The KE Report

This is an early listen to what's coming on this Weekend's Show.  I chat with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, for a level-headed, trading-desk perspective on what defined 2025 and what could matter most in 2026 for commodities. Darrel brings over 30 years of commodities trading experience to unpack the outsized moves in precious metals and beyond - cutting through hype, misinformation, and short-term narratives to focus on fundamentals, positioning, and longer-term cycles. We focus on Silver, Gold, Copper, Oil and Natural Gas.    Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for an end of the year wrap up, and a look ahead to 2026.  We contrast how different stages of companies are reacting, or not reacting, to the higher underlying metals prices, across the producers, developers, and explorers; as well as where Erik sees the most fundamental catalysts stacking up that are not being properly recognized in current company valuations.   We review the continued strange dichotomy between surging precious metals prices and the lagging reactions in many junior gold and silver stocks from 2024 into 2025, but look ahead to when we may see more capital rotate down into the PM junior stocks heading in 2026.   Since the producers can immediately monetize the higher gold and silver and platinum prices, they have run much more over the last year than the pre-revenue companies. With regards to the junior explorers and developers, he sees the metals prices as merely a tailwind to their coming newsflow and that those fundamental catalysts are much more relevant for any changes to the company's valuation (either up or down).   Erik points to the developers in the 2nd leg of the Lassonde Curve, like Montage Gold that have derisked large projects and been rewarded, or developers that successfully have moved into production, like Artemis Gold as examples of the kind of moves that other stocks may go on as this precious metals bull market matures.       * 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.   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. 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.  

This is an early preview to the back half of this weekend's show.  In this energy-focused interview, we are joined by Josef Schachter, Founder and Editor of the Schachter Energy Report and author of the Eye On Energy report (now on Substack). Josef breaks down a volatile 2025 for oil and natural gas and lays out why 2026 could mark a major inflection point - especially for disciplined stock pickers. With oil prices ending 2025 near cycle lows but select energy equities quietly delivering outsized gains, this conversation digs into what really mattered last year and where the best opportunities may lie in the year ahead.   Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/   ---------------------- 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. 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.

In this KE Report company update, I'm joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA - OTCQB: KUYAF - FRA: 6MR1), for a year-end wrap-up and a look ahead to 2026. The discussion focuses on production progress at the Bethania Silver Project in Peru, near-term drilling plans, and a new high-grade silver discovery in Saudi Arabia. Key discussion points include: Bethania Production Update Consistent runs above 100 tpd in Q4, improving logistics, and progress toward operational break-even. Drilling & Resource Growth First underground drilling in five years, targeting ~5,000 meters in early 2026 to grow the resource. Saudi Arabia Silver Project High-grade silver results from initial drilling and a back-in right to increase ownership to 45%. Financial Strength Into 2026 Warrant exercises strengthen the balance sheet and support ongoing operations and drilling.   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/   ------------------------ For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

This Weekend's Show we are replaying two big-picture conversations from earlier in the week. Craig Hemke explains why this metals run looks structural (not just momentum), while Dan Steffens lays out how a “glut” narrative in oil could flip, at the same time LNG-driven natural gas demand tightens and energy stocks offer dividends, buybacks, and M&A-driven upside.   Segment 1 & 2 - Craig Hemke, founder and editor of TF Metals Report, joins the KE Report to recap an extraordinary year for gold and silver, explaining the structural forces behind record-high prices, why mining shares remain undervalued, and what macro signals - like central bank policy and yield-curve control - could drive the next phase of the precious-metals bull market into 2026. Click here to visit Craig's website - TF Metals Report - https://www.tfmetalsreport.com/   Segment 3 & 4 - Dan Steffens, President of Energy Prospectus Group, joins the KE Report to share his outlook for oil and natural gas heading into 2026, including why modestly higher prices could still drive strong cash flow for producers. He also highlights standout large-cap, mid-cap, dividend, and royalty stocks, discusses M&A opportunities, and explains how he balances income, growth, and risk across his energy portfolios. Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/ If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review!   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. 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.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks to new all-time highs here at the end of 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, that have lagged where valuations should be, despite their big moves higher on the price charts already seen this year.    We start off reviewing silver's continued breakout up above $77 to new all-time weekly highs on both the spot and futures charts, as we spoke on Friday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.   We review the slightly different demand drivers silver with both the industrial component, and the growing investment demand. Next we consider how much technical pricing momentum may be fueling more generalist speculation into the metal and mining stocks,  where buying simply begets more buying.   While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.   We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.   We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board.  John points out that it could be manufacturing end users that lead the charge in acquiring silver producers, just to guarantee future supply.  That would be a new dynamic for M&A from buyers that are less price sensitive, and just need to have metal for fabrication demand for their end products.   Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from gold and copper, to platinum, and palladium, throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.    Click here to follow John's analysis and articles over at Substack   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. 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.  

In this company update, Craig Nichol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF), highlights two major catalysts as the company transitions from innovation to commercial execution. GMG has secured EPA approval in the US for its THERMAL-XR® coating, clearing the path for material sales through its master distributor, Nu-Calgon. Simultaneously, the company released new data for its Graphene Aluminium-Ion Battery, confirming a 6-minute full charge time, We discuss the development roadmap toward 100 Wh/kg energy density and path 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.    ------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for a special video podcast including a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 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.   The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:   2,121,000 ounces of gold (Indicated MRE),  averaging 2.07 g/t Au in 31.9Mt & 4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt   Multiple drills have been turning up until this week, with over 79 drill holes that have been completed to date this year, totaling 35,300 meters from the current exploration program at the Omai Gold property.  All these coming drill assays released and still waiting on results from the lab will then factor into updated  project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q2 of 2026.     This updated Preliminary Economic Assessment will be 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 there at Wenot, nor did it include the underground project economics Gilt Creek.  The updated PEA slated for early next year will be much 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.     Highlights from the recent drill holes include:   Hole 25ODD-142  (East Wenot) – 11.07 g/t Au over 14.7m, including 34.31 g/t Au over 4.3m   Hole 25ODD-145W  (Central Wenot) – 13.54 g/t Au over 13.3m, including 27.82 g/t Au over 6.2m, and including 63.17 g/t Au over 2.2m     Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit.  The geological thesis held up proving that there is also deep sheer resources well below the known mineralization at Wenot.    Highlighted higher grade zones from the upper part of hole 25ODD–122w include:   1.06 g/t Au over 708.1 meters (from 364.9) includes:   1.78 g/t Au over 46.2m (from 635.6 downhole), which includes 4.88 g/t Au over 7.0m (from 566.3m) 1.32 g/t Au over 99.2m (from 702.0m), which includes 5.7 g/t Au over 8.0m (from 766.9m) 3.10 g/t Au over 24.0m (from 395.5m) 1.99 g/t Au over 32.0m (from 462.0m) 2.98 g/t Au over 17.8m (from 643.8m) 2.04 g/t Au over 43.2m (from 952.2m)      Wrapping up we discussed the company valuation compared to peers on a P/NAV basis, metallurgical testing, permitting process, and other derisking work on the Project, gathering 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.   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. 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.

In this KE Report Daily Editorial, we are joined by Dan Steffens, President of Energy Prospectus Group, for an in-depth year-end discussion focused on the oil and natural gas markets, portfolio positioning, and top energy stock ideas heading into 2026. Dan manages multiple model portfolios spanning large-cap, mid-cap, small-cap, dividend, growth, and royalty/mineral strategies, and this conversation brings together macro market insights with actionable stock ideas across the energy sector.   Stock symbols mentioned: EOG, NOG, REPX, KRP, VNOM, PAA, PAGP, WCP, BTE, ENB, OKE   Click here to visit the Energy Prospectus Group website for more energy market and stock analysis. - http://www.energyprospectus.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. 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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to discuss the acquisition of the Del Toro Silver Mine in the Chalchihuites District in Mexico from First Majestic Silver Corp. for total consideration of up to US$60 million, inclusive of delayed and contingent milestone payments.  We also get a update on operations from the ongoing ramp-up and expansion of silver and gold production from the La Guitarra, Coloso, and Nazareno mines in Mexico.    Pursuant to the Transaction, Sierra Madre will acquire a 100% interest in the 2,129-hectare Del Toro Property in Zacatecas State that includes three fully-permitted underground mines, a 3,000 tonnes per day ("tpd") flotation processing circuit and numerous historic mines.   Alex outlines that in the near-term, their plan for Del Toro is to advance exploration and prepare an updated resource report while their operating team focuses on completing the two-stage expansion at La Guitarra.  The initial plan is to commence the mine restart process at Del Toro in mid-2027, with silver and base metals production currently slated for mid-2028. However, Alex mentioned that if silver prices continue on their current upward trajectory, there is a possibility of restarting Del Toro within a 12-month time period."   We reviewed that once again this transaction was completed with their largest strategic shareholder, First Majestic Silver, who is excited to see the team at Sierra Madre unlock value from these assets as they participate from an equity perspective. Alex points out that as was the case with La Guitarra, First Majestic has done an exceptional job in keeping permits current and maintaining the mine and plant in an operations-ready state.   Key transaction specifics of the Del Toro acquisition:   Upon closing of the Transaction, US$20 million in cash and US$10 million in Sierra Madre shares at the Issue Price. Within 18 months of Closing, US$10 million in cash or, at the option of the Company, Shares at a price per share equal to the market price. If, within 48 months of Closing, the Company files a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report over any or all of Del Toro that demonstrates "mineral resources" of at least 100Moz AgEq or the Company issues a news release announcing "mineral resources" of at least 100Moz AgEq, an additional US$10 million in cash or, at the option of the Company. If, within 60 months of Closing, the Company achieves commercial production at Del Toro of at least 4,000 tpd for 30 consecutive days, an additional US$10M in cash or, at the option of the Company,     Alex then unpacks how Del Toro is an excellent match for their portfolio, not just on a production basis, but with considerable exploration upside; with an already built production plant and a strategic land position in the large, under-explored Chalchihuites District.  This ties into their team's long-standing corporate business model is to acquire mines, such as La Guitarra, with existing production facilities, and then to build a resource base in under-explored, large historic mining districts.   Alex also just got back from a site visit to Mexico, so we unpacked all the activity on the ground the planned two-stage expansion at their La Guitarra processing plant located in Estado de Mexico, Mexico. Alex discussed how the ongoing purchase of additional milling and processing equipment along with rolling fleet equipment will allow for the implementation of increased production in incremental stages over the next 2 years.   In addition to throughput growth, there will also be grade-driven growth at the La Guitarra complex. This higher-grade ore which will continue be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, in addition to development work at La Guitarra reaching higher grade material. As production and operations continue ramping up 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 in 2026.  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.   There will also be more announcements about the exploration plans at the Del Toro complex and land concessions in the new year.       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   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. 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.

