The KE Report

John Miniotis, President and CEO and David O'Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join me to review the next batch of silver and gold drill assays returned on September 30th, from the ongoing Phase V exploration program; which is focused on the Oculto East and JAC zones at their wholly-owned Diablillos property in Salta Province, Argentina.    These 6 drill holes continue to expand oxide-hosted gold mineralization to the east of the Oculto deposit and oxide silver mineralization within the JAC zone, highlighting the continued strong exploration upside potential across the Diablillos system.   Oculto East: Numerous broad zones of continuous gold mineralization intercepted, including: DDH 25-066: 1.0 metre ("m") with bonanza grades of 108.9 g/t gold from 288 m downhole, as well as 18.0 m at 0.97 g/t gold from 353 m DDH 25-069: 24.0 m grading 1.02 g/t gold from 243 m DDH 25-071: 33.0 m grading 0.42 g/t gold from 69 m DDH 25-072: 140.0 m grading 0.57 g/t gold from 262 m, including 8.0 m at 2.60 g/t gold from 338 m   JAC: Strong near-surface silver mineralization continues to expand the Mineral Resource potential, including: DDH 25-053: 29.0 m at 65 g/t silver from 85 m, including 7.0 m at 108 g/t silver DDH 25-058: 32.0 m at 100 g/t silver from 58 m, including 2.0 m at 400 g/t silver John pointed out that these latest drill assays highlight the strong continuity of wide gold zones at Oculto East, together with additional near-surface silver mineralization at JAC. Importantly, these results continue to expand both gold and silver resources well beyond the current Mineral Resource conceptual open pit, and they further demonstrate the scale of Diablillos Project to keep growing.   Dave shares the key takeaways their geological team is getting from the continued silver mineralization continuing to the west at JAC, while the gold mineralization is continuing to be delineated in Oculto East.   He mentions that they now believe the higher-grade gold intercepts are just the top of a porphyry deposit at depth, and more holes will be testing this in the future, as well as the deeper hole targeting a different porphyry target at Cerro Viejo.   Additionally, we circle back to the Sombra target identified in the Phase IV drill program last year, and how it is possible that there is a parallel trend that could extend from Sombra up to Oculto East, and that more drilling will focus on that thesis in the future.   Wrapping up John takes us through a number of ways that the company could still keep rerating higher, not just based on the thousands of meters of ongoing drilling, but also in light of how significant the higher silver and gold spot metals prices are to their project economics, and how the prior economics were run at substantially lower consensus metals prices.   The Company is doing all the derisking work all building towards their ongoing Definitive Feasibility Study due out in early 2026, which in tandem with permits expected to be received, will be the triggers for a construction decision.     If you have any follow up questions for John or Dave regarding at AbraSilver, then please email them into me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.   For more market commentary & interview summaries, subscribe to our Substacks: 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.

Fresh off the Metals Investor Forum in Vancouver, Cory and Shad recap the sentiment, company buzz, and investor conversations across the floor. Key topics Conference vibe: Packed retail presence, buoyed by record weekly closes for gold and silver; optimism ran high across presentations and networking. Silver dominates: Numerous new or refocused silver juniors, many trading at $50–80M market caps despite no resource yet - highlighting just how far valuations have re-rated. Financing window: A surge of bought deals without warrants and in-the-money warrant exercises is filling treasuries; expect higher liquidity as paper becomes free trading. Rotation watch: While silver stole the show, investors are diversifying into copper and uranium; rare earth processors have soared, with government support driving momentum in critical minerals. Risk appetite rising: Newsletter writers and investors moving down the food chain into early-stage drill plays; classic bull market behavior, but a reminder to manage risk and trim profits. Stocks / symbols mentioned GDX, MP (MP Materials), NEO.TO (Neo Performance Materials), ARA.TO (Aclara Resources), UCU.V / UURAF (Ucore Rare Metals), UAMY (US Antimony), SURG.V (Surge Copper), COSA.V (Cosa Resources)   ------------------ For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the news release today, on September 30th, announcing that the Company has entered into of a binding term sheet with Sailfish Royalty Corp. to acquire the Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA, through the acquisition of 100% of Mt. Hamilton LLC, the direct owner of the Mt. Hamilton Project, through a series of transactions. Sailfish will acquire MH LLC on an arm's length basis from Mt. Hamilton Holdings LLC, and subsequently transfer the interests to Mako in consideration for a corporate gold stream, and a 2% net smelter return ("NSR") royalty on the Mt. Hamilton Project from Mako. Neither Mako nor Sailfish will issue any equity to complete these transactions.   The Mt. Hamilton Project has all major state and federal permits to allow construction of an open pit, heap leach gold-silver project, and has a current mineral resource estimate with an effective date of September 23, 2025 (the "Mt. Hamilton MRE") that was prepared by James N. Gray, P.Geo., of Advantage Geoservices Ltd., out of Vancouver, British Columbia.   Additionally, we discussed the 2nd layer of mineralization and value proposition of the Mt Hamilton Project, because it also hosts a tungsten/copper/molybdenum target, located below and independent of the gold and silver Mt. Hamilton MRE. This tungsten target has been defined by over 100,000 ft of historical exploration drilling. In a report by the Department of the Interior, dated August 25, 2025, tungsten (W) was named as one of the top 10 critical metals listed by their estimated probability-weighted impact of supply disruptions on the U.S. economy.  There is the potential to seek government funds allocated for the development of critical minerals for this portion of the deposit down the road as another potential opportunity.   We also unpack the anticipated mining to begin in Q4 at the Moss Mine, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in late 2026 and production by H2 of 2027.   This is a longer-format interview where we get into many nuances of operations and coming catalysts in all 4 jurisdictions.       If you have any further questions for Akiba regarding Mako Mining, then please email them into me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording and may choose to buy or sell more shares at any time.   Click here for a summary of the recent news out of Mako Mining.     For more market commentary & interview summaries, subscribe to our Substacks: 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.

