zinc-lead-silver horizon, suggesting a dual-layer “layer cake” system.
Ongoing drilling with three rigs testing both lateral extensions and deeper copper-silver targets across a six-kilometer gravity anomaly trend.
Potential for critical mineral designation under the EU’s Critical Raw Materials Act due to antimony and germanium credits.
A well-funded exploration program with ~$3.5 million in the treasury and potential upside from in-the-money warrants.

This discovery could significantly broaden Group Eleven’s appeal to copper and silver investors, especially with copper near $5/lb and silver breaking out. Bart also outlines how further success could unlock critical metals funding pathways in Europe and strengthen the company's long-term development strategy.

Visit Group Eleven’s website for full technical reports and the corporate presentation.

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David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me to outline the key metrics and takeaways from the technical report on the updated Mineral Resource Estimate, along with improved gold recoveries from recent metallurgical testing at the wholly owned polymetallic Iberian West Project (IBW), located in southern Spain. We also get another update on the legal proceedings at the Aznalcóllar Project later in the conversation.

The Mineral Resource Estimate is based on 105,554 meters of drilling by the Company comprising 299 drill holes and is hosted in three volcanogenic massive sulphide deposits on the project; La Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m). All three deposits remain open for further expansion by future drilling.

The IBW project is now reporting:

A Total Indicated MRE of 18.96 million tonnes grading 2.88% zinc, 1.42% lead, 0.5% copper, 66 g/t silver, and 1.28 g/t gold (8.44% ZnEq or 3.01% CuEq);
A Total Inferred MRE of 6.80 million tonnes grading 3.25% zinc 1.50% lead, 0.73% copper, 56.3 g/t silver, and 0.77 g/t gold (8.72% ZnEq or 3.00% CuEq);
The updated Mineral Resource Estimate achieves numerous improvements when compared to the previous May 23, 2023 MRE, which include a +35% increase in Total Indicated MRE tonnage and a +44% increase in Total Inferred MRE tonnage;
There was also an increased gold metal content within the Total Indicated MRE from 629 Koz to 783 Koz, which is an increase of +154 Koz (+24%) with an increase in contained gold within the Total Inferred Resource from 137 Koz to 168 Koz or an increase of +31 Koz (+23%) gold, respectively;

Then on May 27th the Company announced that the CLEVR Process™ optimization for the La Romanera deposit is a post-flotation stage of metallurgical recovery that is being conducted at DUNDEE Sustainable Technologies' laboratories. A total of 18 optimization tests of the thermal treatment process (pyrolysis and thermal oxidation) were performed during this recent stage of testing. The latest CLEVR Process™ results indicate an improved gold recovery of 81.5% for a 27% improvement relative to previously reported results (17% increase in gold recovery). This represents an important upgrade relative to the 64.1% gold recovery that was used for its most recent NI 43-101 Mineral Resource Estimate (“MRE”) based on the available results at the time of estimation (see news release March 17, 2025).

El Cura is still being drilled with 4 rigs, and is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Romanera can now drift through El Cura on the way to the development of La Infanta, bringing in El Cura in 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 Pre-Feasibility Study (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 with David sharing a bit more from the comments the Company made on June 2nd with respect to the announcement made on May 30, 2025 by the Minister of Energy and Mines of Andalucia, Mr. Jorge Paradela, that the Junta de Andalucia, through his ministry, has granted the exploitation license to Minera Los Frailes (“MLF”) to develop the Aznalcollar project. Spanish independent legal counsel of Emerita has reassured the Company that this announcement will have no bearing on the outcome of the ongoing criminal trial related to the awarding of the Aznalcollar Public Tender. We get another update on where things are at in the process within the courts, with the sentencing portion of the legal proceedings having commenced back on March 3rd. The company is still awaiting further 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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In this company update from TriStar Gold (TSX.V: TSG - OTCQB: TSGZF), President and CEO Nick Appleyard joins me to discuss the company’s the closing of a $10 million financing, including a $5 million investment from Eric Sprott - his first position in TriStar. This marks one of the largest financings in company history and signals renewed investor interest in advanced-stage gold developers.

Key topics covered:

Use of funds from the financing: Launching an upcoming drill program focused on high-grade step-outs at the Esperança South zone of the Castelo de Sonhos Project in Brazil.
Advancing toward feasibility: Timeline and permitting strategy for Tristar’s goal of completing a full Feasibility Study in 2026, including additional infill drilling and community engagement.
Market sentiment shift: Eric Sprott and several new funds participating in the raise reflect growing interest in the developer space as gold prices remain strong and M&A activity picks up.
News flow ahead: Drilling is expected to begin by July, with updates throughout the second half of the year.

Nick also shares thoughts on how TriStar is scaling its investor relations efforts to increase visibility and attract strategic interest as momentum builds in the gold sector.

Click here to listen to the prior interview focused on the updated PFS.

Click here to visit the TriStar Gold website to learn more about the Company and Project.

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In this company update I speak with Sean Kingsley, President and CEO of Gold Hunter Resources (CSE:HUNT - OTCQB:HNTRF - Frank:6RH), to break down the company’s recently announced land consolidation and a $2.5M financing. All paving the way for an aggressive 2025 exploration program at the Great Northern Gold Project in Newfoundland.

Key Highlights:

The company has consolidated key land positions along the Doucer's Valley Fault, filling in critical gaps near historic workings like the Browning Mine and high-grade gold showings.
A clean deal structure: 2% NSR on new claims with a 1% buyback for $1M and no underlying royalties, ensuring a clear path forward for development or partnerships.
Gold Hunter now controls multiple gold zones - 18+ target areas identified - with 5 priority targets to lead an initial 10,000-meter Phase 1 drill program this year.
The airborne VTEM survey is expected to begin in mid-to-late June, helping refine targets and guide boots-on-the-ground fieldwork and drilling.
Fully permitted and road-accessible, the project is supported by Newfoundland’s Junior Exploration Assistance (JEA) grant program and backed by an experienced team focused on discovery beyond known zones.

CEO Sean Kingsley also explains the regional geological significance of the Doucer's Valley Fault, drawing comparisons to multi-million-ounce gold systems along major structural corridors like those seen in Calibre Mining’s portfolio.

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

Click here to visit the Gold Hunter Resources website.

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Jonathan Egilo, President and CEO of AXO Copper (TSX.V: AXO), joins me for a comprehensive introduction to this newly listing high-grade copper exploration and development company, and their flagship La Huerta Project in the prolific Sierra Madre Belt of Jalisco, Mexico.

We highlight the history of the La Huerta Project, where a private family business had produced high grade copper on the project, and then some of the work this team has done in the background once picking up the project in 2021 and doing some exploration and derisking as a private company.

Some prior drilling at the property yielded strong high-grade copper mineralization, with highlights including:

▪ 13.7 metres of 5.03% Cu

▪ 9.50 metres of 6.63% Cu

▪ 7.60 metres of 7.37% Cu

▪ 7.35 metres of 5.00% Cu

Jon outlined that the initial plan is to do some aggressive step-out drilling to demonstrate the potential scale of the mineralized footprint, with a 15,000 meter drill program. This exploration program will be focused on defining near-surface mineralization and targeting new discoveries at depth in this underexplored district; following up on the recent drilling and trench sampling that returned excellent grades.

There will be a C$15,000,000 proposed equity offering at the IPO, and he breaks down the budget for this year’s program and property payments. We reviewed Jon’s background in the sector, and that some of the founding shareholders and board has members from both GoGold Resources, and Silver Tiger, including the Executive Chairman, Glenn Jessome.

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 Copper

Click here to view the Corporate Presentation

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he is holding onto the bullish trends in gold and silver stocks, and adding to positions in international stocks, counter-drone defense stocks, and dividend-paying oil stocks.

With the precious metals equities, Sean is mostly holding onto the names that he and his subscribers have purchased over the last few months, but has rotated some funds down into more gold developers and the silver stocks; looking for those areas to outperform. When looking at the macroeconomic factors and geopolitics, he is not convinced in that the tariff implications are behind us, and is still seeing continued weakness in the US long bond, US dollar, and business guidance through year end.

Sean notes that there are still a lot of foreign market participants still scaling out of US markets to repatriate funds into their own domestic stock markets, and he is still finding pockets of value in international stocks. For example, he has been bullish European defense stocks for a while, but then domestically he’s been positioning in counter-drone defense stocks.

Wrapping up we discuss that he is getting more interested in accumulating the better run intermediated oil stocks that pay good dividends, can make money at the current lower price range for WTI oil, and that are trading down near book value.

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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David Baker CFO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review a few different royalty partner project updates, development growth on tap in their portfolio of royalties, his take on the Q1 2025 financials and coming one-off payments, and looking ahead to future acquisitions.

We kick things off with recent announcement by Focus Minerals Limited (ASX: FML) reporting the sale of their Laverton assets in Western Australia, to A$5 billion Australian miner Genesis Minerals Limited (ASX: GMD) for A$250 million. Elemental Altus holds an uncapped 2% gross revenue royalty over a significant portion of the project, and their management team is thrilled to see a senior producer taking over the project which can fast-track it back into production. Genesis Minerals noted in the announcement the clear potential for Laverton to supply open pit and underground ore to their operating 3 Mtpa Laverton mill approximately 30 km away, after conducting more infill and extensional drilling and internal scoping studies.

Next we pivoted over to the recent announcement by Northern Star Resources Limited (ASX: NST) reporting a maiden Mineral Resource and Ore Reserve Estimate at the Hercules Discovery of 916,000 ounces of gold. This Hercules deposit is part of the South Kalgoorlie Operations ("SKO") in Western Australia, where Elemental Altus holds a A$10 per ounce production royalty. In addition to the royalty, Elemental Altus also has a A$1 million Discovery Bonus over a significant portion of the project, for each new ore body with production and/or Reserves greater than 250,000 ounces of gold, so that will be an added one-off payment.

We also touched upon the recent news from Arizona Sonoran Copper Co. (TSX:ASCU | OTCQX:ASCUF) where it was announced by the Company that they’ve appointed H&P Advisory Limited as its debt financial advisor for the Cactus Project, a copper cathode development project in Arizona. H&P will work closely with the management team to provide complete and proactive support in all aspects of the project financing process for the Project, acting as the primary interface with lenders. It is expected that Arizona Sonoran may buy back a part of this royalty in a one-off payment later this year, but Elemental will still have good royalty exposure to this project, and it will supplement the copper payments coming in from their Caserones copper royalty down the road.

Turning to the financial strength of Elemental Altus, Dave highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $13-$15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing accretive acquisition transactions in the year to come.

If you have any follow up questions for Dave regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.

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

Click here to view recent news on the Elemental Altus Royalties website

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Precious metals rally gains momentum! In this Daily Editorial, we welcome back Dave Erfle, founder and editor of Junior Miner Junky, to discuss the strong action yesterday across the precious metals sector, and why the juniors are finally playing catch-up.

Gold and silver prices took off to start the week, fueled by macro headlines including geopolitical unrest and tariff-related risks. Dave breaks down why the strong follow-through in miners - from large caps to juniors - is especially bullish, and why he believes $4,000+ gold is in play before year-end.

Highlights from the conversation:

Silver stocks (SIL, SILJ) are leading the charge, outperforming gold miners on high volume.
Institutional sentiment shift: Goldman Sachs now recommending gold over treasuries; safe-haven flows are shifting.
Why silver juniors are breaking out from massive technical bases, and how Dave is managing his portfolio accordingly.
The importance of share structure, warrant overhang, and why Dave favors tight-float, US-listed juniors.
His strategy for rotating down the food chain into select development-stage plays with major takeover potential.

Listen to hear how he evaluates buy signals, trims winners, and avoids overtrading while staying positioned for longer-term upside in this ongoing bull market.

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

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Sitka Gold’s (TSX.V:SIG - OTCQB:SITKF - FRE:1RF) aggressive 30,000m drill campaign is in full swing at the RC Gold Project, with visual gold already intersected in every hole so far this season.

In this company update I caught up with Mike Burke, Director and VP of Corporate Development at Sitka Gold, to discuss recent news from the ongoing exploration program.

We discuss:

Three rigs are turning (with a fourth on-site), targeting expansion at the Blackjack, Eiger, and Saddle Zone deposits
Early drill holes are reporting visible gold, supporting confidence in deeper and lateral mineralization potential
2025 campaign is fully funded with $25 million in the treasury
Blackjack already hosts over 2.3Moz gold (Indicated + Inferred) - this year’s drilling aims to expand the resource further and explore nearby anomalies
The Saddle Zone, sitting between Blackjack and Eiger, is now being prioritized for the first time since 2021, based on strong gold-in-soil anomalies
Additional targets at Rhosgobel, and Pukelman areas will be tested later in the season

Mike also shares thoughts on the market’s positive reaction to exploration news and when investors can expect initial assay results.

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

Click here visit the Sitka Gold 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 us to review the Q1 financial and operations results from the San Albino Mine in Nicaragua, along with some ongoing residual leaching during the period from the recently acquired Moss Mine in Arizona. We also unpack the anticipated mining to begin at the Moss Mine later this month in June, and what to anticipate for the several months of ramp up of increased production. Additionally, we delve into the next key steps for derisking and development work at the Eagle Mountain Gold Project in Guyana to be in production there about 2 years out. This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.

The Company's financial results for Q1 2025 reflect record gold sales from its San Albino and Moss Mine of $31.8 million (vs. $19.2 million in Q1 2024), which generated $19.9 million in Mine Operating Cash Flow, $16.1 million in Adjusted EBITDA, and $9.4 million in Net Income. The Company sold 10,817 oz of gold at an average price of $2,915/oz with a $1,239 Cash Cost and $1,411 All-In Sustaining Cost ("AISC") ($/oz sold). Subsequent to March 31, 2025 Mako delivered the final installment of 13,500 oz of silver on the Sailfish Silver Loan.

Q2 2025 (through May 31st) - Mako Mining Financial Highlights

$25.1 million in Revenue from 7,409 oz of gold at $3,327/oz and 13,529 oz of silver at $33.03/oz
$22.0 million in Cash and Receivables and $3.3 million in Restricted Cash (50% will become unrestricted in June 2025)

There is also a substantial exploration program underway all around the San Albino Project in Nicaragua, around the San Albino Mine, as the Las Conchitas concessions, and of particular interest at the El Golfo concessions. Drill hole EJ25-RC53 at El Golfo intersected a wide, high-grade interval of 39.15 g/t Au and 27.8 g/t Ag over 8.0 m (5.9 m ETW), 19.2 m below surface.

Akiba points out that the Moss mine has been producing gold the last few month through residual leaching at its beneficiation facilities, but their team is going to start mining again starting at the end of June, and then it will take several months for new materials moved onto the leach pads to charge up increased production again. A technical report is slated to be put out later in the year around September, after a few months of ramping up mining and assessing the resources in place. When the Moss Mine has been debottlenecked over time from a mining and permitting perspective and is producing at the grade and rate they believe is possible, it could almost double their current production profile with approximately another 40,000 ounces of gold production per year out of Arizona.

Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable of an agreement between the government and local stakeholders, and doing all the background environmental and engineering work to being the process for their EIA permit. Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 65,000 ounces per year. When this added to the production out of Nicaragua and Arizona there is clear line of sight to growing into a mid-tier gold producer.

If you have any further questions for Akiba regarding Mako Mining, then please email them into us at either Fleck@kereport.com or Shad@kereport.com.

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

Click here for a summary of the recent news out of Mako Mining.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins us for a review of Q1 2025 operations and financials from its Segilola Gold mine, located in Nigeria, and for the Company's ongoing exploration and development programs in Nigeria, Senegal and Cote D'Ivoire.

Q1 2025 Financial Highlights

22,750 ounces ("oz") of gold sold (Q1 2024: 17,420 oz) with an average gold price of US$2,720 per oz (Q1 2024: US$2,033).
Cash operating cost of US$711 per oz sold (Q1 2024: US$418) and all-in sustaining cost ("AISC") of US$950 per oz sold (Q1 2024: US$632).
Revenue of US$64.0 million (Q1 2024: US$33.3 million).
EBITDA of US$43.6 million (Q1 2024: US$23.2 million).
A quarterly record Net Income of US$34.4 million (Q1 2024: US$12.4 million).
Net Cash of US$24.7 million (Q1 2024: Net debt of US$14.3 million).
Maiden quarterly dividend of C$0.0125 per share per quarter (C$0.05 per year)

This strong financial balance sheet with no debt is allowing the Company to increase exploration initiatives at all projects.

In Nigeria, there is ongoing near-mine exploration focused on testing depth extensions of the Segilola deposit, with a diamond drilling program targeting the continuity of high-grade shoots down-plunge to the south. Early results confirm mineralization below the current final pit design. Drilling returned encouraging high-grade intercepts both north and south of the existing resource, indicating the potential for extensions and new target areas beyond the current limits of the Segilola resource. Regional exploration efforts concentrated on geochemical sampling targeting structurally complex zones within the Ilesha Schist Belt identified through geological modelling as prospective for gold mineralization.

In Senegal, at the Douta Gold Project, workstreams in support of a Preliminary Feasibility Study ("PFS") were advanced during 2024 on the metallurgical test work, process flow sheets and resource update. Exploration work focused on at depth between the main Makosa resource base along the 6km strike from Makosa Tail to the northern extent of the deposit, with RC drilling targeting increased oxide resource definition at the parallel Makosa East Prospect. The discovery of the Baraka 3 Prospect in Douta West has had positive implications to the Douta PFS, but has delayed the delivery of this study as a result. This 3km of strike length of very wide near-surface oxide gold mineralization could be very import to the early economics in a development scenario of this Project, and thus the Baraka 3 drilling has been accelerated.

Wrapping up we discuss the exploration prospectivity over the 3 different exploration projects in Côte d'Ivoire: The Guitry Gold Project and two additional option agreements to acquire an 80% interest in the early-stage Boundiali Exploration permit and the Marahui Exploration permit. At these project the company is assessing target-generative geochemical surveys and sampling and mapping, with drilling planned for after rainy season in Q3 2025.

If you have any questions for Segun regarding Thor Explorations, then please email them into us at Fleck@kereport.com or at Shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

Click here to follow the latest news from Thor Explorations

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Fred Earnest, President and CEO of Vista Gold Corp. (NYSE American and TSX: VGZ), joins me for comprehensive company overview of the upcoming Feasibility Study at their Mt Todd gold project; a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia.

Fred reviews the 9.4 million ounces of gold resources in all categories, and that the resource block model has been updated to incorporate data from the Company’s 2020-2022 and 2024 drilling programs and is being used as the basis for the new mine plan in the upcoming updated feasibility study. This new study aims to increase the reserve grade to 1 gram gold per tonne by applying a higher cut-off grade, and will also incorporate mine scheduling optimization strategies that prioritize higher grade ore during the early years of operation.

The Company is continuing to advance their revised 15,000 tonne per day (tpd) Mt Todd Feasibility Study, and it will differ from the previously modeled 50,000 tonne per day scenario, aiming to reduce initial capex by 60% to $400 million, while averaging annual gold production of 150,000 to 200,000 ounces. Guidance is for delivering the new study by mid-2025 in July. This Feasibility Study will leverage prior technical studies, preserve the potential for future expansion, and demonstrate the opportunity for Mt Todd to deliver attractive economic returns with a smaller initial capital investment.

Fred walks us through how the Mt Todd Project offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

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

Click here to follow the latest news from Vista Gold

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We kick off June with a powerful move across the precious metals complex, as both gold and silver surge higher, defying expectations of seasonal weakness. In this KE Report Daily Editorial, Craig Hemke, founder of the TF Metals Report, joins us to break down what’s driving the action, why silver’s breakout matters, and how this rally could evolve.

Key themes covered in this interview:

Gold rallies $83 and silver jumps 5%, signaling strength despite flat equity markets.
Craig highlights the summer rally potential, spurred by a falling U.S. Dollar Index and positive technical setups.
Silver’s breakout above key levels may be activating algorithmic buying and could spark broader momentum across miners.
Craig sees a shift in sentiment as investors revisit mining equities, especially after Q1 earnings and improving margins heading into Q2.
Discussion includes CoT reports, open interest washouts, and hedge fund positioning.
The interview also touches on macroeconomic signals, potential commodity rotation, and geopolitical catalysts impacting safe-haven flows.

Visit TF Metals Report for Craig’s ongoing analysis

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This weekend's KE Report dives deep into two pivotal commodity trends:

Matt Geiger of MJG Capital outlines why it's “game on” for junior mining stocks with a breakout on the TSX Venture, while Dan Steffens of the Energy Prospectus Group unpacks the tug-of-war between fear-driven oil pricing and strong natural gas fundamentals.

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!

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 - Matt Geiger, Managing Partner at MJG Capital, kicks off the show to discuss the improving outlook for junior mining stocks, highlighting that while the TSX Venture isn’t as mining-heavy as in past cycles, rising capital flows and exploration activity suggest a potential early-stage bull market for juniors. He also unpacks selective M&A trends in gold and silver, why copper still needs higher prices to incentivize development, and how he's cautiously managing a strong-performing, junior-heavy portfolio amid growing market optimism.
Click here to visit the MJG Capital website to learn more about Matt’s fund.
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, joins us to unpack the fundamentals driving oil and natural gas prices, rig count trends, and where he sees near-term upside.He explains why U.S. oil production may have peaked, how LNG export growth is tightening the natural gas market, and highlights two Canadian gas-weighted companies, Spartan Delta and Journey Energy, as attractive plays amid rising gas demand and discounted valuations.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out May 28th that announced the Company is embarking on its largest drill program to date, totaling 40,000 meters with 9 rigs, that is 100% focused on the extensive Surebet high-grade gold discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This year’s exploration focus is based on the positive results from the 2024 drill season which has greatly improved the understanding of this large mineralized system that remains open for expansion in all directions.

As a first initiative, the team is also currently be mobilized to site to start the process of relogging prior year’s drill core, based on the conclusions from the Colorado School Of Mines geological study which confirmed a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and confirms common causative Reduced Intrusion Related Gold (RIRG) source. Armed with this understanding that dykes found on the Project have the potential to be mineralized with this intrusive style of gold, changes how to interpret prior drilling, and how to move forward now drilling through those dykes into other mineralized horizons instead of avoiding them. Roger highlights the tremendous untapped discovery potential at the Golddigger Project in the Golden Triangle of British Columbia.

Next we discussed the news released on May 5th that world renowned JDS Energy & Mining Inc. has been engaged to assess the viability, permitting and development of an underground exploration adit at Surebet. The Company has tasked JDS with an exploration adit to access a broad expanse of the gently-dipping, high-grade gold lode called the Bonanza Zone that sits approximately 200 meters above the valley floor, and also to consider the best location if a road was to be created into the property.

Wrapping up Roger shares the financial health of the Company after announcing yesterday a bought deal private placement of charity flow-through financing for gross proceeds of C$20,002,700, with Stifel Nicolaus Canada Inc. acting as the sole bookrunner and lead underwriter, together with a syndicate of underwriters. This was done at a slight discount to market, without traditional warrants, and provides the company with optionality on how to proceed with this year’s exploration program and possibly carrying over into next year’s work program.

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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John Rubino, [Substack https://rubino.substack.com/], joins us for a wide-ranging discussion on the macroeconomic factors driving gold and silver, along with strategies for portfolio management in the precious metals stocks.

We start off discussing how the higher underlying metals environment has started allowing for more investor confidence in the gold producers maintaining healthy margins and valuations, which is attracting more generalist investor capital flows. Additionally, now the gold development projects economics are starting to look more and more attractive. John discusses how he is still striking a balance between have exposure to the larger PM producers and royalty companies, but also have exposure further down the risk curve into the exploration stocks as “lottery tickets.”

This leads into a discussion about some of the developers with large resource bases delineated, like Seabridge Gold, and whether or not they will be acquired or built in this cycle; after sitting available for development since the prior cycle. We dig in to if the reservation from other companies to acquire them is due to jurisdiction, capex requirements, or if it is simply a lack of human capital. John weighs in on what aspects he would describe as “high quality,” and the importance of limiting the amount of portfolio positions to the companies one can really do proper due diligence on.

Wrapping up we circle back to macroeconomic factors that may drive gold prices even higher. We start of focusing in on the rising sovereign debt levels in countries all over the world, and the changes in the Basel III demarcation for gold as a Tier 1 reserve asset that more banks will be buying to gain more exposure to and diversify their asset mix. We talk about BRICS countries continuing to reduce down US dollar exposure and mitigate potential trade wars by increasing their gold holding. Lastly we reflect on the increased retailing buying, using the example of new limits on gold purchases from Costco as another tailwind for gold, that may spill over into more sympathetic investment in silver.

https://rubino.substack.com/

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In this KE Report company update, we speak with Rhylin Bailie, VP of Investor Relations at Equinox Gold (TSX: EQX - NYSE-A: EQX), following the shareholder-approved merger with Calibre Mining.

The newly combined company is on track to produce nearly 1 million ounces of gold in 2025, with a clear path to surpassing that milestone through 2026 and beyond.

Rhylin walks us through:

Equinox’s rapid growth since 2017, driven by M&A and organic mine builds across five countries.
The strategic rationale for the Calibre merger, including enhanced scale, diversification, and the potential for a valuation re-rating as a senior producer.
Flagship Canadian assets Greenstone and Valentine, which are ramping toward 600,000 oz/year combined production.
Development-stage upside at Castle Mountain (CA), Aurizona (Brazil), and multiple optimization projects across the portfolio.
Outlook on debt reduction, potential for dividends, and disciplined capital allocation amid strong gold prices.
An update on the Los Filos mine in Mexico and how it remains a long-term upside wildcard.
Key near-term catalysts: closing the merger (expected mid-June), consolidated 2025 guidance, and first gold pour at Valentine (Q3 2025).

As Rhylin emphasizes, this is not just a merger of assets, but a merger of teams - combining two strong operators to build a resilient, cash-generating, growth-focused gold producer.

📩 For follow-up questions, reach out directly or leave comments. We’ll continue tracking the ramp-up progress and future updates from Equinox Gold. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

To learn more about Equinox Gold visit the Company’s website - https://www.equinoxgold.com/

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The momentum in the gold sector continues to build, and it's now filtering into the juniors. In this episode of the KE Report, we speak with Brian Leni of Junior Stock Review to unpack what he sees as a true shift in sentiment and market behavior toward gold exploration and development companies.

"We're finally seeing good news get rewarded."

Brian discusses the shift from bearish sentiment to bullish action as gold prices remain strong and financing picks up across the junior space.

Topics covered include:
- Why this market feels different from past cycles, and how it compares to 2016 and 2020
- Brian’s portfolio strategy: holding vs. trimming, and rotating into new names
- Standout companies and valuation gaps, including Thesis Gold
- His views on M&A as a key exit strategy in a rising market
- Whether other commodities like copper, nickel, or lithium are offering enough value right now

Brian also shares how he identifies high-probability takeover candidates and why the best opportunities still lie in companies where value hasn't caught up to price.

Follow Brian’s work at Junior Stock Review and sign up for his newsletter to track his top picks.

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Saf Dhillon, President and CEO of Questcorp Mining (CSE: QQQ) (OTCBB: QQCMF) (FSE: D910), joins me for a comprehensive overview of their 2 key exploration projects, in Mexico and Vancouver Island respectively, the work program at each property for 2025, the experience of the management team, and the financial health and capital structure of the Company.

The flagship Project is the La Union Gold Project in Sonora, Mexico; currently under an option agreement to earn in 100% interest from Riverside Resources Inc., subject to a 2.5% NSR royalty, and by making cash payments of $100K; issuing in stages,19.9% of the issued and outstanding capital of the Company; and completing $5.5M in exploration expenditures over the next four years. Saf unpacks the terms of the news release from May 6, 2025, where the Company has issued 6,285,722 common shares in the capital of the Company, representing 9.9% of the issued and outstanding Common Shares as of May 20, 2025, to Riverside Resources Inc. and completed the first required payment of $25,000 CAD to Riverside.

The La Union Project is a carbonate replacement deposit (“CRD”) project, where mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content. Historical exploration work highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides, consistent with a CRD model. The plan is to spend $1Million on the exploration program for this year, starting with sampling and geophysical surveys for targeting, and then to test those targets with a drill, where Riverside Resources will be the operator.

Next we shifted over to the The North Island Copper Property, on Vancouver Island, British Columbia, where the Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares, and subject to a royalty obligation. Questcorp is focusing on the Marisa porphyry target in the west where a historic induced polarization (IP) survey and follow up drilling met with initial success. Two of the five holes drilled into the chargeability high intersected significant copper mineralization to depths of 80 metres. After receiving the next set of permits in the coming month, then the summer exploration program will be announced.

We wrapped up with more background on the management team and board, discussed the capital recently raised to execute this year’s work programs, and broke down the capital share structure.

If you have any questions for Saf regarding Questcorp Mining, then please email me at Shad@kereport.com.

Click here to follow the latest news from Questcorp Mining

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Dana Lyons, fund manager and editor of The Lyons Share Pro, outlines why his market models remain bullish, with both U.S. and international equities flashing green signals.

In this KE Report Daily Editorial, we welcome back Dana Lyons to dive into where his internal models see opportunity right now. Despite a volatile year, Dana’s models have stayed ahead of the major swings, turning cautious before the April correction, and then flipping bullish in time for the rebound.

Key Discussion Themes:

Current Market Outlook: Dana's objective, model-driven strategy remains bullish following the April washout and rebound. He sees the potential for a continued uptrend in U.S. equities.
Sector Rotation in the U.S.: Aerospace & defense, industrials, utilities, and insurance have shown strong relative strength. Even parts of tech, like cybersecurity, are nearing new highs.
International Market Leadership: Dana highlights Europe, especially Germany, Italy, and the UK, as the top-performing region. Japan, Argentina, and Canada are also on his radar.
Precious Metals & Miners: Gold remains constructive, but Dana’s focus is on GDX, GDXJ, and SIL - miners that have consolidated and look poised for a new leg higher.
Uranium Setup: After a sharp rebound, Dana is watching URA closely for a consolidation and potential breakout above key levels, eyeing $40+ targets longer term.

💡 “We don’t need to guess the long-term trend, we just follow what’s working now,” Dana says. His models favor a diverse set of assets and sectors, creating what he calls a “more robust foundation” for any future rally.

🔗 Check out Dana’s work and current 25% discount offer at The Lyons Share Pro - https://lyonssharepro.com/

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Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me to outline more recent drill core seen carrying visible gold from the initial drilling at the historical Laurentian Mine Target and the Intersection Target on the Elora Gold System. This is part of the on-going 15,000 meter drill program underway across their Dryden Gold District land package in Northwestern Ontario.

Laurentian is approximately one kilometer north of the Jubilee Target where the Company recently released assay results of 301.67 g/t over 3.90 meters including 1,930 g/t over 0.60 meters in a newly discovered hanging wall structure. The VG intersected at Laurentian was on a new parallel mineralized hanging wall structure. At the new Intersection Target, 200 meters northeast of Jubilee, VG was intersected before the main target in a mineralized footwall structure. This confirms new target potential on parallel high-grade structures along a one-kilometer strike at the Elora Gold System. Both holes have been submitted to the lab and results are expected in the coming weeks.

In addition to all the targets along the Elora Gold System trend, we also discuss new geological understanding of the D3 deformation fault and how this will inform coming work initiatives at the Big Master, Mud Lake, and Mosher Bay Areas of the Gold Rock Camp.

Wrapping up we discuss the news out to the market today where the Company has received exploration permits from the Ontario Ministry of Mines for drill testing the Hyndman property. With the arrival of the 2025 summer field season, the Company has launched its regional exploration campaign. Field crews are starting a detailed mapping and channel sampling at Hyndman to prepare for future drill testing of multiple unexplored geophysical anomalies. The geology team is also preparing for the initial drill test at a 3rd area of focus at Sherridon; where detailed mapping from 2024 has exposed multiple drill ready targets.

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

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

Click here to follow the latest news from Dryden Gold

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Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, joins us to break down what’s driving the current market sentiment as the S&P 500 hovers just below all-time highs.

In this wide-ranging conversation, Joel shares a contrarian view on the recent rally, questioning the sustainability of momentum and highlighting the growing disconnect between valuation metrics and investor behavior. From tariff confusion to the diminishing importance of economic data, Joel outlines why this market feels “overpriced” and why now may be a smart time to consider rebalancing portfolios.

We also dive into:

The fading impact of CPI, PPI, and Federal Reserve policy on markets
Why momentum, not fundamentals, continues to dominate
Sector rotation ideas - including a closer look at healthcare and tech
Bitcoin’s surge and the role of political sentiment in crypto markets
What Nvidia’s earnings and price action reveal about broader tech sentiment

Follow Joel and the PreMarket Prep team here:
🔗 https://www.premarketprep.com/
🔗 https://www.stocktradernetwork.com

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We’re joined by Colin Padget, President and CEO of Founders Metals (TSX.V:FDR - OTC: FDMIF - FRA:9DL0), to discuss the latest drill results and ongoing exploration at the Antino Gold Project in Suriname. This update focuses on the Upper Antino Zone, where a step-out hole 125 meters north returned gold mineralization, and the headline result of 33 meters grading 3.5 g/t gold was located to the east of the main Froyo Zone, revealing expansion potential both along strike and to depth.

Key topics covered:
– New drill results confirming continuity and high-grade intercepts
– Potential to connect the Froyo and Donut zones across a 1km strike
– Update on saprolite vs. hard rock mineralization and its impact on economics
– Deeper drilling underway to test down to 500+ meters vertical depth
– Regional upside with work at Lower Antino, Buese, and early-stage targets like Maria Geralda

Colin also outlines where the company is within the 60,000-meter drill program, current rig activity, and what news is expected in the coming months.

Visit https://foundersmetals.com for more company information.
Have questions for Colin? Send them in, and we’ll include them in future updates. Fleck@kereport.com and Shad@kereport.com.

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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review the solid Q1 2025 financials and operational metrics, demonstrating that the Company has reached a strong inflection point. We also discuss the growth plans for the company through operational efficiencies at their 4 producing mines in Mexico, ongoing exploration initiatives, and the potential future development at Pinguico to augment throughput at their El Cubo mill.

Selected Q1 2025 Highlights:

Record mine operating income of $4,845,773 was up 82% over the previous quarter; the Company's mining operations have now successfully generated four consecutive quarters of positive mine operating income.
Record revenue for the quarter of $21,330,483 was up 12% over the previous quarter. Guanajuato Silver is a primary precious metals producer with over 90% of the Company's revenue derived from the production and sale of silver and gold.
Operating costs continued to improve over the quarter; cash cost of $19.19 per AgEq ounce was 3% lower than the previous quarter; All-In Sustaining Cost ("AISC")* was $23.41 per AgEq ounce - a 6% improvement over Q4, 2024.
Production for the quarter was 738,006 silver equivalent ounces ("AgEq"), which was a 1% increase over the previous quarter. Production consisted of 380,406 ounces of silver, 3,347 ounces of gold, 699,294 pounds of lead, and 909,029 pounds of zinc.
Adjusted EBITDA was up 135% over the previous quarter to $4,104,669.

James reviewed the out-sized leverage that Guanajuato has to the price of precious metals, and the operations returned record income and the highest quarterly revenue in the last quarter, as working efficiencies continue to show marked improvements at all four of their producing assets in Mexico.

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers 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. James outlines that the company is working to get a permit to be able to extract more ore from the Pinguico underground mine, and is looking to launch a more comprehensive exploration and development work program at the Horcon Mine.

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Guanajuato 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 Guanajuato Silver

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In this KE Report Daily Editorial, we’re joined by Jordan Roy-Byrne, Editor of The Daily Gold, to dive into the current technical setup for gold, silver, and the mining equities. Gold is consolidating after a sharp rally, but the real story may be in the miners.

Jordan outlines the bullish price action in select gold and silver stocks, despite metals pulling back. We also explore why silver’s breakout level at $35 is crucial and how the current move compares historically.

Interview highlights include:

Gold's technical consolidation around $3,300 and why this may still be a bullish setup despite no imminent breakout
Strength in gold equities, especially high-quality juniors, and why this divergence from gold could signal a healthy rotation
Silver’s potential breakout at $35, and the significance of a weekly close above that level
ETF flows and sentiment indicators, including the surprising outflows from gold ETFs despite ongoing strength in equities
Historical comparisons and bull market timelines, projecting this secular metals bull could run well into the 2030s

Jordan also discusses the idea of silver eventually reaching $96 in this cycle and why the best-performing silver stocks may front-run the metal itself.

🔗 Visit The Daily Gold and check out Jordan’s YouTube channel for more in-depth insights

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Ewan Webster, President and CEO of Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF), joins me for a comprehensive overview of the combined Lawyers-Ranch Project, which hosts 4.7 million ounce of gold equivalent resources at the Preliminary Economic Assessment (PEA) stage of economics in the Toodoggone Mining District of British Columbia.

We start off discussing how this company came together, initially exploring and developing the Ranch Project, and then acquiring Benchmark Metals in 2023 to bring in the Lawyers Project. Then in May of 2024 the combined resource estimate of the Lawyers-Ranch Project was announced with 4.0 Moz AuEq Measured & Indicated (M&I) at 1.51 g/t AuEq, and 727,000 oz AuEq Inferred at 1.82 g/t AuEq. The deposit is primarily gold, but has a significant silver component (with 84 Moz in M+I category), as well as copper credit.

In September of 2024 the Company announced the Preliminary Economic Assessment, using metals price assumptions of $1930 gold and $24 silver, which projected an After-Tax NPV (5%) of $1.27Billion, and after-tax Internal Rate of Return (IRR) of 35%, and a payback period of 2 years, with All-In Sustaining Costs (AISC) of US $1,013 / Au oz (net byproduct credits) and over a 14 year life of mine. Ewan makes the point that at current spot metals prices of gold near $3,200-$3,300 and silver at $32-$33, that the project economics are significantly expanded. The company is doing a great deal of derisking work at present to build towards a Pre-Feasibility Study (PFS) by the 4th quarter of 2025.

The company is gearing up to kick off a summer drilling program focused on making new discoveries across their district-scale land package, seeking out other areas of potential expansion of mineralization. Additionally, more work will go into moving the permitting process along and initiating work on key permits as the year progresses. Ewan spends some time to unpack the infrastructure advantages in place with easy road access, an airstrip, and access to cheap hydro power.

Wrapping up we discuss some of the multiple institutions in place as shareholders along with senior gold producer Centerra Gold as a new strategic investor with a 9.9% stake, and expertise in the area. Centerra Gold owns the Gold/Copper Kemess Mine located in the Toodoggone District, ~45 km south of Lawyers-Ranch and Mt Milligan Mine ~270 km to the southeast. The company is cashed up with CAD $35Million in the treasury and plenty of capital to carry them through the various work programs for the balance of 2025 and into 2026.

If you have any questions for Ewan regarding Thesis Gold, then please email them into me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Thesis Gold 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 Thesis Gold

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In this Daily Editorial I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to get a behind-the-scenes view of what's really happening across the commodity complex. Darrell shares key insights from the trading desk on oil, natural gas, copper, and gold - highlighting what’s changed since our last chat on April 30th.

Key themes covered:

Choppy, range-bound commodity trading across oil, nat gas, copper, and gold
Post-COVID repricing: Why copper, gold, and gas remain elevated while oil struggles
China’s uncertain demand and the impact of global trade tensions on CapEx
Forward curves as leading indicators: What they reveal about natural gas and crude
The long-term impact of permitting reforms and capital constraints in mining
Why gold remains a safe haven in an unstable fiscal and geopolitical environment

Darrell also offers perspective on summer trading trends, positioning shifts from COT reports, and whether oil can hold the critical $60–$65 range.

Click here to learn more about Bannockburn Capital Markets.

🛢️ For real-time commodity quotes and more commodity-focused podcasts, visit ClearCommodity.net

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the key investing themes and takeaways from the Atlantic One Investment Summit 2025 in Mallorca, Spain that he attended last week.

We highlight a few companies presenting at the conference where their value proposition caught his attention in light of their current assets and newsflow:

Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF)
Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF)
Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF).*
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

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Oliver Friesen, CEO of Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), joins me for an introduction into this exploration and development company with 2 key projects focused on tungsten and critical minerals in Nevada, USA. We unpack some of the nuances around this lessor known strategic metal, the keen interest from the US government in fast-tracking domestic sources of supply, and how the Company’s 2 projects can play a role in this developing sector.

We start off discussing the 100% owned Pilot Mountain Tungsten Project, which is a Skarn-type Project which hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten with significant copper, silver, zinc, and gallium credits. This project is located on BLM Land, which is advantageous for expedited permitting and development work. The next key milestone will be incorporating some of their recent engineering and geotechnical drilling work into a coming Pre-Feasibility Study (PFS) later this year. Additionally, the exploration team will drilling a satellite target which could expand to compliment the known resources in a meaningful way.

Next we discuss the other flagship Tempiute Tungsten Project, which is a past-producing skarn-type tungsten-zinc-copper-silver mine and processing center, with valuable existing infrastructure in place. In addition to more drilling this year to produce and updated Resource Estimate, the company has been sampling and drilling the historic tailings and at surface stockpiles with an eye towards getting those processed on-site or in a toll-milling scenario nearby in Nevada.

We then review Oliver’s background in the industry, the team behind Guardian Metal Resources, and Company financials and key stakeholders.

If you have questions for Oliver regarding Guardian Metal Resources, then please email those into me at Shad@kereport.com.

Click here to follow the latest news from Guardian Metal Resources

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In this KE Report Daily Editorial, we’re joined by Dave Erfle, founder and editor of the Junior Miner Junky, to assess the current setup in the precious metals sector and junior mining stocks as we kick off a shortened U.S. trading week.

Despite gold pulling back as much as $75 intraday, Dave notes that junior gold and silver stocks are showing strong resilience and outperformance, with many breaking out from long-term bases. GDX and GDXJ are down modestly, while the TSX Venture Exchange continues to hit 52-week highs, a bullish divergence that Dave believes signals the next leg of the bull market.

Key topics discussed include:

Rotation from producers and royalty companies into higher-risk juniors
Why this bull market in precious metals equities could be more sustained and structured than past cycles
Ongoing M&A activity in the silver sector and signs of more to come
The case for continued consolidation in gold around $3,300 as miners and developers play catch-up
A focus on copper developers, and why quality, economics, and access to capital are driving outperformance
Risks of “too much money” chasing “too many companies” and how to stay selective in a frothy market

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

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Newcore Gold continues to deliver wide mineralized zones and shallow high-grade intercepts at its Enchi Gold Project in Ghana, while now pivoting to aggressive resource expansion drilling.

In this company update, Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), joins us to discuss progress on the company’s ongoing 35,000-meter drill program. Since our last interview in March, four drill result press releases have been issued, showcasing consistent gold mineralization, wide intercepts, and signs of resource expansion beyond existing pit shells.

Luke outlines:

Over 20,000 meters of drilling results released to date, with highlights including 2.25 g/t over 56m and 4.4 g/t over 24m at the Boin deposit.
Ongoing conversion-focused drilling, now largely completed, is expected to significantly improve the upcoming resource update and PFS.
The remaining 15,000 meters are targeting step-out and deeper holes, testing strike extensions and high-grade feeder zones that could further scale the project.
Drilling is now extending mineralization beyond existing pit boundaries, potentially widening and deepening the resource base.
The company is fully funded through the current drill program and PFS, with up to $30 million in projected cash including in-the-money warrant proceeds.

We also touch on investor sentiment and strategic direction. With 55% institutional ownership, Newcore is focused on delivering a construction-ready project while advancing exploration upside across a district-scale gold trend.

Have follow-up questions for Luke? Send them in and we’ll include them in future interviews. Fleck@kereport.com

Click here to visit the Newcore Gold website.

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In this Company Update, we welcome Gary Thompson, CEO of Silver47 Exploration (TSX.V:AGA - OTCQB:AAGAF - FRA:QP2), to discuss the recently announced merger between Silver47 and Summa Silver. Following the merger, Gary will step into the role of Executive Chairman of the combined company. Gary explains the strategy behind building a larger, year-round silver explorer.

Key topics covered:

Merger rationale: Accelerating growth by combining inferred and indicated silver-equivalent resources from projects in Alaska, Nevada, and New Mexico, totaling over 236 million oz AgEq inferred and 10 million oz AgEq indicated.
Red Mountain (Alaska): The flagship asset, now with added critical minerals (antimony & gallium). Plans for up to $8M in exploration and a potential PEA in 2025.
Hughes & Mogollon Projects: Two high-grade silver projects in the American Southwest from Summa Silver, offering year-round exploration flexibility.
Capital strategy: How the team plans to grow without excessive dilution, using focused drilling and potential future M&A to drive scale.
Leadership & vision: Gary Thompson and Summa CEO Galen McNamara aim to build a premier U.S. silver name, with ambitions to list on a major U.S. exchange.

📩 Have questions for Gary or the team? Send them in and we’ll get them answered! Fleck@kereport.com and Shad@kereport.com

Click here to read over the corporate presentation outlining the merger.

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I’m joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for a comprehensive update on the updated resource and this year’s drilling now underway at the company’s flagship Rogue Project.

Key Highlights:

The updated resource at Valley now totals 8.83 million ounces of gold (M&I + Inferred), including 7.94Moz in the Measured and Indicated categories.
Consistency and high-grade near-surface mineralization are proving pivotal, with exceptional conversion from Inferred to Measured & Indicated.
A 30,000-meter 2025 drill program is now underway, including:
- 20,000m focused on Valley (infill, step-outs, geotechnical work)
- 10,000m targeting 5+ regional targets across Rogue, Cynthia, and Einarson projects
- First-ever PEA expected in the coming weeks, putting hard economics around this world-class open-pit system.

Scott also discusses:

Why the Valley system's high-grade consistency is game-changing for development and future studies
The exploration potential for new “hotspots” within the broader intrusive complex
Strategic positioning as a globally significant gold asset with strong institutional interest

Send your questions for Scott to be addressed in upcoming interviews! My email address is 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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This weekend's show dives into the critical crosscurrents shaping markets today - from the whipsawing S&P to bond market tremors, US fiscal recklessness, and the resurgent gold and silver trade. Mike Larson (MoneyShow) and Axel Merk (Merk Investments) unpack the volatility, dissect the macro trends, and spotlight where savvy investors should be focusing their firepower.

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!

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 - Mike Larson, Editor-in-Chief at Money Show, shares a big-picture market outlook amid rising volatility, U.S. fiscal concerns, and shifting sector opportunities. He explains how fading tariff fears have given way to deeper worries over deficits and bond market stress, outlines selective bullishness in gold, defense, and energy, and discusses why precious metals and Bitcoin may outperform in a fractured financial landscape.
Click here to find out about the upcoming MoneyShow conferences.
Segment 3 & 4 - Axel Merk, President and CIO of Merk Investments, joins the show to discuss global market volatility, U.S. monetary and fiscal shifts, and the rising appeal of gold. He outlines how trade disruptions, rising interest rates, and fragmentation in global capital flows are reshaping the financial landscape, explains why gold is regaining institutional interest while miners remain under-owned, and highlights how improved margins and financing activity suggest we’re still in the early stages of a precious metals bull market.
Click here to learn more about Merk Investments.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review the key takeaways from news out on May 20th on their Q1 2025 financials, including record quarterly revenues, EBITDA, and cash flows. We also discuss the financial and development growth on tap for 2025, with updates at key royalty partner operations.

Q1 2025 Highlights

Royalty revenue of US$11.6 million and adjusted revenue1 of US$13.3 million, up 179% on Q1 2024
Attributable Gold Equivalent Ounces1 ("GEOs") of 4,606 ounces, up 102% on Q1 2024
Adjusted EBITDA1 of US$11.5 million, up 259% on Q1 2024
Operating Cash Flow plus Caserones dividends of US$3.3 million, up 182% on Q1 2024 with the majority of royalty revenue received post quarter end
Final US$3 million of the Company's Revolving Credit Facility ("RCF") fully paid down in the quarter
Over US$22 million cash on hand as of May 20, 2025 alongside the Company's US$50 million undrawn RCF2025 Outlook

2025 Outlook

Company remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz and a copper price of US$4.00/lb. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty
This guidance represents a 38% increase in GEOs and 50% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
Elemental Altus is in a net cash position, with flexibility for new acquisitions utilising the $50 million RCF and the strong free cash flow being generated
Elemental Altus has a Normal Course Issuer Bid ("NCIB") in place to purchase up to 12,288,129 common shares in the capital of the Company

Fred breaks down the financial strength of the company, and the leverage of it’s balance sheet to rising production and revenues in a higher metals price environment. He also highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing acquisition transactions in the year to come.

Wrapping up we cover some of the anticipated growth of the projects at their key cornerstone royalty assets: Caserones, Karlawinda, Korali-Sud, Bonikro, and Wahgnion, the value in their one-off portfolio payments this year, and what types of assets are under consider for future acquisitions.

If you have any follow up questions for Fred regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.

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

Click here to view recent news on the Elemental Altus Royalties website

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In this KE Report daily editorial, we welcome back Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of Marc to Market, to unpack the market-shaking announcement from President Trump: a potential 50% tariff on European Union goods. This policy shift has reignited global trade tensions and is already sending shockwaves through equity, bond, and currency markets.

Marc provides a wide-ranging macro breakdown, covering:

The market reaction to renewed tariff threats, including the sharp sell-off in European equities and rally in bonds.
A detailed look at currency market trends, including strength in the euro, pound, Canadian dollar, and Chinese yuan… and a weakening U.S. dollar index.
Why the dollar's recent weakness is more about the U.S. itself than foreign currency strength.
How global capital flows are evolving, including surprising Q1 U.S. inflows and a nuanced view on the so-called "Sell America" narrative.
An emerging trend: the U.S. dollar as a new global carry trade - a role once dominated by the Japanese yen.
Big-picture risks in bond markets and the potential geopolitical realignment between the EU and China, as Europe grapples with economic and strategic pressure from both the U.S. and Russia.

Visit Marc to Market for more of Marc's analysis.

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In this KE Report company introduction, we speak with Rana Vig, President and CEO of Blue Lagoon Resources (CSE:BLLG - OTCQB:BLAGF), a company on the verge of near-term gold production in British Columbia. With production expected to begin as early as July, the company is focused on generating cash flow through a toll milling agreement with Nicola Mining and using those proceeds to fund exploration across its land package.

Key topics covered:

Roadmap to production and the significance of the recently granted permit - one of only seven hard rock mining permits issued in B.C. in the past decade.
Toll milling strategy to avoid heavy CapEx and environmental liability.
Initial production forecast of 15,000 oz gold in year one, ramping up to 20,000 oz annually.
The company’s 218,000 oz M&I gold resource and why a PEA has been deferred until production cash flow validates the asset.
Exploration potential from over 50,000m of recent drilling, new high-grade hits below the current resource, and several untested veins across a 22,000-hectare property.
A look at the insider ownership and key strategic shareholders, including Crescat Capital and Nicola Mining.

Visit the company website: https://bluelagoonresources.com/

Have questions? Leave a comment or email us (Fleck@kereport.com). I will follow up directly with Rana.

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Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the renewed the milling agreement with Nicola Mining Inc. in connection with processing run of mine material from the Mustang Mine, at the Bralorne Gold Project, over to Nicola’s Craigmont Mill located in Merritt, British Columbia. The company announced on May 15th that as of Sunday, May 11th, Talisker initiated the trucking of run of 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.

To date, a total of 640 tonnes of run of mine material from along the Alhambra Vein has been transported to the Craigmont Mill. A processing stockpile will be developed at the Craigmont Mill over the next month to allow operational continuity. Milling is expected to proceed soon thereafter. We discuss the development work underway on the pathway to near-term gold production at the Mustang Mine over the next few months.

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. To date, a total of 286.6 metres of development has been completed at the Mustang Mine including waste development on the 1090, 1085, 1100, 1105 and 1120 levels and development on mineralized vein material on both east and west fronts on the 1060 and 1075 levels.

We shift over to the measured ramp-up of throughput from mined ore at the Mustang Mine with throughput starting at 100 tonnes per day (tpd) in the next 2 months, then moving up to 175 tpd after that, and then 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 have been studies 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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In this KE Report Daily Editorial, we reconnect with Brien Lundin, Editor of the Gold Newsletter and Host of the New Orleans Investment Conference (Nov 2–5), to break down the shifting dynamics in the precious metals equity sector, especially the rising tide lifting junior mining stocks. A wave of capital is moving down the food chain, from majors to juniors.

Topics covered include:

A broad rotation into juniors, with many financings being upsized or quickly closed.
The psychological impact of gold’s price stability and its role in driving resource stock revaluations.
The divergence in valuations for ounces in the ground - and why some juniors are still deeply undervalued.
Why silver stocks are suddenly attracting attention, despite higher prices earlier this year.
Brien’s top silver picks: Vizsla Silver, Aftermath Silver, Hawthorne Resources, Silver Tiger.
Exploration-focused drill stories Brien is following this summer: Prospector Metals, K2 Gold, Dryden Gold.

Plus, a reminder to join us at the New Orleans Investment Conference in November. Click here to follow Brien’s Gold Newsletter and learn more about this year’s conference.

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In this KE Report Company Update, we’re joined by Terry Lynch, CEO of Power Nickel Mines (TSX.V:PNPN - OTC:PNPNF - FRA:1VV), to discuss the company’s aggressive and fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.

Key Highlights from the Interview:

Exploration Strategy: A six-rig program focused on expanding the Lion Zone at depth, exploring new polymetallic targets, and connecting a 5+ km corridor between Lion and NISK East.
Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway to confirm high recovery rates.
Financing & Market Volatility: Terry explains the timing behind the capital raise, recent market headwinds triggered by tariff fears, and how investor sentiment impacted the stock despite strong news flow.
Name Change Rationale: Rebranding from Power Nickel to Power Metallic better reflects the polymetallic nature of the discovery, which includes high grades of copper, nickel, PGEs, gold, and silver.

Click here to visit the Power Metallic website for more information on the company.

📬 Send in your questions - we’ll follow up with Terry as more drill results come in. Fleck@kereport.com and Shad@kereport.com

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility in the general equities, bonds, and commodities market, and how he has been using these moves to both prune winning positions and plant new positions in the gold, silver, copper, rare earths, and uranium stocks.

We start off reviewing the cooling of the extreme market volatility we witnessed a little over a month ago, where general US equities have rebounded strongly, but instead of being concentrated into just mega-cap tech, capital has broadened out into other sectors like consumer staples, real estate, and industrials. Nick reiterated his stance that these factors are not demonstrating an economy going immediately into a recession or depression, and neither are the improving GDP metrics, so he is anticipating a reflationary trade for the second half of this year. When the pause comes off the tariffs in July they will be less extreme than many initially envisioned, but this will still cause an uptick in inflation and be a net positive for the commodities sector.

Nick remains bullish on gold, silver, and copper for fundamental reasons as well as recent pricing strength momentum. In addition to solid portfolio positions in ETFs like (GDXJ) and (SLVR), or playing domestic copper and base metals production through Freeport-McMoRan Inc. (NYSE: FCX); he was also active last year and early this year putting capital to work in junior exploration companies like Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Hannan Metals Limited (TSXV: HAN) (OTC Pink: HANNF), and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).

We the weave in other commodities, such as how he is playing rare earths recycling through a position in CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), or investing in junior uranium stocks using the ETF (URNJ) or positions in Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU) and Denison Mines Corp. (TSX: DML) (NYSE American: DNN). This leads to a deeper dive into the overall demand drivers for nuclear power, small modular reactor stocks, uranium supply constraints as the utility contracting picks up the pace, and how that should continue to benefit uranium equities.

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

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In this KE Report company update, we welcome back Cameron Tymstra, President and CEO of Targa Exploration (CSE:TEX - OTCQB:TRGEF - FRA:V6Y), to discuss the company’s evolving gold exploration strategy in the James Bay region of Quebec.

Targa is gearing up for its first drill program at the Opinaca Gold Project with a larger financing, share consolidation, and airborne geophysics planned to refine high-priority targets.

Key discussion points include:

– Why Targa cancelled a smaller $500k raise in favor of a $2.6 million financing, supported by strong investor interest
– How proceeds will fund airborne geophysics and a ~3,000m maiden drill program targeting a 7-km gold anomaly
– Details on the 5-for-1 share consolidation and rationale behind the capital structure reset
– Comparables and context: proximity to Newmont’s former Eleonore Mine and Patriot Battery Metals’ Corvette project
– Cost estimates for drilling and expectations around permitting and pad selection before the planned August/September drill mobilization
– Potential for future portfolio expansion into additional gold assets

The Opinaca project presents a greenfield opportunity in a region with very limited historical exploration.

Visit the Targa Exploration website for more details.

Be sure to subscribe for follow-up interviews and market commentary. YouTube, Spotify, Apple Podcasts, and X

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In this company update, I’m joined by Mike Konnert, President and CEO of Vizsla Silver (NYSE:VZLA - TSX:VZLA), to discuss two major developments: the resumption of field work at the Panuco Project and the strategic acquisition of the Santa Fe claim package, which includes a currently producing silver-gold mine.

Key Topics Covered:

– Santa Fe Acquisition:
Mike explains how the deal was forged through long-standing relationships with a private Mexican mining family. The acquisition adds a producing mine, a mill, and significant exploration upside adjacent to the Panuco Project, strengthening Vizsla’s district-scale production vision.

– Panuco Project Field Work Resumes:
Following a temporary pause, test mining and exploration drilling are back underway. Mike outlines the rapid progress at the Copala test mine and the company's strategy to build out multiple centers of production across the district.

– Exploration Outlook for 2025:
With six rigs active and a rolling 10,000-meter drill program, Vizsla is targeting growth both near the current resource and across new high-potential zones like Animas, Colorado, and Santa Enrique. The company is also integrating new EM and geophysical data to refine drill targets.

– Feasibility Study & Project Financing:
The upcoming feasibility study is expected to align closely with the strong economics from the PEA. Vizsla currently holds US$100M in the treasury and has advanced project finance discussions. The company aims to be fully funded and permitted to begin construction, targeting production by late 2027.

– Industry Positioning and M&A Trends:
Mike highlights recent silver sector M&A deals (like MAG Silver and Pan American), reinforcing that Mexico remains a highly desirable jurisdiction. He sees Vizsla as well-positioned for a major re-rating as the company continues to de-risk and build scale.

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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Simon Dyakowski, President and CEO of Aztec Minerals, outlines the company’s growth strategy at the Tombstone Gold-Silver Project following a successful $3.6M financing and land expansion.

In this KE Report interview, Simon Dyakowski provides a detailed update on:

The oversubscribed $3.6 million private placement, closed in just three weeks without a broker.
Strategic land staking at Tombstone, expanding the land package by ~46%, and the rationale behind targeting newly available unpatented claims.
The difference between patented and unpatented mining claims, and what this means for exploration and surface rights.
Updates on Aztec’s JV ownership increase to 78.7%, giving them stronger control of the Tombstone district.
Plans for a fully funded 5,000-meter drill program, focused on shallow high-grade targets and deeper CRD zones, with work expected to start in the next month.
Early-stage preparations for work at the Cervantes Project in Sonora, Mexico.

This is a comprehensive look at how Aztec is strategically consolidating its position in Arizona while advancing exploration in both the U.S. and Mexico.

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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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he is not convinced in the Wall Street narrative that the worst parts of the tariff implications are behind us, based on macroeconomic data he is following including the weakness in the US long bond, US dollar, and business guidance through year end. He is only holding the highest conviction sectors like gold, precious metals stocks, dividend paying mid-tier oil and gas stocks, and utility stocks, in this continued environment of uncertainty.

We start off discuss the continued challenges to trade barriers, issues with the US deficit and increased debt loads, and international buyers still scaling out of US markets to repatriate funds into their own domestic stock markets. Sean has been bullish European defense stocks, South American fintech and water stocks, and even Canadian stocks, although he’s not yet transitioned to buying Japanese stocks at this point. He is not convinced that large US tech stocks are in the same kind of safe upward trajectory that they have been for years and believe AI and other foreign platforms may be a threat to some domestic large-cap tech stocks.

With regards to the commodities sector, Sean is constructive that this recent pullback in gold has been a buying opportunity and is still bullish both gold and silver stocks in the medium-term. He is also is getting interested in accumulating the better run intermediated oil and natural gas stocks that pay good dividends and may be the acquisition targets of the larger energy companies. He likes nat gas power as a bridge energy for big data companies and AI, and still sees value in the utility stocks. This leads into a discussion on why he’s still bullish in the longer-term for copper and copper equities, but doesn’t feel it is as imminent or urgent to get positioned.

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, Founder and Editor of Junior Miner Junky, joins us to discuss the powerful shift now unfolding across the junior mining sector. After years of capital scarcity, junior exploration companies, even those with sub-$10M market caps, are suddenly raising millions in oversubscribed financings. What's driving the turnaround?

Dave explains how the breakout in GDX/GDXJ earlier this year is fueling a rotation into earlier-stage juniors, with smart money moving down the food chain. The TSX Venture is showing technical strength, silver juniors are outperforming, and M&A activity is picking up across the silver space.

We discuss:

The surge in financings across micro-cap juniors
Capital rotation from producers to exploration plays
The silver catch-up trade and gold:silver ratio compression
What to look for in development-stage funding (and what to avoid)
Jurisdictions gaining favor - is Mexico back?

Dave also shares when he takes profits, how he spots takeover targets, and why quality still matters, even in the high-risk junior phase.

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

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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join us to review one of the first drill assays returned from the ongoing Phase V exploration program, returning the best gold intercept to date at their wholly-owned Diablillos property in Salta Province, Argentina. Due to the timing this hole will still make it into the updated Resource Estimate due out in mid-year in July.

These standout intercepts come from step-out hole # DDH 25-024, which encountered exceptional gold and silver mineralization just beyond the previously defined eastern margin of the conceptual Oculto open pit, in what has been dubbed the Oculto East area. These results underscore the strong potential for continued growth of high-grade mineralization east of Oculto, making this a high-priority exploration target for follow-up drilling in the ongoing Phase V drill program.

Highlights include of DDH 25-024 include:

31.0 metres (“m”) grading 10.0 g/t gold and 16 g/t silver, including 6.0 m at 41.9 g/t gold and 22 g/t silver
Additionally, the same hole returned a separate interval of 13.0 m grading 307 g/t silver from 216 m depth and within the conceptual open pit, including 8.0 m at 446 g/t silver in the upper silver-enriched zone

With three drill rigs now active across the broader Diablillos land package, and the potential to add a fourth rig in the future, the Company is entering another exciting new phase of exploration growth. In addition, the Company is doing all the derisking work programs in parallel with exploration for their ongoing Definitive Feasibility Study due out in early 2026.

If you have any follow up questions for John or Dave 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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In this episode, I’m introducing G2 Goldfields (TSX.V:GTWO - OTCQX:GUYGF), a gold exploration company rapidly gaining attention following a major high-grade gold discovery and continued growth at its flagship Oko Gold Project in Guyana.

Joining me is Dan Noone, CEO of G2 Goldfields, who walks us through the company’s resource, expansion plans, and ongoing exploration success.

Key Highlights from the Interview:

Oko Gold Project now hosts 3.1Moz at ~3g/t, with multiple deposits along a 2.5km strike - anchored by the high-grade Oko Main Zone and expanding into the Ghanie Zone.
A new high-grade discovery (“New Oko”) 9km north of the existing resource is delivering thick, near-surface mineralization, rapidly becoming the top priority with 4 rigs turning.
Strategic exploration is ongoing across a district-scale 85,000-acre land package, including the historic Peters Mine.
The company is well-funded with ~C$30M in the treasury and a drill cost of ~US$200/meter.
Discussion around potential timing of a PEA, while management remains focused on discovery and resource growth.
Institutional interest, with AngloGold Ashanti now holding a 15% stake and insiders controlling 25%.

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

Click here to visit the G2 Goldfields website.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the key investing themes and takeaways from the 2 TopShelf Partners conferences we attended last week: the Commodities Global Expo 2025 in Fort Lauderdale, Florida; and then the Natural Resource Stocks Expo 2025 in Atlanta, Georgia. Erik also highlights 11 different companies that caught his attention at the event either as portfolio positions, or new companies that he is doing more due diligence on. This is a wide-ranging conversation that gets into gold, silver, copper, nickel, and critical minerals resource investing.

The companies discussed in the interview are: First Nordic Metals Corp. (TSX.V: FNM, OTCQB: FNMCF, Stockholm: FNMC SDB, Frankfurt: HEG0), Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP), Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G), Scottie Resources Corp. (TSXV: SCOT) (OTCQB: SCTSF) (FSE: SR8), West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF), Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF), Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), U.S. Gold Corp. (Nasdaq: USAU), Zeus North America Mining Corp. (CSE:ZEUS)(OTCQB:ZUUZF)(FRANKFURT:O92), Fairchild Gold Corp. (TSXV: FAIR), and Cerrado Gold Inc. (TSX.V: CERT) (OTCQX: CRDOF).

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 visit Erik’s site – The Hedgeless Horseman

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In this interview, TG Watkins, Director of Stocks at Simpler Trading and Editor of Profit Pilot, returns with a recap of his S&P 6,000 market call, a forecast he made three weeks ago when sentiment toward U.S. equities was deeply bearish. Not only did his contrarian view play out, but TG also shares how he turned $46K into $719K in just 30 days, trading SOXL call options.

What you’ll learn in this episode:

How TG predicted the S&P’s surge to 6,000 despite overwhelming pessimism
Why the Moody’s downgrade may have accelerated the bullish setup
The market implications of a China-U.S. trade thaw and upcoming tax/deregulation initiatives
Key sectors he’s watching next - AI, robotics, SMRs (small modular reactors), and specific names like OKLO
TG’s current stance on gold after its blow-off top and technical levels to monitor

TG breaks down:

Why sentiment, positioning, and capital flows were perfectly aligned for a melt-up
His use of leveraged ETFs and options for maximum reward
The tactical shift from mega-caps to selective small-cap opportunities

Click here to watch TG explain how he made 1,463% in Just 30 Days.

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On this Weekend Show, we explore the market’s stunning rebound with two seasoned traders - Rick Bensignor and Joel Elconin. From U.S. equities and global capital flows to gold, bonds, and natural gas, both guests provide a wide-angle look at why markets may be entering a pause phase, and what could come next.

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!

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 - Rick Bensignor, President of Bensignor Investment Strategies and publisher of the Tactical Trader Report and Daily Tips Sheet, kicks off the show sharing his outlook on U.S. markets, interest rates, and key commodities. He explains why current equity levels may be a high-risk entry point, discusses sector momentum shifts, global market divergence, and highlights the importance of countertrend signals in gold, bonds, and energy markets.
Click here to visit the In The Know Trader website.
Segment 4 - Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network, wraps up the show discussing the current “silver lining” market sentiment driven by cooling inflation, resilient earnings, and a risk-on retail trading environment. He also shares insights on institutional moves from recent 13F filings, commodity rotation, and Bitcoin's technical levels, emphasizing how under-invested fund managers are fueling the rebound across equities and global markets.
Click here to visit Joel’s PreMarket Prep website.

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1), returns to the KE Report to discuss the latest drill results from the La Colorada Mine, Q1 production performance, and what’s next for the company’s growth strategy.

The May 15th drill results from the 16,000+ meter program at La Colorada included a highlight intercept of 56m at 2.88 g/t gold, supporting both near-term open-pit expansion and longer-term underground potential. Charles outlines how the company has rapidly transitioned La Colorada from care-and-maintenance to a 6.5-year mine life, with a mid-year technical report coming.

The conversation also covers:

Strong Q1 cash generation: Ended Q1 with $27 million in the bank, no debt, with ~$13 million from operations alone
Lower-than-expected Q1 costs
Development timelines and cash flow projections to help self-fund the Ana Paula build in 2028
Updates on the 15,000-meter drill program at Ana Paula, with results expected by mid-year

Charles emphasizes that current operations are performing ahead of schedule and under budget, while upcoming catalysts from both La Colorada and Ana Paula.

Please email me at Fleck@kereport.com with any follow up questions for Charles.

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

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Red Canyon Resources (CSE:REDC - OTCQB:REDRF) is advancing a portfolio of 8 100%-owned copper and copper-gold projects across British Columbia and the Western U.S.

Wendell Zerb, Chairman and CEO of Red Canyon Resources, returns for a full company update and strategic overview. With active field programs underway and recent discoveries showing promise, Wendell outlines how the company is targeting tier-one copper systems in proven belts across North America.

Interview Highlights:

Corporate Strategy: Red Canyon is focused on making large-scale discoveries with a technically strong team operating under the NewQuest Capital Group umbrella.
Key Projects:
- Kendall Project (BC): First-ever drilling hit copper-moly-gold mineralization in all holes. A 2,500m drill program is planned this year to vector into potential high-grade zones.
- Inzana Project (BC): Historic drilling from 1991 intersected strong copper-gold values; further groundwork and potential drilling are planned for late 2025 or early 2026.
- Scraper Springs (Nevada): A large alteration footprint and geophysical data support a tier-one copper target. The project is drill-ready and being evaluated for a possible partner-funded program.
- Market Outlook: Wendell shares his view on the disconnect between strong copper prices and the lack of investor flow into juniors, arguing that M&A activity and major producer strength will eventually trickle down.

For more information, visit Red Canyon Resources Website

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District Metals (TSX.V:DMX - OTCQB:DMXCF - Nasdaq First North:DMXSE SDB) has secured its largest financing to date - a fully subscribed $6 million private placement, priced at $0.27 per share under the LIFE (Listed Issuer Financing Exemption) offering.

President and CEO Garrett Ainsworth joins me to provide insights into the raise, investor interest, and how this funding strengthens District’s position heading into a critical phase of uranium exploration in Sweden.

Key topics discussed include:

The strategic nature of the raise, with ~$3M coming from a well-known but undisclosed investor group and the rest from Swedish family offices and funds.
The financing’s objective to expand the Nasdaq shareholder base and support near-term exploration across five Swedish uranium properties.
Details on upcoming airborne geophysical and radiometric surveys, and the news flow expected this summer.
Commentary on the pending judicial review and September vote to lift Sweden’s uranium moratorium.
Market reaction and strong demand: the financing was oversubscribed with $9M in interest and no warrants attached.
Recap of the recent Viken resource estimate, the second-largest uranium resource globally.

Upcoming catalyst: Judicial review of uranium moratorium legislation expected in May; Swedish Parliament vote in September 2025, airborne geophysics on the uranium projects.

Click here to visit the District Metals Website

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A strategic pivot expands Exploits Discovery’s footprint into Ontario, while exploration and discovery efforts continue in Newfoundland.

In this company update, we reconnect with Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD - OCTQB:NFLDF - FSE:634), to discuss a major new development: the company’s option agreement on the Hawkins Gold Project in Ontario, including the McKinnon Zone, which hosts a historic over 328,000 oz gold resource, published by another company in 2020.

Jeff outlines the significance of this deal, including:

The potential to grow the McKinnon Zone to 1Moz+ through targeted drilling at depth and along strike.
How the Hawkins Project’s geological similarities to the Hemlo deposit and its 60 km strike length present long-term growth opportunities.
The strategy behind balancing this new Ontario asset with ongoing work at the Bullseye and Gazeebow South projects in Newfoundland - including follow-up on two gold zones at Bullseye and promising till sample results at Gazeebow.

Jeff also discusses how the company is leveraging its strong cash position and technical review process to evaluate other growth assets and continue to advance the projects in Newfoundland and Ontario.

Visit Exploits Discovery's website: https://exploitsdiscovery.com

Questions for Jeff? Email: fleck@kereport.com

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Morgan Lekstrom, CEO of Premium Resources (TSX.V:PREM), outlines how the company is unlocking value from two past-producing, high-grade critical metal assets in Botswana.

In this KE Report company introduction, we feature Premium Resources as it advances the Selkirk open-pit and Selebi underground Projects, both with a history of production.

Morgan highlights why Botswana is a top-tier jurisdiction for mining, detailing the company’s aggressive strategy to scale up both assets through expansion drilling, re-assays, metallurgy, and parallel economic studies.

The Selebi Project hosts 30Mt @ 3.35% CuEq underground, while Selkirk is undergoing a low-cost re-assay campaign aimed at validating a historic 130Mt+ resource.

With over $46M recently raised and debt eliminated via equity conversion with major shareholder EdgePoint, Premium is fully funded to aggressively advance both projects in tandem.

Morgan also discusses the company’s upcoming uplisting to the Nasdaq, a key strategic move to broaden institutional access and increase liquidity. He introduces members of the team and board, including recent additions with experience at BlackRock, Gatos Silver, and Freeport-McMoRan.

Upcoming news flow includes drilling, resource updates, metallurgical work, and early-stage economics through 2025.

Any follow up questions for Morgan? Please comment below or email me directly at Fleck@kereport.com.

Click here to visit the Premium Resources website.

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Jon Ward, CEO of Corcel Exploration (CSE:CRCL), joins me to introduce this new exploration company focused on the historic Yuma King Copper-Gold Project in La Paz County, Arizona. The project spans 3,200 hectares with 515 BLM claims and excellent infrastructure access, just 150 km from Phoenix.

Key discussion points include:

Project history and past production: Yuma King produced ~8,600 tonnes at 2.3% Cu in the mid-20th century.
Recent exploration work: A first-ever systematic surface program in December 2024 included ~2,300 soil samples and 303 rock chip samples, returning grades up to 11.6% copper and 17.15 g/t gold.
Option terms: Corcel holds a lease-to-own agreement with Merrill Palmer, with annual payments and a final buyout in year six.
Upcoming work: A property-wide drone mag survey is planned for May, with drill targeting and permitting expected by Q3/Q4 2025.
Leadership and technical backing: Backed by Inventa Capital and geologists like Jesus Velador, with access to capital and discovery-focused expertise.
Share structure: ~47.3M shares outstanding, $9M market cap, and supportive cornerstone shareholders from the Inventa Capital group.

Any follow up questions for Jon? Comment below or email at Fleck@kereport.com

Click here to visit the Corcel Exploration website to learn more about the Company.

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Dave Erfle, founder and editor of The Junior Miner Junky, joins me to break down the latest moves in the precious metals markets and what they could mean for investors.

We begin with Monday’s sharp correction in gold and major mining stocks, driven by trade deal optimism between the U.S. and China. Dave explains why silver held up surprisingly well and what the resilience in juniors might signal about sector rotation.

Key topics include:

A closer look at Pan American Silver's $2.1B acquisition of MAG Silver - one of the biggest silver M&A deals in years.
The disconnect between strong ETF gold inflows and weak fund flows into GDX and senior miners.
How Newmont's Q1 free cash flow surge and broad-based earnings strength are attracting generalist investors.
Why a potential 15% gold price correction to $2,950-$3,000 could be healthy for the ongoing bull market.
Outlook for continued silver M&A, with majors hunting for growth through acquisition.

We also touch on the macro backdrop, including the latest CPI data and the stagflation risk narrative building in U.S. markets. Dave highlights what he’s watching next, and why juniors with strong bases could be the next big winners in this cycle.

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

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Jim Tassoni, CEO of Armor Wealth Strategies, joins me for his monthly market insights, focusing on short to mid-term momentum trading strategies.

We begin by revisiting the gold trade, where Jim explains how he capitalized on the rally up to $3,500 before rotating from the metal into GDX. While the gold trade proved successful, miners have yet to deliver. Jim outlines the technical levels he's watching for GDX and shares how sentiment among clients is rising sharply for gold, potentially signaling a shift in long-term allocations.

The conversation then broadens to the U.S. equity markets. Although his short at SPY $550 initially worked, he was stopped out on the reversal. He now takes a more cautious stance, waiting for a breakout above SPY $600 to re-engage.

We also cover:

Sector outlooks: Tech surging, healthcare struggling, financials breaking out
Oil breakdown: Why Jim has favored short positions and the key resistance to watch
U.S. dollar bounce: A contrarian long trade off April lows targeting DXY 104–105
Reduced position sizing: With momentum fading, Jim is sitting on more cash and focusing on selective entries

For ongoing updates from Jim Tassoni, click here.

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Keith Bodnarchuk, President and CEO of Cosa Resources Corp (TSX-V: COSA) (OTCQB: COSAF), joins us to review the news released on April 30th, 2025 announce that airborne geophysical surveying has commenced at the Astro Uranium Project. We also discuss the upcoming summer drilling planned at the high-priority Murphy Lake North JV Project in the Athabasca Basin of Saskatchewan.

The geophysical survey work is being fully funded by Cosa's partner company, Global Uranium Corporation as per the option agreement, which gives Global the right to earn up to an 80% interest in the Astro project over five exploration stages. Keith discusses this project’s proximity to their Ursa Uranium Project, which the Company did a lot of work on last year, and he reviews the prolific uranium mineralization trend this is part of.

Next we shifted over to the upcoming summer drilling at the Murphy Lake North Uranium Project, following up on the 4 holes drilled in the winter program. Murphy Lake North contains up to 2 kilometres 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. The other high priority target in the joint venture is the Darby Project. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.

If you have any questions for Keith 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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In this company update, I reconnect with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), to discuss the latest drill results from the RC Gold Project in Yukon.

Following up on hole 75, which returned the deepest and highest-grade intercept to date, Mike walks us through the results from hole 76, drilled from the same pad but at a steeper angle. This hole intercepted two key zones of mineralization, including:

94m of 1.15 g/t gold, including 12.2m of 4.55 g/t
86m of 1.65 g/t gold, including 25m of 5.04 g/t

The company is targeting deeper underground potential at the Blackjack zone, stepping out systematically to define the high-grade core. Mike explains how hole 76 supports the idea of continuity and depth potential, even as the geology shifts between intrusive and metasedimentary zones.

Mike also outlines Sitka's fully funded 30,000-meter drill program, including:

Active drilling underway with one rig deepening hole 76
Three more rigs coming online through May
15,000 meters focused on Blackjack, Saddle, and Eiger zones
Additional follow-up at earlier-stage Pukelman and Rhosgobel targets
$25M in the treasury providing a clear runway for exploration

Click here to review the full news release and cross-sections, and leave your questions for Mike in the comments or email us directly. My email address is Fleck@kereport.com.

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In today’s Daily Editorial, we welcome back Craig Hemke, Founder and Editor of TF Metals Report, to break down the sharp pullback in gold and mining stocks amid renewed strength in the U.S. dollar and equity markets.

We explore the implications of a shifting trade policy narrative - moving from escalating tariff tensions to a tone of reconciliation - and ask: Is the "trade war premium" in gold now gone?

Craig dissects:

The timeline of gold’s April rally and sharp reversal tied to tariff headlines
Today’s triple-whammy: rising energy prices, weaker gold, and post-earnings positioning pressure on miners
How short-term technicals, like the dollar index and gold’s 50-day moving average, may drive the next move
Whether generalist investors are rotating out of gold stocks and back into risk-on trades

We also look ahead to key catalysts this week: CPI, PPI, and Jerome Powell’s Thursday speech… will inflation expectations and rate cut narratives shift again?

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

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This weekend we step back from the day-to-day market noise to look at the bigger picture shaping global markets and investment trends. From shifting supply chains to capital flight and tariff uncertainty, our guests break down the forces investors need to watch.

With economic risks rising and U.S. leadership being challenged, we explore where money is moving, what that means for commodities, and why diversification beyond U.S. equities is becoming more important than ever.

Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and editor of The Boock Report on Substack, shares his broad macro outlook on U.S. markets, global supply chains, and shifting investment flows. He warns of growing economic risks driven by tariff uncertainty, weakening tech leadership, and fading foreign investment in U.S. assets, while highlighting gold’s rising safe haven status and broader opportunities emerging in undervalued commodities.
Click here to follow Peter at The Boock Report.
Segment 3 & 4 - Mark Chandler, Managing Partner at Bannockburn Global Forex and editor of the Mark to Market site, shares a macro outlook on deglobalization, capital flows, and the shifting role of the U.S. in the global economy. He outlines how reshoring and tariff policies are reshaping supply chains with limited job growth, warns of growing U.S. economic isolation, and explains why he remains bearish on the U.S. dollar despite near-term strength, while urging investors to diversify beyond U.S. equities.
Click here to visit Marc’s site - Marc To Market.

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

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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, interest rates, energy markets, small cap stocks and the major markets. All considering what potential policies Trump enacts while as 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.

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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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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.

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%.

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.

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.

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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.

Click here to follow the latest news from Golden Cariboo Resources

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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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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.

Pat Oliver, President and CEO of Bonterra Energy (TSX:BNE) sat down with me to provide an overview of the Company’s current production rates, mainly sourced from the Cardium Formation, and forecasted outputs for the end of 2024. Pat discusses the Company's new land acquisitions in the Montney and Charlie Lake plays, which the Company forecasts will better capital efficiency and growth potential.

The conversation outlines Bonterra's strategic focus on capital efficiency, debt reduction, and generating free funds flow, with a potential return to dividend payouts. We also discuss Bonterra's shareholder base, including significant insider ownership and a tight share structure. Pat shares his background in the sector and the successful track record of his previous ventures. Finally, we address the market's wait-and-see approach to Bonterra's new growth strategy, emphasizing the Company's strong execution and production results so far.

Click here to visit the Bonterra Energy website.

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Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins us to review the key takeaways from the 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 also expand the conversation to touch upon the political change in administrations in Mexico in October and what it means for the mining sector. We also discuss the silver market and what it means for the silver equities.

We start off by recapping the key metrics and investor takeaways from the PFS on the open-pit portion of the El Tigre Project, which is more gold dominant. Highlights of the PFS are as follows:

After-Tax net present value ("NPV") (using a discount rate of 5%) of US$222 million with an After-Tax IRR of 40.0% and Payback Period of 2.0 years (Base Case);
10-year mine life recovering a total of 43 million payable silver equivalent ounces ("AgEq") or 510 thousand payable gold equivalent ounces ("AuEq"), consisting of 9 million silver ounces and 408 thousand gold ounces;
Total Project undiscounted after-tax cash flow of US$318 million;
Initial capital costs of $86.8 million, which includes $9.3 million of contingency costs, over an expected 18-month build, expansion capital of $20.1 million in year 3 and sustaining capital costs of $6.2 million over the life of mine ("LOM");
Average LOM operating cash costs of $973/oz AuEq, and all in sustaining costs ("AISC") of $1,214/oz AuEq or Average LOM operating cash costs of $12/oz AgEq, and all in sustaining costs ("AISC") of $14/oz AgEq;

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 is now 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 PEA for the underground silver-dominant long-mine-life portion of the deposit 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.

Next we pivoted over to 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.

If you have any follow up questions for Glenn about Silver Tiger, then please email us at Fleck@kereport.com or 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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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins us to review more wide high-grade gold assays returned from the Homestake Silver Deposit as part of the 2024 exploration program at the Kitsault Valley Project; located in the Golden Triangle of British Columbia.

News out today on November 4th, highlighted 5 more drill holes reported that targeted the plunge of a wide, high-grade zone within the within a wide gap area of previous drilling. The 2024 drill program is finished for the season, with 69 drill holes completed for a total of 31,726 meters; with 41 holes totalling 15,5467 meters, that were drilled at the Dolly Varden area, and 28 holes totalling 16,181 meters that were drilled at Homestake Ridge. Results are pending on an additional 23 drill holes from Homestake Silver, the Wolf area, and property-wide regional exploration drilling.

Highlights from the Homestake Silver Deposit (*intervals shown are core length):

HR24-432: Mineralized envelope including veins: 8.85 g/t Au and 5 g/t Ag over 48.23 meters, including an internal zone of stronger breccia vein intervals grading 29.24 g/t Au and 16 g/t Ag over 13.94 meters, including one breccia vein grading 701 g/t Au and 184 g/t Ag over 0.54 meters.
HR24-435: Mineralized envelope including veins: 4.64 g/t Au and 38 g/t Ag over 100.80 meters, including an internal interval of stronger breccia vein mineralization grading 12.23 g/t Au and 84 g/t Ag over 34.93 meters. High grade breccia veins include 166 g/t Au and 675 g/t Ag over 0.97 meters.

Shawn reviews what these wide envelopes of gold mineralization mean to the growth of the Homestake area of the deposit, the balance of gold and silver across the overall Kitsault Valley Project, and how investors should think of the growing resources in relation to changes in the gold:silver ratio. We also review the periodicity of the high-grade silver mineralization in the southern part of the project, and how every 1,400 meters from Torbrit to Wolf to Moose to Chance, there are recurring deposits, and this is helping the team vector in on future targets with ongoing surface sampling and ground truthing work.

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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David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO – OTC: EMOTF), joins me to provide an update on the Phase 2 metallurgical testing results, along with an update on both exploration and development work being conducted at multiple deposits to advance the polymetallic Iberian West Project (IBW), located in southern Spain.

We start by discussing the ongoing work completed in the Phase 2 metallurgical testing at the IBW Project, mostly at the Zinc-Copper-Lead-Silver-Gold La Infanta and Romanera deposits. David shares their approach to optimizing metal recoveries at both areas using separate copper, lead, and zinc concentrates; but also shares how their could be a 4th arsenic concentrate at Romanera to capture the high gold values that would report to this concentrate. Another option would be an additional circuit removing the arsenic and pouring gold dore bars on site if not going after that 4th concentrate.

El Cura was not part of the Phase 1 or Phase 2 metallurgical study, but is going through it's own testing at present, along with a continued focus on exploration drilling and expanding the defining the resources at this 3rd deposit area. David walks us through how each of these 3 deposit areas plays into the larger development strategy that the company is explorating, and that this IBW project is now a project designated as significant in Spain, and how the government has been helpful in working along side the Company and navigating the best practices and permitting process.

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 4 months until the sentencing portion of the legal proceedings in their initiative to be awarded the high-grade polymetallic Aznalcóllar Project/

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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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.

Robert Logan, President and CEO, Tony Kraljic, CFO, and Robert Loebach, VP Corporate Development and Capital Markets all sat down with me at the conference to provide an overview of Greenfire Resources (TSX:GFR - NYSE:GFR).

The team discusses Greenfire's recent public listing, positioning as an intermediate growth-oriented oil sands producer, and detailed plans for expanding production capacity. They explain the Company’s capital management strategy, financial constraints with the current debt, and how they plan to efficiently utilize capital for expansion. Additionally, the executives highlight the significant reserves Greenfire holds, the Company's competitive advantages, and the management team's role in driving growth. They also outline key future milestones and anticipated timelines for achieving these targets.

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

Click here to visit the Greenfire Resources website.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins me to provide a comprehensive analysis of the past week's economic events.

The discussion kicks off with an in-depth look at the latest jobs data, which was weaker than expected. Despite these figures, the Federal Reserve is still anticipated to cut interest rates by 25 basis points next week.

We also cover the Bank of Japan's decision to hold rates steady and the UK's budget release that signals higher taxes, more spending, and borrowing. Significant market movements, such as the dollar's strength and the impact of economic data on investor positioning, are analyzed.

Looking ahead, Marc previews the upcoming week, which includes the highly anticipated US election and several central bank meetings from the G10 countries. Insights are provided on what to expect from the Fed, Bank of England, and other central banks. Additionally, the potential market implications of these events and the ongoing volatility.

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

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Welcome to The KE Report Weekend Show. This weekend we stick to investing in commodities stocks, primarily gold, silver and energy mid-stream companies.

Next week is going to be a little crazy with the US election and Fed meeting. Please keep checking in on the website or podcast to stay up to date with all our coverage.

Segment 1 and 2 - Starting out with Gold and Silver, Dave Erfle, Founder and Editor of the Junior Miner Junky joins us to discuss the recent performance of gold, which hit record highs despite a strong U.S. dollar and increasing Treasury yields. We also focus on the increased media attention on gold due to its strong performance against other equities, rising investment demand, and significant financings and M&A in the sector.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.
Segment 3 and 4 - Shift focus to the oil and nat gas sectors, Dan Steffens, President of the Energy Prospectus Group wraps up the show by discussing recent market movements and geopolitical impacts. Key points include why oil prices fell despite Middle East tensions, and the predicted stability of oil prices around $70 per barrel. Dan also highlights two targeted investment opportunities: Solaris Energy Infrastructure (S.E.I.) and Plains All American Pipeline (PAA), detailing their business models, recent mergers, and potential growth.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.

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Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the recent capital raise via equity and the ongoing deal for structuring a debt facility, in tandem with all the initiatives on the ground and underground, to support the restart of gold production next year at the Madsen Mine, in the Red Lake district of Ontario, Canada.

On October 24th, the Company announced that it has closed its previously announced public offering of 41,666,800 units of the Company at a price of C$0.69 per Unit, for aggregate gross proceeds to the Company of C$28,750,092. This in combination with news released on October 17th, announcing the US$35 million (approximately C$48 million) loan facility with Nebari Natural Resources Credit Fund II, LP bearing interest of SOFR (Secured Overnight Financing Rate) plus 8% with a term of 42 months, gives them the capital stacked needed to put the Madsen Mine back into production in mid-2025. Gwen takes some time to unpack the company thinking on different possible options, and they elected to go with the balance of equity dilution versus debt that they did, when the bullish gold pricing environment backdrop that we have seen all year long.

Next we got into all the mine restart activities well underway, encapsulated in a news release from October 31st, getting into the tailings dam lift, the definition drilling, and the ramp up from one to three development crews operating underground at Madsen throughout 2024. Miners are creating access for definition drilling while keeping the 2 underground drills turning, as well as working on completing the Connection Drift, and creating access to multiple areas in advance of mining, as well as starting the test mining program. All of this is building towards the release of a Pre-Feasibility Study in about a month's time, and Gwen sheds light on why this PFS will be more expansive and have more known metrics than most PFS documents we see in the industry working off cost and method assumptions versus the prior and current data that this coming economic study will incorporate.

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 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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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to share his thoughts on current market trends, recent sell-offs, and recoveries. With the upcoming Fed meeting and US election, we explore potential impacts on markets.

Joel shares insights on the S&P 500's performance, tech stock movements, and AI trade concerns. We also delve into specific stocks like Amazon, Nvidia, AMD, and Supermicro, as well as the broader implications of upcoming retail earnings and China's expected stimulus efforts. We conclude with considerations for long-term investment strategies amid ongoing economic uncertainties.

Click here to visit Joel’s PreMarket Prep website.

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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.

Peter Scott, Senior VP and CFO of Obsidian Energy (TSX:OBE - NYSE:OBE) joins me to discuss the Company's current production mix, focusing on Alberta's three core areas. Peter explains the strategic reinvestment of free cash flow from light oil assets into the growing Peace River heavy oil division. He details Obsidian's capital management strategy, including substantial capital investment and debt repayment plans, alongside their share buyback program. He also touches on the company's resilience during commodity downturns and the strong growth prospects driven by the Peace River asset. Lastly, he provides an overview of Obsidian's experienced management team and their concerted efforts towards sustainable growth and shareholder returns.

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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Zayn Kaylan, CEO of Scorpio Gold (TSX.V:SGN - OTCQB:SRCRF - FSE:Z3S) joins us to provide an update on the exploration front and possible small scale near term production, all in Nevada.

Zane discusses the Company's latest drill results from the Consolidated Manhattan District, including the headline result of 6.08g/t gold over 9.4 meters. He emphasizes the district-scale opportunity at the Manhattan District, aiming for at least 2 million ounces of gold. The conversation covers Scorpio Gold's efforts to confirm mineralization continuity between the Gold Wedge and Manhattan assets and the expanded land package now covering nearly 5,000 hectares.

Additionally, there are plans to fast-track some production from the Mineral Ridge Property to support further exploration and resource expansion work. Zayn highlights the company's strategy for leveraging existing infrastructure and the potential for significant cash flow within the next 12 months.

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

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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 news release from October 31st announcing surface samples from the newly acquired Pukelman Intrusive Target at the RC Gold Project, in the Yukon.

Mike elaborates on why this new target was chosen and historical drilling data. He also shares details about current surface work, soil geochemistry, and future drilling plans. Additionally, the discussion covers Sitka Gold's financial position with just under $11 million in the bank and how that sets the stage for extensive drilling programs next year. We conclude with information about expected news flow and pending drill results from other areas within the RC Gold Project, including the Rhosgobel and Blackjack areas.

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

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

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Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSX-V: COSA) (OTCQB: COSAF), joins us to review the news out yesterday, on October 30th, that it has intersected multiple intervals of anomalous basement-hosted radioactivity in the final drill hole of the fall drilling program at the Company's 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan. The Ursa Project captures over 65-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.

Three drill holes totalling 3,423 metres were completed at Ursa to follow up winter drilling results and test an initial target area generated from the ANT survey completed by Cosa earlier this year, but it was Drill Hole # UR24-06, the 6th hole drill at the Ursa Project to date that hit radioactive signature.