In this year-end daily editorial, Craig Hemke, Founder and Editor of the TF Metals Report, joins the KE Report to recap a historic year for precious metals and look ahead to the structural shifts of 2026. Gold closes the year with a staggering 65% year-to-date gain, while silver has outperformed, nearly doubling that figure. Craig analyzes why the traditional "Trump Trade" of a soaring dollar failed to materialize, replaced instead by a fundamental global shift toward hard assets. We discuss the "structural superfecta" - the rare occurrence of metals hitting weekly, monthly, quarterly, and annual all-time highs simultaneously - and why 2026 could be defined by a new macro era of asset monetization and yield curve control.   Click here to visit Craig's website - TF Metals Report - https://www.tfmetalsreport.com/   -------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Northern Shield Resources (TSX-V: NRN) is advancing the Root & Cellar Project in southeastern Newfoundland. In this company introduction, Ian Bliss, President and CEO provides a history of the asset and 2026 plans.  Project Overview: Root & Cellar Location: Burin Peninsula, Newfoundland. Highly accessible via road and near a deep-water port. Geological Context: The property hosts five gold zones over a 6 km strike length and a 2 km diameter copper-molybdenum anomaly. Conquest Zone (Gold-Silver-Tellurium): Recent drilling intersected quartz veins - e.g., 4.35m @ 3.4 g/t Au. Strong association with Tellurium (grades up to 700 g/t), a critical metal and indicator of large-scale systems. Creston Target (Copper-Molybdenum-Gold): Surface exposed porphyry target with grades up to 10.5% Cu in grab samples. Current quarrying on-site has exposed new mineralization. 2026 Exploration Strategy Drilling: 5,000+ meter program planned for 2026, split between the Creston copper and Conquest gold targets. Geophysical Focus: High-resolution surveys in early Q1 2026 to refine deep-seated porphyry targets. Strategic Funding: Fully funded for 2026 work following a C$1 million investment from Labrador Gold (TSX-V: LAB). Low-Cost Advantage: Drilling costs are approximately $200/meter due to local infrastructure and road access.   Click here to visit the Northern Shield Resources website.     ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.  

As 2025 closes with major indexes near highs - but investors still oddly cautious - Dana Lyons and Rick Bensignor step back to map the setup for 2026. The common thread: market participation (breadth) is improving, leadership is rotating beyond mega-cap tech, and precious metals remain one of the most durable trends, while crypto and AI require more selective timing. Segment 1 & 2 - We kick off the KE Report Weekend Show with Dana Lyons, fund manager and editor of the Lyons Share Pro, who wraps up 2025 by sharing his technical and cycle-based outlook for equities, sector rotation, and sentiment heading into 2026. Dana discusses why his models remain constructive on the broad market, highlights improving small- and mid-cap participation, outlines key sector leadership trends, and explains why precious metals remain the strongest long-term opportunity while cryptocurrencies face near-term technical headwinds. Click here to visit the Lyons Share Pro website and learn more about Dana's investment services - https://lyonssharepro.com/   Segment 3 & 4 - Rick Bensignor, President of Bensignor Investment Strategies and editor of two retail investment letters, under the In The Know Trader website joins us to recap 2025 and look ahead to 2026, discussing market sentiment, major turning points in equities, standout trades in stocks and metals, and his outlook for precious metals, AI, crypto, small caps, and broader market risks in the year ahead. Click here to visit the In The Know Trader website - https://intheknowtrader.com/   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review!   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. 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.

Terry Lynch, CEO of Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), joins me for a comprehensive exploration update from their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We discuss recent drill results from a deep hole at the Lion Zone, pending results still at the assay lab, but also look ahead to 4 key exploration targets of interest for early 2026 drilling.   Key Highlights from the Interview:   Exploration Strategy: A six-rig program focused on expanding the mineralized around the Lion Zone and at depth in the “elephant zone,” and also at Lion West, at the Tiger Deep Zone, and new polymetallic targets from surveys at the Hydro Fold-Hinge Zone. Additionally the team is still drilling to connect the 5.5km corridor and “Gap Area” between Lion and NISK Main.  There are still about 15,000-20,000 meters of core being processed at the lab that should be back by late January, and then 65,000 additional meters that will be drilled throughout 2026. 40 Meters of 12.18% Cu (14.34% CuEqRec) included within 20.40 meters of 2.91% Cu (3.58% CuEqRec) in Hole 25-029b at Lion, and Completes the Extension of PN-24-064 “elephant hole” to define large BoreHole EM anomaly at depth.    Terry points out that the exploration team is more animated by the follow up hole here after collecting more electro-magnet information from this most recent hole. Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway with results set to release in early Q1 to confirm high recovery rates. Acquisition of Li-FT Power land:  Back on July 14, 2025 the Company announced that it closed a definitive agreement dated June 9, 2025 to acquire a 100% interest in 313 mineral claims totalling 167 km² from Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF). The claims adjoin the Company's 45.86km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Copper-Nickel-Platinum-Palladium-Gold-Cobalt deposit.   Terry explains how there are 8 very high priority drill targets that the exploration team is following up on across this newly acquired land. Phase 1 Metallurgical Testing of Lion Deposit:  On Oct. 16th, Power Metallic announced that preliminary metallurgical studies are underway being performed by SGS Canada Ltd at its laboratories based in Quebec City, QC, and Lakefield, ON. Work to date has shown that the copper mineralization is contained within coarse grained chalcopyrite and cubanite, both which should respond well to conventional sulphide concentration methods. Overall, the character of the mineralization suggests good recoveries of copper sulphides, and these initial metallurgical tests will determine the recovery potential of the PGEs, Au, Ag, and Ni., which are expected to report within a conventional sulphide concentrate.   If you have any questions for Terry regarding Power Metallic Mines, then please email them into me at Shad@kereport.com.   * In full disclosure, Shad is a shareholder of Power Metallic Mines 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 Power Metallic Mines   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. 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.

In this KE Report company update, we're joined by Stephen Soock, Vice President of Investor Relations and Development at Heliostar Metals (TSX-V:HSTR - OTCQX:HSTXF - FSE:R0G1), to discuss the restart of production at San Agustin and continued permitting progress at La Colorada as the company advances multiple gold assets in Mexico. Interview Highlights San Agustín: Restart Success: Formal mining operations resumed in December 2025. Fresh ore is now being stacked on the leach pad. 2026 Production: Technical Study outlines 45k oz over 14 months of production. Profitability: Targeted to generate $40M–$65M in free cash flow at current gold prices over the 14-month mine life. La Colorada: Expansion Permit: The SEMARNAT review period passed without requests, activating the "positiva ficta" process (effectively granting the permit). Q1 2026 Strategy: Open-pit mining at the Veta Madre pit is slated for a Q1 restart, beginning with waste stripping.   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/   ------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this year-end daily editorial, Dave Erfle, Founder and Editor of Junior Miner Junky, recaps a historic week that saw gold hit an intraday all-time high of $4,400 and silver surge to $67 per ounce. Despite these parabolic moves in the metals, the junior mining equities have shown a lackluster response, leading to a "broken reaction" in the sector. Dave analyzes why investors are booking profits despite massive expansion in producer margins and explains why he believes the current physical silver squeeze, driven by five years of structural deficits, is far more resilient than the paper-driven speculation seen in 2011. 2025 Precious Metals Recap Record-Breaking Prices: Gold ends the year testing $4,400, while silver hit $67 this week—a 130% year-to-date gain for the white metal. The Stock Disconnect: While majors remain near highs, juniors are lagging. Dave notes they are technically overbought but remain "under-owned" and undervalued relative to their Net Asset Value (NAV) and NPV economics. Physical Squeeze vs. Margin Hikes: Unlike the speculative peak in 2011, this rally is driven by a physical silver deficit. Recent 50% margin hikes failed to cool the price, signaling a fundamental shift in market mechanics. Safe Haven Shift: Gold has officially surpassed Treasuries as the preferred safe-haven asset for central banks and institutional portfolios (shifting the traditional 60/40 to a 60/20/20 gold-heavy allocation). 2026 Outlook: As miners prepare to report record-breaking Q4 financials in February, Dave expects a continued rerate, specifically for high-risk juniors in jurisdictions like Bolivia where political shifts are unlocking deep value.   Click here to visit the Junior Miner Junky website to learn more about Dave's investment letter - https://www.juniorminerjunky.com/   -------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

