The KE Report

In this KE Report update we're joined by Tara Christie, President & CEO of Banyan Gold (TSX.V: BYN - OTCQB: BYAGF), for a company update on the AurMac Project in Yukon. In this interview, Tara recaps: Recent drill results (Sept 4 & Sept 15) including highlights of 1.44 g/t Au over 33.2m and 1.85 g/t Au over 27m. Ongoing drilling between the Airstrip and Powerline deposits and how results could connect the two. Expansion of the program from 30,000m to 40,000m with over 100 holes pending assays. Demonstrated continuity of high-grade mineralization and potential conversion of prior waste areas into resource ounces. Banyan's move to 100% ownership of AurMac and decision to incorporate new drilling into an updated PEA expected in 2026. Strong share price performance since July on huge volume. With an existing 7.7Moz gold resource (2.3Moz indicated + 5.5Moz inferred), Banyan is focused on adding ounces above 1 g/t Au and advancing AurMac as a large-scale, mineable open-pit project.   For more market commentary & interview summaries, subscribe to our Substacks: 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 sit down with Mike Stark, President & CEO of Arizona Gold & Silver (TSX-V: AZS - OTCQB: AZASF) to discuss the company's strongest drill results yet from the Philadelphia Project in Arizona. Released on September 17th, the latest hole returned 9.05 g/t gold and 34 g/t silver over 20 meters from 320 meters downhole - the highest-grade and thickest mineralization intercepted on the project to date. Key discussion points include: Geological significance of the new intercept and the Perry Vein system. How deeper drilling is confirming the Red Hill area as a potential heat source. Current step-out drilling (holes 157–159) and expanded permitting to expand exploration area by 200 acres and 16 new drill pads. Funding position with ~$2M recently raised, supporting drilling through 2026. Exploration upside, including the underexplored southern strike extension and broader property package (only 3% of 3,300 acres tested). Longer-term plans for new targets, including potential greenfield drilling and work at the Sycamore Canyon Project. Click here to visit the Arizona Gold & Silver website.      For more market commentary & interview summaries, subscribe to our Substacks: 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 today's pre-market daily editorial, we're joined by Joel Elconin, co-host of the PreMarket Prep Show. Click the link in the show notes to listen to Joel and his team for daily market conversations, as well as a link to the Stock Trader Network. This week's discussion centers around the Fed's latest rate cut and updated dot plot, projecting two more cuts this year and one in 2026. Despite shifting policy, markets continue to grind higher toward all-time highs.    Joel shares his perspective on: The Fed's decision and why markets keep shrugging off “bad” news. The historical trend: markets rising after Fed cuts near highs. Whether today's rally is still concentrated in big tech or broadening across small caps, biotechs, gold, silver, and other sectors. Key catalysts ahead: quad witching, Jewish holiday rotation, jobs and inflation data. Why hedging remains limited even with volatility upticks. A closer look at Intel (INTC) following U.S. government backing and Nvidia's $5B stake. Joel also outlines his simple but disciplined approach to market levels, why he's not placing resistance targets, and what could derail this momentum heading into Q4.   Stocks discussed: Intel (INTC) Nvidia (NVDA) Broader small-cap (IWM), biotech, and precious metals trends Click here to visit Joel's PreMarket Prep website. Click here to visit the Stock Trader Network.   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ 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.

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to review their Q2 operations and key financial metrics, the further debt repayment, ongoing metallurgical work, 4 separate exploration programs, and provides insights on key upcoming catalysts across both of Luca's producing assets – the Tahuehueto and Campo Morado mines, located in the prolific Sierra Madre mineralized belt in Mexico.    Second Quarter Highlights Gold equivalent production totaled 17,861 ounces in Q2 2025, up 28% compared to Q2 2024, and 39,154 ounces in H1 2025, supported by continued ramp-up at Tahuehueto, strong base metals output, and strong plant availability at Campo Morado. Tahuehueto advanced operationally, maintaining over 90% plant utilization in the quarter while increasing tonnes milled by 104% year over year to 72,396, underscoring continued ramp-up progress and plant reliability. Throughput momentum continued as well in the quarter, with a 65% increase in consolidated tonnes milled to 253,717; Campo Morado milled 181,320 tonnes (+54%), an average of 2,133 tonnes per day, while Tahuehueto more than doubled output, averaging 905 tonnes per day in the quarter, compared to the same period in the prior year. Gold production reached 6,622 ounces, up 55% from Q2 2024, supported by stable recoveries at Tahuehueto and steady plant operations despite lower mined grades. Campo Morado set a new benchmark with 98.7% grinding availability, its highest of the year, and delivered 11,106 gold-equivalent ounces—supported by stronger zinc and copper grades. Tahuehueto contributed 6,755 gold-equivalent ounces, a 44% increase year over year, and silver production rose 108% to 71,441 ounces, highlighting rising output from higher-grade zones. Zinc, copper, and lead production rose 74%, 66%, and 49%, respectively, on a consolidated basis, benefiting from improved head grades, higher throughput, and processing efficiency across both sites. Consolidated revenues more than doubled year-over-year to US$36.78 million driven by higher production volumes and improved realized prices across most metals, and delivered record revenue of US$75.4 million for the first half of the year.. Cash provided by operating activities totaled $12.61 million in Q2 2025, a substantial increase from $739,000 in Q2 2024, primarily driven by a 102% increase in revenues supported by higher gold-equivalent production (+28%) and improved realized prices. Strong throughput growth at both operations, particularly a 104% increase in tonnes milled at Tahuehueto and 98.7% grinding availability at Campo Morado, contributed to enhanced cash generation. Adjusted net earnings totaled $3.26 million in Q2 2025, a step in the right direction from a near break-even result in Q2 2024. The turnaround reflects improved operational profitability, stronger metal sales, and disciplined cost management, offsetting non-cash and non-recurring items that impacted the reported net loss. Positive adjusted EBITDA of US$5.8 million in Q2 2025 (Q2 2024 – positive adjusted EBITDA of $4,166), with US$18.2 million generated in the first half of the year; supported by increased sales across gold, zinc, and copper, as well as improved operating margins. For the year ahead, the Company anticipates producing between 85,000 and 100,000 gold equivalent ounces with payable ounces ranging between 65,000 and 80,000. The Company expects to generate between US$30 million and US$40 million in free cash flow before working capital adjustments for the year, reflecting the strength of its core mining operations.   Dan goes on to highlight both the underground drilling and surface drilling going on at Campo Morado and Tahuehueto, with essentially 4 exploration programs, and the first meaningful drilling in over a decade. In addition to targeting new high-grade gold and silver areas, there is a concerted effort to expand mineralization and extend the mine life for both projects. The company is also engaged in ongoing metallurgical testing to improve recovery rates for their 5 metals, and 3 concentrates.     If you have any question for Dan regarding Luca Mining, then please email those into us at Fleck@kereport.com  or Shad@kereport.com.   In full disclosure Shad is a shareholder of Luca Mining at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from Luca Mining ________________________________________________________________________________________ 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/

In this daily editorial, we welcome back Jeff Christian, Managing Partner at CPM Group, for his monthly update on the precious metals sector. With gold and silver recently breaking out to multi-year highs, Jeff provides valuable context on the market drivers, technical considerations, and the broader macroeconomic environment. Discussion Highlights: Gold outlook: After breaking above $3,700, Jeff shares why near-term pullbacks are possible but believes the upside potential toward $3,800-$4,000 remains strong into late 2024 and early 2025. Pullbacks vs. peaks: How a 10-20% correction could unfold, and why robust investor demand likely supports prices well above prior record levels. Interest rates & gold: Why the traditional “higher rates = bad for gold” narrative doesn't hold up under data. Equities & gold: How gold can act as a diversifier, even while equity markets remain elevated. Silver outlook: Support above $40, with potential to reach $44-$48 in Q4 and possibly $50 in 2025 as investor selling abates and new buyers enter the market. Longer-term view: Gold and silver prices could extend gains into 2026-27, with risks and uncertainty continuing to drive investment flows. Click here to visit the CPM Group website to learn more about the firm.   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ 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.