Highlights Include:

Multiple zones of basement hosted radioactivity >1,000 counts per second ("cps") (total counts, RS-125 hand-held spectrometer) and significant sandstone alteration intersected by drill hole UR24-06
Drill hole UR24-04 intersected intensely graphitic basement intervals with fracturing down-dip of alteration and anomalous uranium geochemistry in the sandstone of drill hole UR24-03
Confirmed effectiveness of Ambient Noise Tomography ("ANT") as a strike prioritization tool
Multiple additional target areas identified by initial results of the first of two ANT grids at Ursa

Keith reviews that there will still be the drill assays to release to the market from this fall drill program, as well as the ANT results for future targets. He also discusses how significant it is that their exploration team found the radioactive signature in combination with the right structures of sandstone, unconformity, and basement rocks. In addition to all the work going on at Ursa, there will be airborne survey results at both Aurora and Orbit Projects that will be released to the market later this year, as they vector in on drill targets for the 2025 season. The Company remains fully funded to complete all of their exploration plans for balance of 2024 and into 2025.

If you have any questions for Keith regarding Cosa Resources, then please email them in to us at Shad@kereport.com or Fleck@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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Paul Schubach, COO of EMP Metals (CSE: EMPS - OTCQB: EMPPF) joins me to provide an update on the Mansur Property, beside the Company’s Viewfield Project in Saskatchewan. EMP Metals recently initiated drilling for its third lithium well, aiming to achieve high concentration results similar to those found at Viewfield.

Paul provides detailed insights into the drilling activities, potential resource updates, and preliminary economic assessment (PEA) planned for the Mansur project. He also discusses the DLE collaboration with Koch Technology Solutions.

We discuss lithium market trends, land acquisitions, and the increasing corporate interest in the region.

If you have any follow up questions for Paul and the team at EMP Metals please email me at Fleck@kereport.com

Click here to visit the EMP Metals website to learn more about the Company and assets.

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Jim Tassoni, CEO of Armor Wealth Strategies, joins me to discuss Jim's trading strategies across various markets, including the S&P 500, precious metals, and the bond market. Jim shares his insight on the difficulty of predicting market tops and bottoms, emphasizing the importance of momentum trading. We also explore the dynamics of sector rotation, consolidation periods in the market, and the performance of precious metals and related stocks. On the bond market front we recap Jim’s successful short position on TLT following the Fed's rate cut and his long-term outlook on bond markets and interest rates.

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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Scott Hicks, CEO of Prime Mining (TSX:PRYM - OTCQX:PRMNF - FRA: 04V3) joins us to update us on the progress at the Los Reyes Project, in Mexico.

Key topics include the recent resource update, drill results from the Company’s 50,000 meter drill program, and the upsize growth potential of the asset. Scott explains the significant resource growth, particularly the addition of underground mining, now over 3 million ounces of gold equivalent in indicated and inferred categories, with the majority being in the indicated category. Scott also discusses the high-grade discoveries, drilling achievements, and the potential for future growth.

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

Click here to visit the Prime Mining website.

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Dean Besserer, President and CEO of Zeus North American Mining (CSE:ZEUS - OTCQB:ZUUZF - FRA:092) joins me to provide an overview of the Company’s projects in Idaho, 3 in total, and the work plans into next year.

The discussion covers Zeus's flagship project, the Cuddy Mountain property in Idaho, which is adjacent to Hercules Metals' Hercules Project. Dean shares insights on the acquisition of Cuddy Mountain, exploration strategies, and the company's focus on copper mineralization. The video also delves into the overall corporate strategy, the team behind Zeus, and financial details. Dean provides updates on their other Idaho assets, Great Western and Selway properties, and outlines future exploration plans.

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

Click here to visit the Zeus North American Mining Corp.

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Jeff Christian, Managing Partner at the CPM Group joins us to focus on the continued rise in gold, now very close to $2,800, and silver, which broke above long term resistance of $32.50 last week.

Jeff shares insights on the factors driving these precious metals higher. The discussion covers short and long-term projections, the impact of political and economic uncertainties, and increased investor demand. Additionally, Jeff addresses the myths around silver deficits, the supply side of silver from mines, and the influence of industrial demand. The video wraps up with a bullish outlook for gold and silver amidst current market conditions.

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

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) joins me to recap the first round of drill results from this year’s drill program at the Ana Paula Project in Mexico.

Heliostar reported the first two holes from its Phase 1 drilling program with the goal to expand the high-grade gold panel, which included the headline result of 16.7 g/t gold over 16 meters. Charles elaborates on the Company’s strategy and the potential for new gold zones. The discussion also touches upon the multifold catalysts in the near-term, including additional drilling, upcoming feasibility studies and a resource update, and the move into production in the coming months and years.

Please email me at Fleck@kereport.com with any follow up questions for Charles.

Click here to visit the Heliostar Metals 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 merger with Signal Gold.

The merger is set to create one of Canada's most advanced near-term gold developers. NexGold, holding the Goliath Gold Complex in Ontario, and Signal Gold, with the Goldboro Gold Project in Nova Scotia, aim to become mid-tier producers. Morgan discusses the strategic reasons behind this merger and the $17 million private placement that will help advance the assets. Key topics include the permitting progress, resource expansion through ongoing drilling, updating a feasibility study, and the vision to produce between 200,000 and 500,000 ounces of gold annually. We also touch on long-term plans, potential future mergers, and catalysts driving the company's share price.

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

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

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Matt Badiali, Editor of The New Energy Investor published under Mangrove Investor, joins us to share his outlook for the oil and natural gas markets.

We explore factors influencing oil prices, such as record-high U.S. oil production and China's reduced demand. We also delve into the dynamics of natural gas markets, the impact of global supply-demand fluctuations, and the potential effects of OPEC's decisions. Additionally, the conversation covers implications for energy equities, the cyclical nature of commodities, and the challenges in forecasting energy market trends.

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

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review his key takeaways from the Commodities Global Expo in Fort Lauderdale, Florida last week, and 4 resource stocks that had his attention from the conference.

We start off discussing the sentiment at the event, the types of investors and insights shared with fellow attendees, the multiple commodity focus, and the types of companies that caught his attention at the conference. Then Erik shares the value proposition on four of the specific companies he met with: Golden Cariboo Resources Ltd. (CSE:GCC) (OTC:GCCFF), Denarius Metals Corp. (Cboe CA: DSLV) (OTCQX: DNRSF), Sonoro Gold Corp. (TSXV: SGO) (OTCQB: SMOFF), Amex Exploration (TSXV : AMX) (OTCQX : AMXEF).

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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Brad Docherty, Founder, President, CEO and Chairman at Source Rock Royalties (TSX.V:SRR) joins me to update us on the developments this year.

We discuss the Company's significant growth since our last conversation in December 2023, including record revenues, dividend increases, and strong Q2 performance. Brad shares insights into the Company's strategic cash buildup, growth areas in Southeast Saskatchewan and Clearwater, and future transaction plans. We also cover the company's dividend strategy, cost management, and shareholder feedback.

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

Click here to visit the Source Rock Royalties website.

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Darrell Fletcher, Managing Director Commodities AT Bannockburn Capital Markets joins me to discuss the latest trends and insights in the oil, natural gas, and base metals markets. Darrell shares his observations from LME Week, highlighting key themes such as copper, China, and carbon's impact on decarbonization.

We delve into the medium to long-term outlook for copper and factors influencing its near-term price movements. We also cover oil's recent price drop, geopolitical risk premiums, and OPEC's potential impact on supply. Additionally, we analyze the natural gas market's recent volatility and seasonal trends. Finally, Darrell provides a trader's perspective on market activity and upcoming catalysts in the metals and energy sectors.

Click here to learn more about Bannockburn Capital Markets.

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Steven Zadka, Executive Chairman of Cerro de Pasco Resources (CSE:CDPR - OTC: GPPRF - FRA: N8HP) joins me to provide a comprehensive overview of the Company’s assets in Peru. A bit of the different story as the Company holds the El Metalurgista Concession, which includes the Quiulacocha Tailings and Excelsior Mineral Pile, all of which have defined resources above ground in tailings and piles.

We start with the Quiulacocha Tailings resource which stands at 175 million tons of above-ground ore, emphasizing metals like silver, zinc, lead, copper, and gold. We explore the historical context, strategic acquisitions, existing infrastructure, including mills in the area, and future drilling and economic studies vital for economic feasibility.

On the corporate side Steven highlights key team members, including CEO Guy Goulet and metallurgist John Carr, and the company's share structure, warrants, and upcoming drill results.

If you have any follow up questions for the team at Cerro de Pasco Resources please email me at Fleck@kereport.com.

Click here to visit the Cerro de Pasco Resources website.

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Christopher Aaron, Founder of iGold Advisor and Senior Editor at the Gold Eagle website, joins us to review his medium to longer-term technical outlook on gold, silver, the precious metals stocks, and the Dow:Gold ratio. We review the whether the conditions present today might potentially indicate that we could be in the final phase of the precious metals bull market that started 9 years ago when gold bottomed at $1045 in December of 2015.

We start off focused on the gold technical charts, where Christopher's upside extrapolation target coming out of the 2022 false breakdown to $1620 up to $2,680 has now been eclipsed, and he points out that there is no chart-based evidence for higher gold prices, even though gold is now in the mid $2700s. However, that doesn't mean that it can't keep running higher, but it's important to now consider gold in relation to other adjacent markets like silver, gold equities, the dollar, and US equities.

For example, with silver, Christopher has a current upside target of $38.60, after adding on the $6.10 extrapolation move to the $32.50 resistance and breakout, so if silver is going to keep running higher, then gold should be able to continue moving a little bit higher as it consolidates the big moves it has already had. We also discuss GDX and that the recent move up to $44.22 got close to the 2020 peak of $45.78, but that thus far the gold equities have underwhelmed investor expectations. However if silver is going to keep moving, then it is possible we could see a nice catchup trade in the gold and silver stocks.

The real test for the longevity of the precious metals bull market comes down to how they are going to perform versus US equities, once the large 40+ year consolidation triangle pattern on the DOW:Gold ratio finally resolves in favor of general stock markets or gold. If that triangle resolves in favor of gold then some of the larger targets of $5,000-$10,000 gold are not off the table, but if the triangle consolidation breaks in favor of US equities, then we are likely seeing the final wave of this precious metals bull market, where gold will then correct sideways to down for a decade or more. Christopher urges investors to align with what the market data shows us, to strongly consider this point in history and a data-based approach, and not to listen or fall for the sector story tellers.

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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Craig Hemke, Editor of TF Metals Report joins me to discuss silver’s breakout last week, Newmont’s earnings miss, and look ahead to the next two weeks of economic data, politics and key catalysts.

We start by discussing last week's significant movement in silver prices, including its breakout above $32 and its current trading range. The conversation also delves into the correlation between silver and gold stocks, with a specific focus on Newmont's recent performance and its impact on the GDX. Craig shares his insights on investor behavior and the influence of Newmont as a bellwether stock. Additionally, we cover upcoming economic data, central bank meetings, and the potential impact on gold and silver prices, along with an analysis of the recent BRICS meetings and their implications for the U.S. dollar and global currency dynamics.

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

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Tim Clark, President and CEO, and Bryan Atkinson, Senior VP Exploration at Fury Gold Mines (NYSE:FURY - TSX:FURY) join me to provide an exploration update at the Committee Bay and Éléonore South Projects, as well as a financial update.

At Committee Bay, Nunavut, we discuss three newly identified drill-ready targets, reigniting activity after a three-year drilling hiatus. They discuss how the Company is positioning the asset for leveraging during a bull market, including potential partnerships.

We then shift to the Éléonore South Project, in Quebec, to recap the announcement of a high-grade lithium discovery. I ask them how exploration will proceed based on the past gold results and now this lithium angle.

On the financial front, we discuss the cash position and holding of over 50 million Dolly Varden shares.

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.

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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 uranium 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 merger of NexGold Mining Corp. (TSXV:NEXG)(OTCQX:NXGCF) and Signal Gold Inc. (TSX:SGNL)(OTCQB:SGNLF). Then we shifted over to another arbitrage opportunity on his radar where Greenridge Exploration Inc. (CSE: GXP) (OTC: GXPLF) is making an acquisition of ALX Resources Corp. (TSXV: AL) (OTC: ALXEF),

Next we look to a couple junior exploration companies where Jayant feels there is a good present value opportunity to capitalize on due to fundamental drivers, recent newsflow, and upcoming anticipated newsflow in both Irving Resources (CSE:IRV)(OTCQX:IRVRF) and Harfang Exploration Inc.(TSX.V: HAR). Jayant also shares some key takeaways from his site visit to Japan to see the Irving Resources projects.

Click here to visit Jayant’s website.

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Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD - OCTQX:NFLDF - FSE:634) joins me to discuss the upcoming drilling program at the Bullseye Gold Property in Newfoundland.

We focus on key target areas like the unexplored western flank and the recent high-grade gold results from the Saddle Zone. There are three main target areas the Company is focused on - see Figure 1, from the recent news release, posted below. Jeff also shares insights on the implications of Newfound Gold's recent results at the Jackpot and Honeypot areas, both very close to the border of the two projects.

If you have any follow up questions for Jeff please email me at 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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Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF) joins me to discuss the recent Thermal-XR testing data and answer your questions on the lubricants division.

The focus of the Thermal-XR testing being durability and heat transfer data. We discuss the product's salt spray resistance successfully passed 15,000 hours for corrosion protection, its implications for industries like data centers and LNG facilities. We also discuss the ongoing engagement with the Australian Federal Government, the US EPA approval process, and the potential market impacts of Thermal-XR.

More questions for Craig? Please email me at Fleck@kereport.com.

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

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins us to dive into the upcoming economic events and their potential impact on markets.

Key discussions include the rising US dollar, global interest rate cuts, Japanese elections, the UK budget, and forthcoming data from the Bank of Japan and Eurozone. Marc sheds light on the crucial relationships between interest rates, currency values, and bond auctions, and the sectors most affected by these changes. Additionally, he explores the broader psychological effects on market behavior and investments, offering valuable insights into current economic conditions and investor outlooks.

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

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Welcome to The KE Report Weekend Show! This weekend we are sticking to commodities analysis, getting insights on gold, silver, copper, uranium, oil and natural gas. Our guests share their trading strategies and outlooks into next year. Please have a good listen to what they have to say and let us know which points you agree or disagree with.

Segment 1 & 2 - Rick Bensignor, President of Bensignor Investment Strategies shares his current positioning and trading strategies for gold, gold stocks, silver, copper, uranium and energy. Rick looks at specific chart patterns and global factors driving each commodity sector.
Click here to visit the In The Know Trader website.
Segment 3 and 4 - Josef Schachter, Founder and Editor of the Schachter Energy Report, wraps up the show focusing on the oil and natural gas markets. We recap his recent conference and focus on energy company analysis including debt to cash-flow, dividends vs share buybacks, growth strategies and the potential of tax loss selling in the smaller companies.
Click here to learn more about The Schachter Energy Report

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Tony Reda, Founder, President, and CEO of Tectonic Metals Inc. (TSXV:TECT)(OTCQB:TETOF), joins me for a Company introduction and overview of their 2024 exploration program at various targets at their flagship Flat Gold Project, located in Alaska. We start off discussing how the company came together, choosing to partner with one of Alaska's largest for-profit Native Regional Corporations, Doyon Ltd, and work across their large land package to identify key exploration targets focused on exploring for and delineating the next major bulk tonnage reduced intrusion gold system.

Next we discussed some of the historic work and prior company field work and surveying at the Chicken Mountain area where there has been a 100% drill success rate, with all 74 drill holes having returned gold mineralization. This year's drill program is going to be following up on some of the prospective areas at Chicken Mountain, and also testing the area to the north at Golden Apex , along with where the Adit/Happy trend converges on the trend at Chicken Mountain. We also discuss the Alpha Bowl area where placer gold from the rivers seems to be draining out of this area, making for some prospective drill targets. Their team has also been doing metallurgical testing recently, confirming the mineralization encountered has the right mix of metals and high recovery rates.

When then shifted to getting more background on the team behind Tectonic Metals, which includes many of the same key executives who transformed Kaminak Gold from a $3 million venture into a $520 million success story. These leaders raised $165 million to fund the acquisition, discovery, and advancement of the Coffee Gold Project in the Yukon Territory, including the completion of a bankable feasibility study, before selling the multi-million-ounce gold project to Goldcorp Inc. (now Newmont) for C$520 million in 2016. The company is cashed up, having just raised C$3,657,459 in a private placement offering, to fund this next exploration work program.

If you have any questions for Tony regarding Tectonic Metals, then please email me at Shad@kereport.com.

Click here to follow the latest news from Tectonic Metals

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD - OTCQX:KLDCF - FSE:3WQ0) joins me to provide a comprehensive update on the Company's financial health and continued exploration across a wide range of projects throughout Canada and Alaska, with major mining companies funding majority of the work.

Key points include Kenorland’s robust financial position with $26 million in the bank, partnerships with major metal miners like Sumitomo and Newmont, and specific exploration initiatives in Northwestern Ontario, Manitoba, and the James Bay region. Zach highlights significant projects such as Frotet and South Uchi, detailing ongoing drill programs, environmental and technical studies, and the company’s unique approach to attracting large mining companies for funding. Future revenue streams, partnership dynamics, and the potential for new discoveries are also discussed.

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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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to share his thoughts on market volatility, investor sentiment, and sector performances. We discuss the influence of interest rates and election uncertainty, the resilience of big tech stocks, and gold as a safety trade. Additionally, we highlight the performance of sectors like utilities and healthcare, as well as early Q3 earnings reports. Joel also provides strategic advice for long-term investors and short-term traders, focusing on growth expectations and technical indicators in a volatile market.

Click here to visit Joel’s PreMarket Prep website.

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Terry Lynch, CEO of Power Nickel (TSX.V:PNPN - OTC:PNPNF - FRA:1VV) joins us to provide a comprehensive overview of the Company’s Nisk Project and large, 30,000 meter drill program underway.

Terry discusses recent drilling successes that have boosted the Company's stock price, and provides a general overview and background on the Project location, resource, infrastructure, and community support. We cover the board appointment of polymetallic expert Dr. Steve Beresford, and the benefit of polymetallic assets.We also discuss the Company's recent drill program, current 30,000 meter expansion program, and future plans, including the development of nickel powders for electric vehicles and defense through a partnership with CVMR.

Please email us with any follow up questions for Terry - Fleck@kereport.com and Shad@kereport.com

Click here to visit the Power Nickel website.

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Brad Rourke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review the first batch of high-grade gold drillhole assays released yesterday from the Blueberry Contact Zone and D Zone, from this year’s 10,000 meter drill program across their Scottie Gold Mine Project in the Golden Triangle of British Columbia. We also discuss the larger Company strategy of all the prior drilling and this years drilling building towards their first resource estimate and Preliminary Economic Assessment (PEA).

Highlights:

BCZ – Fifi / Lemoffe vein zone drillhole SR24-321 intersected 8.78 grams per tonne (g/t) gold over 9.00 meters (m) including 30.9 g/t gold over 1.00 m and intersected 12.2 g/t gold over 3.47 m
BCZ – near surface Road vein zone drillhole SR24-320 12.0 g/t gold over 2.70 m at a vertical depth of 17.5 m
BCZ - Blueberry vein zone drillhole SR24-317 intersected 6.87 g/t gold over 4.00 m in a wider zone of 2.95 g/t gold over 14.31 m

Brad discusses why they upsized their drill program from 6,000 meters to 10,000 meters, with many more drill results still to release from the Blueberry Contact Zone, Scottie Gold Mine area, D Zone, and the new Golden Buckle Zone over the next couple months. The plan is to incorporate the roughly 50,000 meters of cumulative drilling completed at the Scottie Gold Mine Project into a Maiden Resource Estimate next year, with a goal of targeting somewhere around 1 million ounces, and the plan to wrap some initial economics around that resource with a PEA to follow next year.

We also discuss the good site infrastructure with road access, cheap hydroelectric power, 2 nearby processing facilities at Ascot's Premier Mine and Newmont's Brucejack Mine. This brings into the conversation the potential economic value of near-surface, open pit mineralization that can be trucked to process nearby, or even the optionality of them building their own stand-alone mill on site. This is a permitted brownfields project, and Brad also highlights the optionality of their tailings study to clean up the site and generate some future non-dilutive revenues. The company is cashed up to complete not just this years exploration initiatives, but also with enough funds to drill 10,000-15,000 meters next year.

If you have any questions for Brad regarding Scottie Resources, then please email them in to me at Shad@kereport.com.

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

Click here to visit the Scottie Resources website and read over all the news.

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Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT - OTCQB: VLTLF) joins me to outline the Company's breakthrough in producing battery-grade lithium carbonate from Permian Basin oilfield brines using its proprietary direct lithium extraction (DLE) technology.

The discussion covers the significant milestone of efficient extraction, partnership benefits with oilfield operators, reduced extraction time, and strong financial positioning. The Company is now focusing on scaling up operations and delivering samples to potential partners, aiming for cash generation by the end of 2024, with cashflow operations expected in early 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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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 outlook on gold, silver, copper, uranium, and their related resource stocks. We start off discussing the moves higher we've seen in September and October where we hit the "whiskey bottle pouring into the shot glass" phased of interest in the metals and many mining stocks, but outlined that while sentiment is bullish, it is still far from euphoric.

This is a longer-format conversation with Robert that really covers a lot of ground on different stages of mining stocks from the producers margins, to merger and acquisition strategies around developers, and then the strategic stakeholding positions that the larger companies are taking in earlier stage explorers. We get in macroeconomic thought leaders like Paul Tudor Jones getting more supportive of commodities and precious metals, as a good signal, but point out that most generalists are still not even paying attention. We also review all the news from big tech companies positioning in nuclear power as a megatrend supporting a rebound in the uranium equities.

This is a nuanced discussion that digs into a number of case studies and examples of various resource stocks including: Newmont Mining, Barrick Gold, Agnico Eagle, Alamos Gold, IAMGOLD, Wesdome, Gold Fields/Osisko Mining, Calibre/Marathon, NextGold/Signal Gold combining, Stellar Gold (w/ Nighthawk & Moneta combining), Integra Resources (rolling up Millennial PMs & Florida Canyon Gold), Hercules Silver, Talon Metals, Cameco Corp, and more.

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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John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), join me to review the next batch of drill assays returned from the ongoing 20,000 meter Phase 4 diamond drill campaign on their wholly-owned Diablillos property in Salta Province, Argentina. The results came in from extensions at both the JAC Zone and Occulto NE, as well as a new discovery made outside of the known resources at the Sombra Target. We also touch upon the drilling underway at the copper-gold porphyry targets at Cerro Blanco and Cerro Viejo.

Oculto Northeast:

Hole DDH 24-031 was designed to expand the existing known shallow mineralization beyond the open pit margin at Oculto Northeast. Drilling encountered high-grade silver mineralization with 15.0 m grading 496 g/t Ag and 0.28 g/t Au, starting at a downhole depth of 152 m, within which was 5.7 m grading 1,151 g/t Ag and 0.22 g/t Au.

Extension of JAC Zone:

Hole DDH 24-033 was a step-out hole in the JAC southwest area that was drilled to extend the existing Mineral Resources beyond the current open pit boundary. Drilling intersected a broad zone of high-grade mineralization, with 50.0 m at 250 g/t Ag, starting at a downhole depth of 110 metres and included an interval of 5.0 m grading 1,036 g/t Ag

New Discovery Area (Sombra Target):

Hole DDH 24-036 was the first reconnaissance hole targeting a brand new zone, named the Sombra target, located approximately 500 metres to the southeast of Oculto and JAC, that is believed to run parallel to the existing Mineral Resources.
Drilling intersected mineralization near-surface, with 22.0 m at 40 g/t Ag starting at a downhole depth of only 42.5 m marking a successful initial test of this new exploration area. Additional drilling is now planned to test the extent of mineralization in this new silver zone.

John and Dave highlight the significance of each of these 3 areas of step-out or discovery drilling, and with regards to the new Sombra Target, how the chargeability data suggests that there could be a parallel trend that heads up to the northeast all the way to the Cerro Bayo Target. We also review that the first hole of 3 planned holes at Cerro Viejo and Cerro Blanco is now underway testing for the copper-gold porphyry mineralization.

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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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins me to analyze Newmont's earnings report, highlighting the growth in revenue and gold production alongside concerns about rising costs, and the market reaction. We also delve into opportunities within the silver sector amidst the recent price breakout. Additionally, we touch on the implications of changes in Mexican leadership for silver mining investments and provide insights based on historical market trends.

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

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Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA - OTCQX:LUCMF - FSE:TSGA) joins me to provide the latest updates on the Company's two projects, Campo Morado and Tahuehueto, both in Mexico.

He provides an in-depth look at the optimization efforts at Campo Morado, focusing on the collaboration with Ausenco to enhance metal recoveries and improve cash flow starting in 2025. The Company just entered Stage 3 of the improvement project.

Dan also discusses the new exploration drilling that just started, and ramp-up in production at Tahuehueto. Dan elaborates on the goals of the drill program, aiming to target high-grade gold near surface that can be quickly added to the mine plan to boost margins and extend mine life. Dan thinks there is room to more than double the current resource and improve cash flow at the mine.

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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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF) joins me to discuss the recent share price moves higher and provide an update on the drilling underway at the Tombstone Project, in Arizona.

I received a few emails from our listeners asking about the share price moves and higher volume in the stocks recently. So I reached out to Simon to ask about the news on tap and where the shareholder interest is coming from. He explains key levels in the stock and where it was trading last time the Company was drilling the Tombstone Project.

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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Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold joins me to discuss the current strength and dynamics of the precious metals market.

We explore the recent rallies in gold and silver prices, look back over a decade to recap the cyclical bull and bear markets, and analyze technical breakouts. Jordan explains market gaps, resistance levels, and the significance of a gap filling, while also offering insights into the performance of gold and silver against various currencies. I also ask about his portfolio strategy and if he is rotating any money into lagging stocks.

Click here to visit Jordan’s site - The Daily Gold

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Sean Kingsley, President and CEO of Gold Hunter Resources (CSE:HUNT - OTC:GHREF) joins me to discuss the Company's latest strategic movements and exploration endeavors in Newfoundland.

The conversation covers Sean's transition to leadership in June 2023, the strategic sale of the Rambler Project to Firefly Metals, and the resultant significant shareholder benefits. Sean reveals the Company's consolidation efforts in Newfoundland, strategic collaboration with other companies in the jurisdiction, and extensive plans for exploration and drilling early next year. All of this focused on the Great Northern Gold Project.

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

Click here to visit the Gold Hunter Resources website.

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Chris Donaldson, President and CEO of Valkea Resources joins me to recap the October 22nd news release, reporting Rupert Resources advanced to Stage 2 of its earn-in JV agreement in Finland and provide an update on the exploration on the Company’s flagship Paana Project.

Topics include the JV with Rupert Resources, where Rupert has progressed to stage two, to now spend 2.2 million Euros on exploration at the Sikavaara Project, in Finland. I ask about the work completed to date and when drilling will start.

Chris also shares insights about the Company’s flagship Paana Project, in Finland, detailing a recent site visit, and upcoming drill program.

Any follow up questions for Chris can be emailed to me directly at Fleck@kereport.com.

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

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David Stein, President and CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1) joins me to discuss the October 22nd, yesterday’s, news reporting the sale of the first concentrate sale from the Bethania 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 gradual increase in production and profitability. David explains the details of their 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 building their own mill.

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

Click here to visit the Kuya Silver website.

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Dave Erfle, Editor of the Junior Miner Junky joins me to examine the momentum and future prospects of the silver sector, the impact on precious metals stocks, and possible investments. Key topics include the strong performance of silver stocks and gold and silver mining ETFs, strategic acquisitions in the industry, and the potential in lagging stocks. Dave highlights a couple of his favorite silver companies like Dolly Varden Silver and AbraSilver, and outlines the key catalysts, including drilling results and updated economic studies, driving market momentum.

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

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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 October 22nd news release reporting the best hole ever drilled on the RC Gold Project in the Yukon.

DDRCCC-24-068 (“Hole 68”) intersected 678.1 meters of 1.04 g/t gold from surface, including 409.5 meters of 1.36 g/t gold, 93.0 meters of 2.57 g/t gold and 5.5 meters of 17.59 g/t gold; significantly expands Blackjack gold mineralization approximately 200 meters below previous drilling with grades increasing with depth.

I have Mike explain the location of the drill hole, the significance of the higher grade gold in the bottom of the hole, its potential impact on the current resource, and the follow up drilling that will happen next year.

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

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

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) joins me to take a step back and recap the Company’s transition to become a gold producer this year in Mexico. I have Charles explain how he tapped into the equity and debt markets to take advantage of an opportunity to acquire gold assets (some currently producing) from Argonaut Gold, as well as continue to advance the Ana Paula Project.

We then discuss all the catalysts and news coming from the Company into Q1 of next year. Take a look at the table below, provided by Tim Sorensen from TSCG Capital. It’s a great overview of what’s on tap and the potential impacts for shareholders.

Please email me at Fleck@kereport.com with any follow up questions for Charles.

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

Catalyst

Potential

Impact

Timing

Ana Paula Drilling Results

grow HG resource by 50%+

could increase production by 20%+ pa and/or LOM

Oct start (every 3-4 weeks)

Closing Acquisition

dramatically increases HSTR asset base

transition HSTR from explorer/developer to cash flowing growing producer

Oct/Nov

2024 Production Guidance

15-20k oz net to HSTR

demonstrates cash flow generation

Nov

La Colorado Drilling

prove junkyard grade and tonnage and show waste to ore conversion at Creston

Junkyard should produce ~20k in 2025, Creston capex could reduce $10-20M and LOM expand from 6 to up to 10 years

Nov start (every 3-4 weeks)

San Agustin heap rehandling

add recovery of ounces on SA heap pads

could add 20-25k oz of production pa for 4 years = ~US$100M CFO

Jan

Updated Creston Cutback study

demonstrate economics of original cutback plan (prior to new drilling)

should show La Colorado will produce 50k oz pa for 6 years starting in 2026 and support HSTRs base case prod'n

Jan

Expansion Permits

add near term production at San Agustin and La Colorado's Veta Madre pit

would add 80k oz of production over 2025-26 time frame = US$80-100M CFO

2025 Guidance

to add to 40k oz base case

60-100K oz = US$60-100M CFO vs. $40M

Jan

San Antonio Updated Techinical Report

demonstrate a much higher NPV for San Antonio than US$175M in original study

NPV for San Antonio could double or more as last study used $1300 Au. At 10% NPV could be worth US$35M+

Jan

Cerro Del Gallo Updated Technical Report

add 2.8M oz Au and 80M oz Ag to HSTRs M&I and show a significant increase in historic US$175M NPV

At C$20/oz AuEq CDG would add $70M to HSTR valuaton, not a stretch for an asset that is at the permiting stage and could have an NPV > US$300M

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Craig Hemke, Editor of TF Metals Report joins me to discuss the current rally in the precious metals markets, focusing on silver's breakout above $34 and the bullish momentum in gold. We analyze technical patterns, discuss the performance and investment opportunities in mining stocks, including significant gains and key consolidation phases. We also discuss the rotation of money into some of the smaller metals stocks, many of which have been moving higher without any significant news.

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

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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 strategies and chart outlook for a wide range of commodity and resource stock ETFs.

The following sectors and charts are discussed;

Gold - GDX, GDXU, and GDXJ
Silver - SIL and SLV
Copper - COPX
Uranium - URNM, UEC and CCJ
Bitcoin
Markets - S&P

Click here to visit TG’s site - Profit Pilot

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I recently teamed up with Mines and Money to host a roundtable discussion on the investment landscape for critical mineral and the underlying equities. This was tied into the upcoming Resourcing Tomorrow conference in London on December 3-5th. I was joined by the following guests.

Amanda van Dyke, Managing Director, Sustainable Resources Strategy, ARCH Emerging Markets Partners Limited
Marcos Camhis, Founder and Chief Executive Officer, @FOS Associates
Paul Renken, Senior Geologist & Mining Analyst at VSA Capital

We delve into the market dynamics of key resources like lithium, nickel, silver, and tin, challenges facing junior mining companies, and strategies for securing funding and navigating geopolitical risks.

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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Welcome to another KE Report Weekend Show! On the show this week we are taking a step back from the day to day and weekly movements in markets to get two somewhat differing opinions on the overall health of the US markets and US economy.

We hope you all enjoy this weekend's show! Please be sure to subscribe to the podcast in your podcast player by searching The KE Report. If you listen on Spotify click this link: https://rebrand.ly/Spotify_subscribe

Segment 1 & 2 - Jesse Felder, Editor of The Felder Report - Key topics include central bank policies, inflation, interest rates, and potential stagflation.
Click here to learn more about The Felder Report.
Segment 1 and 2 - Peter Boockvar, Chief Investment Officer Bleakley Financial Group and Editor of The Boock Report on Substack: sector health in the U.S. economy, inflation outlook, shifting focus from major tech stocks to value sectors such as healthcare, REITs, and precious metals. Peter provides a bullish outlook on the energy sector, especially oil, natural gas, and uranium, and shares his views on cryptocurrency markets.
Click here to follow Peter at The Boock Report.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review the recent acquisition of an additional 50% ownership of 24 existing royalties from AlphaStream Limited for a consideration of US$28 million in equity.

The Portfolio includes Elemental Altus' existing producing gold royalties on the Bonikro Gold Project, the Ballarat Mine, South Kalgoorlie Operations ("SKO") and 21 additional royalties located in Australia. Upon completion of the Acquisition, Elemental Altus, through a 100% interest in the Portfolio, will hold an effective 4.5% NSR royalty on Bonikro, a 2.5% NSR royalty on Ballarat, and a A$10/oz royalty and A$1 million Discovery Bonus on SKO.

Fred outlines what this will do for growing revenues and immediate cash flow, with approximately US$6 million additional revenue forecast in 2025 by consolidating the Portfolio. This acquisition should yield an expected pro forma 2025 revenue increase of ~25% to US$31 million, driving a material step up in free cash flow with no increase in management costs. This Portfolio also provides immediate exposure and leverage to gold prices that are significantly above consensus forecasts.

With regards to the other 21 non-producing royalties, we discussed he exploration optionality in partnering with solid operators in Australia including Northern Star Resources Limited, Evolution Mining Limited, Hancock Prospecting Pty Ltd, Mineral Resources Limited and Zijin Mining Group Company Limited. In particular, the Elemental Altus team is animated by the growth potential at the Hampton-Boulder-Jubilee and Hercules deposits at Northern Star's SKO in Western Australia, which they will be working to further expand and develop.

As part of the transaction, AlphaStream joins the share register as another cornerstone shareholder moving forward with the right to nominate a director to the Board, provided that AlphaStream's shareholding remains over 15% of Elemental Altus' outstanding common shares. AlphaStream will maintain pre-emptive and top-up rights in favor of its ability to maintain a shareholding of over 15% of Elemental Altus' outstanding common shares.

Wrapping up we discuss that while this acquisition transaction was done with equity, that the company has a solid cash position, incoming revenues, and a credit facility to go after future accretive transactions.

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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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market joins us to discuss what he thinks are the key elements driving markets and metals to consistent all-time highs. The conversation focuses a lot on the upcoming election, central bank policies and broad economic data from around the world. Not just focus on the US we discuss recent data out of Canada and Europe and tie in the BRICS nations when it comes to currency moves and possible trade alliances.

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

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Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF) joins me to discuss the recent Thermal-XR commercialization update and answer your questions on the battery division, US EPA approval timeline, Bosch collaboration progress, and key markets for future revenue growth.

More questions for Craig? Please email me at Fleck@kereport.com.

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

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Martin Turenne, President and CEO of FPX Nickel (FPX-TSX.V & OTCQB:FPOCF) joins me to discuss the recent production of battery-grade nickel sulphate, from the pilot-scale hydrometallurgy refinery testwork at the Baptist Nickel Project in central BC. This is an upgrade from the 2023 bench-scale testwork.

We discuss the flow sheet for production, which eliminates the smelting stage, thus creating a higher value end product and cutting out a middle man smelting company. I ask how this production factors into the capital estimates to build the project and potential value premiums. We wrap up by looking ahead to the upcoming scoping study expected in the first quarter of next year and how that further de-risks the project.

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

Click here to visit the FPX Nickel website and learn more about the Company and Project.

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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, Canada, Africa, and Australia.

This is a longer-format discussion where we initially get into the solid fundamentals of uranium that we discussed in our last conversation (lack of supply from Niger, less supply that anticipated from Kazakhstan, Russian sanctions) having a huge demand layer put on the last few weeks as a flurry of high-profile tech companies have announced going all-in on developing more nuclear energy to fuel their energy-intensive data centers. Microsoft announced teaming up with the utility Constellation to bring 3 Mile Island back into production. Amazon is teaming up with Dominion, Google is teaming up with Kairos power, and DataBank are all considering a number of small modular reactor (SMR) builds by the end of this decade. In a sector that already has seen surging demand from all the traditional reactor builds in the East and Middle East, the push for more SMRs in the West is pushing demand up even further.

We then shift the conversation over from the growing demand to the very pertinent question of where all the new supply will come from in the uranium mining sector. It’s a very nuanced conversation about a number of different uranium stocks throughout the conversation including: Cameco (TSX: CCO; NYSE: CCJ), Kazatomprom, Orano, Paladin Energy (ASX: PDN) (OTCQX: PALAF), Fission Uranium (TSX: FCU) (OTCQX: FCUUF), Denison Mines (TSX: DML) (NYSE: DNN), enCore Energy (NASDAQ: EU) (TSX.V: EU), Energy Fuels (NYSE: UUUU) (TSX: EFR), NexGen Energy (TSX: NXE) (NYSE: NXE), Deep Yellow (ASX: DYL) (OTCQX: DYLLF), F3 Uranium (TSXV: FUU) (OTCQB: FUUFF), CanAlaska Uranium Ltd. (TSX.V: CVV) (OTCQX: CVVUF), IsoEnergy (TSX: ISO) (OTCQX: ISENF), Rush Rare Metals Corp. (CSE:RSH), Stallion Uranium Corp. (TSX-V: STUD) (OTCQB: STLNF), 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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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the 38,125 meter drill program that has now completed at the Surebet Discovery, Jackpot Target, And Treasure Island target at the Golddigger Property, located in the Golden Triangle, British Columbia.

Roger outlines that in total, assays are pending on 105 holes that include: 62 holes (out of 64) drilled this year, 17 previous holes relogged with RIRG style mineralization in dykes testing reduced intrusion mineralization and 14 other separate holes relogged that were drilled between 2021 – 2023 at Surebet. Assays are pending for 12 holes drilled at Treasure Island this year as well. 59 drill holes from this year's exploration program contained visible gold representing 92% of the holes in 2024, of which 19 (or 32%) had abundant visible gold (more than 4 recorded occurrences).

The new Bonanza High-Grade Gold Triangle, within the Surebet Discovery, delineates a zone of substantial gold and sulphide mineralization within a triangle measuring 720 x 612 x 410 meters with intervals over 9 meters and assaying over 31.1 g/t Au, demonstrating the high-grade gold potential of this excellent mineralized core zone that remains open. Assays for 17 holes (out of 19) from the new Bonanza Gold Triangle are pending.

The new Deep Zone discovered at 1239 meters below surface contains multiple quartz-sulphide veins and breccias with visible gold, chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open in every direction including at depth.

We then discussed the new style of Reduced Intrusion Related mineralization reinterpreted in this year’s exploration program, where significant amounts of visible gold, bismuth mineralization, and molybdenite have been identified in veins hosted in intermediate porphyritic dykes in multiple drill holes. Relogging and sampling of the dykes in drill core from 2021-2023 included 17 holes for a total of >800 samples submitted to be assayed.

There was also the new Blue Origin discovery comprised of similar reduced intrusion style mineralization with a series of veins up to 20 cm wide containing bismuth minerals, molybdenite and chalcopyrite, hosted in a felsic intrusion located 4.5 kilometers to the south of the Surebet discovery. This intrusion could be spatially related to Surebet as an uplifted part of the potential feeder source below the 1.8 km2 area that remains open.

The Jackpot showing is located 1.4 km to the east of Surebet and similarly to the Bonanza Gold Triangle it lies at the intersection between the highly prolific Bonanza Shear and a southwest dipping sulphide mineralized shear zone where multiple samples assayed >5 g/t AuEq and remains open. A sample with a 7 mm nugget of visible gold was collected on the jackpot showing from the same vein where sample ST116183 assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb). Assays are pending on all 6 drill holes from the Jackpot showing.

Next we pivoted up to the Cambria Ice Fields, where extensive high-grade quartz-sulphide mineralization on the original Treasure Island discovery with channel samples that assayed up to 28.08 gpt AuEq and grab samples that assayed up to 11.08 gpt AuEq has been traced in drill holes for 450 m of strike that remains open in all directions with 2,938 meters in 12 holes were drilled from 4 pads. The mineralized intervals average 29.99 meters wide and on average include 6.79 meters of moderate, semi-massive and massive sulphide mineralization in quartz-sulphide breccia over 450 m strike extent that remains open, and assays are still pending.

Wrapping up we have Roger outline for us through the capital management and financial health of the company, announcing on October 3rd the closing of the final tranche of its previously announced non-brokered flow through financing for an aggregate $16,120,500 raised from the first and final tranches. In addition, earlier on September 4th, the Company announced $7,366,750 by way of a non-brokered charity flow through private placement at a price of $1.975 per share (no warrant). This gives the company over $23Million in funds raised which allowed for the expansion of the drill program for 2024, and still provides plenty of runway to kick things off the beginning of the next drill season. Roger mentioned that there are also over $9Million of in-the-money warrants priced between $0.15-$0.92 that start to expire in April/May of next year and finish expiring by year-end 2025. The company saw strategic investors like Crescat Capital and Rob McEwen increase their stakes, while also bringing in new cornerstone investors like a Singapore based Global Commodity Group and Larry Childress.*

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.

Click here to follow the latest news from Goliath Resources

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us to share trading opportunities he is seeing in a range of markets. We start with what his internal models are telling him about the overall health of the US equity markets. Dana points to the more broad averages breaking to all time highs, including mid-cap stocks and the equal weight S&P. He is closely watching the pure value indices for further possible breakouts, which show continued risk on action.

We also discuss the rebound in the US Dollar. While still very much range bound for well over a year Dana sees risk to the downside from here. We ask what opportunities this opens up for international markets.

Dana is running his yearly crash special on The Lyons Share Pro. Click here to take advantage of the 22.6% off discount.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX - OTCQB:DMXCF - FRA: DFPP) joins me to discuss the start of drilling at the Stollberg Property, in Sweden, in collaboration with Boliden Mineral AB. I also get an update on potential lifting of the moratorium on uranium mining in country.

We start by recapping the exploration agreement with Boliden to spend C$10million over 4 years at the Stollberg and Tomtebo Properties. Garrett provides a history on the Stollberg Property including the initial area of drilling around the Gränsgruvan Mine. We also discuss other targets on the Project that could be drilled in the future.

Since I’m curious and I continue to receive a lot of emails asking about the moratorium on uranium mining in Sweden, I ask Garrett for an update.

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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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on the macroeconomic factors moving markets, the Chinese economy, and investing trends in both the copper and lithium markets and their related equities.

On the macro front, we get into the expectations around the Fed rate cutting cycle, inflation trends, how flat GDP growth and stagflation may be more likely than a recession, the widening out of participating sectors within US equities, and the case for higher prices of raw materials in the ongoing commodities supercycle. This leads into a discussion of how significant the health of the Chinese economy is to the commodities sector, but that Nick is not positioning on the long-side strictly because the PBOC is working to stimulate the economy.

This leads into a broader discussion on critical minerals like copper and lithium and how there is a global market at play, much larger than just what is happening in China, and there are longer-term demand drivers at play, that need to be considered over the shorter-term market noise. The conversation gets into all of the policy initiatives for the green transition in energy, and EVs, all the projections around A.I. data centers and how few generalists are really considering the massive amounts of copper that are going to be required over time. Nick lays out that at present he is not heavily invested in senior copper producers or ETFs directly, but has exposure indirection through gold ETFs, but also through a basket of copper juniors like Aldebaran Resources (TSXV:ALDE)(OTCQX:ADBRF), Gladiator Metals (TSXV: GLAD) (OTCQB: GDTRF), and Kutcho Copper (TSXV: KC) (OTC: KCCFF).

With regards to lithium, Nick outlines that it is a prime example of the cyclicality of the commodities cycle and that made a full cycle over the last few years from undervalued, to overvalued, to topping activity and valuations, to a pricing correction, to bottoming activity. He highlights companies in his portfolio like Volt Lithium Corp. (TSXV: VLT) (OTCQB: VLTLF), Patriot Battery Metals (TSX: PMET) (OTCQX: PMETF), Q2 Metals Corp. (TSXV:QTWO)(OTCQB:QUEXF), and the recent Rio Tinto acquisition of Arcadium Lithium plc (NYSE: ALTM) (ASX: LTM) as some success stories in the lithium stocks with recent news.

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

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to review the first batch of high-grade silver and gold intercepts returned from this year’s 20,000 meter drill program on the 100% controlled Tonopah West Project, located along one of the largest historic silver districts in North America on the Walker Lane trend in Nevada.

Highlights from this first batch of drill results:

TXC24-087 returned 2.59 metres of 3,744 grams per tonne (g/t) silver equivalent (AgEq) (1,920.93 g/t silver (Ag) and 20.26 g/t gold (Au)), including 1.07 metres of 8,514.5 g/t AgEq (4,328 g/t Ag and 46.5 g/t Au)
TXC24-101 returned 1.28 metres of 1,286 g/t AgEq (687 g/t Ag and 6.56 g/t Au)
TXC24-092 returned 3.35 metres of 952.6 g/t AgEq (470.56 g/t Ag and 5.35 g/t Au), in addition to 1.13 metres of 1,156 g/t AgEq (534 g/t Ag and 6.9 g/t Au)
TXC24-100 returned 2.26 metres of 898 g/t AgEq (530.30 g/t Ag and 4.08 g/t Au), including 0.92 metres of 1,587.1 g/t AgEq (943 g/t Ag and 7.15 g/t Au)

Andrew discussed how the goals of this drill program are to improve confidence in the continuity of mineralization in the deposit and connect orphaned areas of mineralization, but also to increase the resources and anticipated mine life of 8.6 million annual production that was first outlined in the Preliminary Economic Assessment (PEA). In that initial PEA at the base case gold price of $1,900 per ounce and silver price of $23 per ounce, the Project commands an after-tax net present value (“NPV”) discounted at 5% of $326-million on a low initial capex of $178-million (including $22-million contingency) with a payback of 2.3 years and an after-tax internal rate of return (“IRR”) of 39.2%, and an All-in Sustaining Costs (“AISC”) of $11.96 per silver equivalent ounce basis.

We also discussed the sensitivity to higher metals prices where at a gold price of $2,280 per ounce and a silver price of $27.60 per ounce (base case +20%), the economic profile of the Project escalates to an after-tax NPV 5% of $495-million and an after-tax IRR of 54.0%. If we consider current spot precious metals prices the project economics are even more robust, and this is in a safe jurisdiction, with only precious metals exposure; so I ask Andrew to postulate on why they are not seeing a rerating to a larger market cap and better valuation metrics more in line with peer silver development companies.

In addition to the expansion of resources through drilling in this year’s exploration program, we also review the various project derisking that their team is doing in the background like metallurgical testing and process flowsheet, hydrology studies, environmental studies, permitting, site infrastructure and the potential placement of a decline and processing mill, that will all feed into the updated PEA next year. The Company just raised $10Million in May, bringing in a larger stakeholding from Eric Sprott, and so it is cashed up to continue working on this large drill program and future derisking work.

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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Andrew Thomson, President and CEO of Palamina (TSX.V:PA & OTCQB:PLMNF) joins me to discuss the ongoing drill programs by Palamina and Winshear Gold (which Palamina holds a 15.45 interest and 2% Net Smelter Return royalty on the Gaban Project) in the Puno Orogenic Gold Belt in Peru. Palamina is about halfway through the 3,000 meter drill program, while Winshear has just started its 1,600meter program.

Andrew provides an overview of the holes drilled to date on the Palamina program and the targets being tested. We also discuss the major projects and deposits in the Puno Orogenic Gold Belt, see the map below.

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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Dave Erfle, Editor of the Junior Miner Junky joins us to delve into the evolving dynamics of junior precious metals stocks with a particular focus on silver. In this episode, Dave analyzes market trends, highlighting bullish formations across key ETFs like GDX, GDXJ, SIL, and SILJ, and shares strategic investment approaches focusing on leverage and takeover potential. He emphasizes the importance of political developments, especially in Mexico, and outlines criteria for identifying high-grade silver projects. Additionally, Dave discusses portfolio management strategies, including when to rotate holdings and balance between speculative juniors and safer majors.

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

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA - NYSE:VZLA) joins us to provide a long term outlook for the Panuco Project, in Mexico. Mike lays out plans to target production by 2027 while also exploring new areas on the project and other projects in Mexico acquired this year.

On the production front, we discuss the work planned to move from the current PEA on the Copala area to a Feasibility in the second half next year, updated resource prior to the feasibility, updated mine plan, and permitting which is ongoing.

For exploration, the Company has just started a 10,000 meter drill program focused on other areas on the project to find new “centers of mass” that could hold significant resources.

The Company recently raised $65million through a bought deal financing closed in September.

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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John Rubino, [Follow John on his Substack https://rubino.substack.com/], joins me to discuss the fundamental factors behind physical silver, a few recent silver and gold takeover deals, nuances around M&A transactions for consideration, and speculation on which companies could be bought next.

We start off discussing the news out last week that Russia is adding silver to the metals it will be purchasing in its state precious metals fund, where previously it had only been buying gold, platinum, and palladium. There has also been an increase in silver buying from India, China, and other countries in Asia as an alternative to gold for wedding seasons and gifting, due to the price differential. Also, China also has steadily been buying silver for supplying its growing solar panel industry.

We review that many precious metals producers are quite cashed up, and while we saw very nice margins on their Q2 earnings reports; many market watchers are waiting see the numbers come in on both gold and silver producers Q3 earnings, to see if all their margin expansion will start tracking with generalist investors that filter companies for earnings momentum. Additionally, this may start fueling more of the senior and mid-producers to deploy this cash or their higher-valued paper to begin a bigger wave of merger and acquisition transactions.

We unpack the 2 latest high-profile larger premium silver M&A deals, with the acquisition of Gatos Silver (TSX: GATO) (NYSE: GATO) by First Majestic Silver (TSX: AG) (NYSE: AG), and SilverCrest Metals (TSX: SIL) (NYSE American: SILV) getting bought out by Coeur Mining (NYSE: CDE). This then morphed into a larger discussion on nuances around merger and acquisition transactions, what John looks for in companies that could be acquired. He shares his outlook for more transactions in the smaller producers, developers, advanced explorers, and also royalty companies.

This leads to comments about the recent takeover of Osisko Mining (TSX:OSK) by Gold Fields old Fields Limited (JSE: GFI) (NYSE: GFI) for their gold development project in Canada, and 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, and if we’ll see more development-stage projects acquired by producers in the near-term. We both offer up speculations in which developers could be next, with our rationale for both Skeena Resources Limited (TSX:SKE)(NYSE:SKE) and Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) as potential takeover candidates.

Wrapping up, John outlines why he is less concerned with a specific exit strategy or operational outcome, and why he is more concerned about seeking 10-bagger returns.

In full disclosure, Shad is a shareholder Silvercrest Metals, Coeur Mining, Skeena Resources, and Dolly Varden Silver at the time of this recording.

Click here to visit 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 me to discuss a number of known gold, silver, and copper advanced exploration and development companies, that have taken some new action turning old stories into new stories, with a boost to their value creation.

We start off looking at the series of junior advanced explorers and developers that have gone out and purchased non-core producing mines from larger companies, to fund their future derisking of flagship development assets through organic incoming revenues, versus ongoing dilutive financings. The junior companies discussed that have executed acquisition transactions of producing mines this year are: Integra Resources (TSXV: ITR) (NYSE American: ITRG), Sierra Madre Gold and Silver (TSXV: SM) (OTCQX: SMDRF), Heliostar Metals (TSXV: HSTR) (OTCQX: HSTXF), and Magna Mining Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF). In each case, these mines that were acquired are the first step in generating revenues to plow them into the expansion of other development projects on the pathway to becoming multi-mine producers over the next few years.

Wrapping up we shifted over to the recent newsflow on exploration success from Kootenay Silver (TSXV: KTN) (OTC: KOOYF), at their Columba Project, turning an older known story, with beta to rising silver prices from prior project resources defined, into a new discovery and growth story. The work their exploration team has been doing at the D-Vein and upcoming drilling at the B-Vein, has ignited a new wave of interest in the Company, because they seem to be onto a thicker high-grade silver vein, that could allow them to really mass up compelling resources quickly.

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 is a current shareholder of Integra Resources, Sierra Madre, Magna Mining, and Kootenay Silver at the time of this recording.

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

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Craig Hemke, Editor of TF Metals Report, joins me for a bigger-picture discussion on the role of gold in one’s diversified portfolio as counter-measure to economic and geopolitical tensions, and the ongoing devaluation of global fiat currencies over time. We start off discussing the upcoming BRICS nations summit next week in Russia, their evolving strategies on global trade alliances, the slow process of de-dollarization, and their potential to develop some kind of SDR-like trading unit that may have a significant backstopping of gold along with other fiat currencies. We delve into if this could help explain the divergence in central bank buying in many BRICS nations and new additions to the group, versus some of the western nation’s central banks.

Next we pivoted over to the macroeconomic factors that are evolving on the horizon, with regards to central banks loosening policies, increased fiscal spending, rising debt burdens in western nations, the potential for recession, ongoing effects of inflation, and the possible trade and market implications for the upcoming US elections next month. All of these risk factors have Craig comfortable continuing to hold and stack gold as a longer-term store of value to shelter his portfolio from the coming storm.

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

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Welcome to The KE Report Weekend Show! This week gold, silver and the stocks rebound to end the week strongly. US markets were also up with the S&P at all time highs. The US Dollar was flat and the 10 year was slightly up. The main data out of the US was inflation data (CPI and PPI).

On the first half of this weekend's show we recap the inflation data, China's monetary policies and market moves. On the back half of the show we discuss the investment climate for critical minerals equities and silver plays in Mexico.

I hope all you Canadians have a very happy Thanksgiving and everyone in the U.S. a good Columbus Day!

Segment 1 and 2 - Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market - Economic data recap (Inflation), the broader impacts of China's economic strategies on global markets, the continued strength of U.S. markets.
Click here to visit Marc’s site - Marc To Market.
Segment 3 and 4 - Joe Mazumdar, Editor of Exploration Insights - Key points include the moderated excitement around critical minerals, challenges for the EV market, China's role in critical minerals processing, and copper's significance in electrification despite supply challenges. He also examines recent M&A activity in the silver sector and the impact of Mexico's political landscape on mining investments.
Click here to visit the Exploration Insights website to follow along with Joe.

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Disclaimer: The content in this podcast is not intended to be financial advice. It is meant for educational and entertainment purposes only.

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John Black, CEO & Director of Aldebaran Resources Inc. (TSXV:ALDE)(OTCQX:ADBRF), joins us for an introduction to their Altar Copper-Gold Project in San Juan, Argentina; along with the prior work completed and upcoming milestones and catalysts.

We start off getting a sense of the history of the Project, the work completed by prior operators, and their option agreement with Sibanye-Stillwater back in 2018 to start earning into this project. At this point the capital has been paid and the work commitments completed for them to earn-in to 80% of the project, with Sibanye Stillwater at a 20% stakeholder in Altar. The Altar project hosts multiple porphyry copper-gold deposits with potential for additional discoveries. Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachón (Glencore), and Los Azules (McEwen Copper).

In March 2021 the Company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including 2020. After approximately 63,000 meters of additional drilling between the known Altar Central and Altar East mineralization, their exploration team has now defined the Altar United area at depth, united the 2 prior deposits, and setting up for a larger open pit that will include not only the new mineralization, but the tails from the prior envisioned pits. There is an updated resource estimated slated to be released to the market next month in November, and then ongoing derisking and development work that will feed into a Preliminary Economic Assessment (PEA) in the 2nd quarter of 2025.

We have John share some of their key strategic shareholders with South32, Sibanye-Stillwater, and Route One Investment Company. Additionally, we review their partnership with Rio Tinto, with an interest in utilizing their Nuton technology, focused on commercializing its proprietary suite of copper leach technologies, with potential to unlock copper from hard-to-leach ore and low-grade material, with industry-leading recoveries that are also very compelling with ESG initiatives. John shares his background in the industry, along with the background of the other co-founders and key management team members, and the financial health of the company.

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

Click here to follow the latest news from Aldebaran Resources

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to recap this week in the markets.

The conversation covers strong market moves, benign inflation data, and robust bank earnings that have fueled market optimism. Joel highlights the diversification across various sectors like utilities, tech, healthcare, and finance, pointing out their performance amidst volatility. Additionally, we touch on international geopolitics and China's economic dynamics. Finally we discuss Tesla's event last night including Elon Musk's bold promises on Robo Taxis, as well as the rotation today into alternative transport solutions like Uber and Lyft.

Click here to visit Joel’s PreMarket Prep website.

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Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO - OTCQX: NSRPF - ASX:NVO) joins me to provide an update on the Joint Venture with De Grey Mining (ASX:DEG), focusing on gold exploration at the Egina JV Projects in Australia. De Grey has met the $7 million minimum spend and is on track to complete the $25 million to secure a 50:50 JV equity.

4 Key prospects have received the 34,180 m of AC (aircore) drilling and 9,129 m of RC (reverse circulation) drilling to date, the Heckmair, Irvine, Lowe and Whillans Prospects. Mike outlines how the AC and RC drilling is used in series to test mineralization undercover on the Project. We also discuss what future drilling will be out of De Grey to advance this earn-in JV.

Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is 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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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF) joined me to recap the October 10th news release reporting results from 7 drill holes at the Valley Deposit on the Rouge Project, in the Tombstone God Belt in the Yukon. The headlines holes were Hole 81, with 2.1 g/t gold over 433 meters, and Hole 84, with 1.3 g/t gold over 273 meters.

Scott elaborates on strategies for enhancing the current 7 million ounce resource, through steps such as infilling and stepping out, which have revealed better-than-expected grades. Scott also touches on the future direction of exploration, noting the potential economic implications of newly discovered lower-grade material that was previously classified as waste.

In addition to drilling updates, we also discuss the Company's commitment to environmental responsibility. The cleanup efforts at the historical Plata mining sites underscore Snowline Gold's dedication to sustainable exploration practices and community relations.

Looking ahead, there are pending assay results for over 24,600 meters across six targets in the Rogue and Einerson projects.

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

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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 wide-ranging discussion on the truth and fiction in macroeconomic numbers from the government, what stocks he is shorting in the general equities, and what gold and silver stocks he is bullish on in the junior precious metals sector. It’s a longer-format interview and we really cover a lot of ground in it.

We start off looking at the gulf between the macroeconomic numbers we get from the government reports, and the actual numbers showing up in the real world, and how to balance those out as investors trying to digest all of this. When looking at inflation readings, or jobs numbers, or GDP estimates, there is a huge impact in the markets created in the way these metrics are calculated or massaged, and a large impact from the government’s own involvement and overspending. Even the Fed’s M2 figures, despite it coming down when looking at year over year percentages are misleading as the M2 supply has been growing since 2023. The manufacturing numbers show many parts of the US having been in recessionary territory for years now, and as a result, many consumers are strapped by higher than reported actual inflation in their daily lives, and big segments of the public are cutting back on discretionary spending.

When contrasting the economy with the moves in the markets, it is very much 2 different lenses to view things through, with the general S&P and Nasdaq indexes having continued to make all time highs most of this year. Dave points out that if investors do their due diligence on individual companies that have been pushed to severe overvaluations, that there are still plenty of short-selling opportunities out there, citing his calls in Tesla (NASDAQ: TSLA), Super Micro Computer (NasdaqGS: SMCI), and more recently short calls on Harley-Davidson, Inc. (NYSE:HOG), and some of the US homebuilders.

Next we pivoted over to the drivers in gold from the eastern buying and BRICs countries central banks purchasing the monetary metal as the number 2 asset on their balance sheets after the US dollar. We discuss the dearth of western demand for gold and the gold stocks considering the backdrop we are seeing with gold having hit all-time highs since the end of last year and all through this year. This leads us into a discussion about gold stocks where Dave sees a good value proposition, including Viva Gold Corp (TSX.V: VAU) (OTCQB: VAUCF), Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF), Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF), and Integra Resources Corp. (TSXV: ITR) (NYSE-A: ITRG).

We then got into Dave’s silver price expectations, and 2 recent high-profile merger and acquisition deals where Gatos Silver, Inc. (TSX: GATO) (NYSE: GATO) is being acquired by First Majestic Silver Corp. (TSX: AG) (NYSE: AG), and where SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) getting bought out by Coeur Mining, Inc. (NYSE: CDE). We then get Dave’s thesis on why he believes New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP) will get rerated higher, to a better multiple on the economic studies they just released on 2 different projects. This leads into a discussion on what the appropriate metals prices assumptions should be in economics studies, and why more companies in the PM sector are not at least highlighting their robust project economics at somewhere close to spot prices. Wrapping up ponder if the valuations and momentum trading will come back to the PM juniors, or if this time really is different?

Click here to learn more about Dave’s newsletters and service.

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Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), joins us to unpack a number of key Company milestones all just achieved in the last few months, including the transformative move into copper and nickel production at the McCready West mine in Sudbury, Canada. We dive into the details of the recently announced acquisition of multiple polymetallic prior producing mines and exploration projects around the Sudbury Basin, the results of the Preliminary Economic Assessment (PEA) from Crean Hill, and the results of the recent bulk sample processing from the 109 Footwall at Crean Hill. Additionally, we review the conditional approval for the Federal Critical Mineral Infrastructure Fund that was just received, to help fund further studies and future development of their projects.

Their move into copper production was announced on September 12th, highlighting an agreement with a subsidiary of KGHM International Ltd. to acquire a portfolio of base metals assets located in the Sudbury Basin that includes: the producing McCreedy West copper mine, the past-producing Levack mine, the past-producing Podolsky mine, and past-producing Kirkwood mine, as well as the Falconbridge Footwall (81.41%), Northwest Foy (81.41%), North Range and Rand exploration assets. Jason outlines how he and multiple members of the Magna Mining team had worked at and run the McCreedy West and Levack Mines in the past when with FNX Mining, so that they are very familiar with these assets. While the current flagship will be the McCreedy West Mine, he also lays out the development pathway for bringing back into production the Levack Mine in 2026, and the Podolsky Mine by late 2027.

Shifting over to the Crean Hill Mine Project, Jason reiterated that their management team and board is still very interested on developing this asset and moving it towards production by 2027. The PEA was just released to the market on September 17th and highlighted a Pre-tax NPV (8%) of $265.3 million and an Internal Rate of Return ("IRR") of 142% at conservative metal prices. There would be a low pre-production capital cost of $27.7M following AdEx period; and a payback of pre-production period capital within the first year of commercial production, and payback of all capital including AdEx period capital within the second year of commercial production. Crean Hill would have an average underground production rate of 2,200 tonnes per day ("tpd") consisting of 1,650 tpd of higher-margin primary feed and 550 tpd of lower grade, incremental feed.

We also reviewed the completion of the recent initiative to mine surface bulk sample at the 109 Footwall Zone at Crean Hill, which commenced on July 2, 2024, and then process the material through the Sudbury Integrated Nickel Operations' ("Glencore") Strathcona Mill, which was completed on September 7, 2024. A total of 20,524 dry tonnes of feed (see Table 1) from the 109 FW Zone was processed over a 5-day period. Concentrate was produced which will be processed through Glencore's Falconbridge Smelter. Jason reiterated that this surface bulk sample program was successful and acquired much of the data required to fully assess the base case metallurgical performance of the 109 FW Zone. Additional testing is being completed on samples collected during the program and will be used to advise future test work, and the ultimate pathway towards nickel, copper, platinum, palladium and gold production in the prolific mining district in Sudbury.

Lastly, on October 9th, Magna Mining announced that it has received notification from Natural Resources Canada (NRCAN) that pending final due diligence, certain initiatives at both the Crean Hill and Shakespeare Mines have been conditionally approved for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding will support pre-construction activities to help advance clean energy and transportation infrastructure at both projects.*

If you have questions for Jason regarding Magna Mining, then please email us at Shad@kereport.com or Fleck@kereport.com.

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

Click here to follow along with the news at Magna Mining

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

We start off discussing the recent drill results from their Phase 5 drill program at the Elora area of the Gold Rock Camp Project, reporting 30.72 g/t gold over 5.70 meters, including its highest-ever value of 313.00 g/t over 0.55 meters from hole KW-24-017. This was also the deepest hole the company has drill to date with the best results, which points to significant potential at depth in these mineralized shoots. 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. Trey describes some of ongoing work and targets tested at both Big Master 1 and 2, and how this whole area is very similar to the Red Lake area geologically.

Next we widened the scope to discuss 2 other key areas of exploration focus on their land package, with surveys and field work vectoring on future drill targets at both the Sherridon and Hyndman areas of the Project.

Trey also outlined the recent financing that was increased three times due to unprecedented demand from institutions and high net worth investors, showing they have access to capital in an environment challenging to many junior resource companies, and have the budget to keep the drills turning. We also reviewed that this $5Million of capital raised, gives them the funds to make their final payment to Alamos Gold next year, to own the property 100%.

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

Click here to follow the latest news from Dryden Gold

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Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins me to discuss the current trends and future prospects of the gold market. Despite a slight decline since late September, gold continues in an uptrend with dips being generally shallow.

Looking at the gold chart, Brien notes technical indicators like Bollinger Bands, which have historically signaled pauses and subsequent rallies within bull markets. He also addresses the relative resilience of gold amidst a rising U.S. dollar and interest rates, suggesting broader financial system worries might be driving the parallel increase in gold prices.

We also discuss the performance of major and mid-tier gold miners, noting their financial successes and the potential shift towards increased M&A activities as they seek to maintain growth and appeal to generalist investors.

On the silver front, Coeur Mining's acquisition of SilverCrest is highlighted, underscoring the industry's ongoing consolidation trend. Brien also touches upon the current exploration landscape, noting high-grade discoveries, and potential opportunities in existing resource-rich juniors.

Looking ahead, we discuss what to expect from the 50th anniversary of the New Orleans Investment Conference from November 20th-23rd. Renowned speakers and industry experts are set to provide valuable insights, with a money-back guarantee that reinforces the conference's commitment to delivering substantial value to attendees.

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

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John Black, CEO & Director of Regulus Resources (TSXV:REG) (OTCQX:RGLSF), joins us for an introduction to their AntaKori Copper-Gold Project in northern Peru, with the potential for consolidation of surrounding projects in this very prolific mineralized belt. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag. The AntaKori project is immediately adjacent to the Tantahuatay Mine and mineral concessions owned by Compañía Minera Coimolache S.A. (which is a JV between Buenaventura, Southern Copper and ESPRO).

On July 27th, Regulus Resources announced that it had entered into a collaboration agreement with Coimolache to evaluate the viability of an integrated Coimolache Sulphides/AntaKori copper-gold project. The evaluation will consist of a mineral resource estimate ("MRE") with the option, upon mutual agreement of the Parties following the completion of a MRE, to complete a preliminary economic assessment ("PEA"). Costs of the evaluation program will be split with Regulus paying 50% and Coimolache paying 50%. The results of the MRE and PEA can only be publicly released upon mutual agreement of the Parties. Additionally, the MRE and PEA results can be shared with third parties upon mutual agreement of the Parties.

We also discussed that there are transactions in place with Gold Fields, where Regulus Resources can earn-in on up to 60% on parcels of land that fill in the gaps on their overall project land package. Then in addition to that, Rio Tinto has a 16% stake in Regulus to test out the application of their Nuton technology, focused on commercializing its proprietary suite of copper leach technologies, with potential to unlock copper from hard-to-leach ore and low-grade material, with industry-leading recoveries. This makes the competing major company interest in this area for the copper and gold compelling for a future consolidation of this district, and the Company is continuing to develop strong community relationships and ongoing engagement to clear the pathway for future development.

If you have any questions for John regarding Regulus Resources, then please email me at Shad@kereport.com.

Click here to follow the latest news from Regulus Resources

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to recap this week in the markets.

The conversation delves into the implications of stronger U.S. jobs data on bond markets, the potential for fewer rate cuts by the Fed, and the overall economic outlook. Joel also shares insights on market rotations, the impact of geopolitical tensions on commodities, and the health of various sectors like tech and utilities.

Click here to visit Joel’s PreMarket Prep website.

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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 recent recommendations from a federal agency in Brazil in regards to the recently obtained Licença Prévia (Preliminary License or LP) permit.

Nick explains the misunderstandings by an independent Brazilian prosecutor and the next steps for the government and Company. The conversation also touches upon typical permitting challenges mining companies face in Brazil and the continuation of TriStar Gold's strategic plans despite this temporary setback.

Click here to visit the TriStar Gold website to learn more about the Company and Project.

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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 the latest news from 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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Simon 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:

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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.

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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 follow 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 can be emailed to 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.

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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 stock. 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 Lift
A 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 Drift
The 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 Crusher
The 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 Facilities
West 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 area. 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 ben received, Additionally, the acquisition of the Centro Gold Project by G Mining Ventures is highlighted.

Brent also provides insights into Metalla Royalty & Streaming'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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The Fed finally delivered the long anticipated rate cut on Wednesday. It was the larger 50 basis point cut which markets across the board celebrated.

On this Weekend's Show we discuss the impacts of rate cuts financially and economically, as discuss trading strategies for commodities and resource stocks.

We hope you all enjoy the show this weekend. One of our guests this weekend, Josef Schachter, is offering a pair of free tickets to our listeners! Please email me at Fleck@kereport.com to be entered into the draw.

Segment 1 & 2 - Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by discussing the implications of the 50 bpts Fed rate cut, future projections for interest rates, and market movements. We focus on the rate cut’s impact on inflation,, the US dollar's potential weakening and gold, especially gold stocks potential ability to play catch up.
Click here to visit the In The Know Trader website.
Segment 3 and 4 - Josef Schachter, Founder and Editor of the Schachter Energy Report, wraps up the show discussing the current oil price trends, providing key insights on demand, geopolitical factors, and the future of energy stocks. We focus a lot on the investment opportunities in energy stocks, emphasizing factors such as insider ownership, low debt, and growing production profiles. He also shares details about his upcoming conference, Catch The Energy, in Calgary on October 19th.
Click here to learn more about The Schachter Energy Report and Josef's Catch The Energy Conference in Calgary on October 19th. Please email me at Fleck@kereport.com, with the subject line “Schachter conference tickets”, to be entered into a draw for 2 free tickets.

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New guest alert! Jim Tassoni, CEO of Armor Wealth Strategies, joins me to explain why he thinks this week’s Fed rate cut is an inflection point for markets.

Jim provides historical context by comparing the current market environment to 2007, highlighting the differences and similarities. He emphasizes the importance of trading based on present market conditions rather than historical patterns alone. The conversation extends to the performance of small caps, tech stocks, and the potential of gold miners as viable investments. Jim shares his insights on trading strategies, particularly emphasizing a careful, active approach in the small cap sector, and provides a bullish outlook on gold and gold miners like the GDX.

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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George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins me to outline the updated Standalone Preliminary Economic Assessment (PEA) on the Cactus Project in Arizona, that now incorporates MainSpring, Parks-Salyer, and Cactus West & East into a larger comprehensive project. The overall Cactus Project now 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.

The Cactus PEA envisages an average 86k short ton (172 million pound) per annum open pit copper heap leaching operation over a 31-year mine life (“LOM”). In total, 5.3 billion lbs or 2.7 million short tons of LME Grade A Copper Cathodes is detailed for production directly onsite via solvent extraction and electrowinning hydrometallurgical processing. The PEA supersedes the previously released Pre-Feasibility Study (PFS) in all respects, as it has now shifted from an underground mining method to an open-pit mine design.

Highlights from the PEA:

Key Performance Indicators at $3.90/lb Copper
- $2,032 million Net Present Value (“NPV”) (8% discount, after-tax)
- 24% Internal rate of return (“IRR”, after-tax)
- 4.9 years Payback Period
- $668 million development capital including contingency
Life of Mine (“LOM”) Gross Revenue of $20.8 billion
LOM Free Cash Flow (“FCF”) of $7,295 million (unlevered)
Cash costs (C1) of $1.82 and All in Sustaining Costs (“AISC”) of $2.00 per pound of copper
Financial and operational executability now through transition to Open Pit operation
- 94% material from open pit mining (Cactus West and Parks/Salyer), 6% from the Stockpile and Cactus East underground
232 million pounds (“lbs”) (116,052 short tons (“st”)) average annual copper cathode production over the first 20 years of operation and a total of 5,339 million lbs (2,669,342 st) of copper cathode produced over the 31-year operating mine life

George outlines how the inclusion of the recently acquired and drilled out to inferred resource of the MainSpring Property, which had previously not been included in economic studies, not only brough in an additional 1.9 billion lbs of copper but was also 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 into the resources, and allowed it all to be developed as an enlarged pit. This confirms Parks/Salyer and MainSpring are now grouped together 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 is a great deal of drilling at Mainspring being completed to move the resources from inferred to indicated, as well as more metallurgical work to prepare for incorporating all of that into a Pre-Feasibility Study (PFS), projected to come out in the summer of 2025. We also discuss some recent drill results returned from the sulphides as Cactus West, that show the resources are continuing to grow and will either add longevity to the existing planned 31-year mine life, or provide a potential larger producer with the option of increasing the throughput in a mining scenario. Wrapping up we discuss another layer of 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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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us to discuss recent market moves following the Fed’s rate cut. Dana shares insights on the S&P's performance, market resilience, and the broad range of investment opportunities currently available. Key sectors discussed include tech, utilities, healthcare, industrials, and financials. Dana also provides a balanced view by addressing potential bearish outlooks and the importance of diversifying portfolios to mitigate risk and capitalize on market trends.

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

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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 outlook on gold and gold equities, now that we’ve seen the first 50 basis point rate cut from the Fed. We start off discussing the volatility in gold the last few days, but he outlines that in general the series of anticipated central bank rate cuts should be a net positive for the precious metals complex. Looking at the technical strength in gold for the last 2 years, Robert shares his cup and handle pattern price targets for the yellow metal.

We then shift over to the gold equities, and his key takeaways from the Beaver Creek conference last week. We start off the with solid $1,000 margins in the gold producers, and ponder if the cash generation from the majors and mid-tiers is going to start attracting more generalist investors to this sector. This leads into considerations for how the value arbitrage between the producers and the junior gold developers and explorers may lead to more merger and acquisition transactions in the space. We delve into the gold price assumptions used by gold companies and what a fair number is in lieu of gold above $2,600. We also get some of the qualities he looks for in gold explorers that could see a rerating as sentiment improves. Wrapping up Robert shares if he likes gold juniors or copper juniors better in the current market setup.

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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Marco Roque, President and CEO of Cassiar Gold (TSX.V:GLDC – OTCQX:CGLCF), joins us to review the release of the first 6 drill assays from the 2024 exploration program expanding the Taurus Deposit at the Cassiar Gold project, located in northern British Columbia. We also discuss a number of the other regional the targets that the company has tested in the past or will be testing in the future, including follow up drilling this year at the New Coast target.

Results from these first 6 drill holes from this year’s program expand mineralization near-surface at the western extent of the Taurus deposit and demonstrate a continuous trend of south-plunging higher-grade mineralization along the Taurus West Fault. The 2024 drill program comprised 7,168 m over 30 drill holes and concluded at the end of August. Results remain pending for 5,596 m of drilling over 24 drill holes. Geophysical surveys, mapping, and soil sampling remain ongoing at the Cassiar Gold property.

These latest results include:

18.1 m of 2.28 g/t Au and 40.8 m of 1.68 g/t Au in drill hole 24TA-212
31.9 m of 1.82 g/t Au in drill hole 24TA-213
67.7 m of 0.54 g/t Au and 58.5 m of 1.10 g/t Au in drill hole 24TA-214
73.4 m of 0.75 g/t Au in drill hole 24TA-215
76.2 m of 0.53 g/t Au in drill hole 24TA-218
52.1 of 0.73 g/t Au in drill hole 24TA-219

Marco also outlines that the Newcoast target was followed up on by a few holes in this year’s exploration program, and he reviews some other regional targets of interest that have seen some limited exploration in the past like Taurus East, Wings Canyon, Lucky, and Snow Creek.

If you have any questions for Marco on Cassiar Gold, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here for a summary of all the recent news from Cassiar Gold.

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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 results from the ongoing 15,000 meter drill program at the RC Gold Project, in the Yukon, and recent financings raising over $8.8million since early August.

The discussion covers the initial round of drill results released from the ongoing program, including 290 meters of 1.1 grams per ton gold, and 105 meters of 1.68 g/t gold. The focus is on resource expansion at the Blackjack deposit. We also touch on deep drilling efforts with a hole reaching 680 meters, highlighting the potential for further resource expansion.

Apart from drilling,we discuss financial strategies, including the management of new funds raised and plans for future exploration. Mike provides insights into where the company sees the best potential for resource expansion and the company’s strategies moving forward. As results from assays start to trickle in, Sitka Gold anticipates a steady news flow up until Christmas.

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

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

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Mike Larson, Editor-In-Chief at MoneyShow joins us to delve into the implications of the recent 50 basis point rate cut by the Federal Reserve and analyze the market's reaction, which saw an initial rollover followed by a surge. Mike describes the Fed's decision, likening it to a 'Heinz 57 catch-up move.' He argues that while the Fed is not in a panic mode, they are rectifying past delays.

Discussion points include the softening labor market, inflation trends, and market optimism. We also explore strategic investment opportunities in small caps, financials, REITs, and undervalued sectors like mining and materials. Mike emphasizes the importance of seizing the current market conditions and positioning for sectors that are showing promising growth.

Click here to find out about the upcoming MoneyShow conferences.

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Mark Brennan, Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the sale of the Monte Do Carmo asset to Hochschild Mining in March of this year for $60Million US, a production and exploration update at Minera Don Nicolas in Argentina, and the optionality the company has in the value in the Mont Sorcier Iron-Vanadium project in Quebec.

We start off digging into the market conditions in Argentina the end of last year and into early this year, which squeezed the company financially and resulted in the sale of the Monte Do Carmo asset to Hochschild Mining PLC (LSE: HOC) (OTCQX: HCHDF). Mark outlines that this asset sale is going to be bringing in a significant about of cash into the company this year, in addition to more staggered cash payments the next 2 years. This puts the company in a unique position to be able to deploy this cash into the exploration and expansion of their Minera Don Nicolas producing gold project in Argentina, as well as more derisking and an updated economic study at the Mont Sorcier Iron-Vanadium. He points out the value of having all that cash may provide optionality to partnering on other projects as well, and potential value drivers.

Click here to see the latest news from Cerrado Gold.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on the beginning of the Fed rate cutting cycle, as shift from growth to value sectors within US equities, and the case for higher commodities prices in copper and uranium to fuel policy initiatives. We also get a recap on his recent site visit in Peru to visit the flagship exploration project Hannan Metals.

When looking at the macroeconomic factors moving markets, we discuss how the beginning of the central bank rate cuts will impact rate-sensitive sectors like utilities, real estate held in REITs, the financial sector and gold. This brings up the recent trend where money is rotating some out of the magnificent 7 and growth tech stocks, into those types of value sectors, including consumer staples and hard assets.

Shifting over into the commodities and resource stocks, the conversation gets into all of the policy initiatives for the green transition in energy, and EVs, and how the move from coal to nuclear power is obvious, but will require more production from uranium mines, as well as more lithium and cobalt resources to come online for batteries. We also review all the projections around A.I. data centers and how few generalists are really considering the massive amounts of copper that are going to be required. This brings up the point about the long lead times needed to bring mines in to production, and that something needs to be done to expedite permitting bottlenecks. Nick points to the timeline of over a decade to finally see the recent positive permitting outcome for Perpetua Resources (Nasdaq: PPTA) (TSX: PPTA) authorizing the Stibnite Gold Project for their antimony and gold, as an example of how long these processes can take, and the patience required as resource investors.

Wrapping up we discuss the site visit he just returned to from Peru, visiting the flagship Valiente Copper-Gold Project for Hannan Metals (TSXV:HAN)(OTC PINK:HANNF), and the exploration upside present, and some of the unique observations made seeing the project in person and talking to local community and stakeholders.

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 discuss the impact of the recent Fed rate cut on the markets. We explore historical instances of Fed rate cutting cycles and the ensuing performance of precious metals and their stocks. Jordan delves into his research, comparing past cycles and their bullish impact on gold and silver stocks. We also discuss the current market setup and potential future trends for precious metals, including possible moves for gold, silver, and silver miners.

Jordan offers insights into investment strategies, emphasizing the importance of quality assets and management in navigating this promising yet volatile market environment.

Click here to visit Jordan’s site - The Daily Gold

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Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) joins me to recap the recent Beaver Creek Conference and update us on the newly acquired portfolio of producing mines in Mexico and the commencement of drilling at Ana Paula.

The discussion covers a $10 million debt facility announced to support the acquisitions, how this limits dilution, and the future cash flow from production. We discuss how the Company is planning to scale production to 150,000 ounces of gold per year by 2026.

Charles also outlines the two-phase, 5,000-meter drill program at Ana Paula intended to grow the high-grade resource.

Please email me at Fleck@kereport.com with any follow up questions for Charles.

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

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Richard Postma, AKA Doc, joins us to discuss his long-term technical outlook on precious metals, other commodities, and the U.S. equity markets. Doc provides an in-depth analysis of gold's performance, highlighting its recent all-time highs and discussing potential overbought conditions. He also evaluates the current positioning of gold stocks, including both mid-tier and junior mining companies, and shares his bullish projections for the precious metals market over the next several years. Additionally, Doc addresses the impact of potential Federal Reserve rate cuts, the broader equity market environment, and the situation with other commodities such as copper and silver.

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Rory Ritchie, Chief Geologist and Director at Kobrea Exploration (CSE:KBX - OTCQB:KBXFF - FSE:F31) joins me to provide a company overview walking us through a condensed slide deck.

We discuss the Company’s recent accumulation of projects in the underexplored world-class copper district of Western Malargue, Mendoza province. This special video presentation delves into Kobrea’s strategic advantage, having secured ground before the official announcement out of Mendoza in April 2024.

Rory provides a comprehensive overview of the combined project's large-scale porphyry prospects, totaling over 12 porphyry targets. The conversation highlights the initial exploration plans for the upcoming work season, which will include geophysical surveys and mapping to further refine drill targets for drilling next year. Rory also elaborates on one highly promising target, El Perdido, and explains how the Company is using existing data from the prior explorer, VALE.

Please email me at Fleck@kereport.com with any follow up questions you have for the team at Kobrea.

Click here to visit the Kobrea Exploration website to learn more about the Company and Project.

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

Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) announced September 12th that it has entered into a definitive share purchase agreement dated September 11th2024 with a subsidiary of KGHM International Ltd to acquire a portfolio of copper, nickel, platinum, palladium assets located in the Sudbury Basin. Magna will acquire the producing McCreedy West copper mine, the past-producing Levack mine, Podolsky mine, and Kirkwood mine, as well as the Falconbridge Footwall (81.41%), Northwest Foy (81.41%), North Range and Rand exploration assets.*
Western Alaska Minerals (TSXV:WAM) (OTC: WAMFF) announced on September 10th an update on the 2024 discovery at the Warm Springs Target, on its 100% owned Illinois Creek project in western Alaska. This is appearing to be a CRD type mineralization, where Silver-zinc-lead mineralization has been intersected Including 1.15 m @ 687 g/t Ag, 33.64% Pb, and also 2 m @ 88.5 g/t Ag, 2.39% Pb, 4% Zn.
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.
In full disclosure, Shad is also a shareholder of Magna Mining at the time of this recording.

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

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While at the Precious Metals Summit in Beaver Creek I had the chance to sit down and get an update from the management team at Fury Gold Mines (TSX:FURY - NYSE:FURY). Tim Clark, President and CEO, and Bryan Atkinson, Senior VP Exploration at Fury Gold Mines joined me to discuss the types of companies they were meeting with at the conference and provide an update on the recent Serendipity discovery on the Eau Claire Project.

Starting with the conference meetings, they noted that 75% of meetings were with corporate entities, showing increased focus on all of Fury's assets. The Eau Claire project in Quebec is highlighted, including the spring resource update that added 40% more ounces. I ask what these corporates are looking for and what types of deal Fury management are looking for.

Shifting to the recent drill results, Bryan elaborates on the new Serendipity discovery, explaining the systematic exploration approach that led to this discovery and potential at many other targets. We discuss possible follow up work at this new discovery and future drilling planned at the Eleonore South.

We wrap up with a financial overview of the Company, including a market cap of about C$80 million, with approximately $5 million in cash and significant holdings (around 19%) in Dolly Varden Silver.

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.

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Martin Turenne, President and CEO of FPX Nickel (FPX-TSX.V & OTCQB:FPOCF) joins me to discuss recent advancements in the Baptiste Nickel project located in British Columbia. FPX Nickel is pushing forward one of the world's largest undeveloped nickel projects.

We recap recent news releases from July 30th and September 3rd. The first announces FPX Nickel's adoption of cutting-edge technology to minimize carbon intensity, aiming for the bottom 5% of global nickel producers in CO2 emissions. The second highlights significant support from BC Hydro and the provincial government to facilitate the project's progression.

Martin discusses the formation of a new Critical Minerals Office by the BC government, designed to prep both FPX Nickel and provincial ministries for upcoming environmental assessments. Martin emphasizes the importance of First Nations community engagement and consent as the project moves toward its 2025 environmental assessment target. We also delve into FPX Nickel's strategic partnerships with Sumitomo Metal Mining, Otokumpu, and a confidential third strategic investor. These partners each hold a 9.9% stake, forming a technical advisory committee that meets quarterly to guide FPX Nickel's strategic advancements.

FPX Nickel is well-funded with over $40 million in the bank and no fundraising needs until 2026.

Click here to visit the FPX Nickel website and learn more about the Company and Project.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins me to break down this week's market dynamics. The discussion covers unexpected market reversals, V-bottom formations, seasonality, and the impact of liquidity.

Joel also provides insights on tech stocks like Nvidia and Apple that show strong relative performance. The conversation dives into commodities, highlighting recent rallies in gold, silver, oil, and copper, explaining the factors influencing their movements. Joel wraps up analyzing Oracle's earnings and unexpected investor day announcements.

Click here to visit Joel’s PreMarket Prep website.

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In this KE Report Weekend Show Dave Erfle and I report live from the Precious Metals Summit in Beaver Creek, Colorado. We discuss the bifurcated market for metals stocks, with clear winners vs struggling companies, and explore investment strategies for investors building out portfolios of gold equities.

Topics include the mood of the conference, the importance of picking the right stocks, challenges in raising capital, and potential opportunities in both producing and development stage companies. We also touch on the state of copper plays and the broader outlook for the precious metals sector.

We hope you all have a great weekend and thank you for tuning in!

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

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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 the more defensive sectors of insurance, cybersecurity, REITs, regional banks, and utilities, as geopolitical uncertainty increases, and as macroeconomic factors continue to weaken.

Sean points out the resurgence of the Japanese Yen leading to more carry trades unwinding, which could then be further exasperated if the Fed rate cutting cycle leads to any US dollar weakness versus the Yen. He points to the oil markets being subdued, with expectations for a slowdown in the US, European, and Chinese economies. While he doesn’t think a recession is imminent in the US, even though macro data is weakening, he does believe Europe is slipping into a recession without their access to cheap Russian natural gas.

One recent trend Sean highlights is the rotation out of the big tech leadership like Nvidia, Apple, Google, Taiwan Semiconductor, and into more defensive A.I. adjacent sectors like fintech, insurance, and cybersecurity. We also discuss the more defensive trend recently of investors rotating funds into REITs, regional bank stocks, and utilities for the better dividends and variable dividends.

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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John Rubino, [Follow John on his Substack https://rubino.substack.com/], joins us to discuss the fundamental factors behind the resilience of gold, the disconnect in gold stocks from the metals price action, the strengths of the royalty companies business model, and why he is even opting for accumulating various physical metals ETFs across various commodities.

John points out that gold has been holding up well all summer and into September, despite what is seasonally a weaker period of time for the precious metals. He reviews that with many gold producers cashed up and seeing very nice margins on their Q2 earnings reports, and likely to see that continue in Q3 earnings, that we may start seeing a the senior and mid-producers begin a bigger wave of merger and acquisition transactions. For now the uncertainty in the markets is keeping investors away from getting into the riskier subset of junior PM stocks. We then shifted over to the diversification and risk mitigation advantages of the royalty and streaming business model, and how those stocks fit into his portfolio. Wrapping up John outlines why he is increasingly mitigating risk in the resource stocks by positioning in the physical gold, silver, uranium, and even the new copper ETFs.

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 me to discuss three junior gold exploration companies with recent news out to the market; where he is attracted to the current value proposition.

First Nordic Metals Corp. (TSXV: FNM) (OTCQB: FNMCF) announced on September 9 an exploration update on its 100%-owned Storjuktan project located on the Gold Line belt, northern Sweden. We discuss how this Storjuktan Project along with the Paubäcken project represent the kinds of blue-sky upside along the 100km of strike, while the Barsele gold project, with significant gold resources underpins the current value of the company.
Headwater Gold (CSE: HWG) (OTCQB: HWAUF) announced on Sept 9th that the Company and Centerra Gold Inc. have agreed to a strategic investment under which Centerra will acquire 9.9% of the issued and outstanding common shares of the Company. Erik was surprised that their recent news of staking the two new projects in Nevada, that we discussed last week, or this news of bringing in a larger producer as a strategic investor didn’t do much to change the company valuation and just speaks to the sentiment environment we are still in.
Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF) announced September 5th, that it has completed a Mineral Resource Estimate ("MRE") on the company's flagship Perron Project in the northwestern Abitibi region of Quebec. The MRE showed open pit and underground stope constrained 594,100 of measured and indicated ounces at 4.28 g/t Au and 1,049,650 of inferred ounces at 3.80 g/t Au, for a total of 1.6Million ounces of gold in all categories. The stock sold off by over 40% initially, and then over 50% since releasing this resource estimate, and we discussed the potential overreaction by the market that was expecting a larger MRE and the potential value arbitrage.
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.
In full disclosure, Shad is also a shareholder of Amex Exploration at the time of this recording.

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

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Craig Hemke, Editor of TF Metals Report joins us for an in-depth analysis of the latest Commitment of Traders (CoT) report and fund positioning in the precious metals market. Craig elaborates on the current bullish trends observed in gold and silver, particularly focusing on the significant positions taken by large speculators and hedge funds. We discuss the importance of tracking CoT reports to understand market dynamics and historical trends, which can indicate future price movements.

Craig also highlights the broader economic influences, such as global demand from Eastern countries, including China and India, and how these may affect precious metals prices. The discussion extends to the potential risks associated with large speculative positions and the outlook for silver in relation to gold. Additionally, we explore the implications of the upcoming Fed meeting and its potential impact on market momentum. Craig shares his perspectives on whether the anticipated rate cuts have been priced into the market and how these decisions could set the tone for the remainder of the year.

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

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Paul Schubach, COO of EMP Metals (CSE: EMPS - OTCQB: EMPPF) joins me to introduce the Company and lithium assets in Saskatchewan.

Key projects include the Viewfield and Mansur Projects, with the Viewfield Project being the primary focus due to its high lithium brine concentrations. Paul explains the project milestones, such as recent drilling results and PEA announcements. I have Paul breakdown the highlights of the resources and compare them to other projects. Financial aspects, management team backgrounds, and future plans, including possible upgrades of the resource from inferred to higher categories and commercial production, are also covered.

Click here to visit the EMP Metals website to learn more about the Company and assets.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the Q2 and H1 financials and operations from the Segilola Mine, as well as exploration activities around both Segilola in Nigeria, and further drill results from the ongoing 2024 exploration program at the Douta Gold Project, Senegal.

Financial Highlights for the Period and H1 2024

23,588 ounces ("oz") of gold ("Au") sold in Q2 2024 with an average gold price of US$2,309 per oz.
Cash operating cost of US$585 per oz sold and all-in sustaining cost ("AISC") of US$802 per oz sold.
Q2 2024 revenue of US$53.8 million (Q2 2023: US$41.3 million) and H1 2024 of US$87.1 million (H1 2023: US$81.7 million).
Q2 2024 EBITDA of US$37.6 million (Q2 2023: US$25.6 million) and H1 2024 of US$60.9 million (H1 2023: US$40.3 million).
Q2 2024 net profit of US$27.5 million (Q2 2023: US$14.4 million) and H1 2024 of US$39.9 million (H1 2023: US$17.4 million).
The Company paid a further US$7.9 million towards its senior debt facility, leaving a balance of US$6.5 million which is scheduled to be fully repaid by the end of the calendar year, with net debt of US$2.7 million as at June 30, 2024.