[Recorded December 17th, 2025]:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to update us on the value proposition he see in 3 gold exploration stocks, based around recent press releases and milestones.   He sees this newsflow and fundamental catalysts as much more relevant for any changes to the company's valuation (either up or down), rather than the improving sentiment within the backdrop of rising underlying precious metals price environment.      The companies we discuss in this interview are:     Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) – On December 16th announced the closing of its acquisition of a 100% undivided interest in the 324 non-contiguous mining claims comprising 8,392.92 hectares in the Abbotsford and Hepburn Townships in the province of Ontario. These adjacent Abbotsford and Hepburn Projects will compliment their land concessions at their flagship Perron Gold Project in Quebec. Additionally, on December 17th, Eric Sprott announced that, 2176423 Ontario Ltd., a corporation beneficially owned by him, sold 14,868,200 common shares of Amex Exploration Inc., through a private agreement, at $4.00 per Share for total consideration of $59,472,800.   On the same day, Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) acquired ownership of 14,868,200 common shares of Amex Exploration Inc. at a price per Share of C$4.00, for total consideration of C$59,472,800, pursuant to a private agreement with a third party (which were Eric Sprott's shares).      First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) and Mawson Finland Limited (TSXV: MFL) (FRA: PM6) – On Dec. 16, 2025 announced the successful closing of the previously announced acquisition by First Nordic of all of the issued and outstanding common shares of Mawson by way of a court-approved plan of arrangement. The Transaction consolidates a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Project, a joint venture with Agnico Eagle Mines Limited and its Gold Line Belt projects in northern Sweden and Oijärvi Project in Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland. In connection with the Transaction, the Company will change its name to Goldsky Resources Corp., subject to receipt of the approval of the TSX Venture Exchange.     FireFox Gold Corp. (TSX.V:FFOX) (OTCQB:FFOXF) – On December 8, 2025 reported results from an additional four holes of its 2025/26 diamond drilling program at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill hole 25MJ005 is among the best holes yet drilled on the property, extending both shallow and deeper high-grade gold zones well to the west from previous drilling at the East Zone.    We went on to speculate on how Agnico Eagle may be willing to negotiate turning over their JV interest on  Barsele in Sweden with First Nordic, to focus on a regional consolidation in Finland of Firefox, Rupert, and Aurion into a district camp.   Agnico already has a strategic position in both Rupert and Firefox.   * 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   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.     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/  

Tim Shearcroft,  CEO and Co-Founder of BP Silver Corp. (TSXV: BPAG), joins me for a comprehensive introduction to this newly listed silver and polymetallic exploration company focused on exploration of their flagship asset, the Cosuño Project; which is strategically located in the prolific Bolivian silver belt. Additionally, the Company is working on finalizing the title at their Titiri Project, located in a major under-explored silver belt with Tier 1 discovery potential.   We start off getting an overview of how the Company, projects, and team came together privately and then it was just publicly listed on September 29th of this year.  We discuss the prospectivity of Bolivia for mineral exploration and exploitation, the handful of companies that have made solid advancements on their projects in country, and how the political administration has recently changed to become more amenable to foreign business investment and mineral extraction.    Next we get into the details announced on December 17th, highlighting the successful completion of its Phase 1 diamond drilling program at the Cosuño Silver Project, located in the Department of Potosí, Bolivia. A total of 11 diamond drill holes totaling 906 meters were completed, testing four high-priority targets in the lithocap that may host an epithermal silver deposit. Samples from the first two drill holes have been submitted to an independent geochemical laboratory for analysis. Final core logging, sample preparation, and shipment of the remaining samples will be completed prior to the conclusion of the program later in December, with initial assay results expected in early January 2026.   Additionally, their team is working with the government to finalize obtaining the title to begin exploration on their Titiri Project.   Titiri was staked over a large land concession containing outcropping mineralization historically explored by ASARCO.  This Project contains a 2.5km-long silver-lead-zinc zone, with excellent historical trench results, that was never drilled. Titiri is a very High Priority structural setting at the intersection of several major crustal-scale faults, along which multiple deposits occur.  There is a MOU in place with local communities, and they'd like to get on the ground for exploration in mid-2026.   Wrapping up, Tim shared his background and the experience of their strong technical team and with a substantial experience exploring and operating in Bolivia and Latin America. We covered the financial health of the company, share structure and warrants, and envisioned work strategy and plan moving into next year.   If you have any questions for Tim regarding BP Silver, then please email those into me at Shad@kereport.com.   Click here to follow the latest news for BP Silver   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. 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.  

In this KE Report company update, we reconnect with Scott Berdahl, President & CEO of Snowline Gold, for a detailed discussion on the company's transition from a strong PEA into a newly commenced Pre-Feasibility Study (PFS) at the flagship Valley Gold Deposit in Yukon. This conversation focuses on what changes investors could see moving from the PEA to the PFS, how recent drilling may impact the resource and mine plan, and the extensive engineering and de-risking work already underway. Scott also outlines what drill results remain pending from Valley and regional targets, Snowline's broader exploration strategy alongside development, and why advancing Valley remains the core value driver for shareholders. 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 - https://snowlinegold.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. 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.

In this KE Report daily editorial, we wrap up the year with Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network. Joel shares his high-level takeaways from a volatile but ultimately constructive market year, breaking down what worked, what faded, and which themes may carry into 2026. Key discussion points include: 2025 Market Recap & Broadening Participation - A look at index performance, the shift away from mega-cap dominance, and why broader sector participation has been a healthy development. Small Caps, Rates & Rotation - How easing rate expectations supported small caps and value, and why rotation beneath the surface matters more than headlines. AI Trade: Winners, Losers & Reality Checks - From overheated valuations to infrastructure “picks and shovels,” Joel outlines where AI enthusiasm cooled and where fundamentals are reasserting control. Macro Wildcards: Fed, Inflation & Politics - Tariffs, inflation data, rate cuts, and political noise - what markets are watching and what investors may be underestimating. Sentiment, Risk & Positioning - Why this bull market continues to climb a wall of worry, plus practical thoughts on portfolio positioning based on time horizon and risk tolerance.   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/   ---------------- 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. 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.

In this update, Bob Archer, CEO of Pinnacle Silver & Gold (TSX-V:PINN | OTCQB:PSGCF), outlines the roadmap for the company's first-ever drill program at the El Potrero project in Mexico. Following extensive sampling that averaged 8.5 g/t AuEq, the company is now moving into site preparation. This initial campaign is unique, as it focuses on delineation drilling - defining the size and shape of known high-grade shoots from within existing mine workings rather than speculative exploration. Exploration & Development Roadmap Underground Preparation: January is dedicated to enlarging drill stations and site safety (scaling/bolting). The Drill Program: A 112-hole campaign (2,600m) consisting of short, 20–25m holes designed to define grade distribution and vein thickness every 12.5 meters. Surface Targets: Following the underground work, drilling will move to surface to test the 500m gap between historic mines and additional veins like El Capulin. Fully Funded: The company is currently closing a C$2.52M financing to cover both the underground and surface programs through 2026.   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    ---------------------- 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. 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.

In this KE Report update, I'm joined by Tim Clark, President & CEO of Fury Gold Mines (NYSE/TSX:FURY), along with Bryan Atkinson, Senior Vice President of Exploration, to discuss the company's growing gold resource portfolio and 2026 shift toward development in Québec's James Bay region. Key discussion points include: Sakami Project - Inferred Resource Update - A newly outlined ~825,000-ounce inferred gold resource at 1.07 g/t Au, with upside potential from limited drilling and multiple open extensions. Exploration Upside in James Bay - Multiple targets along a 23+ km gold-bearing structure, supported by solid infrastructure and low discovery costs. Strategic Focus for 2026 -  Fury is shifting capital and attention toward advancing its most de-risked asset, Eau Claire, while maintaining optionality across its broader land package. Eau Claire - Moving Toward Production - Ongoing drilling focused on resource conversion, continuity, and improving the production profile as the project advances from PEA toward Feasibility Study. 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. ---------------- 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. 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.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks higher in 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, despite the big moves higher already seen this year.  Will the silver price keep moving higher in a catchup trade to incentivize new production or development, or could we instead see a sharp pricing correction in the near future?   We start off reviewing silver's continued breakout up above $66 on both the spot and futures charts, as we spoke on Wednesday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices. We review the slightly different monetary drivers for gold versus silver's industrial component, but then discuss it is really the large investment demand that is flowing into the whole sector via metals, ETFs, and individual equities which is moving the pricing up in the most dramatic legs higher. Next we consider how much technical pricing momentum may be fueling more speculation where buying simply begets more buying. While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations. We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers. We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board. Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from copper, platinum, and palladium, to zinc, antimony, tungsten, rare earths, lithium, and uranium throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.   Click here to follow John's analysis and articles over at Substack   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. 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.