We're joined by Glenn Mullan, President & CEO of Val-d'Or Mining (TSX.V:VZZ), for a company introduction and update. Val-d'Or Mining is a prospect generator with over 50 projects across Quebec and Ontario. The company is advancing its portfolio through strategic partnerships, most notably with Eldorado Gold. Key discussion points: Business Model: Prospect generator strategy focused on royalty creation. Partnership with Eldorado Gold: Five JV agreements covering 12 projects with a total $36.5M earn-in commitment over 5 years. Val-d'Or acts as operator on 10 Ontario projects. Recent Results: Phase 2 drilling at the Parestroika Prospect (Quebec) returned both narrow high-grade intercepts and bulk-tonnage style mineralization along the Cadillac-Larder Lake fault system. Upcoming Catalysts: Maiden drill program at the Baden Project in Ontario (October start). Advancing Claw Lake Prospect (Ontario) into 2026. Ongoing exploration by JV partner Kirkland Lake Discoveries at the KL West Property. Strategic Positioning: Building long-term royalty exposure while minimizing dilution by having partners fund exploration.   Click here to visit the Val-d'Or Mining website to lean more about the company's project portfolio.    -------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins us to review the news out to the market on September 19th that announced the granting of exploration permits for the San Antonio and Terranova claims, adjacent to and expanding the footprint of their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.   These 2 new properties add an additional 181 hectares to Emerita's wholly owned Iberian Pyrite Belt holdings, taking the Company's total mineral property holdings in the IBW area to 8,144 hectares. The IBW Project hosts three Volcanogenic Massive Sulphide (VMS) deposits, which comprise NI 43-101 compliant mineral resource estimates from the La Romanera, La Infanta and El Cura deposits.   The San Antonio license is located southwest of the Company's large claim referred to as the Ontario license and is directly along the geological trend of the IBW Project's La Romanera deposit. For future reference, these claims, along with those formerly referred to as “Ontario” will be treated as a single exploration project area and referred to as the “San Antonio Project”.   The Terranova license also occurs along this mineralized trend along strike of La Romanera and extends the Company's mineral property close to the border of Portugal. There are several historic small-scale mines on the Terranova license that were mined up to the mid-20th century; including the Vuelta Falsa Mine and the Trimpancho Mine.  Exploration can commence immediately in these newly permitted areas and the Company is developing plans for exploration work on these claims along with the larger San Antonio project.   The company also announced in that same press release from September 19th that Emerita has entered into a letter of intent (“LOI”) with Western Metallica Resources Corp. to acquire 100% ownership of the Nueva Celti Copper Project located 75 km northeast of the city of Seville in the province of Andalusia, Spain; with historic mining operations and situated in the Ossa Morena geological massif.   We discuss all the derisking work going on in the background at the IBW Project, building toward the Pre-Feasibility Study (PFS) for late Q4 of this year, or Q1 of next year, as well as an update on the key environmental permits anticipated to come in over the next couple months.   We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.     If you have any follow up questions for David regarding Emerita Resources, then email those in to us at either Fleck@kereport.com or Shad@kereport.com.   Click here to follow the latest news from Emerita Resources     For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Daily Editorial (Sept 29), I'm joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who oversees the firm's commodities trading desk. Darrell provides his monthly update on market positioning, trading flows, and price trends across precious metals, base metals, and energy. Discussion highlights: Precious metals surge: Gold pushes toward $4,000 while silver breaks above $47, with broader investor flows extending beyond central banks. Copper strength: A steady climb toward $5/lb, boosted by the Freeport Grasberg disruption and tight long-term supply fundamentals. Sector rotation: Silver equities rally sharply, showing heightened volatility compared to gold. Energy weakness: Oil remains stuck in a range with bearish fundamentals; natural gas looks fairly valued heading into winter with ample storage. Big picture: Metals are pulling commodity indices higher even as energy drags, underscoring the sector's shifting drivers.   Stocks mentioned (symbols): Freeport-McMoRan ($FCX)   ------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