Rob Eckford, CEO of Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC), joins me to introduce the value proposition and current work programs at their 2 district-scale gold exploration projects in New Zealand.   Rob starts off by highlighting that their team, that has developed, constructed, and run mines in Burkina Faso and Colombia, but then decided to focus on New Zealand a handful of years ago; eventually leading to the company going from private to publicly listed in 2024.   They've consolidated the land over 2 large land packages prospective for high-grade gold on both the North Island and South Island.   The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.  The exploration team currently has 3 drills turning across the project, and anticipates an update to the Resource Estimate by year end.   The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga; north of their Waihi gold mine. After obtaining a permit later this year, drilling will commence across the Glamorgan Project.   Rob shares his background and the pedigree and experience of the management team and board of directors, and wraps us up with the capital share structure, key strategic investors, and financial strength of the Company to execute on its next initiatives.   If you have any questions for Rob regarding Rua Gold, then please email them into me at Shad@kereport.com.   Click here to follow the latest news from Rua Gold

In this KE Report company update, I speak with Nick Appleyard, President & CEO of Tristar Gold (TSX-V: TSG - OTCQB: TSGZF). We revisit TriStar's flagship Castelo de Sonhos (CDS) gold project in Brazil, which hosts a 2.5 million-ounce resource (1.8Moz Indicated + 0.7Moz Inferred) and a completed Pre-Feasibility Study. Nick provides an update on: Permitting progress: The status of the environmental license, the recent civil public action, and strong support from the State of Pará. Next steps: Advancing toward the construction permit within 12 months, positioning CDS as a shovel-ready project. Economics: Updated project economics at higher gold prices. Valuation disconnect: Why market cap lags asset value and how resolving the permitting challenge could unlock $100M+ in shareholder value. Strategic options: Financing outlook, potential partnerships, and how TriStar is managing cash reserves (~US$5M) to advance the project. Click here to visit the TriStar Gold website to learn more about the Company and Project.    For more market commentary & interview summaries, subscribe to our Substacks: - 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 Pre-Market Daily Editorial, we welcome back Dave Erfle, Founder and Editor of Junior Miner Junky. Fresh off the Beaver Creek Precious Metals Summit, Dave shares his key takeaways from over 20 company meetings and his perspective on the sector's strong bullish momentum. Discussion highlights: Why sentiment has shifted with juniors now in a full-blown bull market. The growing importance of U.S. big board listings (NYSE/AMEX/NASDAQ) for attracting both retail and institutional investors. Signs of an imminent correction after six straight weeks of gains in GDX/GDXJ - and how Dave is preparing to deploy cash. Ongoing M&A activity, from mega-mergers (Teck + Anglo American) to billion-dollar private deals, and what this means for mid-tiers and developers. Where Dave still sees potential 3–10x upside opportunities - and the risks tied to chasing them. Dave also weighs in on investor sentiment, whispers from behind-the-scenes meetings, and the long-term outlook for gold miners relative to rising gold price floors.   Click here to visit the Junior Miner Junky website to learn more about Dave's investment letter.    ----------- 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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review his key takeaways from the Precious Metals Summit in Beaver Creek, and the best opportunities he sees presenting themselves in the resource sector.  Additionally, we get to hear Erik's reaction to the news that broke this Monday reporting on the merger of First Nordic Metals with Mawson Finland, to produce a larger Scandinavian exploration and development vehicle.   Coming into the PM Summit in Beaver Creek, gold, silver, and the precious metals stocks were continuing to make new highs, giving a much improved sentiment to the conference as the bull market raged on. We also got into the nuances of how one may need to adjust company valuations in a dynamic way based on how their newsflow compliments or is at odds with the underlying macro conditions and gold and silver price action.   Erik points out that many of the PM producers and developers, that looked grossly undervalued a year ago and seemed to be ignoring the surging metals prices, are now finally up multiple-fold.  Even the optionality “beta” plays, with sunk costs and banked success via ounces in the ground, have continued to rerate higher at this point; making them less attractive from his vantage point.   In contrast, many of the exploration stocks have only started to move recently, and some explorers or early-stage discovery stocks haven't even moved that much in contrast to the rest of the sector. Erik remains more encouraged by these “alpha” plays, that have clear catalysts on the horizons from their ongoing work programs.   We then shifted over to the news that broke early this week on September 15th, announcing the merger of First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) (FSE: HEG0) and Mawson Finland Limited ("Mawson") (TSXV: MFL) (FSE: PM6).   Erik unpacks the synergies that he sees in this transaction between the 2 companies, the value proposition of their combined projects, management teams, and board of directors, and how this may provide a better cost of capital, more liquidity, and the ability to negotiate with Agnico Eagle from more of a position of strength.   This transaction will consolidate a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Joint Venture Project and Gold Line Belt projects in northern Sweden and Oijärvi Project in northern Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland.   In full disclosure, both Erik and Shad are shareholders of First Nordic Metals.   Click here to follow Erik's analysis over at The Hedgeless Horseman website     Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report company update, we welcome back Garrett Ainsworth, President & CEO of District Metals (TSX-V: DMX - OTCQB: DMXCF - NASDAQ First North: DMXSE-SDB). We cover: Recent UAV (drone) survey results at the Sågtjärn and Nianfors projects in Sweden, and how the data led to expanded land positions. Background on these projects, which host historical uranium resources, high-grade uranium boulders, and rare earth element potential. Exploration strategy across District's five uranium projects, including the flagship Viken Project, one of the world's largest undeveloped uranium deposits. The latest developments on Sweden's uranium mining moratorium, the timeline for a potential repeal, and how this impacts District's plans. Recent share price volatility following government announcements and investor sentiment shifts. If you have any follow up questions for Garrett please email me at Fleck@kereport.com.    Click here to visit the District Metals website to learn more about the Company.    ---------------- For more market commentary & interview summaries, subscribe to our Substacks: 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 Daily Editorial, we are joined by Jim Tassoni, CEO of Armor Wealth Strategies, for his monthly trader's perspective. Jim is a momentum trader, and in today's conversation he shares how he's navigating what feels like a “buy anything” market where both risk-on and risk-off assets are moving higher. We cover: Momentum in equity markets - the S&P and NASDAQ hitting new all-time highs, and how Jim manages positions with tactical trims and adds. Trading around news events - using volatility from Fed decisions, inflation, and jobs data to adjust exposure without breaking trend. Sector opportunities - broadening exposure with ETFs like QQQ, RSP, and XLF; increasing interest in healthcare as a potential catch-up sector. Commodity momentum - strong moves in gold, silver, platinum, and steel via ETFs (GLD, SLV, GDX, PLTM, SLX), and how Jim manages entries and trims. Precious metals outlook - GDX breaking above its 2011 peak, silver pushing toward $50, and why Jim prefers to let momentum dictate exits rather than trying to call a top. Market psychology - parallels to the late-1990s “buy anything” market, and why discipline and exit levels matter in case of a downturn. Stock & ETF Symbols Mentioned: SPY, QQQ, RSP, XLF, GDX, GLD, SLV, PLTM, SLX, UFO   Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he's trading.  ------------ 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, Cory Fleck is joined by Tim Clark, President & CEO of Fury Gold Mines  (TSX:FURY - NYSE:FURY), and Bryan Atkinson, SVP Exploration, to provide a comprehensive update on the company's projects and recent milestones. Discussion Highlights: Eau Claire Project (PEA Released Sept 2, 2025): Three development scenarios: standalone operation, hybrid toll milling, and full toll milling. Strong economics, including an after-tax IRR of 41% (base case) and up to 84% (toll milling case). Path toward a Pre-Feasibility Study (PFS) supported by 76% of ounces already in M&I categories. Exploration upside with mineralization open in all directions. Sakami Project (Drill Results - Aug & Sept 2025): Wide gold intercepts with higher-grade cores. Discovery of a silver zone grading 546 g/t Ag over 1.5m. Large-scale 23 km mineralized trend with multiple targets still to be tested. Committee Bay (2025 Drill Program): First drilling in years following Agnico Eagle's investment. Testing new shear-hosted targets at Three Bluffs and Raven. Results coming soon. With strong economics at Eau Claire, ongoing discovery at Sakami, and strategic exploration at Committee Bay, Fury is positioning itself for near- and long-term growth. For follow-up questions, email Cory at fleck@kereport.com.  -------------- 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.

Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector.   After just getting back from the World Nuclear Symposium in London, Justin provides some boots-on-the-ground feedback as to the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle that he is watching, and how he is positioning in the uranium equities to feed the front end of that supply chain. This is a longer-format discussion building upon our prior conversations in 2024 and early 2025, because even more key macro news and company developments have been announced in the nuclear and uranium sector.   We start off reviewing the series of right-tail risks that are propelling the sector and supply/demand fundamentals to the upside.   In addition to the global reactor builds, pinch points in enrichment, buying in the spot markets from the Yellowcake fund and Sprott Physical Uranium Trust, and the 4 executive orders out of the Trump Administration in May that focused on the nuclear and uranium industries; we've continued to see even more factors stacking up for the bullish longer-term thesis.  Justin highlights that just this afternoon we saw the Trump administration announce that it was researching building up a strategic uranium reserve, which sent many uranium stocks up double-digits on the day.   Transitioning over the supply environment from the uranium mining companies, we've seen a flurry of news all year out of producers across the board struggling to ramp up production.  Justin unpacks the news out of Kazatomprom, the largest uranium swing producer in Kazakhstan, lowering expected guidance, as well as Canadian senior uranium producer Cameco (CCO.V) (CCJ) discussing the difficulty they are having in sourcing skilled labor to expand their operations.   Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), Paladin Energy's (ASX: PDN) (OTCQX: PALAF) Triple R/Patterson Lake Project, and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.   Justin highlights the opportunity he sees for growth in the smaller US producers and developers, and that he expects to see merger and acquisition transactions in this jurisdiction in the years to come.   Wrapping up, Justin weighs in on the importance of seeing more developers and explorers move projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.   Click here to visit the Uranium Insider website.

Fresh off the Beaver Creek Precious Metals Summit, Cory and Shad break down what they saw and heard across meetings with companies, funds, family offices, and active investors. Key topics Conference vibe & flows: One of the busiest Beaver Creeks in years; more meetings with investors (not just corporates). Sentiment broadly bullish. Producers vs. juniors: Developers and producers pushing larger programs and timelines; many juniors still lagging due to thin newsflow, warrant overhangs, or unclear work plans. “Early innings?”: Why calling this the start of the cycle is misleading - majors and ETFs have been trending for years; juniors are now playing catch-up. Timelines that matter: PEA → FS fast-tracks, bulk samples, and small-scale production - where that can work and where it can go wrong. Warrants everywhere: In-the-money warrants fueling treasuries and rotation; how investors are exercising, clipping, and reallocating. Rotation watch: While gold leads, eyes are turning to copper, uranium, and critical minerals for the next leg. Stocks / symbols mentioned NEM (Newmont), AEM (Agnico Eagle), GDX, GDXJ Macro & rotation talk (no recommendations): uranium, copper, critical minerals — 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.

Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), joins me for an update on the company's latest drill results from the RC Gold Project in the Yukon. We discuss the most recent assays from the Rhosgobel discovery, which continues to deliver standout results. Key highlights from the update: Latest results: 162m of 1.02 g/t Au from surface, including 71m of 1.57 g/t Au. All 8 holes drilled to date exceed 100 gram-meters, with one exceeding 200. Strong continuity over ~300m strike length and mineralization observed down to 400m depth. Current program expanded from 10,000m to ~12,000m of drilling, with two rigs turning and ~41 holes completed so far. Geologists report visible gold in 31 of the first 34 holes logged. Potential resource estimate considered for early 2026, with comparisons drawn to major deposits in the Tombstone Gold Belt (Fort Knox, Valley, Eagle). Growing footprint of the Rhosgobel discovery suggests potential to host a multi-million-ounce deposit. If you have any follow up questions for Mike please email me at Fleck@kereport.com.  Click here visit the Sitka Gold website to learn more about the Company.      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 Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins us to highlight the September 8th news announcing the successful completion of their first gold sale from the Mustang Mine, at their 100% owned Bralorne Gold Project in British Columbia. The Company had previously starting trucking over the first development ore from the Mustang Mine to Nicola Mining's Craigmont Mill located in Merritt, British Columbia; and sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million.   Terry outlines that this milestone confirms the category shift of Talisker resources from an advanced-stage developer to an active gold producer and the successful completion of early-stage commissioning activities at Bralorne.  Talisker has been implementing a phased ramp-up development strategy to optimize resource extraction, reduce operational risks, and generate near-term cash flow.   He reviews the areas of focus within the underground mine to continue with accessing ore from the high-grade 1060, 1075, 1105 and 1120 levels along the Alhambra and BK veins, increasing future mine output, gold production, and revenues.   We also reviewed some of the exploration success at the 1075 and 1060 levels:   Key Highlights:   220.0 g/t over 0.50m within 40.44 g/t over 2.76m from Alhambra Vein, West Face No. 8 (sample X000816) 43.3 g/t over 0.85m within 13.0 g/t over 2.93m from Alhambra Vein, West Face No. 2 (sample X000443) 37.0 g/t over 0.85m within 11.0 g/t over 2.86m from Alhambra Vein, West Face No. 4 (sample X000507) 60.5 g/t over 0.57m within 8.8 g/t over 4.01m from Alhambra Vein, West Face No. 23 (sample X000831) 46.4 g/t over 0.46m and 45.2 g/t over 0.49m within 17.2 g/t over 2.64m from Alhambra Vein, East Face No. 2 (samples X000388, X000389) 44.7 g/t over 0.66m within 10.7 g/t over 3.08m from Alhambra Vein, West Face No. 22 (sample X000822)     In addition to being amenable to toll milling at nearby processing centers with spare capacity, there is a second study underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the key milestones and news on tap for the balance of this year.     If you have any follow up questions for Terry then please email us at Fleck@kereport.com or Shad@kereport.com.   Click here to follow the latest news from Talisker Resources

In this KE Report company introduction, I speak with Alain Lambert, CEO of Prismo Metals (CSE:PRIZ - OTCQB:PMOMF - FSE:7KU), about the company's expanding project portfolio across Arizona and Mexico. Key Discussion Points: Silver King Mine (Arizona): Historic high-grade silver producer. Surface sampling underway, drill permits pending, and a Phase 1 drill program planned before year-end. Ripsey Mine (Arizona): Another past-producing silver mine with strong gold grades, set for mapping and evaluation as Silver King drilling progresses. Hot Breccia (Arizona Copper Belt): Large copper prospect adjacent to Rio Tinto & BHP's Resolution Copper. A potential partnership with majors is being considered due to deep drilling requirements. Palos Verde (Mexico): Surrounded by Vizsla Silver (NYSE/TSX: VZLA), which is also Prismo's largest shareholder. Potential long-term value once Vizsla advances its exploration in the district. Corporate Overview: Management, directors, and advisors own 26%+, with Vizsla as a cornerstone investor.  .Click here to visit the Prismo Metals website   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.

OceanaGold is a mid-tier gold–copper producer with four operating centers, a strong balance sheet, and a clear growth path. The company is generating record cash flow at current gold prices while reinvesting in expansion, advancing exploration, and returning capital to shareholders. Brian Martin, Senior Vice President of Business Development & Investor Relations joins us to provide a high level overview of the company.  Key Discussion Highlights Operational Overview: Four producing assets - Haile (USA), Macraes & Waihi (New Zealand), and Didipio (Philippines) - delivering 450k–520k oz gold in 2025, with production set to rise toward 600k oz next year. Haile Growth Engine: Largest contributor (≈40% of production). Grade-driven expansion with Horseshoe Underground in place and new underground targets advancing. New Zealand Upside: Macraes reserve extensions underway; Waihi hosts a higher-grade resource with potential to scale annual output to 200–250 koz. Didipio Advantage: Lowest-cost operation with significant copper credits, providing strong margins and diversification. Financial Momentum: Record revenue and net income in Q2 2025. Capital allocation balances growth investment, record exploration budgets, dividends, and a US$100M buyback (≈US$70M deployed YTD). Exploration Focus: High-grade drilling success NZ, plus underground targets at Haile, regional drilling at Didipio, and reserve extension work at Macraes. Valuation & Listings: Management sees OGC trading at a discount to peers such as Alamos, Eldorado, B2Gold, and Lundin Gold. Plans are underway for a NYSE listing in H1-2026. Click here to visit the OceanaGold website and learn more about all the operations.    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

In this KE Report company update, we speak with Colin Padget, President & CEO of Founders Metals (TSX.V: FDR - OTC: FDMIF - Frankfurt: 9DL0), about the latest developments from the company's 60,000-meter drill program at the Antino Gold Project in Suriname. We focus on: High-grade results at depth - including 18m of 6.14 g/t gold from 450m and confirmation of continuity in the Upper Antino zone. Open-pit to underground potential - how the deeper drilling supports long-term underground mining scenarios. Pipeline of new targets - progress at Maria Geralda, Van Gogh, Da Vinci, Parbo, and Lawa, and how auger/trenching work is defining future drill-ready zones. District-scale potential - three parallel mineralized trends and the possibility of multiple “Upper Antino-type” discoveries. Program status - ~40,000 meters completed, with ~20,000 meters to go before year-end. Colin also shares insights on how the company in balancing exploration drilling vs. resource definition.   If you have any follow up questions or topic you would like Colin to address please email me at Fleck@kereport.com.  Click here to visit the Founders Metals website   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.

Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review a number of key ongoing initiatives and newsflow including the best ever drill hole assay returned to kick off the largest ever drill program, further derisking work building towards an upcoming Preliminary Economic Assessment (PEA), a bulk sample in progress, and an ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.   We start off reviewing the initial high-grade drill results returned from the ongoing planned 25,000-30,000 meters exploration program at the Blueberry Contact Zone.   Highlights: Blueberry Contact drillhole SR24-364 intersected 30.1 grams per tonne (g/t) gold over 23.65 metres (m), including 83.3 g/t gold over 4.4 m at the Fifi vein. Blueberry Contact drillhole SR24-362 intersected 9.18 g/t gold over 21.00 m and 5.19 g/t gold over 6.00 m at the Blueberry vein zone. Blueberry Contact drillhole SR24-360 intersected 23.1 g/t gold over 2.00 m at the Fifi vein zone. 3 of the 5 reported holes have discreet intercepts of greater than 5 g/t gold in the siltstone host rock, including 29.8 g/t gold over 1.05 m in SR25-364.   Brad highlights that 4 diamond drill rigs have been turned across the property at the high-priority Blueberry Contact Zone, around the past-producing Scottie Gold Mine, including at the Wolf Zone discovered last season, and at the C & D veins. Brad points out that about 14,000 meters has been drilled thus far, and that a big percentage of the will be focused on upgrading the resources from inferred to indicated categories as well as targeting resource growth at the Blueberry Contact Zone, with a focus on the open pit and upper portions of the underground resources at both Blueberry and Scottie, and detailed testing of the siltstone side of the contact zone. We also review follow-up step-out drilling on the Wolf Zone target discovered in 2024 at the Scottie Gold Mine area.   Ongoing geotechnical and hydrogeology drilling will also provide data to inform mine design and assist efforts with the recent initiation of Baseline Environmental Studies. With all this exploration and fieldwork now underway, the Company remains on track to deliver a low-capex PEA based on a Direct Shipment Ore (DSO) scenario in October.  Brad reiterates that the management team and board believes this coming economics study will clearly highlight the significant, untapped value of the Scottie Gold Mine Project.  The company then plans to springboard over the Pre-Feasibility Study and head straight into work streams for a Feasibility Study (FS) with actual cost estimates and more detailed economics as the next major economic study to be undertaken.   Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have been blasting and mucking mineralized material from the road-accessable outcropping Bend Vein located on the north end of the Scottie Gold Mine Project.  This will be a nice opportunity to learn more about a number of metrics and provide a nice proof of concept, as well as generating some non-dilutive capital for the Company in the process.   When reviewing their direct-ship ore strategy, Brad highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America's cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.  Ocean Partners recently participated in a financing for the company this summer, and has expressed interest in the offtake of this material in a development scenario.   Wrapping up we discussed the ongoing Phase 2 ore-sorting study underway, that will be a more advanced Feasibility Study level test of upgrading the ore, with the strategy to reduce the amount of waste rock before shipping.  Ore sorting could significantly enhance the efficiencies of the overall DSO strategy, and those results are due out in Q4.     If you have any questions for Brad regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of Scottie Resources at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from Scottie Resources