Operational Highlights for Q2 2024 and H1 2024 At Segilola:

This Period saw the completion and commissioning of the plant upgrade and the beginning of the drawdown of the gold in circuit.
Gold Poured for the Period totaled 21,742 oz (H1 2024: 40,285 oz), with a mill feed grade that was 3.42 g/tAu with recovery at 94.6%. This Period saw the highest recovery rate and highest number of ounces poured by the Company in its last five quarters.
The stockpile balance increased by 37% to 1,179,693 tonnes of ore at an average grade of 1.01g/t. The significant stockpile available offers flexibility and low risk for future process plant production.

Segilola Exploration

The focus was on near mine exploration and the delineation of potential additional underground resources at Segilola. Structural studies which commenced in Q1 2024 were completed in the Period and interpreted to assist the drilling programs.
A 12,000 metre ("m") drilling program targeting the possible extension of the gold mineralization underneath the designed open pit commenced late in the Period.
The Company's exploration activities carried out in Q2 2024 were a continuation of both geochemical target generations and drilling those targets that justify follow up testing.
Regional stream sediment and soil/auger sampling programmes continued with the objective of generating drilling targets.

Next Segun and I shifted over to the Dout Project, and he highlighted the acquisition of the Douta-West License in Q2 2024, and that the company has been drilling and releasing results from these new concessions, with the plan to combine both licenses and scale up the size of a combined Douta Project for the Douta Project Resource update in Q4 2024 and the Douta Preliminary Feasibility Study ("PFS") in 2025. The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces of gold in all categories.

If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com , and we’ll get those submitted to management or discussed in future interviews.

*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

Click here to read over the recent news out of the Company.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to delve into the macroeconomic factors influencing market trends and investor behavior as we approach the U.S. election. TG provides insights into the seasonality of September as a typically weak month and its impact on market dynamics.

We discuss the influence of political uncertainty on big investors and the likelihood of defensive sectors like consumer staples gaining traction. Additionally, TG analyzes technical indicators such as the put-call ratio and 50-day SMA (simple moving average) to predict market corrections, and the potential benefits of interest rate cuts on various sectors like real estate, regional banks, and small caps.

Click here to visit TG’s site - Profit Pilot

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Tim Warman, CEO of Fuerte Metals (TSX.V:FMT - OTC:FUEMF) joins me to introduce the Company’s key projects in Mexico and Chile, management team, key shareholders and near term drill results.

We start with the background on how the Company came together, involving major shareholders like Ross Beatty and Trinity Capita.

We then move to the projects starting with the Christina property in Mexico, where a 21,000-meter drill program is underway focused on a high-grade underground gold resource. This property has an indicated resource of over 750,000 ounces of gold equivalent and an inferred resource of around 766,000 ounces gold equivalent. Tim elaborates on the re-envisioning of Christina from an open-pit to an underground mining project due to its high-grade vertical veins.

Next are the Chilean porphyry projects, currently surrounded by a major Tech-Newmont JV. Tim highlights a strategy of potentially partnering with major players to advance these porphyry targets.

On the financial front the Company has 61 million shares outstanding, almost $8 million in cash, and no debt. Looking forward, continuous news flow is expected from ongoing drilling activities at the Christina property.

Click here to visit the Fuerte Metals 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 us to unpack the nuances in Friday’s jobs report miss and more downward revisions to the prior 2 months, market expectations around the series of coming Fed rate cuts, and the potential signal of the yield curve moving from inverted to steepening and normalizing. We discuss how all these macroeconomic data points foreshadow a potential slowdown in the US economy and how the markets may respond. We look ahead to the coming inflation data, and more refined GDP forecasts out of the Atlanta Fed. Additionally, we consider currency impacts from other central banks monetary policies, and in particular the expected rate cuts out of the ECB.

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

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Post Labor Day markets kicked into gear on Tuesday and didn't stop all week. US markets fell hard, with the S&P down over 4% for the week. Oil lead the way lower this week with copper also down. Gold held in pretty much flat for the week.

On this weekend’s show we bring on two very different guests. One to discuss trading strategies for a wide range of markets and commodities. The other guest focuses on managing a portfolio of resource stocks in what could be the early stages of a bull market.

We hope you all enjoy! We will be at the 2024 Precious Metals Summit next week meeting with a wide range of resource Companies. Please send us the stocks you like and we will do our best to have a chat with management. Click here to see what companies will be there.

Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Mike Larson, Editor in Chief at Money Show, discusses why September has historically been weak, the potential Fed rate cuts, and their impacts on the bond and commodity markets. Mike also touches on real estate trends, central bank policies, and the outlook for the U.S. dollar and precious metals.
Click here to find out about the upcoming MoneyShow conferences.
Segment 3 and 4 - Bernie de Groot, Senior Investment Advisor - Options & US Licensed, Canaccord Genuity, wraps up the show by analyzing the short-term bearish and long-term bullish outlook for gold, highlighted by a recent report from TD Securities' Daniel Ghali. Bernie shares insights on fund positioning, central bank buying trends, and the implications of anticipated Federal Reserve rate cuts. The conversation also explores the disparity between gold prices and mining equities diving into the types of gold equities that are being favored by investors.

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Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTC: OMGGF), joins me for an update on all the exploration and derisking work going on at both the Wenot and Gilt Creek Projects across this mineralized gold trend in Guyana, South America.

We start off discussing the large resource in place between the 2 Projects, at over 4.3 million ounces of gold, across this brownfields and past-producing mine site. We review the PEA again on the open pit Wenot Project, which does not yet incorporate the Gilt Creek underground project economics at this point, and only includes about 45% of the mineral inventory. Elaine outlines the potential to keep exploring for mineralization at depth, beneath the pit shell, as well as along strike, and there is a current 10,000 meter drill program underway that kicked off in July. With the completion of their recent financing, Omai has $11 million in the treasury, and they are well positioned both their 2024 and 2025 exploration and development programs. They are considering adding a drill at one point to test a few more targets at the Gilt Creek project and keep expanding resources there.

Next we talk about the infrastructure and social advantages of this brownfield site in Guyana, the support of locals and the government to move this mine back into production. We touch upon the ongoing permitting, metallurgical work, and other derisking work the company is doing in the background to further improve the project economics. There should be a steady stream of exploration newsflow for the balance of this year.

If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.

Click here to see the latest news from Omai Gold Mines.

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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 recent market pullback, with the S&P down over 4% and NASDAQ down over 5.5% in a shortened trading week. Joel breaks down the factors driving the sell-off, such as buyer exhaustion, tech earnings, and stretched valuations, particularly in the AI sector.

We also recap Warren Buffett's recent market moves, the impact of the rising Japanese yen on tech stocks, market seasonality, and potential opportunities in interest rate-sensitive sectors. Joel shares his insights on market sentiment and technical analysis, providing valuable perspectives to navigate these turbulent markets.

Click here to visit Joel’s PreMarket Prep website.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF) joins me to outline the imminent 2,000 meter RC drill program at the Tombstone Project in Arizona. This 12-hole drill program will focus primarily on the Westside area, involving early-stage exploration near historic mines and step-out drilling near the Contention pit.

Simon discusses the drill program's budget and the Company’s financial position following the recent $2.5 million financing, closed July 26th.

Click here to visit the Aztec Minerals website.

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Neil MacRea, Executive Chairman of Mawson Finland (TSX.V:MFL) joins me to introduce the Company and the Rajapalot Project, in Finland.

Neil explains the origins of the company as a spinout from Mawson Gold, just listed on August 15th. Key highlights include the recently completed 12,000 meter drilling program, with the first batch of results yielding 21.75 meters at 5.25 grams per ton (g/t) of gold. The company's intention is to increase resources by 50% over the next couple drill campaigns.

Neil also provides a background on the key management team members and tight share structure of approximately 19 million shares outstanding.

Click here to visit the Mawson Finland website to learn more about the Company.

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the expanded 36,000 meter exploration program that now has 8 drill rigs turning around the Surebet Discovery, at the Golddigger Property, located in the Golden Triangle, British Columbia; where 66% of the holes contain visible gold. We also discuss the 2 recent discoveries of a New Deep Zone that is highly mineralized down in the volcanics, and also a new intrusive-type of mineralized discovery called Blue Origin. Additionally, we discuss a new video released by the Company highlighting some recent ground work at the Jackpot Zone in preparation of drilling this month, as well as more drilling that was completed into the new Treasure Island VMS target in the Cambria Ice Fields.

We kick things off with Roger outlining that 100% of the holes drilled into the Surebet Discovery during the 2024 drill season have intercepted continuous strong mineralization in the targeted veins, and 66% of them contain visible gold. The gold mineralization remains open in all directions, and the focus has been on expanding the Bonanza Shear Zone. The recent press release from September 3rd mentions that Drill Hole # GD-24-260 has the highest concentration of Visible Gold drilled to date at the Surebet Discovery.

Then we move over to the recent discovery of a New Deep Zone discovered at 1,239 meters below surface containing multiple quartz veins with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system.

There was also a new Blue Origin discovery, which comprises a series of veins up to 20 cm wide containing bismuth minerals, molybdenite and chalcopyrite, hosted in a felsic intrusion located 4 kilometers to the south of the Surebet discovery. This intrusion could be spatially related to Surebet as an uplifted part of the potential feeder source below the 1.8 km2 area that remains open. Roger goes on to outline that this mineralization strongly resembles a Reduced Intrusion-Related Gold system (RIRG), and that the Company has increased its 100 % controlled land package from 66,000 ha to 91,518 ha (28 % increase) to include open ground amenable to this type of mineralization (see map below).

We then transitioned over to focus on a new corporate video on the Jackpot Zone, just released yesterday, highlighting that a new 7mm gold leaf was just found nearby a grab sample (ST116183) taken in 2023 that assayed 21.5 oz/t AuEq or 667.40 gpt AuEq (636 gpt gold, 1,690 gpt silver, 7.96 % copper, 2.22 % lead) and comes from a 30 cm wide quartz vein with 15 % chalcopyrite, 7 % pyrite, and 1 % galena hosted in a shear comprised of strongly silicified Porphyritic Andesite within the Hazelton Volcanics. This is the largest gold leaf ever found in a grab sample exposed at surface from the Surebet Discovery – Jackpot Showing. The visuals show abundant native ‘wire gold’ along fracture surface, with gold-hosted bismuth and trace pyrite hosted within a quartz vein. Jackpot is scheduled for drilling in 2024, later this month.

Wrapping up we have Roger outline for us through the capital management and financial health of the company, announcing a capital raise of $7,366,750 by way of a non-brokered charity flow through private placement at a price of $1.975 per share (no warrant). A strategic Singapore based Global Commodity Group (“GCG”) has agreed to purchase 1,600,000 shares. GCG recently participated in Goliath’s $1.11 non-brokered hard dollar private placement that closed in August and will own 3.6% post this financing. This gives the company plenty of runway to keep expanding the drill program, while keeping some capital reserved to kick things off the beginning of the next drill season.*

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.

Click here to follow the latest news from Goliath Resources

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Rick Mazur, President and CEO of Forum Energy Metals (TSX.V:FMC – OTCQB:FDCFF), joins us to provide an exploration update on the 8,000 meter diamond drilling program at their 100% owned Aberdeen Uranium Project, in the Thelon Basin, Nunavut. Seventeen holes have been completed, totaling 4,307 meters along the Tatiggaq Fault within the 1.5km by 0.7km Tatiggaq anomaly. A total of 685 samples have been shipped to SRC Laboratories in Saskatoon, Saskatchewan for analysis. Results are expected by the end of September.

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 areas. 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. The drills have moved on to other highly prospective regional areas, like the Ned, Qavvik, and Ayra targets. Rick unpacks the depth of these holes and the kind of mineralization the drills will be testing in the second phase of this year’s drill program.

Rick also recapped a recent tour of Directors to the Aberdeen project and the Kiggavik Core Storage Facility with Forum's Geological Advisor, Dr. Peter Wollenberg, who discovered two of the largest deposits at Kiggavik for Orano, and verified that the uranium mineralization processes on Forum's property are identical to the Kiggavik uranium deposits. Assays from all this drilling should start coming in for release to the market from late September through November.*

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.

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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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins us to provide a comprehensive Q2 financial and operational update from their 4 producing silver-gold mines and 3 processing facilities in central Mexico, where the company saw record revenues. We expand on some of the equipment and personnel changes the company has invested in to continue optimizing future production. We also get into the dual focus of both production growth initiatives as well as lowering costs to generate larger revenues.

Q2 2024 (Three Month Period) Highlights:

Record revenue for the quarter of $20.5M representing a 16% increase over the previous quarter, and a 22% increaseover Q2 2023. Consolidated revenue for the quarter was generated by a realized average price of $28.78 per silver ounce, $2,334 per gold ounce, $0.98 per pound of lead, and $1.29 per pound of zinc.
Positive mine operating income of $947,433. During the quarter, the Company posted its first ever positive income from mining operations.
Positive EBITDA of $2,007,907 represents the first positive EBITDA reported by the Company and demonstrates improving cash flow from mining operations.
EBITDA showed a notable $6.5M improvement from the previous quarter. Adjusted EBITDA* was also positive at $1,916,933 for the quarter.
Production for the quarter of 823,679 silver-equivalent ounces ("AgEq") derived from 398,685 ounces of silver, 4,255 ounces of gold, 806,295 pounds of lead and 1,067,538 pounds of zinc. (See note to table below for details regarding the Company's AgEq calculations). Guanajuato Silver remains a primary silver and gold producer with over 90% of revenues being derived from the sale of precious metals. All lead and zinc production comes exclusively from the Company's Topia mine located in northwest Durango.

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. 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.

We reviewed 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 are encouraged about adding in more contracted 3rd-party material into the mill later in the year and moving forward, but don’t have a definitive start date at this time.

Wrapping up, James discusses how important to the growth initiatives that the addition of Carlos Silva, as the new Chief Operating Officer in 2024 has been, and mentions that the company is still considering other bolt on operations or stockpiles in the greater Guanajuato area of Mexico to process at their facilities. He also points out that in addition to investing in growth that the Company is making significant strides in paying down outstanding debt, and that they will continue to do so in the quarters to come.

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.

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

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David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO – OTC: EMOTF), joins me to provide an update on the exploration and development work being conducted at multiple deposits to advance the polymetallic Iberian West Project (IBW), a new gold discovery at the Nuevo Tintillo Project, and the legal status of acquiring the Aznalcollar development Project, all located in southern Spain.

We start by discussing the ongoing exploration drilling at the IBW Project, which hosts high-grade Zinc-Copper-Lead-Silver-Gold, at 3 main deposits: La Infanta, Romanera, and El Cura. David walks us through how each of these areas is growing, where the focus is with El Cura as potential bigger contributor to the overall project, and how each area plays into the larger development strategy.

Next we moved over to the recent gold discovery at the Nuevo Tintillo Project, where on August 20th the Company announced finding mineralized gossans with high-grade gold assay results being received and interpreted by Emerita to represent underlying massive to semi-massive sulphide mineralization. David believes that further at depth there should be more base metals to compliment the precious metals seen at surface, and they’ll be doing follow-up drilling to test multiple targets.

We wrap up with where things are in the courts in their initiative to be awarded the high-grade polymetallic Aznalcóllar Project, the prior exploration and development work already completed on this prior-producing brownfields site, and that it could be fast-tracked into a development and production scenario, depending on how the legal ruling comes out in 6 months.

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

Click here to follow the latest news from Emerita Resources

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

Goliath Resources (TSX.V:GOT) (OTCQB: GOTRF) announced yesterday that they have hit drill intercepts of the highest concentration of visible gold in their drill core to date at their Surebet Discovery, where 66% of 2024 drill holes have contained visible gold, and 100% of them have hit the desired types of mineralization that carry the gold and copper. In addition, in that same news release, they announced a “New Deep Zone” that is mineralized 1.2kms below surface and remains open, along with a new Blue Origin discovery, and that with their additional capital raise that they are expanding this year’s drill program to 36,000 meters with 8 drill rigs now turning.*
Headwater Gold (CSE: HWG) (OTCQB: HWAUF) announced today the acquisitions of two additional epithermal vein projects, Rock Creek and Hot Creek, in Northern Nevada. Both projects have been acquired through claim staking on open ground managed by the Bureau of Land Management (“BLM”) and are owned 100%.
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.
In full disclosure, Shad is also a shareholder of Goliath Resources at the time of this recording.

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

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Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to unpack the positive Preliminary Economic Assessment (PEA) at its 100% controlled Tonopah West Project, located along the Walker Lane trend, in one of the largest historic silver districts in North America, located on private land in Nye and Esmeralda counties, Nevada; approximately 1 kilometer (km) northwest of Tonopah.

At the base case gold price of $1,900 per ounce and silver price of $23 per ounce, the Project commands an after-tax net present value ("NPV") discounted at 5% of $326-million on a low initial capex of $178-million (including $22-million contingency) with a payback of 2.3 years and an after-tax internal rate of return ("IRR") of 39.2%
At a gold price of $2,280 per ounce and a silver price of $27.60 per ounce (base case +20%), the economic profile of the Project escalates to an after-tax NPV 5% of $495-million and an after-tax IRR of 54.0%.
All-in Sustaining Costs ("AISC") of $11.96 per silver equivalent ounce basis.
Over the approximately 8-year life of mine ("LOM"), production from the mining and processing of approximately 4.1 million diluted tonnes of material containing 75.4 million silver equivalent ("AgEq") ounces (silver/gold ratio of 90/1) which equates to 66.8 payable AgEq ounces.
Recoveries of 96.1% for gold and 88.9% for silver from a 3-stage crushing circuit and processing plant.

We discuss that the updated resource estimate at Tonopah West contains a total of 570,000 ounces of gold and 48.5 million ounces of silver, for a total of 100.04Mozs of silver equivalent. However, some of those resources, including the near 12million ounces of AgEq from the Northwest Step Out deposit, were excluded in this PEA. The Company is working on de-risking an initial 3 years of production and bridging a 1km mineralized strike potential to the NW step-out zone that could bring additional ounces on and into the mine development plan in future economic studies. 3 drills are at site currently engaged in an ongoing 20,000 meter resource expansion and conversion program aimed at further growing the project.

We also review the various project derisking that their team is doing in the background like metallurgical testing and process flowsheet, hydrology studies, environmental studies, permitting, 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 so it is cashed up to do this large drill program and future derisking work.

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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Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSX-V: COSA) (OTCQB: COSAF), joins us to review the news today where the next phase of exploration with a 4,000 meter drill program has commenced at their Ursa Uranium Project in the Athabasca Basin region of Saskatchewan. 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.

Over the past 12 months the team has progressed Ursa from a high upside and severely underexplored project to one that has been strategically advanced by modern geophysics and is ready for more focused drill testing. The objectives of the exploration program are to follow-up the results of winter drilling at the Kodiak target area, follow-up on compelling geochemistry identified in historical drilling at both the Kodiak and Grizzly target areas, along with completing an initial test of Ambient Noise Tomography (ANT) derived target areas. Drilling at the Kodiak target area will follow-up a significant zone of sandstone alteration and structure with geochemical enrichment intersected by 2024 drill hole UR24-03. Drilling at the Grizzly target area will evaluate the down-dip extension of strongly anomalous uranium geochemistry with structure and alteration intersected in multiple historical drill holes.

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. The Company remains fully funded to complete all of their exploration plans for balance of 2024 and into 2025.

If you have any questions for Keith regarding Cosa Resources, then please email them in to us at Shad@kereport.com or Fleck@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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Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT - OTCQB: VLTLF) joins me to provide a comprehensive update on the Company's scale up their Direct Lithium Extraction (DLE) field unit in partnership with an U.S. oil fields operator in the Permian Basin, West Texas. The discussion covers the company's progress, including achieving a production capacity of over 200,000 liters/day (1,250 barrels/day) with the goal of operations commencing by the end of Q3 2024.

Alex elaborates on their ambitious goal to become North America's first lithium producer from oilfield brine and details how they plan to leverage partnerships and modular units to scale operations cost-effectively. Key milestones, such as first lithium production in the field and future scalability, are also highlighted. Alex emphasizes the strategic importance of their partnerships, the potential to reduce operational costs, and plans for long-term growth.

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

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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.

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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 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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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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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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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 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.

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

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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 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.

W 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.

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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Welcome to The KE Report Weekend Show! Another good week for markets and metals (especially god and silver) as both moved higher and ended on highs for the week. The two key areas that are moving down to key levels are the US Dollar and interest rates.

On this Weekend Show we focus on where the best opportunities are in a range of sectors and if the Dollar or rates will bounce. We also get a comprehensive energy market update.

Segment 1 and 2 - Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by sharing his trading strategy for magnificent 7 stocks, equal weight S&P, US Dollar, bonds, and gold. Whether you are a short or long term trader there are a lot of opportunities to make money in these volatile markets.
Click here to visit the In The Know Trader website.
Segment 3 and 4 - Josef Schachter, Editor of The Schachter Energy Report and Eye on Energy Report, wraps up the show by providing an in-depth analysis of the current oil and natural gas markets. He discusses the recent price movements, factors affecting demand, and his forecast for future trends. Additionally, Joseph highlights key investment opportunities in the energy sector, including promising energy stocks and recent M&A activities.
Click here to learn more about The Schachter Energy Report and Josef's Catch The Energy Conference in Calgary on October 19th.

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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 ongoing decline of the US dollar, its correlation with other markets, and potential implications of US Federal Reserve policies, including anticipated rate cuts. We explore how these developments impact sectors like gold, industrial metals, and stocks, as well as the performance of global currencies such as the Euro and Sterling.

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

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins us to review that the first 8 drill holes into the Surebet Discovery and the first 4 drill holes into the new Treasure Island VMS target have all hit significant mineralization; at the Golddigger Property, located in the Golden Triangle, British Columbia.

We kick things off with Roger outlining that 100% of the first 8 holes drilled into the Surbet Discovery during the 2024 drill season have intercepted continuous strong mineralization in the targeted veins. Abundant Visible Gold up to 1.30 mm in size has been identified in multiple intervals in 6 out of the first 8 holes of 2024, corresponding to 75% of the holes drilled thus far. The majority being hosted further downhole within the volcanics, and gold mineralization remains open in all directions, and he mentions that the different intrusive-style mineralization suggests the drilling has tapped into the heat engine source of the gold mineralizing system at the Surebet Discovery. Thus far the exploration team has already drilled 18,000 meters in this area, pushing the program beyond the initial 15,000 meters planned for this year.

Next we pivoted up to the Cambria Ice Fields, where the first four holes at the Treasure Island 550 x 450 Meter VMS mineralization type target all hit abundant sulphide mineralization, including Up To 9.8 meters of quartz, stockwork and breccia hosting massive chalcopyrite & pyrite. This appears to be a well-endowed mineralized area prospective for both copper and gold, and there have been 3,500 meters drilled here, also eclipsing the 1,600 meters initially planned for this area. We ask about the optionality here to potentially spin this out as another project if the Cambria Ice Fields in the north starts building up significance separate from the Surebet Discovery to the south.

Wrapping up we have Roger outline for us through the capital management and financial health of the company, after just having brought on a new strategic investor via a Singapore Based Global Commodity Group along with other high-net-worth investors totaling $5,406,080 in the first tranche. The second tranche up to a total of $6,500,000 is expected to close early September 2024. This gives the company plenty of runway to keep expanding the drill program, while keeping some capital reserved to kick things off the beginning of the next drill season.*

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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Chad Peters, President and CEO of Ridgeline Minerals (TSX.V:RDG – OTCQB:RDGMF), joins us to unpack the details of the Selena Project being optioned to South32, as well as updates at the Swift, Black Ridge, and Big Blue Projects, all located in Nevada.

We start off having Chad outline the recently announced transaction with South32 Limited, pursuant to which they can acquire up to an 80% interest in Ridgeline's Selena carbonate replacement deposit ("CRD"). South32 pay Ridgeline a US$100,000 execution payment and fund a minimum of US$10.0 million (of which US$2.0 million is guaranteed) in qualifying exploration expenditures on the Project over an initial five-year term. Following this, South32 will have a further option to increase its ownership interest in the Project to a total of 80% by incurring an additional US$10.0 million in expenditures for an aggregate spend of US$20.0 million. Ridgeline will remain operator of the Project during the Initial Phase 1 Earn-in Option period. We discussed the work program anticipated over the next year at Selena.

Next we shifted over to reviewing the work programs at both the Swift and Black Ridge projects, in option earn-in agreements with Nevada Gold Mines. There will be a few deep drill holes drilled at the Swift Project this year by Nevada Gold Mines, searching for large Carlin-style deposits, and then earlier-stage ground work at Black Ridge, gearing up for a drill program next year.

We wrap up by reviewing the exploration plans for the 100% owned Big Blue Porphyry Project, where Chad would like to drill it this year, providing the capital can be raised at the right time and market conditions. Additionally, at the Bell Creek project, their team is looking to use it as more of a optionality non-core bargaining chip in their solid relationship with Nevada Gold Mines, due to the proximity of that land to their current operations.

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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Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF) joins me this week to focus on the Thermal-XR and graphene lubricants divisions of the Company.

Craig provides a detailed breakdown of the process to obtain EPA approval for Thermal-XR in the US, including an overview of the re-submission for the Environmental Protection Agency (EPA), the testing updates, and the broader implications. We also discuss the Company's advancements from product testing to manufacturing testing, highlighting various global testing sites such as truck and train manufacturers, data centers, industrial facilities, LNG facilities and more.

Additionally, Craig talks about their expansive market reach into regions like China, Europe, and Asia, and how these initiatives could lead to significant revenue. We answer a lot of the questions you have all sent in. Please keep emailing me your questions to Fleck@kereport.com.

Click here to visit the GMG website to learn more about the Company,

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Alexandria Woodyer Sherron, President and CEO of Empress Royalty (TSX.V:EMPR - OTCQX:EMPYF) joins us to provide an update on the Company’s 4 producing royalties and streams and outline the growth forecasts, both organic and through future creation of royalties and streams.

Empress Royalty has expanded its portfolio from three to four key revenue-generating assets over the past year and a half, including a significant $5 million investment in the Galaxy project in South Africa. We also discuss the Company's now paying silver stream on the Tahuehueto Project, operated by Luca Mining.

She talks about restructuring the debt facility with Nebari Natural Resources Credit Fund I LP and the anticipated revenue growth, forecasting around $6 million by the end of 2024. The discussion also covers Empress Royalty’s global approach to project financing, particularly in often-overlooked jurisdictions and the strategy to operate with smaller investment sizes to assist companies from development to production.

Click here to visit the Empress Royalty website and learn more about the Company.

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Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins me to update our listeners on 2 companies where he is heavily positioned in his portfolio and that have had significant newsflow in the recent past towards development of their projects.

We start off getting an update on the recent site visit he just attended up to Sudbury, Canada to visit the Crean Hill Project for Magna Mining (TSX.V: NICU) (OTCQB: MGMNF). He discussed their bulk sample initiative to process ore at Glencore’s nearby facility, and generate some revenue, and some of the nickel, copper, palladium, and platinum mineralization in the 109 FW Zone. We also reviewed that the company has another processing agreement for the 101, 105 and main zone with Vale. Additionally, we discussed the value of the Shakespeare deposit for down the road, and that the company is still working on an accretive acquisition to bolt on from non-core projects from the nearby majors.

Next we got a Doc Jones deep dive into all the newsflow out of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), at the IBW Project, and continued encouraging polymetallic drill results where multiple target areas are still expanding in mineralization. He also outlined a successful capital raise in a very difficult market, and that the pending legal proceedings on the Aznalcollar zinc-lead-silver Project are now only 6 months away, as another potential value driver.

Click here to follow Doc Jones on Ceo.ca

Click here to follow Doc Jones on X/Twitter

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Brian Leni, Editor of The Junior Stock Review joins me to share some recent research he’s been doing into high-grade copper assets and discuss a recent gold stock recommendation he has shared with his subscribers.

These smaller copper projects offer higher grades and lower CapEx compared to the more well-known, large-scale copper deposits. Brian highlights Agnico Eagle's recent investment in a high-grade VMS deposit in Saskatchewan, showcasing a trend where senior gold miners are diversifying into high-grade copper assets in safe jurisdictions like Canada. We also touch on what qualifies as high-grade copper, discussing the percentages that classify a project as high-grade and emphasizing the potential in regions like Chibougamau in North Central Quebec.

Following this, Brian shares his recent stock recommendation, Thesis Gold.

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

Click here to watch the latest Field Notes video.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review 2 junior gold exploration resource stocks that have his attention based on recent new and the value proposition he believes they offer investors at present.

We start off reviewing Altamira Gold Corp. (TSXV: ALTA) (OTC: EQTRF) and their announcement yesterday about the newly discovered outcrops of porphyritic rocks within the Cajueiro project area. Initial follow-up of these target areas has identified new outcrops of highly altered and brecciated porphyritic intrusive rock 1.6 kilometres to the east of the Maria Bonita target where recent drilling intersected 146m @ 1g/t gold. The area displays extensive sericitic alteration and shows the characteristic quartz veining seen in the mineralized porphyritic host rock at Maria Bonita.

Next we discussed Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) and their news announcement this morning they they have entered into an earn-in agreement dated August 21, 2024 with a wholly-owned subsidiary of South32 Limited, pursuant to which South32 can acquire up to an 80% interest in Ridgeline's Selena carbonate replacement deposit ("CRD") project. We also discuss that they have Nevada Gold Mines as earn-in partners at Swift and Black Ridge, while retaining 100% ownership of Big Blue.

*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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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 – OTCQB: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 operations we discussed the 20,000 meters drilled in the first half the year, with about the same amount planned for the second 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.

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John Miniotis, President and CEO 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 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.

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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 deposit in 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.
- $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.

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 intercepts returned from the Main Austin Zone and McVeigh Zone. 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 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.

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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Welcome to The KE Report Weekend Show! Another eventful week in the markets, starting with a big global market dop on Monday that was bought back throughout the week. Amazingly the major averages in the US closed the week pretty much where they ended last week. The most important question being, are we at the start of the bear market or was Monday simply a great time to buy the dip?

We get that question answered for you on this weekend's show!

Segment 1 and 2 - Mike Larson, Editor-In-Chief at MoneyShow kicks off the show discussing the dramatic shifts in the Japanese markets, market reactions to U.S. Federal Reserve decisions, and the broader implications for global financial markets. Mike provides insights into both the immediate and long-term perspectives, including his 'Five-Point Checklist' that would signal a bearish market. The theme of rotation remains so we focus on the areas Mike sees as the best opportunities for investors.
Click here to find out about the upcoming MoneyShow conferences.
Segment 3 and 4 - Axel Merk, CIO Merk Investments shares insights on market corrections, the role of the Federal Reserve, comparisons to the dot-com bubble, and the impact of volatility in various sectors, including tech and precious metals. We also discuss the future of gold and silver stocks, potential Federal Reserve rate cuts, and other defensive investment strategies.
Click here to learn more about Merk Investments.

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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 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 also 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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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for an expanded conversation into the multiple macroeconomic factors behind the recent market volatility in US equities and commodities. He points to rate-sensitive sectors like gold, utilities, and real estate as sectors that benefit from upcoming Fed rate cuts, and then consumer staples companies as additional safe havens. We also discuss MineHub Technologies and the weakness in the uranium equities later in the discussion.

We start off discussing how there isn’t one convenient factor at play to explain it, even though the market likes simple narratives. While the Japanese Yen carry trade unwinding has been a factor for investors liquidating US assets where they had borrowed in the Yen, as that currency has been rising and investors get out of that trade, there are many other factors at play. Nick outlines that some earnings reports were an issue, there were share buyback blackouts, Warren Buffet was selling Apple stock, and there was disinflation in some asset classes. There has also been some weakening economic data, but Nick points out that we are not in a recession when the GDP just came in at 2.8% and real estate is picking up, and so there are mixed good and bad data points, leading into more of a stagflation backdrop at this point. Regardless, the Fed will begin rate cuts in September, and interest rate sensitive sectors will continue to benefit from these market expectations.

We shift gears and also get into how technology will be applied to the mining sector, and Nick highlights MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) as a digital platform to harness big data, provide confirmation of where ore is sourced that plays into their investing needs and ESG preferences of many institutional investors. Nick believes that this kind of transparency in the mining industry may drive in more generalist funds into the sector.

Wrapping up we get Nick’s thoughts on the strong corrective move down in the uranium equities for the last couple of months. We discuss how the uranium price has stabilized, and that the fundamentals for nuclear power are still very robust, but that the weakness in the equities has caused many new funds to exit positions. Nick has reduced some individual company exposure to focus on the uranium mining ETFs, until there is more clarity on a rebound in the sector.

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 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 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 o 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

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. We also explore 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.

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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 where those prices may go

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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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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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.

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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.

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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.

Click here to follow Robert on X/Twitter

https://www.youtube.com/@GoldfingerCapital/videos

Follow Robert’s analysis on Substack

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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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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.

** Click here to see the YouTube Video of this discussion for the visuals

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 the latest news from Troilus Gold

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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

Click here to learn more about Resource Trader

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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 me @ 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, 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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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.

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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 in-the-money warrants have been starting to get exercised by investors, almost like a no-fee financing, 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 view the graphics on the YouTube version of this interview

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 strictlying 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 investment services.

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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.
Drill 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.
Drill 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, GSXJ 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.

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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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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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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.

Click here to visit the Aztec Minerals website.

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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.

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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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Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the first set of drilling results from its 2024 exploration program at the Douta Gold Project, Senegal. This is the next project being moved down the development pathway for the Company to be mine number 2, building upon their flagship producing Segilola Gold Mine, in Nigeria. The Douta Gold Project encompasses the Makosa gold deposit which currently comprises a total resource of approximately 1.78 million ounces of gold in all categories.

In the recent news announced on June 26th, this drilling program has focused on the extensions to Makosa East, which runs parallel to the main Makosa mineralised trend, with the priority being to increase the oxide component of the existing resource. Segun discusses what increasing this overall oxide component could mean as all of this ongoing drilling and additional data feeds into an updated resource estimate and Pre-Feasibility Study later this year. Also much of the drilling has identified these mineralized zones in fairly shallow 60-80 meter true depth, making it very amenable to open pit mining, where he eluded to it being almost a “free dig” scenario if the decision is made to proceed with development.

The assay results from the drilling completed to date include the following highlights:

Drillhole DTRC941 - 24 metres ("m") at 3.53 g/t Au from 0m
Drillhole DTDD920 - 12m at 1.40 g/t Au from 33m
Drillhole DTDD921 - 9m at 2.74 g/t Au from 15m
Drillhole DTRC936 - 8m at 1.13 g/t Au from 16m

If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com , and we’ll get those submitted to management or discussed in future interviews.

In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

Click here to read over the recent news out of the Company.

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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 the virtual webinar with Sean at the Money Show

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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 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.

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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’s PreMarket 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.

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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.

Click here to see the accompanying images on the KE Report site

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 just 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 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

https://robertsinn.substack.com/

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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.

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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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This is the audio only from the recent Stock Talk episode. To watch the video where Quinton and I review the slide deck of each company click here.

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.

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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.

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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. 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 Madden 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 along with 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.

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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, crude, and 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 out of 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 Caserones, 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.

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.

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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.

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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 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.

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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This 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 joins 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 strategic management approaches of these firms

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.

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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 Saturday June 1st, and information can be found here for attending the event:

https://jayantbhandari.com/capitalism-morality-2024/

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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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.

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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

https://twitter.com/GoldDiscovery1

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.

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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.

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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.

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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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 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 Nichol, President and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF) joins me to answer a wide range of questions that you all 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, join us to outline why he thinks a market crash and recession are on the horizon. This makes the precious metals a more attractive investment to John.

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 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!

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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 follow along with the latest news from Standard Uranium

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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.

Follow Nick's analysis and publications 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.

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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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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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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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 be 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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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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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 million in 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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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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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.

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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 from 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.

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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.

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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.

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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 fact 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. 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 atthe 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 latest news at 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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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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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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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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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins us to the key milestones of 2023, the exploration results still to release from last year’s field program, the work strategy developing for 2024, and the raising of their ownership stake to 80% with their flagship Hope Brook Project, located in southwestern Newfoundland.

We start off getting an update on the exploration work last year at the Hope Brook Project, which completed 39 line-km of MAG and 29 line-km of IP geophysics at Hope Brook, Woodman's Droke and Old Man's Pond, and evaluated various epithermal targets to the southwest. Their exploration team collected over 500 samples including 102 channel, and followed up on soil and Drone Magnetometer surveys MAG at the Baie Verta properties. Some of the results from this exploration will be released to the markets in the near future.

We also discussed the acquisition of Gold Island Inc, adding in options on three high quality gold exploration assets from Gold Island in the Baie Verte area. This transaction also added in approximately CAD$3.8 million in working capital (primarily cash), several supportive, long-term shareholders, and strengthened the Company's Board of Directors and exploration teams with the appointments of Paul Pint and Paul Robinson, PhD., PGeo, respectively.

Next we had Mike outline the Global Mineral Resource Estimate in 2023, coming in at 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, which was a 43% increase in total Indicated ounces and 110% increase in total inferred ounces compared to the April 2021 Mineral Resource Estimate. We also had him address the current valuation they are received for these gold ounces in the ground, and why there is potential for a rerating just get the valuation more in line with peer deposits.

We wrap up having Mike share some of the exploration goals and priorities for the upcoming 2024 exploration season, and highlighting the key milestone of earning in to 80% of the project ownership up through present.

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.

Click here to follow the latest news at Big Ridge Gold

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Rick Bensignor, President of Bensignor Investment Strategies joins us to share his trading strategies and outlook for oil, gold, gold stocks and key sectors within the US markets.

Rick is one of our most accurate market commentators. He has multiple investment letters, depending on your investing time frame, all of which staying diversified in the sectors that are in up trends.

Since commodities have been in some of the strongest up trends since March we focus on the levels Rick is watching on the upside and downside. There are some other sectors within the markets that Rick notes he is invested in.

Click here to visit the In The Know Trader website to learn more about his investment letters.

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Welcome to The KE Report Weekend Show! This week was dominated by geopolitical news out of the mid-east. We covered the day to day moves in Daily Editorials so on this Weekend's Show we stick to the larger trends in place for commodities and commodity stocks.

Commodities have drastically outperformed markets this month. How long will it continue? How much more money will rotate into commodities and when will it filter to the junior stocks? We ask all these questions in this Weekend's Show!

Segment 1 and 2 - Matt Geiger, Managing Partner at MJG Capital kicks off the show by sharing his thoughts on the gold and copper prices. We discuss how Matt is viewing private placement opportunities, how he thinks junior companies will fund work programs for this year, and what stocks are set up best to play catch up to the gold price... Click here to learn more about MJG Capital and the resource fund that Matt runs.

Segment 3 and 4 - Dan Steffens, President of the Energy Prospectus Group wraps up the show with a focus on the oil and natural gas sectors. We cover the key drivers of price and Dan shares 2 stocks in his small-cap growth portfolio; Riley Exploration Permian and Surge Energy. We also have Dan outline an upcoming luncheon in Houston he is hosting featuring InPlay Oil. If you want more information on the luncheon please email energyprospecus@gmail.com... Click here to learn more about the Energy Prospectus Group.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF), joins me to review the record Q4 and record full year 2023 financial metrics, along with a number of royalty partner updates, and the 2024 guidance and acquisition strategy with the optionality from being cashed up, cash-flowing, and evaluating at an opportunistic range of mid-tier deal flow.

Full Year 2023 Highlights:

Record revenue of US$11.7 million and record adjusted revenue1 of US$17.9 million, up 69% on 2022
Record Gold Equivalent Ounces ("GEOs") of 9,122 ounces, up 56% on 2022
Record Operating Cash Flow plus Caserones dividends of US$6.1 million, up 894% on 2022, and record adjusted EBITDA1 of US$9.8 million, up 47% on 2022
US$20 million of accretive royalty acquisitions

Fourth Quarter 2023 Highlights:

Record Q4 revenue of US$4.0 million and record adjusted revenue of US$5.6 million, up 101% on Q4 2022
Record Q4 attributable GEOs of 2,843 ounces, up 75% on Q4 2022
Record Operating Cash Flow plus Caserones dividends of US$2.2 million, compared with a loss in Q4 2022, and record Q4 adjusted EBITDA1 of US$2.8 million, up 175% on Q4 2022
Maiden quarterly net profit of US$2.2 million, compared with a US$11.5 million loss in Q4 2022

2024 Outlook

Record guidance of 10,000 to 11,700 GEOs, representing at its midpoint a 19% increase on 2023 and top-line exposure to gold and copper prices
Significantly lower G&A expenditure following asset sales, which are also expected to generate milestone payments placing the company in a position to generate material cash flow
Repaid US$5 million debt in Q1 2024, leaving a strong balance sheet for royalty acquisitions with US$25 million undrawn on the credit facility and approximately US$10 million of cash as of April 16, 2024

Fred and I review a number of royalty projects and partner updates from operators on both the production and development side, as well as noting some of the prior year’s accretive options on projects to generate new royalties. We wrap up reviewing how these prior transactions and future acquisition potential tie into their corporate vision and strategy, and give them strong optionality; only further enhanced by rising gold and copper prices.

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 various geopolitical and financial factors that are driving more investor interest out of traditional equities and high-flying tech stocks, and into hard assets like gold, silver, and the commodities. We review some of the recent technical levels hit in gold, and what pricing areas Dave is watching for as support and resistance. Despite how well the gold price has done, this hasn’t translated over into the kind of leverage in the gold stocks that many investors expected, and so we review some of the reasons that have held these PM equities back.

Silver has also done well lately, along with copper, oil, and many commodities, and while some of the more senior producers have had some investor inflows, we have not seen that filter down into many of the juniors yet. Dave outlines that it is critical to see silver break above $30, while the gold:silver ratio breaks below 80 to bring the animal spirits back into the more speculative portion of the precious metals stocks.

Click here to visit Dave’s site – The Junior Mining Junky.

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Jeff Christian, Managing Partner at the CPM Group joins us to share his insights on the investment demand for gold and silver.

As much as we have heard of central bank buying out of China and other eastern countries, Jeff points out that we have seen a broadening of demand from other investors. Even the western investors are starting to show interest in the metals

As for Silver, we discuss recent comments that the world is running out of silver and if industrial demand is driving recent price moves.

Click here to visit the CPM Group website to keep up to date with

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Zach Flood, CEO and President of Kenorland Minerals ("Kenorland" or the "Company") (TSX.V:KLD - OTCQX:KLDCF - FSE:3WQ0) joins me to provide an overview of the 2024 exploration programs across the Company's portfolio of projects. $24million is foretasted in exploration expenditures with an estimated $19million being financed by partners. The partners include Sumitomo Metal Mining Canada Ltd. (“Sumitomo”), Newmont Corporation (“Newmont”) and Centerra Gold Inc. (“Centerra”). The projects are located in Quebec, Ontario, Manitoba, Saskatchewan, British Columbia, and Alaska.

I have Zach outline the larger work programs at the more advanced projects first. We then discuss some of the recent results and the projects that have been build up by Kenorland that could be next in line for JV or partners. There are a lot of projects held by Kenorland.

For a more detailed overview of the work ongoing and planned at the projects click here to read over the April 17th news release.

Please send me any follow up questions for Zach to Fleck@kereport.com.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss the continued wave of merger and acquisition transactions we’ve seen during the lower sentiment period in the gold stocks, and which companies could be next. We review a number of transactions where the larger producers are taking over the advanced explorers and developers with defined ounces in the ground as well as the smaller producers with exploration upside. Additionally, we are getting messaging from high net worth activist investors and senior miners taking strategic stakes in the junior precious metals explorers, that now is the time be positioning in quality projects for future development.

Erik highlights 2 junior gold explorers that he feels are starting to define the ounces and build out the kind of district scale mineralized trends that could attract some of the larger producers to potentially acquire these projects down the road. He lays out the value proposition he sees developing in both First Nordic Metals (TSXV: FNM) (OTCQB: FNMCF) and Red Pine Exploration (TSXV: RPX, OTCQB: RDEXF). *

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

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins me to review the Q1 2024 operations at the Segilola Gold Mine, and provides a gold exploration update for Segilola, the new Thor Lithium claims in Nigeria, and increased land and exploration at the Douta Project in Senegal.

Segilola Q1 2024 Operational Highlights

Gold production of 19,589 ounces ("oz")
Gold produced from 235,900 tonnes milled at an improved average grade of 2.85 grammes per tonne ("g/t") of gold ("Au")
Mine production of 465,895 tonnes at an improved average grade of 2.07g/t of Au for 30,997oz
Ore stockpile increased by 9,543oz to 29,265oz of Au at a grade of 1.05g/t of Au which includes a high-grade stockpile of 6,116oz of Au at a grade of 4.10g/t of Au
Successfully upgraded and commissioned three additional CIL tanks in the process plant with drawdown of excess gold in circuit successfully commenced in March 2024
Additional near mine drilling targets delineated with drilling having commenced in April 2024
Payment of US$8.2 million towards the outstanding senior debt facility

At Segilola, the focus of exploration activities has been within a 25km radius from the mining operations, utilizing reverse circulation (RC) drilling, stream sediment sampling, and grid auger sampling. There are several potential satellite pit areas that can augment production extending mine life, and there will be more updates as drill results keep coming back in. Additionally, in 2024, the exploration team will also be exploring at dept under the pit, following high-grade shoots, and the potential for underground mining. There is 5,000 meters of drilling planned for the next phase of exploration at Segilola, as well as 4,000 meters of drilling planned for the Nigeria Lithium tenements with newsflow to follow later this year.

At the Douta Project, the Company recently made an acquisition of additional land interests in two licenses. This move capitalizes on the company's progress in advancing the grassroots Douta gold project to over 1.7 million ounces of gold in global resources. There is also ongoing environmental and social permitting, metallurgical test work, geo-technical studies, and definition drilling underway to feed into the work needed for the Preliminary Feasibility Study (PFS) slated for delivery to the market in 2024. Additionally, there will be 5,000 meters of additional drilling at both the Makosa Main, Makosa Tail, and the new Makosa West targets, focused on defining more near-surface oxide resources.

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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Axel Merk, President and CIO of Merk Investments and Manager of the ASA Precious Metals Fund joins us to discuss the activist investor going after the ASA Fund and how this relates to the funding environment for junior resource stocks. We have heard for years how difficult it has been for junior companies to raise money. Major miners have consolidated and are focused on disposing of assets rather than acquiring juniors, exchanges have made it tougher for investors outside of Canada to fund companies, and costs continue to rise. All of of these factors build on themselves and put pressure on junior companies to do the work needed to discovery and grow assets.

Axel shares his insights on where money could come from and what he focuses on when investing and funding junior exploration companies.

Click here to visit the ASA website to learn more about the fund.

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James Sykes, President and CEO of Baselode Energy (TSX.V:FIND – OTC:BSENF) joins me for an exploration update from the Catharsis Uranium Project, Hook Uranium Project and Ackio Target, and the Bear Uranium Project; all in the Athabasca Basin, of Saskatchewan. We start off reviewing the unique “Athabasca 2.0” geological approach to exploration in areas along known mineralized trends, which have had limited to no drilling previously.

Next we focus on the recent drill assays returned from Catharsis with 11 drill holes completed for 2,837 meters covering six different target areas, and where follow-up drilling will be focused. Then we reviewed the 7,500 meters of drilling from last year at the Hook Uranium Project, focused at the Akio Target around Pod 7 and Pod 4, and James outlined that there are 12,000 meters planned for follow-up in 2024 drilling. Additionally, there are 4,000 meters planned for regionally focused drilling on making a new uranium discovery across the Hook Project land package. Wrapping up we looked ahead to the inaugural 1,500 meter drill program at the Bear Project that starts in the next few weeks. There will be lots of drilling news over the course of 2024.

If you have any follow up questions for James regarding Baselode Energy please email me at Shad@kereport.com.

Click here to get the latest news on Baselode Energy

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to review both the assay results from the 2023 drill program at the La Plata Copper Project in Colorado; and the inaugural resource at the Keno Silver Project in the Yukon.

We lead off discussing the recent news unpacking the 2023 exploration results at that La Plata Copper-Silver Project that was funded by a May 2023, 9.5% strategic equity investment by Newmont Corporation. In the 4 drill holes over 4,530 meters there were the dual objectives of expanding on the 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and defining the controls to higher-grade mineralization as seen in drill hole LAP22-04. As announced in February 2023, LAP22-04 was a continuously mineralized discovery drill hole that intercepted 816 m grading 0.41% recovered copper equivalent ("CuEq"), with significant widths exceeding 0.5% to 0.7% Cu. The intersection also included higher grade zones exceeding 1% Cu with precious metals grades of up to 11.5 g/t Au+PGE and 47 g/t Ag.

Scott outlined that the 4 holes drilled by the exploration team 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 in 2024.

For the balance of the interview, we pivoted over to the inaugural resource at the Keno Silver project, initially announced Feb 26th, which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake), which is a major milestone for the project. The 171 km Keno Silver Project, neighboring Hecla Mining's current Keno Hill operations, has very clear opportunities to grow the 2024 Resource Estimate quickly and efficiently with additional drilling, while continuing to advance early-stage targets to new discoveries. The Formo target was the highest-grade and largest contributor to the inaugural NI-43-101 mineral resource estimate for the Keno Silver project, and there are opportunities for drilling at depth and along strike to add significant resources in this area, as well as the other 3 key project areas used in this resource.

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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Mike Larson, Editor-In Chief at MoneyShow joins us to discuss the recent weakness in US markets and the continued strength of commodities. Rotation has been a key theme in markets over the past 3 years and now the commodities are seeing money flow in. We ask how much longer this bull run could last. We focus on gold, copper and energy sectors as well as cryptocurrencies.

Click here to visit the MoneyShow website to learn more about the upcoming conferences.

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James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins us to provide a comprehensive operational and financial update from their 4 producing silver-gold mines and 3 processing facilities in central Mexico.

James highlighted the consistent quarter over quarter growth in the Company since beginning operations in 2021, with the exception of the tough 3rd quarter of 2023, and their strategy to get production ramped back up since then in Q4 of last year and Q1 of this year, in addition to bringing down costs in a meaningful way. 2023 saw record production of 3.5 million silver-equivalent ounces ("AgEq") representing a 64% increase over 2022; where total AgEq ounces are derived from 1,756,911 ounces of silver, 16,987 ounces of gold, 3,555,466 pounds of lead and 3,868,262 pounds of zinc. There were also record revenues for 2023 of $66.1M representing a 79% increase over 2022.

We discussed the investment back into the 4 operating mines, which took cash costs to $18.22 per AgEq ounce, and all-in sustaining costs (AISC) to $22.91 per AgEq ounce. These costs reflected higher capital expenditures during the year as the Company made significant investments designed to improve efficiencies across all operations. James also outlined the further mill enhancements that they’d like to add at 2 mines, and the focused company strategy the last couple quarters that has paid off at raising the grades at their El Cubo Mine. These improvements in efficiencies, paired with a higher silver price, help set the company up for even more growth in 2024.

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.

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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Shaun Usmar, Founder, CEO, and Director of Triple Flag Precious Metals (TSX: TFPM) (NYSE: TFPM), joins us for an update on operations growth and royalty partners updates. Of their 234 total royalties and streams, there are 32 paying assets in production, 41 assets in development, and 161 assets at the exploration stage. We start off reviewing how the company has continued growing and diversifying since our conversation early last year, right after their acquisition of Maverix Metals (NYSE: MMX), and how they are approaching future accretive acquisitions and creating royalties with mining partners.

Shaun outlines that their portfolio achieved the seventh consecutive annual gold equivalent ounces (GEOs) record for Triple Flag and a compound annual growth rate in GEOs of more than 20% since 2017, while delivering 105,087 GEOs meeting their sales guidance for 2023. In 2024, the Company expects attributable royalty revenue and stream sales of 105,000 to 115,000 GEOs, and they are targeting a 5-year average moving forward of approximately 140,000 gold equivalent ounces from 2025 – 2029. Triple Flag PMs renewed their quarterly dividend of US$0.0525 per common share, and also renewed their normal course issuer bid to continue purchasing back shares of the Company.

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 mines, or the cash-flowing producing royalties from Fosterville, Young-Davidson, RBPlat, Buritica, Beta Hunt, Camino Rojo, assets with a clear focus on precious metals in the Americas and Australia.

In addition to the strength of the operators for the 32 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 extensive pipeline of growth projects including Hope Bay, Eskay Creek and Koné continued to advance down the development path.

If you have any questions for Shaun regarding Triple Flag, then please email us at either Shad@kereport.com or Fleck@kereport.com.

Click here to access company news for Triple Flag

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Thank you all for sending me your questions recently for the management team at Contango Ore ("Contango" or the "Company") (NYSE-A:CTGO). Understandably a lot of investors are focused on the development progress at the Manh Choh Project in Alaska. Contango holds a 30% interest with Kinross controlling the remaining 70% and operating the mine. The ore is being shipped for processing at Kinross's Fort Knox Mine.

Rick Van Nieuwenhuyse, President and CEO of Contango joins us to provide an update on the development progress at Manh Choh and answer your questions. We start by recapping the current development and timeline to first gold pour. We also ask about the amount of hedged gold and the Company's financial position and ability to cover costs up to initial cash-flow.

Regarding future growth, post cash-flow, Rick outlines exploration around the Manh Choh deposit and work plans at the Company's Lucky Shot Project, also in Alaska.

Please keep sending me your questions to Fleck@kereport.com.

Click here to visit the Contango Ore website to learn more about the Company.

Upcoming live events! April 18th

Novo Resources webinar – 9:30am PT – Exploration overview – Click here to register!
Snowline Gold webinar – 12:30pm PT – Focus on the Valley Discovery in the Yukon – Click here to register!

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Christopher Aaron, Founder of iGold Advisor and Senior Editor at the Gold Eagle website, joins us to review his medium-term technical outlook on gold, the Dow:Gold ratio, silver, and the precious metals stocks. He is constructive based on the progress on the charts, but has some concerns over the next few months, as he sees a growing potential for a correction in the US equity markets that could take most sectors down. We review what he is watching as the Dow:Gold ratio continues to flatten out. In the near-term, he is expecting a little more upside in the PMs, followed by corrective move to let things cool down, before the next big impulse leg higher.

Christopher points out that on a historical basis, every time gold has broken out to new highs, it has back-tested the breakout pricing level, before moving even higher once again. Mining stocks tend to outperform in the later moves in precious metals bull markets, after the back-test of the breakout levels has occurred. We also look at the pricing action in silver, and GDX in relation to gold and in contrast to other prior bullish runs.

Click here to visit the iGold Advisor website to keep up with Christopher’s market commentary.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us for a nuanced discussion on why we’ve seen such volatility in the precious metals sector from the end of last week into this week. We cover a lot of ground getting into technical resistance and support levels in gold and silver, the massive volume in futures contracts last Friday, geopolitical concerns, pricing levels being painted to manage market expectations, and the confusion seen in main stream financial media around the recent rally in the PMs.

We also touch upon the breakout in across the commodities sector, with rallies in oil and copper and their related stocks, indicating the shifting narrative on the Fed rate cuts and the health of the US economy. Despite an uptick in interest in the PM mining stocks, they are still underperforming the moves in the underlying commodity, compared to other resource stocks like the oil and copper stocks.

Wrapping up, Craig looks ahead to the key economic data that will be moving the markets, and also reiterates keeping an eye on the general US equities for any more potential weakness, that could spill over into the commodities sector.

Click here to visit Craig’s site – TF Metals Report.

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john Rubino (follow John's Substack here) joins us to discuss the balance between geopolitics vs other market factors driving gold, oil and the broad averages.

With war escalating in the middle east over the weekend we note the initial muted moves in markets and metals. The market has started to breakdown in the later part of the trading day. We focus on other parts of the markets, higher US Dollar, interest rates and lower rate cut expectations.

John shares his thoughts on where gold stocks are going and the types of exploration stocks he is focused on.

Upcoming live events! April 18th

Novo Resources webinar - 9:30am PT - Exploration overview - Click here to register!
Snowline Gold webinar - 12:30pm PT - Focus on the Valley Discovery in the Yukon - Click here to register!

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Sitka Gold ("Sitka" or the "Company") (TSX.V:SIG - OTCQB:SITF - FRE:1RF) recently reported the start of drilling (on March 5th) the Company's RC Gold Project, in the Yukon, and visible gold in the first two drill holes (March 28 and April 9th). The Company also provided an update, on March 14th, for the Company's other projects in Nevada, Nunavut and Arizona.

Mike Burke, Director and VP of Corporate Development at Sitka joins me to outline the resource expansion goals of the current drill program at the RC Project. I have Mike explain where the initial two holes were drilled, which intersected visible gold. Mike then outlines the plans at the other projects; Alpha Gold (drill results just released), Coppermine River and Burro Creek.

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

Click here to visit the Sitka Gold website to read over the recent news.

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Welcome to The KE Report Weekend Show! We are sticking to market commentary focused on gold, silver, copper and energy stocks. All are in strong uptrends for over a month and some of the stocks have been breaking to all time highs. Our guests share the areas and stocks they are investing in!

We hope you all enjoy this Weekend's Show! Please go back to the website (https://www.kereport.com), Podcast (The KE Report), and YouTube channel (The KE Report) to listen to all our market commentary and company interviews.

Segment 1 and 2 - Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office kicks off the show by sharing his trading strategy for gold, silver and copper stocks. We discuss large cap stocks down to the juniors all through the lens of were Nick sees the best upside potential.
- Click here to visit the Digest Publishing website to keep up to date with Nick's recommendations.
Segment 3 and 4 - Josef Schachter, Founder and Editor of The Schachter Energy Report wraps up the show discussing the oil price breakout, natural gas price outlook and what he is recommending to his subscribers in terms of energy stocks. He shares a lot of information on actual stocks he likes and when he is planning on issuing buy recommendations.
- Click here to learn more about the Schachter Energy Report.

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Dave Erfle, Editor of The Junior Miner Junky, joins us to discuss the pullback in precious metals prices on Friday, but after gold, silver, GDX, and GDXJ have been breaking higher for the last 6 weeks. On the charts pricing ran into key resistance levels earlier on in Friday’s trading session, and then pulled back to end the week. We discussed the Fibonacci extension level that was nearly tagged in gold for resistance, and that Silver ran into that stiff longer-term resistance right below $30. GDX and GDXJ still closed up near 52-week highs, but falling a bit during the trading session, after getting to overbought levels. We discuss that it is a bullish signal overall to see all these charts hit overbought levels, and that a consolidation of these big moves higher is healthy and expected.

Shifting over to the gold and silver mining stocks, we discuss the changes in volume recently, and that its been encouraging that even some of the smaller juniors have got a bid over the last few weeks. We consider that there has been some M&A in the sector, but we need to see more companies rolled up into larger companies of scale to attract more generalist interest. We also looked at how margin expansion and moderating costs may start showing up in future quarterly reports as another driver that may bring more new investors into the PM stocks. Wrapping up Dave discusses what types of companies he has positioned in for this bull market, and few portfolio adjustments he plans to make as things keep developing.

Click here to visit Dave’s site – The Junior Mining Junky.

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Joel Elconin, co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us for a week ending market commentary where we are seeing many market reversal throughout the trading day. We look at the S&P, gold, silver, banks, especially JP Morgan post earnings release and a number of other areas that are seeing selling today. Joel is so concerned about the market his strategy is to sell rip and not buy dips.

Click here to visit the PreMarket Prep website to follow along with Joel's market commentary.

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Simon Dyakowski, President and CEO of Aztec Minerals ("Aztec" or the "Company") (TSX.V:AZT - OTCQB:AZZTF) joins me to discuss the press release, from Wednesday April 10th, outlining the 2024 exploration program at the Tombstone Project, in Arizona. The first phase of the program "is expected to generate high-priority expansion drill targets (around the Contention Pit) to grow the mineralized zone with a goal of defining a larger geological model for future resource estimation". See the map below from the news release that shows past drilling and initial expansion target zones.

Simon and I discuss the types of targets the Company is looking to isolate and when the drilling could start up again later this year. Simon also provides more information on the Westside and Sill target areas, both to the west of the Contention pit.

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 learn more about the Company, the Tombstone Project and the Cervantes Project.

Figure 1 - Tombstone Property – Gold-Silver Oxide Shallow Mineralized Expansion Footprint

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Back in 2020 I first introduced Sun Peak Metals ("Sun Peak" or the "Company") (TSX.V:PEAK - OTCQB:SUNPF), the Shire Project, in Ethiopia, and the drill program for the year. Unfortunately, in 2020 there were regional conflicts that forced the Company to suspend drilling. Now the Company is back on site with a 6,000-7,000 meter drill program underway. The Company was also able to recover some of the core from the 2020 drill program and is awaiting assay results.

Greg David, President and CEO of Sun Peak Metals joins me to bring us up to speed on the drill program, recap what drilling was completed back in 2020 before things had to be shutdown, and the key targets that Company is focused on. I also have Greg comment on the environment in Ethiopia.

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

Click here to visit the Sun Peak Metals website to learn more about the Project and current drill program.

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Jeff Swinoga, President and CEO of Exploits Discovery ("Exploits" or the "Company") (CSE:NFLD - OCTQX:NFLDF - FSE:634) joins me to discuss the recently received seismic dataset on the Bullseye Project in Newfoundland. The Project borders the Kingsway Project, owned by New Found Gold (see the map below to view). We also discuss the recent drill results from New Found Gold at the K2 discovery, which is now within 100 meters of the border of the Bullseye Project.

I ask Jeff what type of information the seismic data provides and how this data will be used to advance targeting moving forward. The seismic survey was completed by New Found Gold.

Jeff and I wrap up the call discussing the price action in the stock over the past month. The price has remained relatively flat trading a much higher volume, while many other stocks in the sector have moved higher.

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

Click here to visit the Exploits website to read over the recent news and learn more abut the Company,

Figure 1: Map displays new gold target areas on the Bullseye property

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us to share his thoughts on the overall health of the markets and the sectors he is currently invested in. We touch on gold, silver, copper and the underlying equity ETFs. He also points to tech, small cap, equal weight S&P, healthcare and some of the equities with these areas.

Click here to visit The Lyons Share Pro website to follow along with what Dana 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 share his thoughts on what is driving the gold and silver price higher in the face of a higher US Dollar and interest rates. We also look at the gold and silver stocks, mostly the juniors, that have just started to move. We ask how Brien is managing his portfolio and recommendations and if he is rotating money into the junior stocks that have lagged the move higher.

Stocks mentioned are Avino Silver & Gold, Blackrock Silver and New Pacific Metals. You can see these are silver stocks.

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

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Temas Resources ("Temas" or the "Company") (CSE:TMAS - OTCQB:TMASF - FRA:26P0) is a critical minerals exploration company focused in Quebec at the La Banche Project. The La Banche Project is a titanium dioxide asset. The Company recently went though a reorganization and completed a 9:1 share consolidation. In February, then updated in March, the Company released a PEA on the Project that showed a NPV(8%) of C$6.6billion and an IRR of 60.8% (click here to read that news release). Currently the Company has a little over 16million shares outstanding and a market cap of between C$3-4million.

Kyler Hardy, Executive Chairman of Temas joins me to explain the titanium dioxide market in terms of uses, pricing model and major consumers of the metal. I have Kyler explain the reorganization over the past couple years and the strategy to move the La Blanche Project forward.

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

Click here to visit the Temas website to read over the Company's corporate presentation.

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Collin Kettell, Founder and CEO of Nevada King Gold ("Nevada King" or the "Company") (TSX.V:NKG - OTCQX:NKGFF) joins me to recap recent news reporting initial metallurgical test results and drilling at the Atlanta Gold Mine Project, in Nevada.

The metallurgical testing results were very important for the Company as this was the first testing completed by Nevada King. Collin outlines the different scenarios tested and the key results to focus on for an open pit operation.

We then discuss exploration that continues on the Project. Additional results were released on April 3rd. A portion of these results were from core drilling (the Company has primarily used RC drilling in the past). I ask Collin to outline the changes in results from past RC holes. We also focus big picture on the exploration program in terms of the balance between new discovery focused and expansion drilling.

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

Click here to visit the Nevada King Gold website to read over all 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 longer-term technical outlook for gold, silver, GDX, GDXJ, and SILJ. We start off noting the reversal in candles the last few days on the precious metals charts, where the momentum is loosing steam for the near-term, and may need to correct and consolidate for while after quite a big surge higher the last 6 weeks. However, in the longer-term, Jordan believes that most of the upside targets for gold are going to get blown past and projects a potential upside move to over $5,000 in gold by late 2026.

We then shift over to discussing the recent leverage of the mining stocks to both gold and silver. Jordan points out that mining stocks are just like call options on the underlying metals prices, and that they perform best when the underlying metals have big breakouts higher like we just saw. This makes looking at only pricing levels for resistance on the mining charts, incomplete if not factored in with the levels of the underlying precious metals.

Jordan reiterated that he is still most animated by the quality growth-oriented gold producers, and quality 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 get rerated higher on rising metals prices.

Click here to visit Jordan’s site – The Daily Gold.

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Defense Metals ("Defense" or the "Company") (TSX.V:DEFN & OTCQB:DFMTF - FSE:35D) has been shipping mixed rare earth carbonate samples from its Wicheeda Project to potential offtake or strategic partners. This is a critical step for the Company to lock up agreements that will help advance the Project. The question I receive on a regular basis asks when investors will get an update on the feedback from the large companies receiving these samples.

Craig Taylor, CEO of Defense joins me to address that very question. We discuss how this process works and what Defense has been hearing from these potential partners. Craig outlines what these large companies are looking for. We also discuss a recent Board of Director appointee who can help with the process of finding an offtake partner. Craig then looks ahead to upcoming news including a PFS due in mid-May.

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

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

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Kuya Silver ("Kuya" or the "Company") (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1) is very close to the start of mining at the Bethania Silver Project in Peru. This silver dominate asset will begin production through toll milling in the next couple months.

David Stein, President and CEO, and Christian Aramayo, Chief Operating Officer at Kuya join me to discuss all the details around the start of production and planned wrap up. I also have David outline the estimated production costs, on an AISC basis, and key costs to expand production. We discuss exploration potential to grow the asset once larger scale production and significant cash-flow is reached.

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

Click here to visit the Kuya website and read over the Corporate Presentation.

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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 investing in the commodity megatrends with resource stock allocations in the gold, copper, oil, uranium 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. We wrap up factoring in the macroeconomic data and the coming inflation readings, to assess the economic health and market expectations around future Fed rate cuts. Sean also shares more about his publication Resource Trader (more info the link down below).

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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FPX Nickel ("FPX" or the "Company") (TSX.V:FPX - OTCQB:FPOCF) owns the Baptist Nickel Project in central BC, which has "one of the largest undeveloped nickel project in the world". On March 5th, the Company released its 2024 work plans to advance the project.

Martin Turenne, President and CEO of FPX Nickel joins me to discuss this year's plans at Baptist and the Technical Advisory Committee, formed with the Company's 3 large strategic investors. The focus being on de-risking the asset through permitting and community relations moving into next year. I also ask about the cash position and market valuation of the asset compared to other nickel assets.

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 to view the valuation slide Martin and I discussed.

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Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTC: OMGGF), joins me for an introduction to this junior resource company focused on exploration and derisking the both the Wenot and Gilt Creek Projects across a vast mineralized gold trend in Guyana, South America.

We start off discuss the large resource in place between the 2 Projects, at over 4.3 million ounces of gold, across this brownfields and past-producing site. Then we dive into the key metrics on the first pass Preliminary Economic Assessment, that is just on the open pit Wenot Project, and does not yet incorporate the Gilt Creek underground project economics at this point.

PEA Highlights for Wenot Open Pit

After-tax NPV5% of $556 million and after-tax IRR of 19.8% based on $1,950/oz gold with a sensitivity case at $2,200/oz gold giving an after-tax NPV5% of $777 million and IRR of 24.7%
Initial capital ("Capex") of $375 million and sustaining capital of $172 million over life-of-mine
Projected average gold production of 142,000 oz per year over a 13-year mine life
After-tax payback of 4.3 years at base case $1,950/oz gold (3.5 years at $2,200/oz gold)
Average cash operating costs of $916/oz gold and all-in sustaining costs of $1,009/oz
Cumulative cash flow of $1.07 billion after-tax over 13 years on base case assumptions
Total payable gold production of 1.84 million ounces
Average head grade of 1.51 g/t Au and 92.5% process recovery
Average strip ratio for the open pit life-of-mine estimated at 7.8:1

Next we talk about the infrastructure and social advantages of this brownfield site in Guyana, the support of locals and the government to move this mine back into production. We touch upon the ongoing permitting, metallurgical work, and other derisking work the company is doing in the background, in addition to the exploration upside at both the Snake Pond and Blueberry Hill areas that could bring more shallow high-grade ounces into the front end of the mine plane and further improve the project economics.

Elaine also gives us her industry background along with profiling the experience of Omai Gold Mine’s management team and board of directors. Additionally, she breaks down their relationship with strategic shareholder Silvercorp Metals, and Sandstorm Gold, in addition to other key strategic institutional funds and high net worth shareholder. We wrap up getting the financial health of the company, share structure, and key news on tap in the year to come.

If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.

Click here to see the latest news from Omai Gold Mines.

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Money is rotating big time into commodities and the underlying equities.

We chat with TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share how he is playing gold, oil, copper and the equity ETFs for each. We also discuss volume trends and the overall market balance between bullish vs bearish.

Click here to visit the Profit Pilot website to keep up to date with TG and what he is trading.

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Stallion Uranium ("Stallion" or the "Company") (TSX.V:STUD - OTCQB:STLNF - FSE:HM40) released the radioactivity results from the first drill hole at the Coffer Project in the Southwestern Athabasca Basin in Saskatchewan. The initial 3 hole drill program is focused at the Appaloosa Target. The results released were radioactivity readings from a RS-230 BGO Super-SPEC Handheld Gamma-Ray Spectrometer.

Drew Zimmerman, President and CEO of Stallion joins us to explain what the radioactivity readings mean for the potential of uranium and other metals. We also discuss the 2nd hole that is currently being drilled. We then look past to current drill program to discuss the exploration plans for other targets on the Coffer Project and other projects held by the Company in the Athabasca Basin.

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

Click here to visit the Stallion Uranium website to learn more about the Company.

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Michael Wood, Executive Chairman of Sendero Resources (TSX.V:SEND) joins me to discuss the maiden drill results, released April 3rd, from the Peñas Negras Project in the Vicuña District, Argentina. The focus is on Hole 3 at the La Orllita target where the headline hole, hole 3 intersected 356 meters of 0.53g/t AuEq. A total of 3 holes were released, 3 more have been completed with one more currently underway.

I have Michael recap the results from hole 3 and explain where the follow up drilling has been completed. We also discuss how these results relate to other major copper primary assets in the Vicuña District.

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.

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Welcome to The KE Report Weekend Show! Commodities continued to rise this week, kicking off the quarter very strong. Gold kept extending all time highs, while silver as well as gold and silver stocks really got moving this week.

In Daily Editorials throughout the week we covered the gold, silver and equities moves with out regular guests. We also are featuring more companies now that they are finally showing life. On this Weekend Show we focus on gold, silver, copper and oil with generalist market analysts to find out their thoughts on the sustainability of the breakouts.

We hope you all enjoy this Weekend's Show!

Segment 1 and 2 - Mike Larson. Editor-in-Chief at MoneyShow kicks off the show with a focus on gold and silver. We discuss how generalists are viewing this breakout, what stage of the bull market these precious metals are in, and what factors are driving this inflow of money.
- Click here to find out about future MoneyShow conferences.
Segment 3 and 4 - Marc Chandler, Managing Partner at Bannockburn Global ForEx and editor of the Marc to Market website, wraps up the show discussing gold, copper and oil's breakout alongside the US Dollar's strength. We look internationally to explain these strong moves and forecast where prices are going.
- 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 breakout in key commodities with yields, the USD and markets remaining strong as well. Rate cut expectations have come down to less than 3 this year as economic worries subside and clearly money continues to rotate to a range of sectors. Now has been the time for commodities to shine.

A major statement from Joel is that rates will remain high long term - "Rates could stay between 3-5% for a decade!"

Click here to visit the PreMarket Prep website.

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Kenorland Minerals ("Kenorland" or the "Company") (TSX.V:KLD - OTCQX:KLDCF - FSE:3WQ0) is one of the higher profile prospect generators, partnered with a range of major mining companies in Canada and Alaska. Recently the Company received a total of C$500,000 in exploration grants from the Ontario and Manitoba governments, and provided updates on the Tanacross and South Uchi Projects.

Zach Flood, President and CEO of Kenorland joins me to recap all the recent news and provide a few asset updates. We discuss what the government grant money will be allocated towards, a drilling update at the Frotet Project (which Kenorland has a 4% royalty on with Sumitomo Metal Mining moving this project forward), an update on the Tanacross Project (where Antofagasta recently terminated it's earn-in agreement on), and the exploration plans at the 100% owned South Uchie Project. I also ask Zach if the major turn in the resource market will bring in more partners for the Company's projects and if it impacts the ability to grow the project portfolio.

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 read over all the recent news we covered.

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Prime Mining ("Prime" or the "Company") (TSX:PRYM - OTCQX:PRMNF) continues to be very active at the Company's Los Reyes Project in Sinaloa, Mexico. Last year the Company "effectively doubled the gold-equivalent resource ounces at our high-grade Los Reyes Project with drilling up to our December 2022 resource drilling cutoff", drilled almost 60,000 meters in 2023, has 40,000 meters of drilling underway this year, and promoted Scott Hicks to CEO, taking over for Dan Kunz who retired on February 1st 2024.

Scott Hicks, the new CEO at Prime joins us to share his vision for the Company and recap where the the Project stands currently. We have Scott outline the updated Resource Estimate (released on May 2nd) which reported 1.47 million Indicated gold-equivalent (“AuEq”) ounces at a 1.68 grams per tonne (“gpt”) average grade and 0.73 million Inferred AuEq ounces at a 1.26 gpt average grade. We also ask Scott about this year's drill program and the balance between expansion drilling and new discovery drilling.

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

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

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Brett Heat President and CEO of Metalla Royalty & Streaming ("Metalla" or the "Company") (TSX.V:MTA - NYSE:MTA) joins us to recap the 2023 Financial Results, where the Company exceeded top end guidance for attributable gold equivalent ounces received. The major focus however is on 2024 growth from royalties within the existing portfolio and the potential of new royalty acquisitions.

Brett outlines a few major projects starting production this year that the Company holds royalties on. These mine builds will result in organic growth through the existing portfolio. We do have Brett explain what a ramp up of production looks like at these assets and how much Metalla could stand to benefit in 2024. We also ask about the busy 2023 in terms of acquisitions for the Company and what that means for the acquisition strategy in 2024.

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 recent news.

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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 the first time on the KE Report to discuss the supply/demand fundamentals for silver, how it is unique as an investment asset class, and a we get into a number of silver stocks on his radar.

We start off noting the recent breakout higher, and why Peter believes this is the beginning of a sustained move higher in the sector, based on the move to all-time highs in gold, the supply deficits from mining and recycling, and the increasing demand. The physical and paper silver market discussion covers a lot of ground, including ETF outflows, metals redemption from futures traders on all 3 major exchanges, and even gets into whether the silver markets can even be squeezed.

Shifting over into the silver stocks, we cover the whole spectrum from the larger to mid-size producers like First Majestic (FR.TO) (AG), Hecla Mining (HL), MAG Silver (MAG.TO) (MAG), GoGold Resources (GGD.TO)(GLGDF), and Aya Gold and Silver (AYA.TO) (AYASF), to junior explorers like Summa Silver (SSVR.TO) (SSVRF), New Pacific Metals (NUAG.TO) (NEWP), and Hercules Silver (BIG.V) (BADEF). Peter shares which jurisdictions he is avoiding and which ones he is attracted to for silver mining operations, and also outlines the kind of research he provides to his subscribers.

Click here to follow along with Peter's analysis

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss the recent breakout in silver and PM stocks, and the continued momentum from gold’s superfecta the last trading day of March; where it put in all-time highs on the daily, weekly, monthly and quarterly charts. Many generalists and institutional funds pay attention to the longer-duration charts, and will have noticed the breakout in gold, and that may have translated into additional buying of silver and the precious metals stocks this first week in April.

Craig points out that the macroeconomic correlations with real interest rates broke down 2 years ago, but that central bank buying of gold picked up the slack. Additionally, we note the recent strength in copper and the other commodities, and he felt that this was also putting an increased bid into silver and the silver stocks this week. Wrapping up, Craig looks ahead to tomorrow’s job report, and in particular the importance of which way the unemployment rate trends for more potential market volatility.

Click here to visit Craig’s site – TF Metals Report.

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Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins us to review the exploration strategy at the 10 gold veins at the Golddigger Project, as well as 2 new discovery copper-gold targets to drill on the Cambrian Ice Fields, and a potential porphyry target at the Lucky Strike Project.

We start off getting the key takeaways from technical report the Goliath Resources exploration team released on March 4th, outlining the work done to date at the Surebet Zone, Bonanza Shear Zone, Golden Gate Zone, and Jackpot Zone at the Golddigger Property located in the Golden Triangle, British Columbia. We also discussed that an additional 6 veins (Big One, El Dorado, Surebet Lower, Goldzilla, Hot Spot, and Whopper) have been identified through other exploration results, and will be followed up on for this year’s drill program. The initial plan is to start off targeting 12,000 meters of drilling, but that may likely be expanded, similarly to how last year’s program was expanded once the assay results started coming back in.

Next we reviewed that will be drilling a both the Treasure Island Target and the Full Contact Target up north at the Cambrian Ice Fields, following up on last year’s field work where the exploration team did some channel cuts and sampling program that yielded both high-grade gold and copper mineralization. Roger also mentioned that there are plans to get back down to do more drilling on the Lucky Strike Project near Terrace, British Columbia.

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

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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With gold and silver stocks turning at the start of March and upward momentum growing in just the first few days in April, we focus on investors psychology and portfolio management.

Erik Wetterling, Founder and Editor of the Hedgeless Horseman joins us to detail what he's seeing on twitter in terms of bullish comments and stock performance for gold and silver stocks. We ask about taking profits vs rotation of money into other metals stocks and what metals Erik has allocated his portfolio towards.

Click here to visit the Hedgeless Horseman website to keep up to date with Erik.

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Jordan Roy-Byrne, Founder of The Daily Gold, joins us to provide some precious metals portfolio management tips, with gold breaking out above $2300 and silver finally breaking out above $27 and clearing the $26 resistance zone. He reiterates that if the larger cup & handle pattern on the gold chart projects to near $3,000, and the log target even higher to over $4,000, then the risk in the medium to longer-term is investors not being properly positioned for the ride higher.

We discuss shifting to a bull market playbook, with regards to sector pullbacks being more shallow and swifter and chart indicators staying more overbought, than in a bear market. We discuss why this is the time to be fully positioned, or getting positioned on corrective moves, in the quality growth-oriented gold producers, and quality developers that are within 1-2 years of getting their mine built and into production. He also likes the silver optionality plays with ounces in the ground that could get rerated higher on rising metals prices.

Click here to visit Jordan’s site – The Daily Gold.

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Matt Badili, Editor of the New Energy Investor, published under Mangrove Investor, joins us for a wide-ranging conversation on the energy transition trends, backed by policy makers and manufacturing companies, and their impact on commodities, the electric grid, and daily life.

We take a nuanced look at what global trends are gaining or losing traction, and what perceptions have changed regarding the proposed transition from legacy hydrocarbons like coal, oil, and natural gas, to more of a focus on carbon-free energy generation sources like nuclear, solar, and wind, in addition to more energy storage.

These various newer power generation methods necessary for swapping oil and gas for electricity, impact both the reliability of the power grid and even the space necessary to accommodate this power generation. Each energy input and energy storage platform has different strengths and weaknesses, and also requires different commodities like copper, silver, uranium, lithium and rare earths. It’s a nuanced discussion, and by the end we tie in some of the investing themes and takeaways.

Click here to visit the Mangrove Investor website to follow along with Matt’s market commentary.

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Gold and silver are both continuing the strong move higher, in the face of broad market weakness and recent dollar strength. Gold at $2,285 and silver at $26, with the equities also outperforming over the past few weeks. This could be the best time for new investors into the space since 2016!

We focus on the moves in the metals prices as well as how much the stocks have run. We discuss the types of stocks Dave is focus on right now that should continue to outperform, when this turn happened, and recent M&A in the sector.

Click here to visit Dave's site - The Junior Mining Junky.

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Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTC: DRYGF), joins me for an introduction to this junior resource company focused on exploration across the Dryden Gold District, in Northwestern Ontario, Canada. The Dryden Gold District is many kilometers of mineralized trend, and incorporates three main areas: The Gold Rock Camp, Tremblay, and Lower Manitou.

We discuss how the company came together focused on gold exploration in this district, the historical exploration work completed on their project, the 3,000 meters of drilling the company has completed thus far at Gold Rock, with some step-out assays still pending, and the drilling plans over the next few months and the summer field work strategy.

Trey also gives us his background along with profiling the industry experience of Dryden Gold's management team and board of directors, and also breaks down their relationship with strategic shareholder Alamos Gold, an other key strategic shareholders like Rob McEwen, Eric Sprott, Adrian Day, and a few institutional funds. We wrap up getting the financial health of the company, share structure, and key news on tap in the year to come.

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

Click here to follow the latest news at Dryden Gold

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John Rubino joins me on this Easter Monday to discuss why he thinks the Fed just capitulated and why gold and silver stocks have started to play catch up to the upside.

With the fed projecting 3 rate cuts this year, even with inflation remaining above the 2% target, John sees a number of issues in the economy that is forcing the Fed's hand. This shift in policy has major market implications, including for commodities.

On the precious metals front we look at the equities, which John notes have started to move up over the last week. We look at a couple of the larger royalty companies and more advanced explorers. I also ask about the smaller gold and silver equities in terms of time frame for a prolonged and major run to the upside.

Click here to visit John's Substack page.

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This Weekend Show is for all the investors watching and investing in gold, silver and gold stocks. Gold closing the day, week, month and quarter at all time highs, and gold stocks have the potential to play major catch up to the upside. Our guests this weekend focus on exploration companies with major miners as partners, recent M&A and the overall investment demand for gold and silver.

Please go back through the week on our website and new YouTube channel (click here to visit our channel) to listen to all of our Daily Editorials and Company Updates.

We hope you all have a fantastic Easter long weekend!

Segment 1 and 2 - Joe Mazumdar, Editor of Exploration Insights kicks off the show with an extended discussion focused on gold stocks. We start with exploration stocks that have major miners as partners (Headwater Gold, Inflection Resources) and what the major mining companies would consider exploration success. This ties into Finland, the Lapland Gold Belt, where we ask about the area play and potential consolidation (Rupert Resources, Aurion Resources, FireFox Gold) . We also discuss the recent M&A in the sector and what could be coming next.
- Click here to visit the Exploration Insights website.
- Segment 3 and 4 - Jeff Christian, Managing Partner at the CPM Group wraps up the show with a focus on the investment demand for gold and silver. We discuss the continued buying out of eastern countries, the pick up of western demand and forward price projections for both gold and silver.
- Click here to get your copy of the Gold Yearbook!

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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 share his key fundamental takeaways from the macroeconomic data in the global economy, also his technical outlook on gold, gold stocks, and silver.

We start off getting into Robert’s take a number of macro topics moving markets into a more speculative phased, from the Fed rate cut expectations and action in other central banks despite stickier inflation, to easing in China and buying in commodities and gold coming from the East.

Next we get into his technical outlook for gold, considering its breakout to new all-time highs today on the daily, weekly, monthly and quarterly charts. Switching over the to the gold stocks, he also notes big breaks higher in the senior producers like Agnico Eagle (AEM), Kinross (KGC), and IAmGold (IAG), which he points out will start showing up on more generalist stock screener radars, and move more capital into the sector. This attention on a number of gold stocks breaking upwards in substantive ways will eventually feed more capital investment into the ETFs like GDX and GDXJ, but also eventually down into the juniors as well. We wrap up getting Robert’s technical outlook and resistance levels on silver and the silver stocks.

https://ceo.ca/@goldfinger

Click here to follow Robert on X/Twitter

https://www.youtube.com/@GoldfingerCapital/videos

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Since I continue to receive a lot of questions for Graphene Manufacturing Group ("GMG" or the "Company") on all three divisions (battery development, THERMAL-XR and lubricants) I set up another call with Craig Nicol, President and CEO of GMG.

We start with the battery division and questions on testing data and the materials used in the pouch cell batteries. For THERMAL-XR we focus on US approvals and potential markets and consumers. On the lubricant front many of you asked about possible near term revenue. To wrap up we discuss the cash position for the company and outlook.

Please keep all the questions coming by emailing me at Fleck@kereport.com.

Click here to learn more about GMG and the different product lines.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to dig in further to the theme of the senior mining gold, silver, and base metals companies continuing to partner with junior resource stocks while the valuations and terms of the deals are cheap. We start off discussing the wave of merger and acquisition transactions we’ve seen with the larger producers taking over the developers and smaller producers, as well as large money activist investors and majors taking strategic stakes in the junior explorers.

Erik highlights 2 junior companies that recently had news out, that are also partnered with majors: Magna Mining (TSXV: NICU) (OTCQB: MGMNF) has signed a definitive off-take agreement with Vale (NYSE: VALE), and then Inflection Resources (CSE: AUCU) (OTCQB: AUCUF), partnered with Anglogold Ashanti (ASX: AGG) (NYSE: AU), announced the appointments of Mr. Fraser MacCorquodale as a Non-Executive Director and Dr. Neil Adshead as Advisor to the Company, as they await drill assay results from multiple exploration targets.*

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 discuss gold's superfecta! A superfecta is a betting term referring to 4 correct picks on the same bet. For gold this is all time highs on a daily, weekly, monthly and quarterly basis. We discuss what's driving this move and how much higher price could go.

Of course we have to look at silver and the gold equities as those have yet to breakout. There are some positive trends in both that could be signifying the start of a longer term breakout.

Click here to visit Craig's site - TF Metals Report.

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Novo Resources ("Novo" or the "Company") (TSX.V:NVO - OTCQX:NSRPF - ASX:NVO) released upgraded drill results from Nunyerry North, at the Egina Gold Camp in Australia. These results were re-analyzed using a larger sample method which resulted in a number of intercepts reporting higher grade gold results.

Mike Spreadborough, Executive Co-Chairman of Novo joins me to discuss why the larger sample method upgraded some of the results. I ask if this changes any of the exploration plans at Nunyerry North as the Company moves to the next round of drilling. Approximately 4,000 meters of drilling is planned across the full 2km strike staring mid-year.

We also discuss the maiden drill plans at Karratha, where approximately 3,500meters will be drilled at 3 prospects starting in Q2. I have Mike provide more information on the 3 prospects and what the Company is looking for in this first round of drilling.

With cash of A$17.4million and an investment portfolio of A$39.3million the Company is funded for all the programs we discussed.

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

Click here to read over all the recent Novo news.

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Today, Vizsla Silver ("Vizsla" or the "Company") (TSX.V:VZLA - NYSE:VZLA) announced the acquisition of the new silver district/project, La Garra-Metates District ("La Garra-Metates" or the "District"), between the Panuco Project and the San Dimas Mine, in Sinaloa Mexico. See Figure 1, posted below, from the news release to see the location in relation to Panuco and San Dimas.

Mike Konnert, President and CEO of Vizsla Silver joins me to outline the terms of the deal and the characteristics of the District that attracted the Company. I ask Mike about the exploration strategy at La Garra-Metates and how the Company will balance out advancing both Panuco and La Garra-Metates.

I also have Mike recap recent drill results from the Copala resource area, look ahead to the maiden PEA and provide an update on the royalty spinout.

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

Click here to read over all the recent news out of Vizsla.

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Jordan Roy-Byrne, Founder of The Daily Gold, joins us to share his technical outlook on the gold mining ETFs (GDX) and (GDXJ), along with silver, gold, and the trends in the precious metals sector. Jordan shares key support and resistance areas for investors to watch, and why he feels that breadth indicators are much more critical to follow, than where pricing is in relation to key moving averages.

Additionally, he makes the point that in today's environment, after the advent of gold and silver ETFs and so many other trading vehicles in the PMs, that the individual mining stocks are no longer leading indicators, and neither is silver. Gold is the leading indicator for the whole PM sector. With regards to silver, Jordan does outline that once the stiff resistance at $26 is broken through, with other resistance at $28, that it could set up a measured move up to $33-$34 after that.

Click here to visit Jordan’s site – The Daily Gold.

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX.V:ABRA – OTCQX:ABBRF), join us to outline the key takeaways and primary metrics from its Preliminary Feasibility Study (“PFS”) for its wholly-owned Diablillos project in Salta Province, Argentina, just released on March 25th, 2024.

PFS Study Highlights:

Attractive project economics – $494 million after-tax Net Present Value discounted at 5% per annum at base-case metal prices, with an after-tax Internal Rate of Return (“IRR”) of 25.6% and payback of 2.4 years.
At current spot prices an after-tax NPV5% of $661 million with an IRR of 30.3% and payback of 2.1 years Base case metal prices used in this analysis are $1,850 per gold (“Au”) ounce (“oz”) and $23.50 per silver (“Ag”) oz.
Substantial silver and gold production – 13.3 Moz silver-equivalent (“AgEq”) average annual production over a 13-year life-of-mine, comprised of 7.7 Moz Ag and 71 koz Au, or, with average annual production of 17.9 Moz AgEq over the first five years of full mine production, comprised of 14.5 Moz Ag and 44 koz Au
Low All-in Sustaining Cash Costs (“AISC”)– Average AISC of $12.40/oz AgEq over LOM
Low capital cost – Initial pre-production capital expenditure of $373 million and sustaining capital of $65 million
Open pit mine with high grades – Conventional open pit mining and processing plant focused exclusively on oxide mineralization with average grades of 91 g/t Ag and 0.81 g/t Au (155 AgEq) over the LOM
Maiden Proven Probable (“P”) Mineral Reserves Based on the PFS, Diablillos is estimated to hold PP Minerals Reserves containing 210 Moz of AgEq metal (42.3 Mt at 91 g/t Ag 0.81 g/t Au)
Potential for additional economic improvements – Several opportunities have been identified that may significantly enhance the economic returns as detailed later in this release:
A Phase IV drill campaign is planned to further expand the Mineral Resource and Reserve estimates within the existing deposits and to define new adjacent mineralized zones through step-out drilling.

We also get into the optionality between silver and gold for future development options, the potential to find new satellite pits by further exploring the JAC North, Alpaca, and Fantasma targets, and discuss 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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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the key synergies and scalable diversified growth potential with the announced agreement to acquire Goldsource Mines (TSXV:GXS)(OTCQX:GXSFF) and their 100% owned Eagle Mountain Gold Project in Guyana, South America. This project and team will complement the existing Mako operational team, currently exploring for and producing gold at the San Albino Project in Nicaragua.

We have Akiba outline how the combined company will bring together two experienced management teams, that have worked together as colleagues going back nearly two decades, which is expected to make integration of the two companies more seamless in a true "hand-in-glove" partnership. In addition to the geographical and asset diversification, the district-scale exploration potential in Guyana will enhance Mako's current growth trajectory and exploration upside already found in Nicaragua.

Akiba mentioned the scalability of Goldsource's Eagle Mountain is very much a direct analogue to that of Mako's San Albino mine, and that there are a number of similarities between the two projects, thus highlighting the proven experience that the Mako Mining operations team can bring to the table. The new pro-forma Mako will have the cash flow and project pipeline to establish a platform for growth, operated by teams proven in the construction and operation of scalable mines with low capital intensity profiles.

If you have any further questions for Akiba regarding Mako Mining, then please email us at Fleck@kereport.com or 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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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review how he is investing in US equity markets, gold, gold stocks, oil, oil stocks, and the tech supercycle incorporating artificial intelligence stocks, robotics stocks, and defense stocks.

We start off reviewing some of macroeconomic data and market reactions that feed into expectations around future Fed rate cuts. Next we look at the disconnect in the junior resource stocks in comparison to the bigger moves higher in gold and oil prices, and even when compared to the larger producers in both sectors. Then we shifted over to tech supercycle that is continuing to unfold in A.I. stocks, chip companies, robotics stocks, and defense stocks.

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

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Jesse Felder, Founder and Editor of The Felder Report joins us to share a range of factors that have him concerned about the stability of the US markets. A lot of the focus is on the "historic loosening of financial conditions" in the US. We discuss how this loosening has factored into the massive market run alongside a wide range of sectors moving to all time highs.