I'm joined by Andrew Thomson, President & CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF), to discuss the company's strategic pivot toward silver exploration in Peru and the path forward for its growing project portfolio. Key discussion points: Silver Focus: Palamina is expanding exploration on its silver-copper projects in Peru, particularly the high-grade Galena Project, located in the Santa Lucia district. Galena Project: Early work highlights silver grades up to 1,000 g/t and copper values exceeding 7%. A gravity survey is set to begin within weeks, with first drilling targeted for early next year. Pluma Project: Acquired from IRANIA. Adjacent project has JOGMEC partnered with Hannan Minerals. Usicayos Gold Project: Permitted for drilling but currently delayed due to landowner negotiations; exploration continues at surface. Project Generator Strategy: With multiple projects across gold, silver, and copper in Peru, Palamina is advancing select assets while exploring JV and option agreements with larger partners.   If you have any follow up questions for Andrew please email me at Fleck@kereport.com. Click here to visit the Palamina website to learn more about the Company.    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.

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

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

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins us to review the big picture takeaways from the early interpretations and initial assays coming in from the 110 holes and over 64,000 meters drilled with 9 drill rigs and 4 helicopters during the 2025 drill program on Surebet discovery on the Golddigger Property located in the Golden Triangle of British Columbia. The 2025 field season will officially come to an end in the next couple of weeks, once all the logging has been completed.   We discussed some of the initial high-grade gold intercepts starting to come back from the lab, but Roger reminds listeners that these are just on the gold, and don't yet contain the multi-element assays.  Additionally, assays are still pending for 88 drill holes drilled in 2025 along with a few more holes that have been relogged from prior years drilling.   100% of the drill holes completed to date in the 2025 drill program at Surebet have intersected substantial quartz-sulphide mineralization. Including 76% of drill holes containing visible gold to the naked eye “VG-NE” have been completed and currently logged in 2025, with more holes still to log.  This clearly demonstrates the continuity and predictability of this expansive gold-rich system that remains wide open.   Rogers provides a little more detail on drill density of the over 600 pierce points, the continuity of the high-grade zone that is coming into focus in the Bonanza Zone, where the sediment rock packages contact the volcanic rock packages, and the better overall geological understanding that is emerging at the Surebet discovery. There are now gold results coming in from three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.   There will be a flood of assays coming in from this exploration season for many months into the future, so click on the link down below to follow along with all the news from the Company as it hits the newswires.     If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we'll get those answered or covered in a future interviews.   In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from Goliath Resources   Investment disclaimer:This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned. .

Peter Akerley, President & CEO, Erdene Resource Development (TSX:ERD - MSE:ERDN - OTCQB:ERDCD) joins us to provide a company overview and discuss the first gold pour (announced Sept 14) at the high-grade, open-pit Bayan Khundii mine in Mongolia. Peter outlines the production ramp-up, cash flow outlook, mine-life extension plans, and exploration priorities. What we cover Bayan Khundii milestone: First gold pour achieved; targeting nameplate ~85–90 koz/yr by year-end, leveraging high-grade open-pit feed and strong margins. Costs & cash flow: Updated view from the 2023 Feasibility - AISC tracking in the ~$1,100–$1,150/oz range after royalties and capex inflation; at current prices, management frames Bayan Khundii as a “cash machine” at steady state. Mine life growth: Resource/reserve expansion targeted around the pit with path to 10+ years through lower cut-offs, in-pit/near-pit drilling, and satellite oxides. Near-mine discoveries: Dark Horse (shallow, oxide, potential for heap-leach add-on) and a blind target ~0.5 km west of the pit showing multi-g/t intercepts at depth. District scale: Earlier discovery Altan Nar to be revisited as cash flow builds. Partnership & build: 50/50 JV with a leading Mongolian mining group. Balance sheet & debt: Shareholder loan targeted for rapid paydown as production stabilizes; exploration continues in parallel given robust operating cash generation. News flow ahead: Commercial production/nameplate updates, near-mine drill results, expansion studies, and broader district exploration. Click here to visit the Erdene Resource Development website.    ----------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

I'm joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for an update on the company's recent drill results and broader exploration progress across the Yukon. Key discussion points: Jupiter Target (Einarson Project): Strike length extended by ~550m, bringing mineralized trend to ~1.9 km and open along strike. Highlight intercept: 6.8 g/t gold over 9m. Strategy mirrors Valley's early success with large step-outs to quickly test scale before infill. Next steps: blend of selective infill, deeper tests, and additional step-outs to north and south. Valley Deposit (Rogue Project): Current resource: 7.9 Moz Indicated + 0.9 Moz Inferred. New mineralized zone discovered east of the proposed pit, with visible gold. Recent holes confirm continued growth at the margins, including intercepts beyond the current pit shell. Engineering and environmental baseline work advancing alongside drilling. Regional Exploration: Seven additional targets drilled at Rogue in 2025 (Cujo, Ramsey, Aurelius, JP, Gracie, Duke, Charlotte) totaling over 6,000m. Two holes completed at Neptune (Einarson Project); assays pending. Strategic goal: identify another Valley-scale system while continuing to expand Valley. Snowline is executing on a dual-track strategy - advancing Valley toward development while systematically testing district-scale opportunities. The combination of strong Valley resource growth and Jupiter's step-out success highlights the potential for multiple large discoveries across the company's portfolio.   If you have any follow up questions for Scott please email me at Fleck@kereport.com.   Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.    ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