Gold and silver have broken out to new cycle highs after a 5-month consolidation. Craig Hemke, founder and editor of the TF Metals Report, joins me to map the pattern driving the move, where it could go next, and how equity inflows and central-bank dynamics are reshaping the precious metals landscape. Key Topics Breakout mechanics & roadmap: Four repeated cycles over the last ~2 years … 3–4 months of sideways consolidation followed by 15-20% surges. With the latest breakout confirmed in late August, Craig outlines upside scenarios into Q4. Miners vs. metals: Why strong metal prices plus widening margins can still mean more catch-up ahead for producers and developers; how valuation frameworks (P/E, price/book) may evolve if capital rotates into the sector. ETF flows & breadth: Rising inflows into GDX/GDXJ as broad participation improves across large caps and juniors; how equity strength and metal strength reinforce each other. Macro drivers: Slowing U.S. data, rate-cut expectations into the upcoming Fed meeting, and the prospect of yield-curve management; how global de-dollarization and central-bank buying since 2022 continue to underpin gold demand. Then vs. now: Lessons from the 2009–2011 bull market compared to today's debt math, policy backdrop, and global currency dynamics. Positioning mindset: Why “buy-the-dip” may persist in a structurally supportive backdrop, and what traders should watch as liquidity returns post-summer. Click here to visit Craig's website - TF Metals Report   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.

We welcome back Mike Konnert, President & CEO of Vizsla Silver (TSX: VZLA, NYSE: VZLA), to discuss the company's latest milestone: a US$200 million project financing package with Macquarie to fund development of the Panuco Project in Mexico. This deal is a key step toward making Vizsla Silver one of the world's largest single-asset primary silver producers. Mike outlines: Details of the Macquarie financing and why it's one of the cleanest project finance deals in the silver sector. Updated capital position – nearly half a billion US dollars in liquidity. Development milestones ahead, including the feasibility study (expected later this year) and permitting. How the test mine and early development work are expediting timelines toward production. Ongoing exploration at multiple high-potential targets across the Panuco district and new properties like Santa Fe and Santa Enrique. If you have any follow up questions for Mike please email me at Fleck@kereport.com. Click here to visit the Vizsla website to learn more about the Company.    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

We're joined by Luke Alexander, President & CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), to discuss the latest results from the company's ongoing 35,000m drill program at the Enchi Gold Project in Ghana. With recent highlights including 184 g/t gold over 1m and 3.1 g/t over 13m at the Kojina Hill target, the company is balancing resource expansion drilling with advancing toward a PFS. Key Topics Covered: Drill results at Kojina Hill, including one of the highest-grade intercepts to date and the potential for future resource inclusion. The importance of deeper drilling to test high-grade feeder zones at the Sewum and Boin deposits. Funding position and upcoming warrant exercises that could add ~$13M to the treasury. Strategy for converting resources from Inferred to Indicated while growing beyond the current 1.71Moz resource base. Outlook for an updated resource estimate and upcoming PFS as catalysts. If you have any follow up questions for Luke please email me at Fleck@kereport.com. Click here to visit the Newcore Gold website.    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.

Gold surges, juniors revalue, and traders eye sector rotations – insights from Axel Merk (Merk Investments) and Dana Lyons (Lyons Share Pro).   This weekend's KE Report show dives deep into the accelerating precious metals bull market and broad market setups. In the first half, Axel Merk breaks down gold's breakout, the financing wave in juniors, and what signals to watch for a market top. In the second half, Dana Lyons shares model-driven strategies across equities, tech, small caps, bonds, and crypto, plus his take on how to trade stretched metals markets. Segment 1 & 2 - Axel Merk, President & CIO of Merk Investments and manager of the ASA fund, joins to unpack gold's breakout after a five-month consolidation, the rare risk-off mix of falling bonds and rising gold, and how Fed-cut expectations, stronger miner margins, and improving junior financing/M&A could keep the move running. He also flags what would signal a top—overpaying deals, loosening discipline, and valuation models chasing higher gold assumptions. Click here to learn more about Merk Investments Segment 3 & 4 - Dana Lyons, fund manager and editor of Lyons Share Pro, joins to discuss why his risk models remain broadly bullish since late April while advocating short-term “digestion,” highlighting rotation among high-RS sectors (tech consolidating; utilities/staples and miners in focus), small-cap and dividend setups, standout international plays (notably China), sideways bonds, overbought but intact trends in gold/silver, strength in platinum and copper miners, constructive uranium consolidation, and buy-the-dip levels in Bitcoin/Ethereum. He outlines taking profits into strength and redeploying on support as the seasonally weak Sept–early Oct window plays out. Click here to visit the Lyons Share Pro website and learn more about Dana's investment services. To take advantage of Dana's extended sale please email either dlyons@jlfmi.com or Fleck@kereport.com.    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.  

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 financials and operations, along with the dual-pronged 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.    Q2/25 MDN Operating Highlights:   Q2/25 production of 11,437 GEO and AISC of $1,779/oz Unit costs expected to continue to decline as production increases in H2/2025 Q2/25 Adjusted EBITDA of $7.4 million Record heap leach production of 7,864 GEO during the Quarter Underground development at Paloma started with three access portals CIL plant receiving initial contribution from underground development; production expected to ramp up over H2/2025 20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs into H2. The production profile will also keep growing with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q2/25, but new high-grade material from the underground mining operations will start being blended with it moving forward, and this will increase the average grade throughput at the mill.   Another area of future growth will be the 20,000 meter drill program will be a combination of  underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface.     Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by Q1 2026.  Construction is targeted for H2 of 2026, with first production slated for early 2028.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   * In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.

The U.S. labor market just flashed its weakest signal since the pandemic. Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, joins us to recap the jobs data and look ahead to next week's inflation data, and the Fed meeting the following week. Will it be 25 bps… or could the market force a bigger cut? Marc breaks down: Why the Fed is stuck balancing weak jobs with sticky inflation How QT and the yield curve complicate the picture The near-term risk of a U.S. dollar bounce despite the bigger downtrend Global ripple effects - from Canada's fragile data to Europe's political pressure Click here to visit Marc's site - Marc To Market.    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.

I'm joined by David Stein, President & CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1), for a detailed update following several key announcements. The company recently raised over $9 million in August, providing its strongest balance sheet since its 2020 RTO. With this capital, Kuya is accelerating both mining development and exploration at the Bethania Silver Project in Peru. Discussion Highlights: Acceleration of Mining at Bethania - Funds will fast-track underground development, including construction of an internal ramp to boost efficiency and support long-term expansion. Production Ramp-Up - Targeting ~100 tpd by September with further growth into 2026. Even at modest throughput, Kuya expects strong cash flow potential relative to peers. Exploration Strategy - USD$1.5M allocated to drilling, with near-term programs focused on depth extensions below current mine workings and step-outs to the east. Resource Growth Potential - Management believes Bethania and its satellite zones hold significant upside, with the aim of adding tens of millions of silver ounces. Q2 Review - Output doubled at Bethania, with a one-time concentrate sale from the Silver Kings Project boosting revenue. Development remains on track. If you have any follow up questions for David please email me at Fleck@kereport.com.   Click here to visit the Kuya Silver website    For more market commentary & summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   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.