The key areas we focus on are the A.I. trade, gold and gold stocks, oil sector, Fed policy and US Dollar. We also look internationally at Japan, who just exited its negative interest rate policy, and if China will continue to struggle.

Click here to learn more about The Felder Report.

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Byron King, Geologist and writer for the Paradigm Group, joins us to recap his time at PDAC earlier this month, including his outlook for a range of metals. We mainly stick to gold, copper and uranium, all of which Byron is bullish on moving forward.

On the stock front, Byron shares details on 4 companies he likes. Stillwater Critical Minerals, Metallic Metals, Granite Creek Copper, and Energy Fuels. All of the companies are focused on different commodities and each has catalysts this year.

Click here to visit the Paradigm Group website to stay up to date with Byron.

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Welcome to a new series on The KE Report, Stock Talk! We are searching out guests that will focus on individual stocks. In this first segment I am joined by Quinton Hennigh, Geologist and Investor. I think most of you know Quinton and his passion for exploration.

I will be chatting with Quinton every month focusing on a wide range of exploration stocks. As this series continues we will focus on specific news regarding new discoveries and follow up drill results. Please email me all the exploration stocks you would like to hear Quinton's thoughts on in future segments. My email address is Fleck@kereport.com.

In this inaugural segment I have Quinton comment on exploration stocks in the Yukon (Tombstone Gold Belt), Finland (Lapland Gold Belt), and the Golden Triangle in BC. We discuss Snowline Gold, Banyan Gold, Sitka Gold, Rackla Metals, Rupert Resources, Aurion Resources, FireFox Gold, Dolly Varden, and Goliath Resources.

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Welcome to The KE Report Weekend Show! On this Weekend's Show we again feature two generalist investors to share where they are making money in the markets. Diversification is a major theme right now as a number of lagging sectors are playing catch up to the Magnificent 7.

Both of the guest have been playing these markets excellently over the past 3 years, which includes the bear market of 2022.

If you are looking for commentary on the Fed meeting this week, check out out Daily Editorials from Thursday and Friday.

We hope you all have a great weekend! For all the college basketball fans, enjoy the first weekend of March Madness :)

Segment 1 and 2 - Mike Larson, Editor-in-Chief at MoneyShow joins us to discuss the overall investment themes he is seeing in the markets and hearing at recent MoneyShow conferences. We focus on leading sectors, regional banks, commodities, including gold and energy, and Bitcoin.
- Click here to learn more about the upcoming MoneyShow conferences.
Segment 3 and 4 - Dana Lyons, Fund Manager and Editor of The Lyons Share Pro, wraps up the show by sharing what areas he has positions in and the ones he is avoiding. Diversification is a major theme since so many sectors are trending higher. We look at growth vs value, gold, silver, GDX, copper miners, oil, nat gas, uranium and bonds.
- Click here to visit The Lyons Share Pro website.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market blog, joins us to focus on 5 key central bank meetings and policy decisions over the last week, how the US markets and interest rates reacted to the Fed meeting, the prospects of rate cuts to lower real interest rates, recent strength in the US dollar, and both gold and the S&P 500 heading to all-time highs. Marc really covers a lot of ground and digs into some of the economic news not just domestically but also a big focus on what is playing out internationally.

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 at PreMarket Prep joins me to recap the Fed meeting and market reaction. Overall the Fed is still looking to cut rates 3 times this year which pushed markets higher.

Joel outlines a number of sectors that have been playing catch up to the magnificent 7, including financials and other interest rate sensitive sectors. We also discuss the rise in commodity prices. There are a couple areas of the market that are showing a bit of weakness, such as some retail stocks, like Nike and Lululemon. Also some news from the DoJ regarding an antitrust case against Apple.

Click here to visit Joel's PreMarket Prep website.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us for a deep dive in the precious metals sector, looking at both technical and fundamental drivers for gold, silver, and the PM stocks. We start off recapping the solid break higher in PM prices over the last 2 days; with gold getting up to $2224 on April futures in overseas trading the evening after the Fed meeting. Jerome Powell commented at the press conference afterwards about holding steady with expectations for 3 rate cuts later in the year.

Silver got up to $25.97 in overseas trading, on the back of this news, but then when it tested that stiff $26 overhead resistance, it dropped right back down to below $25 during the US markets session; reversing the moves higher we were seeing in GDX, GDXJ, and eventually gold. Dave pointed out again the need for a definitive monthly close above $2100 in gold next Friday, to confirm the technical breakout from his perspective. We point out that even with gold having consistently broken out to new all-time highs on the daily, weekly, and monthly charts already, that it’s breakout move has been mostly lost in the shuffle in the general markets. This is likely because many market sectors, stock indexes, and even many cryptos have also been breaking out to new highs in tandem.

We then shifted the discussion over to the gold and silver stocks, looking at how margins are going to be increasing in the first quarter, and if this will spur along producers to start making more acquisitions of the juniors to feed their growth trajectories. With regards to mergers and acquisitions Dave would like to see less “takeunders” where quality projects are getting picked off near lows, and see more of the sector rerate higher before the better projects get acquired, allowing investors to make some money. This M&A money, once freed up, then can circulate around to other stocks that are still undervalued compared to the moves in the metals prices. Silver stocks remain the most beaten down, and could represent a good contrarian opportunity, as eventually the rising gold price will drag silver and the related equities higher.

Click here to visit the Junior Miner Junky website to follow along with Dave’s market commentary.

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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 shift in sentiment in gold equities and silver in March. We ask what has caused this shift in sentiment and how to gauge US investment demand.

When discussing the underlying precious metals equities we look at different sub-sectors of the stocks to gauge which are moving first and which have the best set up to move the highest. Brien even shares a few stocks he likes at the moment.

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

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We have Matt Badiali back on the show to introduce a new copper exploration company, Quetzal Copper ("Quetzal" or the "Company") (TSX.V:Q). Matt is the CEO of Quetzal, that just listed on the Venture exchange on Monday, March 18th.

Quetzal has 3 projects in southern BC; Princeton, Big Kidd, and Dot. Princeton, the flagship Project, is next to Hudbay's Copper Mountain Mine with three drill ready targets.

Matt provides a background on the Company, which was built during the bear market in copper. We discuss the exploration strategy at each project and general timelines to drilling. We also recap the management team, share structure and cash position.

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

Click here to visit the Quetzal Copper website to learn more about the Company and Projects.

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Jordan Roy-Byrne, Founder of The Daily Gold joins me to discuss why he is focused on growth oriented gold production stocks.

With gold continuing to move higher, now over $2,200/oz, and gold equities starting to show some life, the most important question for investors is which stocks will provide the best leverage to the upside. Jordan thinks these are producers with near term growth. We discuss how this growth could be funded, what type of growth he is looking for and if jurisdiction needs to be a key consideration.

Click here to visit Jordan's site - The Daily Gold.

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I'm happy to introduce another news guest! Darrell Fletcher, Managing Director, Commodities at Bannockburn Capital Markets.

Darrell is currently setting the commodities trading desk at Bannockburn. I have Darrell explain what goes into setting up a commodities trading desk and how he helps clients hedge exposure to a wide range of commodities. The primary commodities of focus on the metals front are copper and aluminum, with zinc, silver and gold also in the mix to a lesser extent. On the energy front natural gas and oil are the focus.

Darrell shares his outlook for copper, natural gas and precious metals. We discuss the main catalysts for each of those commodities.

Click here to visit the Bannockburn Capital Markets website to find out more about the firm.

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On March 13th, Aclara Resources ("Aclara" or the "Company") (TSX:ARA) announced a strategic investment up to US$80million from CAP S.A. ("CAP"). CAP is "a company with more than 77 years of history and listed in the Chilean Stock Exchange since 1987, is the parent company of the CAP Group, a Chilean conglomerate operating in various industries including iron ore mining (CMP), with mines and industrial operations in the north of the country, as well as steelmaking operations in Concepcion (Huachipato), very close to the Penco Module". Within the news there is also a new Joint-Venture company being formed with CAP and Alcara.

Francois Motte, CFO of Aclara joins me to discuss the four key components of the news release.

A US$29.1 million capital contribution by CAP into REE Uno, Aclara´s Chilean subsidiary which owns the Penco Module and all of Aclara´s mining concessions in Chile, in exchange for a 20% equity participation in REE Uno.
A US$29.1 million capital contribution by CAP into REE Uno, Aclara´s Chilean subsidiary which owns the Penco Module and all of Aclara´s mining concessions in Chile, in exchange for a 20% equity participation in REE Uno.
A three-year option to invest up to 19.9% in Aclara by participating in any private placement or public offering of shares that Aclara may make during the next 36 months, including a residual topup right to maintain pro rata voting rights. Any subscription to such private placement or public offering will be made on the same terms offered by Aclara to other investors.
The formation of a 50/50 joint venture to develop metals and alloys for the rare earths permanent magnet industry. CAP will invest US$3.0 million in exchange for its 50% of the shares of the newly established joint venture company. Aclara will own the other 50% of the shares.

If you have any follow up questions for Francois regarding the news please email me at Fleck@kereport.com.

Click here to read over the full news release.

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Kenton Ralph Toews, Founder of Youxia Crypto joins us to discuss the balance of keeping Bitcoin or other cryptocurrencies on an exchange or taking custody.

It all depends on the individual's reason for buying crypto. If one is worried about the financial system and governments possibly shutting down the crypto market or confiscating crypto then custody is the no brainier option.

We also discuss the original use case for Bitcoin and how that possibly has changed as the crypto market has gotten larger over the years. Adding to this change recently with the ETFs.

Click here to visit the Youxia Crypto website to follow along with Kenton.

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Kraken Energy ("Kraken" or the "Company") (CSE:UUSA - OTCQB:UUSAF - FSE:F2C) is a newer player in the uranium sector, exploring for high-grade uranium in Nevada an Utah. Matt Schwab, CEO of Kraken joins me to provide an overview of the Company's 4 Projects; Apex Uranium Mine, Harts Point, Garfield Hills, and Huber Hills.

I have Matt provide an overview of each Project and a general exploration strategy at each Project for this year. At Harts Point the Company recently completed a 1,500 meter drill program. Assay results are expected next week. At the Apex Uranium Mine, the Company is expecting permits to be received in Q2 this year, after a long permitting process.

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

Click here to visit the Kraken website and read over the Company's presentation.

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TG Watkins, Director or Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share why he thinks the US markets will pullback in the near future. Just by looking at the chart of the S&P we can see how fast the markets have moved up. We are seeing narrowing breadth and a shift in trading patterns just in the last week.

TG shares some straight forward aspects of the charts to keep an eye on that could present a buying opportunity.

Click here to visit TG's website - Profit Pilot.

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John Rubino, publisher of the John Rubino newsletter on Substack, joins us to review some of the various risks and also opportunities in the gold and silver stocks, and highlights a ray of light within the precious metals companies. We discuss the muted response so far from the PM miners even as gold has broken out to new high and has been holding in the mid to high $2100’s. We go on to review a number of potential macroeconomic and geopolitical risks to the mining stocks that may have some generalist shying away from the sector at present. However, John points out that when the PM stocks finally start to run higher, that it will finally bring in the momentum chasing traders that don’t want to do deep analysis in the stocks, but just want to see an overall sector that is trending higher.

With regards to the gold producers, we discuss the improving margins as metals prices move back up, but that these companies have been sitting on their cash flows or paying down debt; but not actively putting that money to work with acquisitions or growth investment into the juniors. One ray of light John sees for the PM sector is with the royalty companies, as they can offer funds to cash-starved mining companies at a better cost of capital than traditional financial institutions and create a royalty in the process. This royalty creation option is preferred by some junior companies to avoid further diluting down existing shareholders at the equity level; and this presents a good environment for royalty and streaming companies to do accretive transactions.

Click here to follow along with John on Substack.

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Cam Currie, Principal at Currie Metals and Mining Group and a Senior Investment Advisor at Canaccord Genuity, joins us to share his insights on the investment landscape for precious metals equities.

We discuss how generalist investors look at the sector and why the share performance of the majors is critical. We also chat about the financing environment, M&A outlook and jurisdictional risk in the sector. Right now it's all about finding the stocks that will move strongest when a sector revaluation happens.

Click here to visit the Currie Metals and Mining Group website.

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Jeff Swinoga, President and CEO of Exploits Discovery ("Exploits" or the "Company") (CSE:NFLD - OTCQX:NFLDF - FSE:634) joins me to recap the March 14th news release, reporting drill results and new gold targets on the Bullseye Project (the "Project") in Newfoundland. See Figure 1 from the recent news release (copied below) to see the location of the Project in relation to New Found Gold's Queensway North Project.

We start by recapping the 12 hole, 2,509 meter program at Bullseye. Jeff explains the target being tested and focus on Hole BE-24-006 that hit gold mineralization. We then focus on the 4 new gold targets with an outlook on the additional work needed and time frame to have a drill back turning on the Project.

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

Click here to visit the Exploits Discovery website to read over the full news release.

Figure 1: Map displays new gold target areas on the Bullseye property

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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 and Indicated to be used for the Pre-Feasibility Study (FPS) that is estimated to be released next year.

Craig Taylor, President and Director and Kris Raffle, Director of Defense Metals join me to recap the updated Resource Estimate and explain how it will feed into the PFS. I ask about any changes to the high grade portion of the resource, what work still needs to be completed for the PFS as well as get an update on new exploration targets that were announced on the September 5th news release. We also recap the two phases of pilot plant test work and what interest that has drawn from potential larger mining companies that could enter as partners to develop the Project.

If you have any follow up questions for the team at Defense Metals please email me at Fleck@kereport.com.

Click here to read over today's news release reporting the updated Resource Estimate.

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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.

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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 it will factor into the overall economics for the Eskay Creek Project. Both Projects are in the Golden Triangle of BC.

The key aspects we focus on is how the Snip resource can be used as a satellite option for the Eskay Creek resource to improve economics through increased gold grades, higher recoveries and a cleaner feed to reduce smelter penalties. We also discuss the potential changes in mine life and average annual production. This will all be presented when the Company releases future economic studies from both Projects.

On the exploration front Walter provides an update on the drilling at the Eskay Deeps. While no results have been released from the current drill program he shares the big picture potential of this area.

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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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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Brien Lundin, our Host at the New Orleans Investment Conference joins us to share his outlook for gold, gold stocks and silver. While gold continues to hold up very well, especially considering the recent rise in the USD and yields. It's the precious metals stocks that continue to disappoint investors and have them wondering what it will take to shift the negative sentiment. In terms of silver Brien shares a longer term scenario that could further separate gold and silver but also outlines that many other short term scenarios where silver joins gold in a rally.

Click here to learn more about the New Orleans Investment Conference and to sign up.

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Brad Rourke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins us to recap the first 5 drill holes released from the 20,000 meter 2023 drill program for the Blueberry Contact Zone at the Scottie Gold Mine Property, in the Golden Triangle of BC.

We start off reviewing the success of the first assays from the Blueberry Contact Zone, including intercepts of 56.4 g/t gold over 3.7 metres and 12.1 g/t gold over 3 metres. Next we have Brad outline what some of the goals of the 20,000 meter drill program were for 2023, stepping out along the 2.2km strike, drilling in large gaps in the first 700 meters drilled the prior 2 years, and also drilling down to depth around 500 meters in certain areas. The drilling is officially wrapped up now, but there are still plenty of drill assays to release from this program over the months to come.

The overall goal of the exploration program is the delineation of the ore body geometry and scale, along with filling in some areas between prior step outs and getting a better handle on how things expand at depth. This drill program will also allocate a small portion of the meters for following up on drilling at the C&D Vein and following up some targets around the Scottie Gold Mine target.

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

In full disclosure, Shad is a shareholder of Scottie Resources.

Click here to visit the Scottie Resources website and read over all the news.

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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 results outside the high grade gold panel and new targets defined on the Ana Paula Project, in Mexico.

We start by recapping the drill results released yesterday that were focused on the down plunge extension of the high grade panel. We discuss how much the mineralized footprint has expanded and where future results will come from. We then move to the new targets defined on the Project with a focus on the parallel panel. Drills are starting in this area this month.

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

Click here to visit the Heliostar Metals website and read over the recent news releases we discussed.

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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 current macroeconomic landscape, and then delves into the energy commodities of oil, copper, and uranium, as well as a look at the precious metals sector. We start off reviewing the mixed economic data, where he stills sees concerning data being overlooked by many more overly optimist generalist market participants, and thinks a recession is still very much on the horizon in the medium-term.

We then have a broad discussion on how commodities and resource stocks are setup, with more of a focus on the energy sector. We start off reviewing oil and the oil resource stocks, and how Nick has been trading the move utilizing the sector ETFs of (XLE) and (XOP). Next we compare what the rise of oil may be signaling in the more short-term, versus the medium to longer-term contrasting market signals that Dr Copper may be predicting. We discuss the bullish sector fundamentals for nuclear power and thus uranium demand, and Nick provides some technical and momentum consideration with regards to the uranium mining stocks.

Lastly, we wrap up with the precious metals, where he points how resilient gold has been in the face of many macro headwinds, which he sees as a net positive, despite the yellow metals rangebound price action. This leads to a discussion on why he likes the quality gold developers and producers at this point in the cycle, and reviews the profitable trade he and his subscribers had recently trading the ranges in Artemis Gold (ARTG). Despite the rangebound prices, it appears gold is still sniffing out some kind of market event in the medium-term, which could bring more money in off the sidelines or rotating out of other sectors from a larger pool of investors.

https://digestpublishing.com/publications/

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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. He mixes in comments on the macro economic landscape and what needs to happen for investors to shift attention toward the precious metals. Overall things are still not looking good for the PM stocks and general metals prices but things can change quickly when the tide turns.

Click here to visit Jordan's site - The Daily Gold.

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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) joins us to review the Q2 2023 operations and financials numbers, as well as 5 new royalties acquired and 3 new royalties generated organically from the Company’s portfolio of exploration properties.

Second Quarter 2023 Financial Highlights:

Record revenue of $2.6 million, up 25% compared to Q2 2022
Record adjusted revenue of $4.7 million, inclusive of Caserones royalty revenue, up 127% compared to Q2 2022
Record Gold Equivalent Ounces of 2,377 ounces, up 109% compared to Q2 2022
Record adjusted EBITDA of $3.3 million, up 184% compared to Q2 2022

Royalty Portfolio Highlights and Key Developments:

On March 27, 2023 Lundin Mining Corporation (TSX: LUN) announced that it had entered into a binding purchase agreement to acquire a 51% interest in the Caserones copper-molybdenum mine in Chile
- On March 9, 2023, the Company entered into a binding agreement to acquire an additional 0.025% effective net smelter return (NSR) royalty on Caserones
- On July 12, 2023, the Company agreed to purchase an additional effective 0.030% NSR on Caserones, increasing the total effective NSR held to 0.473%
On April 20, 2023, the Company announced that it had completed the acquisition of an additional 0.25% NSR royalty on the Pickle Crow project in Ontario, Canada from a private third-party entity for total consideration of US$300,000 in cash, increasing the effective NSR royalty held by the Company to 2.25%

In addition to the 2 royalties picked up on the cornerstone Caserones copper royalty in Chile, and the additional NSR at the Pickle Crow Project in Ontario, we also highlighted then news released August 23rd, about the acquisition of two existing royalties from RCF Opportunities Fund L.P. for consideration of US$10,000,000 payable in common shares of Elemental Altus. The Royalties include an aggregate 0.68% net smelter return (NSR) royalty on the Cactus Project in Arizona, which is 100% owned by Arizona Sonoran Copper Company Inc., and a 0.5% gross revenue royalty (GRR) on the Nyanga Project in Gabon, which is 100% owned by Armada Metals Limited (ASX:AMM).

We then discussed the 3 royalties generated by the Company on some of it’s earlier stage exploration properties, and the value creation and net benefit to Elemental Altus shareholders in the near-term and longer-term. First there was 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 off exploration-stage projects in Ethiopia, through the sale of its subsidiary Altau Resources Ltd. to Canadian incorporated ANS Exploration Corp. Most recently the company announced on August 28th the new NSR created in Egypt with US$10 million to be invested by In2Metals in Akh Gold. Elemental Altus will receive a 1.5% NSR royalty on current licenses and license applications totaling 1,914km2, cash of US$1.1 million on closing and US$0.4 million on or before August 30, 2024, a milestone payment of US$5 million on definition of a 3 million ounce resource, and the rights to co-fund its 19.9% equity interest in Akh Gold following the Subscription.

We wrap up reviewing how these acquisitions and royalty generation transactions tie into their corporate vision and strategy around being a royalty company first and foremost, and how finding competent partners to invest in and further explore these properties at a much faster pace than Elemental could have. This allows Elemental Altus to experience the exploration potential with a competent operating partner, but also reduces associated carrying and capital costs, and helps in regards to valuations relative to other royalty company peers.

If you have any follow up questions for Fred regarding Elemental Altus Royalties then please email at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Elemental Altus Royalties

Click here to view recent news on the Elemental Altus Royalties website

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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 are featuring 2 Fund Managers, each sharing their outlook for US markets, including tech, small caps, and growth stocks, as well as oil, and gold stocks. Each guest provides some helpful tips on what to look for in certain charts and individual companies.

Segment 1 and 2 - Dana Lyons, Fund Manager and Editor of the Lyons Share Pro website kicks off the show by focusing on the US markets and which sector his models are telling him have the best upside. We discuss seasonality as we move into fall as well as time frames for when breakouts or breakdowns could happen.
- Dana is running a Fall special giving you 30% off a membership to his website. Click here to take advantage of this special.
Segment 3 and 4 - Matt Geiger, Managing Partner at MJG Capital joins us to focus on the junior mining market. We discuss the relationship between the broad market averages to the junior resource stocks. We also discuss the financing environment and what could help shift sentiment more positive for the stocks.
- Click here to visit the MJG Capital website to learn more about his fund.

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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 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 to upgrade the current body scanners at airports.

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 ten 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, Founder and Editor of The Daily Gold, joins us to review both the technical pricing support and resistance levels, as well as the macroeconomic and fundamental drivers for the precious metals sector. We start off noting that gold and the general equity markets have been moving inversely to the 10-year bond yields, with the upward move in interest rates pressuring the markets, and then noting the recent reversal and bounce in markets and PMs over the last 2 weeks.

Jordan then notes the interesting technical setup in the Silver chart, with respect to how pricing is acting around the 400 day moving average. He points out that if it can clear the $26-$27 resistance area, that it sets up a longer-term targeted move up to $35, and we debate if that would be a short-covering rally, or more of a momentum trade. Additionally, he outlines the trends in silver versus foreign currencies being fairly constructive.

Wrapping up, we pivot over to the gold mining stocks, and look at the ETFs GDX and GDXJ, on both a technical pricing setup, but also in relation to general equites using intermarket analysis. When looking across the range of precious metals stocks, Jordan highlights why his interests are more skewed to positioning in the producers, but points out that there are still good values to be found in the quality pre-revenue developers and explorers after such a deep correction.

Click here to visit Jordan’s website – The Daily Gold.

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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, and Ken Tylee, VP of Exploration discuss the recently completed drill program at the Bullseye Project in Central Newfoundland. Bullseye is along the Appleton Fault Zone, between New Found Gold and Labrador Gold.

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Mark Selby, CEO and Director of Canada Nickel Company (TSX.V:CNC) (OTCQX: CNIKF), joins us for a comprehensive introduction to the company, projects, work strategy, management team, and financials on their focus in the emerging Timmins Ontario nickel and critical minerals district. We start off with a with getting the background on how the company came together with a particular focus on the flagship Crawford Nickel-Cobalt Sulphide Project, but also expanding out into 20 other regional ultramafic targets along this trend. 11 of these additional targets, like the Reid Project and Mann Northwest Project, have seen exploration work that demonstrates the potential size and scale of those additional Projects.

Next we had Mark highlight some of the resource specifics and key metrics and takeaways form the Crawford Nickel-Cobalt Project to date, noting that it is the 5th largest undeveloped nickel sulphide projects in the sector, that is attractive to both battery metals and stainless steel markets. He outlines some of the main updates investors can look forward to in the upcoming Feasibility Study; where there will be near a doubling of the mine throughput highlighted, and improved metals recovery rates compared to the previously released Preliminary Economic Study. Additionally, the Company will be including more details on the implementation of one of the largest carbon storage projects in Canada as another value driver, that is of interest of the government.

We then drill down into the polymetallic nature of the Crawford Project, and that in addition to the nickel and cobalt, that there is a substantial amount of iron, chrome, platinum, and palladium in the resource that contribute as co-credits. This provides the company with a dual path of looking for offtake agreements with both the battery metals manufacturers for their nickel-cobalt concentrate, and the 304 stainless steel manufacturing for their iron/chrome/nickel magnetite product. This brings into the discussion how some of these potential strategic partnerships may assist in the capital stack needed for the debt financing to develop the project and to build the stainless steel plant. In addition to strategic partners like Anglo American, and potential off-take partners, there are opportunities for the development capital that could also come from streaming transactions, and government tax credits to help finance the future development.

We know there were a lot of questions submitted that we didn’t get to in this initial introduction, but we will be following up with Mark for future interviews to dig in a bit more granularly and discuss other projects like Texmont, so please submit any additional questions to either Fleck@kereport.com or Shad@kereport.com.

Click here to go to the Canada Nickel news section

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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 Vein on the western part of the Panuco Project. Refer to Figure 1 from the news release, posted below, to understand where these holes were located. Here are some of the highlighted drill results from the news release.

NP-23-388 returned 646 grams per tonne (g/t) silver equivalent (AgEq) over 10.00 metres true width (mTW) (217 g/t silver, 3.03 g/t gold, 1.44 % lead and 5.44 % zinc),
- including: 3,625 g/t AgEq over 0.95 mTW (1,590 g/t silver, 25.50 g/t gold, 7.28 % lead and 5.80 % zinc),
- and 1,323 g/t AgEq over 0.78 mTW (159 g/t silver, 0.89 g/t gold, 4.97 % lead and 26.70 % zinc)
NP-23-391 returned 1,568 g/t AgEq over 1.90 mTW (908 g/t silver, 7.37 g/t gold, 1.62 % lead and 4.91 % zinc),
- including: 2,205 g/t AgEq over 0.65 mTW (1,500 g/t silver, 8.96 g/t gold, 2.05 % lead and 3.98 % zinc)
And 648 g/t AgEq over 3.20 mTW (559 g/t silver, 1.53 g/t gold, 0.23 % lead and 0.49 % zinc),
- including: 1,720 g/t AgEq over 0.96 mTW (1,500 g/t silver, 3.89 g/t gold, 0.61 % lead and 1.22 % zinc)
NP-23-392 returned 989 g/t AgEq over 2.50 mTW (527 g/t silver, 3.78 g/t gold, 2.13 % lead and 4.98 % zinc),
- including: 2,465 g/t AgEq over 0.69 mTW (1,500 g/t silver, 9.97 g/t gold, 5.25 % lead and 6.66 % zinc).

We also recap the August 16th news release reporting metallurgical test results from the Copala Resource Area. This is the largest known resource area on the Project. I have Mike outline what the next steps are now that the Company has the metallurgical results in hand.

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

Click here to visit the Vizsla website and read over all the recent news releases.

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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 grade gold discovery and more high-grade grade control drill results from Zone 5 on the Tuvatu Gold Project.

We start with the August 24th news release announcing a new discovery, Lumuni, which is located 1km north of the Tuvatu Gold Project. I have Quinton explain what lead the team to surface sample the area and if the mineralization is related to what has been discovered on Tuvatu. I also ask when this area will be drilled to get more information on the potential mineralization.

We then move to the August 10th and 15th news releases reporting more high-grade grade control drill results from Zone 5. This Zone encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024.

If you have any follow up questions for Quinton and the team at Lion One Metals please email me at Fleck@kereport.com.

Click here to read over the recent news releases we discussed in the interview.

Click here to listen to the construction update interview posted in late June.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review the key technical price support and resistance levels in gold, GDX, GDXJ, silver, and the US dollar, as well as seasonality patterns, to ascertain if we may have seen a key turn in the precious metals sector this last week.

Additionally we look at the continued weak valuation being seen in the largest and most followed gold producer, Newmont (NEM) (NGT) as its price continues to break down in tandem with its acquisition of Newcrest Mining (NCM) (NCMGF). This leads to a larger discussion about what factors may drive more merger and acquisition transactions from the mid-tier gold and silver producers in the PM sector. It all comes back to seeing a sustained breakout in gold and silver prices that start to create some upwards momentum in the sector, which will bring in more investors.

Click here to visit the Junior Miner Junky website to keep up to date with the stocks Dave likes.

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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, all causing a lot of market volatility. On this Weekend's Show we summarize the major events of the week and filter this information into market outlooks.

We hope you all enjoy this Weekend's Show! Please keep in touch with us through email. We love hearing your thoughts on guests you would like to see on the show and the companies we featured throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Upcoming Webinar - Tuesday August 29th at 11am PT (2pm ET) I am hosting a webinar featuring Exploits Discovery (CSE:NFLD – OTCQX: NFLDF). The Company just wrapped up an 11,000 meter drill program at the Bullseye Project in Newfoundland, between New Found Gold and Labrador Gold. Click here to sign up for free and have first access to the webinar recording. Please also send me your questions for the team at Exploits prior to the webinar - Fleck@kereport.com.

Segment 1 and 2 - Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website kicks off the show with a recap of the BRICS summit and Jerome Powell's speech at Jackson Hole. He also looks ahead to some key economic data and a couple key moves in currencies this week.
- Click here to visit Marc's website - Marc to Market.
Segment 3 and 4 - Jeff Christian, Managing Partner at the CPM Group shifts our focus to the resource sector and comments on the interest of large investors in the critical minerals. We also discuss the possibility of a commodities super cycle; what it looks like and what could be the biggest gainers.
- Click here to visit the CPM Group website to learn more about their commodities research.

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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. Starting with Nvidia earnings, which were very strong, and the market reaction initially positive but down today. It ties into the broader market reaction to earnings season this quarter of selling earnings beats. We also discuss Powell's Jackson Hole speech, telling us nothing new but confirming the Fed could go either way at upcoming meetings.

Click here to visit Joel's PreMarket Prep website.

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU) (OTCQX:AIRRF), joins us for a comprehensive exploration update from the Aurion-B2Gold Corp joint venture operated by B2Gold (TSX: BTO), as well as the Company's 100% owned Risti exploration properties in the Central Lapland Greenstone Belt in northern Finland.

On Aug. 21, 2023 results for 22 holes from the 2023 drilling program from the Aurion-B2Gold Corp joint venture were reported from a few key target areas. Here is a brief summary of these results:

Vuoma – Discovery of gold mineralization 2.7 km south of Helmi
- 1.33 g/t Au over 8.30 m from 133.60 m (VUO23007)
- Mineralization proximal to mainly untested 20+ km southern domain boundary
- 15 km along strike from the Kaaresselkä Prospect (Aurion 100%)
Helmi – Mineralization extended towards East
- 1.21 g/t Au over 9.20 m from 392.00 m (IKK23045)
- Identification of additional mineralized shoots
Kutuvuoma – New zones of gold mineralization
- 1.43 g/t Au over 10.45 m from 261.70 m (KU23011)
- New zones south of historic mineralization
Expanded drill program with 4,500 m planned for second half of 2023

Additionally, Matti shared with us that they are awaiting drill assays from a number of step-out and scout holes on the Company’s 100%-owned Risti property, continuing on from other targets explored lately at the Kaares Area, and new zone of gold mineralization at the Kaaresselkä Prospect, and other scout targets that will be announced to the market in the near future.

Next we discussed the developing news regarding the buyback of a 3% royalty on Aurion-B2Gold JV project. The most recent announcement came out on Aug 16th, that stated that Aurion will, on the date that it exercises the Option, pay Dragon Mining Ltd. €5,000,000, as follows:

€4,000,000 in cash, of which B2Gold Corp. has agreed to contribute €3,500,000 (see press release dated July 31, 2023); and
€1,000,000 in Aurion common shares - A total of 2,415,410 Shares will be issued, based on the 10-day volume-weighted average price of CAD$0.61/Share and a EURCAD exchange rate of 1.4734. The Shares will be subject to a statutory hold period of four months from Closing.

We wrap up with another piece of key news, just announced on August 23rd, where Aurion Resources has signed a formal definitive option agreement with Kinross Gold Corporation (TSX: K, NYSE: KGC); granting Kinross the right to earn up to an undivided 70% interest in the 42.74 km2, Launi East Property, which is located to the southeast and adjacent to the Company's 100%-owned Risti Property. We unpack how this deal is mutually beneficial for both companies, and further solidifies Kinross as key strategic partner.

If you have any follow up questions for Matti on Aurion Resources, then please email me at Shad@kereport.com.

Click here to visit the Aurion Resources website to read over the recent news releases.

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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 be interviewing well known investors in the resource sector as well as filming while on site visits. He's hoping to help educate everyone by sharing what he looks for on site and some of the key discussion with management and possibly others attending the site visit.

Click here to visit Brian's website - the Junior Stock Review.

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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 data as well as action from the Peoples Bank Of China that may have contributed to the bounce.

Brien Lundin, our Host at the New Orleans Investment Conference joins us to focus on yesterday's rebound in gold and gold stocks. The gold stock ETFs (GDX and GDXJ) both had nice up moves on higher volume. We have Brien share his thoughts on the main drivers behind the rebound and what needs to happen to sustain an uptrend. We also ask about the types of stocks that will lead a rebound in PMs and have the best upside.

Click here to learn more about the New Orleans Investment Conference and to register.

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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 11am PT (2pm ET). It is free to sign up and even if you cannot attend the live webinar you will have first access to the recording.

To preview the webinar Jeff recaps the recent drill program at the Bullseye Project. The program totaled 30 holes over 11,292 meters. All results have been released which we will be recapping during the webinar. I also have Jeff recap the exploration in Newfoundland from a range of other companies.

Click here to sign up for the live webinar on Tuesday August 29th at 11am PT. Registration is free and you will get first access to the recording.

On the webinar you will have the opportunity to ask questions. Please send me any questions you have for Jeff that I will save for the webinar. My email address is Fleck@kereport.com.

Click here to sign up for the live webinar on Tuesday August 29th at 11am PT

Click here to visit the Exploits Discovery website to read over the recent news.

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Kenton Ralph Towes, Founder of Youixa Crypto joins us to step away from just talking about Bitcoin and discuss the wide range of cryptocurrencies. With over 23,000 cryptocurrencies it can be a daunting task to find out what each cryptocurrency is all about and their part on a blockchain.

In Kenton's opinion it's all about the de-centralized nature of cryptocurrencies which should be the focus. But we also ask about stable coins and their potential role to bring investors into the crypto universe.

Click here to visit the Youxia Capital website. You can sign up for Kenton's newsletter to keep up to date on his comments on the crypto sector.

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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 with AngloGold Ashanti funding the program. The program will test a wide range of targets with approximately 100 drill holes across the project portfolio in New South Wales, Australia. This drill program is the start of AngloGold Ashanti's exploration earn-in agreement with $10million to be spend in this first phase.

I have Alistair recap the exploration earn-in agreement with AngloGold Ashanti. We then dive into the current 35,000 meter drill program by recapping some of the initial targets being tested. Starting with Duck Creek, Myallmundi and Triangie. It's important to understand this is early stage exploration testing a wide range of targets.

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

Click here to visit the Inflection Resources website and read over the recent news releases including the start of the drill program.

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Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX.V:CXB – OTCQX:CXBMF), joins us to unpack the key takeaways from the August 9th news release announcing the financial and operating results for the three months (Q2 2023) and six months (YTD 2023) ended June 30, 2023.

Q2 2023 Highlights

Record gold sales of 69,009 ounces with $139.3 million total revenue, at an average realized gold price of $1,974/oz;
Consolidated Total Cash Costs (TCC) of $977, and All-In Sustaining Costs (AISC) of $1,178 per ounce;
Record adjusted net income of $33.6 million; $0.07 per basic share, a 133% increase over Q2 2022;
Free cash flow of $15.9 million reflecting strong operating results;
Cash on hand of $77.0 million, a 32% increase over Q1 2023;
Delivered a fourth new open pit mine with ore deliveries from the Eastern Borosi mine to the Libertad mill;
Initial drilling yielded high-grade results from the past producing Talavera deposit within the Limon Mine Complex, reaffirming the Company’s overall resource expansion and discovery potential;
Positive Higher-grade Near Surface Drilling at the Pan Gold Mine, Nevada;

We have Ryan expand on some of the business strategies and macro factors that led to keeping costs contained, capitalizing on solid margins, and growing both the cash on hand along side the capital invested back into development and exploration. We wrap up having him review a number of the significant exploration discoveries over the last few years, and some of the more recent drill targets the team is honing in on in Nicaragua, guided by VTEM data. Ryan points out that company has been acquiring new exploration concessions with the knowledge that they have proven out over several years their hub and spoke mining methodology trucking ore from satellite deposits to their 2 producing mills is working.

If you have any questions for Ryan regarding Calibre Mining, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.

Click here to go to the Calibre Mining news section

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John Rubino, publisher of his newsletter over at Substack, joins us for wide-ranging discussion on a number of topics including BRICS nations initiatives, the effects of higher interest rates, and the energy sector being one of the bright spots lately in otherwise tough market conditions.

We start off reviewing the BRICS nations meetings and the changing global trade and currency implications out of these evolving national alliances. It is still quite unclear if we will see any more news teased or released about the potential of gold-backed or commodity backed currency, from the BRICS meeting this week; but it will at least provide clarity on some of the larger initiatives for this large trading block. One area of the markets that could be impacted most is the commodities, and in particular the energy sector. All of this also ties into the future health of the global economy, and expectations around both monetary and fiscal policies the continued pressure of higher interest rates for longer on various sectors, and the potential still there for an economic contraction in western developed nations.

With ongoing constructive macro themes in both the oil markets and nuclear energy and uranium markets, we have John share what qualities he looks for when investing in energy stocks. He has been cautiously acquiring the larger cap, more liquid, best quality names, which he believes have management teams that are executing on building quality projects and quality companies. By focusing on the best-in-breed quality companies, he feels they will survive and bounce back, regardless of if we see a sector-wide correction in a “sell-everything” type of broad market correction or crash in the future. He highlights Occidental Petroleum (OXY), Cameco (CCO) (CCJ), and Nexgen Energy (NXE), as examples of the types of companies he’s built positions in.

https://rubino.substack.com/

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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 he is trading at the moment. At the start of this month TG outlined why he thought a broad US market pullback could actually be good for the markets through a rotation of money into lagging sectors. We now follow up to get TG's thoughts on the 3 week pullback.

TG shares some interesting breadth data which shows just how overheated markets were. He also outlines what he is looking for in the charts to signify if a turn back to the upside is coming. As TG says it's more about short term trading strategies right now.

Click here to visit TG's Profit Pilot website to keep up to date on what he's trading.

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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 stocks and will continue to filter into everyone's daily lives. We discuss which sectors could get hit most and if there are any sectors that can benefit from these higher yields.

Click here to visit the OANDA website to read over Ed's daily market note.

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Dana Lyons, Fund Manager and Editor of The Lyons Share Pro website joins us to share his shorter-term trading strategies, and medium to longer-term investing and technical outlook for the US and international markets, bonds, oil, gold, precious metals stocks, cryptocurrencies, and the US Dollar.

Click here to visit the Lyons Share Pro website to keep up to date on what Dana is trading.

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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.

We hope you all enjoy the show! Please keep in touch through email at Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Richard Postma, AKA Doc kicks off the show by sharing his long term outlook for gold, silver, gold stocks, copper, oil and the US markets. Doc sticks to the longer term charts and highlights the stocks he is watching as barometers for the certain sectors.
Segment 3 and 4 - Josef Schachter, Editor of The Schachter Energy Report wraps up the show with a focus on oil and natural gas. We start with the main macro drivers and price targets then drive down into the dividend paying stocks, growth stocks and energy infrastructure stocks he likes.
- Josef's conference is coming up on October 14th in Calgary. If you are interested at all in investing in energy stocks it's definitely worth your time. Click here to sign up and please let me know if you'll be there. I'll be there and am happy to meet up!

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Doc Jones, Private Investor and editor of DrJonesResourceInvestor.com, joins us to discuss 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. Starting off Doc Jones shares a critical look at a few critical minerals companies in the nickel and copper sector, contrasting his interpretation of the available public data and market assumptions on Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), Canadian Nickel (TSX.V: CNC) (OTCQX: CNIKF), and Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF).

The conversation then shifts more into past and present gold and copper developers and producers that had both good and poor reconciliations with their stated development strategies and economic studies as they then went into production. The conversation covers a number of examples of companies, with old names like Cardinal Resources (TSX: CDV), Exter Resource (TSX: XRC), Alexco Resources (TSX.V: AXU) (NYSE: AXU), and Pure Gold (TSX.V: PGM) (OTC: LRTNF) and also current companies reinterpreting prior producing projects like West Red Lake Gold Mines (TSX.V: WRLG) (OTCQB: WRLGF).

This is a nuanced conversation getting into metals price assumptions, the importance of co-credits in metals equivalent ounces in economic studies, the potential for grade to be higher or lower than in resource block models, the impact of currency fluctuations, and the importance of staying current with additional drilling or model interpretations from companies in concert with the macroeconomic forces in the commodities, and changes in the lending rates of capital markets. Another key takeaway is the importance of the first few years of any new producing mine in the operating team’s ability to hit stated goals for throughput, grade, having enough stopes available, having a good resource block model, the debt repayment, and getting the mine launched properly.

In full disclosure, Doc Jones holds positions in Magna Mining, Emerita Resources, and West Red Lake Gold Mines, at the time of this recording.
In full disclosure, Shad holds a position in West Red Lake Gold mines at the time of this recording.

https://drjonesresourceinvestor.wordpress.com/

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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 the broad market averages. Most of the focus is on comparing economic data out of the US to the rest of the world. US data has held up much better than pretty much every other country but there are some red flags Marc is watching in the near future that could start to turn the data more negative. We ask how money flow have been and will be impacted by all the economic data.

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 rollover in markets and pretty much every sector outside of the USD and oil. Joel notes that even earnings beats this quarter have not been bought as strongly as in past quarters. There clearly has been a shift in investors risk tolerance this month which if it continues could bring with it a longer downtrend balancing out the recent 5 month run higher in the S&P.

Click here to visit Joel's PreMarket Prep website.

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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 cash reserves.

We start by discussing the market reaction to the recent technical report, released on July 31 (click here listen to our interview recapping the Technical Report). The stocks dropped initially but some of the downward move has been recovered. I ask Chris what he was hearing from large investors post Technical Report.

We then recap the Q2 Financial Results, released August 9th. The results showed the Company continues to make money, grow its gold and silver bullion holdings and cash reserves. Chris recaps the key numbers and compares the free cash flow numbers to the guidance in the Technical Report.

I also have Chris outline the plans to utilize the Company's cash reserves, now that the Company is debt free. On the same day as the Q2 results the Company announced a share buy back program. Chris discusses the plans to keep growing the Company's gold and silver bullion holdings and the $10million exploration program.

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 Q2 Financial Results.

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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 looking ahead to and when the recession that so many have been calling for will hit. With most sectors moving lower this month some people are throwing out the idea of an upcoming recession and how low that could push markets down.

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 for a candid conversation about how he approaches value investing in the gold and silver mining stocks, when the sector sentiment is so negative. Erik points out the cyclicality of the PM sector, and that “this sector sucks about 80% of the time, and then retraces back up the suckage about 20% of the time.”

Erik’s approach is to keep it simple looking for the cheapest stocks based on where their future valuation should grow into, based on their current banked success in the ground, or the company work strategies to build more value. If things change where a particular stock gets substantially cheaper relative to the other stocks in his portfolio or watchlist, then he will do some value-shuffling within his portfolio to rebalance accordingly. Another point he reiterated is that his edge is in evaluating the risk/reward setups on the micro company level, and not getting lost trying to follow all the macroeconomic data points or factors so many concern themselves with on a daily basis.

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

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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 and Victoria Australia.

We start with the Egina Joint Venture with De Grey Mining (ASX:DEG). De Grey is planning approximately 39,000 meters of aircore, reverse circulation and diamond drilling, commencing in September.

When it comes to Novo lead exploration programs, the Company has 6,000 meters of drilling planned at Nunyerry North, Balla Balla, and Bamboo-Strattons in the Pilbara, and 2,000 m at Belltopper in Victoria. We discuss the main targets that will be drilled starting next month.

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

Click here to visit the Novo website and read over the exploration update news release.

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Jason Jessup, President and CEO of Magna Mining (TSX.V: NICU) (OTC: MGMNF), joins us to unpack the key takeaways for investors with regards to the recently released PEA the Crean Hill Mine Project, and at the exploration program currently underway there, as well as the ongoing drill program at the Shakespeare Project. We delve into all the derisking work the company is doing for the potential development strategy at both areas, and the ultimate pathway towards production in Sudbury.

Key highlights from the PEA (that don’t yet include the 15,000 meters of drilling data from last year or the additional drilling from this year):

The Base Case generates a pre- tax NPV (8%) of $290.4 million and an Internal Rate of Return ("IRR") of 23.9%, after-tax NPV (8%) is $230.4 million, with an IRR of 23.4%.

The Alternative Processing generates a pre- tax NPV (8%) of $668.8 million and an IRR of 39.6%, after-tax NPV (8%) is $516.1 million, with an IRR of 38.4%. We spend some time unpacking the synergies here if both the Crean Hill and Shakespeare Projects were developed in tandem with one another.

With regards to exploration, we next dug into the importance of the recent high-grade drill intercepts of nickel, copper, platinum and palladium in the 101 and 109 Footwall Zones. Just yesterday the company announced additional assay results from the 101 Footwall from the ongoing 2023 diamond drilling program at the Crean Hill Nickel Project. These continue to confirm the shallow zone of massive sulphides in the vicinity of MCR-22-005; which is one of the areas that the Company is planning to include as part of the advanced exploration and test mining program in 2024. Two drillholes, MCR-23-041 and MCR-23-042, tested down-dip, to the north and south of drillhole MCR-22-005 (see Fig. 1).

Jason outlines that at Crean Hill, the plan is now to drill upwards of 19,000 meters this year, and 5,000-6,000 meters at Shakespear, so there should be a steady stream of drill result news flowing in for the balance of this year. Additionally, he breaks down some of the key permits and milestones that the company is anticipating for the balance of this year and heading into next year.

If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.

https://magnamining.com/news-and-updates/

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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 the McMillan Pass Project in the Yukon.

Brandon and I begin with the July 26th news release which reported the first 3 drill holes of this year's large drill program. These holes were focused at the gap area between the Boundary Main and Boundary West Zones. We recap the results, what they mean for connecting the two zones, the size of mineralization found to date and where follow up drilling will occur.

We then shift focus to the July 5th news release which reported the start of a gold exploration program using Snowline Gold as a guild for targeting. To wrap up we discuss the $16.8million financing announced on August 10th, that includes existing shareholders the Lundin Family, Larry Childress and others.

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

Click here to visit the Fireweed Metals website news section to read over the news releases we discussed.

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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 in Quebec, Alaska, Ontario and Manitoba. Many of the Projects have major mines as partners, such as Sumitomo Metal Mining, Newmont and Antofagasta).

Zach Flood, President and CEO of Kenorland Minerals joins me to provide a comprehensive overview of the recent drill programs and ones upcoming. We start with the recent drill program at the Frotet Project, with Sumitomo Metal Mining as a partner. This Project has the Regnault discovery and the most drilling of any Project in the portfolio. Next up is the 100% owned South Uchi Project where exploration started on August 8th. We also discuss the grassroots discovery at the Chebistuan Project, that is optioned to Newmont. We wrap up with an overview of the other exploration programs ongoing and starting soon.

Please go through the Company's website and let me know if you would like any additional information on any of the Projects in the Kenorland portfolio. My email address is Fleck@kereport.com.

Click here to visit the Kenorland Minerals website on the Projects page where you can find out more about each Project.

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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 are very close to key support levels that if broken could signal a further move lower. We discuss lower levels to watch, recent volume, moving averages and the chart of Newmont.

Click here to visit the Junior Miner Junky website to keep up to date with the stocks Dave likes.

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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 the Inflation Reduction Act will filter into the critical metals areas. We balance out infrastructure building, such as gigafactories, battery companies and EV makers with the resource companies that explore and mine the needed metals. We also look at it from an investment angle in terms of ETFs one could invest in the whole way down to the stocks.

Please share your comments and thoughts on investing in the critical metals on the back of the Inflation Reduction Act.

Click here to visit the Mangrove Investor website and learn more about Matt's New Energy Investor newsletter.

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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 recent bout of market weakness seen across the board with US general equities, the energy sector, the precious metals, and most of the commodities sector. We discuss the potential lagging effect of the Fed’s higher for longer policy on interest rates, and how that may be a factor some market participants are becoming more concerned about. Additionally, we note that the Chinese economy has been weaker than expected and that has been a drag on overall commodities uptake in the world’s second largest economy.

Next we shift the conversation to the energy sector and get 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, outlining some existing positions he has in Marathon Oil (MRO), Devon Energy (DVN), Diamondback Energy (FANG), and Baker Huges (BKR); reflecting on the strength of the oil services sector.

Lastly, we wrap up discussing some of the key macro trends in the nuclear energy sector and how that relates to 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 position in Ur-Energy (URE) (URG) as one that has been resilient lately, based on future expectations for growth.

Click here to learn more about the Wealth Megatrends letter.

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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 is not garnering much/any market value. It is a sign of a bear market where investors are not speculating in the sector. There is also a bigger picture theme where building mines has gotten more expensive, there are less major miners out there to acquire these projects and the financing environment has dried up. We discuss it all.

Click here to visit Jayant's website.

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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 in Zambia. The Company holds the Solwezi Licenses, which encompasses 4 main target areas, and has major miners and mines in the area.

I have Adrian start off by providing a history of the Company and Project. We then discuss the major mining companies in the area and the large active mines in operation. Moving to the Project I have Adrian breakdown the 4 target areas and outline the strategy to move each of these areas forward.

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

Click here to visit the Midnight Sun Mining website and read over the Company's Corporate Presentation.

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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 Bank of Japan's adjustment to its yield curve control. While currencies are a global comparison game the fact that almost every economy is still dealing with persistently higher inflation. We also focus on the main drivers for inflation and if we will have inflation stuck above the Fed's target 2% target level.

Click here to visit the OANDA website to read over Ed's daily market note where he summarizes key market moves, economic data, and moves in oil, gold and Bitcoin.

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Dave Cole, President and CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), joins us for a comprehensive update on some of the key recent royalty transactions, with a focus on “discovery optionality” to augment 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.

Dave reviews some recent generative transactions starting with the option agreement for EMX's Flåt and Bamble nickel-copper sulfide projects in Norway to Londo Nickel Limited, a public unlisted Australian Company. The agreement provides EMX with 2.5% Net Smelter Return royalty interests, cash and equity payments, work commitments and other considerations.

Next 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.

Dave also unpacks the news announced on August 8th about the execution of an agreement to add its Mjövattnet and Njuggträskliden nickel-copper-PGE-cobalt projects in Sweden to an existing arrangement with Kendrick Resources PLC, a current EMX partner. Mjövattnet and Njuggträskliden battery metals projects will follow the same schedule of work commitments, advance royalty payments and milestone payments as the Espedalen battery metals project in Norway, another EMX royalty property being advanced by Kendrick. EMX will retain a 3% NSR royalty on the Swedish Projects along with other considerations.

We wrap up with bigger picture concepts on the strength in diversification of projects, solid operators, and commodities within the EMX Royalty project portfolio, and also check in on the progress with the ongoing Timok royalty resolution.

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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Marc Chandler, Managing Partner at Bannockburn Global ForEx and editor of the Marc to Market website, joins us for a special weekend Editorial. First off, we dive into his take on the trends and forward expectations for the bonds and interest rates markets, and how that may play into the future contraction of economic conditions.

Next we dove into the data of the last 2 years GDP trends, and if we are going to see as robust of a 3rd Quarter as the Fedwatch GDP Now site is projecting. It brings up the whole debate of are we going to see a recession later this year or earlier next year; or has there been the proverbial “soft landing” where we’ve avoided any more market and economic dislocations? This wide-ranging conversation get’s at the question of if and when we are reaching the end of business cycle. Marc points out that much of thinking about a recession and even it’s precise definition is more nebulous, and stems from a post Great Depression and WWII mindset. Moving forward he believes the metrics around GDP may be less about nominal overall growth or shrinkage, and more about GDP per capita and the impact and quality of life of each individual citizen in a given country.

The conversation then shifts over to the inflation data, and the base-effects we’ve seen affecting the trends, in tandem with the Fed’s tightening cycle and rate hikes. It’s a nuanced topic that delves into when we may see rate cuts next year, if the Fed’s 2% target be achieved, and what cost-push affect on pricing we may see as a result of higher commodities prices. Marc points out that the way CPI is calculated now is really less about goods and more focused on services, which are not as hamstrung to commodity prices, but that rising energy prices will affect both businesses and consumers. One of the key metrics on tap that he’ll be watching is the retail sales report, and other metrics around the strength of the consumer.

Click here to visit Marc’s website – Marc to Market.

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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 where money is rotating as markets have started to show some weakness. We get insights on the key sectors and data that is driving the markets with a focus on a wide range of commodity secotrs.

Please keep in touch with us through email. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Rick Bensignor, President of Bensignor Investment Strategies and Editor of a couple very good retail focused investment letters kicks off the show by sharing his outlook for markets and commodities. We also discuss how Rick is able to consistently beat the market.
- Click here to learn more about Rick's investment letters.
Segment 3 and 4 - Nick Hodge, Co-Owner of Digest Publishing and Editor of Foundational Profits and Fonder of Hodge Family Office wraps up the show with a focus on commodities. We start with a quick overview of the macro economic environment. We then move to the energy sector with oil, natural gas and uranium. We also discuss copper and precious metals.
- Click here to visit the Digest Publishing website to learn more about Nick's investment products.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us for a wide-ranging discussion on what matters when sifting through all the macroeconomic data we are hit with day in and day out. We get into a lot of data points on inflation metrics, jobs numbers and unemployment stats, GDP forecasts, manufacturing and service sector trends, interest rates, real estate markets, and what signals will point more towards the coming recession. Of course, all of this data is then parsed through the lens of market expectations on how the FED will respond with policy action, and how it relates to the gold, silver, and precious metals stocks.

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 me for a candid discussion on 3 of the resource companies he is constructive on, based on the company work strategy and potential value creation in the medium to longer-term time horizon. The companies discussed are Dolly Varden Silver (DV) (DOLLF), Lion One Metals (LIO) (LOMLF), and District Metals (DMX) (MKVNF).*

*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.

In full disclosure, Shad is also a shareholder of both Dolly Varden Silver and Lion One Metals at the time of this recording.

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

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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 Ana Paula and the August 9th release reporting high-grade gold drill results up-plunge from the high-grade panel.

Starting with the August 3rd release I have Charles explain Figure 1 which shows where the high grade mineralization is from surface. The big picture concept is how early the high-grade material can be mined.

On to the August 9th news release which reported 4 drill holes targeting up-plunge from the high-grade panel. This drilling yielded better results than in the current resource model and it tying together the high-grade into one single block.

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

Click here to visit the Heliostar Metals website to read over the recent news release.

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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. He focused on the increasing debt interest for the federal government and how it could impact Fed policy and markets. We also look to the continued under-performance of the PM stocks to the gold and silver prices.

Click here to learn more about and registrar for the New Orleans Investment Conference.

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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 and 102 mineral license applications in central Sweden. I have Garrett outline the historic work completed on the licenses, including a historic inferred resource estimate and drill results.

We then recap all the recent mineral license acquired by the Company in Sweden. This ties into a quick update on the uranium mining and exploration moratorium in Sweden.

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 as well as the page focused on the the moratorium.

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Michael Oliver, founder of Momentum Structural Analysis, joins us to outline 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. We start off reviewing what will happen as the largest asset bubble in history continues to pop, and that last week’s market weakness was the signal that the bear market rally, that started last October, has mostly run it’s course at this point.

We discuss that the prior dozen years (2009-2021) leading up to last year’s initial corrective year in 2022, was an unprecedented rise in paper assets, fueled by easy money and low interest rates. However, this artificially created environment created incorrect assumptions and bad financial decisions from so many market participants, from individuals and institutions, to businesses and governments. The economy and markets became hooked, like a junkie, on the constant injection of central bank liquidity. Now the Fed has yanked the needle out of their arms and there will be further economic ramifications that we see unfold for some time. The dynamics have now drastically changed, after more than a year of the Fed’s intense period of monetary tightening, taking rates up over 5%. Michael believes that what we saw in 2022, is only the beginning of the unwind in markets, which could be one of the worst bear markets to come in US history.

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 catching up and outperforming the upward moves in the yellow metal.

https://www.olivermsa.com/

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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 us to review more recently returned high-grade silver drill intercepts from the JAC Zone at the Diablillos Project in Argentina. This includes 3 holes into a brand new discovery and new parallel mineralized area called the JAC North Zone, that is 100 meters to the northwest of the JAC Zone. As announced today, Drill Hole# DDH 23-064 intersected a high-grade interval of 12 meters at 1,042 g/t Ag in oxides starting at a down-hole depth of only 69 meters, including a 6 meter interval grading 1,880 g/t Ag.

Dave outlines 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, this new JAC North Zone, and other targets like Alpaca and Fantasma. There are still more holes to report from this drill program that will feed into an upcoming maiden Resource Estimate on the JAC Zone targeted for October. There is also ongoing work incorporating other metallurgical data, environmental and permitting work, and other project derisking going on into a Preliminary Feasibility Study on the overall Diablillos Project encompassing both the Oculto and JAC deposits by year end. Current testwork confirms that the same process flowsheet can be used to process mineralization from the Oculto, JAC and Fantasma deposits.

John also takes some time to outline how much company value has been added since the prior PEA in 2021, growing the size of the Occulto deposit, defining a whole new higher grade pit in the JAC Zone over the last year, and now promising drilling success from exploration targets like the JAC North Zone, Alpaca, and Fantasma areas. 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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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 in Quebec. Holes 63 and 64 expanded gold mineralization at the Hinge Zone 50m up-dip and 75m to the west. Hole 62 was the first of a series of infill holes.

Tim Clark, President and CEO and Bryan Atkinson, Senior VP of Exploration at Fury Gold Mines joins me to discuss these results and look ahead to where the drills are turning currently. As Tim and Bryan state, these results both expand the Hinge Zone and confirm the Company's exploration model for targeting future drill holes.

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

Click here to read over the full news release.

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John Rubino, publisher of his newsletter over at Substack, joins us for wide-ranging discussion on the macroeconomic implications for markets, based on the potential for an uptick in commodities prices and inflation metrics, and how those tie into the future health of the economy, and expectations around both monetary and fiscal policies. We review prior crashes and recessions and some of the leading or lagging economic data we had heading into those events. We also debate what kind of recession we may see and different scenarios on how that may affect general US equity markets and the precious metals sector.

With regards to gold stocks, John is cautiously acquiring the best quality names, which he believes have management teams that are executing on doing the right kind of good work to keep building value. By focusing on the best-in-class quality companies, he feels they will survive and bounce back, regardless of if we see a sector-wide correction in a “sell-everything” type of broad market correction or crash. He highlights both the series of consistently high-grade drill results from Snowline Gold (SGD) (SNWGF), or the solid operations report and continued production growth from Sandstorm Gold (SSL) (SAND) on their royalty portfolio, as examples of solid companies that he has been comfortable accumulating, even with the potential risk of a sector pullback.

We wrap up talking about how he views the commodities sector at present and heading into the potential economic contraction. John still sees good opportunities for investors who are using the pullbacks in many resource companies to continue acquiring the best quality companies in the oil, copper, and uranium stocks and remains bullish on them in the medium-term to longer-term.

https://rubino.substack.com/

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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. This all ties into the continued recession fears but also balanced out with weaker economic data in other parts of the world. We then look at the energy sector where oil was the best performing sector last month. How long can momentum carry the energy sector?

Click here to visit the OANDA website and read over Ed's daily market note.

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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 by recapping the weaker than expected jobs data from Friday. We look at market reaction and discuss market sentiment as investors are now pricing in a soft landing. Looking ahead to future US economic data there are some key comparatives in the next few months. We also look to the currency markets and some interesting trends and potential breakouts to follow.

Click here to visit Marc's website - Marc to Market.

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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. While we all might have differing outlooks for the longer term economic and market environments there are profits to be made in the short term especially with a wide range of stocks moving higher.

Please keep in touch with Shad and I through email. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Dana Lyons, Fund Manager and Editor of The Lyons Share Pro website kicks off the show by sharing his trading strategy for bonds, the USD, US markets, precious metals and energy. We tie in some longer term outlooks but the main focus in this interview is where you can make money now.
- Click here to visit the Lyons Share Pro website to keep up to date with all of Dana's portfolio moves.
Segment 3 and 4 - Dan Steffens, President of the Energy Prospectus Group wraps up the show with a focus on oil and natural gas stocks. We start with some macro comments then quickly get into the stocks he likes for dividends and growth.
- Dan has offered all of our listeners $100 off his newsletter and to email him with any questions on energy stocks. You can email energyprospectus@gmail.com to activate your membership and ask questions. Just mention you're coming from our show.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us for a nuanced discussion around the disconnect between the relatively solid gold and silver prices, versus where we've seen the precious metal mining stocks being valued for some time. Dave provides his technical outlook on where the support and resistance levels are for both GDX and GDXJ, for investors to keep focused on.

We also discuss that there has been something more going on that last few years, beyond just the narrative that underperformance in all PM stocks is simply due to inflation eating in the margins of producers. There has been continued downside pressure in the PM mining stocks for years now, even when the metals prices were moving sideways to higher, and even this year as inflation metrics have been steadily coming down lower. Inflation and crimped producer margins doesn’t come close to accounting for just how hard the corrections have been in earlier-stage exploration drill plays or why the ounces in the ground are at such low levels for the valuations that developers are getting in the market.

It really comes down to simply low investor sentiment in the PM sector and traders using key news as liquidity events to sell PM stocks across each stage of the spectrum. This has been the case long before inflation started ticking higher, and remains even as inflation has been trending lower all year long. We ask Dave what he sees on the horizon that could change the lack of interest in this sector, and it involves precious metals prices breaking out to new highs to create more momentum, and possibly seeing this paired with a correction in the general stock indexes. Until then, we remain solidly in the summer doldrums, ironically as gold just put in it’s highest monthly close ever to wrap up the month of July.

Click here to visit the Junior Miner Junky website to follow along with Dave’s market commentary.

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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 weaker then forecasted US jobs data. We also look at the pop in yields which has further shown investors moving money into stocks. The buy the dip mentality is still the trend for US equity markets.

Click here to visit Joel's PreMarket Prep website.

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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 Valley Zone on the Rogue Project in the Yukon. Hole 39 was the headline results intersecting 2.48g/t gold over 553.8 meters. This result includes two gold zones, one at depth that is a new gold zone. To better view the results refer to Figure 1 from the news release posted below.

I also have Scott breakdown where the drills are turning at the Rogue Project and other Projects in the Yukon.

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

Click here to read over the full news release.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us for a nuanced conversation on how he approaches value-shuffling and position-sizing within his portfolio. One of the key points he makes is to constantly look at the percentage risk versus reward that may change as sentiment moves share prices and valuations around, when the fundamentals may not have changed. Also, we discuss how the risk/reward setup can change drastically after key company news points to discovery or key milestone and then the propensity of evidence is for there to be greater value creation in the coming news releases, warranting taking on a larger position size.

Another key takeaway from his portfolio management strategy is not to pull profits too soon in an early-stage evolving story, and to really let the winners run big in his portfolio. Erik points out that sometimes investors are so happy to have finally made a profit, that they exit too early, missing out on the true multi-bagger potential. In his experience, it has always been a few big outperformers in his portfolio, at any given time, that he really let run higher unimpeded; which have made up for the inevitable losses occurred on other speculations.

*In full disclosure, the companies mentioned by Erik in this interview, Snowline Gold (SGD) (SNWGF) and Inflection Resources (AUCU) (AUCUF), 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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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. We note the recent pop in yields with the 10 year closing on a significant breakout level with US markets and gold also higher. On the gold front we ask about the horrific performance of the underlying stocks and if the big picture investment angle for gold stocks has changed over the last 15 years.

Click here to visit Craig's site - TF Metals Report.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to review the news out earlier this week on July 31st of the updated National Instrument 43-101 Mineral Resource Estimate at the La Plata Project in Colorado, representing a 25% increase in contained metal, based on an additional 1,730 meters of diamond drilling completed in 2022. The inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper (1.2 Billion lbs) and 17.6 million ounces of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41% Copper Equivalent (CuEq) (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade.

On July 11th the Company announced the start of the 2023 exploration and 5,000 meter drill campaign at the La Plata copper-silver-gold-PGE alkalic porphyry project, located in southwest Colorado. We have Scott outline how the exploration work will be following up and stepping out from last year’s successful deeper drill hole# 22-04 hole which intersected 816 meters of 0.41% Cu Eq (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) from surface and ended in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). This hole generated more interest in this project from larger companies, and lead to the announcement on May 18th of the $6.3 million strategic equity investment by Newcrest Mining Limited to further advance the La Plata Project.

Next we pivoted over to the key company milestone on tap in the next few months with the Maiden Resource Estimate slated come out on the Keno Silver Project, located in the Keno Silver district of the Yukon. This will be the culmination of much of the exploration work since acquiring the project in 2017, and will feature resources from 3 of the main 5 target areas of interest at the deposit.

Wrapping up, we highlighted the financial strength of the company with $7 Million in the treasury, and additionally the expectation for new revenues to start coming in this month from the Australia Creek gold alluvial royalty property in the Klondike Gold District of the Yukon. Currently the primary operator working these claims towards production is Little Flake Mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush.” Work is well underway with initial production and first royalty payments anticipated to start in late August. This ties into a larger discussion on how there could be room for 10 operators along their vast alluvial land claims, resulting in more future royalties, which could bring in more revenues to fund exploration at both the Keno Silver and La Plata Projects.

If you have any follow up questions for Scott on Metallic Minerals, then please email us Fleck@kereport.com or 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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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 program at the Santa Cecilia Project, in Chile. These two hole were drilled 700 meters apart with Hole 2 yielding the best result of 557 metres of 0.38 g/t gold, 0.23% copper and 56 ppm molybdenum.

Shawn Wallace, Executive Chairman and Michael Henrichson, Chief Geologist at Torq Resources joins us to discuss these results. We outline these early results and how the Company is planning to follow up with future drilling. Refer to Figure 3 from the news release posted below to get a better understanding of how these holes relate to past drilling.

Please email us with any follow up questions for the team over at Torq. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to read over the news release reporting the drill results.

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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 Thermal-XR. This distribution agreement covers the US, Canada, Mexico and the Caribbean.

I have Craig explain the distribution agreement as well as provide an overview of Nu-Calgon's business. I ask Craig if the Thermal-XR will be incorporated into the products Nu-Calgon already sells and if GMG can project any future revenues from this agreement. We also discuss time-frame for initial sales and how the Company plans to produce Thermal-XR on the scale needed to supply Nu-Calgon.

At the end of the interview Craig also answers a couple questions you have sent me focused on the battery division. Please keep sending my your questions through email. My email address is Fleck@kereport.com.

Click here to read over the full news release.

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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 data reported with a focus on the Mineral Reserves update, increase in sustaining capital costs and overall silver grade changes. I also ask about growth plans and M&A potential moving forward.

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

Click here to read over the full news release reporting the Updated Technical Report.

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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 strength many people are writing off a recession saying the economy is through the worst of the rate hikes. Jesse is seeing a very different outcome.

We discuss Jesse's outlook for yields, which have been rising again, and what direction commodity prices move if a recession hits. For all you active investors we also ask Jesse about the underlying commodity stocks.

Click here to visit the Felder Report website to keep up to date on Jesse's market and economic commentary.

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins us to unpack the key takeaways from the recent acquisition of Gold Island Inc, creating a premier Newfoundland-based exploration Company, with significant defined gold & copper resources.

This transaction adds 3 new exploration projects to the company’s growing pipeline of exploration targets and also adds approximately CAD$4.0 million in working capital. Additionally, this brings in several strategic shareholders, including Eric Sprott, The PowerOne Capital Group, Shawn Ryan, and a number of leading and highly sophisticated financial institutional shareholders, and high net worth investors. We have Mike outline the prospectivity of these new exploration properties as well as any minimum spending or work requirements.

Next we honed in on the flagship Hope Brook Project, located in southwestern Newfoundland, where the Project has a Global Mineral Resource Estimate showing 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. This underpins the value of the company with an overall 1.4 million ounces of gold in all categories. While the majority of the indicated resources have be defined at the Main Zone, the exploration team still feels there are plenty of drill targets around the 240 Zone and the 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 their team has identified for exploring for additional open pits that could be brought into a future mine plan, and 4 regional targets in particular that will likely get some work this year looking to make a new discovery.

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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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 results from current test mining at certain lodes. See Figure 1 from the news release (posted below) to view where these samples were taken from.

Quinton expands on these results and what it means for future mining potential expanding the current lodes. I ask if these resent results can be applied to other lodes being test mined and how the Company will go about testing the other lodes.

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 read over the full news release.

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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 with the constant commentary around the supply and demand imbalance where the world is running out of copper. This ties into a discussion on how Joe views different copper assets, many of which are large generally lower grade deposits stuck waiting for financing.

We also focus a lot on the stocks, from development down to exploration companies. It's been a tough environment for most copper stocks with investors focused on other sectors which have produced better near term performance.

Click here to learn more about Exploration Insights and keep up to date on Joe's work.

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TG Watkins, Director of Stocks over at Simpler Trading and Editor of the Profit Pilot website, joins us to outline a continued constructive outlook for markets and the big moves higher in a number of stocks that already have corrected and based over the last 2 years. TG points out that even if the general indexes and popular mega-cap stocks are starting to look overbought, that there may be more opportunities under the surface of the broad market, as overall breadth is improving. Over the last few months, investors have been steadily rotating funds into the stocks that were already beat down and seeing these equities spring back to life. TG outlines a number of stocks and sectors that have been producing out-sized gains for those paying attention to the technical set ups on the charts, and he feels this momentum will bring in even more money off the sidelines to start participating.

We also discuss the psychological aspect of trading and the opportunity cost in being on the sidelines in defensive fixed income or under-allocated to the markets, due to highly publicized anticipation of a coming recession that has continued to be pushed farther and farther out. For most of this year a number of investors have been waiting on a large corrective move that hasn’t materialize, or worse, even mistimed shorting the broad markets, and this is just leading to even more upside pressure as the shorts get squeezed, and more traders flip from a short to a long trading strategy. We also take a look at the crypto miners as an example of what signals he looks for in an overbought equity to harvest gains, and wait for the next entry point.

Click here to visit TG's website – Profit Pilot.

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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 Toyota. The Company claims this battery has a much longer range for electric vehicles, charges faster and is generally safer. We discuss the commodities that go into these new batteries and if it truly could be a game changer for the battery market.

Click here to visit the Mangrove Investor website.

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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 Project, moving into construction. The El Domo-Curipamba Project is a high grade copper-gold asset with reserve grades of 5% copper equivalent.

I have Christian provide an update on the next key steps before construction starts. We discuss the remaining permits needed, last pieces of the project financing and the building of the construction team.

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

Click here to visit the Adventus Mining website to learn more about the Company and El Domo-Curipamba Project.

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Robert Sinn, (aka Goldfinger on CEO.ca) and publisher of Goldfinger Capital on YouTube, joins us to share his key takeaways from the Rick Rule Symposium in Boca Raton, FL last week, as well as thoughts on the copper and precious metals sector.

At the Rule Symposium, Robert Friedland, the Founder and Executive Co-Chairman of Ivanhoe Mines (IVN), discussed the supply demand factors for the copper sector, in light of the electrification and electric vehicle narratives. He also mentioned that now that the Fed is nearing the end of their rate hiking cycle, that he expects a very constructive environment for commodities and resource stocks over the next decade. This led to a discussion with Robert about why we’ve not seen more traction in the junior copper resource stocks, in light of the overall consensus about how important bringing on more supply of the red metal is so critical.

This also tied into a similar disconnect in the valuation of precious metals stocks, in light of the higher levels where both gold and silver have been trading for some time now. We reviewed how inflation has crimped margins and spiked the capital costs needed to bring new mines into production, but doesn’t quite explain away the vast disconnect in valuations today compared to when metals prices and margins were lower than they are in today’s environment. Whether it is because other speculative sectors are taking some of the shine off gold, or if we just need to see a big breakout that gets more investors attention, Robert makes the point that the PMs have held up quite well considering everything we’ve seen on the macroeconomic radar the last few years. He provides some technical pricing levels for investors to keep their eyes on.

Goldfinger goes on to note that being a contrarian in this space, and acquiring quality teams and projects when they are least coveted can lead to outsized returns when the sentiment does turn again in the sector. He wraps up discussing the importance of position sizing and time horizons, and that investors should develop their own unique strategy around these and their own risk tolerance parameters.

Follow Goldfinger on Ceo.ca Follow Robert on YouTube here:

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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 the producing Minera Don Nicolas gold mine in Argentina, where the Las Calandrias area was just brought into the production mix, and where both the Martinetas pit and Phase 1 Underground program, under the Paloma Pit, will be feeding into growing production next year. The Company has grown production from Argentina operations the last 3 years in a row, with 2023 guidance in the 60,000-70,000 ounce range, and 2024 guidance in the 80,000-90,000 ounce range.

We then dig in to the project details for the large gold development Project, Monte do Carmo, in Brazil, which will have a new Feasibility Study released to the market later in Q3, that takes into account more optimization and better economics. Based on prior work the team is fairly constructive on around a 100,000 ounce per annum production profile with lowest quartile costs. This should help to essentially double the production profile of the company up closer to 200,000 ounces per year from 2025 and beyond, graduate them to a multi-mine and multi-jurisdiction mid-tier producer over the next few years.

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.

If you have any questions for Mark regarding Cerrado Gold, then please email us at Fleck@kereport.com or Shad@kereport.com.

https://www.cerradogold.com/news/

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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 discuss if these ETFs could bring in more institutional money into the crypto sector and the time frame for exchange approval decisions.

We also discuss the difference between decentralized and centralized exchanges. This ties into the type of investor and why they are investing in crypto to start with.

If you have any questions on the crypto sector for Kenton please email us at Fleck@kereport.com and Shad@kereport.com.

The Youixa Crypto website is coming soon. In the mean time click here to sign up for Kenton's email updates.

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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 in the Yukon. Holes 35 and 36 were released on July 15th. Hole 36 was the headline hole intersecting 2.92 g/t Au over 143.5 m (from 23 meters) within broader mineralized interval averaging 1.53 g/t Au over 414.5 m from surface. Hole 35 returned 1.01 g/t Au over 396.5 m from surface. To see where the holes were drilled refer to Figure 1, from the news release, posted below.

I have Scott explain the location of these holes and what they mean for expanding and better understanding the gold mineralized footprint. We also refer to a number of figures within the news release that provide more detail on the full results.

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 full news release and view all the Figures we refer to.

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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 royalty companies. These types of companies offer very different investment opportunities but as you will hear from our guests you need to be selective in the companies and teams you invest in.

Please keep in touch with us through email. We love hearing your thoughts on the companies and guests we feature on the show. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Brian Leni, Founder and Editor of The Junior Stock Review kicks off the show with a focus on development stage resource companies. We ask about the types of companies Brian invests in with a longer term investing strategy. We also discuss the high price predictions for metals associated with the electrification narrative.
- Click here to learn more about the Junior Stock Review website.
Segment 3 and 4 - Matt Geiger, Managing Partner at MJG Capital keeps our focus on resource stocks while sharing his outlook for royalty companies. More specifically the small and mid size royalty companies. We also recap a recent site visit Matt attended in Brazil to Bravo Mining and Lara Exploration.
- Click here to learn more about MJG Capital.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF) joins us to review the growing importance of the cornerstone Caserones copper royalty in Chile, 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 off exploration-stage projects in Ethiopia.

We start off diving in a bit more to why the Company has acquired an additional Net Smelter Royalty (NSR) interest on the Caserones copper-molybdenum mine in Chile for a total cash consideration of US$2.6 million. On July 19th, 2023 Lundin Mining Corporation closed the acquisition of 51% of the Caserones copper-molybdenum mine for $950 Million. Additionally , Lunin Mining has announced H1 2023 production results, released an updated NI 43-101 technical report at Caserones, and highlighted the optimization and exploration potential at the mine. Elemental Altus holds an effective 0.473% NSR on the project.

Next we pivoted over to the Sale & Purchase Agreement with Allied Gold Corporation for the sale of the Company's 100% owned subsidiary Legend Mali (BVI) III Inc. which indirectly owns 100% of the Korali-Sud Small Scale Mining Licence & Lakanfla Exploration Licence (combined "Diba Project") in western Mali. As consideration, Allied will pay up to US$6 million in cash and grant a NSR royalty of up to 3% on gold produced from the Project. Fred unpacks why the Company believes this Allied Gold Corp, with a major near-term production project adjacent to the Diba Project, is the right operator to not only generate solid production which will be very accretive via the 3% net smelter royalty, but also will be able to more effectively explore the property to continue growing the potential upside. We also review why continuing to spend money internally to explore and develop this project was not going to generate the future value or revenues that this transaction will, as this asset can now be more efficiently fast-tracked into a producing royalty.

We wrap up having Fred outline the key takeaways from the news out July 25th announcing the generation of two new gold and copper Net Smelter Return royalties, through the execution of a Sale & Purchase Agreement for the sale of 95% of its Ethiopian focused Seychelles incorporated subsidiary Altau Resources Ltd. to Canadian incorporated ANS Exploration Corp. We discuss the team, their vision and strategy around exploration, and how this allows Elemental Altus to experience the exploration potential with a competent operating partner, but also reduces associated costs.

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 view recent news on the Elemental Altus Royalties website

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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 the 2,224 meter follow-up reverse-circulation ("RC") drill program at the Company's 100%-owned Gold Basin oxide gold project in north-western Arizona. 11 drill holes were released with 6 hitting near surface gold mineralization. The drilling was focused on the Gap Zone, between the Stealth and Red Cloud Deposits, and the Red Cloud Deposit.

I have Colin focus on the Gap Zone and the potential of connecting the Stealth and Red Cloud Deposits. We also discuss the drilling strategy at Red Cloud, work ongoing to generate new targets across the Project and possible publishing of a Resource Estimate.

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

Click here to visit the Gold Basin Resources website to read over the recent news releases.

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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 program at the Silver Kings Property in Ontario. The anticipated 6,000 meter program will be largely focused on the recent high-grade silver discovery at the Campbell-Crawford area. Hole 23-SK-08 intersected 15,372 g/t silver over 3.34 m and hole 23-SK-13 intersected 2,424 g/t silver over 2.49 m.

David and I start by recapping the initial discovery holes and how the Company is planning on expanding the high grade footprint through this drill program. We also look Property wide to some of the other targets being advanced (see Figure 2 from the July 25th news release posted below).

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

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

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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 10 of the initial drill assays returned from the ongoing 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. There are 4 different target areas of focus in 2023: La Republicana, Las Carmelitas, Western, and the Main Zone.

On July 27th, the first 10 drill holes were reported, for a total of 1,328 meters of the planned 5,500 meter Phase 2 drilling at its La Gloria property. The initial focus has been drilling at La Republicana, with large step outs from drill hole# LG-22-30, which produced 59 meters of 1.45 g/t gold in Phase 1 drilling. Eight out of these first ten drill holes for a total of 801m have been targeted towards this goal and have successfully started to delineate a mineralized zone of approximately 200m by 150m around LG-22-30. In total, 17 holes have now been drilled at La Republicana for a total of 1,770m, with more holes planned pending results.

Next we discussed that the assays returned and ongoing drilling based off the key IP survey data for both the near-surface bulk mineralization at Las Carmelitas and the big high-density veins at the Western area. A total of 22 holes for 2,803m have now been drilled in the current program at La Gloria: 17 holes in La Republicana, 4 in Western, and 1 in Las Carmelitas. A second drill hole was just completed at Las Carmelitas, and the exploration team eagerly awaits the assay results to continue to refine additional drill targets at this key area of exploration potential. Additionally, later in the exploration season there may 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 like copper, zinc, and lead. It reflects the large discovery potential of important key metals at a number of targets for exploration this year and into the future, 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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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review a recent trip to the Yukon territory of Canada, where he recaps his overall takeaway from this jurisdiction and his boots-on-the-ground site visits to Snowline Gold (SGD) (SNWGF) , Fireweed Metals (FWZ) (FWEDF), Banyan Gold (BYN) (BYAGF), and White Gold (WGO) (WHGOF).*

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

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Mark Brennan, Founder and Executive Chairman of Ascendant Resources (TSX: ASND) (OTC: ASDRF), joins us for a comprehensive overview of the Lagoa Salgada Project at the Venda Nova deposit, and the key initiatives moving forward.

We start off discussing how the Company came together 5 years ago, the prolific mineralized trend along the Iberian Pyrite Belt, and then the work completed to date on the project leading into the prior PEA and just announced Feasibility Study, and where things are headed moving into Optimization Studies.

Highlights of the 2023 Definitive Feasibility Study include:

Post-tax NPV8% of US$147 million and 39% IRR
Average annual payable zinc equivalent (ZnEq) production of 124 million lbs per annum over first 5 years
Average All-in Sustaining Cost (AISC) of US$0.59/lb ZnEq over first 5 years
Robust Average EBITDA of US$75.5 million per annum over the first 5 years
Upfront capex requirement of US$164 million (including US$12 million of contingency)
Inaugural NI 43-101 compliant Proven and Probable Reserves in the North Zone and South Zones of 14.6Mt at an average NSR of US$66.1/tonne
Updated NI 43-101 compliant Mineral Resource of:
- North Zone: 8.9Mt at 10.52% ZnEq Measured and Indicated and additional Inferred Resources of 0.5Mt at 6.62% ZnEq
- South Zone: 10.0Mt at 1.22% Copper Equivalent ("CuEq") and additional Inferred resources of 8.1MT at 1.16% Cu Eq.

We wrap up with having Mark outline the pedigree of the management team and board working on successful developing and producing assets, the financial backdrop for the Company along with substantial stakeholders, and the key catalysts and milestones the company is working on moving forward.

If you have questions for Mark regarding Ascendant Resources, then please email me at Shad@kereport.com.

Click Here To See Ascendant Resources Company News

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review market moves as the Fed nears the end of their rate hikes, and if commodities might keep getting upward traction if inflation pops back higher over the next few months. We review the technical pricing action in the CRB commodities index which has been gaining some ground to the upside, and if this paired with inflation could be a second-order effect on gold, silver, and the PM mining stocks. We also review potential economic outcomes should we see an increase in the 10-year bond yield, and a steepening of the yield curve.

Next we pivot over to what would happen if gold breaks out to new highs in an inflationary backdrop before the recession and deflationary pressures really set in. It may mean another correction from higher levels, before reversing back up again and then that move starting to attract more generalist capital. Diving down into the precious metals stocks, we unpack what could happen to producers margins if inflation takes back off while gold and silver are rising in tandem, and we also look at what it will take to improve sector sentiment and get financings going again for the junior resource stocks.

Click here to visit Jordan’s website – The Daily Gold.

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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 key earnings and the markets ability to continue to rise.

In talking earnings we focus on the banks and lending environment. Carrying this over to the markets we are continuing to see money spread out among stocks and note that volumes have also been higher then pre-pandemic levels.

Click here to visit Joel's PreMarket Prep website to keep up to date on the stocks making moves each day.

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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 the sectors that have distracted investors and large companies, including the electrification narrative.

We also drive down to a few stocks that Tavi has noticed garnering attention from investors. These stocks are putting out extremely good drill results. Tavi also has a focus on producing companies that can self fund growth and exploration.

Click here to visit the Crescat Capital website to learn more about the funds.

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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 Bolivia. This initial inferred resource, announced on July 14th, is comprised of 857,000 tonnes at 4.4 g/t gold for 121,000 ounces of gold at a 1.5 g/t gold cut-off. The resource is based off a total of 14 drill holes totaling 2,405 meters.

I have Chris initially recap the initial resource and how the Company was able to produce a resource with only 14 drill holes. We then look ahead to how the Company will move the Project forward, balancing the possibility of moving into production vs continuing to expand the resource and test other targets (as shown in the map from the release posted below).

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

Click here to visit the Mantaro Precious Metals website and read over the full Resource Estimate news release.

Figure 2: Plainview map showing the area included in the maiden Mineral Resource, location of 2022 drill holes (black line, blue-collar) and Mineral Resource expansion potential to the south. (CNW Group/Mantaro Precious Metals Corp.)

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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 meeting and what he's watching for post Fed meeting in terms of market reaction. We also have Sean look to the intermediate and longer term to discuss the potential of a wide trading range for markets and how he invests during those times.

We also focus on the oil sector as the price has risen this entire month and is close to breaking its trading range. Sean outlines the types of stocks he would invest in for this environment.

Click here to learn more about the Wealth Megatrends letter.

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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 tin Resource Estimate in the works, and the Aberfoyle Project, with new lithium exploration targets. Both Projects are in Tasmania, Australia.

Chris outlines the next steps to move each Project forward. We also discuss the investor interest in Australia for both tin and lithium.

If you have any follow up questions for Chris regarding any of the Projects please email me at Fleck@kereport.com.

Click here to visit the TinOne Resources website.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the Q2 Operations at the Segilola Gold Mine, and an exploration update for Segilola, Douta, and the new lithium claims.

Now that the mine plan is back into higher grade stopes again, the Q2 Segilola gold production was 23,078 ounces at an average grade of 2.99 g/t Au. There is an intensive ongoing diamond and reverse circulation drill program all around the Segilola mine, and at some identified high-grade quartz-vein style mineralization targets at Igala and Ayelle prospects within 15 km of Segilola. Drill results should be starting to release to the markets in August and beyond from this exploration work to expand resource near the mine.

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.

We also discussed the newly announced lithium subsidiary of the company, Newstar Minerals Ltd, and the 5,000 meter drill program exploring 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.

If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email us at Fleck@kerport.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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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 as lots of Q2 earnings on tap.

Ed Moya, Senior Market Analyst at OANDA joins us to share his outlook for the central banks, how earnings compare to the past quarter and most importantly how investors and markets are reacting. The theme of a wide long term trading range seems to be the consensus right now.

Click here to visit the OANDA website to keep up to date on Ed's daily market commentary.

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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 noise for investors and focus on the key economic data and market moves. We discuss what to watch for the current earnings season, the theme of higher for longer for interest rates, recession fears being pushed back and the overall health of other countries compared to the US.

Click here to visit Peter's Substack to keep up to date on his daily market and economic commentary.

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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 the critical minerals narrative.

Please keep in touch by emailing us with your thoughts on our guests and anyone you would like to see us feature. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Mike Larson, Editor-in-Chief at the MoneyShow kicks off the show by discussing if US markets are overheated. It's been a strong rebound after the almost 1 year bear market but the question remains; is this a bear market rally or a new bull market?
- Click here to learn more about the MoneyShow.
Segment 3 and 4 - Jeff Christian, Managing Partner at the CPM Group wraps up the show with a focus on critical metals. We discuss the key factors driving demand as well as how demand is constantly changing for certain metals especially through innovation.
- Click here to visit the CPM Group website.

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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 samples identified three defined porphyry targets, see Figure 2 from the news release posted below.

Shawn Wallace, Executive Chairman and Michael Henrichsen, Chief Geologist at Torq Resources joins me to recap the sample results and the potential of the eastern side of the Project. Moving forward the Company is ramping up drilling.

If you have any follow up questions for the team at Torq Resources please email me at Fleck@kereport.com.

Click here to read over the full news release we discussed.

Figure 2: Illustrates rock results from outcropping porphyry targets in the eastern region of the Santa Cecilia project within 1 – 2 km of the Caspiche deposit. These targets areas will be prioritized for the upcoming drill program, which is expected to begin in Q4 of this year.

Figure 3: Illustrates depicts typical banded quartz – magnetite – pyrite veinlets hosted within dacite and diorite porphyries from the Gemelos Norte and Pircas Norte target areas, respectively.

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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 government. Palamina owns 18.5% of Winshear Gold and a 2% NSR on the Gaban Project.

A recent judgement in favor of Indiana Resources for US$109mil has also helped the share price of Winshear and Palamina. I ask Andrew to provide more details on what Winshear could potential win in a judgement and how that money could help Palamina. I also have Andrew outline the exploration plans at the Company's Projects in Peru.

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

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

Click here to read the news release from Indiana Resources reporting the arbitration award.

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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 and commodities. While playing the long side Dana does address the concern that markets are in an extended bear market rally and that the longer term bear market might still be in place. When it comes to commodities he shares some of the ETF he uses to trade grains, corn and a select few other commodities.

Click here to visit the Lyons Share Pro website to keep up to date on what Dana is trading.

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Aneel Waraich, Executive Vice President and Director of Steppe Gold Ltd (TSX: STGO) (OTCQX: STPGF), joins us to outline the key company milestone with debt funding package now in place for the Phase 2 expansion, and to review the Q2 operations update at the producing (AT0) Altan Tsagaan Ovoo Mine in Mongolia.

Aneel highlighted that the funding risk for the next big development and production growth initiative is now secured to continue forward with the Phase 2 sulfide production expansion. The Phase 2 sulfide production is projected to bring on ~103,000 ounces of gold production per annum, for a total of 12-14 years at AISC of US ~$850-$900. For the balance of 2023, the Company is currently in Phase 1 oxide production, and is targeting 25,000-30,000 ounces of production from the heap leach operations. We discussed that Q2 numbers were a bit lower than anticipated due to weather-related issues with snow still being on the leach pads through May, but they did produce 40,000 ounces from March of 2022 through March of 2023, prior to the seasonal weather period, and expect higher output in Q3 and Q4.

Next we discussed the potential, through exploration, to expand both the Phase 1 and Phase 2 mine life. Currently the exploration team is targeting drilling for more nearby potential oxide mineralization, which could also extend the Phase 1 mine life an additional 1-4 years, so it would run in tandem with the commissioning of Phase 2. There is also still the potential to keep expanding the Phase 2 mine life, because some recent drill holes have already reported mineralization outside of the current mine plan, and there has been success drilling further at depth under known mineralization that is not yet factored into their reserves or current mine plan.

Wrapping up, we pivoted over to the recent acquisition of Anacortes Mining and their Tres Cruces’ Gold Project in Peru; which already has defined about 2.4 million ounces of gold and robust PEA economics. Over the next 18-24 months, the exploration team will do some desktop work to compile the historic data from prior operators, and then will be in position to organically fund the further exploration and derisking work needed to move this Project into the development pipeline.

If you have any questions for Aneel about Steppe Gold, then please email me @ Shad@kereport.com.

In full disclosure, Shad is a shareholder of Steppe Gold.

https://steppegold.com/category/news/

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review his technical outlook on the US dollar, interest rates, gold, silver, GDX, GDXJ, and the Gold-Silver ratio. Overall the near-term setup is still bearish for the dollar and constructive for the precious metals sector, but he feels that interest rates are really the key signal to watch for changes in the trend. We note the positive divergences on the advance/decline line in the PM stocks, and that it is bullish that silver and the mining stocks have recently been outperforming the moves in gold. We wrap up exploring the 2 potential paths forward for the PM sector as markets setup over the balance of the year before the recession hits.

Click here to visit Jordan’s website – The Daily Gold.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us from the Invest Yukon conference in Dawson City after giving a series of investor property tours out to its Australia Creek gold alluvial royalty property in the Klondike Gold District. Currently the primary operator working these claims towards production is Little Flake Mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush.” Work is well underway with initial production and first royalty payments anticipated to start August. This ties into a larger discussion on how there could be room for 10 operators along their vast alluvial land claims, resulting in more future royalties, which could bring in more revenues to fund exploration at both the Keno Silver and La Plata Projects.

On July 11th the Company announced the start of the 2023 exploration and 5,000 meter drill campaign at the La Plata copper-silver-gold-PGE alkalic porphyry project, located in southwest Colorado. Scott outlined how the exploration work will be following up and stepping out from last year’s successful deeper drill hole# 22-04 hole which intersected 816 meters of 0.41% Cu Eq (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) from surface and ended in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). This hole generated more interest in this project from larger companies, and lead to the announcement on May 18th of the $6.3 million strategic equity investment by Newcrest Mining Limited to further advance the La Plata Project.

We wrapped up reviewing the key news catalysts on tap, where Scott mentioned the upcoming resource update and ongoing drilling and assays to report over the next few months at La Plata, the royalty production and revenue updates due out later in the summer from Australia Creek, and the coming inaugural resource estimate at the Keno Silver Project later in the year.