I'm joined by Jim McDonald, President & CEO of Kootenay Silver (TSX-V: KTN - OTCQX: KOOYF), for an update on the company's progress at the Columba Project in Mexico. This conversation covers: Maiden Resource Estimate - 54M oz silver at 284 g/t, supported by 53,000m of drilling across 214 holes. Key Veins Driving Growth - D-Vein alone holds ~60% of the ounces; additional ounces at Lupe, B, and F veins. 50,000m Drill Program Underway - Funded by a recent $20M financing, with two rigs turning and results expected regularly over the next 8–10 months. Expansion Strategy - Step-outs around existing zones (all open along strike and depth), plus deeper drilling and new target testing. Next Steps - Potential to grow toward 100M oz, followed by a resource update and possible PEA. If you have any follow up questions for Jim please email us at Fleck@kereport.com or Shad@kereport.com.    Click here to visit the Kootenay Silver website to read over the corporate presentation and recent news   ---------------- 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.

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

Dan O'Flaherty, CEO of Versamet Royalties (TSX.V: VMET), joins me to provide an update on the recent acquisition of both a silver stream and net smelter royalty on cash-flowing producing assets from Appian Capital.  We also take a deeper dive into the value proposition embedded in their portfolio of streams and royalties, and the triple-pronged approach to growth for this newer royalty company, that just listed publicly back in May of this year. Dan previously led Maverix Metals, which sold to Triple Flag in 2023, and now he's building Versamet to fill the gap between junior royalty players and the multi‑billion‑dollar majors.   Key Highlights from Our Discussion:   Closed an agreement on September 24th for the acquisition of two long-life, high-quality, producing assets from Appian Capital Advisory; with immediate cash flow for an up-front cash consideration of $125 million. Rosh Pinah Zinc - a 90% silver stream an operating underground mine in Namibia with over 55 years of mining history and a long history of resource additions and significant exploration potential Santa Rita - a 2.75% net smelter return royalty (NSR) on a top tier nickel sulphide mine located in Bahia state, Brazil, currently producing from an open pit. The Stream and NSR Royalty are expected to contribute approximately 5,000 gold equivalent ounces ("GEOs") in 2026 using analyst consensus metal prices. Cash‑flow focus: From ~10,000 GEOs in 2025 to ~20,000 GEOs by 2026, translating to over $70M in annual revenue targeted for next year, using consensus gold prices, and even higher than that at current spot prices. Balance sheet strength: Paid off initial debt out of robust revenues, before adding this recent debt on the back of these 2 acquisitions; with a roadmap to paying that back down in an accelerated fashion from quarterly cashflows. Rapid portfolio growth: Over US$400M in acquisitions since 2022, growing Versamet's market cap to over CAD$800 million. We review how several key strategic stakeholders got into partnership with Versamet including: B2Gold (33%), Sandstorm (25%), and Equinox Gold (13%) as cornerstone shareholders, providing technical strength and deal flow. Investors today can get an early mover advantage before more institutional investors and passive fund investments have entered the story. Triple-pronged approach to growth: (1) Near‑term organic growth from within their existing portfolio of royalties and streams, (2) future accretive acquisitions, and (3) the coming U.S. listing for more liquidity, a broader investor base, and the potential inclusion in funds and ETFs.     If you have any questions for Dan regarding Versamet Royalties, then please email those in to me at Shad@kereport.com.   Click here to follow the latest news from Versamet Royalties