We're joined by Brian Leni of Junior Stock Review to break down where the best opportunities are now in the raging precious metals bull market, and where contrarian investors should be looking next. Key themes: Gold & Silver Surge - Why the bull market is already well underway, how stocks have outperformed, and where value still exists in the space. Contrarian Copper & Nickel - Developers trading at less than 2% of NAV in some cases, with re‐rating potential even if commodity prices stay flat. Catalyst-Driven Picks - A couple stocks Brian sees as good value at current copper prices.  Managing Risk & Psychology - Modeling financing costs properly, anticipating dilution, and maintaining discipline with profit-taking to avoid “round-tripping” winners. Why Developers Shine - How Brian has delivered outsized returns focusing on this “boring” but high-value part of the mining cycle. Stocks Mentioned: Hot Chili (TSXV: HCH; ASX: HCH; OTCQX: HHLKF) • Surge Copper (TSXV: SURG; OTCQB: SRGXF) Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in.  Follow up on Substack For summaries & notes on our market commentary, subscribe to The KE Report Substack: https://kereport.substack.com/ For resource market insights & trading opportunities, check out Shad's Substack: https://excelsiorprosperity.substack.com/   Investment disclaimer: 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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins us to review the Q2 2025 operations and financials showing profitability as the operations team continues fine-tuning the mining and milling processes at the site, at the La Guitarra Mine and processing plant, in Mexico.  Additionally, production is ramping up at the higher-grade Coloso mining center, where dewatering and underground development are underway. We also discuss how the recent $19.5Million financing announced on July 31st, funds the future development and exploration value drivers for the Company across their district-scale land package.    Q2 2025 Highlights   Net Revenues: Silver revenues for the quarter totalled $2.18 million ($33.20 per ounce) and gold revenues totalled $3.59 million ($3,271 per ounce). Net revenues for Q2 2025 increased by 10.7% to $5.36 million or $30.87 per AgEq ounce sold as compared to $4.84 million or $29.32 per AgEq ounce in the quarter ended March 31, 2025. Sales: In Q2, the Company sold 65,683 ounces of silver ("Ag") and 1,096 ounces of gold ("Au") or 173,562 silver equivalent ("AgEq") ounces. Cost of sales was $4.07 million for Q2 2025, or approximately $23.45 per AgEq ounce sold as compared to $3.60 million, or $21.84 per AgEq ounce sold for Q1 2025. Adjusted EBITDA increased by 37.5% to $1.46 million for Q2 2025, compared to $1.07 million for Q1 2025. All-in-sustaining costs per AgEq ounce sold of $30.10 per ounce, compared to $28.98 in Q1 2025. In Q2 2025, production unit costs were impacted by the effects of an early onset of the Mexico rainy season and related power outages on production volumes, wage increases, increased depreciation and depletion. Gross Profit was $1.29 million for Q2 2025 ($1.23 million in Q1 2025). Cash provided by operating activities was $1.00 million for the six months ended June 30, 2025 ("H1 2025") and includes $535,000 generated in Q1 2025. Current assets, including cash, totaled $5.93 million at June 30, 2025 ($4.33 million at March 31, 2025). Closed C$19.5M Private Placement: On July 24th and July 31st, 2025 in two tranches. First Majestic Loan Extension: On May 30, 2025, the Company and First Majestic Silver Corp. agreed to extend the $5 million senior secured project financing loan for an additional twelve months to mature on May 8, 2027. All other terms of the agreement remain unchanged.   Additional Operational Details   Mine Operations: Milled 41,235 tonnes of material, with silver recoveries averaging 76.62% and gold recoveries averaging 77.95%. Production: Produced 66,011 ounces of silver and 1,048 ounces of gold (vs. production of 70,176 ounces of silver and 1,001 ounces of gold in Q1 2025). Coloso Mining: On April 29th, mining at the high-grade Coloso Mine restarted within the Guitarra Complex with the first stope being brought into production. Equipment Purchases: In H1 2025, spent $764,000 to acquire mining and mobile equipment and refurbish underground equipment (including $378,000 spent in Q1 2025). Development: $113,000 spent on mine development in H1 2025. Exploration: spent $362,000 on exploration and evaluation activities in H1 2025, which includes capitalized concession fees.       Alex discussed how the  C$19.5 million financing, supported by high-quality institutional shareholders, will be deployed in part to purchase additional equipment and implement improvements at the mine to reduce costs and increase production grades and volumes in the near-term. They are finalizing plans for a plant expansion to increase capacity up from the current 500 t/d run rate, and preparing for a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters.   The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure connecting to the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already.     If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.   Click here to follow along with the latest news from Sierra Madre Gold & Silver   In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.   Investment disclaimer:  This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. 

Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network, joins us to break down the latest action in U.S. equity markets. September opened with a quick dip across the S&P, Dow, and Nasdaq, but as Joel highlights, the buy-the-dip mentality remains firmly in place - driven by mega-cap tech, broadening participation across sectors, and ongoing retail interest in equities. Key Topics Discussed: Mega-Cap Tech Leadership - Google, Apple, Amazon, and Meta continue to drive indexes, with court rulings and AI expansion acting as catalysts. Broadening Rally - Equal-weight indexes, small caps (IWM), and biotech show strength alongside value plays like healthcare and dividend stocks. Retail Sector Resilience - Strong reports from Macy's (M) and American Eagle Outfitters (AEO) highlight consumer demand, even as IPO speculation unwinds. Precious Metals & Inflation - Gold and silver rising as investors hedge against inflation concerns, with Fed rate cuts looming despite strong markets. Risk Factors Ahead - The potential for stagflation if growth slows while inflation persists. Click here to visit Joel's PreMarket Prep website Click here to visit the Stock Trader Network   Investment disclaimer: 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.

Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins us to review his medium-term technical outlook for the precious metals space, the potential paths towards an interim top and corrective move in the gold and silver stocks, and the bigger-picture intermarket analysis themes that complicate this path forwards.    Key topics discussed:   The shorter-term to medium-term technical pattern in gold is a bit murky, on whether:   it will just make a $200-$300 run higher and then top out, or… if it has the energy to blast up past $4,000-$4,200, completing the logarithmic extension of the longer-term 13 year cup and handle pattern breakout, before putting in a more meaningful corrective move, or… if what we are seeing now is really more of a false breakout that is already hitting buying exhaustion and is going to run out of steam in these overbought readings.   When looking at the gold stocks, via GDX and GDXJ, the breadth signals that 75% of stocks inside these ETFS have been making new 52-week highs over the last week, coupled with overbought readings on the longer duration charts, has him watching for the conditions where the gold stocks may quit advancing as aggressively, and top out and turn down before gold does.  He notes that we are definitely not in the early stages of this move, but rather we are much closer to the end of this current move up in gold stocks, before reaching an area where pricing will roll over and consolidate to the downside for a period of time.   What complicates this outlook is that the gold stocks in the GDX and GDXJ just broke out against the 60/40 portfolio of US general equities and bonds, and that there is a lot of institutional capital still very underweight this sector that wants to come in and get into position.  This may mean that pullbacks are immediately bought up, and that corrective targets are not hit.  He mentions that the recent corrective move in gold didn't even reach the 200-day moving average as an example before ramping back higher again.   This is all symptomatic of a larger bull market process underway.   With regards to silver, the pricing has approached overhead resistance at the $41-$42 level as anticipated, and he is watching here to see if this is where the metal may pause and regroup at a lower level, before building the energy to make it definitively through the $42 resistance zone in the move to test the all-time high at $50 at a later date.   He points out that a lot of the silver stocks have been going through the roof with rhino-horn moves, and that many of these stocks should be “rented but not owned for the longer-term.”   There is a lack of quality silver-focused projects and companies of size, and many “base metals companies parading around as silver stocks,” and that investors should be careful in this space and know what they own and what the value drivers are.   Click here for exclusive stock picks and Jordan's deeper analysis at The Daily Gold.     Investment disclaimer:  This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us or a discussion on the psychological part of investing as sector sentiment improves in this ongoing precious metals bull market. We also get into the nuances of how one may need to adjust company valuations in a dynamic way based on how their newsflow compliments or is at odds with the underlying macro conditions and gold and silver price action.   We start off contrasting the upward pricing of gold and silver metals prices to record prices has been allowed many of the producers and higher quality developers to revalue, but that few of the gold juniors have had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop and remain quite cheap still.  Erik makes the point that many of them, even after having moved up 100%-200% may actually look even cheaper than they did 1-2 years ago, in light of their newsflow, catalysts achieved, and married with the higher metals prices.   Erik addresses how he views different valuations scenarios that can befall junior resource stocks, and that not every portfolio laggard is an indication that something is wrong or that the position needs to be abandoned.     He also reviews some of the pitfalls that investors fall into rotating out of lagging stocks to chase stocks that are consistently running higher, only to see those same trends reverse and for people to be out of position and doubting their investing thesis at precisely the wrong times in the cyclicality of this volatile sector.   Click here to follow Erik's analysis over at The Hedgeless Horseman website   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Coal remains central to both power demand (AI data centers, baseload needs) and steelmaking (met coal). Matt Warder, Publisher of The Coal Trader, outlines where the market sits in its cycle and how equities are positioning for the next leg higher. Key Points: Thermal vs met coal: distinct demand drivers (power vs steel). AI data centers + global power needs may keep coal in the mix. China still dominant near-term; India a key long-term growth driver. Coal cycles run ~5 years - next peak expected by 2026–27. Company catalysts: cost curves, production growth, buybacks, and dividends. Stocks discussed: AMR, HCC, METC, NRP, BTU, ARLP, CNR   Click the following links to keep up to date on the coal market and coal stocks  Substack - https://thecoaltrader.substack.com/ Podcast - https://clearcommodity.net/podcasts/the-coal-trader   Investment disclaimer: 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 me for a comprehensive operations and exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the bonanza grades in multiple metals encountered in recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack in Q3 and then putting out a mine restart plan by year-end for potential production to commence by the end of 2026.   Q2 Operational Highlights   April-June 2025 (“Q2”) was the first full quarter of production from the McCreedy West copper mine under Magna's operation. Total ore processed in Q2 was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Intermain Nickel Zone, for a combined total of 70,045 tons. Combined ore grade for the quarter was 3.26% Copper Equivalent (“Cu Eq”). McCreedy West produced 3.05 million pounds of copper equivalent payable in the quarter at an average grade of 3.26% Cu Eq. Underground development increased from 14.4 feet per day in April to 17.0 feet per day in June. End of period cash balance of $27 million.     Since acquiring the McCreedy West Mine on February 28, 2025, the team at Magna Mining has implemented multiple mine optimization initiatives and invested substantial capital in equipment and underground development to improve the operation. April production was affected by a lack of operating and capital development completed in the preceding quarters while the mine was under prior ownership.  Production in April also included tonnage from the Intermain Nickel Zone that was previously developed by the prior operators.   We talked about the optionality of having these different mineralized zones. During the quarter they increased their staff and workforce, made management changes and realized a material increase in the amount of daily development completed at the mine. Throughout Q2, there was month over month increases in the amount of payable copper-equivalent pounds as well as improved grades produced at the operation.   Next we discussed some of the recent exploration results returning high-grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone and within 150 metres of surface. The reported holes were drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied.   Then we transitioned over to recent bonanza-grade assay results from the ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada (Figure 1). Drillhole FNX6083-W1 was drilled to test an area 140 metres below drill hole MLV-25-14A. Jason points to the high-grade gold platinum and palladium values along with the bonanza grade copper grade intercepts.   Highlights from the new assay results include:   FNX6083-W1  - 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres Including 2% Cu, 0.9% Ni, 53.0 g/t Pt+Pd+Au over 1.0 metres And 5% Cu, 1.8% Ni, 26.3 g/t Pt+Pd+Au over 0.5 metres   There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit,     If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time.     Click here to follow along with the news at Magna Mining