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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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 in Sovereign Metals, a graphite miner, brought this sector back into focus. While still not a widely followed market we discuss some of the issues around pricing and valuing different deposits, dealing with different flake size. We also discuss the demand side of graphite considering it makes up approximately 50% by weight of batteries.

Click here to visit the Mangrove Investor website to keep up to date with Matt.

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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 in Mexico. Hole 297 intersected 241.95 meters at 9.06 grams per tonne (g/t) gold and Hole 298 intersected 104.1 meters at 6.14g/t gold. See Figure 2, posted below, to see the exact locations of the drill holes in relation to the high-grade panel.

We have Charles explain how these holes were testing the up plunge and the eastern side of the high-grade gold panel. Also as the Company works to expand the high-grade panel how it potentially can be mined. We also ask about upcoming results which can be seen Figure 2 below.

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

Click here to visit the Heliostar Metals website and read over the full news release.

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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 Zacualpan Silver-Gold District, where the Company has multiple mines feeding the Guadalupe processing plant. We also recap the acquisition in April of the Plomosas Zinc-Lead-Silver District in Mexico. This acquisition brings into the Company a second production area for the Company however work is needed to upgrade the mill and mine.

After recapping the current production and acquisition Fred and I discuss the exploration and growth potential at both the Zacualpan Silver-Gold District and Plomosas.

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

Click here to visit the Impact Silver website and read over the recent news out of the Company.

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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 Golden Triangle of BC. With ice continuing to recede new areas on the Property have been exposed to enable the Company to more easily explore. Cole and I discuss the "Copperline" trend that will be the focus for this year's program.

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

Click here to visit the Enduro Metals website to read over the recent news out of Enduro Metals.

This interview was recorded on July 6th.

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Ryan King, Senior VP of Corporate Development and IR at Caliber Mining (TSX.V:CXB - OTCQX:CXBMF) joins me to recap the July 11th news release announcing Q2 production results. Consolidated production for the quarter was 68,776 ounces, a 15% increase from Q2 2022, and year-to-date (YTD) consolidated production totaled 134,526 ounces, a 20% increase over YTD 2022. Cash also increased to $77 million, a 32% increase from Q1.

I have Ryan summarize the production by recapping the number of mines, both open pit and underground, in Nicaragua as well as the production out of Nevada. We also discuss growth opportunities at the mines and where the Company has been drilling.

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

Click here to read over the full news release.

Click here to register for the Q2 Financial Results call on August 9th at 10am ET.

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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 metals for the shorter term trader and long term investor. You will notice a couple sectors the guys have the same outlook on.

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 discussing his longer term outlook for inflation. gold, silver, GDX, the US Dollar and bonds. We get into some of the stocks Doc is watching as barometers to gauge interest in the certain sector.
Segment 3 and 4 - Rick Bensignor, President of Bensignor Investment Strategies wraps up the show by outlining the same trading strategies that he is sharing with institutions. We start with the US Dollar breakdown, move to US markets, a potential rotation trade, oil, gold and copper.
- Click here to learn about Rick's retail/individual investor letter.

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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 driven by economic data and the market starting to price in a Fed rate cut before year end. We discuss the moves in other currencies, which ones are outperforming and where Marc sees the most interest. We also outline how the falling USD is helping markets and commodities.

Click here to visit the Marc to Market website to keep up to date with Marc's market commentary.

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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 and lubricants) as well as the scaling up of graphene production and a look ahead to the next key milestones.

Craig Nicol, CEO of GMG joins me to walk us through the ongoing work in each product division and what the next steps are to move toward significant revenue and commercialization. On the battery front we focus on the development of pouch cells. For the Thermal XR we recap recent news on distribution agreements. On the lubricants I ask about current revenue and growth opportunities. Finally on the graphene production front we discuss the progress in growing production and the possibility or selling the end product or licensing the production process.

I greatly appreciate all the emails and questions you all have been sending me so please keep those coming. On our next interview we will dive more into the finer details to answer some of you more specific questions. I hope this bigger picture overview is helpful.

Please email your questions to Fleck@kereport.com.

Click here to visit the GMG website to learn more about each product division.

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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 of a mineral claim to Nevada Gold Mines. The JR Mineral Claim which makes up the Pine Valley Project was sold for $5milllion. This claim was acquired in a transaction from 2020 where the Company bought 10 royalties, the JR Mineral Claim and a 3% NSR on the Claim for $4.125million. I have Brett recap the initial 2020 transaction and the sale to Nevada Gold Mines.

We also recap an asset update email the Company sent to shareholders and those subscribed to the Company's email list back on June 22nd. The Camflow, Endeavor and Tocantinzinho assets were included in the update.

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

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

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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 pricing in. The key topics being; rate hikes, a Fed pause, Fed rate cuts, inflation. I also ask Brien what it will take to move the gold stocks and copper approaching the $4 level.

Click here to learn more about the New Orleans Investment Conference.

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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. We then shift focus to the move higher in precious metals and the stocks after the CPI data this week. As the gold and silver stocks moved higher so did a wide range of other sectors. I ask Craig his thoughts on the potential upside of the gold and silver stocks compared to some other hot markets where investors seem more focused.

Click here to visit Craig's site - TF Metals Report.

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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 correlated market rally. Both the USD and broad market averages are back to April 2022 levels. We look into a couple specific sectors including gold and silver stocks, oil stocks and AI stocks.

Click here to learn more about Sean's Wealth Megatrends newsletter.

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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 bought. Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to highlight some key breakouts, such as the broad averages at highs from April 2022 and yields giving back major moves from last week.

We also look at the start of earnings season where Delta Airlines and Pepsi reported stronger than expected results. This ties into a comment on the race between price and earnings as PE ratios have continued to rise.

Overall the action in the markets is showing investors are willing to buy all assets as the USD comes down and the Fed moves closer to pausing.

Click here to visit Joel's website - PreMarket Prep.

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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 with the precious metals stocks which have continued to dramatically lag the much stronger gold price. Next up is the lithium sector which has continued to garner more attention from investors. We also touch on uranium and copper in the supply and demand sense since there is a lot of coverage on the possible major supply deficit in the near term.

Click here to visit Jayant's website to keep up to date on what his is writing about.

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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 inflation data from this morning and where the US economy stands. We also tie in longer term Fed policy. At the end Doc starts to get into the gold sector and key charts he is watching. You'll need to tune into this Weekend's Show to hear his full outlook for metals and markets.

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Today on July 12th, at the JAC Zone, results continue to encounter silver-rich intercepts outside the main mineralized zone, as drilling remains focused on determining the margins of the high-grade silver oxide mineralization.

- DDH 23-046 located in the northwestern part of the main zone encountered 3.0 metres at 2,070 g/t Ag and 0.27 g/t Au.
- DDH 23-050 intercepted 10.5 metres at 281 g/t Ag on the SE edge of the main zone.
- DDH 23-052 encountered 35.5 metres at 112 g/t Ag on the NW edge of the main zone from a downhole depth of only 41.0 metres.

Dave outlines why the exploration team is so encouraged by the continued success of the expanded Phase 3 drill program, with 22,000 meters and 113 holes drilled to date out of 115 planned in the larger program. There are over 20 more holes to still report from this drill program that will feed into an upcoming maiden Resource Estimate on the JAC Zone targeted for September/October. There is also ongoing work incorporating other metallurgical data, environmental and permitting work, and other project derisking going on into a Preliminary Feasibility Study on the overall Diablillos Project encompassing both the Oculto and JAC depostis by year end. Current testwork confirms that the same process flowsheet can be used to process mineralization from the Oculto, JAC and Fantasma deposits.

We also review that at the Company’s earlier-stage La Coipita Project, that drill hole# DDHC 23-001 intersected a broad zone of continuous copper-molybdenum mineralization totaling 694m grading 0.16% Cu and 81 ppm Mo at the Yaretas target from a downhole depth of 548.0 metres.. This large intersection demonstrates the substantial size potential of the Yaretas porphyry system. John mentions that the strategy here moving forward will be to partner with a larger company to earn-in to this project to increase the exploration on such a vast land position.

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

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

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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 2022 and the exploration strategy this year in the southern part of the Project.

Starting with an overview of the Project, David takes us through the historic work completed to publish the initial Resource Estimate in January 2022. The resource is comprised of 7 breccia pipes, starting from surface.

We then move to the exploration plans for this year with will be focused in the southern area of the Project, away from the resource. On July 5th the Company received drill permits for the southern Project area comprising the Mega-Gold, La Joya and other priority targets.

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

Click here to visit the Chakana Copper website and read over the Company's Corporate Presentation.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review his technical outlook for gold, silver, GDX and GDXJ, and what further pricing data he wants to see to indicate that the precious metals sector did just find an intermediate-term bottom. One of the key signals will be silver, the GDX, and the GDXJ further outperforming gold on a percentage basis, and the PMs sticking above their 200 day moving averages.

We discuss how the low sentiment in the summer doldrums has presented a good opportunity to pick up the very highest quality companies on sale, and that after the seasonally week period in late June and early July, that we normally see more interest in the sector moving into August and September. We wrap up getting Dave’s thoughts on portfolio construction in an environment like this, and which types of companies he’s adding to and which ones he is avoiding.

Click here to visit the Junior Miner Junky website to follow along with Dave’s market commentary.

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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, the higher part of this year's price range, we ask if a breakout is coming. We also weight the factors holding back oil, primarily recession fears and China's slow post-COVID recovery.

When we get into the stocks Dan shares a few large cap and smaller cap stocks that he sees as having the best growth potential.

If you have any questions you would like us to ask Dan please email us and we will get Dan to answer those in our interview next month.

Click here to visit the Energy Prospectus Group website.

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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 and Argentina as well as recent news including an increased Resource at Arizaro in Argentina. There is also a PEA in the works, estimated to be released by the end of the month.

Starting with the Arizaro Project, on June 12th the Company announced a 28% increase in the lithium resource from diamond drill hole 5.

We then focus on the ongoing drilling happening in Chile and Argentina. Michelle summarizes the strategy at both Arizano in Argentina and the drilling that just started at Solar de Llamara in Chile.

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

Click here to visit the Lithium Chile website to read over the recent news out of the Company.

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John Rubino, publisher of his newsletter over at Substack, joins us for wide-ranging discussion on the macroeconomic implications for markets, currencies, countries, central banks, global trading, and the precious metals sector with regards to the recently announced gold-backed currency that is being proposed by the BRICS (Brazil, Russian, India, China, South Africa) countries. More will be unveiled at their upcoming August 22-24th meeting.

We delve into some of the main themes that surface around de-dollarization, the mismanagement of the United States with regards to how it often weaponizes the dollar as the world reserve currency, what it means for central banks role in buying gold, what is means for central banks that have little gold reserves, and what it could mean for a larger global discussion on fiat currencies versus gold-back currencies. As we wrap up, we also bring up the added layer of complexity with regards to how central bank digital currencies could still be a going concern even in a gold standard type of currency.

https://rubino.substack.com/

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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 a number of stocks and sectors that continue to look strong. This whole year TG has been pointing out positive factors and playing stocks to the upside. He continues to see strength in many areas. We ask about how the markets can remain strong with recession fears growing. We also take a look at the crypto space and some opportunities he sees there.

Click here to visit TG website - Profit Pilot.

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Chris Groves, 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 Quebec. The Company has already produced and delivered samples and is on track to produce more samples to send to possible partners.

On June 22 the Company also announced a proposed spin-out of the Blue River Property in BC. Chris provides a background on this Project and the goals of the spin-out company.

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

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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 CPI data on Wednesday and the start of earnings season kicking off with the big banks.

The theme of higher for longer, for inflation and rates, continues to be driven home by Fed speakers. Ed shares what to expect in the upcoming CPI number compared to the weak PPI and CPI data out of China.

On the earnings front, a focus on the big banks who kick off earnings. Loan losses and loan demand will be critical for investors looking forward to balance the recession calls for the second half of the year.

Click here to visit the OANDA website to follow along with Ed's daily market note.

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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 Project in Mexico. The Company currently has 7 rigs turning on 3 areas on the Project.

Mike outlines where the rigs are turnings and the overall strategy of continuing to grow the in-situ mineral resource of 104.8 Moz AgEq and in-situ inferred resource of 114.1 Moz AgEq (the effective date for the Updated Mineral Resource estimate is January 12, 2023). I also ask Mike if the Company has altered its exploration plans in the future due to market conditions.

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

Click here to visit the Vizsla Silver website and read over the Corporate Presentation.

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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 the energy sector. In this vastly different environment of higher yields, and potentially going higher, this impacts a wide range of sectors.

We bring on a couple analysts to discuss why yields are rising and to provide an update on why the oil and gas sector continues to be range bound. Be sure to go back through the week and listen to the Daily Editorials and Company Updates.

We hope you all enjoy the show! Please keep in touch through email by emailing us at Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Jesse Felder, Founder and Editor of The Felder Report kicks off the show with an in-depth discussion on the bond market selloff. We ask how much the debt ceiling and Fed expectations play into the recent spike in yields. We also look ahead to get Jesse's thoughts on if a recession is coming and when.
- Click here to learn more about The Felder report.
Segment 3 and 4 - We shift our focus to the energy markets with Josef Schachter, Founder and Editor of The Schachter Energy Report. Starting with the macro backdrop for oil and natural gas Josef shares the data he thinks matters for investors. We then look at the stocks driving down to the juniors and if they are a good buy.
- Click here to learn more about The Schachter Energy Report.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review his outlook on the macroeconomic landscape, and then delves into the precious metals mining stock “haves” and “have-nots.” We start off reviewing the mixed economic data, where he stills sees concerning data being overlooked by many generalist market participants, and thinks a recession is still very much on the horizon in the medium-term.

We then have a broad discussion on how commodities may still remained muted heading into the economic contraction, even though he is bullish on them in the longer-term. Nick sees gold as one of the stand-out commodities, which is really more of a currency and monetary metal, and is seeing value in the quality gold equities. This leads to a discussion on why he likes the quality gold developers and producers at this point in the cycle, more so than taking on the additional risk of earlier-stage explorers that don’t have any defined resources or economics around their projects. He names Artemis Gold (ARTG), Bravo Mining (BRVO), Perpetual Resources (PPTA) and SSR Mining (SSRM) as companies that he sees as quality and part of the “haves” group of gold stocks.

https://digestpublishing.com/publications/

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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 foreign markets. Dana is very good at filtering out the noise in the media and focusing on his models for shorter and mid term outlooks. We also ask about potential crash environment for the markets.

Click here to visit the Lyons Share Pro website to follow along with Dana's trading.

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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 very strong but the Friday non-farms payrolls came in weaker than expected and the prior 2 months were revised down by 110,000 combined.

We also discuss the recent spike in yields and investors still willing to buy the dip for markets. Marc ties this environment into the USD which could not gain any upward momentum during this time.

Click here to visit Marc's website - Marc to Market.

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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 for the Decar Nickel District Project in BC. Recent news has reported improved recoveries and the successful production of battery grade nickel sulphate. We have Martin explain how these will filter into the PFS and what majors are looking for.

There was also financing news on May 30th where Outokumpu, a major global stainless steel producer, invested $16million in FPX. Shortly after it was announced that the Company's large Corporate Strategic Investor topped up its position to retain its 9.95% interest.

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

Click here to visit the FPX Nickel website and read over all the recent news.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to share his thoughts on the macroeconomic trends with interest rates, the US Dollar, inflation expectations, gold, and the precious metals mining stocks. It’s a broad discussion that gets into the nuances of recent pricing action in the markets, but also the longer-term value drivers for each market segment.

We also review the difference in motivations and expectations between investing in gold as a store of longer-term value, versus speculating in the junior gold stocks. We wrap up pondering if the some of the competing "hot-money" speculative market segments, like cryptos and AI stocks, have taken attention away from the mining stocks, and if there could just be too many mining stocks in the sector for investors to sort through.

Click here to visit Craig’s site- TF Metals Report.

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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 5th, the Company announced the first drill result at the Rouge Project from the Valley Zone. Drill Hole V-23-034 returned 3.08 g/t Au over 216.0 m within broader mineralized interval averaging 1.88 g/t Au over 418.3 m from surface along entire hole.

Scott Berdahl, CEO of Snowline Gold joins me to discuss this drill result. I have Scott detail the location of the location of the hole, as outlined by Figure 1 in the news release. We then focus on where the 3 rigs are currently turning, when 1 rig moves to another area and when the 4th rig is added to the program.

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

Click here to read over the news release reporting the drill hole result.

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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 20,000 meters of drilling on 3 Newcrest earn-in Projects and one 100% Headwater owned Project. The focus will be at the Spring Peak Project, in Nevada where 11,500meters is planned. The other Projects with drilling planned are Midas North, 3,500meters, Mahogany, 2,000meters, and Katy, 3,500meters.

I have Caleb discuss the targets and strategy at each Project as well as the estimated start of drilling at each.

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

Click here to visit the Headwater Gold website and read over the recent news releases reporting this year's exploration plans.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to outline a slightly different outlook on how the inflationary or deflationary steeping of the bond yield curve, or seeing both back to back, could affect US general equities, commodities, and the precious metals markets.

There is a scenario where there could be a stickier inflationary period that sends markets and commodities and gold and silver up together, before the deflationary period of economic contraction and market corrective action begins. It is also significant to note that gold closed last month and quarter above key $1900 support, which is quite constructive considering the stronger general US equity markets paired with rising interest rates recently. This seems to point to a market sniffing out that inflation will be sticking around even after the Fed finishes their rate hiking cycle, and this may be the fuel to send the yellow metal up to new all-time highs.

Click here to visit Jordan’s website – The Daily Gold.

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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 Hickey, the Chief Operating Officer at Lion One Metals joins me to discuss what it means to be 75% complete and what work is needed to be in full production. This includes estimated first gold pour and the timing to expand from 300 tones per day (tpd) to 500 tpd.

I also have Patrick share his background in the sector focused on mines built around the world for major companies and what attracted him to focus on building this Project.

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

Click here to visit the Lion One Metals website to read over the full news release on the Tuvatu development progress.

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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 a recent technical report, recap the initial resource estimate at Lucky Shot, and answer your questions on the recent stock volatility.

I have Rick compare some of the key numbers in the technical report at Manh Choh to the most recent Feasibility Study, produced by Kinross. We also discuss when Contango Ore could receive the first cash-flow from the mine as well as any exploration potential on the Project.

At Lucky Shot, the initial resource estimate was released on June 12th. We focus on the 2 areas that comprise the total resource as well as where the Company will target next for growth.

If you have any follow up questions, like the one that Rick answers at the end of the interview, please email me at Fleck@kereport.com.

Click here to visit the Contango Ore website to read over the recent news we discussed.

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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 commencement of mining at its 100% owned Eastern Borosi open pit mine in early April, and ore deliveries to the Libertad processing plant since May. We also dig into the organically-funded exploration strategy, and continuing grade-driven growth of the resources in both Nicaragua And Nevada.

We start off discussing why the high-grade gold ore now being mined at both the Eastern Borosi and the Pavon Central productions centers further substantiates that their hub-and-spoke mining strategy is continuing to add much higher-grade ore through the Libertad Mill. Ryan outlines the pattern of year over year grade-driven growth from the Company, and that trend is continuing in 2023. Additionally, we noted the prior even higher-grade drill results that were returned from Panteon North, as a potential future production center. Ryan outlines that there are a number of new exploration targets being drilled with 6 rigs as part of a 60,000 – 70,000 meter ongoing drill program in Nicaragua.

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 and making some new recent discoveries to the south at the Palomino target. There are currently 2 drill rigs turning around the Pan Mine to continue delineating and growing the existing resources.

If you have any follow up questions for Ryan on Calibre Mining, then please email me at Shad@kereport.com.

In full disclosure, Shad is a shareholder of Calibre Mining.

https://www.calibremining.com/news/

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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! The major surprises being the strength of the US markets and US economy.

On this Weekend's Show we have a generalist comment on the potential of markets strength to continue, a well respected news letter writer looks at development stage companies and the potential for M&A to pick up, and a fund manager shares his thoughts on the nickel market.

we hope you all enjoy the show! Please keep in touch by emailing us at Fleck@kereport.com and Shad@kereport.com.

Segment 1 - Mike Larson. Editor in Chief at The MoneyShow kicks off the show with a focus on the US markets strength. Mike shifted his strategy for markets at the perfect time to go long and ride the momentum higher. he shares his outlook for markets and metals in the second half of the year.
- Click here to learn more about the upcoming MoneyShow conferences.
Segment 2 and 3 - Joe Mazumdar, Editor of Exploration Insights joins us to focus on potential M&A in the resource sector and development stage companies. We also discuss the copper sector with major gold miners shifting focus toward copper.
- Click here to visit the Exploration Insights website.
Segment 4 - Matt Geiger, Managing Partner at MJG Capital wraps up the show by shifting our focus to the nickel market. We discuss big news with a private equity firm selling assets, how to value different deposits and if this sector could go through a lithium like boom.
- Click here to visit Matt's site - MJG Capital

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review 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. We also delve into the what other financial crises and black swans could be induced if the Fed and other central banks continue on with hiking interest rates and monetary tightening as inflation still stays well above their target levels.

Wrapping up we touch upon what Dave is doing in his portfolio, in lieu of the weakness in precious metals mining stocks, after the ETF rebalances, and where most generalist investors are still piling into the “Magnificent Seven” mega-cap tech leadership. With news out of Endeavour Mining making a move to merge with Kinross Mining, it may be that big mergers and acquisitions news could breathe a little life back into the PM sector.

Click here to visit the Junior Miner Junky website to follow along with Dave’s market commentary.

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Jason Kosec, President and CEO of Integra Resources (TSX-V: ITR; NYSE: ITRG), joins us to outline the synergies from the new combined company with Millennial Precious Metals (TSX.V:MPM – OTCQB:MLPMF), and the key takeaways from the Preliminary Economic Assessment (PEA) on the Wildcat and Mountain View Projects in Nevada.

The new pro-forma Company is now 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, with global gold resources of 6.9 million gold equivalent ounces. We go on to discuss how, moving forward, their valuation could re-rate more in line with industry peers, based on their combined resources, development profile, and future exploration growth strategy.

Wildcat & Mountain View PEA Highlights:

After-tax NPV(5%) of US$309.6 million (“M”) (C$408.6M1) and 36.9% after-tax IRR using base case metal prices of US$1,700/oz gold (“Au”) and US$21.50/oz silver (“Ag”)
After-tax NPV(5%) of US$442.1M (C$583.6M1) and 49.7% after-tax IRR using spot metal prices on June 27, 2023 of US$1,920/oz Au and US$22.00/oz Ag
Wildcat & Mountain View generate combined annual production of ~94koz AuEq from year 1-5 with average annual production of 80koz AuEq over the 13 year Life-of-Mine (“LOM”)
LOM payable metals from Wildcat & Mountain View of 1,043koz AuEq
LOM site level cash costs of US$882/oz AuEq on a co-product basis; LOM site level all-in sustaining cash costs (“AISC”) of US$973/oz AuEq on a co-product basis
Year -1 initial capex of US$115M to begin operations at Wildcat
Average Au Recovery of 71.4% at Wildcat and 77.1% at Mountain View
Low combined LOM strip ratio of 1.21 (Wildcat standalone strip ratio of 0.28)

With regards to raising the capex needed to develop this Project, Jason reviews that they’ve had regular participation in project financing by Beedie Investments Ltd. an existing lender and large shareholder of Integra. Additionally, Wheaton Precious Metals Corp. (TSX | NYSE | LSE: WPM) also came on as a new cornerstone investor during the merger, with Wheaton agreeing to invest an amount equal to up to 9.9% of the issued and outstanding Integra Shares, providing significant project and transaction validation while also creating a partnership for future project financing.

There are a number of key catalysts coming up for the Company, but an important milestone will be the updated Mineral Resource Estimate and Mine Plan of Operations at the DeLamar Project, which will now include the aboveground stockpiles left behind by Kinross Mining. There will be an aggressive exploration program at Wildcat later in the year and into next year, expanding the deposit and showing how further mine life and output can be grown.

If you have any follow up questions for Jason regarding Integra Resources, then please email me at Shad@kereport.com.

In full disclosure, Shad is a current shareholder of Integra Resources.

https://integraresources.com/news/2023/

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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 half of this year, then a look ahead to the second half of this year. His biggest takeaway is how expectations around Fed policy have drastically shifted throughout the last 6 months. With a more hawkish Fed than expected we tie this into currency and market moves.

Click here to visit Marc's website - Marc to Market.

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Mike Struthers, CEO of Luca Mining (TSX.V:LUCA - OTCQX:LUCMF - FSE:TSGA) joins me to discuss two significnat milestones for the Company. As outlined in the June 28th news release, the Tahuehueto Gold Project in Durango, Mexico, has achieved a production capacity of 500 tonnes per day (“tpd”), on time and budget and the Company closed an oversubscribed private placement for $24,896,551.42.

We discuss the move to 500 tpd at Tahuehueto and the next step to 1,000 tpd by the end of the year. At 1,000 tpd the mine will have a net present value of USD $131.8m, an IRR of 65%, and will have an average all-in sustaining cost of USD $855/oz AuEq over the 10-year mine life. Mike provides an overview of what the key elements are to grow to 1,000 tpd and the expected costs.

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 June 28th news release.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to break down market reactions to some of the recent “better-than-expected” macroeconomic data points, and how this has continually moved the target of the Fed policy expectations. We take into account that there has been recent strength in the general US equities and improving market breadth, due to more speculative interest pouring into the markets on the “soft landing” narrative. This has been a distraction away from investor interest in safe havens, as we’ve seen gold, silver, and the precious metals mining stocks continue to correct lower.

Craig goes on to remind listeners that we’ve seen this pattern of excessive jubilation before in general equities and the cryptos when investors believe the all-clear signal has been given; only to see the trends reverse sharply when the next economic dislocation presents itself. We discuss the ongoing number of instances where the Fed’s messaging, seen as omnipotent by mainstream financial media outlets, often is 180 degrees off-base in just a short time afterwards, where things end up developing in exactly the opposite way. Craig is watching to see where the PCE inflation data comes in tomorrow, and more importantly, where the jobs report numbers come in next Friday.

Click here to visit Craig’s site- TF Metals Report.

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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 economic data, widening market breadth and low volatility in US markets. We do need to acknowledge that it is summer so volumes are down but there is not a whole lot on the calendar that could be impactful for markets.

Joel shares what he is seeing in terms of buyers and sellers in the markets. We also look at the energy sector, the set ups for oil and natural gas.

Click here to visit Joel's site - PreMarket Prep.

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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 points out a couple recent key trend breakdowns and how these could be foreshadowing moves in gold and silver. We also ask about potential upcoming catalysts that could turn the PMs more positive. To wrap up Christopher switches the focus to the natural gas sector, where he is bullish.

Click here to visit the iGold Advisor website to keep up with Christopher's market commentary.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to outline why the steeping of the bond yield curve is one of the key market signals to watch for how it relates to the economic cycle, the US general equities, and precious metals markets.

He outlines how often the markets will top out after the Fed makes their last rate hike, and why any remaining bull market action won’t last long, with the inevitable move towards a recession later this year or the beginning of next year. This weak economic data would cause the Fed to then pivot and start cutting rates again. We discuss if a recession is still coming based on economic data, but more importantly, how long on average it is before the Fed switches from tightening to easing. We wrap up with Jordan providing some key technical support levels he is watching in gold, silver, GDX, and GDXJ.

Click here to visit Jordan’s website – The Daily Gold.

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Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF) joins us to review the key record financial and operations metrics from Q1 2023, key royalty partner updates, and the growth strategies for 2023 and moving forward.

First Quarter 2023 Financial Highlights:

Record revenue of $2.8 million, up 28% compared to Q1 2022
Record adjusted revenue of $3.8 million, up 74% compared to Q1 2022
Record Gold Equivalent Ounces ("GEOs") of 2,016 ounces, up 76% compared to Q1 2022
Record adjusted EBITDA of $2.4 million, up 143% compared to Q1 2022

We review the importance of the cornerstone Casserones copper royalty in Chile, and the long mine-life expected from this project. Fred outlined the growing revenues and significance of the Bonikro royalty, where at a gold price above US$1,450, the NSR royalty is at an effective rate of 2.25%. In Q1 2023 Bonikro attributable GEOs were up 623% from Q4 2022 as Allied Gold ramps up to full production from the royalty area in H2 2023. For the Wahgnion royalty, the Q1 2023 attributable GEOs were up 23% relative to Q1 2022 primarily as a result of higher mill throughput. Production at Wahgnion is expected to be weighted towards the second half of the year as greater volumes of high grade ore are expected to be sourced from the Samavogo pits and the introduction of the high grade Stinger satellite pits is targeted for later in the 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 view recent news on the Elemental Altus Royalties website

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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 Red Lake, Ontario. the focus of the interview is how the Company will turn around the mine after the past owners, Pure Gold Mining, ran into financial issues.

Shane explains the 3 part restart plan, including de-risking the resource through infill drilling, restart planning which means re-doing some of the economic studies, and finally restarting the mine. We discuss general time frame and the team in charge of the mine turnaround.

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

Click here to visit the West Red Lake Gold Mines website to read over the full Corporate Presentation.

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Aneel Waraich, Executive Vice President and Director of Steppe Gold Ltd (TSX: STGO) (OTCQX: STPGF), joins us for an expansive introduction to the companies 2 projects in Mongolia, the producing (AT0) Altan Tsagaan Ovoo Mine and (UK) Uudam Khundii Project, along with the newly acquired Tres Cruces gold development project located in Peru.

We start off having Aneel provide how the company came together in Mongolia and acquired the ATO Gold Mine from Centerra Gold, and have worked the last 3 years getting the Phase 1 near-surface oxide heap-leach operations into production of around 35,000-40,000 ounces per annum. The next big initiative for growth is the Phase 2 sulfide production expansion, where the Company recently updated it’s projection of ~103,000 ounces of gold per annum, for a total of 14 years to 2036 at AISC of US ~$850. There is still the potential to keep expanding the Phase 2 mine life, because some recent drill holes have already reported mineralization outside of the current mine plan Additionally, the exploration team is also targeting drilling for more nearby potential oxide mineralization which could also extend the Phase 1 mine life.

Next we shifted over to the companies other 2 projects, starting off with the earlier-stage UK Project, which is in a Joint Venture with the local provincial government, and adjacent to 2 other projects seeing great success in the area. Then we pivoted over to the recent acquisition of Anacortes Mining and their Tres Cruces’ Gold Project in Peru; which already has defined about 2.5 million ounces of gold and robust PEA economics. Both of these projects will get organically funded exploration work in the years to come, and have the potential if developed to eventually push the production profile up to over 200,000 ounces per annum.

Aneel highlights the financial strength of the company, the alignment of management with shareholders as key shareholders themselves, along with the roster of key stakeholders in the company. The next key catalysts for the company will be the completion of the acquisition of Anacortes Mining, the debt financing deal to fund the balance of Phase 2 expansion at the ATO Mine, and ongoing exploration work at all 3 Projects.

If you have any questions for Aneel about Steppe Gold, then please email me @ Shad@kereport.com.

In full disclosure, Shad is a shareholder of Steppe Gold.

https://steppegold.com/

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John Rubino, publisher 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. While the “summer doldrums” and low-volume weak sentiment in the commodity sector can be a drain in investors enthusiasm, John makes the case that now is the perfect time to be patiently accumulating the strongest quality companies that are on the discount rack along with the rest of the sector.

We touch on the precious metals sector, but also dig into the energy sector getting his perspectives on the uranium, oil, and copper stocks that he sees as deep value with longer-term growth trends solidly in place. John also points out that in particular, during time periods like this with so much macroeconomic uncertainty, that he likes the revenue generation of producing oil companies with dividends and the revenue generation from PM royalty companies that don’t have the operational project risks or labor risks that individual producers have.

John is still interested in using a portion of his investing capital to continue acquiring the best-of-breed quality gold and silver exploration companies. He specifically mentions New Found Gold (NFG) (NFGC), Snowline Gold (SGD) (SNWGF), Nevada King Gold (NKG) (NKGFF), and Dolly Varden (DV) (DOLLF) as companies in his personal portfolio that he feels are repeatedly putting out some of the strongest drill results.

https://rubino.substack.com/

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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 C$8.5million financing, bringing Frank Giustra as a large shareholder, then last week announced a Letter Of Intent to acquire Optimum Ventures and today announced the start of exploration at the Cantoo Project. The acquisition of Optimum Ventures brings the Harry Project into the Company's project portfolio all in the Golden Triangle along the boarder of Alaska and BC.

Rob McLeod, Executive Chairman and Morgan Lekstrom, the new CEO of Blackwolf Copper and Gold joins us to provide an update on all the recent news and a summary of the overall exploration strategy this year.

Please email us if you have any follow up questions for Rob or Morgan. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Blackwolf Copper and Gold website to read over all the recent news.

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Taj Singh, President, CEO, and Director of NOA Lithium Brines (TSX.V: NOAL), joins us to review high-grade lithium assay results from the first of 6 drill holes planned in the 3,000 meter Phase 1 exploration program this year at the flagship Rio Grande Project in Argentina.

We have Taj break down the very high economic grades where this first hole intersected two high-grade lithium ("Li") brine aquifers of significant thickness; including 71 meters permeable interval with grades averaging 433 milligrams per liter ("mg/l") Li, starting at a depth of 101 m, and then a second horizon 158 meters permeable interval with grades up to 925 mg/l Li, and averaging 773 mg/l Li, starting at a depth of 311 meters. One of the points reviewed was how the company is hitting these salars at depth here, under alluvial cover that has not previously been explored around the main basin.

Next we pivoted over to the exploration plan for 3D seismic surveys and 4-5 drill holes planned later in the year and into early next year at the Arizaro Project, very near Lithium Chile’s project. 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. The company is cashed up $8.5 Million in the treasury, which funds them for all exploration for the balance of this year and moving into early 2024.

If you have more questions for Taj regarding NOA Lithium, then please email me at Shad@kereport.com.

https://www.noalithium.com/news/

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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 last week. Sean brings up the fact that many people have been and are continuing to look for a recession and how this outlook can weigh on certain sectors.

In terms of isolated sectors, Sean discusses the tech sector, energy, including oil and uranium, and the precious metals. Sean shares how he is trading all of these sectors.

Click here to learn more about Sean's Wealth Megatrends newsletter.

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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 the Kitsault Valley Project. This Project encompasses the Dolly Varden Silver Property and Homestake Ridge Gold-Silver Property. 4 rigs are currently turning with the a firth rig available as the program progresses.

We have Shawn outline the key targets for the program and the general order each will be tested. We also have Shawn provide some more information on the 1.2km target gap between the Wolf and Torbrit/Kitsol Zones.

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

Click here to visit the Dolly Varden Silver website and read over the recent news.

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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, Fed presidents reiterated the potential of more rake hikes and other central banks continued to raise rates. The standout sector this week was cryptocurrencies.

Please keep in touch with Shad and I through email. We love hearing your thoughts and questions on markets and the companies we featured throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 - Marc Chandler, Managing Partner at Bannockburn Global Forex kicks off the show with a recap of the central bank rate hikes and the generally soft international economic data this week. We look at what the markets are pricing in and the key disconnects to take note of.
- Click here to visit Marc's website - Marc to Market.
Segment 2 - Dana Lyons, Fund Manager and Editor of The Lyons Share website shares his shorter term trading strategy for US markets, gold and gold miners, oil and Bitcoin. Dana has been very accurate calling these markets so if you are looking to trade be sure to take note of how he's positioning his clients.
- Click here to keep up to speed with Dana at The Lyons Share website.
Segment 3 and 4 - Cam Currie, Senior Investment Advisor at Canaccord Genuity and Head of Currie Metals and Mining Group wraps up the show with a focus on the gold industry. He discuss the continued global de-dollarization trend and current lack of a strong narrative for the gold sector. We also ask about the disconnect of the gold stocks to the gold price.
- Click here to visit the Currie Metals and Mining Group website.

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to outline the key news that it has executed a definitive agreement for a strategic equity investment by Glencore Canada Corporation, a wholly-owned subsidiary of Glencore plc (GLEN.L) (GLCNF), for exposure to their flagship Stillwater West Project in Montana. Pursuant to the Placement, Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of $0.25 per unit for gross proceeds of $4.94 million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of $0.375, providing up to approximately $5.2 million additional funding, if exercised in full.

As announced on January 25, 2023, the updated Resource Estimate includes 1.6 Billion lbs Battery Metals and 3.8 Million ounces PGE+Gold. Base Case Inferred mineral resources of 1.6 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). 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, and why they have recruited 2 key ex-Ivanhoe team members to lead the next phase of exploration and de-risking of the deposit for the company.

We discuss how the influx of capital from Glencore’s strategic positions sets up the exploration team for another meaningful 5,000 – 6,000 meter drill program for this year, to follow up on the nickel sulfide mineralization targets hit last year, and further growth and expand the resources at Stillwater West.

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.

Click here for company news from Stillwater Critical Minerals

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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 were broadly lower. US markets were lead lower this week by tech. Precious metals also struggled this week with gold down around 2.5% and silver down 7%. The standout this week was Bitcoin, up over 15%, driven by some major US institutions introducing ETFs and a new exchange.

Click here to visit Joel's PreMarket Prep website to keep up to date on his daily market commentary.

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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 and targets at the Cervantes Project in Mexico. The total program is for 2 stages, 4,200 meter, 28 hole program. We also discuss the two new members appointed to the Company's Business and Technical Advisory Committee, Mr. Hall Stewart and Mr. Daniel Schieber.

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

Click here to visit the Aztec Minerals website and read over the full news release.

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to review the continued weakness in the precious metals sector and some of the macro events on tap that could move the needle in the markets. It’s a wide ranging discussion on which economic data could alter Fed policy expectations, and considering the recent strength in the general US equities as a distraction away from safe havens. Ultimately a move higher in silver will be key for improving sector sentiment in the PM mining stocks, as the GDX and GDXJ are much more closely correlated to it than to gold price action. Craig is watching to see how the US dollar behaves, along with how the PCE inflation data and jobs report numbers come in over the weeks to come.

Click here to visit Craig’s site- TF Metals Report.

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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. We discuss the key metrics of the PEA and how it stacks up to other large copper development assets. We also have Leif breakdown what work come next to improve the economics and possible exploration.

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

Click here to read over the full news release reporting the PEA.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the rationale and lessons he hopes to share through tracking a constructed “Gamblore Portfolio” of 20 earlier-stage exploration stocks over time. The companies included are really more alpha plays that have his interest based on their current risk/reward profiles, and because of recent or pending company news that could drive the value creation, regardless of PM market sentiment. He also outlines why he feels it is easier to find quality management teams and better capital costs in the gold exploration companies versus the silver explorers.

Companies discussed are Headwater Gold (CSE: HWG) (OTC: HWAUF), Tectonic Metals (TSX.V:TECT) (OTCQB:TETOF), Inflection Resources (CSE: AUCU) (OTC: AUCUF), Magna Mining (TSX.V: NICU) (OTC: MGMNF), and Western Alaska Minerals (TSX.V: WAM) (OTC: WAMFF).*

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

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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 oil sector. We discuss some macro factors that Brien likes for the sector and how he is looking at smaller growth companies.

Click here to visit Brian's site - The Junior Stock Review.

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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 Mineral Resource Estimate at the Eskay Creek Project in the Golden Triangle of BC. The updated Resource is now 5.9 million oz gold equivalent, including total pit constrained Measured and Indicated Resource of 5.6 million ounces (“Moz”) at 3.47 g/t gold equivalent.

After discussing the areas of growth and changes in the resource we then turn to exploration plans for this year.

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

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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 in Chile with a pilot plant operational testing the Company's unique processing technique.

Francois Motte, CFO of Aclara Resources joins me to provide an overview of the the Ionic Clay sector. We discuss the dominance of China in terms of global production and the uses of Ionic Clay in EVs.

We then focus on the Company's unique processing technique that is being tested in the pilot plant, which became operational earlier this month. The Pilot Plant is on the Company's flagship Penco Module Project in Chile. I have Francois share the main objectives of the pilot plant all feeding into the upcoming Feasibility Study. We also discuss the exploration potential on the Project and the opportunities the Company sees in Brazil.

If you have any follow up questions for Francois on anything we discussed please email me at Fleck@kereport.com.

Click here to visit the Aclara Resources website and read over the Company's Corporate Presentation. Be sure to check out slide 9 which outlines the Company's unique processing technique.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to share why he is counter-balancing his technical outlook on the US general equities and precious metals markets with the developing macroeconomic trends. He points out that some analysts are simply 100% chart dependent, and miss important developments in economic data and trend changes that would provide more clarity to the technical data.

Jordan pushes back on a number of the claims that many technical and economic pundits are making, when they are suggesting we are now in a new bull market for general us stock markets. He outlines why any remaining bull market action won’t last long or be meaningful, with the inevitable move towards a recession later this year or the beginning of next year, and cautions investors not to get too bearish on the precious metals markets. We wrap up with Jordan providing some key technical support levels he is watching in gold, silver, GDX, and GDXJ.

Click here to visit Jordan’s website – The Daily Gold.

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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 spending A$25 million on exploration within four years, with a minimum commitment of A$7 million within 18 months, at which time the 50/50 Egina JV will be established. The tenements include Novo’s Becher Gold Project (“Becher”) and adjacent tenements.

Mike Spreadborough, Executive Co-Chairman and Acting CEO and Quinton Hennigh, Non Executive Co-Chairman of Novo Resources joins me to future explain this agreement with De Grey Mining. Mike explains how the deal came together with De Grey and the process for the Company to earn its 50% interest in the future JV. Quinton discusses the geology and similarities between the Becher Project and De Grey's Mallina Gold Project.

We also discuss the A$10 Million investment in Novo from De Grey and how this money will be used to advance other projects in the Company's portfolio. Novo will also be listing on the ASX to gain better exposure to Australian investors.

If you have any follow up questions for the team at Novo Resources please email me at Fleck@kereport.com.

Click here to visit the Novo website to read over the De Grey news we discussed.

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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 planning a significant production turnaround throughout this year and into 2024. The Company holds 2 Projects in Mexico, Campo Morado and Tahuehueto.

I have Mike provide a big picture overview of the production turnaround strategy at both mines. We start with the Campo Morado Mine which has experienced inconstant performance due to the VMS nature of the deposit and weak recoveries. Mike shares how the Company is working to stabilize production and improve recoveries.

The Tahuehueto Project is more of a production growth story with the mine starting at 500 tpd by the end of this month and growing to 1,000 tpd by the end of the year. Next year the Company is forecasting around C$40million of operating cash-flow in total from both mines.

We also discuss the new management team leading this production turnaround as well as the financial position of the Company.

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

Click here to visit the Luca Mining website to read over the Company's Corporate Presentation.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to outline the impact that the portfolio rebalancing in both the GDXJ and SILJ Van Eck ETFs have had on many junior mining stocks, and how those ETFs are now even less correlated with the actual PM junior stocks. We also discuss the evolving trends in passive versus active resource stock investing, and key support levels and catalysts for gold, silver, GDXJ and SILJ.

As markets have moved higher to 52 week highs the gold and silver stocks have continued to underperform, but Dave sees a setup coming where both of those trends could reverse, and he even highlights the recent short positions he has taken out on the general US equities. We unpack how Newmont Mining, the world’s largest publicly traded gold company, has started to diverge from both gold and GDX in a constructive manner, and then wrap up with other catalysts that may encourage more generalists to position in this sector.

Click here to visit the Junior Miner Junky website to follow along with Dave’s market commentary.

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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 on the investment demand for gold primarily from central banks, which many have sold some of their reserves recently. We also ask Jeff how the stronger US markets are factoring into larger investors shying away from the sector. To wrap up we ask Jeff about the comparisons to the 1970s and 2000s when gold made historic runs higher and how he see the set up in silver.

Click here to visit the CPM Group website to keep up to date on the gold market.

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Ed Moya, Senior Market Analyst at OANDA, joins us to review how US equity markets, bonds, the US dollar, and cryptos pushed off from the gate, after a long 3 day holiday weekend. Key considerations have been around what the central bank messaging from the People’s Bank Of China and the Fed is causing to economic expectations. We review the larger question of if this recent broader equity participation and more speculative funds coming into the general equities markets and cryptocurrencies are just going to be a bull trap that catches retail investors piling in and holding the bag, or if we are seeing legitimate signs of a new bull market developing.

Ed points out that typically when we see retail investors jumping on a trend late in the game, that it could signal an overbought period lining up for a corrective move. Another topic of discussion is around whether the nature of participation in the markets has changed in light of the fixed income markets being far less risky while still providing a respectable yield. We wrap up with getting Ed’s thoughts on what key data is moving the needle in the cryptocurrencies.

Click here to visit the OANDA website and read over Ed’s daily market note.

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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 it relates to batteries and the energy that will fill these batteries. We discuss a range of different energy sources that will be needed to provide the energy to support this transition and from an investment angle.

Click here to visit the Mangrove Investor website to follow along with Matt's market comments on the energy sector.

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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 control drilling results at the Tuvatu Gold Project in Fiji. This drilling is all about helping the Company better understand the mineralization of the different lodes on the Project while still progressing with test mining.

We have Quinton explain the importance of this grade control drilling as the Company advances toward commercial production. We ask about new lodes being isolated by this drilling and if this changes the mining strategy at all. We then spend a fair bit of time on how the current test mining will advance towards full scale commercial production. This ties into some of your questions on the mill that is being built.

Click here to visit the Lion One Metals website to read over the recent news on grade control drilling.

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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 markets. After months of discussing how only the large tech names were holding up markets we have seen a rotation of money into the lagging sectors. TG was pointing out months ago that the charts of beat up stocks were basing and turning. Now the question is if markets have turned the corner and we are in a new bull market.

Click here to watch TG's latest market video outlining this shift in breadth.

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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 the Tombstone Project in Arizona. The final 3 holes of the program were released on June 15th.

We summarize these results and the full program at Tombstone. We have Simon provide more information on Holes 6 and 7 as these were drilled in newer areas. Hole 6 in a gap zone between the Main (North) and Grand Central (South) pits, and Hole 7 in the northern part of the target area. These area along with a couple others Simon outlines will be followed up in a future drill program.

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

Click here to visit the Aztec Minerals website and read over the recent news releases.

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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 trends that are even more in place for markets. We start with a look at the broad markets and quickly switch our focus to a range of commodities.

Please keep in touch with Shad and I through email. We love hearing your thoughts on the markets, our guests and the companies we interviewed throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 - Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website kicks off the show with a focus on the the continued move higher in US markets. He notes the stronger breadth and and how momentum can continue to draw investors in.
- Click here to visit Joel's PreMarket Prep website to keep up to date on his market outlook.
Segment 2 - Brien Lundin, Editor of The Gold Newsletter and our Host at the New Orleans Investment Conference switches our focus to the precious metals market. As strong as the gold price has been the stocks continue to drift lower on low volume. We debate what could help generate interest into the sector or if the sector could stay boring for a while.
- Click here to learn more about The New Orleans Investment Conference.
Segment 3 and 4 - Dan Steffen, President of The Energy Prospectus Group wraps up the show with a focus on the oil and natural gas sectors. We start with the macro environment including supply and demand. This brings us to a discussion on US output and the continued decline in drill rigs. Finally we discuss the stocks that Dan thinks are the most undervalued.
- Click here to learn more about The Energy Prospectus Group. If you are interested in investing in oil or natural gas stocks it's very much wroth your time.

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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 meetings and policies. Since Central Bank policies directly impact currencies Marc breaks down the currency moves this month and overall trends. We also tie in China's more dovish policy.

Click here to visit Marc's website - Marc to Market.

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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 of the Company. The recent news includes staking of ground around the Rogue Project and initial metallurgical work on the Valley discovery.

Starting with the staking around the Rouge Project, announced June 9th, that has expanded the overall Project by 80%. This staking ties up all the land into one big block. Scott explains the strategy of this and if it changes any of the exploration plans for this year.

We then recap the June 14th news release reporting initial metallurgical results from the Valley discovery. Gold recoveries were reported between 88% to 96%.

Finally a general drilling update now that the program is underway. Currently 3 drills are turning with 2,000 meters already completed.

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

Click here to read over the recent news Scott and I discussed.

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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. As markets have moved higher to 52 week highs the gold and silver stocks have continued to lag. We discuss what could attract the generalist investor into the sector, which has been lacking. This ties into junior gold company strategies of either aiming for a buyout or messaging that the company is looking to develop the project.

Click here to visit the Junior Miner Junky website to follow along with Dave's market commentary.

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Brad Rourke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins us to recap the 2022 drill program and roll out the 20,000 meter drill program for 2023 for the Blueberry Contact Zone at the Scottie Gold Mine Property, in the Golden Triangle of BC.

We start off reviewing the success of the exploration team in drilling a diamond pattern over the Blueberry Contact Zone in 2022 over 17,000 meters, and with 15% of the holes being 100+ g/t meter intercepts, stepping out and filling in areas of the mineralized panel and proving their thesis that they were not just hitting ore shoots in prior years. Next we have Brad outline the 20,000 meter drill program for 2023 where there will be target drilling, further stepping out, stepping down in depth, and delineation of the ore body geometry and scale, along with filling in some areas between prior step outs. This drill program will also allocate a small portion of the meters for following up on drilling at the C&D Vein and following up some targets around the Scottie Gold Mine target.

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

In full disclosure, Shad is a shareholder of Scottie Resources.

Click here to visit the Scottie Resources website

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Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss the strange market reactions in the US dollar, interest rates, general US equities, and the precious metals sector after the Fed’s supposed “hawkish pause” at yesterday’s meeting. We note how many times this year we’ve seen constantly shifting rate hike, rate pause, and rate cut expectations from the forward-looking markets and Fed funds futures.

General markets rallied on the news, but to see the greenback sell off, while bonds got a bid and interest rates fell, the day after Powell and many Fed heads still signaled a rate hike for July’s meeting, is quite unusual. We saw gold go down initially on Wednesday after the FOMC meeting and into overseas trading, only to rally back higher again on Thursday, above the $1950 support up to around the $1970 level. We discussed how overall, the gold mining stock moves have remained weak to muted overall, and Craig highlights again, that really the GDX and GDXJ have a tighter correlation with silver than with the price movement in gold, and that until we see it starting to move higher that trend will likely persist.

We wrap up with a general conversation about what it will take to bring generalists back into the PM sector, if it necessarily requires a correction to overbought tech stocks and general US equities. Craig points out that once there is a clear Powell pivot back to cutting rates, that we may just see a “crack-up boom” type of move taking all markets higher as the monetary cycle of further easing to is destined to repeat itself once again. With so much government and corporate debt getting ready to roll over at much higher interest rates, there could still be some economic dislocations as this year unfolds that may force the Fed to act quicker than the markets are currently anticipating.

Click here to visit Craig’s site- TF Metals Report.

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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 a hawkish pause. We tie in the action in gold post Fed meeting with what Robert is seeing in the chart and the so called triple top.

We also discuss Robert's recent site visits in Nevada to Allegiant Gold, Blackrock Silver and Summa Silver. We focus on the work plans this year and what could drive one of these stocks to diverge from the rest of the down-trending sector.

Click here to follow Robert on Twitter.

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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 an update on the largest drill ever program at the Macmillian Pass Project. Both Projects are in the Yukon with Mactung contiguous with Macmillan Pass.

In 1 year the Company has progressed from singing the Letter Of Intent to publishing what the Company calls "the world’s largest high-grade deposit of the critical mineral tungsten". I start by have Brandon elaborate on this comment. We then discuss the tungsten market, in terms of supply, uses of tungsten and the pricing of the metal.

For the ongoing 16,000 meter drill program at Macmillian Pass, Brandon provides an update on the progress of the drills and discusses the overall goals of the program.

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

Click here to visit the Fireweed website and read over the recent news releases we discussed.

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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 get a bid?

Tavi looks back to the 70s and early 2000s as a comparison to where he sees the set up in gold. We also ask about how this carries over to the stocks considering even good news is now getting any market attention.

We then discuss the Yukon as a general area play that Crescat likes. There are a lot of work programs starting up in the Yukon that we will follow along with.

Click here to visit the Crescat Capital website.

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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 Project in Mexico. the focus of the program is on the high-grade panel both to infill gaps from past drilling and assess mineralization around the high-grade panel. 4 holes were in the release on June 12th.

I first have Charles recap the headline hole, 293 that intersected 46.0 meters grading 13.4 g/t gold within 129.2m grading 6.0 g/t gold. We also focus on hole 294 which was drilled above the high-grade gold panel, intersecting 13.95 meters grading 6.4 g/t gold. As the program continues Charles outlines where the drills are targeting moving forward.

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

Click here to visit the Heliostar Metals website to read over the full drill result news release we discussed.

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Doc Jones, Private Investor and editor of DrJonesResourceInvestor.com, joins us to discuss how he sees the environment for investing in oil, lithium, gold, nickel, and copper stocks, and how he distinguishes between the times to be buying or selling. We start the discussion off with the pattern of strategic investments into the critical minerals companies by major producers, key investing groups, and industry manufacturers into junior mining stocks. We reviewed some recent transactions where the Lundin family came into Fireweed Metals (FWZ) (FWEDF) as key stakeholders, where Ford Motor Company (F) made offtake agreements with 5 lithium companies, and just today where Rio Tinto (RIO) announced a key stake into Midland Exploration (MD) for their lithium properties.

Next we jumped over to the energy sector and how he sees the supply-demand picture setting up for oil and the oil stocks, as he still maintains a portfolio of these companies for their attractive dividends and low valuations compared to other sectors. Doc Jones mentioned selling off some of his energy pipeline stocks, and even physical gold in the recent past, to store those funds temporarily into treasuries paying attractive yields without as much risk, allowing him to be opportunistic and take advantage of further pullbacks in other sectors. This leads to a more broad discussion on what sectors or companies he is buying or selling in his portfolio, and the rationale behind those trades.

In the lithium space, we discussed his selling of Sigma Lithium (TSX.V:SGML, NASDAQ:SGML), a lithium producer in Brazil, after a nice multifold gain in it, but that he was maintaining his position in Brunswick Exploration (BRW) (BRWXF). With regards to the gold stocks, Doc Jones noted he had exited many of those positions in late 2020, but noted that in 2021 he had added back in Banyan Gold (BYN) (BYAGF) as a position he still is positive on. He also spends some time unpacking his thesis on the inefficient market valuation around West Red Lake Gold (WRLG) (WRLGF). Moving over to #BaseMetals he flagged Magna Mining (TSX.V: NICU; OTC: MGMNF), as a nickel-focused company he still likes despite the recent pullback due to resources and exploration results. He also reviews why he is still quite constructive on Emerita Resources (EMO) (EMOTF) a copper, zinc, and PM developer; despite the pullback in pricing as the court date for Aznacollar was pushed out and in light of negative retail sentiment regarding their recent financing. We wrap up getting comments from Doc Jones on what conditions make him more likely to average down in a position that he feels is still undervalued from a contrarian standpoint, and what conditions push him to sell a stock or sector.

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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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 Brazil. An environmental review site visit was just completed by a team from the Secretariat for the Environment and Sustainability (SEMAS) for Pará State. This visit is all part of advancing the EIA.

Nick walks us through what this site visit entailed. We discuss the next steps for the EIA now that this site visit is complete and the importance in having local support. I have Nick look back in his career to past projects he has permitted and compare those processes to how this permit is progressing in Brazil.

If you have any follow up questions for Nick please email me at Fleck@kereport.com and I'll have Nick to answer those for you.

Click here to visit the TriStar Gold website and read over the recent news we discussed.

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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 1 year highs. We get Jordan to compare the gold and GDX chart to the S&P with a longer term outlook. Jordan points out that gold has held up very well over the past few months and is still looking for a breakout to all time highs which should carry the underlying stocks higher.

Click here to visit Jordan's website - The Daily Gold.

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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 the persistent monthly drop in oil prices, now 12 months long. We focus on the macro side of the sector asking about demand outlook and production in North America and OPEC countries.

We are saving up the second half of this interview for the Weekend Show. That's when we get into the stocks that Dan likes.

If you have any questions you would like us to pass on to Dan please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit The Energy Prospectus Group website to follow along with Dan's energy commentary and all the stocks he covers.

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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 in the Yukon. This update was released on June 1st and reported 2.47 billion pounds of nickel, 1.3 billion pounds of copper, over 6 million ounces of platinum group metals ("PGM's") and 137 million pounds of cobalt, all in the measured and indicated categories.

We have Stuart outline the work that contributed to this updated resource and any key changes from the past Resource Estimate. We also look ahead to the PFS that is expected in Q3 of this year. In terms of possible growth areas we have Stuart discuss the drilling at the Arch target and deeper areas below the resource.

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

Click here to read over the full news release reporting the updated Resource Estimate.

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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 bifurcated energy markets, where the uranium sector and related stocks have been seeing positive traction higher lately, while oil and nat gas prices and related companies have been trekking lower and have remained under pressure for most of this year. This leads to a discussion around so many economists and market pundits continuing to expect an economic contraction and eventual recession later this year and heading into early next year, and how that may effect the energy sector. John mentions that this slowdown in the economy could be a “gut check” moment for commodities investors, and still dampen down important energy metals like copper in the near future, despite the compelling longer term supply/demand fundamentals.

With regards to US equity markets, we are seeing quite a contrasting sentiment and outlook, where there is low volatility and a lack of apparent concerns about a slowing economy. Generalist investors continue to pile into US equities, especially observable, as of late, in the bloated valuations of the mega-cap tech stocks and AI stocks. This leads to a discussion on how corporate earnings are misaligned with what we are seeing in the market prices and valuations, and could present an added level of risk for a market correction as things progress through this year.

Wrapping up we have John outline the current state of the precious metals markets, how the macroeconomic trends and performance of the general equity markets may present opportunities for the brave during any further corrective periods in gold, silver, or the related PM mining stocks.

https://rubino.substack.com/

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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 you and get an overview on his background in the resource sector and big picture plans for all three of the Company's Projects in Bolivia.

We focus mainly on the Silver Sands and Carangas Projects. Carangas has the most near term catalysts with drill results at the assay lab, a inaugural resource estimate planned for mid this year and more drilling by the end of the year. At Silver Sands the Company is working on a Pre-Fesibility Study (PFS) by the end of the year. As Andrew outlines, the Company is working on these assets with the vision of putting them into production.

If you have any follow up questions for Andrew please email us and we will get those answered for you. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the New Pacific Metals website and read over the recent news.

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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. While all of the meetings are important this week's Fed meeting could be especially noteworthy as the Fed could pause after hiking rates in the past 10 meetings.

We also discuss economic data coming out of China this week. The Chinese post-COVID recovery has been slower than expected which some have carried over to the pullback in commodities such as copper and oil.

Click here to visit the OANDA website and read over Ed's daily market note.

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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 plans at the Curibaya Project in Peru. It's been well over a year since this Project was last drilled and now the Company has identified 20 drill pad locations to test a range of targets.

Peter Dembicki, President and CEO and Ivan Bebek, Chairman of Tier One Silver join me to outline the exploration plans at Curibaya for this year. We discuss further targeting work that is starting this week and when we could see a drill start turning on the Project. We also chat about the state of the markets for junior companies.

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

Click here to visit the Tier One Silver website and read over the news releases from last week.

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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 have 2 guests summarize what they think matters and predict what the second half of 2023 will bring.

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 share his thoughts on the disconnect between economic data and corporate compared to market valuations. He also discusses how he is viewing the AI bubble in terms of the broader markets.
- Click here to learn more about The Felder Report.
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 recapping this week's key data and news, including jobless data, the RBA and Bank of Canada rate hikes and bullish market sentiment. We then discuss what to watch for next week with a big week of US data and major central banks.
- Click here to visit Marc's website - Marc to Market.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, shares his technical and macroeconomic outlook for general equities, gold, silver, and the precious metals stocks for the medium term. The discussion starts off looking at how much longer the precious metals sector may need to consolidate, in tandem with US general equities markets continuing to get a bid, before those trends reverse. Things really continue to depend on when and how severe the recession becomes more apparent, when the Fed is forced to react, and when gold can break out to a new high.

The conversation then turns to why Jordan is far more bullish on gold than silver initially, and also gold over the rest of the commodities for the medium-term, especially in lieu of a worsening recession to come. We wrap up getting Jordan’s rationale for why he is most interested in well-capitalized growth-oriented gold producers. Producers will get the initial capital inflows when the trend changes and sentiment improves, and they have proven metal in the ground to respond to price appreciation paired with incoming revenues to weather any prolonged weakness down the road.

Click here to visit Jordan’s website – The Daily Gold.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review a few junior mining stocks that have his interest based on their current risk/reward profiles, and because of recent or pending company news.

Companies discussed are Magna Mining (TSX.V: NICU) (OTC: MGMNF), Western Alaska Minerals (TSX.V: WAM) (OTC: WAMFF) and Tectonic Metals (TSX.V:TECT) (OTCQB:TETOF).*

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

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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 terms of breadth and rotation of money. Dana also shares his current strategy for oil, gold and gold miners and the US Dollar. The theme is counter trend rallies for this early summer period.

Click here to check out Dana's summer sale at The Lyons Share website. You can get 25% off an All-Access Pass.

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Richard Willams, Executive Chairman of Bunker Hill Mining Corp. (CSE: BNKR; OTCQB: BHLL), joins us to discuss the details of the key financing package and offtake agreement to put the Bunker Hill Mine back into production in the 4th quarter of 2024.

Key highlights are as follows:

$67 million term sheet executed, increasing Sprott Streaming commitment to the mine restart to $96 million
- $46 million Stream: previously proposed $37 million Stream increased by $9 million with no change to economic terms, resulting in a materially lower cost of capital for Bunker Hill shareholders
- $21 million new debt facility: available for draw at the Company’s election for two years
- Series 1 and Series 2 Convertible Debenture maturities ($21 million total) extended to March 31, 2026
- Royalty Convertible Debenture to convert to royalty upon closing of the Stream, as previously planned
- Subsidiary of Teck Resources Limited (Teck) exercises option for minimum 5-year, 100% offtake of Bunker Hill’s zinc and lead concentrates at its smelter in Trail, BC, ensuring a long-term, sustainable revenue source

Richard goes on to explain the robustness of the Pre-Feasibility Study released to the market last November, underpinning the value of the Project for equity holders, and also outlines a number of areas where the plan can run at a higher throughput and better costs. Additionally, there are areas of the financial agreements that can be improved over time to further enhance the economics moving forward.

If you have questions for Richard about Bunker Hill Mining, then please email us at either Fleck@kerport.com or Shad@kereport.com.

https://www.bunkerhillmining.com/news-and-media/news-releases/

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review which commodities have his attention at present, and what contrarian opportunities can be found from the muted moves in many resource stocks in this current environment. Compared to many commodities that have lagged lately like the oil, copper, and other base metals stocks, gold pricing has actually done quite well. This leads to a discussion in how the PM mining stocks have underperformed expectations and not offered the typical upside torque as the yellow metal approached all time high pricing levels again in the recent past. The discussion then turns to the critical minerals and energy metals space with focus on both lithium and uranium, and the related mining stocks which Nick still sees further upside in.

https://digestpublishing.com/publications/

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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 from the Cactus and Parks/Sayler deposits. This PFS comes after the Company updated the PEA and resource in September 2022 that reported a 6.5billion lbs combined resource.

George Olgilvie, President and CEO of Arizona Sonoran Copper joins us to provide an update on all the work completed so far. We start with the preliminary column leach metallurgical extraction rates using the NutonTM technologies as part of the Phase 1 testing program with Nuton LLC, a Rio Tinto venture. We have George explain how this technology could improve the overall economics of the Project.

We then discuss 2 key permits received so far this year and what updates will be needed to have these deposits fully permitted. Finally we have George outline the drilling this year. Currently with 2 drills turning, 1 is in-filling the Parks/Sayler deposit and the other is working on true exploration.

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

Click here to visit the Arizona Sonoran Copper website to read over all the recent news.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review some of the key questions he asks gold and silver company management teams, as well as key concepts to understand when conducting junior mining stock due diligence.

This is a wide-ranging discussion that gets into many areas like management’s stake in the company, as well as their background and track record, how to look at different financing options and games played around these, capital groups with multiple companies or management teams serving on multiple boards, and which type of precious metals companies out of the vast array of explorers, developers, and producers that Dave sees the most risk-adjusted potential in. He highlights i-80 Gold (IAU) (IAUX) as one of his top 10 portfolio holdings as a growth-oriented producer with substantial exploration upside.

We wrap up the message of investors using this sluggish time period in the sector to do the proper due diligence on companies within their portfolio or build out their watchlists in anticipation of a break out in the PMs later in the year and heading into next year.

Click here to visit Dave’s site – Junior Miner Junky.

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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 focus on the electric vehicle market's growth in the US and in China. We also discuss the other modes of transport that are also growing and driving current and future battery demand. This all ties into the metals needed to build the batteries and energy sources needed to fill the batteries.

Click here to visit the Mangrove Investor website to read over Matt's market thoughts on critical minerals.

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Brett Richards, President and CEO of Goldshore Resources (TSX.V:GSHR – OTCQB:GSHRF), joins us to review the updated 44% increase to the global Resource Estimate to over 6 million inferred ounces of gold at an average grade of 1.02 g/t at the Moss Gold Project in Ontario. The shear domain has increased in contained metal and tonnage from the November 2022 mineral resource estimate by 52% and 63%, respectively, to 3.35M oz Au at 1.84 g/t Au within 56.5Mt (open pit only). As a contributing factor, the East Coldstream Maiden Resource Estimate introduced at 580Koz at 0.91 g/t Au in 20.0Mt (open pit and underground).

Next we outlined that with this resource update at the Moss Gold Project that it demonstrates the kind of scale needed for high-grade open-pit gold project. The Company is continuing to do work and various studies to support a preliminary economic assessment (PEA) planned for release later this year as the next key milestone. This led to a discussion on how across the industry that resources in the ground were not being anywhere close to fully valued for the ounces in the ground. Brett went on to point out that Goldshore Resources has industry leading discovery costs of approximately CAD$10 per ounce of inferred Au resource (all-in) including acquisition costs and overheads.

With regards to exploration, the Moss Gold Project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate, and prioritize for future exploration campaigns, and ideally the next actionable step would be a 30,000 to 35,000 meter drill program to kick off in the winter with 80% of the focus being infill to move resources from inferred to measured and indicated, and 20% would be on true step-out or regional exploration of all those targets at Moss but also at the northern zone of East Coldstream and other identified VMS targets.

Please email us with any follow up questions for Brett regarding Goldshore Resources. Our email addresses are Fleck@kereprot.com and Shad@kereport.com.

Click here to read over the Goldshore Resources new releases

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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 southern Arizona. A total of 3 holes were released out of the fully completed 7 hole core drilling program. The headline hole, Hole 5, intersected 2.82 g/t gold & 176.64 g/t silver (5.02 g/t AuEq) over 36.0 meters including some very high grade sections.

I have Simon detail where these drill holes were located compared to past drilling and the Contention pit (see the Drill Program Map below). We focus on Hole 5 and Hole 3, the latter of which intersected lower grade mineralization but a lot of underground workings. We also look ahead to results still to come back from the assay lab.

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

Click here to visit the Aztec Minerals website and read over the drill results news release.

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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.

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.

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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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On May 25th more exploration news was released where drill hole# DDH-23-024 intercepted 17 Meters at 829 g/t Ag & drill hole# DDH-23-025 intercepted 79 Metres at 238 g/t Ag. There were 6 drill holes released in total in this batch, which continue to intercept excellent widths and grades of silver at JAC in practically every single drill hole. Drilling at the JAC Zone continues to consistently intersect high-grade silver oxide mineralization, with associated gold in some areas, at shallow depths, as well as underlying copper and silver mineralization in sulphides. We discuss how this JAC Zone is really continuous over very wide intercepts, close to surface, and high-grade which is all setting up to be amenable and economic to open pit mine development, and likely would be on the front end of any mine plan.

Next we discussed the news out June 1st that reported positive preliminary metallurgical test results for the new JAC zone and Fantasma deposit, with overall recoveries ranging between 86% - 93% for silver and 82% - 91% for gold. A substantial percentage of the silver at JAC can be recovered by gravity separation on the front end, which increases overall recoveries. Current testwork confirms that the same process flowsheet can be used to process mineralization from the Oculto, JAC and Fantasma deposits.

John outlines why the exploration team is so encouraged by the continued success of the Phase 3 drill program, with 20,000 meters and 85 holes drilled to date, but plans to drill an additional 15 holes to take it up near 100 holes that will feed into an upcoming maiden resource estimate on the JAC Zone targeted for September. Thus far only 52 holes have been released to the market, with roughly half of the holes from Phase 3 still to be reported in the months to come. There is also ongoing work incorporating other metallurgical data, environmental and permitting work, and other project derisking going on into a Preliminary Feasibility Study on the overall Diablillos Project encompassing both the Oculto and JAC depostis by year end.

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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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 different Projects and a partner update in the lithium space.

We start with the exploration permits received for the Hessjøgruva Cu-Zn-Co Project and Northern Finland Gold-Copper Project. We discuss what each permit allows the Company to drill and the general plans for drilling as well as when drilling might start.

On the JV front, European Energy Metals released news on the Lithium-REE project in Finland. Eric outlines the progress being made by this JV partner.

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 all the news releases we discussed.

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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.

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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 on our website 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 200,000 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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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.

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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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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.

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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.

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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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Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss his technical and fundamental outlook for the precious metals sector, as they correct into the sideways slog of this seasonally slow time of year. We discuss that even though sentiment isn’t great, that overall gold and silver have actually done reasonably well in light of all the macroeconomic factors thrown at the markets over the last few years, and also year-to-date. It is really the underperformance of the PM mining stocks that have weighed more heavily on sentiment, but Craig is still optimistic that we’ll see that change later in the year as the metals break out of this trading range to higher levels. When pondering what will get more generalist investors to focus part of their capital in this sector; he reiterates that it should be the gradual loss of faith in central banks as their policies waffle from loosening to tightening over and over again, without reaching their stated goals.

Click here to visit Craig’s site – TF Metals Report.

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Dana Lyons, Fund Manager and Editor of The Lyons Share Report, joins us to share his trading strategies for mega-cap tech stocks, the financial sector, gold and gold stocks, cryptos, and bonds. We start off discussing the bifurcated markets where most of the broad market breadth is down and struggling, while the indexes are still buoyed by the narrow mega-cap tech leadership. Dana points out that over time most stocks performance are in line with the broad market direction, and so after this divergence has played through, in the medium to longer-term he still expects tech to roll over, and for the indexes to break to new lows in the continuation of the bear market.

In the short-term, Dana is still constructive on tech stocks and the bonds, but expects those both to eventually top out and correct back down, but he is still shorting the financial banking sector. Dana is bullish more medium-term on the precious metals complex, expecting gold, silver, the GDX and SILJ to continue to break up to new highs. With the cryptos, Dana exited positions on the more recent rally, and provides support levels for Bitcoin and Ethereum where he expects them to retrace to, before getting interested again.

Click here to visit The Lyons Share website for more of Dana’s trades.

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference, joins us to discuss how he is navigating the current correction in the precious metals sector, and what macroeconomic factors he is looking towards that could change the trend. We lead off with a more general discussion on what effects the debt ceiling debate, the banking sector concerns have had leading up to this point, and ultimately how these ongoing situations correlate to Fed policy expectations moving forward.

This filters down into how gold, silver, and the mining stocks have reacted so far this year, and as we’ve hit the “sell in May” period, where he now sees room to be a bit more cautious leading into the seasonally slower summer doldrums period in the months to come. Ultimately, the bigger picture is still quite constructive for the precious metals sector, and this pullback should be seen within a larger bull market pattern. With the Fed funds futures markets still pricing in rate cuts as soon as September, this could indicate there will be some economic challenges as the year unfolds, and this should be bullish for the PMs.

We wrap up with Brien highlighting I-80 Gold (IAU) (IAUX), Gold Basin Resources (GXX) (GXXFF), and Vizsla Silver (VZLA) as examples of companies continuing to build more value in press releases, while their prices have corrected down with the sector. While he cautions against trying to catch falling knives, he provides the nuance that accumulating quality companies during corrective moves, and holding through any further weakness, will be rewarded as the sentiment improves and the metals pricing breaks out later in the year.

Click here to visit the Gold Newsletter website to keep up to date on Brien’s market comments.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to share the support levels he is watching for in gold, silver, and the precious metal mining stocks, as the sector continues to correct. In particular, he is looking at the near-term support levels of $1980 and $1950, and then after that the 100 day and 150 day moving averages as key technical levels in gold. The picture in silver and in the GDX are a bit more concerning, as their rollover lower the last few weeks has foreshadowed the move lower in gold, and signaled that we may see a little longer and further down to go in this corrective move in the near to medium-term.

Stepping back to the larger the longer-term setup, the PM sector is still looking constructive to break out to higher levels later in the year. We discuss how this will depend on how quickly the macro data erodes further pointing to a contracting economy and recession in a few months, which would provide the catalyst for the Fed to take action and start cutting rates. With a lull in many of the key economic drivers in the near term, there isn’t much to move the needle, barring the potential of the debt ceiling debate, until we get to the next Fed meeting in June. We discuss that bond yields rising along with the US dollar recently, has also further pressured the precious metals sector. Wrapping up, Jordan shares the kinds of PM stocks he is interested in accumulating for the longer-term bull market.

Click here to visit Jordan’s website – The Daily Gold.

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Sean Brodrick, Editor of Wealth Megatrends and contributing analyst at Weiss Ratings joins us to share his thoughts on gold stocks, lithium and oil.

Starting with gold stocks, Sean shares a number of metrics that show producing companies trading below book value. When looking at the lithium sector we discuss the pullback in lithium prices and the news out of Chile that pushed down lithium stocks across the board. We wrap up the interview with comments on the oil sector.

Click here to visit the Wealthtrends website to follow along with Sean's market commentary and trades.

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John Rubino, Founder of the Dollar Collapse website and editor of his newsletter over at Substack, joins us for a broad discussion the continued concerning macroeconomic data coming in and how this may further benefit the precious metals sector.

We start off discussing the weaker Fed manufacturing survey details, credit card companies reporting less consumer spending, weakness in commercial and residential real estate, banking sector concerns, and the ongoing debt ceiling ordeal. These kinds of trends as we move toward a contracting economy, and possible recession, should still be a boon for gold, and to a lessor effect, silver and platinum. Generalist investors are starting to position more defensively and this may convert over into a higher allocation to the precious metals sector as things further unfold.

https://rubino.substack.com/

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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 financial and operating results for the three months ended March 31, 2023, paired with the organically-funded exploration strategy, and 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. Total operations had consolidated All-In Sustaining Costs (“AISC”) of $1,302/oz, and $26.7 million in cash flow was generated from operations. Cash on hand as at March 31, 2023 was $60.8 million, and the Company saw a net income of $16.4 million or $0.04 per share. Additionally, 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 has now commenced at both the Pavon Central open pit and from Eastern Borosi. Both of these 2 new mining areas will continue adding in much higher grade ore through the Libertad Mill, for grade driven growth. There is also all of the ongoing exploration focused at Eastern Borosi, and on prior high-grade drill results from Panteon North, as well as new exploration targets at Buena Vista and La Fortuna, and know resources at the Primavera and Cerro Aeropuerto deposits.

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, and studies underway to determine the past path forward in developing Gold Rock.

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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Chris Ritchie, President of SilverCrest Metals (TSX.V:SIL - NYSE:SILV) join us to recap the Q1 financial results. It was the first full quarter of production at the Las Chispas mine. The Company generated strong free-cash flow, including income of $27.2million and paid down debt at an accelerated rate.

With Chris we discuss overall cash-flow from the mine as well as key cost of production metrics. We also have Chris update us on how the stockpiles were used to feed the mill and reduce overall costs. As underground development continues we have Chris look ahead to what's coming in terms of costs. Recoveries were highlighted in the news as well so we get Chris to update us on that front. We wrap up the call with a comment on the ongoing exploration at the Project.

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

Click here to read over the full Q1 financial results.

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Welcome to the KE Report Weekend Show! Since markets seem unwilling to choose a direction we focus on the macro environment, gold and gold stocks as well as the energy sector. There are great potential opportunities for investors but it all depends on what the next move for markets is.

Please keep in touch with Shad and me through email. We love hearing what you all think of the guests and companies we featured throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Richard Postma, AKA Doc joins us to share his outlook on the economy, by referencing recent data trends, and what he is watching for the gold and gold stock charts. Doc also shares insights on the stocks he is accumulating on dips.
Segment 3 and 4 - Dan Steffens, President of the Energy Prospectus Group wraps up the show with a focus on the oil and gas sectors. We recap the recent supply and demand data then move to oil and natural gas stocks that Dan is recommending to his subscribers.
- Dan is offereing all of you $100 off the yearly subscription to the Energy Prospectus Group. Use the code CF100 when subscribing. Click here to subscribe to The Energy Prospectus Group.

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), joins us to for an exploration update from depth at the Helmi Project and near-surface gold at the Sinermä Prospect on the Aurion-B2Gold Joint-Venture, along the Central Lapland Greenstone Belt in northern Finland.

We start off reviewing assays announced from the winter drill program, on both May 8th and May 10th, from the Aurion-B2Gold Joint-Venture. The exploration team continues to have a very high success rate with drill hits at Helmi Discovery, now confirming mineralization at depth with drill hole # IKK22043 intersecting 1.07 g/t Au over 57.30 meters from 360.80 meters in depth, and part of longer intercept of mineralization. Additional step-out drill holes were also returned from along the Helmi-Kutuvuoma Trend, showing further gold mineralized intervals along strike.

We also 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 (press release dated February 21, 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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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to unpack how he approaches value investing in junior gold, silver, and base metals mining stocks. He is interested in companies that have already received 3rd party validation from larger companies or institutions, as well as alpha growth plays that are narrowing the gap between value and price.

Erik discusses a handful of stocks in this interview to illustrate some of these points, outlining what he he is animated by in Headwater Gold (HWG) (HWAUF), New Found Gold (NFG) (NFGC), Nevada King Gold (NKG) (NKGFF), Snowline Gold (SGD) (SNWGF), and Western Alaska (WAM) (WAMFF).*

*In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and are 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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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to comment on the continued sideways trend for markets. We discuss the impact of the debt ceiling debate and banking issues on markets as well as the continued leadership of big tech.

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 the May 10th news release reporting more high-grade silver results from the Copala resource area on the Panuco Project in Mexico. This area already contains over 100 million ounces of silver equivalent in resources, about half of the total resource on the whole project. We also discuss the new technical committee with Dr. Peter Megaw and Prismo Metals, announced on April 25.

We have Mike explain the size and scale of the mineralized footprint now at Copala with these new results. We also discuss the ongoing 90,000 meter drill program, of which about 35,000 meter have been drilled. Mike shares where the 7 drill rigs are currently turning.

When it comes to the technical committee we ask how the teams will work together on Vizsla's Panuco Project and Prismo Metals Palos Verdes Property (adjacent to the Panuco Project).

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 to read over the recent news.

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Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review market reactions to recent macroeconomic news, and how to view this consolidation in the precious metals sector. We start off looking at how the deluge of information last week included regional bank concerns, central bank rate hikes, and a stronger than expected jobs number, but morphed this week into lower inflation readings, and the expectation of the coming Fed pause to tightening and worries about a contracting economy.

We looked at how all of that financial news has moved pricing in gold, silver, and the underlying PM stocks and what technical support levels are key to watch. 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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Craig Hemke, Founder and Editor of TF Metals Report joins us to discuss the notion that there is a gradual loss of faith in central banks tied in with the banking system issues. The concept is that people will start taking their assets out of the banking system looking to other areas to store value. The possibility of central banks launching digital currencies is also discussed

Click here to visit Craig's site - TF Metals Report.

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Colin Smith, CEO of Gold Basin Resources (TSX.V:GXX - OTCQB:GXXFF) joins me to recap the final drill results from the Phase 2 drill program, surface samples across the Project and a follow up drill program mobilizing all at the Gold Basin Project in Arizona.

On April 27th the Company announced the final results from the 5,000 meter drill program focused at the Red Cloud, PLM and Stealth targets as well as the gap between Red Cloud and Stealth. See Figure 1, posted below, from the news release to see where these targets are in relation to each other. I have Colin summarize the results form this program. This also ties into the 2,000 meter follow up drill program.

We then discuss the May 9th news reporting sample results and LiDAR data that show over 230 historic, small scale mine sites across the project. We focus on an area north-northwest of the Cyclopic target which has 125 small scale mine sites.

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

Click here to visit the Gold Basin Resources website to read over the full news releases.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to recap the news out May 10th, announcing a $6.3 million strategic equity investment by Newcrest Mining Limited to further advance the La Plata copper-silver-gold-platinum group element alkalic porphyry project in Colorado, USA. We discussed the encouraging exploration results from last year’s drill program, released 3 months back on February 28th, which highlighted significant amounts of copper, silver, gold, platinum, palladium, and even rare earth elements and tellurium. The exploration team is in planning to get this year’s exploration program mapped out, with plans to start up drilling in late June, and a resource estimate update is planned for later this year.

Next we pivoted over to the ongoing work underway to bring to the market the inaugural resource estimate at the Keno Silver Project in the Yukon. The final results from the prior drill 3,265 meter drill program were released on April 10th, focused on target extension drilling at the advanced-stage targets (Caribou, Formo and Fox) in anticipation of an inaugural NI 43-101 mineral resource estimate for the Keno Silver project later in 2023.

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.” Mining will be starting in June on their first royalty deal in their Klondike Alluvial gold claims and this can expand into more royalties along their on 5 ½ miles of claims.

If you have any follow up questions for Scott on Metallic Minerals, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here for a summary of the recent news out of Metallic Minerals.

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Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us to review a number macroeconomic trends and how those relate to expected moves in general US equities and commodities resource stocks in gold, copper, oil, and more.

This is a wide-ranging discussion that gets into the Fed policy, the debt ceiling debate, the ongoing banking crisis, debt rolling over at higher interest rates, inflation CPI readings, a recap of Q1 earnings season, tech stocks recently seen as a safe haven, the potential for a recession in the latter part of this year, and how that could effect the demand for various commodities and related stocks.

https://digestpublishing.com/publications/

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share the precious metal stocks he is focused on in this flat metals price environment. We all understand how boring these stocks and broad markets have been but if the major breakout in gold happens, that Jordan is expecting, then there are certain types of companies that would perform very well. He likes advanced explorers and growth oriented producers. We have Jordan explain why.

Click here to visit Jordan's website - The Daily Gold.

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Caleb Stroup, President and CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF) joins me to recap recent news over the last 2 months. The news is wide ranging including drill results, a new Project brought into the portfolio quickly followed by Newcrest entering an earn-in agreement and drill plans for a 100% owned Project.

We start with the remainder of the Q4 2022 drill results from the Spring Peak Project in Nevada. We focus on the Disco Zone and Opal Ridge discovery.

We then move to the staking of a new Project, Lodestar in Nevada (announced March 7th). A couple month after that announcement, on May 9, Newcrest entered into an earn-in agreement along the same lines as the other projects Newcrest is earning in on. We discuss how this news ties into the overall Company's strategy.

Finally, we discuss the drill plans for the Company's 100% owed Midas North Project, in Nevada. A 2 rig 3,000 meter program is set to start in early May.

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

Click here to visit the Headwater Gold website and read over the recent news out of the Company.

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Matt Badiali, Editor of the New Investor Newsletter, Published Under Mangrove Investor, joins us to recap a couple big lithium stories out of the US. Tesla just announced today it is breaking ground on its lithium refinery in Texas. While back in March Abelmarle announced plans to build a US$1.3bil lithium factory. We discuss how these types of large investments support the domestic supply of lithium and how money could filter down to lithium companies.

Click here to visit the Mangrove Investor website to keep up to date with Matt's critical mineral commentary.

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TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to addresses the ongoing debate between if the markets are setting up for another major pullback or if a turn has happened and the next significant move might be higher. So much focus for markets is on the weak breadth, with only large tech leading the way. For the economy everyone is predicting a recession in the second half of the year and a quick Fed pivot to rate cuts.

We start with a focus on big tech's rebound and how these stocks are being viewed a safety plays. We then move to a general discussion about how investors are positioning in tech for now but if they shift more risk-on that could be a big boost for the lagging stocks. We could be in for a slow summer.

Click here to visit TG's website - Profit Pilot.

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John Miniotis, President and CEO of AbraSilver Resource Corp (TSX.V:ABRA – OTC:ABBRF), joins us to review more recently returned high-grade silver drill intercepts from the JAC Target at the Diablillos Project in Argentina.

On May 4th more exploration news was released where drill hole# DDH 23-021, located in the southeastern part of the drill target area, encountered high-grade silver mineralization in oxides, intersecting 32.0 meters grading 530.8 g/t Ag. Also of note, drill hole# DDH 23-017 tested the southwest extension of the JAC zone and intersected several zones of silver mineralization in oxides, with 12.0 meters grading 876.1 g/t Ag from a downhole depth of 92.0 meters downhole, including 2.0 meters grading 4,968.4 g/t Ag and 0.14 g/t Au. These high-grade intervals further demonstrate 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 success of the Phase 3 drill program, with 20,000 meters and 85 holes drilled to date, but only 46 holes have been released to the market thus far. There are plans for another 2,000 meters for Phase 3 to be drilled in May taking the total up to around 22,000 meters, and then all results feeding into a maiden Resource Estimate on this JAC target area in September. This will be followed by work incorporating other metallurgical data, environmental and permitting work, and other project derisking going on into a Preliminary Feasibility Study by year end.

We also discussed the long 1,200 meter hole the company finished drilling at their second project, La Coipita, near San Juan Argentina, which is testing for a potential high-grade copper-gold porphyry system. The drill assay will be released on this hold in the next month, along with a stead stream of drill results from the JAC Target from the ongoing Phase 3 drill program.

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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Ed Moya, Senior Market Analyst at OANDA joins us for a look ahead to data this week that could move markets. After a busy week last week that caused some market volatility, it was short lived with markets still closing mostly flat for the week.

As Ed says, for this week he is mostly focused on inflation and Fed speakers. We discuss the 2nd half of the year economic outlook that continues to be very bearish/recessionary tied in with the expectations of the Fed cutting. What this all means for markets and current pricing.

We also discuss the moves in oil and gold.

Click here to visit the OANDA website and read over Ed's daily market recap.

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Martin Turenne, President and CEO of FPX Nickel (TSX.V:FPX - OTCQB:FPOCF) joins us to discuss the May3rd news release reporting metallurgical testwork at the Baptist Deposit in central BC. This testwork showed consistent magnetic separation nickel recoveries across all phases of the Baptiste mine plan.

We have Martin first explain the importance of this testwork considering it was from all phases of the mine plan, the use of the Davis Tube Recovery method of assaying and how this information will filter into the upcoming Prefeasibility Study (PFS). We also step back to discuss how this testwork could be viewed by potential acquiring companies and the government.

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 Nickel website and read over the recent news release we discussed.

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Michael Henrichsen, Chief Geologist at Torq Resources (TSX.V:TORQ - OTCQX:TRBMF) joins me to recap the May3rd news release reporting surface results that defined 7 new porphyry targets on the Santa Cecilia Project in Chile. The Company is currently drilling on the Project and will take a break over winter in Chile.

Since the Company is planning on drilling some of these news targets this year I have Michael explain how the Company will prioritize the new targets. We also discuss how other major assets around the Project also contribute to analyzing these targets.

If you have any follow up questions for Michael or the team over at Torq Resources please email me at Fleck@kereport.com

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

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Welcome to the Weekend Edition of The KE Report. May is off to a much more interesting start than all of April, however at the end of the end of the week we didn't see huge market moves. Most markets are still grinding sideways in tight ranges close to either highs or lows for the year.

With all the talk about recession in the second half of the year and the market pricing in 4 Fed rate cuts by January we take a more level headed look on what would need to happen for this to be true. Everyone can be right on the recession call but carrying it over to markets can have very different outcomes.

Please keep in touch with Shad and I through email. We love hearing what you all think of the markets and companies we featured throughout the week. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Peter Boockvar, Chief Investment Officer at Bleakly Financial Group and Editor of The Boock Report kicks off the show with a discussion on the data playing into recession calls and how recessions can be very different in nature. We discuss everything from inflation outlooks, job data, banking issues, earnings season and the debt ceiling.
- Click here to visit The Boock Report website to keep up to date with Peter's market and economic commentary.
Segment 3 and 4 - Dana Lyons, Fund Manager and Editor of The Lyons Share wraps up the show by sharing his trading strategies for the US banking sector, US markets, gold and gold stocks and cryptos.
- Click here to visit The Lyons Share website for more of Dana's trades.

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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 choppy markets this week that are looking to end fairly flat. Being held up by big tech there are a lot of headwinds leaning many bearish but markets continue to move sideways, close to highs for the year. Joel is much more on the bullish side thinking investors are still under invested but not bailing on markets.

Click here to visit Joel's PreMarket Prep website.

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Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website joins us for a different take on current economic data compared to Fed forecasts to the end of the year. We also discuss the banking sector issues in the US which perked up again this week. The question of how many banks are impacted and how many could be insolvent is very important but also unknown. Finally we discuss the Debt Ceiling debate and how this will play out. Also how it could impact the money markets and the global view on the US.

Click here to visit Marc's website - Marc to Market

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Brien Lundin, Editor of The Gold Newsletter and our host at the New Orleans Investment Conference joins us to recap the Fed meeting, banking sector issues perking up again this week and gold's move toward an all time high.

On the Fed front, Brien shares why he thinks the Fed will stay paused for longer than the market is pricing in. This ties into markets pricing and how gold might react if the Fed doesn't start cutting as early and as quickly as markets are pricing in.

Click here to visit the Gold Newsletter website to keep up to date on Brien's market comments.

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Craig Hemke, Founder of TF Metals Report, joins us to recap a number of economic data points that have been moving markets, and the what macro factors may move the needle moving forward. We discuss the startling reality that the 2nd, 3rd, and 4th largest US banking collapses ever have just happened in the last 2 months. Additionally, Craig noted that the recent plunge in regional banks led by the collapse of PacWest Bank over the last 2 days started just 30 minutes after Fed Chair Jerome Powell, tried to reassure markets that we could draw a line under the banking concerns with the takeover of First Republic Bank by JP Morgan.

Clearly there are still economic challenges emerging from the aggressive rate hiking and monetary tightening cycle the central bank has been engaged in since last year. We explore what kind of reactions we may see in the general equities, in gold, and silver, and the PM mining stocks should the Fed have to pivot to cuts later this year, versus what could happen if they paused for the balance of the year. With no FOMC meeting for another 6 weeks, markets will be looking to economic data flow for signals, and with tomorrows jobs numbers being a key report.

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 unpack how he approaches portfolio rebalancing and “value shuffling” when investing in junior gold, silver, and base metals mining stocks. He makes the point that price has no meaning unless framed against the value a company is creating, and so if price moves down on no change in value, or value is created with no change in price, that opportunities for changing the weighting or allocation to a particular stock present themselves quite regularly in these volatile markets. Erik discusses knowing your investment goals and style, to construct the appropriate diversification to alpha or beta plays in one’s portfolio, as well as companies that have received 3rd party validation from larger companies or institutions.

Erik discusses a handful of stocks in this interview to illustrate improving price to value ratios he has been noticing after certain market reactions in Lion One Metals (LIO.V) (LOMLF), Nighthawk Gold (NHK.TO) (MIMZF), Ascot Resources (AOT.TO) (AOTVF), Trigon Metals (TM.V) (PNTZF), and Magna Mining (NICU) *

*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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Dave Erfle, Founder and Editor of The Junior Miner Junky joins us to recap the Fed and ECB meetings this week and follow through market reactions. We focus on the gold and silver markets along with the underlying stocks and the divergence from the broad averages. We also ask Dave what PM stocks he is holding and thinks will outperform as the metals keep moving higher.

Click here to visit Dave's site - Junior Miner Junky.

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Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX) joins us to discuss the moratorium on uranium in Sweden. The Country recently had an initial vote on lifting the moratorium. We tie the uranium story into the Company's Viken Deposit. We also ask Garrett how the Company is balancing work plans for the base metal/zinc Projects and the uranium Project.

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

Click here to visit the District Metals website to read over the recent news out of the Company.

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Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF) joins me to provide a recap of the 2022 drill results and 2023 work plans at the Rogue Project in Alaska.

After a slightly more than 13,000 meter program last year, the Company is planning a 15,000 meter program this year. The focus will continue to be at the Valley discovery as well as the Gracy target and other targets across the Project.

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 recent news reporting the 2023 work program at Rogue.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review his technical outlook on the precious metals sector, and some investing considerations for switching from a bear market to bull market playbook.