We're joined by Garrett Ainsworth, President & CEO of District Metals (TSX-V: DMX - OTCQB: DMXCF - Nasdaq First North: DMXSE SDB), to discuss the latest results from airborne Mobile MT surveys at the Viken Property in Sweden, one of the largest uranium deposits in the world. Garrett explains how these surveys confirmed the known Viken deposit and identified nine new high-priority target areas - with three of them showing even stronger geophysical signatures than Viken itself. Key discussion points include: How Mobile MT surveys validate the Viken deposit through a one-to-one correlation with historic drilling. Nine new target zones discovered, with 6 emerging as the most prospective. Shallow, near-surface potential - many targets appear at ~100m depth or less. Scalability of the alum shale system, where limited drilling could quickly define significant tonnage. Exploration and news flow ahead, including further survey results from other Swedish projects. Garrett also shares perspective on Sweden's pending uranium moratorium lift, expected in late 2025, which would unlock the path to drilling and advancing these discoveries.   ---------------------- 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 welcome back Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network. Joel and Corey dive into the recent pullback in U.S. equity markets, led by weakness in tech stocks, and whether this signals: A healthy correction or the start of a larger pullback The Fed's latest rate cut, the dot plot, and implications for inflation and future monetary policy Sector extremes - from stretched valuations in nuclear/quantum tech names like Oklo (OKLO), to undervalued plays in Chinese equities such as Alibaba (BABA) Signs of excessive speculation in small-cap momentum names and what this means for traders vs. long-term investors Where defensive money is moving - gold, utilities, staples, and biotech Practical advice for investors on risk management, profit-taking, and strategy based on investment cycle Joel also shares his perspective on why this market remains “orderly” despite euphoria in certain sectors, and why corrections are essential to a sustainable bull run. Click here to visit Joel's PreMarket Prep website Click here to visit the Stock Trader Network - Use code PMPSTN for a 10% discount -------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joined me to discuss their new chair of the board, Marie Inkster, as well as the bench strength of the rest of the board and management team, their key strategic shareholders, an exploration update on the Phase 5 drill program, and the development pathway towards a construction decision at their wholly-owned Diablillos property in Salta Province, Argentina.   John highlights how the appointment of Marie Inkster marks another key inflection point as a company to take them into the next phase of growth. Ms. Inkster will take over as Chair of the Company's board of directors, replacing Robert Bruggeman, who will continue to serve as a director.   Ms. Inkster is a very highly accomplished mining executive and corporate director with more than 25 years of international experience spanning corporate leadership, finance, governance and capital markets. From 2018 to 2021, she served as President & CEO of Lundin Mining Corporation, after nearly a decade as its Chief Financial Officer. She currently serves on the boards of Cameco Corp. and Foran Mining Corp., and has also held board roles with global mining leaders including Vale S.A. and Lucara Diamond Corp.   John then spent some time reviewing the various disciplines and expertise of their board of directors and management team, and why this addition of Marie really rounds out the various skillsets needed to advance from an exploration company into a full-fledged development company.  We also highlighted the strength of having strategic partnerships like Central Puerto,  the largest utility company in Argentina, as well as senior mining companies like Kinross and Teck Resources, so share ideas with.   With three drill rigs now active across the broader Diablillos land package, the ongoing 20,000 meter Phase 5 drill program, and the potential to add a fourth rig in the future, the Company is entering another exciting new phase of exploration growth and is testing new targets. In addition, the Company is doing all the derisking work programs in parallel with exploration for their ongoing Definitive Feasibility Study due out in early 2026, which will be followed by a PEA on the heap-leach economics, and another updated to the mineral resource once all the Phase V data is incorporated into that study.     If you have any follow up questions for John regarding at AbraSilver, then please email us at Fleck@kereport.com or Shad@kereport.com.   In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.   Click here to visit the AbraSilver website and read over the most recent news releases.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macroeconomic themes and fundamental value drivers that that are presenting catalyst-driven opportunities in select gold, silver, lithium, and uranium stocks.   We start off reviewing how the Fed's first rate cut in 9 months, here during the month of September, and that sticky and rising inflation has been a key tailwind for reflationary trends in US equities, cryptos, and the commodities sectors. Nick points out, once again, that real assets are moving higher in response.  Despite the melt up we've seen in many metals resource stocks, Nick goes on to outline where there are still opportunities in companies that have solid work programs and news catalysts on the horizon in the precious metals stocks, and that there are still many positive macro policy factors providing tailwinds to critical minerals like copper, rare earths, and antimony, and energy metals like lithium and uranium.   Nick highlights a few gold and silver companies that have had news catalysts driving their charts higher like recent high-grade silver equivalent results returned in the initial drill results from Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), and the compelling market cap gulf between the earlier stage Daura Gold Corp. (TSXV: DGC) exploring adjacent on the same mineralized trend to the more richly valued Highlander Silver Corp. (TSX:HSLV) in Peru.     Next, we revisited the point Nick has made in prior discussions that the lithium space presented a “buy the dip” moment a few months back, and that both the underlying metals price and the related equities have bounced and started a trajectory higher.  He also pointed to the doubling of the stock price this week in Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), on the back of media reports pertaining to the status of its previously announced $2.26 billion loan from the U.S. Department of Energy (“DOE”).   Shifting over to the nuclear power and uranium tailwinds from the government fiscal bills and executive orders passed the last few years have had provisions in them for accelerating the development of nuclear power infrastructure and uranium mining. Just this month we saw more comments from the US administration on creating a strategic uranium reserve and this has sent the prices of North American uranium stocks even higher, as they've been in a multi-month rally coming off the April sector lows. Nick highlights the prior trading opportunity he brought to listens attention a few months back in the Sprott Junior Uranium Miners ETF (URNJ) as one that has worked out nicely.   Nick also flagged uranium companies like Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), Uranium Energy Corp (NYSE American: UEC), North Shore Uranium Ltd. (TSXV:NSU), Denison Mines Corp (TSX: DML) (NYSE American: DNN), and Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) as different stages of uranium companies that are doing good work to advance their projects, which continue to have his attention.   Wrapping up Nick shares the technical innovation in the mining sector and value proposition he sees in  MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) a leading provider of digital supply chain solutions for the commodity markets.  He points out his it is valuable to banks, to traders, to exchanges, to metals producers, to exporters, to importers, to smelters to provide big data and assurances of supply chains.  This opens up a number of lucrative avenues for helping the resource sector, materials space, and manufacturing industries by leveraging this technology, and it is already attracting major partners.   Click here to follow Nick's analysis and publications over at Digest Publishing   For more market commentary & interview summaries, subscribe to our Substacks: 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.

Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), and Dave Cole, CEO of EMX Royalty Corp (NYSE American: EMX) (TSXV: EMX), both join me to unpack the key transaction details, synergies, and growth profile emerging from the business combination of both companies into the emerging Elemental Royalty Corp.  In the new combined entity, Dave will be the CEO, and Fred will be the President and COO, with the balance of the management team and board being a solid blend of the 2 companies current teams.   Dave starts us off with the big-picture rationale for this merger, creating a larger royalty company of scale, graduating up to the mid-tier category, with more analyst coverage and liquidity, a better cost of capital, the financial strength from the backing of the key strategic shareholder Tether Investments, and the potential to rerate in the future to a better price to net asset value multiple more in alignment with larger royalty peers.   Fred then takes us through the transaction specifics of the merger, including the recent financing, share roll back, and US big board exchange listing that were all announced earlier this month, in concert with this business combination. Fred also outlines the importance of having Tether Investments as their key strategic shareholder, and they financially backstop the kinds of accretive acquisitions that they can now go after. He also explains why they made the choice to establish an institutional account to gain exposure to Tether Gold (XAUt), a tokenized asset backed 1:1 by physical gold, to diversify the Company's treasury and increase exposure to rising gold prices with enhanced liquidity and efficiency.   We also dive into updates on their key cornerstone royalty partner projects: Timok, Laverton, Karlawinda, and Caserones. the organic development growth still on tap in their portfolio of royalties, the future upside of the continued royalty generation strategy, and a look ahead to future larger acquisitions than were possible for both companies up until the creation of this new combined vehicle.   If you have any follow up questions for Dave or Fred regarding the merger of Elemental Altus Royalties with EMX Royalty, into the new Elemental Royalty Corp, then please email them to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of both Elemental Altus Royalties and EMX Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.   Click here to learn more about the Elemental Altus and EMX Royalty merger   Click here to view recent news on Elemental Altus Royalties   Click here to view recent news on EMX Royalty

In this KE Report Daily Editorial (Sept. 24), we welcome back Dana Lyons, fund manager and editor of Lyons Share Pro. Dana shares how his proprietary models continue to signal bullish conditions despite some red flags in sentiment and seasonality. Discussion Highlights: Market Outlook: U.S. equities still trend higher, with Dana's models staying net long despite extended rallies. Risk Management: How Dana trims profits and manages position sizing when sectors hit stretched levels. Sector Rotation: Fresh strength emerging in technology, uranium, China, and now the energy sector (ETFs: XLE, FXN, PSCE). Precious Metals: Gold, silver, and miners (GDX, GDXJ, SILJ) remain strong, with equities still catching up to metals prices. Uranium Equities: Breakouts in URA, URNM, and NUKZ suggest more upside after consolidations. Alpha Generation: Why experience and disciplined models matter most in extended bull markets. Mentioned ETFs & Tickers: XLE, FXN, PSCE, URA, URNM, NUKZ, GDX, GDXJ, SILJ, GLD   Click here to visit the Lyons Share Pro website and learn more about Dana's investment services.    ----------------- For more market commentary & interview summaries, subscribe to our Substacks: 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.

We welcome back Simon Dyakowski, President & CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF), to discuss the latest drill results from the Tombstone Project in Arizona, released September 23rd. Key Highlights: Five new RC holes drilled at the Contention Main Pit Zone, all step-outs to test the system's growth. Hole 6 standout result: 3m @ 2,150 g/t silver equivalent within 28.9m @ 250 g/t silver eq., starting at 76m depth. Hole 5 highlight: 4.6m @ 590 g/t silver eq. within a broader 47m @ 85 g/t silver eq. Holes 7 & 8 confirm potential to extend mineralization westward and at depth. Drill program expanded from 5,000m to 7,500m. Upcoming results: step-outs to the south (near last year's 7,000 g/t silver eq. hit), plus CRD target testing at depth. For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment Disclaimer This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this company update, we speak with Wendell Zerb, Chairman and CEO of Red Canyon Resources (CSE: REDC - OTCQB: REDRF), about two major developments: Strategic Financing: Closed an oversubscribed +$2.3M financing (charity flow-through). Teck Resources (TSX: TECK.A & TECK.B | NYSE: TECK) participated, acquiring a 9.9% stake in Red Canyon. Kendal Project Drilling: A 2,500m drill program (5–8 holes) is underway at the Kendal Ridge target in British Columbia. The focus is on defining potential porphyry copper centers within a kilometer-scale alteration system. Exploration Approach: Wendell explains how geoscience works - geology, alteration studies, geophysics, and sampling - has built the case for drilling this high-priority target. Pipeline Projects: Updates on the Inzana copper-gold project in BC (advancing toward drilling in 2026) and the Scraper Springs project in Nevada, potential partner interest.   For more information, visit Red Canyon Resources Website   ------------------------- For more market commentary & interview summaries, subscribe to our Substacks: 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.