We kick off September with decisive breakouts in gold, silver, and mining equities. Joining us is Dave Erfle, founder and editor of Junior Miner Junky, to discuss the powerful setup unfolding across the precious metals sector. Key Topics Covered: Why the latest gold breakout above $3,500 signals momentum toward $3,850-$4,000. Silver and junior miners surging, with SILJ nearing all-time highs on strong volume. The technical significance of multi-timeframe breakouts (daily, weekly, monthly). Why even financings, consolidations, and neutral news are pushing junior miners higher. Dave's disciplined sell strategy: trimming at 3x upside and managing portfolio weightings. What he's looking for in earlier-stage juniors and the role of Beaver Creek & Denver Gold Forum in setting the tone for M&A activity this fall. Click here to visit the Junior Miner Junky website to learn more about Dave's investment letter.    For more market commentary & summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/

In this KE Report Daily Editorial (Tuesday, September 2nd), we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot. We start with the weak opening for September as the S&P 500, Nasdaq, and Dow all pull back while the VIX spikes higher. TG shares his perspective on: Why August and September are historically weak months for equities. The impact of institutional book-squaring and seasonality (including the "Sell Rosh Hashanah, Buy Yom Kippur" effect). Whether shallow pullbacks remain buying opportunities - or if a deeper correction is needed. We also dive into precious metals, with gold nearing $3,600 and silver pushing above $41. TG breaks down the technical setups in GLD, GDX, and SIL, explaining how sideways consolidation and moving averages have set the stage for today's breakout. Finally, TG highlights opportunities he's tracking in crypto and COIN, which appear to be stabilizing after recent weakness.   Visit TG's Profit Pilot website here: https://www.profit-pilot.com/   For more analysis, check out our Substacks: The KE Report – daily market commentary and summaries. Shad's Substack – resource sector insights and trading setups.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review multiple drill assays, both new and relogged, within the high-grade gold Bonanza Zone and Surebet Discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This leads to a larger discussion about prior press releases related to the overall 75 hole relogging program in tandem with some of the early assay results from the ongoing 60,000 meters of new drilling, which will be the largest exploration program to date.   Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).   65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date   100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.   Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.   The Company also still awaits more assays from this year's early exploration focus on relogging prior year holes is in light of the newly discovered widespread abundant visible gold seen with the naked eye in multiple reduced intrusion related gold (RIRG) dykes, as well as in the calc-silicate altered breccia, reflecting the testing of gold in those 3 distinct rock pages on the property.    There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season for many months into the future, so click on the link down below to follow along with all the news from the Company as it hits the newswires.     If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we'll get those answered or covered in a future interviews.   Click here to follow the latest news from Goliath Resources

In this company introduction, we speak with David Elsley, President & CEO of Cardiol Therapeutics (NASDAQ/TSX: CRDL), a clinical-stage life sciences company focused on developing therapies to address inflammation-driven cardiovascular diseases. Cardiol's lead asset, CardiolRx™, is currently in: A Phase 3 trial (Maverick Study) for recurrent pericarditis, enrolling patients at world-leading centers including the Cleveland Clinic, Mayo Clinic, and Mass General. A Phase 2 trial (ARCHER Study) for acute myocarditis, where recently released top-line results showed promising impacts on heart size and function. We also cover: The company's orphan drug designation from the FDA and its implications for market exclusivity. Development of CRD-38, a next-generation therapy designed for heart failure - a market with multi-billion-dollar potential. Cardiol's capital position, with funding secured well into 2026. Key upcoming milestones for investors, including full data presentations, trial updates, and potential pharma partnerships.   Please email me any further questions you have for David. My email address is Fleck@kereport.com.  Click here to learn more about Cardiol Therapeutics.

Precious metals surge while generalists stay on the sidelines, copper sets up for a supply crunch, and oil investors await a “table-pounding” buy opportunity.   This KE Report Weekend Show dives into the dual bull markets in precious and industrial metals with Rick Rule, and the near-term downside but long-term upside in oil and gas with Joseph Schachter. From gold's re-rating to Canadian energy yields, the insights are packed with actionable takeaways for active resource investors.   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don't forget to subscribe and leave us a review! Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out. Segment 1 & 2 - Rick Rule, founder of Rule Investment Media and Battle Bank, discusses the dual nature of today's commodities bull market - precious metals driven by fears over U.S. dollar purchasing power and broader commodities challenged by underinvestment and economic risk - along with insights on gold producers, silver opportunities, copper outlook, and the role of M&A and prospect generators in the sector. Click here to visit the Rule Investment Media website and have Rick grade your portfolio.  Segment 3 & 4 - Joseph Schachter, founder and editor of the Schachter Energy Report and writer of the Eye on Energy Substack, shares his outlook for oil and natural gas - calling for near-term weakness below $60 as a “table-pounding buy” opportunity, a rebound toward $75–80 into winter, and longer-term multi-bagger potential in Canadian energy equities as LNG growth, infrastructure, and global demand drive the next upcycle. Click here to learn more about The Schachter Energy Report and Josef's upcoming conference on October 18th.  

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review their Q2 2025 financials, an operations and exploration update at their 4 producing mines in Mexico, the permitting approval for future development at Pinguico, and the strategy for growth in H2 2025 and beyond.   Selected Q2 2025 Highlights: Mine operating income of $3.38M was the fifth consecutive positive quarter; mine operating income totaled US$8.2M for H1 2025. Adjusted EBITDA of $1.89M was also positive for the fifth consecutive quarter. Working capital deficiency improved by 56% or $8.7M during H1, 2025; down from -$15.4M to -$6.7M. The average realized silver price for the quarter was $33.58 per ounce, up 5.2% from Q1.  The average realized gold price for the quarter was $3,278 per ounce. Guanajuato Silver is a primary precious metals producer with over 90% of the Company's revenue derived from the production and sale of silver and gold. Production for the quarter was 659,237 silver equivalent ("AgEq") ounces. Production consisted of 321,990 ounces of silver, 2,913 ounces of gold, 683,163 pounds of lead, and 853,646 pounds of zinc.   James reviewed a number of equipment purchases and underground operational initiatives implemented in the quarter, that will improve future working efficiencies at all four of their producing assets in Mexico.  Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.   Next we discussed that the past-producing Pinguico Mine, an epithermal gold-silver vein project, and a satellite project to the nearby El Cubo Mines Complex, received a key development permit on August 6th that allows the Company to advance this wholly owned project. Receipt of a General Use Explosives Permit, issued by the Ministry of Defense, allows for restart of development work at Pinguico. Drifting along the mineralized San Jose vein structure towards the Pinguico underground stockpile is expected to recommence in Q4, 2025.   We then got a comprehensive exploration update at Pinguico, the El Horcon Mine, and reviewed some of the recent drill intercepts at the new high-grade zone at the San Ignacio Mine.  Wrapping up James summarizes the various growth initiatives across the Company's portfolio of projects, and why he anticipates improving metrics over the balance of 2025.       If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Guanajuato Silver at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from Guanajuato Silver