Trent Mell, President, CEO, and Founder of Electra Battery Materials Corporation (NASDAQ: ELBM) (TSX-V: ELBM), joins me for a comprehensive overview the value proposition for the Company, as a leader in advancing North America's critical minerals supply chain for lithium-ion batteries and for the defense industry.   Electra's primary focus is constructing North America's only hydrometallurgical facility capable of refining  cobalt sulfate, and it has an operating history of previously producing cobalt carbonate and nickel carbonate. This is part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. Electra's cobalt sulfate refinery is located in Ontario, Canada, near some of the largest auto manufacturing centers in North America.   Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials like lithium and graphite.   Trent reviewed their strategic government-backed infrastructure with support from U.S. Department of War, the Government of Canada, and the Invest Ontario program. The Company has in place 2 key feedstock contracts with Glencore and Eurasian Resources Group (ERG), as well as commercial offtake agreements with LG Energy Solution and off-book government and manufacturing organizations.   In addition to the main opportunity and contracts in place to feed the refinery, Electra holds a significant land package in Idaho's Cobalt Belt, including its Iron Creek project and surrounding properties, positioning the Company as a potential cornerstone for North American cobalt and copper production. The potential exists to add future Idaho feedstock to supplement the Ontario refining, to add in the processing of nickel sulfate, in addition to the battery recycling expansion opportunity.   If you have any further questions for Trent regarding Electra Battery Materials Corp, then please email them into me at  Shad@kereport.com.   Click here to follow the latest news from Electra Battery Materials Corp   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. 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.

In this KE Report company update, we're joined by Colin Padget, President & CEO of Founders Metals, for a concise, big-picture look at the rapidly expanding Antino Gold Project in Suriname. With the land package nearly tripled and multiple drill-ready targets, the focus is on how the company is prioritizing growth heading into 2026. Key discussion points: District-Scale Expansion - Founders has expanded Antino from ~20,000 to ~56,000 hectares, unlocking new high-priority targets adjacent to known mineralization. Upper Antino - High-Grade Core - ~75,000 meters drilled to date, with continued strike and depth expansion supporting a multi-million-ounce potential. Lower Antino & Buese - Scale and Optionality - Broad, consistent mineralization from surface at Lower Antino and a mix of bulk-tonnage and higher-grade zones at Buese add meaningful upside. 2026 Exploration Strategy - Systematic drilling, geophysics, and auger sampling across the expanded land package, including first-pass drilling on large, previously untested anomalies. 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 - https://www.fdrmetals.com/   ---------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this company introduction, Alex Black, Executive Chairman of Rio2 (TSX:RIO | OTCQX:RIOFF), discusses the company's transition from developer to producer. Rio2 is nearing first gold production at its Fenix Gold Project in Chile, while simultaneously acquiring the Condestable Copper Mine in Peru to provide immediate cash flow. Project Highlights Fenix Gold Project (Chile): First Production: Construction is nearly complete; first gold pour is scheduled for January 2026. Initial Scale: Phase 1 targets 100,000 oz/year via run-of-mine heap leaching. Growth: A massive 5-million-ounce resource supports expansion to 300,000 oz/year by 2030. Condestable Copper Mine (Peru): Strategic Acquisition: Rio2 is acquiring this producing mine for $241M USD, returning to the jurisdiction where the team previously built and sold Rio Alto Mining for $1.2B. Financial Strength: Projected to generate $145M USD annual EBITDA at spot prices, funding gold expansions with minimal dilution. Stability: Features over 10 years of reserves and a 45,000-hectare underexplored land package. Key Financials & Team Fully Funded: Closed an upsized C$191 million bought deal in December 2025 to fund the copper acquisition and general growth. Proven Team: Led by Alex Black and President and CEO Andrew Cox, a management group with a history of successful multi-billion dollar exits in Latin America.   If you have any follow up questions for Ian or want more information on any of the projects please email me at Fleck@kereport.com.   Click here to visit the Rio2 website - https://www.rio2.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. 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.

In this company update, Zach Flood, President and CEO of Kenorland Minerals (TSX-V:KLD | OTCQX:KLDCF), discusses the maiden resource at the Regnault gold deposit within the Frotet Project, Quebec.   Zach recaps the path from a 2020 grassroots discovery to a 2.55 million ounce Inferred resource at 5.47 g/t gold. We dive into the valuation of Kenorland's unique 4% NSR royalty on the project, now 100% owned and operated by Sumitomo Metal Mining. Zach also outlines the expansion potential remaining at Regnault and provides an outlook for Kenorland's extensive 2026 exploration pipeline. Key Highlights: Regnault & Beyond Maiden Resource Milestone: The inaugural estimate outlines 14.5 million tonnes at 5.47 g/t Au for 2.55 Moz of gold. This was achieved in under five years with a discovery cost of roughly $20 per ounce. High-Value Royalty: Kenorland holds a 4% NSR royalty (with a 3.25% uncapped floor if buy-downs are exercised), considering the company's sub-$200M CAD market cap. Exploration Blue Sky: The system remains open in multiple directions, with 19 high-grade vein models currently excluded from the resource due to drill spacing. Sumitomo Operatorship: With Sumitomo now at the helm, baseline engineering is underway for a potential underground exploration decline to facilitate future bulk sampling. Aggressive 2026 Pipeline: Beyond Frotet, Kenorland is preparing for major partner-funded programs at South Uchi (with Auranova) and the Western Wabigoon and Flora projects (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 - https://www.kenorlandminerals.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. 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.

In this KE Report Daily Editorial, we're joined by Jim Tassoni, CEO of Armor Wealth Strategies, for a momentum-focused look at equities, metals, energy, and cryptocurrencies. Jim outlines where trends are strengthening, where momentum is fading, and the key technical levels guiding his trades as markets head into year-end. Key discussion points include: Equity Index Momentum & Year-End Positioning - Small caps continue to lead while the S&P 500 and NASDAQ struggle to regain upside momentum. Jim explains how year-end hedging and profit protection may be driving choppy price action and why January could be decisive. Silver's Breakout & Gold's Steady Trend - Silver's explosive move into the $60+ range remains a strong momentum trade, though short-term exhaustion is showing. Gold continues to grind higher with longer-term momentum intact. Dollar, Bonds, Oil, and Bitcoin Trends - The U.S. dollar has turned lower, bonds suggest a potential yield-curve steepening, oil remains under pressure, and Bitcoin continues to trade with bearish momentum after a sharp pullback. Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he's trading - https://armorwealthstrategies.com/   --------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this KE Report company update, we're joined by Greg McCunn, President & CEO of Great Pacific Gold (TSX.V:GPAC - OTCQX:GPGCF - FRA:V3H), to review new drill results from the Wild Dog Project in Papua New Guinea. The focus remains on the Sinivit target, where ongoing drilling continues to deliver consistent high-grade gold-equivalent intercepts. Key discussion points include: High-Grade Drill Results - Hole 14 returned 9.5 meters at 13.8 g/t gold equivalent, adding to a growing list of strong intercepts from the Northern Sulfide Zone. Focus on Depth Potential - Drilling is now testing below 200 meters, targeting extensions of mineralization that management believes could host the most significant ounces. Refined Geological Model - Results support a model of high-grade pods within a larger epithermal system rather than continuous grades along strike. Strong Cash Position & Next Steps - With ~C$13 million in cash, the company plans to add a second drill rig in early 2026 and continue aggressive exploration. If you have any follow up questions for Greg please me at Fleck@kereport.com.    Click here to visit the Great Pacific Gold website.   --------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this KE Report Daily Editorial, I'm joined by Craig Hemke, founder and editor of TF Metals Report, to break down silver's explosive move above $60, gold's ongoing bull market, and the growing wave of misinformation surrounding precious metals. Craig explains what's really driving prices higher, and why investors should stay focused on real data, not viral headlines. Key discussion points include: Silver's Volatility Above $60 - Strong fundamentals driving big daily swings, not market breakdowns. Gold's Ongoing Bull Market - Why consolidation is healthy and new highs remain likely. Debunking Silver Market Myths - Clearing up false narratives around COMEX deliveries and JPMorgan positioning. What Actually Matters - Fed liquidity, dollar trends, positioning, and seasonality over click-driven hype. Click here to visit Craig's website - TF Metals Report.   -------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this KE Report company update, Eric Roth, President & CEO of Capella Minerals (TSX-V: CMIL - OTCQB: CMILF), joins me to discuss the start of a maiden drill program at the Killerö Project in northern Finland's highly prospective Lapland Greenstone Belt. The conversation also touches on Capella's broader Scandinavian strategy across Finland and Norway. Key discussion points include: Maiden Drill Program at Killerö - 11-hole, 2,200-meter first-ever drill test of a former Anglo American gold-copper target. Target Quality & Geological Upside - Strong historic base-of-till copper and gold anomalies supported by modern geophysics. Strategic Joint Venture & Pipeline - Drilling funded through Capella's earn-in partnership with Tümad, with additional work planned in Finland and Norway. 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.    ---------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this KE Report daily editorial (Monday, December 15), TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot, returns with a trader-focused look at shifting market leadership and rising risk as we head toward year-end. Key discussion points: Small Caps Leading, Mega Caps Lagging - Why strength in IWM and equal-weight indices may be masking weakness in mega-cap tech. AI Trade Losing Momentum - Signs of fatigue across AI, data centers, and related growth stocks after outsized runs. Tesla & Space Speculation - Tesla's rebound, SpaceX IPO chatter, and why TSLA acts as a proxy for the “Elon trade.” Silver's Sharp Breakout - Technical perspective on silver's surge and why chasing extended moves carries risk. Click here to visit TG's site - Profit Pilot Click here to visit TG's YouTube page.  ---------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this KE Report update, we speak with Roger Moss, President & CEO of Labrador Gold (TSX.V:LAB - OTCQX:NKOSF - FSE:2N6) , and Ian Bliss, President & CEO of Northern Shield Resources (TSX.V:NRN), to discuss Labrador Gold's strategic shift toward a hybrid mining and investment issuer and its first investment under this model. Labrador Gold has deployed $1 million into Northern Shield Resources, gaining exposure to an early-stage but highly prospective gold–silver–copper–tellurium project in Newfoundland, while continuing to advance its own exploration assets. Key discussion points: Hybrid mining–investment model - Labrador Gold outlines how it plans to balance direct exploration with strategic equity investments. Capital position & investment focus - With ~$16M in cash, the company targets high-quality projects in strong jurisdictions, with emphasis on gold, copper, and critical metals. Why Northern Shield - A science-driven exploration approach and an underexplored Newfoundland project hosting gold, silver, copper, and tellurium. Near-term work & drilling plans - Northern Shield outlines upcoming geophysics and a planned 2026 drill program at the Root & Cellar Project. Please email me with any questions for Roger or Ian. My email address is Fleck@kereport.com.   Click here to visit the Labrador Gold website to learn more about the Company.   ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me for a comprehensive review of all 4 company Projects, on an operational, developmental and exploration perspective. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua. Mako owns the Moss Mine in Arizona, an open pit gold mine in northwestern Arizona, which is ramping up production. Mako now controls the permitted Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA as the next key development project in the cue.  Mako also holds a 100% interest in the PEA-stage Eagle Mountain Project in Guyana, South America.   Initially we review the San Albino operations, how Q3 was a solid quarter, but not running as optimally as it has been in Q4.  San Albino ranks as one of the highest-grade open pit gold mines globally and this is translating over to great revenues in light of the higher metals prices.  Akiba points out that really Q4 will be the strongest quarter of the year, and this is what company has been guiding all along, but that December is turning out to be the strongest month operationally thus far.   Additionally, we discuss all the district-scale exploration potential and multiple drill rigs turning around the mine and across the land concession.   We also unpack the ramp of mining at the tail end of Q3 and into Q4 at the Moss Mine, in Arizona.   Akiba unpacks some of the operational and site layout challenges their team has overcome or has a process in place to address in the year to come.  Even though Moss is a lower-grade mine, and has only been operating as partial efficiency, it has still been profitable. As mining increases by accessing better areas of the mine, and debottlenecking certain processes, then costs will come down and it should become a bigger contributor as next year progresses.   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. We discuss the related-party transaction involving Sailfish Royalty Corp, and some of work flying drones over the property a couple of weeks back before the snowy weather came in, setting them up for development work this April.   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.   Wrapping up, 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..      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:   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. 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.  