We start off having Jordan review some of the support levels and key moving averages that he'll be watching for in any near-term corrections in gold or the mining stocks. We also have him outline the number of technical and intermarket analysis data points that have him confident that we are in a new bull market.

The conversation then transitions to why he is invested in both gold and silver growth-oriented producers and advanced explorers, and could see adding in even some optionality plays once gold breaks up through the $2100 resistance level.

Click here to visit Jordan’s site – The Daily Gold.

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Robert Sinn, AKA Goldfinger at CEO.ca, CEO Technician on Twitter and writer at the Energy and Gold website joins us for a macro discussion focused on Fed policy expectations and what the markets are predicting.

On the Fed front, we focus more on the predicted rate cuts and balance sheet upwind. For markets, the discussion moves to how certain stocks are doing well but many are really struggling (weak breadth). This is also relates to gold stocks where some are doing well and some are still lagging.

We wrap up the call by discussing a recent site visit to Guanajuato Silver in Mexico. This silver miner has continued to grow production and the share price has done well over the past few years. We discuss the continued production growth and if the Company is a take over target.

Here are the link to follow along with Robert's commentary.

CEO Technician on Twitter.

Goldfinger at CEO.ca.

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Fredrick Bell, CEO of Elemental Altus Royalties (TSX.V:ELE – OTCQX:ELEMF) joins us to review the key financial and operations metrics from 2022, key royalty partner updates, 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).

We review the importance of the cornerstone Casserones copper royalty in Chile, the exploration growth potential at and around the Laverton Royalty, and also the ongoing bidding process for a new operating partner at the Ming Mine and royalty. 2023 has already seen a few new royalties acquisitions, and Fred believes there are a number of other transactions that will develop as the year unfolds.

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

https://www.elementalaltus.com/news/news-releases/

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Steve Todoruk, Investment Executive and Geologist at Sprott Global joins us for a discussion focused on the exploration and discovery side of the metals markets. We chat about past discoveries, which Steve says have been few and far between, the new interest in CRD plays in Nevada and the financing window open for explorers who need cash to go out and drill. Steve talks about an area play he is a bit more interested in as well as how Australian and South African companies are valued compared to North American plays.

Click here to learn more about Steve and his background in the mining sector.

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John Rubino, Founder of the Dollar Collapse website and editor of his newsletter over at Substack, joins us for a broad discussion on the silver sector and precious metals, that then transitions into the macroeconomic factors moving the markets. We start off reviewing some of the data recently released from the Silver Institute showing that silver demand has increased by 38% since 2020 while mine production recorded a shortfall and was at a deficit in 2022. We discuss the hybrid nature of silver from the industrial demand side and the investor demand side of the equation, and ponder what higher prices and a widening supply deficit could mean for the silver mining stocks.

Next we shift over to the recent news of First Republic’s implosion, being another bank in a recent string of bank failures and challenges to bite the dust, and how that may be shifting some people to reallocate some cash in banks into more defensive investment products, like gold and silver. The discussion evolves into some of the larger economic data points on the horizon from inflation and the labor markets, to what a Fed “pause” after this week’s rate hike may be like, if the higher rates were allowed to persist for 9-12 months as they have messaged. John points out some of the challenges already being seen due to higher rates in commercial real estate, residential real estate, automobile loan departments, and businesses being forced to roll over money borrowed at steeply higher interest rates. He also points out that another factor to have on the radar is when the “unicorn” companies start dying off in Silicon Valley.

https://rubino.substack.com/

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Since we are all waiting for the fed meeting and statement this week my chat with Ed Moya, Senior Market Analyst at OANDA, jumps around to recap economic data, banking sector news and comments on crypto currencies.

Starting with the manufacturing data (ISM report) that while still in contraction was better than expected. We then move to the news of JP Morgan buying First Republic Bank and a discussion on the overall health of the US banking sector. Finally we move to the crypto currency space to discuss what the next catalyst could be for Bitcoin and recap the news out of MasterCard starting up a new card linked to Bitcoin.

Click here to visit the OANDA website and follow along with Ed's daily market note.

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Dan Schleber, President and CEO of American Copper Development Corp (CSE:ACDX - OTCQB:ACDXF) joins us to provide an update on the ongoing 5,000 meter drill program at the Lordsburg Project in New Mexico. Last drilled by Entrée Gold in 2008-2009 this program has three goals, including following up on the 2008-2009 drilling and testing of new areas isolated by the Company and historic mining on site.

Dan provides an update on the targets and all the infrastructure around the Project.

If you have any follow up questions for Dan please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the American Copper Development Corp and read over the Company's Corporate Presentation.

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Welcome to the Weekend Edition of the KE Report. With one of the lowest volatility April's even, we now look ahead to the second half of 2023. Expectations for the second half of 2023 are all about recession, rate cuts and a much worse market environment. We focus this Weekend on what is reasonable vs extreme vs guaranteed.

Please keep in touch with Shad and I through email. We love hearing what all of you think about the markets, metals and companies we featured this week. Or email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Marc Chandler, Managing Partner at Bannockburn Global ForEx kicks off the show with a discussion ranging from an earnings season recap, currency moves with the Dollar remaining weak, Fed rate cut expectations and the de-dollarization narrative more in the media.
- Click here to visit Marc's website - Marc to Market.
Segment 3 and 4 - Christopher Aaron, Founder of iGold Advisors and Senior Editor at Gold Eagle wraps up the show by diving into the gold, silver and GDX charts. Christopher has never been this bullish on the show before. He explains a number of different factors he likes in the charts.
- Click here to visit the iGold Advisor website.

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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 major earnings we saw this week, especially out of big tech, and the set up of many markets and sectors very close to high for the year. Joel also discusses the data on the inflation, GDP and jobs front. Overall many charts dating back to Q4 of 2022 look strong with higher highs and higher lows.

Click here to visit Joel's PreMarket Prep website.

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Craig Hemke, Founder of TF Metals Report joins us to review some of the upcoming economic data points to watch out for over the next 2 weeks, as we continue to see choppy range-bound markets across the board. We discuss the overall health of the price action we’ve seen in gold, silver, and the precious metals mining stocks over the last 6 months in a 2 steps forward then 1 step back stair-step progression higher.

In the most recent past few weeks, Craig notes the sentiment change we’ve seen based on the markets Fed rate hike expectations, and a reduction in concerns with the banking sector, lessoning the bid for the PMs in sympathy. He points to the FOMC meeting and the ECB meeting next week as potential market moving events. No doubt, we’ll see market participants parsing Jerome Powell’s comments to establish the tone and direction of markets until the next Fed meeting.

We wrap up discussing how many generalist investors and financial media are still out of touch with the ongoing stagflationary environment that is likely morphing towards a recession later in the year, and how the Fed will need to reverse course from hiking to cutting, kicking off another monetary cycle.

Click here to visit Craig’s site – TF Metals Report.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF) joins me to recap yesterday's news reporting the first drill hole from the 2023 drill program at the Tombstone Property in Arizona. The total program is for 2,250 meters in 10 holes.

I have Simon provide more information on this initial drill hole, how it compares to 2021 drill results and where the rest of the holes in the program will be drilled. We discuss how this initial hole is validating the Company's model based on historic mining.

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

Click here to read over the full news release reporting this drill result.

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Michael Henrichsen, Chief Geologist at Torq Resources (TSX.V:TORQ - OTCQX:TRBMF) joins me to update us on the ongoing drill program at the Santa Cecilia Project in Chile. The first drill hole has been completed to a depth of 1,060 meters with the second hole underway.

Michael and I discuss the overall 15,000 meter program including historic results that are guiding these initial 2 holes. I also have Michael recap the surface program, that is 80% complete, and how this will help guild the remainder of the drilling. The Company is looking for a large porphyry system much like the other deposits along the Maricunga belt.

If you have any follow up questions for Michael or the team at Torq Resources please email me at Fleck@kereport.com.

Click here to visit the Torq Resources website and read over the recent news we discussed.

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Craig Taylor, CEO of Defense Metals (TSX.V:DEFN - OTCQB:DFMTF) joins me to bring us up to speed on the current resource and pilot plant at the Wicheeda Project in BC. We also discuss recent news that focused on the pilot plant and different testing parameters. This pilot plant will move the Company toward production of initial concentrates to market to potential offtake partners and will factor into the PFS (planned for next year).

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

Click here to visit the Defense Metals website and read over the Corporate Presentation.

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Sean Brodrick, Editor of Wealth Megatrends, and contributing analyst to Weiss Ratings Daily, joins us to share his reflections from the recent Money Show in Las Vegas, where he did 2 presentations for the audience there, and how these megatrends are filtering down into investing in commodities sectors like gold, silver, oil, nat gas, coal, and copper.

We cover a lot of ground in this discussion from the macroeconomic currents in the US with the debt ceiling debate, Fed policy, and recession expectations, to how things on the global stage are affecting things from OPEC cuts and Russian oil production. We also review how the Chinese economy reopening may counterbalance contracting economies, their increased investment in coal power in tandem with renewable energy, and the power generation impacts and demand that will arise from the growing focus on electric vehicles. We also note what Dr Copper may be saying about the global economic growth outlook.

Click here to visit the Weiss Ratings Daily website to follow along with Sean’s market outlook.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review a number of historical references during inflationary periods where the Fed has shifted from rate hikes to rate cuts in just a little more than 2 months. For this reason, Jordan is not anticipating there to be much of a Powell Pause. Instead, he believes as the economic reality shifts over from inflation concerns to a contracting economic picture and recession concerns, that the central banks will have hiked right up to the point where they’ll need to pivot and start cutting rates back lower again. We consider how a move like this would affect the US general equities and the precious metals sector, and Jordan will be watching the yield curve, gold versus the S&P 500, and the gold : silver ratio for clues as to when the PM sector should break out.

Click here to visit Jordan’s site – The Daily Gold.

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Quinton Hennigh, Technical Advisor at Lion One Metals (TSX.V:LIO & OTCQX:LOMLF & ASX:LLO) joins me to discuss the recent drill results, released yesterday, from the Tuvatu Gold Project, in Fiji. These results are at the URW1 lode, following results from our last interview from the URA1 lode. The Company has started initial mining from the URA1 lode and will be moving to the URW1 lode in the next 2-4 weeks.

Quinton and I discuss how the ongoing drilling, focused at different mineralized lodes, is guiding the drilling and confirming the size of the lodes. I also have Quinton compare the older drilling and results from the resource in the PEA to this current infill drilling. This all ties into the continuation of the initial mining and when the stockpiled ore will start going through the mill.

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 to read over the news release we discussed and view the drill intercepts.

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Marco Roque, President and CEO of Cassiar Gold (TSX.V:GLDC – OTCQX:CGLCF), joins us to review the release of assays from the final 13 holes from last year’s drill program. 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 in British Columbia.

These 13 drill holes just released to the market on April 20th, totaled 5,259 meters and further explored for extensions of, and for new parallel veins associated with the high-grade, historically producing mines at Cassiar South. Drill hole# 22MM-001 intersected 15.9 m of 0.98 g/t Au, including 5.9 m of 1.50 g/t Au, 120 m west of historical workings and 260 m northwest of previously mined vein segments at the Main Mine area. Drill hole# 22MM-003 intersected multiple mineralized intercepts returning 50.2 m of 0.66 g/t Au, including 8.6 m of 0.95 g/t Au and 10.3 m of 0.92 g/t Au, 15.6 m of 1.22 g/t Au, and 9.0 m of 1.01 g/t Au.

Marco unpacks what the exploration team learned from these results in context with the key takeaways from the overall 2022 drill program, and some of the areas of focus for the year to come. We wrap up discussing the recently announced financing, where the underwriters have agreed to purchase 12,700,000 flow-through units of the Company to be resold to charitable purchasers at a price of C$0.75 per Charity FT Unit on a "bought deal" basis for gross proceeds of C$9,525,000.

If you have any questions for Marco on Cassiar Gold, then please email us at Fleck@kereport.com or Shad@kereport.com.

Click here for a summary of all the recent news from Cassiar Gold.

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Mike Stark, President and CEO of Arizona Silver Exploration (TSX.V:AZS - OTCQB:AZASF) joins us for an overview of the drill plans at the Philadelphia Project in Arizona. Slide 12 from the current Corporate Presentation, posted below, outlines the names of the areas drilled and the gap targets over 2KMs.

We start by having Mike recap yesterday's news announcing the start of the deep drill program. These are the first holes to test for a feeder zone. All drilling to date has been to a maximum depth of 250 meters. Mike also shares the other areas that the Company plans to drill.

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 Arizona Silver Exploration website to read over the Company's recent news.

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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.

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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.

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.

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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.

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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.

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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, 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.

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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.

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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?

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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.

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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 a 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.

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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.

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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.

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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.

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.

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 our website to view Figure 2 from the news release.

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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 a Bio-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.

To view the Figures from the news rlease please visit our website - KE Report

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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.

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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.

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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/

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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.

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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.

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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.

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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 6,000 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.

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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.

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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. 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.

https://weissratings.com/en/products/wealth-megatrends

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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.

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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 $0.37 per 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.

https://www.marketpulse.com/author/emoya

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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.

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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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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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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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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.

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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.

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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.

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/

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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 Bank of Japan may affect their respective currencies of the Pound 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 allocated 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.

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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.

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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 new 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.

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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.

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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 32m of 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.

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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.

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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 to learn more about the Company.

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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.

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.

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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.

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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.

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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/site/assets/files/6311/empress_royalty_-_corporate_presentation_-_february_2023.pdf

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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.

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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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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 and 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.

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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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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.

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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.

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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 and is the 100% owner of Lucky Shot.

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.

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

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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

https://mineraalamos.com/news/2023/

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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.

Click here to visit the Metalla Royalty & Streaming website to sign up for the email asset updates.

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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.

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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.

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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 (33,000 ounce in the indicated category at 8.9g/t gold and 1.63 million ounces in the inferred category at 6.3g/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.

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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 from 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 Pan American 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.

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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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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.

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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.

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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

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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.

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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.

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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.

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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 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.

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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

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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 of 1.6 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.

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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, and 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.

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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 explroaiton 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.

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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

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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% IRRAfter-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% IRRAfter-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 would love 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, Caribour, 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.

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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.

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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.

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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.

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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.

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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.

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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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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

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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.

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.

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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.

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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.

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.

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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.

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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

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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.*

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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.

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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.

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.

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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.

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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.

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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.

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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 on our website 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.

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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

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us to review the recent higher-grade and wide-intercept drill results at the Douta development Project in Senegal and provides an operational review Segilola in 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. 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 Q1 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.

We wrap up by also highlighting some of the key near-term exploration and production catalysts at the producing Segilola Mine in Nigera, and how it is looking constructive for hitting their upper end of guidance for 2022. The operations and financial numbers will be reported to the market in early 2023.

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.

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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 a 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.

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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.

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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.

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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

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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.

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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.

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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.

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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.

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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 ave 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.

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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.

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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

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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 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.

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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 606 g/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.

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.

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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 ratio 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

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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

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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.

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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.

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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.

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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.

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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.

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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.

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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 silver
San Antonio is a high grade oxide resource containing M&I mineral resources of 1.73 Moz of gold grading 0.83 g/t gold
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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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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James Withall, President and CEO of Rupert Resources (TSX.V:RUP - OTCQX:RUPRF) joins us to recap the PEA on the Ikkari Deposit, 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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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 for metals and markets. We consider where inflation will be, what the Fed is going to do and if a recession is truly coming.

Please keep in touch with Shad and I by emailing us your thoughts on the markets as well as the guests and companies you would like to see on the show. Our emails are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Axel Merk, President and CIO of Merk Investments joins us to share his outlook for 2023. We start by recapping the market pullback this year and how that needs to play into outlooks for next year. We then move to Fed policy as tied to inflation, interest rates throughout the year and the impact on metals and markets. Overall we are now in a very different environment for investors.
- Click here to learn more about Merk Investments.
Segment 3 and 4 - Richard Postma, AKA Doc, provides his monthly recap of the precious metals markets and what he is expecting for the long term trend. We also look at the gold and silver stocks, both majors and juniors.

Exclusive Company Interviews This Week

Troilus Gold – Strengthening Balance Sheet Through A $50 Million Transaction With Sayona Mining, And High-Grade Drill Hits From The Connector Zone
CO2 Lock Corp – 2023 Plans Including Testing and Possible New Project Acquisitions
Snowline Gold – Step Out Drill Results From The Valley Zone Intersecting 1.45 g/t Gold Over 285.2 m, Including 2.48 g/t Gold Over 128.2 m From Bedrock Surface
Aurion Resources – Exploration Update From The Helmi JV With B2Gold And From the Risti Property Targets
InPlay Oil – Comprehensive Update On Oil Production Growth, Reserve Growth, Debt Repayment, New Dividend Policy, and Share Buybacks
American Copper Development – A New Company Focused On The Newly Consolidated Lordsburg Project, A Well Known Management Team And Money In The Bank
Wallbridge Mining – 2022 Exploration Recap at Fenelon and Martinière, Along With A Spinout Of Nickel Assets Into Archer Exploration
Allied Copper – More Information On The Volt Lithium Acquisition
SilverCrest Metals – Debt Package Refinanced, More Financial Freedom, Possible GDX Inclusion And the Shift In Shareholders
Blackwolf Copper and Gold – Permit Received For The Hyder Properties, Drill Plan For Next Year, Niblack Property Resource Update Coming
Petrus Resources – 2023 Will Be A Big Year Of Production Growth And Increasing Free Cash Flows
Fireweed Metals – Lundin Family Leading A $35 Million Financing, Initial Results At Boundary West The Best Ever On The Project
Torq Resources – Drill Results Expand The Falla 13 Discovery To 800 Meters, At The Margarita Project

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review why some junior mining stocks are not moving despite the continued rally in gold, silver, and the precious metals producers. We discuss that quite often the value drivers of earlier-stage explorers in the junior mining sector have little in common with the specific direction of the underlying metals price action or even whether it is a bull or bear market.

We get into the current environment we are in here in tax loss selling season, where a junior can pop or drop by 10% or 20% on no fundamental news and even if metals are flat on the day, just because larger investors are getting into or out of positions as their rebalance their portfolios into lower volume. Erik also pointed out that the best offense and defense for him has been consistently buying into the weakness when he felt valuations were cheap. He clarified that a stock being cheap is not equal to the last day of selling or a bottom in a stock, so if it continues to fall it is just varying degrees of absurdity.

As the sector gets more absurd, volatility is the only currency he uses to capitalize on market inefficiencies. He reiterated that most investors have been shooting themselves in the foot by only trying to find stocks that will no longer go down anymore, and then are stuck chasing rallies to the upside, having sacrificed many multiples of gains that could have been had if they were just comfortable with the idea that the stock could still go a bit lower after buying a cheap valuation.

*In full disclosure, some of the companies mentioned by Erik, such as (IAU) (IAUX) I-80 Gold Corp in this interview, are personal positions in his portfolio and may be covered or site sponsors on The Hedgeless Horseman website.

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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 Chile. These results expand the copper-gold mineralization to 800 meters.

Shawn Wallace, Executive Chairman of Torq Resources and Michael Henrichsen, Chief Geologist join me to recap the phase 2 drill program and the latest results. There are a couple Figures below from the news release for you to follow along. The team is already planning a follow up program at the Falla 13 area as well as to test some new targets.

We wrap up with a quick comment on the Santa Cecilia gold-copper Project where field work has begun and drilling will start shortly.

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 drill results news release.

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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 yielded the best intercept to date on the Project, a $27 million financing being lead by the Lundin family (November 29th), then up-sized the financing to $35 million (November 30th).

Brandon McDonald, CEO of Fireweed Metals joins us to recap all the news starting with the financing. We discuss how the deal with the Lundin family came together and what the money will be used for in terms of exploration next year.

We then move to the initial drill results at the Boundary West area on the MacMillian Pass Project, in Yukon. A focus is on Hole 2 which "intersected high-grade massive sulphides and veins: 124 m of 12.3% zinc, 1.3% lead, and 45.9 g/t silver including 60 m of 19.0% zinc, 1.6% lead, and 64.7 g/t silver, the best ever intersection recorded anywhere at Macmillan Pass, in terms of grade x thickness.

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

Click here to visit the Fireweed Metals website to read over the full news releases.

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Craig Hemke, Editor of TF Metals Report, joins us to review the recent pop in the precious metals on the back of Jerome Powell's press conference yesterday, and points out the similarities to 2018-2019 when the expectations and messaging were for the Fed to keep hiking aggressively, only for them to pause, pivot, and start cutting rates in mid 2019. We noted that Powell is simply doing what he said was the trajectory back at the September meeting, but markets interpreted his comments yesterday as having more of a dovish tone and signaling moderating the pace of the rate hikes starting December.

Craig also points out that with this recent rally in both gold and silver, that they are quite close to taking out their 2021 annual closes at $1829 and $23.38 respectively. Making a new annual closing high in 2022 is not something most market participants or technicians have been calling for, but it is in the realm of possibilities at this point. Another potential mover could be China starting to open it's economy back up in 2023, and that could be a tailwind for the commodities and PMs. We wrap up discussing whether a rebound in the US dollar or interest rates, could end up reversing the recent uptrend in most markets, as well as looking forward at the jobs report tomorrow.

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Robert Sinn, aka Goldfinger, editor of Energy & Gold, joins us to review the recent bounce even higher in the precious metals sector and his trading strategies around tax loss selling silly season. We start off reviewing recent moves in gold and silver off key technical support levels and through key technical resistance levels, and the generally better set up for the PM sector.

We then shift over to trading strategies he is deploying for tax loss selling, and we discuss 2 companies that have his attention as good candidates; Aurion Resources (TSX.V: AU) (OTC: AIRFF) and Amex Exploration (TSX.V: AMX) (OTC: AMXEF).* We wrap up with the importance of finding good companies that are cashed up to do meaningful work next year, and the pitfalls of chasing popular cult stocks when looking at year over year performance.

In full disclosure, both Aurion Resources and Amex Exploration are sponsors of Robert's platform and he has positions in them. Additionally, Aurion Resources is a sponsor of the KE Report, and Shad has a position in Amex Exploration.

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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 a review of 2022 operations and financials, and a look forward into production and financial growth for 2023.

We start off by getting a recap of the 2022 capital program, and some guidance for growing free cash flows for 2023, as production growth will be expanding. The company has drilled 15 oil and gas wells, at both the flagship Ferrier liquids-rich Cardium gas play and Ferrier North in Alberta. The company is anticipating a 75% increase in production in 2023 over 2022, and projects it will be producing 13,000+ BOE per day on average by next year. There is also anticipated 65% increase in free cash flows projected for next year, equating to $140-$150Million annually. The plan is to start working through more debt next year, and the work budget is slated to be in the $130-$135Million for 2023.

Ken outlines that this large growth profile heading into next year is what distinguishes Petrus Resources from other oil and nat gas companies in the sector, and Matt outlines some key news and company milestones for investors to keep tabs on as we turn the calendar over to 2023.

If you have any questions for Ken or Matt with regards to Petrus Resources, then please email us at either Fleck@kerport.com or Shad@kereport.com.

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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 24 hours. He shares his trading strategy as well as longer term outlook.

A key point is made in the second half of the interview were Dana going back over a decade to address what seemed like a never ending bull market for US markets. When a bull market gets that extended it takes a long time, much longer than simply 1 year, to work off the excesses.

Click here to visit Dana's website - The Lyons Share.

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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 for the Hyder Area Properties in southeast Alaska in the corner of the Golden Triangle. This permit took a little longer to be received which pushed back drilling to next year's exploration season. We focus on the targets and drill plans for next year.

We also touch on the Company's flagship Niblack Project, in Alaska, which has an update resource coming. We discuss what is being incorporated into this update.

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

Click here to visit the Blackwolf Copper and Gold website.

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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 package. As Chris outlines, this new debt package lowers the overall interest rate and provides more financial flexibility to repay or draw on the debt.

We also discuss a couple bigger picture items including a possible GDX inclusion, the short position in the stock and the shift in the types of investors coming into the stock now that commercial production has been declared. There was also news released on November 30th outlining the release of the the Company's inaugural Task Force for Climate Related Financial Discloser and Water Stewardship Reports. This was all about ESG.

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

Click here to visit the SilverCrest website to read over the recent news.

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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 reported additional financial and technical information on the deal. To get some more information on the deal and the strategy in the lithium space I am joined by Alex Wylie, President and CEO of Volt Lithium and incoming President of Allied Copper when the acquisition closes.

We kick off by recapping the background of Volt Lithium and Alex's history in the resource sector. This then ties into a discussion on the overall strategy for lithium, where the Company will enter into production agreements with oil and gas companies to extract the lithium. As Alex outlines there is potential for the Company to produce lithium by the first half of next year. We also discuss how the move to lithium will be balanced with the Company's current copper assets, that are awaiting assay results.

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 catch up on the recent news.

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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 recapping the macroeconomic environment in 2022, and the factors driving various market sector trends heading into 2023. This is a wide-ranging discussion getting into the US Dollar, interest rates, general US equities, Gold, Oil, battery metals, cryptocurrencies, home prices, and much more. We dig in a bit more to the pitfalls in some newer investors market psychology within the current bear market in general US equities, and global equity markets. Nick discusses what kinds of signals to look out for in the event of a larger capitulation event.

With the ongoing pressure on the wealth effect in investors portfolios and in home prices, coupled with cracks under the surface in the labor markets, we then discuss the nuances of this stagflation environment and how we are likely mid-way through an evolving recession. Next we review the recent crypto crash, and whether or not the “crypto soldiers are in fact training to be in the gold army.” We wrap up with a look forward into next year, where Nick still sees weakness in tradition tech stocks and the FAANGS, but is more constructive on consumer staples, utilities, gold, and energy metals like lithium, uranium, and helium with strong fundamental drivers.

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Marz Kord, President and CEO of Wallbridge Mining (TSX: WM – OTC: WLBMF), joins us to review the key exploration and development progress made in 2022 at their flagship Fenelon Project, and the Martinière Project, along the Detour-Fenelon trend, in Québec.

We recapped some of the reasons the maiden Mineral Resource Estimate released November 9, 2021 was not as well-received, and that company spent this year shifting focus to drilling deeper with a more intense focus on ounces per vertical meter, moving towards a higher grade bulk-mineable underground mining scenario. We have Marz outline that it has not been about growth of low grade ounces just for growth’s sake, but rather where there is opportunity to expand the high-grade resources, replacing low grade ounces, through more drilling at depth. The key upcoming milestones are this update to the resource estimate in Q1 2023, and then a PEA highlighting the higher-grade bulk-mineable underground mining economics, with support from several satellite open pits at surface.

We wrap up with the recent news from Nov 17th about the spinout of the Company’s nickel assets, that had not been getting any work for years, into Archer Exploration (CSE: RCHR), for an accretive transaction for shareholders. The transaction provided Wallbridge with 66,211,929 common shares of Archer with an aggregate deemed value of approximately $53.6 million (valued using the July 12, 2022, closing price of the Archer Shares), and includes retention of a 2% net smelter royalty on production from the Grasset project. Marz reiterated the company focus is on gold exploration and development along the Detour- Fenelon trend.

If you have any questions for Marz regarding Wallbridge Mining, then please email us at either Fleck@kereport.com or Shad@kereport.com

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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 stocks. We also look at the drop the US Dollar. The change in direction this month is encouraging but now we have to focus on if this is a true tend change. We also get Jordan's thoughts on the types of juniors stocks he likes in this market.

Click here to visit Jordan's site - The Daily Gold

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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 and reorganization back in August, amalgamated the Lords burg Project in New Mexico and raised $10million (completed without a warrant).

Dan Schleber, President and CEO of American Copper Development joins us to introduce the Lordsburg Project starting with the history of how the Project was amalgamated from 3 individual projects. We then discuss the exploration plans that include an ongoing IP survey and drilling starting in January. We also recap a couple key management members and shareholders.

If you have any questions for Dan or would like any additional information on the Lordsburg Project please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the American Copper Development website and read over the Corporate Presentation.

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Doug Bartole, CEO and President of InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF), joins us for a comprehensive update on the key projects, the oil production growth, reserves, and free funds flow, and how the Company returned value to shareholders for a record year in 2022.

We start off with a review of the production growth from InPlay’s Cardium oil and gas assets are located in West Central Alberta, as well as the large growth in reserves on a per share basis. Next we pivot over to the financial strength of the balance sheet; and how the company has been aggressively paying down debt, and is on track to be debt free by Q2 of 2023. Then we shifted to the high potential for another acquisition of a new project, and highlighted the return to shareholders through the new inaugural dividend and ongoing share buybacks.

If you have any further questions for Doug regarding InPlay Oil, then please email us at either Fleck@kereport or Shad@kereport.

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Dave Erfle, Founder and Editor of the Junior Miner Junky, joins us review the more volatile moves in the gold stocks compared to other sectors, and the technical levels and economic data he is watching in the near-term. As we get ready to close up the month of November, it appears gold will be putting in a green monthly candle, after 7 prior red monthly candles. In addition, both GDX and GDXJ have broken up to higher levels which is a more bullish overall posture.

There is also a number of key economic reports coming out over the next few days with the Q3 GDP, JOLTS Report on job openings, PCE inflation data, ISM PMI manufacturing, Powell’s address, and the Non-Farm Payroll Report for jobs data. We should expect a lot of chop and market volatility on the back of all this data, as investors assess what it means for Fed policy moving forward and the health of the economy. Other key factors moving the markets have been concerns over the China reopening from its repressive Covid policies, the large increase in central banks buying of gold recently, and the trend of more countries exchanging gold for oil, bypassing the petrodollar.

We wrap up by discussing what factors will get more generalist investors interested in the PM sector, and how the crypto crash will not be a headwind on the next move higher, but how it could be a tailwind. Dave outlines some strategies he looks for with volumes and daily trading candles to signal that the majority of tax loss selling may have been exhausted in junior mining stocks, and when and where he likes to add to positions within his portfolio.

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), joins us to for an exploration update at the Helmi Project on the Aurion-B2Gold Joint-Venture, as well as the 100% owned Risti Property targets in the Central Lapland Greenstone Belt in northern Finland.

The exploration team continues to have a very high success rate with drill hits at Helmi Discovery, with recent new gold intercepts at the Helmi Discovery from September and November including 1.78 g/t Au over 15.10 m, 52.50 g/t Au over 0.55 m, 0.82 g/t Au over 108.10 m, 1.10 g/t Au over 35.20 m, and 1.29 g/t Au over 22.15 m. The 11,000 meter drill program is wrapping up soon, but there were actually 18,000 meters drilled at Helmi in 2022, and there are about 5,000 meters of drill assays still to report over the next few months as they are returned from the lab.

Next we outlined the ongoing scout and step-out drilling at multiple targets across the 100% owned Risiti property, testing for extensions of gold mineralization at the Aamurusko Area, and testing regional targets such as base of till anomalies and geophysical features.

We wrap up on the news announced October 7th with regards to closing the transaction with Tertiary Minerals Plc to acquire and cancel royalties on the Kaaresselkä (Risti, 100% Aurion) and Kiekerömaa (B2Gold JV) gold prospects for a total consideration of CAD$200,000 and 83,333 Aurion common shares. It is advantageous for the company to have removed the royalties from both projects, and to have brought on a new stakeholder in Tertiary Minerals.

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.

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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 past 2 weeks after the run higher that started in mid-October. We then move to the riots in China and market volatility they have caused. Next up is Elon Musk's attack on Apple. This ties into Tesla's poor price performance this year.

Click here to visit Joel's PreMarket Prep Show

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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 Zone on the Rogue Project, in Yukon. Here is a summary of the 2 holes released.

Hole V-22-014 returned 1.45 g/t Au over 285.2 m, including 2.48 g/t Au over 128.2 m from bedrock surface in 160 m step-out from previous holes
Full results in for V-22-007 returned 1.89 g/t Au over 410.0 m (entire length in mineralization), including previously announced 3.24 g/t Au over 146.0 m

We have Scott recap these results and explain what it means for the overall Valley Zone. We also look ahead to the remaining holes still at the assay lab that amount to 80%, or 10,530 meters. Take a look at the cross section and Valley Zone plan map below to follow along with our conversation with Scott.

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

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

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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 start with the riots in China, then move to the drop in oil prices, which ties into recession fears for next year, and finally discuss the crypto space where we just had news of another exchange going bankrupt.

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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 being created/spun out of FPX Nickel. The key plans for next year include initial testing of the Company's processes to generate carbon credits. The Company also continues to look for new assets/projects to add to the portfolio and build out its testing processes. We also ask Cooper when the CO2 Lock might be going public.

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

Click here to visit the CO2 Lock website.

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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 years for the stocks and now many companies are running out of money. Even the companies doing work at projects are still seeing little to no return on their investments. Jayant shares what he is looking for in stocks right now when doing his due diligence. We also recap a recent site visit to Irving Resources in Japan.

Click here to visit Jayant's website.

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Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), joins us to review the $50 million transaction with Sayona Mining (ASX: SYA.AX), and the recent high-grade gold intercepts from the Connector Zone.

The Company announced on Nov 17th, that it has closed its previously announced asset sale of 1,824 claims to a subsidiary of Sayona Mining Limited for consideration of 184,331,797 million ordinary shares of Sayona issued at a price of C$0.217 per share, representing an aggregate value of C$40 million. In addition, Troilus has been granted a 2% net smelter returns royalty on all mineral products from the transferred claims (which can be bought back for an additional $20 million). Troilus has issued a total of 9,883,163 Common Shares of Troilus to Sayona in a private placement, at a price of C$0.49 per share for aggregate gross proceeds to Troilus of C$4,842,749.87. This is after announcing in October a non-brokered private placement from Sayona Mining for 10,525,000 Common Shares of Troilus at a price of C$0.49 per share for aggregate gross proceeds to Troilus of $5,157,250. This takes Sayona Mining up to a 9.3% stakeholder in Trolius Gold Corp.

We then transitioned over to some of the high-grade exploration results near surface coming from the Connector Zone from the recently completed 11,000-metre drill program designed to expand connecting the gap between the formerly mined Z87 and J open pits. Drill Hole # 87-422 started from surface and returned 1.75 g/t AuEq over 138m, including 3.58 g/t AuEq over 38m and 5.19 g/t AuEq over 21m. Drill Hole # 87-419 returned 1.35 g/t AuEq over 98m, including 2.89 g/t AuEq over 33m and 55.46 g/t AuEq over 1m. These higher grade intercepts exhibit the potential for significant growth of indicated and inferred resources well above the average grade of the Troilus deposit, and should improve the front-end economics of the mine plan.

The exploration team has roughly 30,000 more meters of drilling focused at the Connector Zone and X22 Zone and Z87 hanging wall over the next 3 months, that won’t make it into the upcoming Resource Estimate update in early 2023, but will factor into the Feasibility Study planned for later in 2023.

If you have any questions for Justin regarding Troilus Gold, then please email us at either Fleck@kereport.com and Shad@kereport.com.

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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 are coming but rather what the market and economic environment looks like with rates flat.

Please keep in touch with Shad and I through email. We have been receiving a lot of great emails from all of you relaying questions for our guests and companies. Please keep them coming! Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 - Peter Boockvar, CIO at Bleakley Financial Group and Editor of The Boock Report joins us to look into 2023 when the Fed stops hiking rates (assuming thereafter rates are held steady for a period of time). We focus on the market environment with generally higher interest rates, where inflation will be at that time and how different sectors perform.
- Click here to visit Peter's website - The Boock Report.
Segment 3 and 4 - We wrap up the show by replaying an interview from Tuesday with Christopher Aaron, Founder of iGold Advisor and Senior Editor of GoldEagle.com. Christopher shares his big picture outlook for the precious metals. He sent us the Dow:Gold ratio chart, which is posted below, dating back to 1978. We also discuss a very important level broken in bond market that signifies the end of the 40+ year bond bull market.
- Click here to visit the iGold Advisor website.

Exclusive Company Interviews This Week

Enduro Metals – New President Will Slack, Initial Results From The 2022 Drill Program At The Newmont Lake Project In The Golden Triangle
I-80 Gold Corp – Bonanza-grade Drill Intercepts Returned From CRD Mineralization At The Hilltop Zone
Goldshore Resources – Reviewing The Recent Maiden Resource Estimate And Ongoing 100,000 Meter Drill Program
Thor Explorations – Comprehensive Exploration Update At The Douta Development Project
Skeena Resources – Recapping Drill Results From November, Multiple Discoveries And Resource Extension Results
Eloro Resources – Acquisition Expands The Iska Iska Property, Drill Results Grow The High Grade Feeder Zone
Hemisphere Energy – Recapping A Solid Year Of Oil Production Growth, Increasing Free Cash Flows, Paying Off Debt, Initiating A Dividend, And Share Buybacks
Enterprise Group – Comprehensive Company Overview, Areas For Growth, And Financial Strength

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review some recent news catalysts out of 2 different exploration companies, Eloro Resources (TSX.V: ELO) (OTC: ELRRF) and Brixton Metals (TSX.V: BBB) (OTC: BBBXF).

Eloro Resources made recent land acquisitions of the Mina Casiterita and Mina Hoyada properties that cover 14.75 km2 southwest and west of their flagship Iska Iska Project. Erik feels news like this is usually shrugged off by the market, but that the company has good indications their silver-tin porphyry system extends onto this land, and that investors get the optionality of future drilling upside on this land package without much value being priced in.

Next we discussed the recent news from Brixton Metals, which caught Erik’s attention because they brought in BHP Group (NYSE: BHP) as key strategic stakeholders. This is significant because as a major base metals producer they have a very experienced team that has now vetted the Camp Creek Copper dominant porphyry project as prospective for a discovery. Erik points out that since BHP is most mostly interested in the large copper project potential in their strategic positioning, that this also gives investors additional potential upside for further gold discoveries a the Trapper Gold Target, as well as the Outlaw Gold Target and the Metla Copper-Gold Target.

*In full disclosure, some of the companies mentioned by Erik are personal positions in his portfolio and may be covered or site sponsors on The Hedgeless Horseman website.

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Desmond O’Kell, Senior Vice President & Director of Enterprise Group (TSX: E) (OTC: ETOLF), joins us for comprehensive overview of the company strategy, key business segments, financials, and further opportunities in the evolving power systems market.

We start off getting more information on the various segments of site infrastructure that the Enerterprise Group provides their clients in the oil and nat gas industry; from specialized command centers and communication towers, to buildings, bathrooms, perimeters, bridges, and lighting. However, one of the key growth areas for the business has been the evolving power systems and micro-grid energy platforms that the company provides, and the transition from multi-unit diesel generation to more centralized nat gas power generation. This not only helps with cost efficiencies, and lowers noise, but also is a key factor in reducing a companies carbon footprint and ESG initiatives.

Next we get into potential growth avenues for the company as they look to other sectors, like the construction industry, for expansion of a their customer base, and we also balance this discussion out with getting Des’ thought on potential risks to the sector and company. We wrap up with a review of the Company financials, balance sheet, and how it is positioned amongst it’s peers and in the scope of the larger energy sector.

If you have any questions for Des regarding Enterprise Group, then please email us at either Fleck@keport.com or Shad@kereport.com .

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Don Simmons, President and CEO of Hemisphere Energy (TSX.V:HME – OTCQB:HMENF), joins us to review the key Company milestones and work programs in 2022, and the business strategy moving into 2023. Overall, 2022 was a year of production growth, increased free cash flows, paying off debt, implementing a dividend, and buying back shares of the stock using the NCIB facility.

One of the key transitions this year was the successful implementation of the polymer flood process at the Atlee Buffalo G Pool, leading to an increase in production output. This gave the Company confidence in implementing the same polymer flood process at the F Pool in August, and so the expectations are for the flow rates to gradually improve ramping up into mid 2023. There are still more wells to be drilled around both the G Pool and F Pool, and based on their seismic surveys the projections are for both zones to have both consistency and future growth potential.

In addition to the ways the company has been returning value to shareholders with the dividend, share buy backs, and paying down the debt, we move the discussion into the area of potential acquisitions that the company could make to build further value in the future. Don outlines the kind of projects that their team is reviewing that would make sense as acquisition targets and how they view making sure it would be an accretive transaction.

if you have any follow up questions for Don on Hemisphere Energy, then please email us at either Fleck@kereport.com or Shad@kereport.com.

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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 of the Iska Iska Property and drill results that expand the high grade feeder zone at the Santa Barbra audit.

We start with the November 22nd news release that announced the acquisition of properties that cover 14.75 km2 southwest and west of Iska Iska. These properties connect with the TUP-3 and TUP-6 claims previously staked by Eloro. Eloro has also staked additional land in the area. Tom and I focus on the corporate strategy of growing this land package and the work that will be undertaken at these properties.

In terms of the drill results released on October 18th, the Company announced 2 drill holes with Hole 36 expanding the high grade feeder zone at Santa Barbra to the south-southwest. We discuss the overall drill program and the amount of core still to be received back from the assay lab.

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

Click here to visit the Eloro Resources website to read over the recent news.

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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 the recent supply and demand data which shows US demand as falling.

We then shift our focus to the energy stocks. The vast majority of the stocks are up multiples of where they were 1+ years ago but still off the summer highs. We ask if there is more downside to these stocks and the time frames and levels Josef is waiting for to start issuing more buy recommendations.

Click here to learn more about the Schachter Energy Report and the Eye On Energy Report.

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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 what would happen to the precious metals. He is seeing a very set up in gold compared to the times before market crashes. We also discuss the trends Jordan sees of the US Dollar and interest rates through next year.

Click here to visit Jordan's site - The Daily Gold.

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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. The results have resulted in new discoveries and extensions to known mineralized zone. There was also an update to on the Albino Waste Storage Facility. We are working to get Walt or Randy on the show to discuss this.

Adrian Newton, Director of Exploration at Skeena Resources joins us to recap the results from this month. We start by recapping the new discoveries and the overall potential of these new areas. This ties into a discussion on how the Company prioritizes the new discoveries with economics being a key consideration. We also look ahead to the remaining drill results at the assay lab. The Company completed over 55,000 meters of drilling of which about 68% of the results have been received.

If you have any follow up questions for the team at Skeena Resources please email us at Fleck@kereport.com and Shad@kereport.com.

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

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us for a comprehensive exploration update at the Douta development Project in Senegal. The Company is continuing to expand the resources at the Makosa ore body, which now has grown to a 7km strike length, and incorporates the Makosa Tail zone and has been connected to the main deposit. In addition to the step-out drilling and infill drilling at the Makosa deposit, the exploration team has been further drill testing around 3 key new mineralized satellite discoveries at the Mansa, Maka, and Sambara targets.

Because of the continued drilling success finding new zones of mineralization and infilling key areas of interest, the exploration program was extended again with drills scheduled to keep turning through late December. At that point, the plan is to get all the new drill results released and then put into an expanded resource estimate update in Q1 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 recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit, and 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. We wrap up by also highlighting some of the key near-term exploration and production catalysts at the producing Segilola Mine in Nigera.

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.

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Brett Richards, President and CEO of Goldshore Resources (TSX.V:GSHR – OTCQB:GSHRF), joins us to review the Maiden Resource Estimate (MRE) and ongoing 100,000 meter drill program at the Moss Lake Gold Project in Ontario. The key metrics of the MRE come in at 121.7 Million tonnes at 1.1 g/t gold and with a contained gold resource of 4.17 Million ounces at the Moss Lake deposit. The current MRE represents a significant expansion over the 2013 historical estimate for the Project with 35% more tonnes and 33% more contained gold ounces. In addition, there are 800,000 ounce of gold at East Coldstream in a historic resource estimate, giving the company near 5 million ounces of total gold resources.

This resource estimate at Moss Lake, which was announced on November 15th, included 48 holes from its 2021 and 2022 drilling campaign, but the exploration team has drilled an additional 52 holes that are not included in the MRE because assays have not been received to date. Brett points out that the company has honed in on the 2.2 million ounces of higher-grade material near 2 g/t gold, and is continuing to drill out and expand this area, with plans to continue drilling 3,000-4000 meters per month for the next few months.

The plan is to put out another updated resource estimate in Q1 2023, incorporating all the additional drilling, followed by the Preliminary Economic Assessment after that. We discussed the ongoing met testing and other derisking work the company is undertaking as they continue growing the deposit and preparing to wrap some economics around it next year.

Please email us with any follow up questions for Brett regarding Goldshore Resources. Our email addresses are Fleck@kereprot.com and Shad@kereport.com.

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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. The stocks appear to have put in bottoms before gold did and are not playing catch-up to the gold price. As encouraging as this is Dave points out it's now on gold to break the $1,800 level.

We also discuss tax loss selling season and why he thinks many of the large player (funds) already took their tax losses.

Click here to follow along with Dave at the Junior Miner Junky.

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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 of money rotating out of growth (tech) into value (companies that make money). Since growth was in favor for well over a decade we question just how long this trend will continue.

We also discuss the Disney news yesterday where the Company is bringing back Bob Iger as CEO. To wrap up the call we look ahead to the holiday season. Will this year's holiday shopping season be as bad as many predict?

Click here to visit Joel's PreMarket Prep website.

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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 us the Dow:Gold ratio chart, which is posted below, dating back to 1978. There are a couple key takeaways from the chart especially in the time period where gold almost doubled but the ratio did not move to favor gold. Christopher does a very good job of outlining why he thinks this chart is important.

We also discuss a very important level broken in bond market that signifies the end of the 40+ year bond bull market.

Click here to visit iGold Advisor to follow along with Christopher's outlook for metals and markets.

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Ewan Downie, CEO and Director of I-80 Gold Corp (TSX: IAU – NYSE: IAUX), joins us to the review the recent news of bonanza-grade polymetallic drill intercepts returned from 4 drill holes that were further testing the CRD type of mineralization at the Hilltop Zone. The Hilltop Zone is a new key area of exploration focus at the Ruby Hill Project in central Nevada.

News released on November 15th highlighted intercepts from these 4 drill holes:

Hole iRH22-55, which returned 60.2 g/t gold, 908.7 g/t silver, 1.1% zinc & 15.7% lead over 10.0 metres, including 83.2 g/t gold, 1261.0 g/t silver, 1.5% zinc, & 22.1% lead over 7.0 metres
Hole iRH22-51, which returned 33.0 g/t gold, 3010.0 g/t silver & 63.5% lead over 0.6 metres and 3.1 g/t gold, 683.3 g/t silver & 37.6% lead over 14.6 metres.
Hole iRH22-53, which returned 1.9 g/t gold, 631.3 g/t silver, 7.4% zinc & 33.0% lead over 18.3 metres
Hole iRH22-54, which returned 0.6 g/t gold, 374.1 g/t silver, 3.9% zinc & 20.2% lead over 20.8 metres, and

At the expanded exploration program at Ruby Hill, only 25 holes have been released thus far, with 45 more holes that have been drilled, at both the Ruby Deeps gold zone and the Hilltop Zone CRD zone, and in the near-term some drill results will be released from a second deeper zone of interest at the Hilltop Zone. Next, we discussed how the Company has the current oxide gold processing plant at Ruby Hill, that could eventually transition over to a full base metals processing plant if the mineralization keeps expanding at the Hilltop Zone and return similar grades and thickness.

We wrap up by also highlighting that in addition to the Company’s total current gold resource resources of 14.5 million ounces of gold, that they also have an additional 180 million ounces of silver, most of which (170 million ounces of the silver resources) are at the nearby Mineral Point zone of Ruby Hill, and nearby the Hilltop Zone.

If you have questions for Ewan regarding the ongoing work and strategy at i-80 Gold Corp, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is an existing shareholder of I-80 Gold Corp

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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 start by recapping the recent bounce and key levels to watch.

TG then steps away from just focusing on the charts to reiterate Jerome Powell's comments at the last FOMC meeting. In summary, Powell said they want to break inflation (which also could mean the markets) before it becomes entrenched in everyone minds. As much as everyone is hoping for a Fed pivot, or at least a pause, that might be farther off then early next year.

Click here to visit TG's Profit Pilot website.

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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 blamed for the broad market weakness and initial large drop in the oil price, down to $75/barrel. Oil has since rebound to around $79/barrel on the back of comments from the OPEC+ nations that they will not be increasing production.

Big picture, we discuss the US Dollar outlook that ties into Fed policy and future inflation data. Ed is still very much believing this is not a market ready to turn full on bull anytime soon.

Click here to visit the OANDA website to follow along with Ed's daily note.

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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 Triangle in BC. The program consisted of 10,888 meters in 25 drill holes. 20 holes were at the Burgundy Ridge target and 5 holes at the McLymont Fault. On November 15th the Company also announced Will Slack as the new President.

To recap all the news we were joined by the new President Will Slack and Cole Evens, CEO of Enduro Metals. We first chat with Will about his background and vision for the Company.

Then we focus on the drill results. Starting with Cole explaining the sequence of drill holes released. We then look ahead to all the results still to come back from the assay lab.

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

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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 seems as though very few people we talk to think this is the start of a new bull market. However is sounds like there might be still be some upside before everything rolls back over.

Since bear market mentality abounds we focus this Weekend Show on how to beat bear markets.

Please keep in touch with Shad and I through email to let us know what you think of the show and any companies you would like to see us feature. Our email addresses are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 - Jesse Felder, Founder and Editor of The Felder Report kicks off the show by first focusing on the current rally in the US markets and if this is nothing more than a bear market rally. We also discuss the US Dollar drop, similarities of gold currently to 2008 and where investors go if inflation does not go away.
- Click here to learn more about The Felder Report.
Segment 3 and 4 -Rick Bensignor wraps up the show with the focus being on how to beat a true bear market. His 7:11 SPDR ETF Report has beaten the markets so far this year by 514 basis points, and over 10% since inception in 2020. We breakdown the best opportunities out of the 11 SPDR ETFs, energy secotr, precious metals, energy and financials.
- Click here to learn more about Rick's 7:11 Report.

Exclusive Company Interviews This Week

Scottie Resources – Exploration Update From The Blueberry Contact Zone, Map Outlining High-Grade Results With Over 7,000 Meters To Be Released
Reyna Gold – Exploration Update On Overall Mapping, Sampling, and Drill Targeting For 2023
Graphene Manufacturing Group – Update On The $5mil Bought Deal Financing and Answering Your Questions On The Battery Developments
Tier One Silver – A Focus On The Hurricane Project, Sample Results From The Magdalena Target
AbraSilver – A Focus On The New JAC Discovery, More Drill Results Including 25 Meters Of 754g/t Ag
Golden Shield Resource – Mazoa Hill Step Out Drill Results Intersects 13.4 Meters Grading 12.24g/t Gold, Other Targets Also Drilled
Vizsla Silver – Closed An Upsized C$35 Million Bought Deal, Drill Results From Around Napoleon and A General Drilling Update
Aztec Minerals – Step Out Results From The California Zone Continue To Extend Gold Mineralization
Birchcliff Energy – Company History, Current and Future Free Cash Flow Estimates, Divided Stress Test and Valuation Comparison
Kuya Silver – Bethania Silver Project Update; Exploration At The Carmelitas Prospect, Near Term Toll Mining Options
Webinar Replay – Awale Resources – Exploration In Suriname and Cote d’Ivoire, underpinned by a Newmont Earn in JV

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website, joins us for a weekly recap of the US Dollar and other key global currencies, central bank policies, movements within the commodities sector, and 3 key themes around China’s economy and potential reopening. Marc mentioned that the 107.50 and then the 108.80-109 level in the USD may be likely resistance areas if the dollar were to rally in the near term, and then provides his technical outlook and macro drivers for the Pound, Euro, Yen, Peso, and Real. We then shift over into the pullback in oil, the ramp up in iron ore, the reversal of copper, and how this all ties into some expectations around the Chinese 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 Bethania Silver Project, in Peru. The first ever surface sample results at the Carmelitas Prospect, located approximately 3km west of the Bethania Mine, resulted in more veins being identified at the new Carmelitas Norte discovery.

We also discuss the toll milling options available to the Company. While underground rehabilitation work needs to be done, this material could be shipped to one of the several mills in the area to generate revenue for the Company.

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

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

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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 (TSX:BIR - OTC:BIREF) is a Company that stood out to me for a number of reasons, some keys being the free cash flow numbers, divided yield, low-cost structure thanks to the ownership of the Pouce Coupe Gas Plant and internal growth plans moving forward.

Jesse Doenz, Controller and Investor Relations and Calvin Bodan, Senior Investor Relations Analyst at Birchcliff Energy join me to provide a high level overview of the Company. We start with the history of the Company starting in 2005. We then move to the present to discuss the free cash-flow projections for this year and into 2023. This ties into the current divided (which is yielding around 7.5% currently) and the stress test to assess how stable this will be moving forward. We also discuss the Company's assets, in terms of land position in the Montney in Alberta and gas plants. Growth plans and valuation metrics compared to other companies are discussed.

There is a lot of information in this interview. If you have any follow up questions or want some more information on any aspect of the Company please email me at Fleck@kereport.com.

Click here to visit the Birchcliff Energy website and read over the Company's Corporate Presentation.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to unpack the macro and technical factors that may be the bell ringing that the bottom is in for gold, silver and precious metals stock ETFs (GDX, GDXJ, SILJ) charts. We start off recapping points made in the prior episodes and articles from Jordan pointing out that back in September we noted that single digit daily sentiment readings, the lowest net speculative position in 20 years, the inversion of the yield curve with the 3 month and 2 year over the 10 year treasuries, and the non-confirmation bottom in silver and the mining stocks when gold continued to make new technical lows. The preponderance of evidence is that the probability is that the low in PMs is in place at this point, ending the 2 year cyclical bear market.

Next we get into a discussion about how the US dollar weakness has been another tailwind for the PMs, and ponder if we’ll see a medium-term pullback if the greenback starts to rise, and if we see tax loss selling hit after US Thanksgiving and heading into the first few weeks of December. Jordan feels the larger debate now really is, if we’ll see the kind of rebound we did in 2009, 2016, and 2020, and if we’ll start to see real outperformance in the precious metals sector relative to general equities and other asset classes.

He feels we may still see some basing and backing/filling for the next few months, more like what we saw in 2018 or 2001-2002, but that ultimately, we need to start seeing confirmation of gold, silver, and the mining stocks outperformance over other sectors. The crucial piece of fundamental news is still going to be when the Fed announces that they’ve done their last hike heading into the first quarter of 2023.

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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 picture assessment of the current rally, and if it is going to be another bear market rally. We then move into Dana's near term outlook for a wide range of sectors and how much longer he thinks this bounce could last.

Click here to follow along with Dana's trading strategies.

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Craig Hemke, Editor of TF Metals Report, joins us to review the retracement of Short Squeeze Number 4 from last week, and the macro factors coming next moving into year end. The discussion expands into a number of areas including options expirations next week, the December Comex contract popularity, trends in real interest rates in relation to how they are calculated specially versus inflation expectations, potential changes in bond buying, the inverted yield curve, US dollar weakness, what a Fed pause would mean next year, the underperformance of the junior mining stocks relative to the metals, and the lower supply of base metals.

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Doc Jones, Private Investor, joins us to recap his recent site visit to Magna Mining (TSX.V: NICU), focused on 2 nickel-copper-PGM projects in Sudbury, Ontario. We review the recent acquisition and mineral resource estimate at the Denison / Crean Hill Mine Project, as well as the feasibility stage Shakespeare Mine Project, and it’s pathway to production. Doc Jones gives us some behind-the-scenes advantages to getting to talk with key staff members and go to the core shack at a site visit tour, and why he came away even more impressed with the potential for the exploration team to keep expanding resources both at the contact zone, and importantly along the footwall zones.

Many members of the Magna Mining management team and BOD, were previously affiliated with FNX back when they built 3 producing nickel-copper-platinum-palladium mines before selling the company to a major. They have explored and developed similar types of deposits before, and the team is taking a similar approach and applying that expertise with Magna Mining. We wrap up discussing the potential for them to start producing at the Shakespeare Mine Project utilizing toll milling, liking with their relationship with Vale, until they got their own mill built and commissioned, and what the pathway to production could look like.

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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 Cervantes Project in Mexico. 5 holes were released on November 15th with Holes 27 and 29 being the best of the release. These results expanded gold mineralization to the north. The Company is still waiting for gold results from 3 more holes and 11 multi-element assay results.

Here's a recap Holes 27 and 29.

CAL22-029, a step out extending the California zone to the North, returned 57.0 m grading 0.77 gpT Au.
CAL22-027 in the West-Central area of the California Zone returned 120.0 m grading 0.68 gpT Au

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 recent drill results we discussed.

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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 C$20million. We also recap a couple batches of drill results from around the Napoleon Vein extending mineralization and finding new mineralization, at the La Luisa Vein.

Starting off with the financing, we have Mike outline what attracted investors in this tough market and the type of investors that took part. We also ask about the run room this gives the Company to continue to explore the Panuco Project.

In terms of drilling we send some time discussing the results from around the Napoleon Vein and some of the other key veins and zones being expanded. It all ties into the planned drilling for next year which will be focused on expanding resource areas and drilling new targets.

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 out of the Company.

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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 continued rally in equities, and the rotation trade out of sector leading FAANG stocks, and the importance of diversification in one’s portfolio. We start off by recapping the market take on the recent CPI and PPI inflation data from the last 2 weeks, and how this shifted expectations for Fed policy moving forward.

Next we shift over to the retail sector, and how Walmart raised the bar for the holiday season, on to have Target dash those dreams shortly thereafter, with many other stocks following a similar pattern of a big pop, followed by a drop. The discussion then gets into the huge valuation mismatches still seen in many of the tech and growth stocks, only compounded by this recent rally in many sectors and stocks. We postulate that after this there may be a rotation out of the FAANG stocks, and into other market sectors, as investors seek new leadership in many indexes. We wrap up by getting the technical levels and trajectory that Joel is looking at as far as the cryptocurrencies.

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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 the precious metals complex. There is a clear shift to companies that make money and those stocks that are considered more defensive. Mike outlines the importance of the pullback in the US Dollar as a key driver for the moves into metals.

Click here to visit the Money Show website to learn more about the upcoming conferences.

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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 3 holes form the ongoing Phase 3 drill program at the Marudi Project, in Guyana. The drills were focused on the Mazoa Hill, Throne and July Targets.

The results released on the 7th were from the Mazoa Hill Area, all outside the current resource area. Holes 28 and 29 are the key results as they were drilled to the south and had the best results. Hole 28 was the headline hole yielding 13.4 meters of 12.24g/t gold. We recap the drill results, overall program and other targets that were drilled.

If you have any follow up questions for the team at Golden Shield Resource please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Golden Shield Resource website to read over the drill results.

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Dave Erfle, Founder of The Junior Miner Junky, joins us to discuss the data and macroeconomic factors, as well as technicals pricing levels that he is watching in gold, silver, and the mining stock ETFs to determine if we’ve seen a bottom put in in the precious metals sector.

Dave outlines historical periods and chart patterns that are similar to the moves we’ve seen in Gold, GDX, and GDXJ over the last few years, and then in the moves higher we’ve seen coming out of the 4-5 month consolidation sideways to lower. We also review the positive signal back in September, when both silver and silver stocks bottomed first, and then lead the way higher in the sector.

We wrap up with thoughts on if this move up is sustainable, if we need to see more consolidation in the sector to finish basing, the importance of the US Dollar as a headwind or tailwind, and what technical levels to be aware of.

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Justin Huhn, Founder and Publisher of the Uranium Insider, joins us to provide a macro update on the uranium sector, the nuclear fuel cycle, and some recent merger and acquisition transactions with uranium mining stocks. We start with reviewing the supply and demand factors he is watching mostly focused on less converted UF6, as well as, less enriched uranium fuel on the market, which has utility companies looking to start contracting again. In addition, there has been a large curtailment in the underfeeding, which had been dumping excess fuel into the spot markets for the last decade. On the growth side we see both lifetime extensions on existing plants in the west, and Chinese reactor builds in the east as key demand drivers.

Next we shift over to how the macro factors are affecting the sentiment and activity in the uranium mining stocks, and how some companies are ramping up activities again. We’ve seen a number of key M&A deals this year, with the most recent being this week from Energy Fuels (UUUU) (EFR) selling it’s Alta Mesa ISR Project to enCore Energy (EU) (ENCUF), as a synergistic transaction helping both companies move forward with their respective pathways towards production. We also review that Uranium Energy Corp (UEC) has made 3 key acquisitions this year, in more of a rollup approach, acquiring the prior US assets from Uranium One and Anfield Energy (AEC), merging with UEX (UEX) in takeover bid process, and then acquiring the Roughrider project from Rio Tinto (RIO). All of these transactions show that the larger players are getting into position for a more active phase of the uranium contracting cycle.

We wrap up by getting Justin’s thoughts on which kind of companies he likes in the universe of uranium mining stocks. He is less interested in the grassroots drillplays, while acknowledging that discoveries made in a bull market can still be rewarded, but thinks with the urgency of the fuel cycle being the next 1-4 years, that it is less risky to be more focused on the “real companies” that are in development for near-term production.

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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 3, 15,000 meter drill program, all at the Diablillos Project in Argentina.

john Miniotis, President and CEO of AbraSilver and David O'Conner, Chief Geologist, join us to focus on the recent drill results at the new JAC target. 2 Holes were released bringing the total to 5 holes so far drilled and assayed at this target. So far results have yielded long widths of silver grades much higher than the known resource at the Oculto Deposit. Results from the most recent holes include 25 meters grading 754g/t silver (Hole 52) and 28 meters grading 319g/t silver equivalent (Hole 53).

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

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

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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 mineralization at Magdalena by 500 m, where a total of 4 kilometres (km) of vein corridors have been recognized to date, and where numerous underground historical workings have been observed.

To highlight these results I am joined by Peter Dembicki, President and CEO of Tier One Silver as well as Christian Rios, Senior VP of Exploration. I have Peter provide a background on the Magdalena Target. Christian dives into the actual results to better explain the type of target and work planned to bring this target to be drill ready. We also get a quick update on the Curibaya Project and when drilling might start there.

If you have any follow up questions for the team at Tier One Silver please email me at Fleck@kereport.com.

Click here to visit the Tier One website and read over the full news release.

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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 some of your recent questions on the battery division developments.

Starting with the financing, I have Craig detail the pricing, what the funds will be used for and how long the current cash plus the financing will last the Company.

On the back of the battery update Craig and I recorded on October 11th there were a number of questions from all of you. The questions are focused on the increased performance of the coin cell batteries.Craig addresses all the questions.

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

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

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John Rubino, Founder of The Dollar Collapse website, joins us for a wide-ranging discussion on factors that have improved in the precious metals environment. We review the recent crypto crash, due to the FTX exchange bankruptcy, and what that may mean for more crypto investors taking an interest in the similar sound money principles found in precious metals. We also review the expectations around the reduction of rate hikes at future Fed meetings, now that we are seeing inflation cool off a bit, and unemployment ratcheting higher. Some other areas touched upon where the continued signals of a slowing economy from weakness in the real estate market, used car prices pulling back in concert with loan default issues, the Chinese bailout of their real estate markets, and other data showing we are still heading into a recession.

Next we review of how gold, silver, and the mining stocks have reacted recently, making specific note of how well silver has done coming off it’s lows in September, and how the mining stocks tend to track it more closely than gold. John also points out the different reports we are seeing relating to the tightness in the physical silver markets, and how that could easily lead to some panic buying from concerned investors. We wrap up by pondering if the recent rout and lack of confidence in the cryptocurrencies, may actually migrate some sound money investors over to the precious metals.

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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 gold and over $2.50 move in silver just this month has us asking Doc if this bear market is truly over. We focus on the monthly charts. Doc points out the low volume on GDX and the formation of this price pop. Doc is looking to January for a better outlook into next year.

We will be hosting a webinar with Awale Resources (TSX.V:ARIC) on Wednesday November 16th at 12-noon PT. Glen Parsons, President and CEO of Awale Resources will join me to provide an overview of the Company’s renewed exploration strategy which includes the highly prospective acquisition in Suriname and an update on activities at the Odienne Project JV (Newmont is earning into this JV). Glen will also be answering any questions you have. Please email me directly with your questions (Fleck@kereport.com). You will also have the opportunity to ask questions during the live webinar.

Click here to register for free!

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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. We discuss the possible contagion into other markets and further into the Bitcoin price as well as if price still has along way to fall. There's still a lot unknown about how this will all play out but it's not looking good for cryptos.

We also look at the pop in US market and precious metals. What are the next catalysts and will these higher prices reverse to continue the bear market.

Click here to visit the OANDA website and follow along with Ed's daily 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. 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 spend some time having Michael walk us through the five different zones of interest on their property, with the clear front runner being La Republicana, since drill hole #30 put out such promising results and is at the top of the batting order for getting follow up drilling in the new year. There are some other targets developing at both the Western Zone and Las Carmelitas that are also quite prospective and will be getting drilling in the upcoming exploration season. For now the company is well funded with $6.5 million in the treasury, and once the IP survey is completed and the exploration team has a more definitive plan for the next phase of drilling, then we’ll have Michael back on for an update.

If you have any questions for Michael about Reyna Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

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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 Contact Zone on the Scottie Gold Mine Property, in the Golden Triangle of BC. This area was first discovered in 2019 with drilling this year drastically expanding on the high grade gold footprint.

This year's 17,000 meter drill program was focused on the Blueberry Zone with 15,000 meters allocated just to expanding this Zone. See the figure below to follow along with our interview and view the results to date. Around 50% of the drill core from the 2022 program is still at the assay lab.

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 the recent news including drill results.

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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 the slightly softer than expected CPI number came in. It's a nice reprieve from the downward pressure throughout this year and takes many sectors and indexes nicely above key support levels.

On this Weekend's Show we focus on the precious metals and energy sector with a quick recap of the CPI number from this week and corresponding moves in currencies.

Please keep in touch with Shad and I through email - Fleck@kereport.com and Shad@kereport.com. We love hearing your thoughts on the show - good and bad ;) - as well as the companies you would like to see us interview.

Segment 1 - Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website kicks off the show with a focus on the CPI data. We discuss the trend of the inflation, where Marc sees inflation bottoming, currency moves including the US Dollar crashing this week and where this all leaves the Fed in terms of future policy.
- Click here to visit Marc's website - Marc to Market.
Segment 2 - Jeff Christian, Managing Partner at CPM Group joins us to recap the pop in precious metals prices to kick off the week and what the key drivers are moving into next year. Jeff also comments on the origins of inflation and what to watch in upcoming data.
- Click here to visit the CPM Group's website.
Segment 3 and 4 - We shift our focus to the energy sector with Dan Steffens, President of the Energy Prospectus Group. We start with a quick overview of the macro environment for oil and gas. We then get into a stocks Dan likes and what he thinks investors should be looking for when analyzing potential investments.
- Dan is also offering all of you $100 off when signing up for the Energy Prospectus Group! Simply email energyprospectus@gmail.com and say that you heard him on our show.

Click here to register for free!

Exclusive Company Interviews This Week

Arizona Sonoran Copper – Initial Results From The 32,000 Meter Drill Program At Parks/Salyer, Including 217.7 Meters Of 1.01% Total Copper
I-80 Gold – 14.5 Million Ounces Of Gold Resources, 4 Projects, Over $1 Billion Of Infrastructure, And Multi-fold Production Growth Over The Next Few Years
SilverCrest Metals – Commercial Production Declared, How This Silver Miner Stacks Up In The Sector
Awale Resources – Priority IOCG Targets Defined At The Odienné Project With Newmont In An Earn In JV
Dolly Varden Silver – Further High-Grade Drill Results Expand Torbrit Resource Area And 50 More Drill Holes To Still Release From The Wolf And Homestake Areas
Capella Minerals – Completes Acquisition Of Lithium and REE Projects In Finland And Closes An Oversubscribed Financing
Lion One Metals – More Information On The 500 Zone, Recent High-Grade Drill Results, Size and Up Coming Drill Results
Magna Mining – Two Nickel-Copper-PGM Development Projects On The Pathway To Near-term Production

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Craig Hemke, Editor of TF Metals Report, joins us to review the macro factors behind the recent rally in the precious metals that kicked off the end of last week and had follow through all this week. Craig has dubbed this Short Squeeze Number 4, and discusses that the same technical trading patterns that occur near tops during bull markets, are very similar in an inverse pattern during bear markets at points where things get to extremes and then reverse the trend.

The discussion expands into a number of areas including Fed policy versus market expectations, other central banks tightening cycles, interest rate reversals, the US dollar weakness, the China reopening, commodities and base metals, COT positioning in silver, and that last week we saw the largest hedge fund short position in Comex gold ever, and so a short squeeze was overdue, resulting in the big moves higher we saw in both gold and silver and many mining stocks.

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Jason Jessup, President and CEO of Magna Mining (TSX.V: NICU), joins us for a comprehensive introduction to the Shakespeare Project and Denison/Crean Hill Project, the exploration and development strategy at both, and the ultimate pathway towards production in Sudbury.

We start off by looking at how the recently announced acquisition from Lonmin of the Denison project, will complement the 7 year mine life and 11.8 million tonnes of reserves already at the permitted and Feasibility Study stage at the Shakespeare project. Jason sees Denison/Crean Hill as augmenting the production profile, with ore being able to be trucked to the planned processing center at Shakespeare using a hub and spoke strategy.

Next, we review the recently announced 31 million tonnes of nickel-copper-platinum-palladium resources at Denison, and review both the underground and open pit components. Lonmin did 90,000 meters of historic drilling, exploring for the higher-grade platinum and palladium, but they weren’t as focused on the nickel-copper mineralization at the contact zone, and this is another opportunity for the exploration team to focus on moving forward. The current plan is 2,000 meters of drilling for met testing and confirmation, as the Company works towards a Preliminary Economic Assessment for early Q2 of 2023, which will demonstrate the economics of the Denison/Crean Hill resources, and where the balance is for both underground and open pit extraction.

The discussion shifts back to reviewing the recent Feasibilty Study and key metrics put out at the Shakespeare Project, and Jason mentions the ongoing exploration success they’ve been having expanding the geometry and resources at the project, and that there is plenty of room for growth. We also have Jason outline the optionality for putting Shakespeare into production, with the possibility of starting with toll-mining with Glencore of Vale, as they construct their own plant, and the confidence in acquiring the capex needed to build the project. We wrap up with a discussion of the management team, and board of directors experience already having worked successfully together in the past with FNX, having put 3 mines into production and sold their company to majors for $1.5 billion.

If you have questions for Jason regarding Magna Mining, then please email us either Fleck@kereport.com or Shad@kereport.com.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss portfolio management, and how he is continuing to block out macro to focus instead on the company-specific micro news and developments.

We discuss 2 different companies, Magna Mining (TSX.V: NICU) and Montage Gold (TSX.V: MAU) (OTC: MAUTF), that have made substantive and very much under-appreciated project acquisitions lately, they have low valuations relative to their resources in the ground, have executive teams that have successfully built and operated projects in the past, access to capital, and key strategic stakeholders that have vetted the projects.

*In full disclosure, some of the companies mentioned by Erik are personal positions are covered and sponsored on The Hedgeless Horseman website. Shad has a current position in 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 equity prices today on the back of the lower than expected CPI data. We carry this data over to Fed expectations and highlight the major drop in the US Dollar.

Click here to keep up to date with Brien at the Gold Newsletter website.

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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 headline y/o/y increase was 7.7% vs 8.2% in September. The core rate was higher by 6.3% y/o/y after the 40 yr high print of 6.6% in the month before. This has investors thinking the Fed is close to being done with rate hikes and they are piling into to everything except the US Dollar.

Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins me to share his thoughts on the CPI inflation data and related major moves higher in the markets. We discuss everything from US markets, gold, US dollar, yields and Bitcoin.

Click here to visit Joel's PreMarket Prep website.

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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 the Tuvatu Gold Project, in Fiji. On November 7th Hole 608 was released intersecting 23.7 meters (m) averaging 17.52 g/t gold with a horizontal true width of 10.4m.

We have Quinton take a step back and recap the initial high-grade drill results from the 500 Zone, which is under the current resource. We discuss the current size of the zone and where the drill is turning now. There are also a couple other targets that Quinton highlights at the end of the interview.

If you have any follow up questions for the team at Lion One Metals please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Lion One Metals website and read over the recent news.

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Tavi Costa, Portfolio Manager at Crescat Capital, joins us to discuss the recent bounce in precious metals, and what’s next for the resource stocks. We start with some of the macroeconomic trends that have led to the recent bounce and if he has changed his outlook or strategy in light of recent developments. Next we review how silver appears to have bottomed before gold, the recent outperformance of silver over gold, and silver stocks over gold stocks all as positive signals for the precious metals sector.

We then shift over to potential catalysts that could bring new generalist investors into the sector, and the conversation touches on the importance of exploration discoveries, area plays, acquisitions, and look ahead to a bit more positive news for the sector. We also look at how it is taking a while for the new generation of investors, that made easy gains in FAANG stocks, hot growth tech stocks, and cryptocurrencies, to process the different reality now that we see a true bear market unfolding and a different economic backdrop as we head towards a further contraction in economic growth.

We wrap up by getting Tavi’s thoughts on if the success in the battery metals theme, and if the run the lithium companies have gone on the last 2 years, may bring in new generalist investors, and what it could mean for the other battery metals mining stocks focused on copper and nickel that have not run as much yet.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to share his insights on the gold, silver and gold stock ETF (GDX and GDXJ) charts. After a very strong move that started on Friday I ask Jordan if any of these charts are showing true breakouts. He shares higher levels to watch on the charts for each gold, silver and gold stocks. We also discuss the capitulation between individual PM stocks compared to the ETFs.

Click here to visit Jordan's site - The Daily Gold

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Dave Erfle, Founder of The Junior Miner Junky, joins us to review the recent bullish trend in the PMs since last Friday, some macroeconomic factors to pay attention to, and technicals pricing levels he is watching in gold, silver, and the mining stock ETFs. Dave reviews the yield curve inversion steepening the end of last week, the Friday’s jobs report being less than stellar, the rumors of China reopening, silver and silver stocks leading the way higher in the sector, central bank buying of gold, “dumb money” selling the GDX and GDXJ, and the rotation out of cryptos and into gold, and the weakening US dollar as factors behind this recent bullish move higher in the PMs.

Despite the overall bullish picture, we also discuss the potential for further downside pressure in the precious metals sector, should the US dollar turn back higher and if the reaction to the CPI number later this week is that the Fed will have to hike higher for longer.

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Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL - OTCQB:CMILF) joins me to recap the acquisition of the lithium and rare earth element projects in Finland. These projects were acquired through the acquisition of ElementX Finland Oy which includes interests in five fully granted reservations and two reservation applications in southern Finland.

I have Eric outline how these properties fit into the Company's focus on battery and base metals exploration primarily in Finland and Norway. We discuss the work that needs to be undertaken to advance these projects toward drilling. We also recap the work at the Company's other projects.

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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Shawn Khunkhun, President and CEO of Dolly Varden Silver (TSX.V:DV – OTCQX:DOLLF), joins us to review some recent 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 at the Kitsault Calley Project (the recently combined Homestake Ridge and Dolly Varden Projects) in the Golden Triangle of British Columbia.

The high-grade, potentially bulk-mineable Kitsol Vein continued to deliver outstanding, contiguous silver and base metal mineralization, where drill hole# DV22-291 intersected 12.51m (8.88m true width) averaging 442 g/t Ag, 0.68% Pb and 0.42% Zn, including of 1,367 g/t Ag over 1.50m (1.07m true width), as an up-dip infill hole from previous high-grade intercepts. At Torbrit Main step-out drill hole# DV22-289 intercepted 979 g/t Ag over 0.49 meters true width, and step-out hole # DV22-308 intercepted 297 g/t Ag over 6.59 meters true width, continuing to expand resources outside of the known orebody.

Shawn also updates on how these drill results compare to prior years drilling as far as grade and width, but also contrasts the very good results seen all year in prior step-out drill holes release at the Wolf vein, for some of the best exploration results seen on the project to date. With 50 more drill holes to release from both from continuing to step out at the Wolf area, and also both infill and step-out holes around the Homestake area, 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.

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Robert Sinn, aka Goldfinger, editor of Energy & Gold, joins us to review the macroeconomic market drivers and provides his technical outlook on the precious metals sector. It’s a wide-ranging conversation that starts off with Fed policy, inflation, interest rates, and the general slowing down of the economy. We touch on the lagging data in the jobs number, and the increasing signs of rising unemployment and big layoffs in the tech sector. With the market pricing in a 50 basis point rate hike in December, and possible one or two 25 basis point hikes in Q1, Robert stresses that the eventual terminal rate matters and whether that comes in below or above what is already priced in, will depend on more data and will be significant.

Next we shifted over to reviewing the key support and resistance technical levels in gold, silver, and the mining stocks, and that it does seem like we are in a basing and bottoming period, but it again, hinges upon when and where the central banks finish up their tightening policy. Robert balances out some of the constructive positive trends he is seeing, with some words of caution, as we are in very unpredictable markets and an unusual economic period.

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Glen Parsons, President and CEO of Awale Resources (TSX.V:ARIC) joins me to recap a couple news releases over the past month outlining new priority IOCG targets on the Odienné Project, in Côte d’Ivoire. This Project has Newmont earning into a JV, announced in May of this year.

I have Glen explain the work that has gone into defining these targets and what steps are needed before the Company is ready to drill.

We also get an update on the acquisition of Colossal Gold Resources that will bring in a portfolio of projects in Suriname.

To help bring everyone up to speed on the overall corporate strategy and work plans moving into next year I will be hosting a webinar with Glen next week, Wednesday November 16th at 12-noon PT.

Click here to register for free for the Webinar!

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

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL - NYSE:SILV) joins us to recap the news today declaring commercial production at the Las Chispas Project in Mexico. In under 7 years the Company went from discovery to commercial production. Even more impressive in this market is the mine was built on budget and on time.

After recapping what it means to declare commercial production we discuss how this could help the Company renegotiate its current debt facility and options to pay down the debt.

We also focus on where Chris sees possible buying coming into the stock. A possible inclusion into GDX, short covering and simple demand for a profitable silver miner are all areas we discuss.

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

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

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For investors last week was all about the Fed meeting while this week is all about the US Midterm Elections. Undoubtedly there will be some volatility in the markets. We bring on Ed Moya, Senior Market Analyst at OANDA to discuss how he thinks different midterm election results will impact markets. We also look over at China and what impact that could have on markets and economic data if they back off the zero Covid policy.

Click here to follow along with Ed's daily market note.

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Ewan Downie, CEO and Director of I-80 Gold Corp (TSX: IAU – NYSE: IAUX), joins us to review the Company’s 4 primary Projects that are transitioning into producing mines, the significant production infrastructure in place, and the exploration success the company is having at both Granite Creek and Ruby Hill.

We start off looking at the disconnect in their current market cap, versus what it would take to recreate the over $1 Billion in sunk cost at their Lone Tree Processing center, and that this doesn’t even include the additional value and sunk costs at their Ruby Hill oxide processing plant. Next we discussed their global resources of 14.5 million ounces of gold, and an additional 180 Million ounces of silver, both of which are expanding as they continue with ongoing exploration programs.

We also have Ewan outline the Company’s scaled production growth strategy going from around 20000 ounces this year to a target of 250,000 ounces annually in 2025. We discuss the where the initial production will be coming from for the balance of 2022 and 2023 and the key ore processing agreement in place with Nevada Gold Mines (the JV between both Barrick and Newmont in NV).

We wrap up with the success and notable drill results from the 30,000 meter exploration Granite Creek, and the simultaneous 30,000 meter drill program at Ruby Hill. At Granite Creek the majority of the current resources and past drilling has been at the Ogee Zone, but recent drilling at the South Pacific Zone shows it could be several times larger than Ogee and still open for expansion. At Ruby Hill, the majority of the resources and past drilling were at the Ruby Deeps Zone, but there has been a new 007 Zone discovered, as well as some work at the new Blue Sky target discovery. However, the big focus near Ruby Hill has been on the very high-grade polymetallic drill results coming back from the Hilltop Zone, which is a CRD type of deposit. This Hilltop Zone could prove to be a substantial base-metals contributor for the company as this area continues to be drilled and expanded.

If you have questions for Ewan regarding the ongoing work and strategy at i-80 Gold Corp, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is an existing shareholder of I-80 Gold corp

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George Olgilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU - OTCQX:ASCUF) joins us to recap the first 3 holes from the ongoing 32,000 meter drill program at the Cactus Project, in Arizona. The program is focused on upgrading the inferred resource at the Parks/Salyer Deposit area on the Project.

All three hole intersected long widths of continuous copper mineralization. Here is a summary of the three holes.

ECP-098: 714.1 ft (217.7 m) @ 1.01% TCu, 0.90% Cu TSol, 0.024% Mo (enriched)
- Incl. 298.0 ft (90.8 m) @ 1.39% TCu, 1.35% Cu TSol, 0.019% Mo
ECP-097: 746.2 ft (227.4 m) of continuous mineralization
- 294.4 ft (89.7 m) @ 0.68% TCu, 0.65% Cu TSol, 0.018% Mo (oxide)
- 451.8 ft (137.7 m) @ 1.17% TCu, 1.10% Cu TSol, 0.026% Mo (enriched)
  - Incl 82.6 ft (25.2 m) @ 2.30% TCu, 2.24% Cu TSol, 0.035% Mo
ECP-099: 552.0 ft (168.2 m) @ 1.10% TCu, 0.85% Cu TSol, 0.030% Mo (enriched)
- and 150.0 ft (45.7 m) @ 1.48% TCu, 1.29% Cu TSol, 0.033% Mo

If you have any follow up questions for George please email us and we will get your questions answered. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Arizona Sonoran Copper website and read over the full news release.

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On this Weekend's Show we feature two of our favorite guests, Richard Postma (AKA Doc) and Matt Geiger. Doc provides a technical outlook focused on the longer term trends while Matt shares the fund manager perspective on how he's managing a resource fund portfolio.

We hope you enjoy this Weekend's Show! Please keep in touch with Shad and I through email. Our email addressees are Shad@kereport.com and Fleck@kereport.com.

Segment 1 and 2 - Doc kicks off the show by outlining the charts and technical indicators he is watching for gold, gold stocks balanced between juniors and majors, silver, US markets and the US Dollar. We are focused on the longer term trends and key levels to watch well into next year.
Segment 3 and 4 - Matt Geiger, Managing Partner at MJG Capital joins us to outline how he is managing his long only resource equity fund. We discuss his views on the metals bucking the downtrend, lithium and uranium. Also the balance between precious metals and battery metals. All of this is discussed in context of compiling a well rounded long-term portfolio.
- Click here to learn more about MJG Capital.

Exclusive Company Interviews This Week

Big Ridge Gold – Phase 1 Drilling And Improved Project Metrics Leading Towards Key Update To Hope Brook Resource Estimate
Rugby Resources – Initial Drill Hole At Cabrasco Intersects 808 Meters of 0.46% CuEq Including 82 Meters Of 1.00% CuEq
Novo Resources – Drilling Update and Results From The Becher Area In the Egina district
LithiumBank – DLE Test Work Reports Up To 60X Grade Increase and Production Of High Purity Lithium Concentrate At Boardwalk
Silvercorp Metals – Growth From 7 Producing Silver And Gold Mines, And 300,000 Meters Of Ongoing Exploration Utilizing 80 Drill Rigs
Snowline Gold – Growing Land Packages In Yukon and Drill Results From The Valley Zone Intersecting 318.8M of 2.5g/t Gold
GR Silver Mining – 2 Drill Programs Ongoing On the Plomosas Project Building Towards A Global Resource Update
Stillwater Critical Minerals – 14 Drill Holes Including Rhodium Assays Will Be Feeding Into An Updated Resource Estimate At Stillwater West
Skeena Resources – A New Discovery At Eskay Creek Intersecting 4.46 g/t AuEq Over 32.19 Metres, Recapping The 2022 Drill Program
Silver Tiger Metals – A Team With Many Past Successes, Aggressive Drill Campaign At One Of The Highest Grade Historic Silver Mine With A Path To Near Term Production
Headwater Gold – Company Introduction to 10 Exploration Projects In The Western USA, Including 4 Optioned To Newcrest
Kenorland Minerals – The Sale Of A Project, Work Updates On JV Properties With Sumitomo, Antofagasta and Newmont
Calibre Mining – Continued Development And Production Growth, Augmented By A Substantial Exploration Program In Nicaragua

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Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to overview the continued development and production growth pipeline, and aggressive exploration strategy for the Company in Nicaragua and Nevada. We focus initially in this discussion on the recently announced news of the US sanctions to specific people and the DGM entity, and how despite the confusion caused by incorrect media coverage, that Calibre is in compliance with these sanctions and not really affected in any meaningful way and thus continuing their normal operations. This clears up a number of market misconceptions about how these sanctions would impact the company, and Ryan reiterated their commitment to the local stakeholders and that business is still growing and moving forward.

We have Ryan outline the Q3 operations and financials, which are still above guidance despite a brief shut down at one of their 2 mills during the quarter. More importantly, we focus on the production growth profile, targeting between 250,000 – 275,000 ounces of gold production for 2023, with the addition of 2 new spokes; the Pavon Central and Eastern Borosi development projects that will be ramping up into production next year.

Next we transition over to all the ongoing exploration work the company has underway, and highlighted the recent high-grade drill results from its Panteon North zone within the Limon Mine Complex, part of the Company’s 85,000 meter resource expansion and discovery drilling program in Nicaragua. 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.

We wrap up discussing how the Company has continued to grow the resources with a 254% increase in Nicaragua Mineral Reserves to 1,013,000 ounces gold since Q4, 2019 and also grown the associated metals grades over the last few years. This ties into the hub and spoke model of bringing more satellite deposits into production utilizing their excess mill capacity, and also continuing to ramp up production from higher grade zones giving further production upside potential over the next 2 years.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to first recap the jobs data today that was mixed but in no way a bad number. This ties into a discussion on future Fed rate hikes and why a 50 basis point hike in December is likely. We then move over to the commodity sector which is experiencing a huge bounce. Gold is up almost 3%, silver up almost 7% and copper up 7.5%. A selloff in the US Dollar today is helping but "news" out of China, that was later pulled from the internet, could be the main driver.

Click here to visit Marc's website - Marc To Market.

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD - OTCQX:NWRCF) joins me to recap a recent sale of a property and the work programs underway. or starting up shortly, at a range of Joint Venture (JV) projects in Quebec and Alaska. The Company's JV and option partners include Newmont, Sumitomo Metal Mining and Antofagasta Minerals.

We start by discussing the sale of the Wheatcroff Project to Jayden Resources. Next is the newly formed JV with Sumitomo at the Chicobi Property. This JV was formed after Sumitomo completed its earn-in for 51%. We then look ahead to future news flow that includes results from the Tanacross Project, which Antofagasta Minerals just signed an earn in agreement in July. Also coming up for news is the drill results from 18,000 meter drill program at the Frotet Project. This is a JV with Sumitomo which has already announced a larger drill program for next year.

There's a lot to go through and Zach leads us through all the major developments. If you have any follow up questions for Zach please email me at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Kenorland Minerals website to read over all the recent news and updates.

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Dana Lyons, Fund Manager, joins us for a discussion on the makeup of the current bear market. While we try to look for data that supports a turn in the market there are still an overwhelming number of bearish indicators. Dana has some very interesting comments on investor mentality during bear markets and how investors act at true bottoms.

Click here to follow along with Dana's market calls.

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Dave Erfle, Founder of The Junior Miner Junky, joins us to share his observations during and coming out of the recent Fed meeting and Jerome Powell press conference, and the technical pricing levels he is watching in gold and the mining stocks. We discuss the potential for further downside pressure in the precious metals sector, the lack of interest from generalist investors, the illustrative price action in bellwether stocks like Newmont and Barrick, and the upcoming tax loss selling season. Overall, there is a lot of negative trends and sentiment in the sector, but Dave shares some ideas on how he is navigating these volatile markets.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss portfolio management, and how the upward moves in higher conviction plays and larger position-sizing cushioned the corrective moves lower in many other juniors. One of the key takeaway points Erik makes is that: If he was worrying about the macro drivers like what the Fed is doing, or handwringing over the price of the paper metals every day, then he never would have gotten into some of his higher conviction positions continuing to build value that actually went up over the last year or two; or that he would have sold them far too early. In this sense, Erik is ignoring much of the macro noise to focus instead on the company-specific micro news and developments.

Erik still feels that for the resource sector overall that we are continuing to see absurd valuation mismatches, often seen near bottoms of bear market corrections, and that he is reshuffling his portfolio and adding in a few more advanced exploration, development and even production companies that have defined ounces in the ground, that are getting only a fraction of the value they should. In addition, he points out that some microcap juniors have recently surged higher on the news that major producers have taken strategic positions in their companies or options on their projects. He outlines both the Newcrest (NCM) (NCMGY) stake and option agreement with 4 properties from Headwater Gold (HWG) (HWAUF), and the recent news that BHP Billiton (BHP) has taken a strategic position in Brixton Metals (BBB) (BBBXF) to help them advance their Thorn project.*

*Some of the companies mentioned by Erik are personal positions are covered and sponsored on The Hedgeless Horseman website.

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I am happy to introduce a new guest to the show, Matt Badiali. Matt just started up a new newsletter called New Energy. He is a geologist by education, an investment analyst by profession, and a writer by nature. He began researching and writing about natural resource investments in 2004.

Since this is Matt's first time on the show we have him share his background in the resource sector and areas he has covered in the past. We then take a big picture look at the resource sector, specifically energy. We discuss how ESG is now a key driver for companies and investors. We also discuss the shift toward green energy but balanced with the need for older energy sources. In future interviews we will get more into the companies Matt is covering and how he is managing a new energy portfolio.

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Caleb Stroup, President & CEO of Headwater Gold (CSE: HWG) (OTCQB: HWAUF), joins us for a comprehensive overview and introduction to the Company, the 10 projects, including 4 optioned to Newcrest Mining (TSX: NCM) (NCMGY), and what the exploring strategy is moving forward. We start off getting Caleb to outline how and why the Company acquired so many properties in Nevada, Idaho, and Oregon, and what the larger company strategy is for a hybrid model of project generation and grassroots exploration.

Next we focus on the big news that Newcrest has become a 9.9% strategic stakeholder in the company and has set up an option agreement on 4 of the 10 properties, where they can earn up to 75% by spending $145 million and completing Pre-Feasibility Studies on these properties by their 6th year anniversary. Caleb walks us through some of the nuances of this agreement and what it means more near-term for the Spring Peak Project, Agate Point Project, Mahogany Project, and Midas North Project. Headwater Gold will benefit from the capital coming in from Newcrest as the project operators, has retained a royalty on the projects, as another value driver. The company is in the process of wrapping up a 4,000 meter drill program at Spring Peak, and has a 2,000 meter drill program planned to start at Agate Point.

We then turned our attention to the other 6 projects the Company holds, and how those will play into their exploration strategy in 2023 and moving forward. Caleb outlines the company financial situation, how the 10% management fee and option payments from Newcrest will assist the company, and then he breaks down the pedigree of their team, key stakeholders, and share structure.

If you have any questions for Caleb regarding Headwater Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

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After meeting with the Silver Tiger Metals (TSX.V:SLVR - OTCQX:SLVTF) team at the Beaver Creek Conference I was impressed with the asset, El Tigre Property and the work being done. We now have the chance to introduce the Company and growth plans moving forward.

Glenn Jessome, President and CEO of Silver Tiger Metals joins us to introduce the management team and their past successes, the El Tigre Property mining history and the aggressive exploration program that's ongoing. The ongoing work also ties into the potential of restarting this mine, possibly by next year. Glenn shares the overall exploration strategy that is focused on high-grade immediately below some old mine workings. Results have already yielded long intercepts with high-grade silver. There is also a 1million oz gold resource at surface.

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

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

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Paul Geddes, VP of Exploration and resource Development at Skeena Resources (TSX:SKE - NYSE:SKE) joins me to recap the new discovery, announced November 1st, at the Eskay Creek Property in the Golden Triangle. The first hole drilled into this area intersected 3.79 g/t Au, 59.4 g/t Ag (4.46 g/t AuEq) over 32.19 meters and includes 10.15 g/t Au, 44.0 g/t Ag (10.64 g/t AuEq) over 1.00 meters, and 2.33 g/t Au, 699.0 g/t Ag (10.18 g/t AuEq) over 1.00 meters.

Paul explains why this area was drilled and how it plays into the bigger picture of the 2022 drill program that just wrapped up this week. As he explains the focus remains on more near surface mineralization that can be added to the mine plan, but these results warrant follow up drilling. We discuss the work needed to properly test this deeper discovery.

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

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

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a handful of key charts on the Gold weekly and daily charts, Silver weekly chart, (SRUUF) the Sprott Physical Uranium Trust, and (URNM) the Sprott Uranium Miners ETF. [all charts are posted below so you can follow along]

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Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us for a larger project update and the work going into the upcoming resource estimate update 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, and the upcoming assays for rhodium that will be released to the market soon.

