The KE Report – Details, episodes & analysis

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition and key takeaways from the recent site visit that he took to see the First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) projects along the Gold Line Belt of Sweden.

We start off getting some of the nuances around using the collective wisdom of other institutional site visit attendees and various members of the First Nordic team on-site to get a better understanding of the various projects, key targets identified, exploration work underway, and what criteria other investors and analysts were weighting more heavily.

The conversation then turned to the underlying value in the 2.4 million ounces of gold defined so far in the Barsele Project, in a JV with Agnico Eagle.   Erik outlines that some member of Agnico Eagle were present at the site visit and outlined 7 drill targets they’d be going after for this year’s exploration program.

We also discussed the amount of drilling focus that the Aida target has received at the Paubäcken Project, with many assays pending release from the lab, and some showing visible gold. When Erik was there the team finished up drill hole #38.   The exploration team at First Nordic has also done a lot of targeting work for upcoming drilling at the Harpsund target, and more targeting underway at the Brokojan target.

The Storjuktan Project is also seeing drilling get underway at the Nippas target, which has had a lot of targeting work completed thus far.  Additionally, there are several other regional targets at Storjuktan that different geologists and analysts were animated by, particularly Bråna to the south, due to mineralization that is outcropping at surface.

We wrap up discussing the financial health of the company to continue the ongoing 25,000 meter drill program across the Gold Line Belt.

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

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

Dave Erfle, founder and editor of Junior Miner Junky, joins us for a timely update on the silver sector, following a major technical breakout in silver above the long-standing $35 resistance level.

Silver is now trading above $36, yet many silver stocks are still lagging, presenting both a potential opportunity and a challenge for investor sentiment. In this interview, we break down the signals from the market and silver equities.

Key themes discussed:

• Why silver’s breakout wasn’t a surprise to seasoned silver stock investors
• Volume and price action in SIL and SILJ - and what it suggests
• Why many silver stocks are still undervalued, even after the breakout
• The importance of a disciplined selling strategy in bull markets
• Where Dave sees the most value: advanced-stage juniors with de-risked projects and upcoming PEA catalysts

We also revisit past silver runs, including the 2020-2021 silver squeeze, and compare current valuations. Dave shares what indicators he’s watching next, including inflation data, the U.S. dollar, and how much FOMO sidelined investors can handle before jumping back in.

In this KE Report Daily Editorial, we welcome back Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market blog, for a comprehensive breakdown of the U.S. jobs report, Fed policy trajectory, global central bank trends, and FX market implications.

We kick off with May’s mixed U.S. employment report: headline job growth surprised to the upside, but revisions and the household survey painted a weaker picture. Marc explains how the Fed will likely interpret this as confirmation to remain patient, with expectations for rate cuts shifting to Q4 and markets increasingly skeptical about more than one cut in 2025.

Marc also discusses:

• Why the resilient U.S. labor market and gradual disinflation keep the Fed sidelined
• How ongoing tariff announcements are distorting GDP and trade data
• What to watch in the Fed's balance sheet strategy and whether QT will continue
• A global view on divergent central bank cycles, FX implications, and why Marc remains medium-term bearish on the U.S. dollar
• The role of liquidity and uncertainty in driving volatile but not collapsing markets

As we near the midpoint of 2025, Marc outlines the key data points and global risks that could move the needle on Fed policy, including inflation trends, unemployment, and fiscal disruptions from trade policies.

🔗 Visit Marc’s blog: Marc to Market

In this KE Report company update, we’re joined by Bart Jaworski, CEO of Group Eleven Resources (TSX.V: ZNG - OTC: GRLVF - FRA: 3GE), a zinc, copper, and silver explorer operating in Ireland. The company has recently captured market attention with a breakthrough drill result at the Ballywire Discovery on the PG West Project, announced on May 8th.

Key highlights from the discussion include:

• High-grade discovery: 12 meters of 2.3% copper and 560 g/t silver, including 6.4 meters grading 3.72% copper and 838 g/t silver.
• The copper-silver intercept lies beneath a known zinc-lead-silver horizon, suggesting a dual-layer “layer cake” system.
• Ongoing drilling with three rigs testing both lateral extensions and deeper copper-silver targets across a six-kilometer gravity anomaly trend.
• Potential for critical mineral designation under the EU’s Critical Raw Materials Act due to antimony and germanium credits.
• A well-funded exploration program with ~$3.5 million in the treasury and potential upside from in-the-money warrants.

This discovery could significantly broaden Group Eleven’s appeal to copper and silver investors, especially with copper near $5/lb and silver breaking out. Bart also outlines how further success could unlock critical metals funding pathways in Europe and strengthen the company's long-term development strategy.

Visit Group Eleven’s website for full technical reports and the corporate presentation.

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me to outline the key metrics and takeaways from the technical report on the updated Mineral Resource Estimate, along with improved gold recoveries from recent metallurgical testing at the wholly owned polymetallic Iberian West Project (IBW), located in southern Spain. We also get another update on the legal proceedings at the Aznalcóllar Project later in the conversation.