We're joined by Dave Erfle, founder and editor of Junior Miner Junky, to break down the ongoing strength in precious metals. Gold is holding above $3,800/oz and silver over $44/oz, with mining stocks - both large and small - continuing to outperform. Discussion highlights: Gold & Silver surge - strongest impulse move in 20 years, targets of $3,850–$4,000 Mining stocks outperforming - GDX, TSX Venture, and juniors still have room to catch up Valuations - many development companies remain cheap on an “ounces in the ground” basis Producers vs. juniors - Newmont (NEM) cash flows exploding, but early-stage juniors still offer big upside Strategy - balancing short-term trading vs. long-term holding in a runaway bull market Stocks mentioned: GDX (VanEck Gold Miners ETF) NEM (Newmont Corporation)   Click here to visit the Junior Miner Junky website to learn more about Dave's investment letter.    -------------------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

We welcome back Eric Roth, President & CEO of Capella Minerals (TSX-V: CMIL - OTCQB: CMILF) for an important company update. Earlier this summer, Capella announced a strategic joint venture earn-in agreement with Tümad Mining, a major Turkish gold producer. That deal is now finalized, setting the stage for significant exploration across Capella's copper and gold assets in Norway and Finland. Key Discussion Points: Definitive JV Agreement Signed: Tümad Mining can earn up to 51% through staged exploration spending. Year 1 Commitment: Minimum of 12,000 meters of drilling (~US$4M), split between the Hessjøgruva copper-cobalt-zinc project (Norway) and the Killero copper-gold target (Finland). Exploration Focus: High-grade VMS copper deposits in Norway's Hessjøgruva district. Untested gold-copper anomalies in Finland's Central Lapland Greenstone Belt. Strong News Flow Ahead: Continuous drilling programs expected to deliver steady results over the next 12 months. Capella's Strategy: While Tümad funds the JV exploration, Capella is advancing plans to add a new 100%-owned copper or gold project to its portfolio. ----------------------- For more market commentary & interview summaries, subscribe to our Substacks: 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.

We welcome Mike Allen, President & CEO of StrikePoint Gold (TSX-V: SKP - OTCQB: STKXF), for a full introduction to the company's flagship Hercules Gold Project in Nevada. Key discussion points include: Hercules Gold Project overview - a 100 km² land package in the Walker Lane Trend. Mike's history with the project, selling it previously for US$20M and reacquiring it for just C$250k. Results from recent drilling: 6-for-6 successful holes, including strong intercepts confirming the new geological model. Exploration target of ~1 million ounces of oxide gold. Comparison to nearby projects and recent Nevada M&A transactions. Upcoming catalysts: new permits, additional drill programs, and potential M&A opportunities. Click here to visit the Strikepoint Gold website to learn more about the Company.    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 us to review why the value proposition in the exploration alpha plays are based around news catalysts and milestones, more so that higher metals prices.  For this very reason, he's less interested in the sector sentiment turns we've seen in the valuations of producers and advanced developers in the higher underlying metals price environment, and more animated by the fundamental prospectivity of the explorers that haven't moved up as much yet, but have the biggest potential for gains if they deliver on their thesis and make a discovery and define a significant future economic deposit.   Erik discusses some of the nuances around valuing the potential upside in gold and copper exploration companies, that have compelling drill targets, large strategic shareholders that have already vetting the projects and management teams, are in the right jurisdictions, and that have the potential for rapid upside moves if they make compelling discoveries while expanding resources.     >> The companies we discussed in the interview are:   Red Canyon Resources Ltd. (CSE: REDC) (OTCQB: REDRF) New Break Resources Ltd. (CSE: NBRK) Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF)   * In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.   Click here to follow Erik's analysis over at The Hedgeless Horseman website   Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Sun Peak Metals (TSX.V:PEAK - OTCQB:SUNPF) is making a major strategic move. President & CEO Greg Davis joins us to discuss the recently announced LOI with Saudi Discovery Company and the company's shift of focus to Saudi Arabia. Key points: Strategic pivot: Ethiopia's Shire project on hold under force majeure → shifting across the Red Sea. LOI details: Sun Peak shareholders ~60%, Saudi Discovery ~40% post-financing. Saudi portfolio: 6 granted licenses (~340 km²) + ~700 km² pending, all on VMS trends. Work plan: Mapping, geophysics, and drilling to start quickly with strong infrastructure in place. Supportive regime: Favorable permitting, tax/royalty terms, and government-backed financing incentives. Competitive edge: Early mover advantage in Saudi exploration, backed by a proven technical team with 20+ years in the Arabian Nubian Shield. For more market commentary & interview summaries, subscribe: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment 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.