This Weekend Show is all about precious metals momentum, and the why behind it. Brien Lundin argues we're watching the classic bull-market baton pass (silver + miners leading gold), while Jeff Christian breaks down what the data actually shows behind silver's explosive run above $60, and why volatility could cut both ways in the weeks ahead. Segment 1 & 2 - Brien Lundin, editor of Gold Newsletter and host of the New Orleans Investment Conference, joins the KE Report Weekend Show to break down his massive year-end issue - covering macro trends, metals and market outlooks, dozens of junior mining updates, and five new stock recommendations - while explaining why he sees silver and mining equities leading gold into a potentially strong seasonal early-2026 rally driven by the broader “debasement trade” and rising liquidity across commodities. Click here to learn more about the Gold Newsletter.   Segment 3 & 4 - Jeff Christian, Managing Partner at CPM Group, wraps up this Weekend Show to break down silver's explosive move above $60 - arguing it's being driven primarily by investor demand and momentum trading (not fabrication demand or a true short squeeze) - while also outlining why gold has lagged, how geopolitical/economic risks could keep precious metals supported into Q1 2026, and what shifting narratives around crypto-linked gold products, central bank activity, and the need for new mining supply could mean for metals and mining equities. Click here to visit the CPM Group website to learn more about the firm   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!   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. 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.

Oliver Turner, Executive VP of Corporate Development for Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS), joined me for a comprehensive review of the several key optimization initiatives ongoing at their producing 100% owned Galena Complex, located in Idaho, USA; as well as at the EC120 mine at their Cosalá Operations, located in Sinaloa, Mexico.  Additionally, we reviewed the news out today regarding the closing of the acquisition of the Crescent Silver Mine located just 9 miles away from their Galena Complex in Idaho.   We started off unpacking the multifaceted approach to optimizing their Galena mining complex this year, comprised of 4 shafts and 2 mills currently being underutilized, but setting up for a marked incremental increase in production growth over the next few years. The company has invested big in 2025 in a new fleet of mobile equipment to improve efficiencies and uptime. There is a 2-phase upgrade initiative for the hoist at the No. 3 Shaft, where the motor was upgraded to a larger more powerful one, increasing the amount of tonnes that can be raised each day. Additionally, there is a more advanced breaking system and communication platform that will be implemented in 2026 that will further increase the amount of ore that can be raised and run through the mill for processing. A key shift to from the ‘Cut and Fill' mining method using hand held jacklegs, to a mechanized Long Hole Stoping mining method, which is far more efficient and still quite precise. Grade-driven growth, building upon future mine sequencing following up on the successful exploration at the 034 vein at the 5200 level and the 149 vein at the 4300 level. There is capacity at their 2 mills to accept larger amounts of throughput as mining capacity expands The incorporation of new management and operational personnel, building for the future. Next we discussed the big news out today on December 12, that the Company has closed the acquisition of Crescent Silver, LLC, which owns the Crescent Mine in Idaho. The consideration under the Acquisition is made up of US$20 million in cash and approximately 11.1 million common shares of Americas Gold and Silver. The Crescent Mine is a synergistic addition located just 9 miles from the Galena Complex, and is a fully permitted past producing mine which will be advanced for a restart in 2026.  The Crescent Mine will provide a supplementary high-grade source of feed to their 2 mills at Galena, further utilizing processing capacity.   The mineralized material at Crescent is very similar to the tetrahedrite material at Galena which contains high grade Silver and significant by-product potential from antimony and copper, which meshes perfectly with their strategy to maximize the production value across all metals.   Throughout  2025, there has been very promising metallurgical testing, confirming high recoveries of antimony alongside strong silver and copper recoveries from ore currently being processed.  Until recently the company was not getting paid for antimony or copper, but that will be changing in 2026 based on a new off-take agreement signed with Ocean Partners USA Inc. for treatment of up to 100% of the concentrates from the Company's Galena Complex at Teck Resources Limited's Trail Operations in Trail British Columbia; one of the world's largest fully-integrated zinc, lead and critical metals complexes.   Next we shifted down to the Cosalá Operations in Mexico, with the operating San Rafael and El Cajon mines, which has been critical to getting the company through tougher markets over the years.   The Company is investing in exploration to extend the San Rafael mine, and importantly tunneling over into a new area of the El Cajon mine called the EC120 mine, which will now see increased silver production in the years to come. This brought up the point that this company is one of the few North American silver-focused producers with the objective of over 80% of its revenue generated from silver in the year to come.     If you have any questions for Oliver regarding Americas Gold and Silver, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Americas Gold and 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 Americas Gold and Silver   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. 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.  