The Mineral Resource Estimate is based on 105,554 meters of drilling by the Company comprising 299 drill holes and is hosted in three volcanogenic massive sulphide deposits on the project; La Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m). All three deposits remain open for further expansion by future drilling.

The IBW project is now reporting:

• A Total Indicated MRE of 18.96 million tonnes grading 2.88% zinc, 1.42% lead, 0.5% copper, 66 g/t silver, and 1.28 g/t gold (8.44% ZnEq or 3.01% CuEq);
• A Total Inferred MRE of 6.80 million tonnes grading 3.25% zinc 1.50% lead, 0.73% copper, 56.3 g/t silver, and 0.77 g/t gold (8.72% ZnEq or 3.00% CuEq);
• The updated Mineral Resource Estimate achieves numerous improvements when compared to the previous May 23, 2023 MRE, which include a +35% increase in Total Indicated MRE tonnage and a +44% increase in Total Inferred MRE tonnage;
• There was also an increased gold metal content within the Total Indicated MRE from 629 Koz to 783 Koz, which is an increase of +154 Koz (+24%) with an increase in contained gold within the Total Inferred Resource from 137 Koz to 168 Koz or an increase of +31 Koz (+23%) gold, respectively;

Then on May 27th the Company announced that the CLEVR Process™ optimization for the La Romanera deposit is a post-flotation stage of metallurgical recovery that is being conducted at DUNDEE Sustainable Technologies' laboratories. A total of 18 optimization tests of the thermal treatment process (pyrolysis and thermal oxidation) were performed during this recent stage of testing.  The latest CLEVR Process™ results indicate an improved gold recovery of 81.5% for a 27% improvement relative to previously reported results (17% increase in gold recovery). This represents an important upgrade relative to the 64.1% gold recovery that was used for its most recent NI 43-101 Mineral Resource Estimate (“MRE”) based on the available results at the time of estimation (see news release March 17, 2025).

El Cura is still being drilled with 4 rigs, and is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Romanera can now drift through El Cura on the way to the development of La Infanta, bringing in El Cura in as a future economic driver much earlier in the mining sequence.  We discuss all the derisking work going on in the background building toward the Pre-Feasibility Study (PFS) later this year, as well as an update on the environmental permits anticipated to come in over the next couple months.

We wrap up with David sharing a bit more from the comments the Company made on June 2nd with respect to the announcement made on May 30, 2025 by the Minister of Energy and Mines of Andalucia, Mr. Jorge Paradela, that the Junta de Andalucia, through his ministry, has granted the exploitation license to Minera Los Frailes (“MLF”) to develop the Aznalcollar project.   Spanish independent legal counsel of Emerita has reassured the Company that this announcement will have no bearing on the outcome of the ongoing criminal trial related to the awarding of the Aznalcollar Public Tender.  We get another update on where things are at in the process within the courts, with the sentencing portion of the legal proceedings having commenced back on March 3rd.  The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.

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

Click here to follow the latest news from Emerita Resources

In this company update from TriStar Gold (TSX.V: TSG - OTCQB: TSGZF), President and CEO Nick Appleyard joins me to discuss the company’s the closing of a $10 million financing, including a $5 million investment from Eric Sprott - his first position in TriStar. This marks one of the largest financings in company history and signals renewed investor interest in advanced-stage gold developers.

Key topics covered:

• Use of funds from the financing: Launching an upcoming drill program focused on high-grade step-outs at the Esperança South zone of the Castelo de Sonhos Project in Brazil.
• Advancing toward feasibility: Timeline and permitting strategy for Tristar’s goal of completing a full Feasibility Study in 2026, including additional infill drilling and community engagement.
• Market sentiment shift: Eric Sprott and several new funds participating in the raise reflect growing interest in the developer space as gold prices remain strong and M&A activity picks up.
• News flow ahead: Drilling is expected to begin by July, with updates throughout the second half of the year.

Nick also shares thoughts on how TriStar is scaling its investor relations efforts to increase visibility and attract strategic interest as momentum builds in the gold sector.

Click here to listen to the prior interview focused on the updated PFS.

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

In this company update I speak with Sean Kingsley, President and CEO of Gold Hunter Resources (CSE:HUNT - OTCQB:HNTRF - Frank:6RH), to break down the company’s recently announced land consolidation and a $2.5M financing. All paving the way for an aggressive 2025 exploration program at the Great Northern Gold Project in Newfoundland.

Key Highlights:

• The company has consolidated key land positions along the Doucer's Valley Fault, filling in critical gaps near historic workings like the Browning Mine and high-grade gold showings.
• A clean deal structure: 2% NSR on new claims with a 1% buyback for $1M and no underlying royalties, ensuring a clear path forward for development or partnerships.
• Gold Hunter now controls multiple gold zones - 18+ target areas identified - with 5 priority targets to lead an initial 10,000-meter Phase 1 drill program this year.
• The airborne VTEM survey is expected to begin in mid-to-late June, helping refine targets and guide boots-on-the-ground fieldwork and drilling.
• Fully permitted and road-accessible, the project is supported by Newfoundland’s Junior Exploration Assistance (JEA) grant program and backed by an experienced team focused on discovery beyond known zones.