We dive further into the parallels between this Project and the South African Platreef battery metals and platinum group elements mines and development projects found on the northern limb of the Bushveld Igneous Complex. We discuss the value that the 2 key staff additions, Danid Groble and Albie Brits, will be making having had experience working with Ivanhoe on their Platreef project. The focus of the exploration team at present of relogging core, looking for geological structural controls, and reviewing the wealth of potential targets for future drilling in that larger context for the 2023 exploration season.

As we wrap up we discuss the large advantages of a polymetallic deposit such as what is found at Stillwater West, but also how it can be more difficult for investors to get their heads around, so Mike points out that 2/3rds of the value of metals contained is on the battery metals. While the Stillwater district is known for the palladium, platinum, and rhodium, it is really the nickel, copper, cobalt, and potentially the chrome that will drive the valuations and have attracted the conversations with larger mining companies.

If you have any questions for Mike regarding Stillwater Critical Minerals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

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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 the Plomosas Project in Sinaloa Mexico. These programs will feed into an updated resource estimate that will bring together the Plomosas Mine Area with the San Marcial Area.

Recent news has come from drilling at both the Plomosas Mine Area and San Marcial Area, including the new SE Zone. Erik recaps these recent results and outlines how they will all filter into the upcoming resource update with a goal of growing the overall ounces. Since there is such a focus on the upcoming resource we have Eric provide some insights into what to look for when the resource is released and what truly can move the needle for the Company.

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

Click here to visit the GR Silver Mining website and read over the recent drill results.

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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 assets in Yukon as well as some drill results from the Valley Zone on the Rouge Project.

Starting with the land acquisitions we have Scott outline the strategy and how these assets will fit into future exploration plans. This ties into the recent exploration program where the Company has around 11,000 meters of drilling still at the assay labs. This drilling was at the Valley zone as well as the Jupiter and Gracie Zones.

On October 12th there was another round of results released highlighted by a 318.9 meters of 2.5g/t gold, including 108 meters of 4.1g/t gold. These holes were from the Valley Zone.

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

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

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Lon Shaver, Vice President Of Silvercorp Metals (TSX: SVM) (NYSE: SVM), joins us for a comprehensive overview of the growth on tap from the 7 producing silver and gold mines, and the 300,000 meters of ongoing exploration underway utilizing 80 drill rigs. We start off by getting a production update from the 7 mines operating in China, the 2 mills with a 3rd mill under construction to increase throughput next year, and the growth planned around existing operations and well as the potential for other satellite operation, like the Kuanping Project bought in a Chinese auction, to be brought into production using a hub and spoke approach.

We have Lon outline the existing resources, which break down into 115 million ounces of proven and probable silver equivalent ounces, contained in the 210 million ounces of Ag eq. measured and indicated category, and then the additional 126 million ounces of Ag eq. in the inferred category. Those are calculated using just the silver and gold components, and don’t even factor in the lead, zinc, or copper credits, which would be in addition to those resources. The company has a long runway of productive capacity through 2037 at present, and is aggressively exploring to expand these resource with one of the larger drill programs and sheer number of drills in the sector. We also review the more recent discovery over the last 2 years of new gold/copper mineralization found at the HPG Mine and LMW Mine.

Beyond the production growth, and exploration growth, we discuss the 3rd prong of value creation from the Company’s investment in 4 other earlier stage exploration companies in Latin America, including their successful incubation of New Pacific Metals (TSX: NUAG) (NYSE: NEWP) since 2017, as well as the ongoing search for other acquisition targets. We wrap up by getting Lon to review the valuation mismatch considering their $200 in cash on the balance sheet, as well as $100 million in value just for their shares in New Pacific Metals alone, leaving all 7 of their Chinese mines that are generating revenues and cashflows, and allowing the company to pay a dividend, at only $139 million, which compares favorably to peers with a similar production profile.

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

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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 Company's Boardwalk Lithium Brine Project, in Western Central Alberta. This test work is very important to move the Project forward as it will directly feed into the upcoming PEA.

The keys notes from the DLE test work are outlined as:

93% Lithium Chloride recovery achieved in under 60 minutes of extraction processing.
Testing produced a lithium concentrate with a range between 35-60 times grade increase over the initial raw lithium brine concentration level.
High purity lithium concentrates between 2,500 - 4,000 mg/L (4 g/L) achieved at the end of the DLE process

I have Kevin further explain each of these results and importantly how this filters into the PEA. We also discuss the Company engaged to do the test work, Conductive Energy Inc.

If you have any follow up questions for Kevin or the team over at LithiumBank please email me at Fleck@kereport.com.

Click here to visit the LithiumBank website and read over today's full news release.

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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 October 27th news release reporting aircore drill results at the Becher area in the Egina District. This target area is along trend from the Hemi Gold Deposit held by De Grey Mining.

I have Mike and Kas outline the strategy of starting with the aircore drill to test under the cover then follow up with an RC drill to test deeper. In the search for a large system the Company is using wide spacing in all the drilling. We also discuss the follow up RC drilling timeline as well the next targets to be drilled, starting with Nunyerry North.

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

Click here to visit the Novo website and read over the full news release.

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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. October was a very good month for markets as the S&P was up 8%, Dow up 14% and NASDAQ lagged being up only 4%. Rotation within markets has been the theme gong back to last year and is clearly continuing. Investors are looking for stronger fundamentals which is pulling money out of tech and past market leaders.

Click here to visit the PreMarket Prep website to keep up to date on Joel's daily market commentary.

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John Rubino, Founder of The Dollar Collapse website, joins us for a wide-ranging discussion on persistently high inflation, manufacturing weakness, the ramifications of central banks tightening into an economic contraction, more weakness in the housing market, the energy sector, and the rollover in tech stock leadership, as money keeps rotating. With so many areas of the economy under pressure, and earnings reports failing to live up to current general equities valuations, many investors are struggling to adapt and recognize the days of simply buying the dip are over, as the bear market continues to unfold. Analysts are finally starting to look for the price to earnings ratios to be in the realm of believable and this presents more room for pricing to retrace back down to where the fundamentals are aligned.

We get John’s thoughts on the energy sector, how oil and nat gas have stayed elevated, due to bad energy policies from many countries that lead markets to this point. John is most optimistic on the prospects of increasing nuclear energy power generation, and what that may mean for higher uranium prices and the uranium mining stocks. John also outlines some fundamental drivers of the physical markets that may be constructive for silver prices moving forward.

Wrapping up, we look at the rotation out of the prior sector leaders, like the FAANGS stocks of yesteryear, and how we are getting more of a return to the mean in many sectors through the continued corrective action; and that out of this market rebalancing that new leadership will emerge.

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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. This first hole was drilled to a depth of just over 1,000m and intersected 82m of 1.00% CuEq within a broader interval of 808m of 0.46% CuEq from 184m.

The Company is already drilling the second hole which is down to over 781m. Yale outlines the geology within hole 1 and explains how the Company is planning to find more high grade copper.

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

Click here to visit the Rugby Resources website to read over the full news release.

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins us to outline 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. The maiden resource was last updated in 2014, but 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 near 20,000 meters of drilling completed during the Phase 1 exploration program. Factoring in the copper reported back in assays are meaningful for the eventual Project economics and could help offset many of the input costs.

Next, we discussed the 16 remaining holes yet to report from the drilling near Hope Brook, and that those will be released over the balance of the year. 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. There are 10 holes to report soon from the Destiny project.

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.

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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 this month. A focus this week will be on the Fed meeting but also US manufacturing with the ISM data being released tomorrow. Everyone is talking about a recession next year, along with central banks slowing rate hikes, all in the context of a possible further market crash. We have Ed share his big picture outlook for the markets.

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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 for a total of $37.5million. This was a $10milllion increase on the initial amount announced. I also have Jed provide an update on the mine restart in terms of the work that still needs to be done and when the mine could be up and running.

In terms of the silver stream deal I have Jed outline the $10mil increase in the stream deal and how the money will be allocated all with the goal of restarting the mine. There was also a couple adjustments made to the silver and new copper stream. It's all about restarting the mine so we spend time layout the path to restart.

On other news we recap drill results from September 15th as well as an update on the Silver Hill Project in Morocco where drilling is planned in the near term.

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

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

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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 market rally, there is hope we are at the peak of central bank rate hikes. This could huge for all investors long anything outside the Dollar.

On this Weekend's Show we discuss the topics above while looking at a wide range of markets. We focus on the US Dollar pullback, the strong month for US markets and energy stocks, and a better looking chart for gold stocks.

We hope you all enjoy this Weekend's Show. Please keep in touch with Shad and I to let us know what you like about the show, any suggestions for guest or companies, or just to chat. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Rick Bensignor, President of Bensingor Investment Strategies kicks off the show by sharing his current trading strategies for US markets, gold and gold stocks, oil, and bonds. A big focus is on levels where these sectors could top and timing of upcoming catalysts.
- Click here to learn more about Rick's retail newsletter's, In The Know Trader and the 7:11 SPDR ETF Report
Segment 3 - Josef Schachter, Founder of The Schachter Energy Report is up next to recap the his recent Energy Conference in Calgary with a focus on analyzing energy companies. These stocks are doing very well so we are going to be featuring more energy companies over the coming weeks. Please let us know which stocks you like and which you think are overvalued.
- Click here to follow Josef's energy and stock commentary.
Segment 4 - Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website wraps up the show discussing what parts of the market or economy could break first. We recap the Q3 inflation data released this week and look ahead to possible market impacts from the upcoming election and Fed meeting.
- Click here to keep up to date with Marc on his website.

Exclusive Company Updates This Week

Regency Silver – Introducing This New Exploration Company That Intersected 35.8 Meters Of 6.84 g/t Gold, 0.88% Copper and 21.82 g/t Silver At Dios Padre Project
Troilus Gold – Discovers New At-Surface Gold Zone Near Z87 Open Pit With Single Best Interval in Project’s History
Fury Gold Mines – Drill Results Extending Gold Mineralization 25% To The West at Eau Claire
Cassiar Gold – Exploration Update From Cassiar North, Cassiar South, And Regional Targets
Avino Silver And Gold Mines – Comprehensive Operations And Development Update At All Projects
Mako Mining – Q3 Production Update From San Albino Mine And Exploration Update From Las Conchitas
Rugby Resources – A Background On The Cabrasco Property In Colombia With Initial Copper Results In The Near Term
EMX Royalty – Company Introduction To 40 Cashflowing Royalties And Continued Revenue Growth

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David Cole, President and CEO of EMX Royalty Corp (TSX.V: EMX) (NSYE: EMX), joins us for a comprehensive overview of how the Company was formed, their unique triple-pronged approach to growing value, and a summation of their royalty portfolio of assets. We start of by getting Dave's background in the exploration and mining sector, and how the success of Franco Nevada encouraged him to start EMX over 19 years ago. The initial focus was on generating value using the prospect generator business model, which generates royalties on projects sold or optioned as the fruits of the initial exploration and value creation. The other 2 prongs of the business model focused on royalty acquisitions, like the transaction with SSR Mining, and then the Company also has substantial strategic equity positions in other mining companies.

David outlined 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. Many of the other royalties are generating revenues due to defined pre-production payments, option payments, and gate payments. We review the 5 key producing royalties, and discuss a few development projects that should represent more near-term revenues as they move into production over the next few years. Next we discuss the value of the large basket of equities invested in 3rd party mining companies as a additional value driver and providing more optionality for the company.

We wrap up with a review of the financial strength of the company, key strategic shareholders like SSR Mining, Newmont Mining, Franco Nevada, Stephens, and Sprott, as well as unpacking the remaining Sprott loan due in 2024, and the confidence Dave has in their existing cash-flowing royalties and ones coming online to address the debt as it comes due. This was a sold introduction to the company, team, business model, and key assets.

If you have any questions for Dave regarding EMX Royalty Corp, then please email us at either Fleck@kereport.com or Shad@kereport.com.

In full disclosure, Shad is an existing shareholder of EMX Royalty Corp.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss the absurd valuation mismatches seen near bottoms of bear market corrections, when comparing market caps of the advanced explorers, developers, and producers to where some of the earlier-stage grass roots explorers are valued. Erik points out that while the whole sector is sold off, there are windows of time, like what we are seeing now, where buying quality projects and management teams with banked success in the ground, is far more compelling risk/reward setup, than just jumping on the much more speculative early stage drill-plays, just because they have small single-digit market caps.

We review how he is reshuffling his portfolio and adding in a few more advanced exploration, development and even production companies that have defined ounces in the ground, that are getting only a fraction of the value they should. Often these projects have solid economic studies in place, underappreciated sunk costs that are very difficult to replicate, and solid management teams that are on deep discount along with the whole sector. Another point raised was that often these more advanced projects have also attracted key strategic stakeholders through large institutional funds or major and mid-tier producers, that have also vetted these companies in a much more thorough manner than retail investors can, and yet they are being valued down near many early-stage discovery stories that don’t even have resource estimates out, and even some hot narratives around pre-discovery companies that haven’t even found anything significant yet.

As Erik points out: “These valuations are wack and this whole sector is wack right now.”

Some examples Erik uses to point out just how hard it would be to replicate all the work and sunk costs infrastructure and permitting of these more advanced projects were: I-80 Gold Corp (IAU) (IAUX), Ascot Resources (AOT) (AOTVF), and he also mentioned Hannan Metals (HAN) (HANNF) as an example of a junior that just brought in a strategic investment from Teck Resources, that was underappreciated by retail.

*Some of the companies mentioned by Erik are personal positions and covered on The Hedgeless Horseman website. Shad holds shares of i-80 Gold in his portfolio for full disclosure.

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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 year. Cost overruns, mine pauses and now the sanctions put on mining companies in Nicaragua. This flood of negative news has come as a surprise to many investors and pushed the stocks most impacted.

Dave Erfle, Founder of The Junior Miner Junky joins us to share his trading strategy around some of these negative news events. We focus mostly on the Nicaragua sanctions but also look to some of the cost issues development companies have reported.

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Craig Hemke, Editor of TF Metals Report, joins us to review the key economic news on tap heading into November, as well as thoughts on the larger bear market in equities, the precious metals sector, the US dollar, stagflation, central bank policies, what in the economy could break causing a shift in those policies, and reflections on the strange action in the physical silver market.

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Nick Hodge, of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a wide ranging discussion on the current macroeconomic environment, central banks, bonds, currencies, commodities, and precious metals. We start off reviewing the nature of the current bear market in general US equities, and global equity markets, and if we'll still see a larger capitulation event. Nick makes the point that with so much market noise it is important to remember that the Economic Cycle is larger than the Fed and any short-term developments, and we are currently in an economic contraction.

We shift over to the commodities next, where the recent pullback in many raw materials is simply a counter-trend corrective move within the larger commodities supercycle that kicked off in 2020. We review the compelling themes of electrification and decarbonization and how those have allowed commodities like lithium, uranium, and copper to have hit new highs this year with plenty more upside in the years to come.

Next we pivot over to get Nick's thoughts on the precious metals, and he offers his approach to investing in gold, silver, and the PM mining stocks. He outlines how he evaluates the senior and junior mining stocks, and what kinds of things he likes to see as well as red flag warnings within the management teams, share structures, and jurisdiction risk. We wrap up by reviewing how Nick and his business partner help investors through their services over at Digest Publishing.

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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 year's Conference focused on the mood for the sector. We then move on to the GDP data and the debt interest payment data released this morning. The latter being the more important number in Brien's opinion. We also touch on the resource stock sector and a key characteristic that needs to be noted when analyzing all stocks right now.

Click here to visit the Gold Newsletter website to keep up to date on what Brien is writing about.

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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 Property, in Colombia. The Company is continuing to drill, on the second hole currently.

I have Yale start off by explaining how Rugby Resource was founded and the team behind the Company. We then focus on the Cabrasco Property and the "Colombia Gap". The area around the Cabrasco Project also has some exploration ongoing with another company that has a major company backing it. Yale is very up front with the overall exploration strategy, target and corporate game plan.

If you have any follow up questions for Yale regarding Rugby Resources or the Cabrasco Property please email me at Fleck@kereport.com.

Click here to visit the Rugby 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 us for a comprehensive update on the operations at the San Albino mine, as well exploration at the Southwest Pit and the Los Conchitas Project. We start off with the breaking news this week regarding the US sanctions on Nicaragua and what if anything it has changed at the San Albino Gold Mine or exploration on the large land concession.

We then review the changes and tweaks the operations team made to the process on August 10th, to get gold recovery rates back up over the targeted 86%, and to handle the "preg-robbing" from the carbon in the ore and leach. While this impacted Q2 and part of Q3 production, the mill is running above capacity on throughput and recovery rates since those mid-August changes, and is projected to be reporting better numbers for Q4 and moving forward into 2023.

Next we shifted over to the solid exploration results and recent high-grade drill hits returned back from three different targets at the Las Conchitas Project. Drill results at Las Conchitas North included 42.59 g/t Au and 31.3 g/t Ag over 2.10 meters, and 26.66 g/t Au and 47.7 g/t Ag over 2.50 meters at Mina Francisco. Drill results at Las Conchitas Central included 25.07 g/t Au and 31.0 g/t Ag over 2.20 meters, and 27.30 g/t Au and 20.9 g/t Ag over 1.10 meter at Cruz Grande. Drill results at Las Conchitas South included 14.50 g/t Au and 10.8 g/t Ag over 0.60 meter, and 65.45 g/t Au and 41.7 g/t Ag over 1.80 meters at El Limon.

The Company currently has 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. There are also still 2 drill rigs operating near the San Albino Mine continuing to expand on the new discoveries and along strike at the Southwest Pit. These are all building towards a new resource estimate in the first half of 2023, which will be followed by an updated mine plan and economics.

If you have any questions for Akiba about Mako Mining, then please email us at either Fleck@kereport.com or Shad@kerport.com.

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David Wolfin, President and CEO of Avino Silver and Gold Mines (TSX.V: ASM & NYSE: ASM), joins us to provide a comprehensive operations and development update from the Avino Mine, the Oxide Tailings development Project, and the La Preciosa development Project near Durango, Mexico.

We start off by reviewing the stronger third quarter production from the Avino Mine, where Silver equivalent production increased 20% to 778,008 oz over the second quarter, and mill throughput increased by 37% to 162,169 tonnes. David breaks down a number of areas where the Company is further optimizing underground mining processes and connecting the underground development, and is continuing to stay on top of inflation by continuing to grow and training a local workforce, getting a favorable currency exchange rate, and preordering key supplies and equipment.

Next we pivoted over to the transition to the dry stack tailings facility, and recapped the exploration work and economic study on the old tailings facility TSF #1, and how it will factor in to additional production and mine throughput on the 5 year growth plan. We also spent some time unpacking the acquisition of the nearby La Preciosa Project from Coeur Mining, the favorable resources and economics around this project, and how it will be playing a large role in the 5 year growth plan of increasing production and lowering costs for the Company.

We wrap up with a brief overview of the spinout of some non-core exploration projects into a newer sister company, Silver Wolf Exploration (TSX.V: SWLF), and the pedigree of the exploration team and advisors, and prospectivity of the early stage discovery potential on the Projects.

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

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to outline why he thinks gold and gold stocks could have put in a major bottom over the past 2 months. He shares some of the technical levels that are important in the near term but also focuses a lot on the macro economic environment. Jordan thinks the macro factors are the most important to watch heading into next year.

Click here to visit Jordan's site - The Daily Gold

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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, silver miners, oil refiners, lithium stocks, robot stocks, and healthcare.

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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 Cassiar North, Cassiar South, and 3 regional targets at the Cassiar Gold Project, in BC.

We start off by having Marco outline the nearly 40% expansion to the known NI 43-101 resource estimate at the Taurus Deposit at Cassiar North up to 1.4 million ounces at 1.14 g/t gold, based on the drilling from 2021. With over half of the 23,000 meter drill program that just completed for 2022 being expansion and infill at Taurus, it is possible that there could be another resource coming in out in 2023 that would show even further growth, but 90% of the assays from this drill program are still pending release. The Company is making preparations to do metallurgical work and sulfur analysis followed by bottle roll testing from several areas internal to the Taurus deposit to confirm the potential amenability for open pit mining recoveries.

Next we pivot over to the other half of the drilling from the 2022 program focused on the high-grade veins across the highway at Cassiar South. We discussed the compelling infrastructure in place at Cassiar South with 15 portals, a fully permitted 300 tpd mill, power infrastructure, and historic production there of over 315,000 ounces of gold. During last year’s program, mineralization and gold-bearing structures were hit on 18 of the 19 holes drilled. This years assays from Cassiar South remain pending . As far as the step-out regional targets near Cassiar North, five holes were drilled at Wings Canyon and a field team put boots on the ground at Lucky and Snow Creek regional prospects. Marco is interested to see how the results come in, and the exploration plan is to test the 500 meter gap between Wings Canyon and Taurus in next year’s drill program.

The Company is cashed up with $10 million in the treasury as of the end of September, a large number of drill results to report from present through February, and other derisking news on tap for the balance of this year.

Please email us with any follow up questions for Marco on Cassiar Gold. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

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Yesterday, Fury Gold Mines (TSX:FURY - NYSE:FURY) announced the results of 6 drill holes, from the 18,000 meter program, that extended gold mineralization 125meters to the west of the known resource at the Eau Claire Project in Quebec.

Tim Clark, President and CEO of Fury Gold Mines, as well as Bryan Atkinson, Senior VP of Exploration joins me to elaborate on these drill results. We refer to Figure 1 from the news release (posted below) to show the expansion of the gold mineralization. They also provide more information on the 9,000 meters of drill core still at the assay lab that will generate lots of news-flow throughout the rest of this year.

On other news the Company sold 17million shares of Dolly Varden, which generated $6.8million and brings the cash position up to over $12million.

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

Click here to visit the Fury website and read over the full news release.

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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 makeup of the current 2+ week market rally. This ties into a discussion on Q3 earnings so far and some of the big name stocks set to report this afternoon and later this week. We also look internationally where markets continue to struggle.

The biggest question is if this rally is the start of something more bullish or simply another bear market rally.

Click here to visit Joel's PreMarket Prep website.

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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 in the stock markets to real times data and what happened back in 2008. Follow along on the charts below to see why he thinks a big move down is coming for the markets and how news and data is lining up to support this.

S&P in 2008

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Justin Reid, CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), joins us to review the new high-grade gold discovery at-surface, near the Z87 open pit, which contained the single best drill interval in the Project’s history; returning 4.38 g/t AuEq Over 46 meters, (including 154.27 g/t Over 1 meter). Some other notable drill holes were 2.52 g/t AuEq over 25 meters, including 12.36 g/t AuEq over 3 meters and 3.15 g/t AuEq over 6 meters; then 2.04 g/t AuEq over 17 meters including 4.95 g/t AuEq over 5 meters; and additionally 1.28 g/t AuEq over 61.6 meters, including 2.17 g/t AuEq over 9 meters and 2.79 AuEq over 5.7 meters.

These encouraging higher-grade exploration results near surface in what is being dubbed the X22 area, from the Phase II “gap zone” drill program at the Troilus Gold Project are substantial enough that the company is now getting very aggressive on with 3 drills on this area with roughly 30,000 meters of drilling focused here over the next 3 months.

This new discovery is changing the front-end of the mining strategy, and would have made the upcoming PFS obsolete. As a result, Troilus Gold is going to be moving into an updated resource estimate by year end, incorporating an additional 125K – 175k meters of drilling since the last resource estimate in 2020, and then moving directly into a Definitive Feasibility Study in mid-2023. Justin outlined that this would save the company about 3-5 months of time and roughly $3-$4 million in cost, since so many areas of work and derisking have already been completed at a Feasibility level. We highlight, for example, the extensive metallurgical testing the company has put the 3 main resource areas through at a pilot plant with very economic recovery rates.

Looking forward to upcoming news, the Company is cashed up, aggressively drilling the Gap Zone and new discovery between Z87 and the Southewest Zone, but is also going to be reporting some summer drill results from a few of the regional targets, stepping out further from the project. In addition, the company plans on updating it’s resource estimate by year-end. Troilus holds a strategic land position of 142,000 ha (1,420 km²) northeast of the Val-d’Or district, within the Frôtet-Evans Greenstone Belt in Quebec, Canada.

If you have any questions for Justin regarding Troilus Gold, then please email us at either Fleck@kereport.com and Shad@kereport.com.

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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 the positive. This is going to be a big week for markets as we will see earnings form the big tech companies. As Ed outlines the rally over the past couple weeks looks like nothing more than a bear market rally. We tie this into the gold market, that is mostly neutral this month but did not break to lows for the year like the equity markets. We also discuss the crypto market with a focus on Ethereum's recent merge.

Click here to keep up on Ed's daily market notes over at OANDA.

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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 a new exploration Company focused at the Dios Padre Gold-Copper-Silver Project in Sonora Mexico.

At the conference Bruce updated me on the results from the initial drill program that were released a day before the conference began. Hole 1, which was drilled into a brand new target, yielded one of the best holes drilled in Mexico this year. The result was 35.8 metres 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.

We have Bruce introduce the Project by providing a background of historic work and mining. We then focus a lot on the results of Hole 1 at this new target. Including a bit of information on the management team and financial position of the Company.

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 and read over the drill results news release.

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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 which caused the USD to fall and pretty much everything to rebound strongly. As you will hear from our guests this week., Jesse Felder and Dana Lyons, outside of bear market rallies they are expecting this bear market to continue.

Please keep in touch with Shad and I 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 focus on the macro driver for the markets. We discuss Q3 earnings season so far, the surprising strength of the consumer, his outlook on the energy sector as well as the precious metals.
- Click here to learn more about the Felder Report.
Segment 3 and 4 - Dana Lyons, Fund Manager is up next with more short term trading strategies in a wide range of sectors. We start with the USD, move to bonds, then over to gold and gold stocks as well as silver.
- Click here to keep up to date on Dana's trading strategies.

Exclusive Company Interviews This Week

Silver Hammer Mining – Exploration Update at Silver Strand, Eliza, And Silverton
LithiumBank – Boardwalk Hydrogeological Results, PEA Timeline and the latest from Park Place
Blackrock Silver – Highest-Grade Silver And Gold Intercept To Date Reported At The Tonopah West Project
District Metals – Exploration Update At The Gruvberget Property, Including High-Grade Drill Results and New Target Generation
Minera Alamos – Recapping The Robust PEA Economics For The Cerro De Oro Gold Project
Arizona Sonoran Copper – Maiden Resource At Parks/Salyer Of 2.92 Billion Pounds At 1.015% Copper, Increased Global Copper Resource To 6.5 Billion Pounds
Thor Explorations – Recapping Q3 Operations That Exceeded Guidance And A Comprehensive Exploration Update
Labrador Gold – high-Grade Drill Results From Big Vein, A Look Ahead To The Remaining 42,000 Meters Of Drilling At The Kingsway Project

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Craig Hemke, Editor of TF Metals Report, joins us to review the rally we’ve seen in the precious metals and general markets today on Friday to close up the week, due to the intervention in the Yen from the Bank of Japan. The rebound in the Yen, pressured the US Dollar and gave a boost to other markets based on the way the trading algos reacted. This is just a short-term move, and not a medium-term reversal in the larger trend in the PMs, general markets, or the US Dollar. However, it does foreshadow how the markets will react when the Fed eventually follows suit with other central banks, like what we've seen lately from the Bank of Japan and Bank of England, and when they likewise reverse course to underpin market stability.

Another positive that Craig points out, as it relates to the precious metals sector, is that silver still never broke down below it’s September lows, and it seems to have a more positive chart than gold lately. With silver having bottomed first, between the 2 precious metals, and having reversed up sharply off the last low with a short squeeze rally, and then despite recent weakness it rallied again up above $19 to close up this week.

We wrap up with a more broad discussion of the media coverage to end the week reiterating that the Fed has been messaging they are at least going to be slowing down the amount of rate hikes over the next few meetings. As Craig points out, the central bank was really far behind the curve in starting to hike rates to fight inflation, and now they are behind the curve in slowing down their tightening policy into a slowing economy. For now all eyes remain on Fed policy and the trends and expectations around inflation.

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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 from the Big Vein and Big Vein SW target areas.

We have Roger recap these results and provide an overview of high large the Big Vein mineralized area is currently. We also focus on the remaining 42,000 meters of drilling that Company has planned as part of the 100,000 meter drill program. The focus is primarily on continuing to grow Big Vein but there are also a number of new targets that will be drilled. the Company is cashed up with $21million in the bank.

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

Click here to visit the Labrador Gold website and read over the most recent news.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review how he is reshuffling his portfolio and adding in more beta optionality plays and small micro-cappers, in addition to the traditional quality alpha plays. He points out that you don’t want to be in beta optionality plays at the end of a long uptrend, but that is not where we find ourselves at present. Conversely, when there has been a long corrective move lower in the gold and silver stocks, and we see extremely depressed valuations for cashed up developers with ounces in the ground or even producers, that getting into more of these call options on higher metals prices and a sentiment turn can be a rewarding experience.

We discuss that many that have been waiting for breakouts in mining stocks before taking positions have been perpetually wrong-footed after a series of false breakouts, and that they’d have been better served buying into the downturns when sentiment readings were near their lows. He believes it is important to find companies with quality teams and projects that have the access to capital to survive this low sentiment, so that they can thrive when sentiment improves.

Some of the quality “alpha” companies discussed that have weathered the storm better were Western Alaska (WAM), Snowline Gold (SGD), Goliath Resources (GOT), Eloro Resources (ELO), K92 Mining (KNT), and i-80 Gold (IAU). Some of the “beta” companies with optionality to rising prices and improving sentiment were Nighthawk Gold (NHK), Integra Resources (ITR), Wallbridge Mining (WM), Liberty Gold (LGD), and Bonterra (BTR).*

*Western Alaska, Goliath Resources, and Eloro Resources are sponsors of The Hedgeless Horseman website, and Erik has shares of many of the companies mentioned in this interview in his portfolio.

Shad has shares in i-80 Gold, Integra Resources, Wallbridge Mining, and Liberty Gold.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us for a review of the financials & production metrics, and exploration strategy at the producing Segilola Gold Project mine in Nigeria, along with an exploration update from the Douta development Project in Senegal.

We review the Q3 operations metrics, where production came 26,523 ounces of gold produced exceeding guidance for the quarter of 23,000 - 25,000 oz. This outperformance beyond guidance was due to rising head grades, optimal recovery rates at 95.5%, and higher throughput at the processing plant at Segilola performing beyond the nameplate expectations. The average head-grade has also risen to around 3.63 g/t gold, and mined grades, which will show up in Q4 metrics has risen to 4.43 g/t gold. All-in sustaining costs are still on track for the annual guidance for between $850-$950 AISC, so there are fantastic margins, and due to outperformance the Company has raised full year guidance to 95,000 to 100,000 ounces of gold.

Next we discussed the continued progress in the repayment of debt, where the Company repaid an additional tranche of US$10.3 million of its Senior Debt Facility in the Period and has now reduced the facility by almost 50% in nine months of commercial production. This provides the company options with restructuring the remaining debt, or just pushing more revenues and cashflows towards exploration and expansion for 2023 and beyond.

The conversation then shifted to resource expansion and definition at Segilola, with the on-going 5,000 -10,000 meter drill program well underway to explore at depth under the existing pit, and allow for a deeper pit, and explore for the potential of an underground mining scenario. There are also additional meters planned by the exploration team to keep testing nearby regional targets, with the goal to locate accretive open pit satellite deposits that can feed the mill.

We wrap up with the continued exploration work going on at the key development-stage Douta Project in Senegal, where the Company is looking to extend the Makosa ore body, as well as doing further drill testing around the new mineralized discoveries at the Mansa and Maka targets. As the exploration program wraps up in the next 4 weeks, the goal is to put out an expanded resource estimate update, with a goal to take things to over 1 million ounces, beyond the recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit. After the resource update, the company also plans to put out a Preliminary Economic Assessment in Q1 of 2023.

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.

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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 is on the Cactus Project, in Arizona that already has 3.5 billion lbs of copper at the Cactus East and West Deposits. This brings the global resource to almost 6.5 billion lbs of copper.

George Ogilvie, President and CEO of Arizona Sonoran joins us to highlight the key aspects of this maiden resource at Parks/Sayler. We also compare the resource to the Cactus Deposit. Another important aspect of the overall asset is it borders the Ivanhoe Electric asset. That Company was valued at over $1billion when it listed back in June. We also have George outline what work is planned for next year in terms of exploration, upgrading the resource and further de-risking work.

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

Click here to visit the Arizona Sonoran website and read over the full Resource Estimate news release.

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Doug Ramshaw, President and CEO of Minera Alamos (TSX.V:MAI – OTCQX:MAIFF), joins us to review the PEA at their key development Cerro De Oro gold project in Zacatecas, Mexico. We start off by recapping the robust economics:

LOM All-In Sustaining Cost (AISC) of $873/oz -- averaging $763/oz in Years 1 through 4.
After-Tax NPV at 5% of $150.5M and IRR of 111%.
Average annual gold production approaching 60,000oz (~60,000oz to 70,000oz in Years 1 through 4).
8.2 year mine life based on initial mineable total of 59 Mt of mineralization
- Pre-production capital costs of $28.1M (includes 30% contingency).
Payback period of 11 months.

We discuss the growth-oriented production profile where Santana will be able to grow from 30k ounces per year in gold production up to over 40k ounces, and where Cerro De Oro is projected to produce 60k-65k ounces of gold per year taking the company up to a 100,000+ ounces per annum mid-tier gold producer. After that the 3rd Project, La Fortuna, is projected to produce about 50k ounce of gold per year taking things up to about 150,000 ounces per year production in just the next few years. In addition to all the production growth on tap over the next few years, the company also has is continuing to explore and expand on all projects and Doug highlights how there is management upside expectation to continue to grow resources at all 3 Projects, funded by organic revenue growth.

We wrapped up with Doug outlining the general plan for financing the Cerro de Oro project into production, and that with the modest $28 million capex, and about $13 million already in house at present, that it’s likely going to be something like a $20 million debt facility, slated to be paid right back in about 11 months, based on the economics in the PEA.

Please email us with any follow up questions for Doug regarding Minera Alamos. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

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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 also discuss the macro outlook that will play into where the markets go from here. It's all about when the markets will turn and when gold and the underlying stocks will rebound.

Click here to follow Jordan on his site, The Daily Gold.

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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 should be major drivers to the gold price. Unfortunately over the past few years we are decades high inflation and deeply negative real rates but gold has not gone to all-time high price levels. It's been the US Dollar that has been the safe haven play. This has us discussing what could actually drive gold and how the precious metals could diverge from the broad markets.

We also discuss the environment for the the resource stocks. We keep hearing that companies are holding back on news and conserving cash. Jayant shares what he is looking for and would like to see in terms of the sector.

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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 was acquired almost 1 year ago, in late October. On September 21st the Company announced 5 drill holes from the Gruvberget North Zone. Following up on October 3rd soil sample results were released.

We have Garrett further detail the Gruvberget North Zone and why this area was first to be drilled. The highlight holes, 002 and 003 yielded the best results. We also recap the high-grade soil sample results and future drill targets.

If you have any follow up questions for Garrett regarding the drill or sample results please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the District Metals website and read over the recent news releases.

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Dave Erfle, Founder of the Junior Miner Junky, joins us to review 2 recent site visits to the projects at both Discover Silver Corp (TSX.V: DSV) (OTCQX: DSVFF) and Vizsla Silver Corp (TSX-V: VZLA) (NYSE: VZLA). We discussed the attributes of both companies that Dave was impressed by, and also dove into the kinds of benefits that come from doing an in-person site visit, over just researching a company via press releases or even in one-on-one meetings.

*In full disclosure, both Dave and Shad are shareholders of both Discovery Silver and Vizsla Silver.

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Andrew Pollard, CEO of Blackrock Silver (TSX.V: BRC – OTCQX: BKRRF), joins us to discuss recent drill results from the Company's ongoing step-out and in-fill drilling programs on its 100% controlled Tonopah West project located along the Walker Lane trend in west-central Nevada.

Drill hole# TXC22-057 has delivered the highest-grade intercept at the project to date, intersecting 0.91 metres of 37.86 g/t Au and 2,740 g/t Ag or 6,526.7 g/t AgEq within 1.52 metres grading 22.88 g/t Au and 1,654.1 g/t Ag or 3,942.2 g/t AgEq starting at 191.42 metres down-hole in the “New Discovery” area along the southern edge of the DPB resource area. We also discussed how this new zone of mineralization is to the south, expanding the mineralized footprint well beyond the April 2022 resource boundary and shows this project remains open to the south, northwest, and at depth.

Other drill results released also demonstrate continued expansion of the key known mineralized structure on the project at the Denver/Victor vein by an additional 600 metres to the Northwest, which has now grown to over 3 kms of drill-defined strike, and appears to remain open to the west. There are 2 drill rigs operating at site and assays for 10 drill holes are pending at this time, with additional holes already planned and highlighted on the accompanying graphic below. We also discuss this future drilling and how that will tie into an eventual updated mineral resource estimate.

If you have any follow up questions for Andrew on Blackrock Silver, then please email us at Fleck@kereport.com or Shad@kereport.com

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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 we start by discussing his background in financial markets and what turned his attention to the resource sector back in 2018. We then move to general market comments focused on the continued downtrend in markets and metals. The main topics focus on what will truly mark a bottom for metals and what the main investment narrative for metals is.

Click here to learn more about Crescat Capital.

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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 well network design at the Boardwalk Lithium Brine Project, located in west-central Albert.

The key to this study is how it will filter into the upcoming PEA on the Project. We discuss the key data within the results, including the flow rates, production rates and years of production. I also have Rob provide us with a general comparison of where he sees this Boardwalk Lithium Brine Project positioned compared to other lithium brine projects in the market. It's still a small and emerging sector.

We also get an update on the Park Place Lithium Brine Project (was renamed from Fox Creek) located in west-central Alberta. The Company just commenced (announced on September 22nd) a hydrogeological study at this asset. Rob provides more of an introduction to this asset and the work planned here.

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

Click here to visit the LithiumBank website and read over the recent news releases we discussed.

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Morgan Lekstrom, President and CEO of Silver Hammer Mining (CSE:HAMR – OTC:HAMRF), joins us to provide a comprehensive overview of the Company’s focus on silver exploration in Idaho and Nevada. The Company holds three prospective and prior-producing silver miners with the Silver Strand Mine in Idaho, along with the Eliza Silver Project and the Silverton Silver Mine, in Nevada.

We focus first on the recently completed 11 hole Phase 2 exploration program at the Silver Strand Mine, as well as reviewing the historic drilling and Phase 1 drill program that was completed last year. Next we shifted over to the ongoing soil sampling and geophysical surveys vectoring in on targets at the Eliza Silver Project. We wrap up with work planned around the Silverton Silver Mine, with permitting for 12 drill pad locations now in place, and the board reviewing the details about an upcoming RC drilling program at this property.

Please email us any questions you have for Morgan regarding Silver Hammer Mining. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

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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 the segments posted earlier in the week.

We will be back at it to kick of the week next week. We hope you all have a great weekend.

Segment 1 and 2 - Dana Lyons, Fund Manager and Editor of The Lyons Share website joins us to share his big picture and longer term playbook for this bear market. When we have Dana on we usually dive into his short term trading strategy for a wide range of markets. Since we are in a prolonged bear market we decide to take a step for the investors that want to limit losses but not have to watch the markets everyday.
Segment 3 and 4 - Dan Steffens, President of The Energy Prospectus Group joins us to provide an update on the investing landscape for the energy sector. We focus on the oil and natural gas sectors by first discussing the OPEC+ meeting and the 2 million barrel per day cuts. We then move to the US which continues to withdraw oil from its strategic petroleum reserves (SPR). This all ties into his price forecasts for oil.
- Dan is also offering a special discount to all of you wanting to subscribe to his service! All you have to do is send an email to Sabrina at energyprospectus@gmail.com and they can ask for the promo code to get $100 off the first year.

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Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL - OTCQB:CMILF) joins me to discuss the acquisition of 7 new lithium and Rare Earth Elements (REE) reservations in Finland. These projects add to the Company's portfolio of battery metal and base metal projects in Finland and Norway. I ask Eric about the history of these projects, past work done and plans to move these toward drilling.

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

Click here to read over the news release highlighting the 7 new projects in Finland.

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Dana Lyons, Fund Manager and Editor of The Lyons Share website joins us to share his big picture and longer term playbook for this bear market. When we have Dana on we usually dive into his short term trading strategy for a wide range of markets. Since we are in a prolonged bear market we decide to take a step for the investors that want to limit losses but not have to watch the markets everyday.

Click here to learn more about Dana's website, The Lyons Share.

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Chris Wilson, Chairman of Mantaro Precious Metals (TSX.V:MNTR - OTCQB:MSLVF) joins me for a recap of the news so far this month out of the Company. The first drill hole result from the 3,000 meter program at Golden Hill, in Bolivia was released on October 5th. There was also a management update on October 4th where CEO Craig Hairfield resigned. On top of these topics we also get a quick update on the Santas Gloria Project in Peru.

The main focus of the interview is on the initial drill result at Golden Hill. I have Chris outline the targets being tested through the program and recap the past drilling that is guiding some of the current program.

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

Click here to visit the Mantaro Precious Metals 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 us to discuss a number of topics relating to the moves in the general equities, the US dollar, the upcoming CPI number and inflation expectations, Fed policy, an outlook on Q3 earnings, some stocks in the tech sector he’s watching, and his technical outlook on gold and silver.

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Dan Steffens, President of The Energy Prospectus Group joins us to provide an update on the investing landscape for the energy sector. We focus on the oil and natural gas sectors by first discussing the OPEC+ meeting and the 2 million barrel per day cuts. We then move to the US which continues to withdraw oil from its strategic petroleum reserves (SPR). This all ties into his price forecasts for oil.

After the big picture comments we dive into the stocks. Dan shares his favorite stocks ranging from big producers to the smaller growth focused stocks.

Dan is also offering a special discount to all of you wanting to subscribe to his service! All you have to do is send an email to Sabrina at energyprospectus@gmail.com and they can ask for the promo code to get $100 off the first year.

Click here to learn more about The Energy Prospectus Group.

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Craig Nicol, CEO of Graphene Manufacturing Group (TSX.V:GMG) joins me to recap the news released this morning highlighting new and improved coin cell battery performance, graphene production update and the next steps toward building a battery manufacturing facility.

There are a few key points within the news that we focus on starting with the battery technology that is now being taken over by GMG with their partnership with University of Queensland. This tied in with the updated improvements in energy density and faster charging times. After discussing the performance improvements we focus on the Company's graphene production. Ensuring the Company can produce enough high consistency graphene is another big step forward for the battery division. We wrap up the interview with a discussion on approximate timing for a final decision on building a full scale battery manufacturing facility.

If you have any follow up questions for Craig regarding GMG and this news please email me at Fleck@kereport.com.

Click here to visit the GMG website and read over the full news release.

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What a start to Q4! Volatility is here to stay and is seems like a bear market continues to be the dominant theme.

It's important to balance out macro and technical outlooks when looking ahead for the markets. Both seem to be lining up for generally lower equity prices but if your a trader this is a great environment to play the swing. So far everything has been pretty textbook in terms of a bear market.

We hope you enjoy the show! Please email us with your thoughts on the markets, our guests and companies you would like to see us interview. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and Editor of The Boock Report kicks off the show by sharing the main themes of his upcoming talk at the New Orleans Investment Conference. It's titled "Everything Is Clear As Mud". This refers to central bank policy, economic data and a couple other key market drivers. We discuss everything from inflation data, interest rates, the US Dollar run and precious metals.
- Click here to visit Peter's The Boock Report website.
Segment 3 and 4 - Doc joined us on Wednesday for his monthly technical update on metals, markets and the US Dollar. This is a replay of that interview. If you want to get a good understanding of long terms trends, Doc is a great listen.

Exclusive Company Interviews This Week

Tier One Silver – Recapping Exploration Results From The Cambaya Target areas on the Curibaya Project
Kodiak Copper– Strong Drill Results From the Gate Zone and Newly Discovered Trend At The Prime Zone, On The MPD Project
Palamina Corp – High-Grade Sample Results From The Newly Acquired Sol De Oro Zone On The Usicayos Project, Exploration Results From The Galena Project
Contango Ore – A Path To Production With Kinross As A Partner At Manh Choh and Exploration Ongoing At Lucky Shot, Both In Alaska
Sarama Resources – A 2.9milllion Oz Gold Resource In Burkina Faso With A 50,000 Meter Expansion Drill Program Underway
Vizsla Silver – Bonanza Grade Silver Results From The Copala Vein, Increasing Strike Length At Copala and Napoleon, Further Consolidation Of The Panuco Project
Metalla Royalty and Streaming – Updates On Potential Future Royalty Acquisitions, Development and Production Assets
SilverCrest Metals – Production Update Focused On Commercial Production, The Environment For Silver Development Companies
Lion One Metals – Exploration Update Recapping The High Grade Feeder System Results, Regional Targets and Metallurgical Drilling
Aztec Minerals – Drilling At Cervantes Wrapping Up, A Look Ahead To Upcoming Drill Results
TriStar Gold – Introducing The New COO Marcus Brewster, His Background And What He Likes About The Castelo De Sonhos Project

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website, joins us to recap this week's market moves, todays jobs number, central bank interventions, and inflation. We start off reviewing that one of the key takeaways in the jobs number, that came in just a little higher than expectations, was the lower unemployment rate of 3.5%, and this strong labor market gives the Fed more room to keep hiking rates longer and higher than many initially expected.

Next we review the recent rebound in the US Dollar and how it is moving in comparison to other currencies where we see more intervention to back stop market volatility. Marc unpacks the different strategies deployed by the Bank of England versus the Bank of Japan, and also the bigger process going on with the IMF and banks using swap lines.

We wrap up looking forward to the CPI data on inflation that we'll get next week, and that it will be key to see how energy factors into the differential between headline inflation versus core inflation. We also look at what it may mean for China as they come back next week from holiday to a flurry of data on lending, trade, PPI, and CPI.

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TriStar Gold (TSX.V:TSG - OTCQX:TSGZF) announced on October 3rd the appointment of Marcus Brewster as the Chief Operating Officer. I am joined by Marcus to learn more about his background especially paleoplacer gold mines, which is the 2.5 million ounce deposit at the Castelo de Sonhos Project. I also have Marcus share what attracted him to the Company and asset as well as his vision for moving the asset forward through a Feasibility Study.

If you have any follow up questions for Marcus or the rest of the team at TriStar Gold please email me at Fleck@kereport.com.

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

Shad and I are attending the upcoming New Orleans Investment Conference on October 12-15. We’d love to see you there! It's a great way to meet company management and spend some time in New Orleans. Click the link below to register and please let us know if you will be there so we can meet up.

Click here to find out more about the conference.

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Craig Hemke, Editor of TF Metals Report, joins us to review the rally we’ve seen over the last week as the Bank of England pivot last Wednesday, emboldened market participants to assume the Fed will be forced to do a similar pivot at one point when something domestic breaks. He mentioned that this trading action we’ve seen in gold, silver, mining stocks, and general equities is only a hint of what is to come when the US central bank finally is forced to backstop a large enough economic situation.

The nuance about the pivot is that, for now, the Fed must continue on with hiking and tightening their balance sheet, as they’ve repeatedly messaged their plan to still keep fighting inflation by reducing demand. However, when the pressure becomes too great to ignore, like it did in Japan, then Great Britain, and then Australia, then they’ll be forced to adjust this policy. Many believe that will be a large catalyst for rolling over the US dollar, and rise in the precious metals, and the action since the BOE pivot indicates that is a high probability outcome. We just saw the recent outperformance of silver over gold, when the shorts got squeezed, which was foreshadowed by the bullish contrarian reading in the COT reports for silver. In addition, silver and even the mining stocks stabilized this week, despite the US dollar rebounding out of its downturn to move back higher again. Gold also has reversed quickly after a brief dip below the key $1675 support, so all things considered, Craig feels we may have seen the lows for the year in the PM sector.

We wrap up with a look forward to tomorrow Jobs Report, and dive into how this number is essentially guesstimated using surveys and the “birth-death adjustment” of how many businesses were started or closed based on long-term averages. Based on the negative birth-death adjustment seen last year in September, Craig believes there is high likelihood tomorrow’s number could disappoint to the downside, and that there may be some interesting market responses if that is the case.

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Simon Dyakowski, President and CEO of Aztec Minerals (TSx.V:AZT - OTCQB:AZZTF) joins us for a quick update on the drill program at the Cervantes Project, in Mexico.

Now 100% owners of the Cervantes Project (announced on July 26, 2022) the program is stepping out at the California Zone and testing some of the other targets, including the Jasper Zone. The Company is expecting to receive initial results in the next couple of weeks.

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 to learn more about the Cervantes Project.

Click here to find out more about the conference.

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I'm happy to report that I have Chris Kimble, Founder and Editor of Kimble Charting Solutions back on the show! Chris has shared a handful of charts (all posted below in order we discuss in the interview) focused on some key infection points for the USD and gold. We good back decades looking at major trends that are being tested in both markets. Chris also shares his trading strategy for gold currently and how he will play it depending on 2 different outcomes.

Click here to visit the Kimble Charting Solutions website to follow along with Chris's charts.

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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. We focus on the high grade feeder system and results that are confirming this at depth. The Company is also drilling regional targets withing a 7km diameter looking for another high grade gold system.

We touch on the balance between exploration and development that we know a lot of you have been asking about.

If you have any follow up questions for Quinton regarding Lion One please email us at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Lion One Metals website and read over the recent news.

Click here to find out more about the conference.

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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. We focus on when the Company expects to declare commercial production.

The Production conversation ties into a discussion on the current environment for development companies. There is an interesting chart Chris shares information on, outlining the lack of cap ex spending compared to GDP.

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

Click here to learn more about SilverCrest Metals.

Click here to find out more about the conference.

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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 expectations around the Fed’s tightening policies. It’s a discussion that looks at both the technical setups in many of these sectors as well as some of the fundamental macroeconomic drivers at work.

We start off discussing the recent bounce we’ve seen in the precious metals and related mining stocks, and while Doc sees the potential for green candle in the month of October, after 6 prior red monthly candles, he does not think this recent rally is the beginning of a new bull market in the sector. Then things turn to the mining stocks and the divergence we’ve seen in this bounce and the potential weakness still to come between the more established larger and mid-tier producers and the other earlier stage junior explorers and developers. Doc then shares the types of PM mining stocks he’ll be positioning in when he feels the sector has bottomed, and also offers some thoughts on the copper sector.

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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, and whether we’ve recently seen a significant turn in direction. Precious Metals have enjoyed a very strong rally since early last week, where we saw a false breakdown in gold below key support at $1675, down to $1622 that was swiftly reversed back up over $100 to $1730. We had previous noted the non-confirmations of the breakdown in Silver not breaking down and Gold not breaking down in real terms relative to US general equities.

There are also quite a few positives for the PM stocks, in that the GDX advance decline line is showing its third most significant positive divergence of the last 7 years, and both GDX and GDXJ are showing positive divergences against the S&P 500, as well as in terms of new 52-week lows. Specifically, GDXJ has made fewer and fewer new 52-week lows even as the index made lower lows last summer. We also discuss, when looking at silver’s recent outperformance of gold, there is still a small potential that we could be seeing the early stages of a non-confirmation bottom in gold.

We wrap up with getting Jordan’s technical outlook on both the US dollar and on interest rates yields, as those markets appear to be the tail that is wagging the dog as it relates to most markets.

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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 new royalties and a couple key developments on producing royalties as well as development assets.

The Company has not announced a new transaction in over a year so we start by asking Brett about the current strategy for the Company. We then focus on the current portfolio of royalty assets to get a couple key development and growth updates.

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 to learn more about the Company.

Click here to find out more about the conference.

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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.

On September 12th the Company released bonanza grade silver results, including 2,093g/t AgEq over 12.20 meters including 36,195 g/t AgEq over 0.38 meters, at the Copala Vein. This extended the mineralized footprint of the Copala Vein by 100 meters. Also on September 22nd the Company released drill results from the Cruz Negra Vein which is 250 meters west of the Napoleon resource area. Included in that new was also the acquisition of two new claim blocks to further consolidate the overall Project.

We discuss both news releases and look ahead to where the drills are turning now and news on tap.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 website and read over the recent news.

Shad and I are attending the upcoming New Orleans Investment Conference on October 12-15. We love to see you there! It's a great way to meet company management and spend some time in New Orleans. Click the link below to register and please let us know if you will be there so we can meet up.

Click here to find out more about the conference.

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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 Sanutura Project that has a 2.9million oz gold resource. The Company has a 50,000 meter drill program ongoing, the first major program on the Project in 5 years.

We start with Andrew providing a background on the Sanutura Project and the current resource. We discuss the makeup of the 2.9 million oz resource and the areas that are being drilled currently for expanding on the resource. The 50,000 meter program is about 20,000 meters completed.

I also have Andrew discuss the Karrankasso Project that is a JV with Endeavour Mining. Endeavour Mining holds a couple projects that surround the Santutura Project as well as this JV.

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

Click here to visit the Sarama Resources website to read over the corporate presentation and recent drill results.

Click here to find out more about the conference.

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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 markets have rebounded to start Q4. We focused on a variety of resource sectors while Sean guilds us to the areas he think have the most upside. Sean points us to a couple sectors that have continues to run higher, under the radar.

Click here to visit the Wealth Wave website to keep up to date with Sean's market comments.

Click here to find out more about the conference.

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Dave Erfle, Founder of the Junior Miner Junky, joins us review the turn in sentiment and direction in the general markets and precious metals sector the middle of last week when more systemic financial weakness reared it’s head. We saw silver and the PM mining stocks take off the middle of last week more aggressively than even the moves higher in gold, when The Bank of England pivoted to ease the economic pressures in their markets, a little over a week after Japan just did the same thing. This reversed the trends of the Pound and Yen, pressuring the US Dollar lower, and boosting markets.

Then we saw the news over the weekend regarding Credit Suisse’s weakness and the concerns of a contagion affect in the banking sector. Some market participants came to see this as evidence that there is not much more room central banks have to keep hiking rates before something major breaks and then they’ll need to reliquify markets. Once again, speculators are betting that Fed pivot is becoming increasingly more likely by the beginning of next year.

As for the precious metals sector, it was promising that silver and we look at some technical resistance levels Dave is watching for in GDXJ, gold, and silver, as we head into this week’s close. Dave also highlights a number of clues and tells that we were getting near a bounce at the beginning of last week with so much bearish sentiment, where both the gold to silver ratio and the gold to S&P 500 ratio were at technically, where the BPGDM Gold Miners Bullish Percentage Index was at such a low reading, and the COT positioning in bullishly contrarian set up. Ultimately though, Dave wants to see a move above $52 in Newmont, as a key bellwhether stock, to gauge generalist investors appetite for coming back in the gold stocks.

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Doc Jones, Private Investor, joins us to discuss how his rotation out of some precious metals and oil & gas stocks, a few months back, into lithium and nickel stocks has been progressing, and where he sees the value in the resource and commodities sector. We get to hear what data he reviewed to spot the developing trends, which caused him to rotate out of a number of gold and silver stocks and energy stocks into more of the battery metals, as well as a few thoughts on how he was managing the trades within his portfolio and even real estate.

We dive a little bit further into the catalysts Doc Jones sees in energy sector overall, how he is viewing oil and natural gas plays at present, and his larger focus on the electrification and battery themes for both lithium and nickel. He also unpacks a company he likes in both of those spaces – Sigma Lithium (SGML.V) and Magna Mining (NICU.V), as two positions he holds and sees having strong fundamental growth stories.

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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 markets broadly to start Q4. Everything is bouncing while the USD and yields are falling. How sustainable is this run after a very tough Q3?

Click here to visit Joel's PreMarket Prep website to keep up to date on his market comments.

Click here to find out more about the conference.

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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 stood out to me, having both a clear production and exploration path. Albeit the need to raise money.

Rick Van Nieuwenhuyse, President and CEO of Contango Ore joins us to provide a comprehensive overview of the Company's production and exploration avenues.

Starting on the production front at the Manh Choh Property where Contago is partnered with Kinross. Kinross is the operator and holds a 70% interest in the Project. Contango, a non-operating partner holding a 30% interest, is responsible for 30% of the costs which is estimated to be around $40million. Rick provides more information on how the partnership works and the past to production.

On the exploration front we focus on the Lucky Shot Project. The Company has just started exploring here but there has been some historic mining that the Company is using to guild exploration.

If you have any follow up questions for Rick regarding anything we discussed please email me at Fleck@kereport.com.

Click here to visit the Contango website where you can read over the recent news and corporate presentation.

Click here to find out more about the conference.

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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 from the Usicayos Gold Project, assay results and land consolidation at the Galena Silver Copper Project and an update on Windshear Gold.

We focus on the exploration and corporate strategy moving forward in Peru at both the Usicayos Project and Galena Project. On the Windshear front we discuss the ongoing arbitration case with the Tanzania government.

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

Click here to visit the Palamina website and read over the news releases we discussed from September.

Click here to find out more about the conference.

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John Rubino, Founder of The Dollar Collapse website, joins us for a wide-ranging discussion on the Credit Suisse banking concerns, the ramifications of central bank tightening into high inflation, pain in the housing market, and the question of what interest rates will cause something in the macroeconomic picture to break?

Next we discuss the recent fluctuations in currencies with the yen and pound being backstopped by their central bank and heading higher, which is pressuring the US dollar lower, and providing a lift to gold, silver, and the general equities. John provides some context to how precious metals have performed in prior cycles, and what he expects to see moving forward when the central banks shift back to reliquefying the markets.

We wrap up with thoughts on the energy sector, how oil and nat gas have performed as better inflation hedges, but that it is really bad energy policies from many countries that lead us to this point. John is most optimistic on the prospects of increasing nuclear energy power generation, and what that may mean for higher uranium prices and the uranium mining stocks.

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Ed Moya, Senior Market Analyst at OANDA, joins us to review the concerns that arose over the weekend about Credit Suisse and whether that may have a contagion effect on other global financial institutions. This ties into the theme we’ve seen lately where entire the economic health of economies, equities, and bond markets have been under threat and central banks moved to intervene recently in both Japan and Great Britain. Despite all these challenges, Ed believes the threats are still mostly contained, won’t create a domino effect, and won’t stop the coordinated hawkish tightening policies from central banks globally.

With inflation continuing to run hot it continues to be the key driver, but we also reviewed the ISM manufacturing report, and expectations for the upcoming Non Farms Payroll jobs numbers on tap for this week. One other variable that Ed highlighted was that China has been down economically most of this year, but if they get their economy going again and get opened back up that this may help with more export demands from west to east, and fix some of the supply chain bottlenecks in manufacturing.

We wrap up with a look at the energy sector, with Oil bouncing today on the weak US dollar and news from OPEC about supply cuts in the works. Despite the pullback seen in the energy space over the last few months, Ed remains bullish that prices may build back closer to $100 oil as the supply is still very tight.

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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 up over $1.50, over 8%.

TG Watkins, director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share his outlook for markets, metals and energy. We discuss the macro factors he thinks will continue to lead overall direction as well as his trading strategy for markets to play this bounce.

Click here to visit the Profit Pilot website and follow along with what TG is trading.

Click here to find out more about the conference.

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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 south-central BC.

On September 30th the Company reported results from 5 holes, part of the 15,000 meter ongoing drill program. The headline hole, hole 6, was drilled within the Gate Zone and filled in a 170 meter gap between past drilling. The hole intersected 1.03% CuEq over 117meters withing 0.34% CuEq over 735 meters. The higher grade within that hole has us focus on the higher grade aspect of the Gate Zone porphyry.

Some other results withing the release were from a new zone, the Prime Zone. This area is north-east of the Gate Zone. Results did not hit the high grade mineralization but there are signs of porphyry mineralization that warrant follow up. Claudia shares those follow up plans and where the drill is turning currency.

If you have any follow up questions for Claudia regarding the ongoing work at Kodiak Copper please email me at Fleck@kereport.com.

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

Click here to find out more about the conference.

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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 in Peru. Channel samples were taken from this area to build out drill targets to be tested in a future drill program.

I am joined by Peter Dembicki, President and CEO, and Christian Rios, Senior VP of Exploration at Tier One Silver to further discuss these initial exploration results. We dive into the different elements within the samples and the follow up work that is planned before drilling.

If you have any 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 recent news.

Click here to find out more about the conference.

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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 the week for PM stock investors however overall sentiment remains depressed. The Bank of England intervening in its bond market this week was big news and caused some wild swings. This brings up a major topic that we cover early on on this Weekend's Show.

Let's all hope Q4 is better for investors and the economy, but from what we're hearing that might be a pipe dream.

Please keep in touch with Shad and I through email. We love hearing what you all think of the markets and companies that have your attention. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Click here to find out more about the conference.

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 Bank of England's move to intervene in its bond market to control spiking yields. This ties into a bigger conversation on central hawkishness and how different types of QE impact markets and economic data. Click here to visit the Marc to Market website.
Segment 3 - Jayant Bhandari, Private Investor and Consultant joins us to differentiate between investing in gold vs gold stocks. The comment that gold has held up relatively well during this entire decline brought us to this conversation as gold stocks have crashed along with everything else. Jayant shares some straight forward metrics on what he is looking for in his resource stock investments.
Segment 4 - We are replaying an interview with Brent Cook, posted on Tuesday. We focus on the overall health of the resource space. This includes a historical reference for the current market environment, key fundamentals he is looking for in stocks, jurisdictional breakdowns, metals he is more optimistic on and a few more topics! Click here to visit the Exploration Insights website to follow along with Brent and Joe.

Exclusive Company Interviews This Week

Gold Bull Resources – Scoping Study At The Sandman Project Shows Near Term Small Scale Production Potential
Signature Resources – Exploration Update With An Initial Resource On Tap
Dolly Varden – High-Grade Silver Drill Intercepts From Stepping Out From The Wolf Deposit
FPX Nickel – Scoping Study For EV Battery Supply Chain, Updated Resource Coming For Baptist and Drilling Concluded At The Van Target
Golden Shield Resources – Drill Results From The Phase 2 Program, Including High-Grade At Depth, The Start of Phase 3 Program
Exploits Discovery Corp – An Important Land Acquisition Between Newfound Gold and Labrador Gold, Drilling On Going At Titan Gold Target
Petrus Resource – Update On Growth Strategy With New Debt Facility And New Wells Coming Online

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the risk/reward set ups at market extremes, and makes the point that what we do at extremes has the biggest impact on the longer-term performance of our portfolios. As the saying goes, “Most of your returns are in a bear market, but you just can’t see it yet.”

We start off discussing the very negative sentiment in the precious metals sector, and the flurry of calls for lower gold we’ve seen until just the last few days, now that the $1673-$1675 support zone was broken to the downside. In the middle of this week, when it looked like Great Britain’s economy and pension funds could implode, and the Band of England took emergency action to underpin things, the sentiment in PMs and markets changed suddenly. Erik points out how wrong-footed so many would have been if they had not be able to swiftly underpin things, and how for those hiding out in cash on the sidelines, they’d have missed out on the resulting moves after that. With so much global financial distress, we could see a market event change things suddenly, and this underpins the case for gold as a safe haven in one’s portfolio.

With regards to the gold mining stocks, they are businesses within an industry, mining, that is not going away, and thus the quality mining companies are not going to zero or out of business. Erik has been watching Bear Creek Mining (BCM) as a proxy for the sentiment in the PM sector, because with more exposure to silver, and that being a more emotional market, it is a good way to gauge interest in the sector. BCM is now down to lows not seen since the 2008 financial crisis and 2016 low in the PM mining stocks. He believes it is important to find companies with quality teams and projects that have the access to capital to survive this low sentiment, so that they can thrive when sentiment improves. Erik notes that Headwater Gold (HWG) just had a major, Newcrest Mining, partner with them to help fund more exploration at 4 projects, and he sees scenarios like that as attractive.*

*Headwater Gold is a sponsor of The Hedgeless Horseman website, and Erik has shares in this company in his portfolio.

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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. With 9 oil and gas wells drilled and coming online through the end of the year, at both the flagship Ferrier liquids-rich Cardium gas play and Ferrier North in Alberta, there should be a meaningful increase in production by Q4. The company also participated in a few partner wells this year, as well as extending the drilling at some of their own wells from 1 mile to 2 miles. 3 of the new wells coming online at Ferrier are these "2-milers," and Matt explains the rationale was because of the efficiencies in less capital needed, less of a surface footprint, and doubling the access to the reservoir. This will take production from 6,000 BOE per day currently, up to nearly double that at 10,500-11,000 BOE per day by year end and moving into Q1 of next year.

Ken outlines why the oil and gas fields at Ferrier are on par with other popular area plays, but just lessor known, and why the company just acquired more lands in this are to keep developing strategic interests in this area. We also discussed that the first well drilled at the nearby North Ferrier area is still producing great flow rates of 830 BOE per day, and they have drilled a 2nd well here that will be adding to their production profile here, and they plan on expanding this area for quite some time.

We wrap up with getting an overview of the key news on tap and more information on the strategy behind their debt restructuring with a new bank, better terms, and more flexibility to focus on their growth strategy. While Q3 will show an increase in capital spent, and won’t have the production uptick yet, they will be releasing a big update on their year-end and 2023 work plans, and then the production ramp up will begin in Q4.

If you have any questions for Ken or Matt with regards to Petrus Resources, then please email us at either Fleck@kerport.com or Shad@kereport.com.

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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 the Titan Gold Target that commenced in late August.

The recent acquisition of land between Newfound Gold and Labrador Gold caught the markets attention, as the stock rebound. We have Jeff outline the work that needs to be done to build up targets and get drilling. They will be moving quickly on this Project.

We then move to the ongoing drilling at the Titan Gold Target. A 3,500 meter, 10-15 hole program started in late August. Jeff outlines the general target, goals of the program and turnaround time of assays. This is the first drill program undertaken by the Company since Jeff assumed the President and CEO role.

If you have any follow up questions for Jeff regarding anything we chatted about please email at Fleck@kereport.com and Shad@kereport.com.

Click here to visit the Exploits Discovery website and read over the recent news releases.

Click here to find out more about the conference.

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Brien Lundin, Editor of the Gold Newsletter, joins us to overview the upcoming New Orleans Investment Conference Oct 12-15, and provides his take on the macroeconomic trends and key catalysts in the general markets and gold and silver sector. Brien reviews the impressive who’s who list of key note speakers and 100 companies being showcased in a few weeks in New Orleans, and also points out that it is a chance to network with well-informed serious investors in the resource space. Cory and I will also be attending next month in person, so check out the event lineup and information in the link below.

We discuss gold’s recent outperformance over other assets classes by falling less, but that for some time the trend has been lower due to the central bank tightening and the rising US dollar. This leads to a discussion on the weakened global currencies continuing to push the greenback higher, and also how the recent actions and pivot by the Bank of England may be a hint of the potential future pivot that the Fed will also need to make. The other key driver in the markets and commodities lately has been interest rates pushing higher and higher, and we review the inverted yield curve, and ponder what would happen if there are not enough buyers of bonds and the Fed loses control of that market.

We wrap up with some reasons that Brien is still optimistic that when the precious metals sector does bounce and get more inflows for its safe haven appeal, that the gold and silver mining stocks will respond by moving up faster than many are expecting. While the mining stocks have definitely been under pressure the last 2 years, they are much closer to bottoming at these very low valuations and Brien notes that there are some amazing opportunities being presented to investors at this time.

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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 start of the Phase 3 drill program at the Marudi Project, in Guyana.

The Phase 2 program was more focused on testing the extension of mineralization at depth and laterally at the previously identified Mazoa Hill prospect. There were a couple other targets that were identified that will be tested in the Phase 3 program. This brings in the 3,000 meter drill program that is ongoing currently. I have Leo provide more information on the targets and goals of the program.

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

Click here to visit the Golden Shield Resources website to read over the recent news releases.

Shad and I are attending the upcoming New Orleans Investment Conference on October 12-15. We love to see you there! It’s a great way to meet company management and spend some time in New Orleans. Click the link below to register and please let us know if you will be there so we can meet up.

Click here to find out more about the conference.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on gold, GDXJ, silver, and their eventual divergence from US equities. We start off discussing the key support level gold has pierced below, and where support may come in. The trend has clearly been down over the last few months, and Jordan provides some key technical support levels that we need to be watching for to signal where a turn may occur.

We also discuss, when looking at silver’s recent outperformance of gold, there is still a small potential that we could be seeing the early stages of a non-confirmation bottom in gold. However, with the weakness in the PM mining stocks, like GDXJ, and the expected lower levels to come in the S&P 500 and in gold, then Jordan still believe silver will roll over and make one more move lower before bottoming after gold does.

With regards to the general equities, a key technical level remains the 40 month moving average and them staying below that level, to ultimately show they are in a secular bear market. Out of that market correction, and liquidity event, that should provide the leverage for precious metals to recover faster and begin to diverge and embark on a true secular bull market.

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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 the EV battery market, and updated resource estimate as well as updating the drill program at the Van Target.

We focus a lot on the scoping study to evaluate the production of the current resource for the electric vehicle battery market. "The Study highlights FPX’s potential to develop the world’s largest integrated nickel sulphate production facility, linking the Company directly into the EV battery supply chain via the production of low-cost, low-carbon nickel sulphate over Baptiste’s projected 35-year mine life."

We then move to the upcoming resource update on the Baptist Deposit that will include total nickel, cobalt and iron grades. This also ties into the drilling at the Van Target, however the van Target will not be included in the resource update.

If you have any other questions for Martin regarding the asset, work ongoing or upcoming resource update please email us at Fleck@kereport.com or Shad@kereport.com.

Click here to visit the FPX Nickel website to read over all the news releases we discussed.

Click here to find out more about the conference.

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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 drill results at the Wolf Vein, and to further outline this year’s exploration program at the Kitsault Calley Project (the newly combined Homestake Ridge and Dolly Varden Projects) in the Golden Triangle of BC.

With an expanded 35,000 meter program under way, the assays announced new September 13th, from drill hole DV22-300 encountered a wide interval of multi-phase veins and breccia, intersecting 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 %Pb, 0.56% Zn and 0.19 g/t Au, with bonanza grade silver mineralization grading 4,326 g/t Ag, 4.21% Pb, 1.36% Zn and 1.00 g/t Au over 1.60m (1.12m true width). As the exploration team drills deeper, grade is continuing to increase in a substantial way, and the company is keenly awaiting Drill hole DV22-316 which will also be testing the extension at depth.

Sean also updates on how the 150 meters of step out drilling at the Wolf vein, away from the known deposit is continuing to explorer the gap area between the Wolf and Torbit deposits, and also points out the other drilling success the Company has been having on the Kitso Vein at Torbrit. We also discuss that about half of the drilling so far this year has also been focused at the newly acquired Homestake property on a few different key targets and that all those drill assays will be released over 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.

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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, in Ontario. The Company has recently identified new gold zones on the Project (announced August 30th) through sampling and will be following up with additional surface work.

The Company also has an initial 43-101 Resource Estimate in the works that is estimated for late this year, possibly early next year.

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

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

Click here to find out more about the conference.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show as well as Editor of the PreMarket Prep website, joins us to review the continued market pressure from both rising interest rates and a surging US dollar. We discuss market expectations around Fed policy, and he feels it is already priced in at this point despite different central bank mouthpieces reiterating another 100 basis points of hikes to come, and feels the tell has been the bonds and how TLT signaled the rollover in markets earlier today. We also get Joel views on different data points we see circulating out there like daily sentiment readings, oversold momentum signals, monthly closes and quarterly closes and more.

When we dive into how to parse the expectations for Q3 earnings season, he reiterated they are expected to be weak, but we also discussed the impact the strong dollar is having on multinational companies, where it is hurting their earnings overseas. Joel will be more focused on how companies provide guidance for Q4 of this year and Q1 of next year, as the forward-looking messaging from companies will be more important than the backward looking numbers from last quarter.

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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 study at the Sandman Project, in Nevada. This scoping study, which is the same as a PEA, looked at the 250,000 ounce gold resource (out of the total 494,000 oz resource) above the water table to assess economic viability. We recap the numbers, which do show good profitability, and look ahead to if the Company will actually move froward with the small scale production.

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

Click here to read over the full Scoping Study news release.

Click here to find out more about the conference.

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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 into him at the recent Beaver Creek conference I locked him in for an interview!

We focus on the overall health of the resource space. This includes a historical reference for the current market environment, key fundamentals he is looking for in stocks, jurisdictional breakdowns, metals he is more optimistic on and a few more topics!

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Ed Moya, Senior Market Analyst at OANDA, joins us to review the flood of bearish headlines that continues to pressure the US and foreign equity markets, as well as spike the US dollar. We start off discussing the health of the economy, job markets, and consumer, where the risk aversion and defensive posturing has people fleeing to go into the perceived safe haven of the greenback. This move higher in the US dollar is further accentuated by the weakness in other key currencies like the pound, euro, and yen. Ed points out the financial challenges that the Bank of England has faced of late, mimicking the same challenges most of Europe or Japan is also facing.

With inflation continuing to run hot globally, and central banks tightening their monetary policies and continuing to hike rates, most economists and market pundits are expecting to see general markets keep rolling over. We talk about the outlook for Q3 and Q4 earnings looking to be weak, and companies messaging the impact of higher input costs and more expensive labor costs, their focus will be on cost cutting measures to assist shrinking margins and that could mean more layoffs.

Oil has at least started to pull back down, with crude oil in the high $70s, but Ed feels that could be short-lived and that supply still remains tight and should underpin relatively strong energy prices in the medium-term. As for Gold, Ed points out that is remains under pressure with surging interest rates and the strong dollar, and if everything goes wrong and there is a final flush lower, then he mentioned $1550 becomes an attractive area for accumulation.

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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 support levels. The reaction was a bit delayed from the Fed meeting but it's clear bear market action is still the theme. Unfortunately for all of our metals investors the resource stocks get crushed at the end of the week as well.

On this Weekend's Show we jump around to a wide range of sectors with 3 very solid generalist investors. I warn you, the outlook is not great...

Please keep in touch with Shad and I through email. Our email addresses are Fleck@kereport.com and Shad@kereport.com. Let us know what you think of this recent market meltdown and what stocks (if any) you are buying.

Segment 1 and 2 - Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by sharing his outlook for US markets, the US Dollar, gold and bonds. After the weak close to the week a lot of his lower targets look to soon be tested. It's not a great feeling hearing these lower targets from Rick but it is a good warning for investors as Rick has been very accurate over the years he's been on the show. Click here to learn more about Rick's investment products.
Segment 3 - Jesse Felder, Editor of The Felder Report joins us to focus on the bond market. As yields continue to rise this is the first time in 40 years that we are seeing a bear market for bonds. As much as the Fed is driving a lot of the bearish action there are international considerations that are amplifying the moves. Click here to visit the Felder Report website.
Segment 4 - Dana Lyons, Fund Manager wraps up the show by sharing his short term trading strategies for US markets, commodities, cryptocurrencies and the USD. It all plays into Dana's investing playbook for this year which has been a bear market strategy. Click here to find out more about Dana's investment services.

Exclusive Company Interviews This Week

Torq Resources – Drill Results Expand The Initial Discovery 180 Meters At The Margarita Project, Closing $15Million Investment From Gold Fields
Vox Royalty – Announces An Inaugural Dividend, Recapping Revenue Results and Forecasts
Radisson Mining – High-Grade Drill Intercepts Along Trends 3 and 4 At The O’Brien Gold Project
Kodiak Copper – Video Update – A Focus On The New Targets Being Drilled At The MPD Project
Big Ridge Gold – Phase One 51% Earn-In At The Hope Brook Gold Project And Exploration Update

If you are still having trouble accessing our Daily Editorials on your podcast player please try re-searching for our podcast under "The KE Report". Let us know if this does not solve the problem.

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Dave Erfle, Founder of the Junior Miner Junky, joins us to outline the downward selling pressure in most markets here at the end of the week, and his technical outlook on the general markets and precious metals. With a retreat below recent support in the S&P 500, there is a real concern of a further selloff in US equities next week, and even a “Black Monday” type of scenario can’t be ruled out. This selling pressure is validation that the Fed continuing to hike rates to fight inflation is working on bringing down the demand side of the equation and was telegraphed to the markets at Powell’s speech at Jackson Hole.

As for the precious metals sector, we look at some technical support levels Dave is watching for in gold, GDX, and GDXJ as we head into next weeks monthly and quarterly close. While there is the setup for a further flash crash down in the PM sector, he doesn’t expect it to be a long protracted correction, and points out the 7 year cycles where gold has bottomed in 2001, 20008, 2015, and that we are due for one again here in 2022.

We review the current environment in the junior mining stocks, where the focus should be on companies that have quality management teams and 12 months of operating capital in the bank to continue work programs. Wrapping up, we discuss whether these low valuations in so many junior companies made encourage larger producers to acquire some of the smaller market cap companies, and Dave mentions that we may see more companies merge to strengthen their balance sheets, synergies, and value proposition.

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Craig Hemke, Editor of TF Metals Report, joins us to review his technical outlook for the US equities markets, as well as for the precious metals, and the macroeconomic factors on his radar. We start off looking at the key technical support levels for the S&P 500 and Craig feels it looks most probable after this weeks action, that it will go down and test the June lows near $3650 again. The concern if that support was to fail is that it could expediate a sharp move downward and liquidity event that would hit most sectors, including the precious metals.

With regards to gold, it did dip below the key support in the $1673-$1675 area last week, but only got down to $1661-$1662 and then reversed back up above the key support, so there were not a large number of sell stops triggered on that move. We also made note of the constructive recent outperformance of silver over gold, and the bullish contrarian reading in the COT reports for silver. In addition, silver and even the mining stocks stabilized this week despite the US dollar continuing to move even higher. Despite the bearish moves in gold, this divergence in silver could present a scenario where it is signaling that it already bottomed and bounced, and that the drop in gold may be more short-lived.

We wrap up with a look at GDX and SIL at proxies for the mining stocks, noting their sideways channel has allowed some of the oversold momentum indicators to cool off some, and the question is poised if this could allow another move lower. Craig’s position is that while this is possible for the mining sector overall, that he encourages investors to do their homework and select quality teams and projects that may still outperform, noting the performance of AbraSilver Resource Corp (ABRA) (ABBRF) over the balance of this year.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the advantage of considering the advanced explorers or developers overall sunk costs in relation to their current valuations to spot inefficient markets. We dive into the topic considering all the sunk costs in project(s) with regards to capital deployed, time, personnel, specialized knowledge, and derisking. This encompasses all the early groundwork, trenching, drilling, geophysical surveys, permitting, expansion and infill drilling, resource estimates, metallurgical work, engineering studies, economic studies, permitting, and any infrastructure or development on site.

In this low sentiment environment in the junior mining sector there are plenty of examples of how the current market caps of companies do not reflect all the money that has been put into the projects, with many trading at 30% of those sunk costs (or 70% off of the capital that would be needed to get that project to where it is today, not even accounting for the increases in inflation). One recent example highlighted is where Lion One Metals (LIO) (LOMLF) is trading, on the back of investors upset at a recent financing, that highlights the huge disconnect between where the company is valued today, versus the over a decade of monetary capital, time, and intellectual capital spent on developing the Company's Tuvatu Gold Project to where it is today.

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Mike Bandrowski, President and CEO of Big Ridge Gold (TSX.V:BRAU – OTCQB:ALVLF), joins us to outline the Phase One 51% earn-in on their option from First Mining at the Hope Brooke Gold Project in Newfoundland, as well as an exploration update. 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.

Around 60 holes that have been drilled, so far from the Phase 1, 25,000 meter drill program, with 31 of 33 holes intersecting gold mineralization, and another 30+ holes to still report over the next 2 months. We discussed the grade, widths of recent and prior intercepts, and some of the deeper drilling underway working on connecting the Main Zone and 240 Zone. Another area outlined by Mike was the copper grades showing up in drill assays, and pointing to how there were copper credit when the mine at the Main Zone was in historic production.

After all the drill results from Phase 1 have been released, then the Company will be working on updating their resource estimate for the beginning of 2023, and then after that working on the Preliminary Economic Assessment (PEA). We discuss some of the ongoing work the company will be engaged with along with the work the engineering firm will completing to get things in place for that economic study to be released the middle of next year.

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.

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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 and press conference related to the market volatility that we saw yesterday. While markets went down, then up, then back down again at the end of the day there was not discernible change in overall trends.

We also discuss seasonality, where next month is considered crash season as well as Q3 earnings, which are expected to be weak again.

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 Cory Fleck to discuss the ongoing drill program at the Company's MPD Project focused on the new targets being drilled. Drilling in early 2022 focused on infill work at the Gate Zone and testing adjacent look-alike geophysical targets. Now the Company is transitioning to new porphyry targets many of which have historic drilling that showed near surface mineralization.

Claudia walks us through a couple maps and cross-sections to explain how the targets have been developed and the strategy for near term drilling.

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

Here is the link for the video recording.

https://youtu.be/u7jZKPCcRog

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Robert Sinn, aka Goldfinger, editor of Energy & Gold, joins us to share his recap of the Beaver Creek mining conference, his technical outlook on the precious metals sector, and some macroeconomic trends that could be headwinds or tailwinds moving forward. One of the key themes lately, that was evident at meetings from Beaver Creek, was that there is a clear gulf developing between quality companies that are cashed up to keep working, and those companies that will struggle to finance their operations moving forward. Robert also highlighted two recent financings done in the gold developers that occurred near their share price lows for both Skeena (SKE) and Lion One (LIO), demonstrating how tough it has been to raise capital in this low precious metals sector sentiment.

Next we shifted over to reviewing the key support and resistance technical levels, noting that a close in gold above $1700 this week, and more importantly a close above $1720 next week for the monthly and quarterly close would be a step in the right direction to get things turned around. We also noted the key support at $1670-$1680 that gold has been hovering around the last 2 weeks, and that if it fails, there isn’t good support again until $1625. With Silver, it has been more encouraging lately, as it diverged from gold and rallied higher the last 2 weeks, but ultimately it needs to see a monthly close next week above $20 to keep that momentum going.

We wrap up with the macroeconomic data points around the Fed, the US Dollar, and looking at the interest rates yield curve to assess what expectations the market is signaling.

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Josef Schachter, Founder and Editor of the Schachter Energy Report joins us to focus on the recent price moves in the energy sector and to offer all of you free ticks for his upcoming conference.

Starting with Josef's Catch The Energy Conference on October 22nd, he is offering a limited amount of free tickets to our listeners! The discount code can be found below. I will be attending this year and would love to meet up with any of you if you will be there! There is also a new room this year at the conference hoisted by the TMX called the Innovation and Technology Room.

On the energy sector side Josef is focused on demand destruction. We hear all the time that the markets are forward looking and the demand destruction narrative ties in with a possible upcoming recession. We then look to the stocks in terms of when a good time to buy will be and how companies are balancing dividends with growth.

Click here to claim your free tickets to the Schachter Energy Conference.

When at the payment page enter "SREguest22" in the Promo Code area.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on silver, gold, and the PM mining stocks. We start off discussing the key support level gold is hovering around, and while it has been correcting down further over the last few months, we could be seeing the early stages of a non-confirmation bottom in gold.

With Silver having bottomed 2 weeks ago and rallying from the mid $17s to the mid $19s, and with mining stocks basically trending sideways, but not selling off much harder as gold corrects, then this non-confirmation of a further corrective move, could be the start of an intermediate term really. The bear case would be strengthened if gold did close decisively below $1675 for the week, and if it is unable to close above $1700-$1715 next week at the monthly & quarterly close.

We wrap up posing the question of if we are even still in a bull market in gold, if the last 5-6 years was a bull markets, and if we've been in a bear market the last 2 years. Jordan breaks down some interesting technical and inter-market analysis observations, but points to the necessity to see the general markets roll over under the 40 month moving average to ultimately show they are in a secular bear market, and for that to provide the leverage for PMs to diverge and begin a true secular bull market.

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Ed Moya, Senior Market Analyst at OANDA joins us for a pre-Fed meeting interview where we focus on the cryptocurrency sector. There has been some big news recently in the crypto space especially with the Ethereum merge. We also discuss the investing landscape for the crypto space in terms of retail and institutions.

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Hubert Parent-Bouchard, CFO of Radisson Mining (TSX.V: RDS) (OTC: RMRDF), joins us to review some of the recent high-grade drill results from Trends #3 and #4 at the O’Brien Gold Project located along the world-renowned Larder Lake-Cadillac Break in Abitibi, Québec.

Along Trend #3 the headline drill holes were #OB-21-279 - 17.11 g/t Au over 2.00 m and 5.16 g/t Au over 1.70 m and #OB-21-275 - 12.66 g/t Au over 1.80 m including 27.90 g/t Au over 0.80 m. Along Trend #4 the headline drill holes were #OB-22-298 - 8.69 g/t Au over 2.20 m including 29.50 g/t Au over 0.60 m and #OB-21-296 - 7.73 g/t Au over 2.00 m including 15.00 g/t Au over 1.00 m. These high-grade results underpin the exploration team’s interest in continuing to explore these areas along strike and at depth along the developing Trends #3 and #4. These zones will be key areas for follow up drilling in the next phase of exploration.

With the successful conclusion of the recent drill campaign, there were 127,600 metres (255 holes) drilled since the commencement of the program in August 2019. Out of the 219 holes published thus far, there have been 141 intercepts grading over 5 g/t and 59 intercepts grading over 10 g/t. The use of directional drilling technology in the last 12 months significantly increased drilling efficiency, allowing for more precise hits wtih deeper high-priority targets and to drill test 10% more targets than originally budgeted with fewer metres. There are still 18,000 meters of drill assays at the lab awaiting release in the next 2 months, mostly from Trends #1 #2 and #0. All of these results and data will then be fed into an updated resource estimate coming out later this year, and that is the next major milestone for the company.

If anyone has any further questions for Hubert regarding Radisson Mining, then please email us at either Fleck@kereport.com or Shad@kereport.com.

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Nicholas Pardini, Founder and Chief Macro Strategist at Davos Macro Research joins us for a wide ranging interview focused on the big picture environment for markets. We discuss the broad bear market that has been with us this entire year and how inflation and Fed policy are key aspects of the weakness. We also look at the rise in the USD which ties into comments on the US economy and consumer.

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Sean Brodrick, Natural Resource Analyst at Weiss Ratings and publisher of Wealth Wave, joins us to focus on market expectations as they relate to Fed policy and inflation trends, as well as a review of the energy sector. We start off with the obvious focus this week on tomorrow’s central bank rate hike, and what it may mean for trends in the general markets. Sean discusses how he is playing the trading from both the long and short side over the short-term and medium-term. We also spend a fair bit of time reviewing the benefits of solid dividend-paying stocks, as a defensive way to get yields to wash out the effects of inflation.

Next we pivot over to the energy sector, reviewing oil, natural gas, and related equities, as well as some thoughts on the lithium sector and stocks, on charging station stocks, and few remarks on renewable energy.

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Spenser Cole, Executive VP of Vox Royalty (TSX.V:VOX - OTCQX:VOXCF) joins us to highlight the news released today announcing an inaugural dividend. We tie this news into the recent revenue growth and forecasts through 2025. We also recap the total number of current cash flowing royalties as well as which are on tap to enter production in the coming years.

If you have any follow up questions for Spenser and the team at Vox please email us at Fleck@kereport.com and Shad@kereport.com.

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Over the past couple weeks Torq Resources (TSX.V:TORQ - OTCQB:TRBMF) has announced a $15million strategic investment from Gold Fields as well as initial drill results from the Margarita Project, in Chile. Our focus in this interview is on the drill results from Margarita and upcoming program at the Santa Cecilia Project.

Shawn Wallace, Executive Chairman and Michael Henrichsen, Chief Geologist at Torq Resources joins us starting with the first drill hole result from Margarita Project released on September 13th. The 4,000 meter, 11 hole program, has been completed and we now have the first hole released. This hole (hole 22MAR-014R) intercepted 98 m of 0.94 g/t gold and 0.68% copper from 32 m – 130 m depth, successfully following up on the original discovery hole, 22MAR-013R, which intersected 90 m of 0.94% copper and 0.84 g/t gold.

We also look ahead to the upcoming work plans and start date at the Santa Cecilia Project now that the Company has closed the $15million investment from Gold Fields.

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

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This was a very busy week as I attended the Beaver Creek Precious Metals Summit. It's an intense conference where investors and companies meet one-on-one for 25 minutes all day long for 3 and a half days. I was able to spend 2 full days there and had 25 meetings. It was great to catch up with everyone and to get a good feel for the health of the overall sector. I am very lucky to receive an invite every year to this conference. The first segment of the show is my recap and key takeaways from the conference.

Since the markets had a wild week we figured it would be best to recap the Daily Editorials that best summarized the wild ride markets and metals experienced.

Please keep in touch with Shad and I through email. We love to hear your thoughts on markets and feel free to ask us any questions you have. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 - I recap my main takeaways from Beaver Creek Precious Metals Summit. It's one of the best conferences I go to every year because of the direct one-on-one access to companies. Please send us your thoughts on what I had to say about this sector.
Segment 2 - Replay from Wednesday when Shad chatted with Jordan Roy-Byrne - Macro Views On Hotter CPI And Fed Policy, Technical Outlook on Silver, Gold, and Mining Stocks.
Segment 3 - Replay from Thursday's interview with Brien Lundin - Making Sense Of Gold In These Upside Down Markets And The Upcoming New Orleans Investment Conference
Segment 4 - Reply from Friday's interview with Marc Chandler - All Eyes Still Fixed On Central Bank Rate Hikes And Inflation Expectations.

Exclusive Company Interviews This Week

Torq Resources – C$15 Million Strategic Investment From Gold Fields and A 7-Year Community Agreement At The Santa Cecilia Project
Calibre Mining – High Grade Drill Intercepts At Panteon North Return 52.59 g/t Gold Over 3.8 Meters And 43.09 g/t Gold Over 3.3 meters
Metallic Minerals – Acquisition Of 5kms Of New Mineral Properties And 3 Key Targets Expanding The Keno Silver Project

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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 corrective moves seen in most markets as a result of the hotter than expected CPI inflation reading, and expectations that the Fed will keep hiking rates longer and higher than initially expected.

Next we review the recent rebound in the US Dollar and move higher in interest rates off the back of this persistently high inflation news, that caught many traders wrong-footed. Even though other central banks are also starting to tighten, like the ECB last week and the Bank of England and Bank of Japan for next week, they are not moving as aggressively as the Fed, and so Marc sees room for the US dollar to run up to 117.50 – 120 before completing its bullish run higher. We wrap up looking forward to the next Fed rate hike next week, and after that the only data that is really going to move the needle is further inflation metrics.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to reflect on the sea of low sentiment in junior mining stocks and also provides some strategies and insights as to how he manages his portfolio in this type of environment. One area reviewed is the more recent shift in his focus from Alpha mining stocks with “probable growth” to the Beta mining stocks with more optionality when sentiment shifts back higher.

We outline similar analogs when many other commodities resource stocks were down 80%-90% a few years back like oil, nat gas, uranium, lithium, palladium, and copper, but then had a huge reversal in trend and then the related resource stocks shot up 5x, 8x, 10x or more. The best time to have been accumulating those sectors was when the outlook was most bleak, when sentiment was low, and frankly when some of those sectors were despised by investors assuming they'd stay down perpetually.

As an added bonus, (and because we ranted to each other for so long before starting the recording for the official podcast) we decided to include some of the pre-call banter and discussion on how we both approach investing in the resource stocks. This is admittedly a more candid dialogue between two friends just talking the markets and what we have done and are doing with our money. This is not to be viewed as investment advice, as investors should seek the guidance of financial professionals, know their own reisk tolerance levels, and the included conversation is simply for entertainment purposes.

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Craig Hemke, Editor of TF Metals Report, joins us to review his technical outlook for gold, in the event of a corrective move, as it tests the key $1673 support today. We again review some similarities in that chart from 2011-2013 compared to the chart from 2020-2022, but also point out some of the key differences in the macroeconomic backdrop between then and now. If we do see a plunge, as sell-stops get triggered in the near-term, then while we may see a brief capitulation move lower in gold, Craig feels it will not result in a 5 year desolation.

One constructive area we discuss is the recent outperformance of silver over gold, the bullish contrarian reading in the COT reports, and the general bounce we saw recently in copper despite the higher US dollar. This could present a scenario where silver is signaling that it already bottomed and bounced, and that the drop in gold may be more short-lived to where it’s COT report is more similar to that of silver.

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Brien Lundin, Editor of the Gold Newsletter and host of the New Orleans Investment Conference, joins us to share his take on the macroeconomic trends, Fed policy, the health of the gold and silver sector, and potential catalysts coming in the balance of the year. In these upside-down markets, where good news is bad and bad new is good, it all comes down to looking forward within the context of how this data may alter Fed rate hikes.