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins us for a Q3 financial and operations review at their producing McCreedy West copper mine, located in Sudbury, Ontario, Canada.  We also review 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. Additionally, we get a nice update on the development pathway at the Crean Hill Project to round out the discussion.   Q3 Financial and Operational Highlights:   The three months ended September 30, 2025 (“Q3 2025”) was Magna's second full quarter of production at the McCreedy West copper-precious metals Mine. Total ore processed in Q3 2025 was 75,215 tons from the 700 Footwall Copper Zone at a grade of 2.64% copper equivalent (“CuEq”). Quarterly production of 2.7 million pounds (“lbs”) CuEq at cash costs of US$5.10/lb CuEq was impacted by the previously disclosed compressed air system failure and power related delays, which delayed access to higher grade stopes and has since been rectified. Sustaining capital expenditures at McCreedy West totalled $4.1 million during the quarter, a 123% increase from Q2 of 2025, including $2.7 million towards critical capital development and $1.4 million in fixed and mobile machinery upgrades, focused on improving asset reliability moving forward. Underground development during the quarter totaled 1,796 feet and continues to be prioritized in Q4 to provide increased production optionality and flexibility to support a more robust operating plan in 2026. Ended Q3 2025 with a cash balance of $63.1 million and subsequent to September 30 the Company issued 14,933,518 common shares upon the exercise of warrants for proceeds of $6.0 million.   Next our conversation with Jason shifted over the workstreams building towards a mine restart plan at Levack Mine in 2026; based on the recently released resource estimate. We reviewed the steady stream of drill assays reported this year from Levack with high-grade copper, nickel, platinum, palladium, gold, and silver intercepts.  Jason highlights the optionality the different zones give the company as far as potential mine sequencing, and he notes growing value of precious metals as contributing metals credits to the project.   We discuss some of the critical zones of mineralize in areas like the No.1 to No. 2 Main area, the Morrison Footwall Cu-PGE deposit, the Keel Zone, and the footwall environment between the No.2 and No. 3 Ni-Cu Zone.  However, another newer discovery area, the R2 Zone, is quickly growing in importance as to how it could impact the early stages of mining in a development scenario; but being earlier-stage it still requires much more drilling.   Levack Exploration Highlights from the R2 Zone, released December 9th include:   FNX6083-W3   12.9% Cu, 140.7 g/t Pt+Pd+Au and 78.0 g/t Ag over 0.3 metres, And 18.6% Cu, 38.5 g/t Pt+Pd+Au and 105.0 g/t Ag over 0.6 metres FNX6083-W4   12.3% Cu, 22.2 g/t Pt+Pd+Au and 78.9 g/t Ag over 1.3 metres, FNX2026-W1    4.5% Cu, 12.4 g/t Pt+Pd+Au and 30.0 g/t Ag over 0.3 metres, FNX2026-W2   24.8% Cu, 26.3 g/t Pt+Pd+Au and 153.0 g/t Ag over 0.3 metres,  And  25.0% Cu, 34.7 g/t Pt+Pd+Au and 151.0 g/t Ag over 0.4 metres   Wrapping up we widened the scope beyond just the currently producing McCreedy West mine, and development of the Levack Mine into an upcoming production decision next year, into another flagship asset in their portfolio at Crean Hill. Jason reviews some work being completed at present by a contract with regards to water treatment, and that there are further development initiatives at Crean Hill ongoing in the background where they will be summarized for investors in the middle of 2026.      With a number of government grants and initiatives available at both the provincial and federal levels, targeting the development of critical minerals projects, Jason highlights that there could be a pathway for dual development of Crean Hill in concert with Levack over the next couple years if they were able to secure some of this non-dilutive capital, or at least an attractive cost of capital.  He reiterated that the Company maintains its ambition to become a multi-mine producer in the Sudbury Basin.   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   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. 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.    

In this KE Report company update, I am joined by Tara Christie, President & CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), to recap recent drill results from the AurMac Project in the Yukon. The focus is on how drilling this year is successfully defining and expanding higher-grade gold zones within one of Canada's largest undeveloped gold resources. Key discussion points include: High-Grade Gold Definition: Drill results confirming +1.0 g/t gold zones at the Powerline and Airstrip deposits. Resource & Pit Expansion: Step-out drilling converting waste to mineralization and extending conceptual pit limits. Deposit Insights: Geological differences between Powerline and Airstrip and what they mean for future mine planning. Silver Optionality: Early-stage high-grade silver results and potential processing and monetization pathways. What's Ahead: Over 140 drill holes still pending and a path toward a PEA in H2 2026. If you have any follow up questions for Tara please email me at Fleck@kereport.com.    Click here to visit the Banyan Gold website. ----------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this company update, I'm joined by Stephen Soock, VP Investor Relations & Development at Heliostar Metals (TSX-V:HSTR - OTCQX:HSTXF - FSE:R0G1), to discuss the newly released Pre-Feasibility Study (PFS) on the Cerro del Gallo Project and how it fits into the company's broader production pipeline. Key discussion points include: Cerro del Gallo PFS Economics Profitable base case at $2,300 gold with strong leverage to higher gold prices and a long-life open-pit, heap-leach operation. Resource & Production Upside Only a portion of the total resource is included in reserves, leaving room for expansion through drilling and metallurgical work. Silver Contribution Silver accounts for roughly 15–20% of project economics, adding meaningful upside. Operations Update Near-term cash flow from La Colorada and the San Agustin restart, with Ana Paula and Cerro del Gallo driving longer-term growth toward ~300,000 oz/year. 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   -------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Drew Clark, President and CEO of Summit Royalties Ltd. (TSX.V: SUM), joins me to introduce the value proposition and coming growth catalysts from their portfolio of 47 royalty partner projects, mostly focused on gold and silver.   We discuss how this Company started off privately when closing the IAMGOLD Royalty Portfolio Acquisition for $17.5M on May 30th, then the acquisition of a royalty at West Red Lake Gold's Madsen Mine on September 4th.  Then on November 5th the company released news of their “go public” transaction with the reverse takeover of Eagle Royalties the prior day on November 4th, and then their listing as Summit Royalties on the TSX Venture exchange on November 10th.   The Corporation's current portfolio is backstopped by 3 cash-flowing production assets, and an additional 44 royalties on development-stage and exploration-stage properties. The Corporation intends to become the next mid-tier streaming and royalty company through future actionable and accretive acquisitions to increase production and cash flow growth. The Corporation currently has no debt and sufficient cash on-hand for use in future acquisitions.   Drew starts off taking us through the growth on tap for 2026 and beyond at their 3 producing royalties and streams.   Madsen - 1% NSR Royalty focused on gold and operated by West Red Lake Gold Mines in Ontario, Canada Bomboré - 50% Silver Stream; operated by Orezone in Burkina Faso Zancudo - 0.5% NSR Royalty; operated by Denarius Metals in Colombia   Next we reviewed 2 of their key development royalties:   Pitangu - $80/oz until 250 Koz produced - 1.5% NSR thereafter; operated by Jaguar Mining in Brazil AurMac – 0.5% - 2.0% NSR Royalty Coverage; operated by Banyan Gold in the Yukon, Canada   Drew briefly mentions a few other royalties in their portfolio that he sees as valuable, and also highlights that their Net Asset Value (NAV) is weighted towards Canada after Eagle & Madsen Acquisitions, and is trading at an attractive P/NAV multiple at present.   Wrapping up Drew shares his background in the sector, along with other members of the management team and board, along with the capital structure, key stakeholders, and financial health of the company to keep executing on more deals in the year to come.     If you have any follow up questions for Drew about Summit Royalties, then please email them into me at Shad@kereport.com.   Click here to follow the latest news from Summit Royalties   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. 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.

George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins us to outline the key metrics from the Pre-Feasibility Study (PFS) on the Cactus Project in Arizona and the envisioned mine plan.  We also get an exploration update, more clarity around the permitting process, discuss the recent capital raise, and review the pathway to production.   PFS Highlights include: Simple open pit / SXEW operation producing approximately 103,000 tonnes (226 million lbs) of estimated average annual copper cathodes over the first 10 years of mining, which would make Cactus the third largest cathode producer in the USA  Industry-leading capital intensity of $10,894 per tonne of copper cathodes produced $574 million of average annual EBITDA1  Strong economics to support the continued development of Cactus with a focus on simplicity and executability of the open pit copper cathode project, on private land in Arizona Cactus Project is well positioned over the 22-year Project Life of Mine (“LoM”) to generate value at a variety of copper prices: Conventional, Cost-effective Mining and Processing: Open-pit, Heap Leach and SXEW Operation with Oxide and Enriched Materials from Cactus and Parks/Salyer open pits over 22 years of processing Cash costs (C1) of $1.34/lb, All in Sustaining Costs (“AISC”) of $1.62/lb and All in Costs (“AIC”)1 of $2.01/lb Initial mineral reserves of 513 million tons at a grade of 0.52% Total Copper in the Proven and Probable category for 5.3 billion pounds of contained copper 65% conversion of leachable M&I mineral resources to mineral reserves, with increased grades reporting to the heap leach pads Significant benefits to the local community and economy of Arizona, including projected creation of an estimated 600+ direct jobs Future mine expansion opportunities outside of the current mineable copper reserves, including late mine life primary sulphides, Cactus East and other exploration targets Final investment decision as early as Q4 2026 with targeted first cathodes in 2029   George reviews how the incorporation of the newer MainSpring area into the larger Parks-Salyer deposit, over the last 2 years has allowed for a shift in strategy from underground mining over to an open-pit mining method.  They are reviewing moving the center of the open pit more towards the high-grade portion of the  Park-Salyer deposit, the infill drilling showed it expanding towards that direction, which presented better economics and a faster payback period, as outlined in the PFS.   George also provides some updates on permitting for the project, and the importance of it being on private land to help expedite the process, and that they should be submitting their applications later this year for administrative acceptance by early 2026, and then approval 6 months later.  This permitting process will time out well with the release of their Bankable Feasibility Study.     Next we discussed the news on December 2nd, which announced that the Company closed its previously announced private placement of common shares of the Company pursuant to which the Company issued, on a “bought deal” basis, 25,746,300 Common Shares, including 3,358,200 Common Shares granted to the underwriters, at a price of $3.35 per Common Share, for aggregate gross proceeds of C$86,250,105.  This gives the company the runway to execute on all coming workstreams heading into the Bankable Feasibility Study and the capital stack coming together for a construction decision late next year.         If you have any follow up questions for George about Arizona Sonoran, then please email us at Fleck@kereport.com  or Shad@kereport.com.   In full disclosure, Shad has a position in Arizona Sonoran Copper at the time of this recording and may chose to buy or sell shares at any time.   Click here to visit the Arizona Sonoran website to read over all the recent news.   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. 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.    