Dr. Rebecca Hunter, CEO of Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF), joins me to discuss the news released today that the merger with Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is official, after the completion of the plan of arrangement under the Business Corporations Act, as previously disclosed on June 24, 2025. The pro-forma Company is well capitalized with over $12 million in cash and having multiple high-potential projects within its asset base, including the flagship Aberdeen Project in Nunavut and the Hook-ACKIO Project in Saskatchewan, in addition to another dozen secondary exploration projects.    During Baselode's Annual General and Special Meeting to be held on September 16, 2025 Baselode will seek shareholder approval to change its name to Geiger Energy Corporation and is to be traded under the ticker (TSX.V:  BEEP). Geiger Energy will be led by Rebecca Hunter, PhD as CEO, Stephen Stewart as Chairman, and will be backed by the Ore Group team. James Sykes, prior CEO of Baselode Energy, will remain on as Director and Special Advisor given his experience and track record of discoveries in the Uranium space.   Rebecca outlines the big picture vision of the new combined company, and the synergies between the geological and exploration approaches between both teams and portfolios of projects.  She points to the ongoing 2025 exploration program their 100% owned Aberdeen Project in the Thelon Basin of Nunavut, Canada; where drills are currently turning at multiple unconformity-style and basement-hosted uranium targets across Aberdeen for a roughly 4,000 meter 15-20 exploration program. The key four targets for this year's program are Loki, Bjorn, Tarzan, and Lobster; but we remind listeners of the many other targets across the project like Thor, Lightning, Squiggly River, Ned, Ayra, Nymeria, Willow, Apollo, and Starbuck.  Additionally there are 2 known basement-hosted uranium deposits that have received expansionary exploration work the last 2 seasons at both Tatiggaq and Qavvik, which will be the focus of future drill campaigns.   In additions to the Aberdeen Project, Forum brings into Baselode Energy 9 other projects in the Athabasca Basin, of Saskatchewan; with some projects having existing joint venture (JV) agreements in place, and some projects that are available to option out to other partners.  Most notably, the Northwest Athabasca JV Project with Global Uranium, will have upcoming winter exploration work.   Then shifting over the Baselode portfolio folio of projects, there will be a winter drill program slated for  the Hook – ACKIO Project that will be following up on exploration work the past couple of seasons at the various pods and clay alteration zones.  Other projects of note are the Catharsis and Bear projects along the Key Lake Trend, as well as Shadow in  Northern Saskatchewan along the Virgin River Shear Zone.     If you have any follow up questions for Rebecca or the team at Baselode Energy, then please email them into me at Shad@kereport.com.   Click here to follow the latest news from Baselode Energy

I'm joined by Anthony Margarit, President & CEO of K2 Gold (TSX.V:KTO - OTCQB: KTGDF - FSE:23K), for a detailed update on the company's flagship Mojave Project in California. With the permitting process nearing its final stage, Anthony outlines the next steps and what shareholders can expect. Key Discussion Points: Permitting Progress: Final EIS submitted to the BLM; permit decision expected soon. Planned Drill Program: 120 holes from 30 pads (~30,000 meters) focused on building continuity across major target zones. High-Grade Discoveries: New surface samples including assays up to 375 g/t gold, expanding the potential well beyond known zones. Multiple Targets: 5 gold, 4 copper, and 4 silver-lead-zinc areas across the property, including proximity to the historic Cerro Gordo mine. Strong Treasury & Warrants: $3.5M in the bank with potential for ~$9M more from warrant exercises this fall. The Mojave Project has been years in the making, and with permitting near completion, K2 is positioned to launch its largest drill program yet.   If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com.  Click here to visit the K2 Gold website.

HelioStar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) is accelerating exploration at the Ana Paula Project with the launch of a 15,000-meter drill program focused on converting high-grade inferred ounces into the measured & indicated category. This work is a key step toward a feasibility study and potential mine development. In this interview, Charles Funk, President and CEO outlines: The first drill results, including 30m grading 6.29 g/t gold and new high-grade zones. The company's ambitious 40,000–50,000 meters of drilling through 2025, fully funded from mine cash flow. How HelioStar aims to lift Ana Paula's resource to 1.5 million ounces M&I in the shallow high-grade core. Upcoming catalysts: continuous drill results, updated technical reports, feasibility study milestones, and quarterly production updates. A healthy cash balance of ~$30M and reinvestment strategy with minimal dilution. With multiple projects advancing in parallel and consistent news flow expected, HelioStar is positioning itself for significant growth in both resources and production.   Send follow-up questions to fleck@kereport.com.  Click here to visit the Heliostar Metals website to learn more about the Company.

FireFox Gold (TSX.V: FFOX - OTCQB: FFOXF) has just launched its largest drill campaign ever at the Mustajärvi Project in Finland's Lapland Greenstone Belt, supported by a recent $7M financing and share consolidation. Patrick Highsmith, President and CEO of FireFox joins me to discuss: The scale and strategy of the 10,000+ meter drill program, focused on the East, Northeast, and Central Zones. See Figure 1 from the news release below. Historic high-grade results, including intercepts of 14m @ 29 g/t gold and surface trenching of 7m @ 59 g/t gold. Plans to test deeper targets (300–500m) for potential underground extensions. Exploration upside at the Jeesiö and Sarvi Projects, located near Rupert's Ikkari discovery. The role of strategic shareholders, including Agnico Eagle and Crescat Capital. With the strongest treasury in its history, FireFox Gold is advancing its Finnish gold portfolio through 2025 into 2026.   Figure 1. Mustajärvi Gold Project mineralized zones and untested target areas.   Any further questions for Patrick? Email me at Fleck@kereport.com. Click here to visit the FireFox Gold website to learn more about the Company.  https://www.firefoxgold.com/

In today's KE Report Daily Editorial (Friday, August 29), we welcome back Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network. Joel breaks down the current market environment, where: Broad indexes continue a “melt-up” rally, with leadership rotating between mega-cap tech, value, and small caps. Interest rate expectations remain the key driver, fueling strength in rate-sensitive sectors like small caps and biotech. Earnings season takeaways, including reactions to Nvidia, Intel, and big tech guidance. The impact of government investments in equities and what it could mean for long-term competitiveness. Why small caps and financials could still have significant room to run if rate cuts arrive in September. Joel also shares his candid take on risk management in this environment - why cash is “trash,” how to think about hedging, and why sometimes investors simply need to “trade for the moment.”   Click here to visit Joel's PreMarket Prep website. Click here to visit the Stock Trader Network.

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), both join me to review the news released today on August 25th  highlighting that the summer exploration drilling has successfully identified two kilometres of highly prospective strike length characterized by strong sandstone alteration and graphitic faulting at the Cyclone Trend on the Murphy Lake North Project (“MLN”).   MLN is a joint venture between Cosa and Denison Mines Corp. $DML $DNN.US and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.   Summer Drilling Highlights:   Two kilometres of strong sandstone structure and alteration identified at the Cyclone trend underlain by large scale graphitic faulting Up to 30 metres of unconformity relief identified at Cyclone Alteration and structure at Cyclone remain open in both directions and follow up drill targets exist along multiple trends Cosa has met its sole-fund obligation and now owns an irrevocable 70% interest in Murphy Lake North   Keith outlines why these results of the Murphy Lake North summer drill program, specifically those at the Cyclone trend, are the most significant to date for Cosa, and further support their thesis and the follow up drill program slated to begin in early 2026.   Andy visually walks us through where the 3,323 metres in eight holes were completed, with one hole being put into the Hurricane trend to follow up winter 2025 drilling results, and then the balance of 7 holes being drilled as the initial reconnaissance of the Cyclone trend.  These results identified over two kilometres of highly prospective strike length and potentially identified an additional unexplored parallel trend to the south. The intensity and continuity of sandstone alteration and structure, both vertically and along strike, is an encouraging indicator of the trend's prospectivity. Basement structures intersected two kilometres apart are textbook examples of major graphitic faults critical to the formation of eastern Athabasca uranium deposits. With an average depth to the unconformity of roughly 250 metres, the Cyclone trend is incredibly well situated for the discovery of relatively shallow mineralization.   Andy showcased photos of the drill core, and that they'll be awaiting the geochemical results, to then vector into to the future follow up drill targets.   Wrapping up we looked ahead to the follow up program for early 2026, where Cosa and Denison elected to leave much of the drill equipment on site to minimize the time and cost to resume early next year.  Additionally, Keith mentioned that Darby project, another key property in the Cosa/Denison JV agreement will be getting its first drilling at high-priority targets in 2026.     If you have any questions for Keith or Andy regarding Cosa Resources, then please email them in to me at Shad@kereport.com.     Click here to follow the most recent news from Cosa Resources

Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joins me to unpack the key metrics and takeaways from the updated Resource Estimate of 6.5 million ounce of gold in all categories at the combined Wenot and Gilt Creek Projects at the Company's 100%-owned Omai Gold Project in Guyana, South America.   HIGHLIGHTS:   The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit (Figure 1), with a combined updated MRE (over the February 2024 MRE) of: 2,121,000 ounces of gold (Indicated MRE), a 7% increase, averaging 2.07 g/t Au in 31.9Mt & 4,382,000 ounces of gold (Inferred MRE), a 92% increase, averaging 1.95 g/t Au in 69.6Mt   Wenot Deposit (a constrained pit and underground approach is applied)   970,000 oz of gold in 20.7Mt (Indicated), a 16% increase in ounces over the Feb 2024 MRE 3,717,000 oz of gold in 63.4Mt (Inferred), a 130% increase in ounces 1.46 g/t Au grade of Indicated MRE, a 1.4% decrease* 1.82 g/t Au grade of Inferred MRE, an 8.5% decrease* Increased gold price assumption to $2,500/oz from $1,850/oz allowed cutoff lower to 0.30 g/t Au from 0.35 g/t Au, resulting in lower average grades however increased ounces ~60% above 350m depth from surface  ~30% of Wenot MRE is west of the historical open pit, an area considered to be well suited to initial mining Expansion potential is evident along a minimum 2.5 km length of the host Wenot shear corridor, including within, adjacent to, below, and along strike   Gilt Creek Deposit (an underground mining approach is applied)   1,151,000 ounces of gold (Indicated) averaging 3.22 g/t Au, in 11.1Mt (Feb 2024 MRE) 665,000 ounces of gold (Inferred) averaging 3.35 g/t Au, in 6.2Mt (Feb 2024 MRE) Hosted within a 500m by 300m quartz diorite intrusive "Omai stock" that produced 2.4 million ounces of gold (1993 to 2005) from the upper 250m Located 500m north of the Wenot Deposit and below the past-producing Fennel open pit Characterized by very wide sub-horizontal zones of gold mineralization (Figure 5) Open to depth and holds demonstrated potential for lateral expansion     These updated resources will be incorporated into the upcoming Preliminary Economic Assessment (PEA), building upon the prior PEA that was released in 2024, but that was only on 45% of the mineral inventory.  That prior study was only on the open pit Wenot Project, and did not yet incorporate the Gilt Creek underground project economics.  The new PEA slated for year-end or possibly early 2026 will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek.   Elaine highlights that the company is still going to be active in exploration with multiple drill rigs turning for the balance of this year and into next year. They will continue to explore the area at East Wenot, and a number of other nearby targets looking for shallow higher-grade mineralization that could potentially feed into the front-end of the mine development plan. Also, as part of their ongoing 15,000 meter drill program, we reviewed the progress on the very long hole that is currently being drilled through the underground deposit at Gilt Creek over to the area where the geological thesis is that there could also be deep resources well below the known mineralization at Wenot.  We discuss how this is the fun discovery part of exploration, with good scientific models behind it, and that if they do hit that far down at Wenot, it could be a real game changer adding on large potential underground opportunities below Wenot and even further mine life extension.     If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.   Click here to see the latest news from Omai Gold Mines.