In an environment where high frequency trading algos and fast-fingered institutions, simply react to things like the strong US Dollar, or the TIPs market to interpret inflation expectations, things don’t always follow logic or the data hiding in plain sight. Brien outlines that the ever-increasing debt situation, making the debt service more and more untenable as interest rates rise, will cause the Fed to stop hiking by year-end, and that this market realization could be a catalyst drive PMs higher.

We wrap up with some reasons for investors to consider attending the New Orleans Investment Conference, from October 12-15, and the impressive who’s who list of key note speakers, 100 companies being showcased, and also a chance to network with fellow investors in the resource space. Cory and I will also be attending next month in person, so check out the lineup and information in the link below.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss the fundamental macroeconomic trends with inflation and Fed policy, and then provides a technical outlook on silver, gold, and the PM mining stocks. We discuss how the Fed funds futures market responded to the hotter CPI inflation reading, and how inflation is not going down to the central bank’s goal of 2% anytime soon. As a result the markets are now pricing in more hikes after September, which moved both interest rates and the US dollar higher.

We then shift over to getting Jordan’s technical outlook on silver, gold, the gold:silver ratio, and the precious metals mining stocks. Silver had a nice bounce this week, relative to most other markets and gold, and there is mixed technical data in relation to whether we can see a short-term bounce in the sector or if we see the move below $1675 in Gold, and a few potential paths forward.

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John Rubino, Founder of The Dollar Collapse website, joins us wide-ranging discussion on the health of the global economy, Fed policy, the housing market, the strong US dollar, the weak Euro and European economy, precious metals, and how nuclear power can assist the global energy crisis. We start off reviewing the higher than expected CPI inflation reading and the market expectations for further hikes and what this may mean for sectors like the real estate market. This leads into outlining the strong consumer demand thus far, but how that may be limited moving forward as people are maxing out credit and available savings.

Next we pivot into the persistently strong US dollar, and how strange it is to see it paired with the high inflation, but it is more a counterbalance to the very weak Euro and Yen. With the energy crisis in Europe starting to impact industry, the coming business bailouts in Germany are not instilling confidence in the Eurozone at present. Japan is perpetually weak due to the mounting national debt to backstop their markets, and their challenges with an aging population. The strong dollar has been a wrecking ball in the commodities sector for several months now, and it has impacted gold and silver, but John sees value in the very depressed mining stocks at this time.

We wrap up with potential paths forward and investing opportunities in the energy space, and in particular John feels that nuclear power is becoming the more obvious solution to energy production, with the backdrop of higher oil and nat gas prices, and renewable energy not producing the base lode power necessary to sustain global demand. As a result, uranium stocks should benefit from the eventual rise in the demand for nuclear and coming higher uranium prices needed to incentivize new production to come online.

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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 CPI number from this morning and the market reaction, which is all lower. It seems as though investors got a little ahead of themselves assuming inflation would come down and that would give the Fed clearance to slow it's rate hikes. That is being turned upside down after the data today.

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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 the general equites as well as the energy sector. The recent 5 day bounce in equities looks to be more of a short-covering rally, but overall TG is more apt to short the markets and various general sectors again once things approach resistance levels. We discuss some of the pricing action in relation to key moving averages that have his attention.

Next we shift over the commodities sector taking a look at the recent undercut double-bottom patterns created in gold and silver, and covered how silver’s support down at $17-$18 goes back 15 years, and it was a natural place to see a rally up to fill the gap that was created on the charts.

We wrap up with getting the technical levels TG is watching in energy sector starting with oil via (USO), where he could see a bit more choppy volatility, but ultimately expects to see more weakness. If oil stays more rangebound to heading lower, then he doesn’t see how this will bode well for either (XOP) or (XLE), ETFs that represent the oil stocks. One area of note that we see a strong fundamental future in is the nuclear energy sector and related uranium stocks. Despite the longer-term macro, he doesn’t think the uranium stocks can remain being “honey badgers” and do their own thing, and expects prices to stay more rangebound in the near-term as a result. TG lays out some levels he is watching in US natural gas using (UNG), which has really been on a tear higher, and then reviews the more sideways and mixed technical set up than with oil.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to outline the recent news where the Company is acquiring 100% interest in 3 claims over 5 square kilometres ("km2") of new mineral properties in the Keno Hill silver district of Canada's Yukon Territory, bringing the Company's total district hard-rock land position to 171 km2.

We have Scott start by outlining the more advanced Nabob and Faro Claims at the Keno Hill "Main" vein and its numerous offshoots. Drilling in 2012 returned impressive results (NA-12-02, 0.4 meters (m) of 4,090.6 grams per ton (g/t) Silver Equivalent (3,140 g/t Ag, 0.86 g/t Au, 22.37% Pb and 0.25% Cu), that led to high-grade surface mining of 65 tons of ore material over 4,200 g/t Ag. The Nabob Main vein was successfully targeted by two Metallic Minerals drill holes in its 2022 field program and assay results are pending.

Next we touched on the Rage 1-3 Claims, that cover the Rain and Shine Vein and target area, occurring at the intersection of the Flame & Moth and Onek trends, which host 41.5 million ounces of silver. Lastly we review the exploration potential a the Tveter-Pavlovich claims on the south side of Sourdough Hill, 500 meters from Hecla's Bellekeno mine. This leads to a discussion on what it means to have a large silver producer of the caliber of Hecla Mining as their neighbors now, and what options this may give the Company for development of the Keno Silver Project.

We wrap up by getting Scott’s thoughts on the big picture exploration strategy, with 3,000 meters drilled in 2022 and more assays pending, as well as the plans to incorporate the last few years drilling at Caribou, Formo, Homestake, and Keno East into a maiden resource estimate later in 2023.

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.

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Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to overview the exploration strategy in both Nicaragua and Nevada. We focus initially in this discussion on the recently announced additional high-grade drill results from its Panteon North zone within the Limon Mine Complex, part of the Company’s 85,000 meter resource expansion and discovery drilling program in Nicaragua. Drill Hole LIM-22-4662 returned 52.59 g/t Au over 3.8 meters Estimated True Width (“ETW”), including 94.70 g/t Au over 1.1 meters; and 10.28 g/t Au over 2.1 meters ETW, and in Drill Hole LIM-22-4647 it returned 43.09 g/t Au over 3.3 meters ETW, including 155.10 g/t Au over 0.9 meters.

We then zoom back to the larger exploration strategy and drilling success the company is having in Nicaragua and also at the additional 50,000 meter drill program in Nevada around the operating Pan Mine. There is also confirmation drilling at the Gold Rock development project to gain more confidence in moving it forward as the next key development project in NV. We also discuss some of the drilling around the Libertad mill at Volcan, as well as at Pavon Central and Eastern Borosi, with many more drill results to be released over the balance of the year. Overall the company is well through the cumulative 170,000 meter drilling program at all properties and is expecting to an updated resource and reserves statement in Q1 of 2023

We discuss how the Company has continued to grow the resources with a 254% increase in Nicaragua Mineral Reserves to 1,013,000 ounces gold since Q4, 2019 and also grown the associated metals grades over the last few years. This ties into the hub and spoke model of bringing more satellite deposits into production utilizing their excess mill capacity, and also continuing to ramp up production from higher grade zones giving further production upside potential over the next 2 years.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

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Ed Moya, Senior Market Analyst at OANDA joins us to recap the recent 5 day bounce in markets across the board. We discuss the risk-on environment that is continuing the trend of this year, where bear markets are in place but short term tradable rallies do pop up. We also tie in the energy sector and shifts we are seeing in sentiment towards other energy sources outside of oil. Finally we discuss the consumer who has remained surprisingly active in the face of raising costs and shrinking savings.

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Torq Resources (TSX.V:TORQ - OTCQX:TRBMF) announced major news last week on September 6th. The Company secured a C$15million investment from Gold Fields, at over a 20% premium to the share price that will bring Gold Fields up to a 15% shareholder (undiluted basis) of Torq Resources. Within this news was also a 7-year community agreement at the Santa Cecilia Project which enables the Company to move ahead with its exploration plans.

Shawn Wallace, Executive Chairman of Torq Resources and Michael Henrichsen, Chief Geologist, join us to highlight the financing with Gold Fields and the big picture work plans moving forward. In terms of news-flow the Company is waiting on results for around 4,000 meters of drill core from the Margarita Project.

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

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Welcome to another KE Report Weekend Show!

On this Weekend's Show we focus a bit more on the energy and resource sector driving down into the stocks looking for value and which stocks could benefit in the near term from a revaluation. This week we saw a little bounce in markets but there is still a long way to go to turn the narrative more bullish.

Please keep in touch with Shad and I through email. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

If you are still having trouble accessing our Daily Editorials on your podcast player please try to search again for "The KE Report".

Segment 1 and 2 - Dana Lyons, Fund Manager, kicks off the show by sharing his trading strategy for the broad markets and the current environment where the overall narrative and catalysts have not changed in months. We weigh the possibility of a quicker, waterfall type decline. Outside of the markets we discuss energy, commodities and the US Dollar.
- On Dana's site, The Lyons Share, he is running a special promotion that he is extending to all of you. It's a 30% discount on his trading service. Click here to take advantage of this special offer!
Segment 3 - Dan Steffens, President of the Energy Prospectus Group joins us for a focus on the energy sector. We start big picture with some macro comments including the key drivers pushing oil and natural gas lower. We then get into the energy stocks Dan likes in terms of financials and growth plans. Click here to learn more about the Energy Prospectus Group.
Segment 4 - Jayant Bhandari, Private Investor and Consultant wraps up the show with a focus on 2 companies who recently released PEAs that the market did not like. These companies at Maritime Resources and O3 Mining. Jayant is a shareholder of each of these companies. It's not all bullish when you hear Jayant's breakdown of where these companies go from here.

Exclusive Company Interviews This Week

Skeena Resources – A Dive Into The Feasibility: After-Tax NPV (5%) of C$1.4B, 50% IRR and 1 Year Payback
Chris Ritchie – Gold:Silver Ratio At Extremes, Economics Of Silver Assets, Where Will New Silver Supply Come From and A Production Update From Las Chispas
Volcanic Gold Mines – Company Update at the Holly Project And Progress On New Land Concessions Along The Motagua Gold Belt
Cartier Resources – Combined Gold Resource Now At Over 2.3million Ounces With Drill Plans To Continue To Expand
Source Rock Royalties – A Pure Play Oil and Gas Royalty Company Focused In Western Canada
Reyna Gold – Solid Exploration Results Returned From La Republicana And Main Zone
TinOne Resources – Tin Exploration In Australia and New Zealand With A Focus On The Great Pyramid Tin Project
Thor Explorations – Second Quarter 2022 Financial and Operating Results & Exploration Update At The Segilola And Douta Projects

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc To Market website joins us to recap some key data from around the world and the pullback in the US Dollar to end the week. As markets rebounded this week investors are showing some short term optimism but it's not expected to last. When it comes to economic data China's numbers have caused some optimism but investors are watching the US CPI number next Tuesday.

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Mike Konnert, President and CEO of Vizsla Silver (TSX.V:VZLA - NYSE:VZLA) joins us to recap the recent drill results from the Tajitos-Copala resource area. A new vein has been discovered, the Cristiano Vein yielding high grade silver, that is between the Tajitos and Copala Veins.

We have Mike recap the discovery hole and early on strike length from the initial 14 holes. We also discuss the follow up work that is planned to further expand this new discovery. We then recap where the 9 drill rigs are turning on the project.

To wrap up we jump over to Vizsla Copper which just signed a deal to acquire Consolidated Woodjam for the advanced copper asset in BC.

If you have any follow up questions for Mike regarding Vizsla Silver or Vizsla Copper please email us at Fleck@kereport.com and Shad@kereport.com.

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Dave Erfle, Founder of the Junior Miner Junky, joins us to outline the pattern of gold bottoming in 7 year cycles, and why that has him cautiously optimistic that we will be seeing the bottom in 2022. He points out that the precious metal bottomed in 2001 during what was dubbed “the Brown bottom” and also synching up with the end of the Dot Com bubble, followed by the bottom 7 years later in 2008 due to Great Financial Crisis, and then the bottom 7 years later in late 2015 as the Fed was about to start their first rate hikes in near a decade.

We also recount how everyone was so sure gold was going to break above $2000 in the year 2011, and conversely how everyone was so sure gold was going to break below $1000 in 2015/2016, but neither of those actually happened. We pose the question that with everyone convinced gold is going to break below $1675 support, if we aren’t at one of those similar inflection point, and Dave lays out a number of contrarian data points that could provide a catalyst to prevent the breakdown so many are convinced is a foregone conclusion.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the recent shift in his focus from Alpha mining stocks with “probable growth” to the Beta mining stocks with more optionality when sentiment shifts back higher. As a value investor in junior gold and silver mining stocks, he has been comfortable the last 2 years patiently holding and adding to the Alpha companies with competent management teams and a defined strategy to grow value in their project, waiting for the investing thesis to play out. However, when investing in the Beta companies, Erik points out that it is more about market timing and getting them during bottoming period and sentiment lows, and getting back out of them at sentiment swings to the upside.

We discussed the recent change in market perception and doubling in valuation in Headwater Gold (CSE: HWG) (OTCQB: HWAUF) when news broke that the major producer Newcrest Mining (TSX: NCM) (OTC: NCMGF) had signed an earn-in agreement on 4 different projects. Erik pointed out that when these micro-cap beta stocks move, and even small amounts of capital rush in, that it can be sudden and substantial gains, as they are already so beaten down on very low volumes and minimal investor interest. Erik believes this is symptomatic of many of the very beat down earlier stage microcap beta stocks.

Next we discussed that really the whole sector is beaten down, so even quality alpha stocks he has been positioning in have pulled back substantially from where the valuation already seemed cheap. He discussed the example of I-80 Gold (TSX: IAU) (NYSE: IAUX), where the company has a solid growth plan, so he feels conviction it will move much higher with the sector bailing out positioning that is currently underwater. We wrap up discussing the optionality of some of the more advanced explorers and developers, with ounces already defined in the ground as other potential beta stocks, and that while their upside moves may not be as dramatic as the micro-cap stocks, in many cases the risk reward set up is more compelling when considering the time, money invested, and results already banked.

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Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins us for 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.

We review the Q2 metrics around All-In Sustaining Costs “AISC”, head grades, recovery rates, and production output at the Segilola mine of 23,785 ounces of gold produced, right in the middle of Company guidance, and returning a total of 45,128 oz of gold produced in the first half of the year. The mill is also seeing throughput beyond the nameplate expectations and improved higher recovery rates closer to 95.5%. The average head-grade has also risen to around 3-4 g/t, blending high-grade underground ore with above ground stockpiles. All-in sustaining costs are still on track for the annual guidance for between $850-$950 AISC, so there are fantastic margins, and due to outperformance the Company has raised full year guidance to 90,000 to 100,000 ounces of gold.

Next we discussed the continued progress in the repayment of an additional tranche toward the Senior Debt Facility reducing the debt to US$37,306,971 million, with next quarterly payment scheduled to reduce it down around US$28 million, effectively chopping it half after the first full year of production is completed in 2022. This provides the company options with restructuring the remaining debt, or just pushing more revenues and cashflows towards exploration and expansion for 2023 and beyond.

The conversation then shifted to resource expansion and definition at Segilola, with the on-going 25,000 meter drill program well underway with the goal to expand resources and mine life as well as find nearby accretive potential open pit satellite deposits that can feed the mill, with more drilling planned after that kicking off in September from at depth from underground looking for more high-grade discoveries to extend the mine life and production pipeline.

We wrap up with the ongoing exploration at the key development-stage Douta Project in Senegal, where the Company is looking to extend the Makosa ore body, successfully connecting it to the Makosa Tail, and expanding it to the north by 1 km, as well as doing further drill testing around the new mineralized discovery at the Mansa and Maka targets. As the exploration program progresses the goal is to expand the resource to over 1 million ounces, beyond the recent 730,000 ounce Maiden Mineral Resource Estimate for the Makosa Deposit, which was announced November 17th, as well as to conduct and release a Pre-Feasibility Study by year 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.

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Skeena Resources (TSX:SKE - NYSE:SKE) just released a Feasibility Study for the Eskay Creek Property. The numbers are very strong, highlighted by an after-tax NPV (5%) of C$1.4B, 50% IRR and 1 year payback, at a base case of US$1,700 gold and US$19 silver.

I am joined by Walter Coles, CEO, Randy Reichert, President, and Paul Geddes, VP of Exploration and Resource Development at Skeena Resources. We dive into the Feasibility Study numbers and where the Company goes from here. The numbers in the Feasibility show the Eskay Creek asset as a high-margin gold project that is still very profitable at much lower metals prices. There are a number of other topics we touch on including permitting path, potential of this asset being a hub for other projects including Snipp as well as optimization plans and future growth areas.

To wrap up we focus on the recent exploration news that continues to hit mineralization outside of the proven resource. The Company is continuing to drill through October.

If you have any follow up questions for the team at Skeena Resources please email me at Fleck@kereport.com.

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Chris Donaldson, Executive Chairman of TinOne Resources (TSX.V:TORC - OTCQB:TORCF) joins me to introduce this new tin exploration Company with a portfolio of projects in Australia and New Zealand. The focus in the near-term is on the Great Pyramid Tin Project in Tasmania where the Company has an ongoing drill program. The drill program is designed to update and grow the historic resource.

I have Chris provide a background on the key Projects and focus on the current drill program at the great Pyramid Tin Project. Chris recaps some of the recent drill results and where the drills are turning now. We also discuss the general tin market, which has seen some big price swings over the past couple years.

If you have any questions for Chris or would like more information on any aspect of the Company please email me at Fleck@kereport.com.

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Chris Ritchie, President of SilverCrest Metals (TSX:SIL - NYSE:SILV) joins me to discuss the macro environment for silver companies and provide an operations update from the Las Chispas Mine.

Starting with macro silver comments we look at the gold to silver ratio which is at a historic extreme of 95:1. This ties into a discussion on margins that have now been compressed with inflation impacting costs and the silver price below $20. When looking at the supply side of the silver market I ask Chris where new supply will come from. This focuses on the balance between M&A and development companies both of which have been slow moving.

On the SilverCrest front, Chris provides an operational update. We discuss the wrap up to commercial production as well as the possibility the Company will hold silver rather than immediately sell the silver and hold cash. This would be a unique move by a silver producer.

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

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss the technical and macroeconomic reasons why gold is not setup for a 2013 style massive capitulation in either the amount of decline coming nor in the duration of time to finish correcting. We discuss how different many breath, sentiment, chart indicators, and ratio charts are compared to a decade ago, as well has fundamentally different the precious metals markets and holdings were coming off that prior secular bull, compared to now, and how the reverse is true for the general equities markets.

With the overwhelmingly bearish analysis and sentiment so pervasive in the technical and fundamental analysis of the gold, silver, and PM mining stock sector, Jordan’s contrarian senses are becoming more activated. He points out that we may be closer to the final move lower in PMs than many expect, and cautions investors not to get so bearish that they lose sight of the real bull market that will begin when gold diverges from the general equities on the back of a Fed pivot and slowing economy.

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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. This morning the Company announced results from 22 holes totaling 3,823 meters (m) of its ongoing 10,000m regional exploration drill program at its 24,215 hectares district-scale La Gloria Property in Sonora, Mexico.

Drill hole LG-22-30, 59.0m of 1.45 grams per tonne (g/t) Gold (Au) from 1.2m to 60.2m at Newly Discovered La Republicana Target, which Michael expands on as an important area for the exploration team to follow up on. The other headline drill hole discussed was LG-22-028, 5.5m of 935 g/t Ag from 1.5m to 7m at Big Pit, Main Zone, which is one of the better silver hits to date. We dive in a bit more to what these results are telling them about the mineralized trends at both key targets.

We spend some time going over what the team has learned from the host rocks as well as the breccia zones for isolating other targets across their extensive land package. We wrap up by highlighting some of the other drill targets the company is excited about testing at the Western Target, as well as at Las Quintas West and San Pedro.

If you have any questions for Michael about Reyna Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.

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Brad Dochery, Founder, President and CEO of Source Rock Royalties (TSX.V:SRR) joins us to introduce this newly public Company that listed on the TSX.V in March of this year. Source Rock Royalties is a small cap pure play oil and gas royalty company focused in Alberta and Saskatchewan. The Company just released record quarterly and monthly revenue numbers.

We have Brad take us through the history of the Company, that was private for 9 years before going public this year. We focus on the operators of the Company's royalty assets and growth opportunities or acquisition landscape. We also discuss positioning of the Company as one of the only small cap energy royalty companies.

If you have any further questions regarding Source Rock Royalties or want more information on any aspect of the Company please email us at Fleck@kereport.com and Shad@kereport.com.

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Philippe Cloutier, President and CEO of Cartier Resources (TSX.V:ECR - OTC:ECRFF) joins us to highlight the updated Resource Estimate at the now consolidated Chimo Mine Project, in Quebec. This resource is the first time the newly acquired East Cadillac Property has been combined with the Company's Chimo Mine Project. The current resource is now 7,128,000 tonnes at an average grade of 3.14 g/t Au for a total of 720,000 ounces of gold in the Indicated category and 18,475,000 tonnes at an average grade of 2.75 g/t Au for a total of 1,633,000 ounces of gold in the Inferred category.

We have Philippe outline the overall resource and explain what contributed to the slightly larger than expected resource. We then look ahead to the exploration plans that are still focused on expanding this resource. We discuss how the upcoming drilling will still be focused outside the current resource rather than on infill drilling.

If you have any follow up questions for Philippe please email us at either Fleck@kereport.com or Shad@kereport.com.

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Simon Ridgway, President and CEO of Volcanic Gold Mines (TSX.V:VG – OTC:VLMZF), joins us to outline how things are developing at Holly Project, the Motagua Norte Project, 2 other properties to be optioned from Radius Gold. At Holly we reviewed the recent community and government meetings, which highlight the benefits to all stakeholders, and explain that water will not be a concern, and if anything the company is working on finding water to assist the community.

Another positive we highlighted for this Holly Project is that a mill will not be needed with 2 nearby projects, Escobal and Cerro Blanco, that will have mills in operations. Both Pan American Silver and Bluestone are also seeing more a bit more movement over the last few months on the permitting and community meetings on their projects, which were previously stalled, so the company is also awaiting that news, which will be impactful for Holly.

We wrap up by also reviewing that there are 3 more additional Projects under option and review from Radius mining, along the Motagua gold belt, and the company is seeing very impressive gold in soil anomalies and visible gold at surface at Motagua Norte, that will be a key focus to start trenching and drilling as the year progresses. Simon is constructive that they’ll get things negotiated soon with Radius and the local stakeholders to get those concessions granted in the near future.

Please email us with any follow up questions for Simon on Volcanic Gold at either fleck@kereport.com or shad@kereport.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 focus on the markets now that we are past Labor Day. Nothing noteworthy today in terms of market movement so we look ahead to a lot of the known market negatives but also ask about anything that could turn this bear market around. We also focus on the USD moves as Europe continues to struggle which further benefits the USD.

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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 market action is going to pick up next week after the long weekend but that in no way means the bear market is over.

Segment 1 and 2 - Jesse Felder, Founder of The Felder Report kicks off the show with a focus on big picture economic factors that he thinks will start to drive markets in the near term. This ties into Fed policy changes that could come as soon as Q3 earnings start rolling out. Click here to learn more about the Felder Report.
Segment 3 and 4 - Richard Postma, AKA Doc wraps up the show by sharing his longer term outlook for GDX and a couple major miners, gold, silver, oil, the US Dollar and bonds. We have doc outline what technical indicators and certain moving averages he is watching on the monthly charts so all you long term investors can follow along.

As a reminder Josef Schachter's conference is coming up on October 22nd in Calgary Alberta. He is offering 2 free tickets in a draw for all of you if you email him the following...

Email – info@schachterenergyreport.com
Subject Line – KE Report Draw
Include your first and last name.
Click here for more information on the conference.

Exclusive Company Interviews This Week

Granite Creek Copper – Strategy Behind The Acquisition Of The Star Copper – Nickel – Platinum Project
Snowline Gold – Valley Zone Drill Results Including 282.9 Meters Of 2.3g/t Gold, Drilling Starting At Gracie and More Information On The Avalanche Creek Target
Forum Energy Metals – A Focus On The 4 Primary Uranium Projects
TraceSafe – Smart Connective Technology To Assist Companies With Integrating Carbon Credits

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a number of key charts on the (SPX) weekly chart of S&P 500, (TLT) monthly chart reflecting long-dated bonds, (DXY) US Dollar Index weekly, Silver monthly and weekly charts, (SILJ) Junior Silver Miners ETF weekly chart, and the Gold weekly and daily charts. [all charts are posted below so you can follow along]

We intermix some macro fundamental discussion in 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 psychology and strategy towards the end.

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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 Brian focuses on within the economic studies as well as what he looks for in the management team. We also balance out the exit strategy for both him, as the investor, and the company.

Brian is one of the best independent analysts we know for this stage of companies. He builds his own models and let's the numbers guild his investments. Just because a company has advanced to the development stage does not mean that the asset will make money or even become an economic mine.

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Wayne Lloyd, CEO of TraceSafe (CSE: TSF) (OTC: UTOLF), joins us for an update on the new Company focus into technology to help enterprise customers integrate carbon credits into their businesses, as well as an update on the wearable tech division. In discussing their connective smart devices with many sustainability departments, it became clear that there was an opportunity to assist these departments with the fractionalization of carbon credits to apply them to specific applications, locations, or even down to the end users, to more properly integrate the credits in their appropriate areas for offset.

We focus on where the growth avenues for the Company will be, starting with existing customers, and expanding into larger scale smart cities, hospitality and travel businesses, and sporting event, and what will drive revenue as these platforms start to get implemented later in the year and heading into next year.

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

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Craig Hemke, Editor of TF Metals Report, joins us to review the gold chart from 2011-2013 compared to the chart from 2020-2022 and notes the potential bearish implications and risks. In addition to the caution warranted if the bearish scenario was to play out again, Craig makes the point that there are some key differences in the data and macro backdrop compared to that time period, and also outlines the potential bullish scenario that could still unfold.

This leads the conversation into a wide-ranging discussion touching upon COT positioning, silver backwardation in prices, the question of who exactly will buy the US debt moving forward if it is not the Fed as the buyer of last result, treasury yields versus real inflation-adjusted interest rates, the recent US Dollar strength, and Fed jawboning versus actual policy moves. We look forward to the jobs data tomorrow, and more importantly next month for data that could change the prevailing market trends and expectations.

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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 including gold and silver all in the context of Fed policy. We all know how tied the markets are to Fed policy with the Fed continuing to hike and markets being pressured to the downside. Brien is thinking that the debt situation will cause the Fed to stop hiking before year end and htis could drive PMs higher.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to review his technical outlook on silver, gold, and when they will diverge from the general equities markets. We start off by getting his technical levels to watch for support in silver down around $14, now that we saw a monthly close under $18 and with such an ugly chart. Next we pivot over to gold, and where he’d see support coming in if things were to break lower. We then get into a larger macro discussion about the nature of the bear market in PMs and general equities, how long it could last, and what catalysts would cause the precious metals to diverge from US stock markets.

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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 4 primary uranium projects in the Company’s portfolio which will be the key focus moving forward. We start off with getting a sense of the historical work on the Nunavut Uranium Project, and why the exploration team staked this land, previously explored by Cameco. Next we discussed the prior 3,000 meters drilled last year and future drill plans at the 100% owned Wollaston Project.

We then moved onto the joint venture projects: At the NorthWest Athabasca, partnered with NexGen, Cameco, and Orano, the Company will be doing an aggressive 5,000 meter drill program, which should take their ownership stake up over 50% in this project. At the Fir Island Project the joint-venture partner, Orano, did do some drilling last year, and is expected to do more drilling later this winter moving into next year.

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

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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 still in full swing Mike outlines where he sees opportunity. We also discuss the key catalysts, mostly focused on the Fed and economic data, to watch for as we progress through the end of the year.

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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, released August 24th, and provide an update on the Grace Target and Avalanche Creek Target.

Starting with the drill results from the Valley Zone, Hole 7 was the headline hole intersecting 282.9 meters of 2.3g/t gold. This intercept started from bedrock surface and results from the bottom 127 meters of the hole are still at the assay lab. We have Scott recap all the results to date from the Valley Zone as well as look ahead to how the Company is planning on continuing to expand this area.

After our intro interview to the Company I received an email asking for more information on the Gracie Target, on the Rogue Project, and Avalanche Creek Target, on the Einarson Gold District Project. Scott provides an overview of both areas, with a little more focus on the Gracie Target which is being drilled currently.

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

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Dave Erfle, Founder of the Junior Miner Junky, joins us to discuss the upcoming monthly close in gold tomorrow, the potential weakness still to come in precious metals and general markets in the near-term, but why he believes the longer-term picture is still quite bullish for the metals and mining stocks.

Dave provides some technical levels he’s watching, and points out the fundamental factors that would make any further corrective moves lower short-lived, and set things up for the larger move higher.

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Tim Johnson, President and CEO of Granite Creek Copper Ltd (TSX.V:GCX – OTCQB:GCXXF), joins us to review the acquisition of the Star Cu-Ni-Platinum Group Metal project, located in the Omineca mineral belt of northern British Columbia. Granite Creek will secure a 100% interest in the Star project, with no underlying royalty or further obligation, for a total consideration of $10,000 CDN and the issuance of 500,000 common shares of the Company to the estate of Ursula Mowat. The exploration team will be first looking to do some geophysics and geochemical studies to vector in the best potential drill targets.

We wrap up with the primary focus of the Company being on the work towards the upcoming Preliminary Economic Assessment (PEA) by year end at the Carmacks Project in the Yukon. This PEA will be used demonstrate the robust economics of the deposit, now with a 3 times larger resource, and the potential to incorporate the sulfide resources into the plan moving forwards. The recent update in March of this year to the NI 43-101 Mineral Resource Estimate demonstrated that 93% of the resource is now in the measured and indicated category, with only 7% remaining in the inferred category. There was a 43% increase in measured and indicated contained copper, a 24% increase in contained gold, and a 41% increase in contained silver, and molybdenum has been included for the first time in the resource estimate.

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.

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Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to recap Jerome Powell's comments at Jackson Hole last Friday and the market reaction to the downside. Everything has turned lower over the past couple weeks with bears now back in the drivers seat. We also discuss P/E ratios, recent jobs data and the US Dollar rise.

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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 the Fed's intention to continue raising rates in an effort to fight inflation. This send everything lower except for the USD which closed the week at a multi-year high.

On this Weekend's Show we jump from sector to sector looking for defined trends and trades. We also spend the second half of the show focused on gold and silver.

If your podcasts are still not updating on a daily basis please try to search again for the podcast. Search "The KE Report". This should sort out the issue.

As always please keep in touch with Shad and I through email - Shad@kereprt.com and Fleck@kereport.com. We love hearing what you think of the show as well as any companies, sectors or possible guests you think would be a good fit for the show.

Segment 1 and 2 - Dana Lyons, Fund Manager joins us to share his outlook for US markets, tech stocks, bonds, the US Dollar, gold, oil and Bitcoin. Dana has been very accurate with his calls over the past few years which is why we jump around so much. Click here to follow Dana at the Lyons Share website.
Segment 3 and 4 - Jeff Christian, Managing Partner at The CPM Group wraps up the show with a focus on his multi-year price projection for gold. We discuss the actual price level Jeff thinks gold will move to and the relationship between gold and the markets. Click here to learn more about the CPM Group

Exclusive Company Interviews This Week

District Metals – Recapping Drill Results From The Tomtebo Property Yielding 25.5 Meters At 8.2% ZnEq
Benchmark Metals – A Dive Into The Maiden PEA At The Lawyers Gold-Silver Project In The Golden Horseshoe Of BC
Cartier Resources – A Dive Into The 25,000 Meter Drill Program On The Now Combined Chimo Mine Property
Awale Resources – Exploration News From Odienné Gold-Copper Joint Venture, New Target Generation

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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 earning into the JV). The Company recently released 2 news releases updating drill targeting work on a couple different parts of the project.

We start with the new Lando Prospect that is 18km north of the Septer Target. I have Glen outline the work that went into outlining this target and what needs to be done to progress to actual drilling. We then move over to the August 16th news release that provides an update on the Septer East and Main Targets as well as Charger and the BBM Targets.

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

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John Rubino, Founder of The Dollar Collapse website, joins us to review the oversold bounce we saw in most markets for the prior month, the global economic health, and what this may mean for Fed policy and world currencies. This is wide ranging discussion touching upon fiscal blowouts in spending, central banking policy errors, and geopolitical missteps regarding trade, resources, and energy policies.

We start off looking at the technically oversold bounce in general equities and commodities, and the ingrained trading mentality to always buy the dip, figuring the Fed will bail out any serious market routes. This creates the environment where the Fed can keep hiking rates more aggressively for a longer duration, than if the markets had a more steep capitulation move lower, and just moves the correction further out. Next we discuss the growing challenge central banks will face as they continue hiking interest rates higher while holding the largest amounts of debt in memory, making the rolling over of variable debt at much higher rates eventually quite problematic.

We then focus on the strong US dollar over the last year, in relation to other troubled fiat currencies, but also point out the actual purchasing power of the dollar continues to be eroded by 8-9% inflation. A big reason for the fleeing to the safe haven of the dollar, is the economic weakness further hurt by poor global energy policies leading to problems in Europe and Asia – in particular, Germany and Japan as a models of policies and growth that hasn’t worked out.

We wrap up with potential paths forward and investing opportunities in the energy space, like the return to fossil fuels and nuclear power we’ve seen in focus lately. There is also the realization that some drastic changes will need to be implemented to even source the raw materials needed to fund the global agendas around growth and renewable energy we hear so often about in the mainstream narrative.

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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 gold and silver perform vs markets.

Starting with the USD we ask Jordan if the 109 level could be a potential double top. We also discuss the key drivers pushing the Dollar higher.

For a historical reference for investors balancing out how precious metals performed against the broad averages, Jordan points us back to the late 1960s - early 1970s. Sometimes the big moves take a little longer to happen.

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Dave Erfle, Founder of the Junior Miner Junky, joins us to provide his technical and macro outlook on the general equities and precious metals space. We start off discussing the short inverse ETF on the S&P 500 that Dave deployed when it went up and backtested it’s 200 day SMA, to hedge against any portfolio risk he could see in his resource stocks in the event of a larger “sell everything” type of correction. He noted the island reversals seen on many general equities markets, and a number of macroeconomic drivers from the Fed just about to step up their reduction of the balance sheets through quantitative tightening, to the “crash season” in Sep-Oct in general markets, to the worsening inversion of the yield curve.

Next we pivoted over to his technical outlook on the gold price, and Dave noted that $1740 had gapped up off the downtrend line, then come back and filled that gap earlier this week, and now is bouncing higher again. A monthly close in August above $1750 would be ideal. On the downside support, we discussed the significance if the key $1675 level were to be tested once again, and if it would negate the larger PM bull market by making a lower low, or if it would simply be a big bear-trap instead.

We wrap up with a look at the mining stocks, that while rallying the last few weeks on lower volumes, have turned down earlier this week, and there doesn’t seem to be much enthusiasm or positive sentiment in the sector at present. Dave again highlighted the inflationary forces that hit the largest gold producer and bellwether stock, Newmont Mining, after a very rough quarterly operations report. He also pointed out how it is a big component in the ETFs, so it will be important to see it turn higher for generalist money flows to come back into the sector again for a more meaningful move higher.

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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 the Chimo Mine Property. This is the newly combined Chimo Mine Property which includes the recent acquisition of the Nordeau West deposit (from O3 Mining).

We have Philippe outline the overall goals of the program, which is mostly focused on growing the combined 2.2million ounce gold resource. We also focus on the major targets being drilled, which can be seen in Figure 1 below. Upcoming is also an updated resource and PEA.

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

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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 bear case and bull case for the S&P 500, the potential parallels to a 1970s style sideways market grind, as well as some comment on the energy sector.

When discussing the general equity markets TG has been watching to see how the S&P 500 was reacting to the 10 month simple moving average (SMA), and more short-term how it reacts to the 21 day SMA. Medium-term he is watching to see if a rally up to the 200 day SMA will result in a move back lower to test the 50 day SMA, which he sees as a key support level. For the bearish case, if the SPX was to break below the 50 day SMA, then that would bring into focus the 50 month SMA, down around 3500, and then after that the 3rd ATR, based on Kelter channels, down around 3200. This potential lower support level would also be aligned with where a 35% correction would fall, which is a standard move lower in a true bear market.

On the bullish case TG outlines a quantitative analysis study that shows a number of bull markets kicked off in the general equities (except 2 times) where over 90% of equities rallied above their 50 day SMA in a bear market rally, which we did just see play out on this recent relief rally. The concern would be that if we see this already 13 year long rally in general equities start a new bullish leg higher, that it may get stuck in a multi-year sideways trading channel, quite similar to what we saw play out in the mid 1970s. TG highlights the similar environment to the seventies where we have high inflation, and a Fed “chasing their tail” trying to hike rates to reign in the persistently high inflation.

If we were to see that longer sideways grind, then TG noted that safer value sectors like consumer staples, like Coca Cola, Herseys, etc.. would fair best. We wrap up with getting the technical outlook on the energy sector, another area of the market that did quite well in the 1970s, and has outperformed most other sectors over the last 2 years. TG lays out some levels he is watching in US natural gas, which has really been on a tear higher, and then reviews the more sideways and mixed technical set up with oil.

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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 over a month long run higher for almost every sector we are now seeing a roll over that is reminding everyone we are most likely still in a bear market. We discuss a wide range of markets including energy and cryptos.

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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) at the Lawyers Gold-Silver Project in the Golden Horseshoe in Northern BC.

The PEA is a big step in moving the project forward but there is still a lot of work to do. We have Jim recap some of the key numbers including after-tax NPV5% of C$577M, IRR 23.5%, 2.7-year payback, and initial capital of C$493M. We then look ahead to follow up work that can bring in the underground component of the resource, pit optimizing and further exploration work to continue to grow the resource and increase overall grade.

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

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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 Property in Sweden. Hole 38, the headline hole of 25.5m at 8.2% zinc equivalent was drilled in the Steffenburgs Zone. Included in the hole was a bonanza grade precious metals of 384g/t gold and 855g/t silver over 0.4m.

I have Garrett remind everyone of the overall goals of this small program and dive into the Hole 38 results. We also compare the results to the nearby Garpenberg Mine. To wrap up we quickly touch on the permitting progress at the Bakar Project on Vancouver Island.

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

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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 energy investment conference in Calgary on October 22nd.

The last month has been mostly good for all sectors but it all might be ending soon as we move toward the end of summer.

Please keep in touch with Shad and I through email. We love hearing your thoughts on markets, what companies you like, and if there are any guests you would like to see on our show. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Rick Bensignor, Founder of Bensignor Investment Strategies kicks off the show by sharing his outlook for US markets, the US Dollar, interest rates, gold and gold stocks, oil, copper and cryptocurrencies. This is an extended segment (over 40 minutes) but there is a lot of good trading strategies no matter what sector you are investing in. Click here to learn more about Rick's investment products.
Segment 3 and 4 - Josef Schachter, Founder of the Schachter Energy Report joins us to highlight his conference on October 22nd in Calgary. Josef is bringing together investors and over 30 oil and gas companies for a full day. I attended this conference pre-pandemic and it was extremely valuable for all energy investors. Josef is also offering you a chance to win 2 free tickets by simply emailing the info below.
- Email - info@schachterenergyreport.com
- Subject Line - KE Report Draw
- Include your first and last name.
  - Click here for more information on the conference.

Exclusive Company Interviews This Week

Inflection Resources – Eastern Australia Gold Explorer Following Up On The Duck Creek Target
Dolly Varden Silver – Recent High-Grade Drill Hits Near Torbit, Ongoing Drilling at Wolf and Homestake
Snowline Gold – Introduction To This New Yukon Gold Explorer With 2 Discoveries Made Since Listing Last Year
Libero Copper & Gold – Drilling At Big Red In The Golden Triangle, Updates From Esperanza In Argentina and Macoa In Colombia
Calibre Mining – H1 2022 Operations Report And Successful Self-Funded 170,000 Meter Exploration Program On 15 Drill Rigs In Nevada and Nicaragua
Novo Resources – Exploration Overview Now That Drilling Has Started At Purdy’s North and A Capital Update
Aurion Resources – Exploration Update At The Helmi JV with B2Gold And At The 100% Owned Risti Project
Impact Silver – A Broad Review Of Operations, Development, And Exploration Work At All Projects

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Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of the Marc to Market website, joins us for a discussion on the strong US dollar, the health of other global currencies, Fed policy expectations, and the health of the US economy. One of the reasons the greenback has bounced back higher is due to concerns with other nations facing even higher inflation, and central banks even further behind the curve.

We look at how the markets reacted when the dollar had rolled over and a risk on mentality came back into the markets, but Marc mentions that move may now be over, with all eyes on the Jackson Hole symposium next Friday.

We discuss the economic health in the US and the mixed signals being received with stronger jobs data and retail sales, but weaker GDP growth and housing markets. Marc then shares the data he is watching that indicates a shift in expectations from rate cuts in early 2023 to extended Fed rate hikes to continue fighting inflation.

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Fred Davidson, President and CEO of Impact Silver (TSX.V:IPT – OTC:ISVLF), joins us to provide a comprehensive update on production, development projects, and exploration plans for this year. The Company is currently focusing production operations from the Guadalupe Mine and San Ramon Mine, with underground exploration ongoing at both projects, along with expansion of Guadalupe towards the Pachuqueno target. There is also some small scale mining contribution coming from both the Veta Negra Mine and the Mina Grande Mine, with expansion exploration at both of those projects as well.

Over at the Capire Production Centre, where the company has previously done some test mining, they are reviewing utilizing an XRT ore-sorting scanner to upgrade the ore mined before going to the mill, increasing the grade and reducing waste rock by up to 40%, allowing for more ore to be processed through this process. There is also key exploration work going on at two different targets near this project.

We wrap up with the greenfields exploration as part the overall 25,000 meter drill program in 2022, where there was just work completed at the newer San Antonio target for both gold and silver, as well as work planned on the Valley of Gold target, and around the historic Alacran Mine. Fred mentioned that as they work towards permits at Alacran, and then dewatering, is one of the targets he believes could really become a key focus for exploration and development moving into next year.

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

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Matti Talikka, CEO of Aurion Resources (TSX.V:AU – OTCQX:AIRRF), joins us to recap more long intercepts of drill results out of the Helmi Discovery on the Aurion-B2Gold Joint-Venture, in the Central Lapland Greenstone Belt in northern Finland. The exploration team has hit gold mineralization in 17 out of the 18 step out holes in the winter drilling program and 5 of the scout holes, with ongoing drilling and more results to report as the year progresses. The budget has also been increased to $3.5 million to continue expanding the exploration work at Helmi.

Next we touched on the news announced August 8th on the transaction with Tertiary Minerals Plc to acquire and cancel royalties on the Kaaresselkä (Risti, 100% Aurion) and Kiekerömaa (B2Gold JV) gold prospects for a total consideration of CAD$200,000 and 83,333 Aurion common shares. It is advantageous for the company to have removed the royalties from both projects, and to have brought on a new stakeholder in Tertiary Minerals.

We wrap up outlining the upcoming summer dill season that will proceed through the end of the year at the 100% owned Risiti property, testing for extensions of gold mineralization at the Aamurusko Area, and scout drilling to test regional targets such as base of till anomalies and geophysical features.

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.

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Craig Hemke, Editor of TF Metals Report joins us to discuss the dichotomy between how the Fed and main stream financial media are presenting the health of the economy, versus the actual macro data we see coming in. We start off looking at the recent market optimism based on messaging that inflation is coming down and we aren’t in a recession due to the recent strong jobs report, but upon peeling back more layers of the economic onion, we point to many other data points suggesting we are in an economic contraction already.

Next we pivot over to how the HFT algos trade down gold based on the so-called strong US dollar, but then point out it is still being eroded by 8.5% inflation, and is only strong in relation to other more troubled fiat currencies being debased even faster. We discuss how gold is near or at highs in most other currencies, and that ultimately it will rise in dollar terms off the back of the inevitable Powell Pivot 2.0. We wrap up looking forward to the Fed’s Jackson Hole symposium next Friday, and other economic data points on the horizon in the weeks and months to come.

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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 past month so we look ahead to key catalysts that could solidify a bottom.

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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 also touching on financial news over the past month.

Starting on the exploration front I have Mike outline the overall strategy and focus for the Company. Drilling has just started at gold and nickle-copper targets at the Purdy's North Project. Mike breaks down the different targets in terms of potential and related to other discoveries close by. We also discuss the Fresh ore targets with the goals of putting those in production.

On the financial front the Company recently sold the final tranche of the New Found Gold shares and paid off the Sprott credit facility to go debt free.

Please email me with any follow up questions for Mike over at Novo. My email address is Fleck@kereport.com.

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Ryan King, VP of Corporate Development and IR at Calibre Mining (TSX: CXB – OTCQX: CXBMF), joins us to review the H1 2022 financial and production metrics, as well as an overview of the 15 drill rigs turning at both the Nevada and Nicaragua operations, continuing to make new discoveries and grow resources. Year-to-date for the first half of 2022 the Company has had #gold sales of 112,270 ounces grossing $210.8 million in revenue, at an average realized gold price of $1,878/oz; with a consolidated All-In Sustaining Costs (“AISC”) of $1,244, cash on hand of $92.3 million, and cash flow from operations of $61.5 million.

Ryan provides a well-rounded overview of all the drilling success the company is having in Nevada around the operating Pan Mine, and the Gold Rock development project, with over 50,000 meters of drilling expected to be completed in 2022 and leading to an updated resource and reserves statement in Q1 of 2023. We also discuss a number of get growth targets in Nicaragua at Limon, Pavon Norte, and around Libertad with many more drill results to be released over the balance of the year. Calibre Mining has an ongoing 170,000 meter exploration program at multiple properties in both Nicaragua and Nevada, with over 15 drill rigs turning.

If you have any follow up questions for Ryan on Calibre Mining, then please email us at Fleck@kereport.com or Shad@kereport.com.

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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 recent bounce over the past month and if it has done anything to change the generally bearish outlook. This also ties into a question asking if the PMs are in a bear market or simply a bull market correction. Also when it comes to catalysts that could shift overall direction there could be a couple before summer is over.

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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, Argentina and Colombia.

We start with in the Golden Triangle with the Big Red Property where a drill program of up to 5,000meters has just started. The drilling is focused at the Terry Porphyry copper-gold discovery. This is a large 4x4x4km target.

Next up we have Ian update us on work plans at the Esperanza Project in Argentina and Macoa Project in Colombia. We have received a number of questions on the work plans after the change in government so we make sure Ian provides a more in depth update here.

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

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Steve Penny, Publisher of The SilverChartist Report, joins us to share a number of key charts on the S&P 500, (TNX) for 10 year US treasury yields, (TLT) reflecting long-dated bonds, (DXY) US Dollar Index, Gold weekly and daily, Silver weekly and daily, Platinum weekly, Uranium, a URNM:Uranium ratio chart, and a month chart of (URNM) Sprott Uranium Miners ETF. {all charts are posted below so you can follow along}.

We intermix some macro fundamental discussion in around these various markets to get an overall take on where the drivers of each sector will come from, in relation to price movements.

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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 sectors in cannabis stocks, water stocks, and energy stocks. We start off with the recent uptrend in the pot stocks, after a brutal 2 year correction, and which jurisdictions Sean likes best. Next we shift over to the crisis in the US and globally around water, how this will effect agriculture and hydro power, and the types of water stock solution companies that may present an investing opportunity.

Next we pivot over to fossil fuels still in demand, reviewing oil, natural gas, and coal as commodities and in the related resource stocks. We wrap up with thoughts on the renewable energy sectors like solar, wind, and hydroelectric power generations and the trends Sean sees unfolding, as well as developments in hydrogen powered vehicles.

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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 Thursday focused on swing trading as well as share his insights on where the markets go from here. Be sure to click the link below to sign up for the 3 hour webinar that will take you through a range of different swing trading strategies.

When it comes to the markets we recap some of the major retail earnings including WalMart and Home Depot. This ties into a recap Q2 so far which has been a bit better than expected. We then look at the markets continued bounce.

Click here to learn more about Joel's upcoming webinar on Thursday from Noon-3pm ET.

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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 total of 7 Projects in the portfolio and has already made 2 discoveries.

We have Scott start off by explaining how the Company built the project portfolio and the initial 2 discoveries. The first discovery was the Jupiter Discovery on the Einarson Project followed by the Valley Zone Discovery on the Rogue Project. We then discuss the ongoing exploration this year at each discovery.

We also cover the other Company fundamentals including cash in the back and share structure, including some very well known shareholders.

Please email us if you have any questions for Scott or want more information on any aspect of the Company. Our email address are Fleck@kereport.com and Shad@kereport.com.

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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 drill results at the Kitsol Vein nearby Torbrit, and to further outline this year’s exploration program at the Kitsault Calley Project (the newly combined Homestake Ridge and Dolly Varden Projects) in the Golden Triangle of BC. With an ongoing 30,000 meter program under way, the assays announced new August 10th, from drill hole DV22-283 include: 50.18 meters (~30.0m true width) averaging 414 g/t Ag, including 7.15m (4.29m true width) averaging 646 g/t Ag, and 11.74m (7.04m true width) averaging 658 g/t Ag, and also 5.34m (3.20m true width) averaging 801 g/t Ag.

In addition to the drilling to the west of Torbit on the Kitso Vein, we also discussed the two other targets for growing resources at Wolf doing an additional 150 meter step out hole, and also expanding the resources at Homestake and stepping out. There are currently 2 drills turning at Homestake, and one drill rig moving back and forth between Torbrit and Wolf, and 18,000 meters have been drilled so far and things are running ahead of schedule for the year.

Shawn outlines the key members of Dolly Varden’s exploration team as well as board of directors and technical advisors, that give him the confidence that the 7 different resource areas will continue to grow into an economic deposit that will be developed and taken into production by a larger company.

If you have any follow up questions for Shawn about Dolly Varden, then please email us at Fleck@kereport.com and Shad@kereport.com.

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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 Eastern Australia the Company is exploring a large portfolio of targets, recently encouraged by the results from the Duck Creek Target in Northern NSW. The Company also just completed a financing where Crescat increased its ownership.

We have Alistair explain the recent results from the Duck Pond Target and the follow up drilling planned for this year. We also discuss the other targets in the Company's portfolio that will be drilled in the near term.

If you have any follow up questions for Alistair regarding Inflection Resources please email us at Fleck@kereport.com or Shad@kereport.com.

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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 rising. We start of this week's show by diving into a wide range of sectors focused on where they each go from here over the next couple months. For the resource investors we wrap up the show by discussing different jurisdictions and the investment environment around each.

We hope you all enjoy the show and have a great weekend!

On the Podcast front, for everyone having trouble with updates throughout the week please search for "The KE Report" in your podcast app. If this pops up for you please subscribe and you should start getting all our interviews. Thank you for all the emails on this. Please let me know if the suggestion above helps! My email is Fleck@kereport.com.

Segment 1 and 2 - Dana Lyons, Fund Manager and Editor of The Lyons Share kicks off the show by outlining his forecasts for the US markets, gold, oil, the US Dollar and yields. Dana is still in the camp that this is a bear market rally but it is very interesting to the slight changes in some of his fund's models. Click here to keep up to date with Dana at The Lyons Share.
Segment 3 and 4 - Jayant Bhandari, Private Investor and Consultant joins us to continue our conversation different jurisdictions in the resource sector and the investment attitude towards them. We focus on some of the more active (resource company wise) West Africa countries and Scandinavian countries. All from a general company valuation and investor interest angle.

Exclusive Company Interviews This Week

Vizsla Silver – Drilling Extending The Napoleon Vein, Recapping Recent New Discoveries, 9 Rigs On Site With An Updated Resource Planned
Fury Gold Mines – Recent Drill Results From The Hinge Target Extend Mineralization 330 Meters West Of Eau Claire
Mammoth Resources – Exploration Update From The Los Carneritos Target At The Tenoriba Project
Blackrock Silver – Exploration Update And Growing Resources At Tonapah West And New Discoveries At Tonapah North
Metallic Minerals – Exploration Strategy To Expand Copper Resources At The La Plata Project
Graphene Manufacturing Group – Updates On The Battery Division Including Manufacturing The First Pouch Cell Batteries

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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 that has temporarily surprised to the upside. It started with the jobs data from last Friday, followed this week by inflation data and import/export prices that came in lower than expected. This is just one round of data, with another to come before the next Fed meeting, but it is all tying back into Fed rate hiking expectations.

We also look at the recent moves in US markets, gold, 10 year yield and the USD. Some of which doesn't line up with the recent 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 that the Company manufactured the the first pouch cell battery. I have Craig outline what this means for moving the pouch pack batteries forward as well as decide what actual product the Company will be producing.

We then discuss the coin cell batteries, which are further down the development pipeline. I ask about feedback received from the companies testing the initial products. This also ties into a discussion about ensuring GMG can produce the quantity and quality of graphene needed to produce the batteries on a much larger scale.

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

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us unpack how he approaches value investing in “probable growth” companies his portfolio of junior gold and silver mining stocks. A key point covered is that most investors are not really longer-term buy and hold investors, and instead the vast majority of market players are trying to time the markets for entries and exits. In contrast a value investor finds a competent management team with a defined strategy to grow value in their project, then has the patience to sit tight through market volatility to let the thesis play out.

This value creation, as it unfolds, will then bail out any mistimed entries with regards to sector metals prices and the corresponding growth in market cap will happen regardless of the macroeconomic backdrop, when sentiment inevitably shifts back up for the resources. Erik finds this simpler approach to blocking out most of the market noise key, but it is a more nuanced art as far as isolating which companies & teams are actually going to be building enough intrinsic value to outpace financing dilution.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us for a discussion on what key technical indicators and macroeconomic factors he is watching for to confirm an environment where the precious metals will be able to begin a true bull market and diverge from the broad US equites.

In general, Jordan is not that encouraged by the relief rally we’ve seen in the PMs, because they’ve simply bounced with all the other general equities and commodities, and so he feels the next 3-6 months will be key to see how markets react to their 200 day moving averages, 40 month moving averages, and if we see a true secular bear market begin in general equities. Another market Jordan will be watching closely will be the bonds and trend in interest rate yields and spreads.

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Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to outline the exploration strategy for 2022 to expand the copper resources and make new discoveries at the La Plata Project near Durango, Colorado. Earlier this year the Company announced the NI 43-101 compliant Maiden Resource Estimate at 985 million lbs of copper, 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.

The goal of this 3,000 meter drill program is to step out 100 to 150 meters from the Allard Target to keep expanding the inferred resource; but also to test a number of new potential copper porphyry targets, to see what other systems may be present across the large consolidated land package. 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.

Next we transition over to the Keno Silver Project in the Yukon, discussing the ongoing 3,000 meter drill program at 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. We wrap up with the financial strength of the company, with $7 million in the treasury as of the end of Q2, after recent private placements and flow through capital was raised earlier in the year.

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.

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Andrew Pollard, CEO of Blackrock Silver (TSX.V: BRC – OTCQX: BKRRF), joins us for an exploration and resource expansion update at both the Tonopah West and Tonapah North silver projects, located in Nevada. We start off discussing how the recent capital raise that was announced on Aug 4th and then upsized on Aug 6th will allow the company to double the amount of drilling planned for resource expansion at Tonapah West, especially after the successful recent 1km step-out hole hit towards the end of the most recent exploration program. Now the Company will be testing to fill in the area in between along that trend to continue expanding the resources.

We also had Andrew remind listeners of the very conservative constraints used for the maiden “stope-optimized” Resource Estimate released on May 2nd, that came in at 2.9 Million Tonnes Grading 446 g/t AgEq for 42.6 Million Ounces AgEq. This is important because in this sector we see many companies put resources with far more guessing and assumptions, and far less certainty or controls in place -- the point being; the Company could have put out a larger resource, if it hadn’t opted for more conservative and concise parameters.

We also touched on the early-stage drilling at the recently acquired Tonopah North project on BLM lands, which has yielded some encouraging Lithium results, announced to the market on July 11th, as well as some high-grade silver intercepts released in news on July 14th. We discussed how their exploration team is still very encouraged but the silver results, but also that the Lithium results, on trend with other Clayton Valley lithium projects in the area, could give the company some optionality in JVing or partnering with other projects if they continue to see encouraging results.

If you have any follow up questions for Andrew on Blackrock Silver, then please email us at Fleck@kereport.com or Shad@kereport.com

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Dave Erfle, Founder of the Junior Miner Junky, joins us to provide his technical and macro outlook on the short-covering rally that we’ve seen in the markets the last few weeks, and what support and resistance levels he is watching to see clear in gold, and the mining stocks in GDX and GDXJ. The move higher in the markets and commodities was further underpinned by the US dollar rolling over from its highs over 109 and with interest rates pulling back down some, so we discuss what would cause a more prolonged move higher or lower in the greenback.

There is still some trepidation and selling in the mining stocks though, and lower volumes, so there doesn’t seem to be much energy to this latest move higher. Dave again highlighted the inflationary forces that hit the largest gold producer and bellwether stock, Newmont Mining, after a very rough quarterly operations report. He also pointed out how it is a big component in the ETFs, so it will be important to see it turn higher for generalist money flows to come back into the sector. We wrap up discussing the dichotomy between the overall valuations in the mid-tier and large-cap producers and royalties companies, versus the extremely low valuations seen in the junior mining stocks; which is where Dave feels the edge is currently for investors that are accumulating them.

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Thomas Atkins, President and CEO of Mammoth Resources (TSX.V:MTH – OTC:MMMRF) joins us for another exploration update at the Tenoriba Project, in Mexico. We start off by highlighting the recent drill results from the Los Carneritos area from both July and August, that came back, making it a total of 21 holes that have now been released out of the 27 holes drilled, with 6 holes that are still pending assays being returned and released to the market. Next we have Thomas clarify the 3 main target areas of interest, which include the West El Moreno area, the Central Masuparia area, and the East Los Carneritos area, and speak to the size and scale of this project.

The overall drill program for the balance of the year will roughly double the amount of holes already drilled, targeting another 25 holes, and taking it up to over 50+ holes on this campaign. Most of the coming exploration be focused at stepping out and growing the Los Carneritos target area, and some follow up work at Masuparia, with the goal of pulling together an initial inferred resource at the conclusion of the larger drill program next year. There is also ongoing metallurgical work to test the amenability towards open pit heap leach processing, and we discuss some of the other nearby projects successfully employing this same process at similar or even lower grades, than the Tenoriba Project average weighted head grade at .66 g/t.

If you have any follow up questions for Thomas regarding Mammoth Resources, then please email us at fleck@kereport.com or shad@kereport.com.

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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 tomorrow that will be watched closely by investors. We also recap some recent earnings report warnings, this time from the chip companies Nvidia and Micron. We tie this all to the market rebound and potential of a fall back to the June lows.

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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 results released last week on August 3rd. 7 holes were released focused at the Hinge Target, hitting gold mineralization extending 330 meters west of the Eau Claire deposit.

I have Tim and Bryan provide a background on the Hinge Target since it is a newer area that team is drilling. We then recap the results and follow up work planed to tests the limits of the gold system. We also discuss the other areas the Company is drilling and the overall strategy of growing this resource to over 2million ounces.

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

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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 week. All the economic data carries over to Fed policy expectations which then guilds risk tolerance for investors. A more risk-on move has been seen in the markets for over a month now. We discuss the general pullback in the US Dollar and uptick in Bitcoin. Still though very few are thinking the true lows are in for markets.

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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. The Company reported drill results that extended high-grade silver mineralization on the southern end of the Napoleon Vein and the vertical extent by 100 meters. We also ave Mike outline the drilling at other areas on the Project that include further extensions and new discoveries that are being expanded.

We have received a few questions on the production potential at the Project and if Vizsla is targeting any near tern silver production. Mike addresses these questions by balancing out the exploration upside over quickly moving into production.

If you have any other questions for Mike regarding Vizsla Silver please email us at Fleck@kereport.com and Shad@kereport.com.

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If you have any other questions for Mike regarding Vizsla Silver please email us at Fleck@kereport.com and Shad@kereport.com.

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Simon Ridgway, President and CEO of Volcanic Gold Mines (TSX.V:VG – OTC:VLMZF), joins us to outline the key takeaways from the news out July 27th, that the Company has filed on SEDAR a NI 43-101 technical report in support of the recently announced maiden Inferred Mineral Resource Estimate for the Holly property, Guatemala. The maiden Inferred Mineral Resource Estimate of 406,316 oz at 9.57 g/t gold equivalent and was estimated using a 3.0 g/t Gold equivalent cut-off grade and a top cap grade of 100 g/t Gold and 2,000 g/t Silver and based on the 30 drill holes released after the Phase 1 exploration program. The project is still very open for expansion at depth and along strike.

Simon is still very constructive on how things are developing at Holly Project where the community and government has reached out to Volcanic Gold to better understand the benefits to all stakeholders and he is on site at present with more roundtable discussions set up for next week. Another positive we highlighted for this Holly Project is that a mill will not be needed with 2 nearby projects, Escobal and Cerro Blanco, that will have mills in operations. Both Pan American Silver and Bluestone are also seeing more positive community and government engagement over the last few months on their projects, that were previously stalled, so the sentiment is shifting more positively in Guatemala overall.

Please email us with any follow up questions for Simon on Volcanic Gold at either fleck@kereport.com or shad@kereport.com.

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Craig Hemke, Founder of TF Metals Report, joins us to recap the bounce in precious metals that was accelerated after the FOMC press conference and GDP numbers were released, and to look ahead to the dynamics within the jobs report data due out tomorrow. We review that the bounce in silver, gold, and many mining stocks were due to short-covering, and that the COT positioning was at very contrarian levels, ripe for a reversal, prior to the news popping things higher.

Next, Craig breaks down how the birth/death adjustment for businesses figures into the 20 year average of jobs created on a given month, but how arbitrary the modeling can be, and when taken in tandem with job surveys, still isn’t necessarily reflective of the true health of the labor markets. With so many other metrics showing cracks under the surface with weekly jobless claims, unemployment claims, and small and large companies either freezing new hiring or firing workers, he feels the jobs numbers estimates will be inflated into a more positive spin, as a way of deflecting the recession concerns.

We wrap up with getting Craigs thoughts on why it is important for short to medium-term investors to still pay attention to these data points and central bank monetary policies, even if they are fatigued from so much focus on the Fed.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us with his reaction to the recent bounce we’ve seen in the precious metals along with most markets, and how he approaches value investing in his portfolio of junior mining stocks. We review that even companies with banked derisked success have been drastically undervalued, and that all that value is there to rise when sentiment shits.

Erik emphasizes that keeping one’s approach to spotting value is far more important that trying to follow 100 different fundamental or technical data points, that ultimately if he can buy a good management team and project that has “probable growth”, and “buy a future that’s not here yet,” then it will rise eventually when the sentiment swings back to bullish, regardless of all the other data people consume their time parsing and debating.

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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 natural gas. Oil has pulled back from over $120 to now under $90/barrel. WE ask what has caused this pullback and if Dan thinks the price will recover in the short term. We also look at the overall health of the oil stocks now that they have paid off large amounts of debt. There are some companies Dan highlights with strong growth opportunities.

When it comes to the natural gas price, it has been all move the board. High volatility at month end has been noted the last couple months. We focus on what's driving these swings and if there are any opportunities in the underlying stocks.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us for a discussion on what key macro factors or trends he is watching to inform Fed policy, and how that create an environment where the precious metals will be able to diverge from the broad US equites, and begin a true secular bull market in the PMs. Overall Jordan is not that encouraged by the relief rally we’ve seen in most markets, especially in light of a weaking economic backdrop; but we’ll have more clarity in the next 2 months about if the markets top out at resistance and roll over to start the next leg lower. If the markets don’t roll over, and economic data improves, then it will give the Fed more cover to keep hiking longer than some expect.

The conversation then turns the precious metals bigger picture setup, and what conditions would need to be in place for them to truly diverge from the general equities. One of the key takeaways Jordan highlighted, is that if the Fed does start to cut rates again next year, then clearly that would indicate overall weakness in the economy; and so while all market may initially get a bump, this would still be longer term bearish for general stock markets and bullish for gold, silver, and the mining stocks. We wrap up by getting Jordan’s technical thoughts on the rally we saw in gold in July, and the bullish monthly hammer candle, but he is less optimistic that it resolved in a way that will lead to another sustainable move higher in the medium term.

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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 and new focus on a revised mine plan at the Kavango Open Pit Mine. This is all with a goal of controlling costs moving forward.

We start by having Jed explain the strategy of pausing the Kombat Mine and why the Company believes the Kavango Open Pit Mine will have lowers costs. As Jed outlines this production pause is estimated for 6 months. We also discuss the news investors can expect over this pause period as well as the cash position and capital requirements for this shift in strategy.

If you have any follow up questions for Jed please email us at either Fleck@kereport.com or Shad@kereport.com.

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Dave Erfle, Founder of the Junior Miner Junky, joins us to review his technical and macro outlook on the short-covering rally that we’ve seen in the markets since Jerome Powell’s comments at the press conference after the FOMC meeting press conference and the weakening economic picture with the Q2 GDP coming in negative for the second quarter in a row. The mining stocks have accelerated their move up that began 3 weeks ago, as did most other markets, and this was further underpinned by the US dollar rolling over from its highs and with interest rates pulling back down some. There is still some trepidation and selling in the mining stocks though, and Dave pointed to the inflationary forces that hit the largest gold producer and bellwether stock, Newmont Mining, after a very rough quarterly operations report.

Next, we review that key support in gold around $1675 held for the 4th time in a row when tested a few weeks back, and importantly gold closed the month of July above $1780, which is a key technical level. Dave would like to see gold head up and close on a weekly basis above $1850 and $1900, and to see Silver close above $22 to signal a more intermediate bottom has been put in. We wrap up with having Dave share some of the fundamental data he’ll be watching for as things unfold, and how he is managing his portfolio in this present environment.

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Michael Rowley, President and CEO, and Dr. Danie Grobler, Vice-President of Exploration of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), join us for a larger project update and the further resource delineation plans at their flagship Stillwater West Project in Montana. In this conversation we dive further into the parallels between this Project and the South African Platreef battery metals and platinum group elements mines and development projects found on the northern limb of the Bushveld Igneous Complex. We discuss how this bulk mining method differs from the traditional narrow-vein reefs for traditional PGEs, in that it offers economies of scale, and a wealth of battery metals like nickel, cobalt, and copper.

Danie lays out the focus of the exploration team at present of relogging core, looking for geological structural controls, and reviewing the wealth of potential targets for future drilling in that larger context. Mike outlines that the Company is also working towards an updated resource estimate for later this year, that will encompass the 14 drill holes from the 2021 exploration program and further highlight the size and scope of the Stillwater West Project.

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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 Project. This drill program had a number of goals, including expanding current known resource areas, drilling deeper looking for and hitting higher-grade gold, and making new discoveries, of which 3 were made.

We have Luke recap the full program and results. We breakdown the different areas to get more insights in the expansion of resource areas, deeper results and new discoveries. We also look ahead to an updated resource planned for this year and what a followup drill program will be. To wrap up the call we discuss valuation of the stock compared tot he 1,41million oz gold resource currently.

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

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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 on the rebound in many sectors in the month of July, and where resistance may come into play. We start off discussing the big rebound we saw in sectors that were more oversold like big tech companies and even the smaller growth tech, big components in the Nasdaq.

When discussing the general equity markets TG is looking for the S&P 500 to go back up to test the 200 day SMA, 50 week SMA, and 10 month SMA, before rolling back over to retest the recent lows, and possibly head even lower. We also talked about how recent weakness in the oil markets may be another signal to watch, because often times when the energy markets turn down, it precludes another stock market decline.

As far as safer asset classes, TG noted that the consumer staples, like Coca Cola, Herseys, McDonalds, Costo have fared better than most assets, and even Apple has held up well. TG also provides a few companies he like on more of a short-term trading basis like Zoom & Crowd.

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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 long term bottom or simply another bear market rally. We discuss possible Fed policy, data that matters moving forward and a couple of the key markets Ed is watching.

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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 on Wednesday. A noticeable shift happened where investors have gone risk on. We saw pretty much all sectors put in positive days at the end of the week. The concept of the Fed being at peak hawkishness is helping to drive this very different sentiment. But remember, markets started bouncing 3-4 weeks ago. This week added some short term fuel to the rebound.

We are still working on our podcast distribution after switching providers. Please let us know if you are having any issues accessing the podcast. Also if you have any insights on why iTunes is not updating please email us. Our email addresses are Fleck@kereport.com and Shad@kereport.com.

Segment 1 and 2 - Jesse Felder, Founder of the Felder Report kicks off the show by sharing his thoughts on the "Fed pivot" from peak hawkishness. We discuss the difference between actual inflation and inflation expectations. Also the market reaction of most sectors moving higher and how he sees the metals moving throughout the year. Click here to learn more about the Felder Report.
Segment 3 - Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website is up next with a focus on market moves after the Fed meeting. If the Fed truly is at peak hawkishness then we could see longer term relief from the falling markets. We also balance out the moves in risk on stocks compared to the safer assets. Click here to keep up to date with Joel's trading at the PreMarket Prep website.
Segment 4 - Marc Chandler, Managing Partner at Bannockburn Global Forex wraps up the show with a focus the moves in the currency markets post Fed meeting. the US Dollar is off its highs but is this the start of a longer term fall? We weigh economic data and central bank policy to determine where it will go from here. Click here to visit Marc's blog Marc to Market.

Exclusive Company Interviews This Week

TriStar Gold – An Overview Of The Permitting Process In Brazil Now With The EIA Completed
Trigon Metals – US$27.5 Million Silver Stream With Sprott Streaming and Production Growth Overview
SilverCrest Metals – First Silver and Gold Pour, Production Growth Into Next Year and How The Company Will Control Rising Costs
Awale Resources – Expanding The Land Position In The Odienné District and Around The Newmont JV
Aztec Minerals – Now 100% Owners Of The Cervantes Project With a 3,000 Meter Drill Program Just Commenced
FPX Nickel – Metallurgical Testing Confirms Strong Recoveries In Line with 2020 PEA at The Decar Nickel District
Verses – Partnership with Tompkins Ventures To Build Awareness With Potential Large Customers
Eskay Mining – Recapping Multiple New VMS Discoveries Across The Consolidated Eskay Mining Project
Mako Mining – High Grade Drill Assays Returned And Discovery Of A New Gold Bearing Vein At Las Conchitas

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Justin Huhn, Founder and Publisher of the Uranium Insider, joins us to provide a macro update on the Uranium sector. We start with the supply and demand factors he is watching mostly focused on the demand side coming from tensions with Russian sanctions, Kazakhstan export challenges, potential Japanese restarts, and Chinese reactor builds. We also take a look at where things are with regards to pricing trends seen this year with the increase in utility companies setting up longer-term contracts, and the complexities behind the different stages of refining and upgrading U308, to UF6, to enriched fabricated uranium fuel.

Next we review if the uranium sector correlates to other energy commodities or other sectors. We wrap up with a look at what stage, both technically and fundamentally, the uranium mining stocks are at currently. After the big run in the uranium mining stocks from 2020 to 2021, the pullback from Nov 2021 – Jan 2022, the rally from late Jan – April of this, and the most recent pullback that appears to have bottomed in early July, we find out if Justin thinks the rally over the last few weeks will be sustainable.

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Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us for an exploration update on the extensive land concessions around the producing San Albino Gold Mine in northern Nicaragua. We start off with a review of the recent high grade drill hits returned back from the Las Conchitas project from all 3 areas in the North, Central, and South. These drill results also included the discovery of a new gold bearing vein at Las Conchitas North at the "Crucita" structure located approximately 1.44 kilometers south of the San Albino gold mine, intersecting 37.28 g/t of Au and 34.94 g/t of Ag over 2.5 m (Estimated True Width).

The Company currently has 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. There are also still 2 drill rigs operating near the San Albino Mine. We wrap up having Akiba expand on some of the other regional targets like La Segoviana and Porta Rios, with more drilling scheduled there for later in the year after the rainy season.

If you have any questions for Akiba about Mako Mining, then please email us at either Fleck@kereport.com or Shad@kerport.com.

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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 on the Consolidated Eskay Project. These discoveries are based on visuals of the drill core the Company has seen during the 30,000 meter drill program.

I have Quinton summarize the recent discoveries in context of the overall Project. Also what is common for these VMS style of deposits. We then recap the drilling to date of slightly over 12,000 meters of the total 30,000 meter program. With initial drilling focused at the Jeff North area now the drills have moved to these new prospective areas.

If you have any follow up questions for Quinton and the team at Eskay Mining please email me at Fleck@kereport.com.

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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 on the Company's technology portfolio. Tompkins Ventures is an executive supply chain match making firm that will focus on these companies that are near term potential customers for the Verses technology.

I have Gabriel outline the partnership with Tompkins Ventures with a focus on the overall goal of building customers and users to the platforms. We also discuss the recent trading action in the stock post-IPO. The stock experienced a brief drop after listing but has been bought back to higher levels.

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

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Dave Erfle, Founder of the Junior Miner Junky, joins us to review the short-covering rally that kicked off in markets on the back of the messaging from the FOMC meeting press conference, where Jerome Powell indicated that the Fed may dial back the extreme hawkish tone, all this in lieu of a weakening economic picture with the Q2 GDP coming in negative for the second quarter in a row. The mining stocks have accelerated their move up that began 2 weeks ago, but Dave gives us the data he’ll be looking for as things progress to see if we get a confirmation that meaningful low has been put in. We also review the technical support levels he is watching in gold, GDX, and GDXJ.

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Craig Hemke, Founder of TF Metals Report, joins us to the bounce in most markets that last 2 days after the FOMC press conference and GDP numbers were released. We start off by reviewing what the forward-looking market participants viewed as the first sign of a “Powel Pivot” when Jerome Powell signaled the Fed was shifting from fighting inflation at all costs, to being data dependent and considering their rates close to normalized. That is a big departure from the peak hawkishness we saw after the June meeting, so the markets responded in kind. Craig outlines that is very similar to the same pattern we saw play out in late 2018 where most of Wall Street was prepared for a much more hawkish Fed for a longer period of time, and then that plan fizzled and the central bank went back to rate cuts to appease the markets.

Next we review the environment of stagflation that we’ve been in with stagnant growth, high inflation, high energy prices, and a weakening health of many labor metrics, despite the picture some took away from the recent strong jobs number. With a 2nd quarter of negative GDP growth, we ask Craig if this means we are in a recession, and if it even matters. What is key moving forward is how the Fed will react to their choice regarding fighting inflation versus buoying the economic weakness.

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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 and initial Phase 3 results were reported. This test work is to validate the 2020 PEA flow-sheet parameters.

We have Martin explain the current test work and how it relates to the PEA. We also discuss the type of deposit the Baptist is, which is very important to understand moving forward. To wrap up we have Martin update us on the progress of the drilling underway at the Van Target.

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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. As reported on July 26th, the Company now holds a full 100% ownership of the Project, and the following day, July 27th, announced the commencement of a 3,000 meter drill program on the Project.

We start by having Simon recap the terms of the deal with Kootenay Silver to acquire Kootenay's 35% interest in the Project. Shares and a 0.5% NSR were issued to Kootenay Silver.

We then move to the 3,000 meter drill program that just started. This program will test 3 targets with the main focus being around the California target. The California North and Jasper targets will also be tested.

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

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us look at the big picture technical setup, and what factors he is watching to confirm if the US Equites have begun their secular bear market, which will allow the precious metals to begin their secular bull market. One of the key technical indicators that Jordan is looking at is how the S&P 500 index will respond to the 40 month moving average, and if it breaks below that. If we see another move down this fall in general equities where that level breaks down, then it is a cue that the PMs can then start to diverge in a more meaningful way. However, if we see a bounce around the $3650 level, and then the markets head back up to make all time highs, then any moves higher in the PM sector will be more short-lived and muted.

Jordan wants to see Gold break above $2100 to signal new all time highs are in the future for some time to come, and he believes a divergence from weak stock markets and the economic backdrop that comes with that will be the signal. We wrap up discussing the gold and silver mining stocks, where he sees them as more cheap than undervalued.

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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 Yearbook which focus on investment demand and macro factors that drive the sector. We also break down the different opportunities for each of the PGE metals as well as the overall health of the underlying PGE equities.

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Robert Sinn, aka Goldfinger, founder of Trading Lab, and editor of Energy & Gold, joins us to discuss whether or not gold is good for anything, and if commodities are in a secular bull market. We start off discussing the terrible sentiment in the precious metals sector at present, and how some of the narratives around why the PMs are doing well or doing poorly are often at odds with what we see play out. Robert notes that gold did very well from 2019 into 2020 when the forward looking markets anticipated the inflation that would arrive as a result of M2 new money supply, and within the backdrop of declining real rates when interest rates starting sliding lower and lower.

Next we shifted focus to the resource stocks, and made the important point that most of the junior mining stocks are not longer term “buy and hold” type of equities. Due to their extreme amplification of the cyclical and volatile nature of the underlying commodities, most are best traded by accumulating during weak oversold periods, and by selling during strong overbought periods. Robert mentioned that the gains in junior mining stocks can be fantastic and go up multiple-fold during bullish cycles, but can be terrible and go down swiftly during the bearish cycles, more so than general equities indexes.

Robert then remarks that while he does believe we are in a longer-duration secular bull market in commodities, that they need to be separated by sector and individual company macro fundamentals and technicals, as each commodity or company can have very steep and sudden corrections within a larger bullish uptrend. We used lithium, copper, and oil & natural gas as recent examples of such volatility to both the upside and downside. He also was bullish on the equally volatile biotech sector for it’s favorable set up at present, and recent outperformance of the general equities. We wrap up by finding out if Goldfinger thinks we may see a bounce anytime soon in the gold stocks. He points to the pattern of 6 weeks down in GDX as only having happened twice before since it’s inception, along with this time of year’s seasonality for bottoming, and the recent bad earnings call out of Newmont (NEM) as indications we may be near an oversold bounce.

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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 in oil prices. We start with the supply and demand fundamentals tied in with the concept that OPEC and the US are unable to ramp up production.

We then focus a lot on the energy stocks starting with some of the higher dividend payers in the oil sector. We also cover some of the smaller growth oriented companies. Finally we touch on jurisdiction and where Josef sees opportunity.

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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 eastern flank of the Odienné Joint Venture area with Newmont. This JV with Newmont was just announced on May 31st.

Glen and I discuss the initial work plans for this newly acquired land as well as the work at the joint venture project. We also focus on the overall strategy of the Company in Côte d'Ivoire.

If you have any followup questions for Glen regarding Awale Resources please email me at Fleck@kereport.com.

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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 Mexico. Announced on July 5th, the Company managed to build the mine on time and on budget.

After recapping the initial production and strong financial position of the Company, we discuss the ramp up moving through to next year at the mine. We also focus on how the Company can control rising costs and what the all in cost increases might amount to. This ties into the recent industry trend and recent earnings reports that are showing the impact of inflation.

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

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John Rubino, Founder of The Dollar Collapse website, joins us to discuss the complexity and volatility facing world economies, where central hikes are aggressively hiking to keep up with persistently high inflation, labor markets are rolling over, real estate markets are cooling, growth is slowing. This is wide ranging discussion touching upon fiscal and geopolitical missteps along with central banking policy errors, and how this is leading to time of economic weakness as it all gets sorted out.

We start off looking forward to this weeks Fed rate hike, the coming GDP data for Q2, and what this could all mean in relation to the eventual Powell Pivot that so many are anticipating for later in the year or moving into early 2023. Next, we review why gold, silver, and PM haven’t performed better in light of the higher inflation, geopolitical instability, and chaotic global conditions around food and energy. We get into both the ongoing implosion of the Chinese real estate markets and the failure of global energy policies leading to problems in the US, Japan, and Europe – in particular, Germany as a model of what hasn’t worked. We wrap up with potential paths forward, and with the realization that some drastic will need to change to source the raw materials needed to fund the global agendas around growth and renewable energy we hear so often about in the mainstream narrative.

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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 had Jed outline the different parts of the silver stream and most importantly if this inflow of money full finances the Company through it's production growth plans.

After discussing the silver stream we focus on the production growth and development at the Kombat Mine in Namibia. In early stage production now the move underground for the Company will be a major driver.

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

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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 Ed is most concerned about as many companies are forecasting layoffs in the near term. This ties into a conversation about stagflation and defensive assets. Where will investors go if we truly are heading into a recession and stagflation?

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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 application, including completion of the Environmental Impact Assessment (EIA) and the application for the Prior License (LP) for the Castelo de Sonhos Gold Project, in Brazil. This is the first of three permits that are required before construction on the mine starts. It is also considered to be one of the most critical stages as it involves inputs from several government agencies as well as locals.

We focus on the permitting process, what work will be required for the remaining two permits and what work is underway currently. We also look to a couple other development companies in Brazil that recently have reported significant news that move the projects forward.

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

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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 meeting next week on where markets and commodities go from here.

There is no denying we are dealing bear markets across the board so the question is how long and when will the Fed pivot to save markets.

Segment 1 and 2 - Dana Lyons, Fund Manager kicks off the show by sharing his recent trading strategies for a wide range of markets. We start with the US markets and the sectors Dana has been buying. he shares some insights on what his internal models are telling him about breadth and momentum. These have been key signals for market direction. We also discuss the set up in gold stocks, commodities and bonds. Click here to keep up to date with Dana's trading strategies.
Segment 3 and 4 - Axel Merk, President and CIO of Metk Investments wraps up the show by discussing the overall bear market, why he thinks the Fed is at peak hawkishness and what happens to markets during a stagflationary environment. Click here to visit the Merk Investments website.

Exclusive Company Updates This Week

LithiumBank – PEA Coming Soon, What Sets The Boardwalk Lithium Project Apart From Other Lithium Brine Deposits?
Skeena Resources – A Comprehensive Update On Exploration Work This Year, Cash In The Bank, An Upcoming Feasibility Study and Your Questions Answered
Metalla Royalty & Streaming – 4 Key Asset Updates As Projects Are Moving Closer To Production
Torq Resources – Drill Program At The Margarita Project Commencing To Follow Up On The Recent Discovery

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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 the macroeconomic factors moving the markets. We kick off the discussion with a look forward to next week where we’ll see what amount the Fed is going to hike rates by, as well as the GDP number. Both data points are sure to have plenty of market commentary, but Marc noted that so far, despite the expectation of a 75 basis point hike and a muted to potentially negative GDP number, the market has said “So what?”.

Another key data point from this week was a lower than expected PMI Purchasers Manager Index reading which showed a weakening economy, and this idea was further bolstered by US jobless claims numbers steadily rising since March of this year, as well as weaker housing starts. This hurt the US Dollar a little more than he anticipated, but some of that was also due to rate hikes being seen with the ECB, as well as Bank of Japan and Bank of Canada going through a bit more tightening

We wrap up getting Marc’s reading of the market differential of the Dec 2022 versus the Dec 2023 rate expectations, showing the market is anticipating rate cuts to come by the middle of next year, but that most participants are expecting the Fed funds rate to go from 1.75% currently to 3.5% by year end, which would mean a 75 basis point hike next week, followed by a 50 basis point in September, and then two more 25 basis point hikes in November and December. We also explore what the other prong of the Fed policy, QT – Quantitative Tightening, where the central bank will start reducing it’s balance sheet may mean for liquidity and the markets.

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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 at the Margarita Project to follow up on the initial discovery hole. This discovery holes intersected 90 meters of 0.94% copper and 0.84g/t gold.

I have the guys detail the step-out lengths and depths of these follow up holes over the 1km strike length on the target. We also discuss the cash position for the Company to carry out this full 4,000 meter drill program.

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

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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. We start off with getting his thoughts on the energy sector, where he sold out of most of his positions a couple months back, but is looking for more weakness heading into year-end to capitalize on.

Next we get some general thoughts from Doc Jones on the more defensive posture he’s taking in these turbulent markets, by warehousing some cash, as the Fed continues to bring down the demand side of markets with further hikes and tightening. We review just how far back most commodities have corrected year to date, despite the big moves most had in the first 3-4 months of 2022.

Currently Doc Jones is not being an aggressive buyer, expecting lower prices in many resource stocks, but he is periodically adding to his core positions as they pull down further in price. Ultimately he feels this is a time for seeking out good valuations, versus trying to pick bottoms, with an appropriate 1-2 year time horizon.

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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 had key developments recently.

We start by asking Brett if he has noticed any major delays with development projects due to the weak market. This then transitions into 4 asset updates all being progressed by large major companies.

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

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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 portfolio, and he further outlines his approach to value investing in junior gold and base metals mining stocks. We follow up on the last few discussions we’ve had on the 2 discoveries that Snowline Gold (SGD.V) (SNWGF) has made, and the recent surge higher it’s seen in valuation in an otherwise tough market. Next we pivot over to another big mover the last few trading sessions based on the news released from Western Alaska Minerals (WAM.V) (WAMFF), and why Erik likes this story. We wrap up with his reflections on a nickel company that hasn’t moved as much yet, Magna Mining (NICU), but that he feels have the project, permits, a key partnership, and macro drivers to move it higher in the medium to longer term.*

This is not investment advice, and people should seek the advice of an investment professional when making important financial decisions and take full responsibility for their own actions. Our guests may hold positions in any equities mentioned or be compensated by the company for promotion.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us look at the key technical and fundamental data points he’s following for gold and the gold mining stocks. We start off with a technical discussion around the widely discussed $1675 support level in gold, and why Jordan feels it is significant, but not nearly as much as the break we already saw in the upward slowing trendline coming out of the lows during the spring of 2021 up through the lows in May of this year, that now has a downside projection of just over $1600. We also discussed the concept a few different technicians have submitted that we may have seen a double-top pattern in gold with the two highs above $2000 in August of 2020 and then again in March of 2022. Jordan feels that this double top was indicative of most market participants posturing that the Fed will keep hiking for longer and that the recession will be more mild, but he feels the Jerome Powell pivot will likely be coming sooner than many expect and that we will not see a “soft landing” and the recession will be longer and deeper than many are prepare for.

It is for these reasons that Jordan points out that charting technicals are context, but they are not a catalyst, and rather the actual drivers of the gold price will not be a particular pattern or support level coming into play, but much more so the macro policies of the monetary and fiscal policies playing out, and the health and readings of the economy. We do go on to get his technical outlook for the gold mining stocks, and some support levels in GDX and GDXJ, and he feels they are so oversold they could have a relief rally, but ultimately the gold miners need better margins and that will come by seeing a higher gold price in response to the Fed policy pivot. We wrap up with him dispelling the notion that a pivot back to cutting would simply be good for all markets, as it will be in the context of a worsening recession and so while their may be an initial bounce in general equities, longer term the precious metals will diverge much higher in real terms versus the stock markets or the rest of the commodities.

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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 Project in Alberta.

The Company is moving toward a PEA that is estimated to be published in September of this year. This ties into the news yesterday on engaging Hatch to test the Lithium Brine at the Boardwalk Project. Rob shares the key points of the upcoming PEA and the work that is going into furhter derisking the asset.

We focus on the unique aspects of the deposit, which Rob outlines 7 in total. We keep hearing from investors that with the increase in lithium brine assets what truly will make these economic and the most attractive for larger companies.

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

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Dave Erfle, Founder of the Junior Miner Junky, joins us to review the oversold levels in the precious mining stocks and the technical support levels he is watching in gold, GDX, and GDXJ. The markets have remained transfixed on the CPI and PPI inflation readings from last week and continue to speculate on how this data may impact the ongoing Fed rate hiking cycle. We discussed the mild bounce we’ve seen in mining stocks so far this week, and Dave outlines that we are within range to see at least a short-term bounce from oversold levels in GDXJ, and that the miners and silver have just started to outperform gold, but that we’d need to see a lot more follow through to get a more bullish reversal going. On the downside he still sees risk to gold breaking down through the $1675 support that was tested 3 times last year, and if there was a quick break below that down to $1650, then it could mark a capitulative low for the sector. Dave still has a lot of cash set aside in his portfolio to be able to take advantage of any further pressure over the next few months.

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I am very happy to introduce Cam Currie as a new guest! Cam is a Senior Investment Advisor at Canaccord who has a very solid reputation in the sector for finding successful metals companies early on.

Since this is the first time Cam is joining us on the show we start with his background and some of the companies he has supported in the past. We then dive into the metals markets focused on the general pullback/bear market for the stocks. We also discuss why the metals sector continues to be ignored by most investors. Whether it's simply the under-performance over the past decade plus, or if it's more of a generational shift we have experienced.

For future calls with Cam please email us if you would like us to focus on any specific topics or if you have any questions on certain companies.

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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 board. Pretty much every sector is bouncing higher while the US Dollar is pulling back. The Fed is in a blackout period so things are slow on that front, earnings from Bank of America and Goldman Sachs were strong but this rebound continues to be doubted.

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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 came in over expectations. Oil sold-off to start the week then bounced but is now under $100/barrel. Yields are off the highs, the USD continues to be strong, precious metals and the stocks continued to break lower and base metals continue to correct. It's a tough environment for investors with almost every market falling.

On this Weekend's Show we talk about counter trend trading, key levels to watch for a wide rage of markets and finally we dive into the inflation data and what it means for investors.

Segment 1 and 2 - Rick Bensignor, President of Bensignor Investment Strategies kicks off the show by initially focusing on the key levels his is watching for the S&P which will critical to summer trading. This ties into a discussion on counter-trend trading and the type of indicators that institutions use to manage their investments. This is very different from what the retails traders uses and is why the retail trader tends to be the wrong end of the trade. Rick also shares how he views gold and gold stocks as different investments. Click here to learn more about Ricks' investment products.
Segment 3 and 4 - Mike Larson, Editor of The Safe Money Report wraps up the show by recapping the inflation data from this week. This data is critical to the Fed and future policy. We tie the data into market moves and what is now considered a safe asset or investment. Click here to follow Mike on Twitter.

Be sure to visit our site for more market and metals commentary - http://www.kereport.com/

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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 core still at the assay lab and future exploration plans. We also get an update on the Bakar Project on Vancouver Island where drilling is expected to start in the near term. This program will be funded by the option partner, Sherpa II Holdings.

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

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Gabriel Rene, President of VERSES (NEO:VERS) joins me to follow up on the introduction webinar from June 27th. On the webinar we went over the entire Company from founding through to now listing on the NEO exchange and the growth in the technology. This interview focuses on what will grow the Company on in terms of profits, progress of the technology and people driving all of this.

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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 down. With silver down over $1 today and gold down over $30 the stocks are also falling. The big question is what will turn the metals? It could be a Fed pivot but would that also turn the broad markets?

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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 on the metals market.

Starting with the recent news, the Company announced the final drill results from the recent program at the Usicayos Gold Project, in Peru, as well as acquiring more lard around the Project. We then look ahead to some of the work plans moving forward.

On the macro front Andrew shares how he views the the gold stocks and overall sector at this point.

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

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Eric Roth, President and CEO of Capella Minerals (TSX.V:CMIL - OTCQB:CMILF) joins me to provide an update on the expansion of land packages in Norway as well as a drilling update from the JV partner at the Savant Gold Project in Canada.

We start with the expanding of land packages in the Hessjøgruva and Vaddas-Birtavarre Copper-Cobalt Districts in Norway. We focus on the big picture strategy in country and the initial early work plans.

Next is over to Canada with a exploration and drilling update from the Savant Gold Project under a JV agreement with Prospector Metals Corp. This is a drill program that will be fully funded by Prospector as the Company earns into it's 70% interest in the Project.

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Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to recap the 9.1% inflation print for June. This was slightly higher than expectations and all but locks in another minimum 75bps hike. We tie this data into what the Fed could do past the next meeting. We also discuss the moves in gold and the gold stocks. It's getting a little bounce today but the focus is on when the market will tell investors all clear to get back in.

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Cole Evans, President and CEO of Enduro Metals (TSX.V:ENDR - OTCQB:ENDMF) joins me to provide a recap of the recent drill results and the overall 2021 program now that all key results have been released.We also discuss the financing for $10mil that closed back in May 19th.

We breakdown the different target areas that were drilled, focused mostly on the McLymont Fault and Burgundy Ridge Zones. A new development in the July 11th news release reported expanding the mineralized footprint of the McLymont Fault Zone as now being more than 5kms (see the map below to view the total size).

When it comes to the financing, the Company closed on just over $10million that included an investment from a strategic investor.

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

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Welcome to KE Report Weekend Show! On this Weekend’s Show we focus on true investment opportunities and ideas in specific sectors. It’s now accepted that a broad bear market is underway. There will be counter trend rallies but as long as money is being drained from the system the downtrend will continue for the time being.

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