Dr. Thomas Mumford, President of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF),  joins me to review the key takeaways from the Bulk Sample report, when compared with expectations from the October 2025 Preliminary Economic Assessment (PEA).   Additionally, we get an update on the ongoing ore-sorting studies, what was learned from this year's drill program, the preparation for the largest drill program to date in 2026, and the Feasibility Study workstreams underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.   The recent PEA outlined a robust Direct-Ship Ore (“DSO”) development scenario for the Scottie Gold Mine Project, with strong economics and leverage to the current gold price environment, and additional upside potential through local toll milling.  The DSO process was successfully demonstrated during this trial mining and Bulk Sample, which was mined at the Bend Vein pit at the Scottie Gold Mine Project, then mucked, visually sorted, and crushed over the 2025 summer season. The transportation of this material was completed moving around 100 truckloads of material down the Granduc road to the Stewart bulk shipping facility without any concerns or challenges, and it is going to be shipped over to Ocean Partners imminently.   Highlights: An estimated 4,588 wet tonnes have been prepared for export to an Ocean Partners facility in Taiwan with better-than-expected average preliminary assays of 15.89 g/t gold and 42.28 g/t silver Per the Company's agreement with Ocean Partners, a 90% upfront payment is to be received five days after sailing at a gold price of US$4100/oz and silver price of US$49.50/oz Vessel has been booked and is expected to be loaded between December 10th and 12th 2025 The final 10% payment will reconcile any difference between estimated and final ounces and will be priced based on metal values at the time grades are finalized and agreed upon.  It is estimated that gold sold will generate a net profit of ~CAD$9Million.   Thomas outlines that the company plans to move 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.  The FS is slated to take about 8-10 months after all the 2025 drill results from the 27,309 meter program are in hand and integrated into their resource model.   We got into the resource assumptions used in the PEA and Thomas outlined how these resources are going to expand now that 4 diamond drill rigs were turning this year in the largest exploration program to date, across different parts of the high-priority Blueberry Contact Zone, and around the past-producing Scottie Gold Mine. A key initiative was 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 also went 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.   Wrapping up we discussed the preparations for the largest drill program to date for 2026, the various Feasibility Study workstreams, and the financial strength of the company which is fully-funded for all these initiatives.     If you have any questions for Thomas 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   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. 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.

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins us to review the latest batch of drill assays announced December 10th, returning the broadest gold mineralization intercepted to date, from the ongoing Phase V exploration program.  These holes were testing for the potential of porphyry mineralization at dept at the Oculto East area of their wholly-owned Diablillos property in Salta Province, Argentina.     John reviews the three latest drill holes from the ongoing Phase V exploration program and that hole # DDH 25-085 at Oculto East intersected a broad 274.0 metre ("m") interval grading 0.60 g/t gold, including a higher-grade 23.0m grading 2.83 g/t gold, together with copper and molybdenum mineralization at depth. This is the deepest drill hole completed to date at Oculto, and it successfully tested a major structural-intrusive corridor extending beneath Oculto East, intersecting pervasive silicification, brecciation, and advanced argillic-silicic alteration interpreted to be related to a larger intrusive at depth. The deeper copper-molybdenum-gold mineralization is characteristic of fertile porphyry environments, and the alteration encountered is consistent with the upper portions of a significant intrusive center of well-developed porphyry systems. These features reinforces the scale, strength, and multi-phase nature of the Diablillos mineralizing system, and clear geological evidence of a vertically extensive system. These results highlight substantial additional exploration potential across the property, which will be followed up on in a Phase 6 drill program.   Drilling continues to extend oxide-hosted gold mineralization well beyond the current conceptual open pit, and this deeper drilling provides further support for a significant porphyry system underlying Oculto. The Phase V drill program remains on track for completion before year-end. To date, 60 holes have been drilled as part of the program and the final six holes will be completed before year-end. John reminds listeners that a deep drill hole was recently completed at the Cerro Viejo porphyry target, located approximately 4 kilometres northeast of Oculto, and assay results are expected shortly.   The Company plans to commence a Phase VI drill program totaling approximately 15,000 metres in January 2026, focusing on Mineral Resource expansion, select deeper porphyry-related targets, and continued step-outs across the Oculto-JAC mineralized cluster. Further details will be provided early in the New Year.   An updated Mineral Resource estimate, incorporating all Phase V drilling, remains scheduled for H1/2026. This estimate will be used for an updated Mineral Reserve and mine plan that will underpin the ongoing Definitive Feasibility Study (DFS) that will be completed in the same time frame. These workstreams are all happening in tandem with work towards permits which are expected to be received around that same time next year.  Execution on these key catalysts will be the trigger for a construction decision next year.   Wrapping up John reiterates why the limited RIGI laws are so economically advantageous to the Company, relaxing currency controls, reducing export duties to 0% over a couple years, and reducing taxation over a 30 year period.    We also review the positive business and permitting tailwinds in place in Argentina as a jurisdiction for mining.     If you have any follow up questions for John regarding at AbraSilver, then please email them into us at Fleck@kereport.com  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.   Click here to visit the AbraSilver website and read over the most recent news releases.   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. 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.    

In this company update, we chat with Alicia Milne, President and CEO of Q2 Metals (TSXV: QTWO | OTCQB: QUEXF | FSE: 458), to discuss the exceptional 457m of 1.65% Li₂O drill result from Hole 44 at the Cisco Lithium Project in James Bay - highlighted by many analysts as one of the strongest lithium pegmatite holes ever drilled. Key Discussion Points Hole 44 Breakthrough: Why the 457m intercept stands out and how it extends mineralization beyond the previous exploration target. Growth & Expansion: Step-outs such as holes 63 and 65 confirm the system remains open in multiple directions. Path to Maiden Resource: Over 33,000m drilled to date, with results feeding into a planned Q1 maiden resource and future PEA work. Strong Financial Position: Over $20M in the treasury following a $26M financing, fully funding 2026 drilling and advancement.   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.    ------------------- 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. 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.

Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to outline strategies for portfolio management in lieu of the underlying trends in gold, silver, copper, oil, nat gas, rare earths, antimony, tech stocks, AI stocks, and robotics stocks. He also highlights some of the trades in individual resource stocks in his portfolio.   We start off noting the strong V-shaped recovery in gold and silver and the precious metals equities since our last conversation in late October.  After the sector corrected down sharply from mid-October into early November, it then rallied strongly back up through present in mid-December.   Silver breaking up decisively through the October highs in late November had Sean communicating with his subscribers to get positioned into even more silver stocks over the last couple weeks. In the larger silver stocks Sean got repositioned in both Pan American Silver and Hecla Mining again in 2 of his respective publications and portfolios. He is more animated by the recent outperformance of some of his junior mining stocks, flagging the outperformance in Heliostar Metals, Vizsla Silver, and Avino Silver and Gold.   Sean makes the case for both gold and silver running much higher in the year to come. His medium-term target for gold is at $4,500 and then a run over $5,000 is quite doable. Longer-term he still has an upside target for gold around $6,930. With silver he sees an eventual run to $100 as quite possible next year, and longer-term even a move to $200 would simply bring the metal up to it's inflation-adjusted highs. “I don't think most generalist investors are going to wake up until silver gets to $100, and then they may say ‘Oh, I should add some to my portfolio.' ” “It's not too late really to buy any of the silver miners. Heck, look at our Avino Silver and Gold… it's up 58% already and we didn't add it that long ago.”   From there we broaden out the discussion to the whole commodity complex, which Sean believes will stay in momentum overall. He points to the strength in copper and copper stocks, and advises looking for domestic opportunities to participate in that megatrend as it continues to develop. He feels many of the metals are moving higher in sympathy with the breakout in the precious metals. Sean believes this commodities super-cycle will even begin to drag the lagging traditional energy sector higher once again next year, pointing to the recent strength in natural gas, and the eventual catch-up trade in oil and oil stocks.   Shifting over into some of the niche' elements of the critical minerals sector, we discuss the outsized move higher in rare earths, antimony, and tungsten stocks in the summer into the early fall, but then the harsh correction back lower again, with many equities down 50-70% off their recent highs. Sean reiterates the importance of pulling partial profits when people have outsized gains in their portfolios. He outlined that he advised subscribers to reduce down positions in some of his big winners in rare earths, like MP Materials, and antimony like United States Antimony a couple of months ago. He also trimmed back most of those positions over the last few weeks to still lock in 106% and 85% gains respectively in the remaining portions, highlighting the importance of getting into trends early on at low prices and buying when the trends were in motion but less obvious to the broader markets. While he acknowledged some of these critical minerals sectors may be one of the few areas experiencing tax-loss selling this season, he still thinks investors can pick their spots and get re-positioned as these trends are not over, and China is still back to increasing their export controls on these important commodities.   Wrapping up we looked back at 2025 more big picture, and summarized a great year overall for investors, but marked with extreme moves of volatility in both directions. Sean pointed back to mixed start to the year, the severe market dislocations in most sectors during the April tariff tantrum lows, the strength and rebound of the precious metals, general US equities, and in particular the tech stocks. Sean anticipates the tech stocks continuing to garner a bid in 2026, and highlighted companies that can utilize AI to reduce headcount and improve efficiencies as big future winners. He also flagged the integration of AI into robotics to spur a “robot revolution” in 2026 and moving forward, noting how it takes them from stupid to thinking machines with more utility. He also notes that if we want to build out future robotic workforces for utilization that it is going to take quite a bit more of many commodities including copper, silver, and select rare earths. On the geopolitical front, all the global conflict and rearming of nations militaries are going to keep a bid in defense metals like antimony and next generation defense stocks.   Click here to follow along with Sean's work at Weiss Ratings Daily and Wealth Megatrends   Click here to learn more about Resource Trader     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. 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.