In this KE Report company update, we welcome back Craig Nicol, Founder & CEO of Graphene Manufacturing Group, to answer a wide range of investor questions. Over the past month, GMG has seen strong shareholder interest around its multiple business divisions and the broader graphene market. Discussion highlights include: Graphene market trends - differentiation between GMG's product-focused approach and competitors focused on raw production. Business divisions update - Batteries, THERMAL-XR®, G® Lubricant, and growing services business. Production outlook - Progress on Gen 2 graphene unit, scalability, and supply for large OEM orders. Battery development - Upcoming data release on energy density and charge rates; collaboration with BIC and Rio Tinto. THERMAL-XR® - Transition to palletized distribution, EPA progress, and near-term revenue expectations. G® Lubricant - Sales ramp-up, customer feedback, and patent process. Corporate strategy - Uplisting plans to a U.S. exchange, government grant opportunities, and the rationale behind the recently upsized $8M bought deal financing. Keep sending in your questions for Craig Nicol - I'll continue bringing your topics directly to management in upcoming interviews. Email me at Fleck@kereport.com.   Click here to visit the GMG website to learn more about the Company.

In this KE Report Daily Editorial, we welcome back Brien Lundin, Editor of the Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5). We dive into the current precious metals environment, where gold and silver are holding near the upper end of their ranges and investor interest is rising as the Fed edges toward its next rate-cutting cycle. Discussion highlights: Why Powell's Jackson Hole speech may have fired the starting gun for the next rate-cut cycle How rate cuts, debt levels, and dollar weakness set the stage for a bullish backdrop in gold and silver Valuations: why major and mid-tier miners remain historically undervalued despite strong earnings Juniors' surge: what it means when majority of the sector has moved higher and where the hidden laggard opportunities may lie Key catalysts ahead: fall drilling updates, Beaver Creek/Denver Gold Forum news flow, and M&A potential Which stocks Brien is watching - from large gold producers to torque-heavy silver juniors Click here to learn more about the New Orleans Investment Conference on November 2-5.

Valkea Resources (TSX-V: OZ | OTCQB: OZBKF | FSE: S600) has launched its fall drill program at the Paana Project in Finland. President & CEO Chris Donaldson joins the KE Report to outline the strategy, starting with step-outs at the Koivu Zone, new target generation, and the company's broader exploration plans in this Tier-1 district. Key points:  Fall Drill Program (~2,000m): Step-outs at the Koivu Zone following encouraging intercepts from the last campaign (e.g., ~55m @ ~1.6 g/t Au; ~36m @ ~1.5 g/t Au), plus ongoing target generation. Geologic Model & Strategy: Koivu Zone shows disseminated “Ikkari/Rupert-style” gold; Honka Zone is “Kittilä-style” high-grade. Team will test if Koivu and Honka zones connect. Target Pipeline: Base-of-till drilling across multiple anomalies and work advancing the northern Rova project. Core Re-logging & Structural Work: Refining structure and controls on mineralization using historic holes to tighten targeting. Team & Operations: New Exploration Manager, Jens Rönnqvist, on the ground in Finland to coordinate fieldwork and community engagement. Jurisdiction & Neighbors: Paana sits in a Tier-1 district alongside Agnico Eagle's Kittilä Mine, B2Gold/Aurion, and Rupert Resources. Finland ranked #1 by the Fraser Institute for mining attractiveness; recent financings underscore capital flowing into the belt. Near-Term Catalysts: Drills now turning; a ~2-month program with assays expected to begin in the fall (lab timing dependent). Step-outs at Koivu are the headline driver. Any follow up questions for Chris can be emailed to me directly at Fleck@kereport.com.  Click here to visit the Valkea Resources website to learn more about the Company.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins me for a longer-format discussion on and the macroeconomic themes and fundamental drivers that that are continuing to push the purchasing power of the US dollar down and most other asset classes higher.  Nick shares how he has been successfully “buying the dip” in gold, silver, copper, rare earths, uranium, and lithium stocks.   We start off reviewing how the US fiscal policy and the Fed's upcoming monetary policy is leading to a weaker US dollar, which has been a key tailwind to US equities, cryptos, and the commodities sectors. Nick points out that the “Fed is not your friend,” and that the coming rate cuts will be further debasing the dollar's purchasing power, which is going to send real assets higher in response.   We review the impacts of the back-to-back Biden and Trump administration large fiscal policy bills, that increased the national debt burden, which has been a boon to the precious metals sector, as a hedge against fiscal malfeasance and as a way to protect purchasing power.    Many of the government fiscal bills passed the last few years have had provisions in them for accelerating the development of nuclear power infrastructure and uranium mining, and they have provisions included to fund boosting domestic supplies and refinement of critical minerals like rare earths, antimony, tungsten, copper,  lithium, and many other strategic critical minerals. We discuss how all this attention at the federal level in the US and in many nations abroad is bringing in new investors to resource investing.   With regards to the precious metals, Nick has continued building up positions in quality explorers through private placements, as well as buying larger companies with exposure to rising gold and silver prices on pullbacks.  He noted the example of picking up a position in Royal Gold, Inc. (NASDAQ: RGLD), during the corrective move that played out after their announcement of the acquisition of Sandstorm Gold.   Next we got into the longer-term structural supply demand fundamentals underlying the copper market, and that it has been in an upward trajectory for the last handful of years.  When the recent volatility from the initial reaction to the copper tariffs to the reversal back down once there was more clarity around what precisely would get tariffs, Nick took the opportunity to exit his domestic copper producer position in Freeport-McMoRan Inc. (NYSE: FCX). He chose instead to then position back outside of the US via buying the dip in Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), after it pulled down on some short-duration challenges.  He also flagged his recent private placement into the earlier-stage prospect generator, Kincora Copper Limited (TSXV: KCC) (ASX: KCC), with exploration properties looking for copper and gold porphyries in Australia.    The conversation then turns to growing generalist interest in the rare earths sector in particular, especially after the recent Department of Defense investment into MP Materials Corp. (NYSE: MP) as a key stakeholder, but also providing them a floor on their Neodymium products, and agreeing to be a buyer future magnet production.   Then, shortly thereafter, Apple Inc. (NASDAQ: AAPL) made a $500M investment into MP Materials to accelerate and help fund the future development of a permanent magnet recycling plant in Texas.   Nick points to CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), as another company poised to start recycling permanent magnets, also in Texas. Additionally, he highlights the heavy rare earth production capacity increasing from Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU). We reviewed the news out this week of the MOU between Energy Fuels and Vulcan Elements, focused on ex-China high-purity "light" and "heavy" rare earth oxides for production of rare earth permanent magnets in the United States, using high-purity NdPr and Dy oxides refined in Utah.   This transitioned the discussion to the volatile year, to the upside and downside, in the nuclear and uranium stocks, and Nick pointed out the good opportunities to buy the dip in the sector throughout this year on pullbacks. In addition to the positive response from the multiple executive orders and fiscal bills passed surrounding nuclear power and the nuclear fuel cycle, Nick highlights that companies like Uranium Energy Corp (NYSE American: UEC) and Anfield Energy Inc. (TSX.V: AEC) (OTCQB: ANLDF) were both approved for federal fast-track permitting.   Nick also highlights his recent participation in the private placement financing for North Shore Uranium Ltd. (TSXV:NSU), and how he's done well with this management team in the past on other companies, why he finds the current project fundamentals compelling.   Wrapping up we got into how even the lithium space has presented a “buy the dip” moment recently, and that both the underlying metals price and the related equities have bounced and started a trajectory higher. Nick revisits the case for a company he's done quite well in during the prior cycle, Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF), as well as the value proposition for a new private placement he just participated in with Lion Rock Resources Inc. (TSXV: ROAR) (OTCQB: LRRIF).   Click here to follow Nick's analysis and publications over at Digest Publishing