We're joined by TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, for a deep dive into his current bull market playbook. TG shares insights on how he's positioning across multiple sectors during this risk-on environment and how traders can manage positions when stocks go vertical. Key topics discussed: Small-cap opportunities in a pro-growth, pro-business environment Three ways to manage stocks that have gone parabolic: covered calls, profit-taking, and buying dips Why market breadth is weakening despite indices pushing higher How TG uses leveraged ETFs (SOXL, IONL, GDXU, NUGT) to capture big moves without options risk Caution signs in precious metals equities and how to hedge with inverse ETFs (JDST, DUST) Hot sectors right now: semiconductors, quantum computing, and TG's top pick – drone stocks Click here to visit TG's site - Profit Pilot   Stocks/ETFs Mentioned: Tesla (TSLA), IonQ (IONQ), AMD (AMD), Nvidia (NVDA), Barrick Gold (B), GLD, SLV, GDX, SOXL, GDXU, NUGT, JDST, DUST, IONL   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, CEO Alain Lambert of Prismo Metals (CSE:PRIZ - OTCQB:PMOMF - FSE:7KU) provides details on the latest discovery at the Silver King Project in Arizona. The company has identified porphyry-style copper mineralization, adding a new dimension to its exploration plans.   Highlights from the discussion include: New Porphyry Discovery: Surface work has outlined porphyry-style mineralization, comparable to the nearby historic Magma Mine and world-class Resolution Copper deposit. Target Pipeline: Three distinct targets at Silver King: Around the historic Silver King Mine (first drill priority). Newly identified mineralized silver veins. Porphyry-style copper mineralization (requires additional permits, expected in Phase 2). Location Advantage: Silver King sits just 3 km from Resolution Copper, the world's largest undeveloped copper deposit (JV between Rio Tinto & BHP). Permitting & Timeline: Phase 1 drilling permits expected in the coming weeks; drilling anticipated before year-end. Phase 2 permits to follow for the porphyry target. Next Catalysts: Results pending on 29 surface samples (expected late September) and an additional 15 samples. Plans underway to dewater the historic Silver King Mine for future exploration. Click here to visit the Prismo Metals website    For more market commentary & interview summaries, subscribe to our Substacks: - 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.

Rick Bensignor, President of Bensignor Investment Strategies and editor of Supposedly Irrelevant Factors, joins us to discuss practical trading strategies for persistent bull markets across U.S. equities, precious metals, and select international markets. We focus on how to manage winners without getting shaken out by every “it's overbought” headline. Key takeaways Separate long-term holdings from tactical trades. Trim or hedge positions at technical targets instead of selling outright. Spotting exhaustion signals at highs with tools like DeMark counts. Case studies: trimming $TSLA, $INTC, $PAAS; tactical put spreads in $GLD. Why most investors should limit trading to 10-15% of assets and let ETFs ($SPY, $QQQ, $DIA) compound long term.   Stocks & ETFs mentioned SPY, QQQ, DIA, TSLA, PAAS, SLV, GLD, GDX, INTC, NVDA, PFE. For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/ Investment disclaimer This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

This week The KE Report Weekend Show dives into two hot topics: Cory and Shad's takeaways from the Beaver Creek Precious Metals Summit, and Mike Larson's insights on Fed policy and sector leadership. Both conversations point to one conclusion: we're in a bull market for stocks and metals… but are we mid-game or late innings? Segment 1 & 2 - Replay of the first ever KER QuickTake (posted Monday). Cory and Shad recap the sentiment at the Beaver Creek Precious Metals Summit. An overwhelmingly bullish sentiment - family offices and funds returning, investor meetings up, juniors bifurcating (fast-tracking developers vs. idle laggards), warrants flowing in, gold's breakout sustaining momentum, and likely rotations toward copper/uranium/critical minerals while watching breadth, timelines, and potential M&A.   Segment 3 & 4 - Mike Larson, Editor-in-Chief at MoneyShow, joins us to unpack the Fed's 25 bp cut and dot plot, a steepening yield curve and weakening dollar, and why he favors metals (gold/silver), small & micro caps, and financials. He also highlights the AI-driven capex boom (benefiting utilities/data centers), mining leadership in MoneyShow's “Best Of” picks with momentum spreading to copper/platinum, policy tailwinds for critical minerals, and crypto's growing institutionalization. Click here to find out about the upcoming MoneyShow conferences   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.

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.