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins us to review the news out to the market on December 5th with regards to what the criminal court decision in Spain with regards to Aznalcóllar, how the actual decision on tender being awarded on the Project still comes down to the administrative court. We then dive into the value proposition on their flagship IBW project, the recent acquisition of the expanded San Antonio Project, and the earlier-stage but large and prospective Nuevo Tintillo exploration project.   David summarizes the decision from the Third Section of the Provincial Court of Seville, which has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025.  He goes on to point out that while it would have expedited the process to have a criminal conviction, it is not necessary to still be awarded the Aznalcóllar tender, and that many people have prematurely assumed a definitive outcome.   Then we shifted over to the value proposition of their flagship Iberian Belt West (IBW) Project, which hosts three Volcanogenic Massive Sulphide (VMS) deposits, that comprise a NI 43-101 compliant mineral resource estimate from the La Romanera, La Infanta and El Cura deposits.  David points to the update to the resource estimate that will be coming out in Q1 of 2026, which will then be used to release updated project economics at IBW. Rising metals prices as well as increased metals recovery rates from a series of metallurgical tests will result in expanded metrics in both studies.   Next we reviewed the 2 new properties acquired a few months ago, cumulatively referred to as the San Antonio Project, which substantially increased Emerita's wholly owned Iberian Pyrite Belt holdings; taking the Company's total mineral property holdings in the IBW area to 8,144 hectares. Wrapping up David highlights the prospectivity of the large earlier-stage Neuvo Tintillo Project, strategically located in between prior producing and development-stage projects in the mineralized belt.   There will be a drill program commencing here in H2 of 2026.     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.   In full disclosure, Shad is a shareholder of Emerita 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 Emerita Resources   For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/     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.  

I speak with Mike Konnert, President & CEO of Vizsla Silver (NYSE/TSX: VZLA) about the company's upsized US$300M convertible note financing and how it strengthens Vizsla's ability to accelerate development of the high-grade Panuco Project, in Mexico. Mike also highlights the newly filed feasibility study, underground progress, and Vizsla's long-term goal of becoming a 50 Moz AgEq/year producer. Key Discussion Points Why Vizsla Chose the $300M Convertible Note Replacing a costlier, restrictive project finance facility with a flexible, upfront funding structure. Capped-Call = Minimal Dilution Protection up to US$10.50/share, with the company intending to settle in cash. Accelerating Build-Out & Exploration Immediate capital access enables faster construction, underground drilling, and district-wide exploration. Feasibility & Outlook Vizsla is now fully feasible and fully financed with exceptional project economics and multiple growth targets across Panuco. 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.   -------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Ewan Webster, President and CEO of Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF), joins us for a comprehensive overview of the Pre-Feasibility Study (PFS) announced on December 1st, at the combined Lawyers-Ranch Project, in the Toodoggone Mining District of British Columbia.   This Lawyers-Ranch project hosts a resource of 4.7 million gold equivalent ounces, with a substantial silver contribution, but the PFS economics are based solely on the Proven & Probable Reserves of 3.2 Moz AuEq.   PFS highlights are summarized below: Strong Economics at US$2,900 per ounce of gold (oz Au) and US$35 per ounce of silver (oz Ag): Pre-tax: 73.5%, internal rate of return ("IRR") and $3.73 billion net present value at a 5% discount rate ("NPV5%") After-tax: IRR of 54.4% and an NPV5% of $2.37 billion At US$4,100/oz Au and US$51/oz Ag: Pre-tax: 117.4% IRR and $6.86 billion NPV5% After-tax: 87.8% IRR and $4.36 billion NPV5% Strong Early Production: Strong gold-equivalent ("AuEq")* annual production rates for the first three years averaging 266,000 ounces**, and 187,000 ounces** over the Life of Mine. Increased Tonnes Processed, Increased Throughput Rates and Extended Mine Life: Despite the removal of Inferred Resources from the mine plan, total tonnes processed rose by 18% (relative to the 2024 Preliminary Economic Assessment). Process plant throughput increased by 9% to 13,700 tonnes per day (t/d) and the mine life increased to 15-years, based solely on Measured and Indicated Resources. Mineral Reserve: Maiden Mineral Reserve statement with 76.16 million tonnes of ore grading 0.97 g/t Au and 28 g/t Ag for a total AuEq grade of 1.33 g/t. Low All-in Sustaining Costs ("AISC"): Average AISC of US$1,185 per AuEq ounce. Silver: Silver production accounts for approximately 23% of revenue. Quick Payback: The Project offers an after-tax payback period of 1.1 years at US$2,900 Au and US$35 Ag. Capex: Initial capital expenditure is estimated at $736.2 million, with a compelling after-tax NPV5%:initial capital ratio of 3.2:1. The initial capital estimate does not consider a potential revenue of $91.1 million in pre-production revenue from processing stockpiles as part of the initial commissioning and ramp-up plan. Project Upside: Significant project upside exists both in the potential to further optimize engineering design through a Feasibility Study, and in the project-wide exploration potential that remains untapped. The PFS did not include recovery of the crown pillar between the open pit and underground workings. With further study there is an opportunity to increase the mineable ore from underground without impacting the open pits. Inferred mineral resources from both Ranch and Lawyers are not captured within the PFS mine plan. Upgrading the classification of these Inferred ounces through additional drilling presents an opportunity to potentially expand the mineable materials. Numerous early-stage and undrilled targets exist across the entirety of the Lawyers-Ranch tenure, and Thesis is focused on a comprehensive, systems-based approach to unlocking additional exploration potential in an emerging porphyry district.       If you have any questions for Ewan regarding Thesis Gold, then please email them into us at Fleck@kereport.com or 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   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. 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.

In this KE Report update, we speak with Rick Van Nieuwenhuyse, President & CEO of Contango ORE (NYSE American: CTGO), and Shawn Khunkhun, President & CEO of Dolly Varden Silver (NYSE American: DVS, TSX-V: DV), to outline the strategic merger creating a new high-grade gold–silver producer. Why the merger works Contango brings strong cash flow (≈US$100M/yr) from the Mahn Choh DSO operation with Kinross, while Dolly Varden contributes a high-grade silver–gold portfolio in BC's Golden Triangle.  Development pipeline Lucky Shot remains next in line for production using the DSO model, followed by the high-grade Johnson Tract project. Dolly Varden's Wolf, Homestake, and broader Kitsault Valley assets gain funding and technical depth to accelerate exploration. DSO strategy advantages High grade, small footprint, no mill or tailings required, and access to existing underutilized processing facilities support a scalable, low-capex production approach. Valuation opportunity The combined entity is expected to begin around 0.5x NAV, with potential re-rating as size, liquidity, cash flow, and index inclusion improve. Also please share your thoughts on the merger in the comments or email Shad and I at Fleck@kereport.com and Shad@kereport.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. 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.

Today we welcome Dave Erfle, founder and editor of Junior Miner Junky, to break down a big week in the resource sector. Two major M&A deals hit the tape while silver powered above $60/oz, adding fuel to an already strong precious-metals bull market. Key Discussion Points Dolly Varden Silver + Contango Ore Merger A cash-flowing US gold producer (CTGO) joins a high-grade silver explorer (DVS/DV.V). Dave explains why this de-risks Dolly Varden and brings retail strength and silver exposure to Contango. How to Value the New Company With production, exploration, and sizeable free cash flow combined, Dave outlines why valuation becomes more complex. Silver Over $60/oz Dave highlights technical targets, a falling gold–silver ratio, and why silver equities remain highly leveraged to the move. Rio2 Acquires Producing Copper Mine Rio2 (RIO/RIO.V/RIOFF) adds immediate cash flow through a US$217M purchase in Peru, supporting its Phoenix Gold Project as it nears first pour. Trend: Juniors Bolting On Production Dave notes this strategy - seen with Integra, Discovery Silver, and Heliostar - is becoming the go-to model for developers to avoid heavy dilution. Click here to visit the Junior Miner Junky website to learn more about Dave's investment letter.   ------------------ For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

In this KE Report update, I speak with Simon Dyakowski, President & CEO of Aztec Minerals (TSX.V:AZT | OTCQB:AZZTF) about the company's decision to expand the Tombstone drill program to 8,500 meters, progress to date, and what investors can expect next. Key Discussion Points: Program Expansion: Why the RC portion was increased and how stronger-than-expected drilling performance supports the updated plan. Assay Delays & Timing: Lab repairs, new staffing, and when outstanding results from late summer and fall are expected. New Drill Targets: Additional holes focused on the South Extension and moving west toward areas historically viewed as more silver-rich. Core Drilling Update: A new rig and crew have significantly improved performance, with the first deep hole completed and CRD-focused targets now underway. Potential Resource: With growing drill density along the Contention trend, Aztec will assess whether a maiden resource is feasible after this program. Strong Treasury: ~$9M cash supports completion of the program and ongoing work without additional financing. Please email me any questions you have for Simon. My email address is Fleck@kereport.com.    Click here to visit the Aztec Minerals website.   --------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.