CEO Sean Kingsley also explains the regional geological significance of the Doucer's Valley Fault, drawing comparisons to multi-million-ounce gold systems along major structural corridors like those seen in Calibre Mining’s portfolio.

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

 Click here to visit the Gold Hunter Resources website.

Jonathan Egilo, President and CEO of AXO Copper (TSX.V: AXO), joins me for a comprehensive introduction to this newly listing high-grade copper exploration and development company, and their flagship La Huerta Project in the prolific Sierra Madre Belt of Jalisco, Mexico.

We highlight the history of the La Huerta Project, where a private family business had produced high grade copper on the project, and then some of the work this team has done in the background once picking up the project in 2021 and doing some exploration and derisking as a private company.  

Some prior drilling at the property yielded strong high-grade copper mineralization, with highlights including:

▪ 13.7 metres of 5.03% Cu

▪ 9.50 metres of 6.63% Cu

▪ 7.60 metres of 7.37% Cu

▪ 7.35 metres of 5.00% Cu

Jon outlined that the initial plan is to do some aggressive step-out drilling to demonstrate the potential scale of the mineralized footprint, with a 15,000 meter drill program.  This exploration program will be focused on defining near-surface mineralization and targeting new discoveries at depth in this underexplored district; following up on the recent drilling and trench sampling that returned excellent grades.

 There will be a C$15,000,000 proposed equity offering at the IPO, and he breaks down the budget for this year’s program and property payments.  We reviewed Jon’s background in the sector, and that some of the founding shareholders and board has members from both GoGold Resources, and Silver Tiger, including the Executive Chairman, Glenn Jessome.

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

Click here to follow the latest news from AXO Copper

Click here to view the Corporate Presentation

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he is holding onto the bullish trends in gold and silver stocks, and adding to positions in international stocks,  counter-drone defense stocks, and dividend-paying oil stocks.

 With the precious metals equities, Sean is mostly holding onto the names that he and his subscribers have purchased over the last few months, but has rotated some funds down into more gold developers and the silver stocks; looking for those areas to outperform.  When looking at the macroeconomic factors and geopolitics, he is not convinced in that the tariff implications are behind us, and is still seeing continued weakness in the US long bond, US dollar, and business guidance through year end. 

Sean notes that there are still a lot of foreign market participants still scaling out of US markets to repatriate funds into their own domestic stock markets, and he is still finding pockets of value in international stocks. For example, he has been bullish European defense stocks for a while, but then domestically he’s been positioning in counter-drone defense stocks.

Wrapping up we discuss that he is getting more interested in accumulating the better run intermediated oil stocks that pay good dividends, can make money at the current lower price range for WTI oil, and that are trading down near book value.  

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

Click here to learn more about Resource Trader

David Baker CFO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review a few different royalty partner project updates, development growth on tap in their portfolio of royalties, his take on the Q1 2025 financials and coming one-off payments, and looking ahead to future acquisitions.

We kick things off with recent announcement by Focus Minerals Limited (ASX: FML) reporting the sale of their Laverton assets in Western Australia, to A$5 billion Australian miner Genesis Minerals Limited (ASX: GMD) for A$250 million. Elemental Altus holds an uncapped 2% gross revenue royalty over a significant portion of the project, and their management team is thrilled to see a senior producer taking over the project which can fast-track it back into production. Genesis Minerals noted in the announcement the clear potential for Laverton to supply open pit and underground ore to their operating 3 Mtpa Laverton mill approximately 30 km away, after conducting more infill and extensional drilling and internal scoping studies.

Next we pivoted over to the recent announcement by Northern Star Resources Limited (ASX: NST) reporting a maiden Mineral Resource and Ore Reserve Estimate at the Hercules Discovery of 916,000 ounces of gold. This Hercules deposit is part of the South Kalgoorlie Operations ("SKO") in Western Australia, where Elemental Altus holds a A$10 per ounce production royalty.  In addition to the royalty, Elemental Altus also has a A$1 million Discovery Bonus over a significant portion of the project, for each new ore body with production and/or Reserves greater than 250,000 ounces of gold, so that will be an added one-off payment.

We also touched upon the recent news from Arizona Sonoran Copper Co. (TSX:ASCU | OTCQX:ASCUF) where it was announced by the Company that they’ve appointed H&P Advisory Limited as its debt financial advisor for the Cactus Project, a copper cathode development project in Arizona. H&P will work closely with the management team to provide complete and proactive support in all aspects of the project financing process for the Project, acting as the primary interface with lenders.  It is expected that Arizona Sonoran may buy back a part of this royalty in a one-off payment later this year, but Elemental will still have good royalty exposure to this project, and it will supplement the copper payments coming in from their Caserones copper royalty down the road.

Turning to the financial strength of Elemental Altus, Dave highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $13-$15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing accretive acquisition transactions in the year to come.

If you have any follow up questions for Dave regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.

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

Click here to view recent news on the Elemental Altus Royalties website