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

Precious metals rally gains momentum! In this Daily Editorial, we welcome back Dave Erfle, founder and editor of Junior Miner Junky, to discuss the strong action yesterday across the precious metals sector, and why the juniors are finally playing catch-up.

Gold and silver prices took off to start the week, fueled by macro headlines including geopolitical unrest and tariff-related risks. Dave breaks down why the strong follow-through in miners - from large caps to juniors - is especially bullish, and why he believes $4,000+ gold is in play before year-end.

Highlights from the conversation:

• Silver stocks (SIL, SILJ) are leading the charge, outperforming gold miners on high volume.
• Institutional sentiment shift: Goldman Sachs now recommending gold over treasuries; safe-haven flows are shifting.
• Why silver juniors are breaking out from massive technical bases, and how Dave is managing his portfolio accordingly.
• The importance of share structure, warrant overhang, and why Dave favors tight-float, US-listed juniors.
• His strategy for rotating down the food chain into select development-stage plays with major takeover potential.

Listen to hear how he evaluates buy signals, trims winners, and avoids overtrading while staying positioned for longer-term upside in this ongoing bull market.

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

Sitka Gold’s (TSX.V:SIG - OTCQB:SITKF - FRE:1RF) aggressive 30,000m drill campaign is in full swing at the RC Gold Project, with visual gold already intersected in every hole so far this season.

In this company update I caught up with Mike Burke, Director and VP of Corporate Development at Sitka Gold, to discuss recent news from the ongoing exploration program.

We discuss: 

• Three rigs are turning (with a fourth on-site), targeting expansion at the Blackjack, Eiger, and Saddle Zone deposits
• Early drill holes are reporting visible gold, supporting confidence in deeper and lateral mineralization potential
• 2025 campaign is fully funded with $25 million in the treasury
• Blackjack already hosts over 2.3Moz gold (Indicated + Inferred) - this year’s drilling aims to expand the resource further and explore nearby anomalies
• The Saddle Zone, sitting between Blackjack and Eiger, is now being prioritized for the first time since 2021, based on strong gold-in-soil anomalies
• Additional targets at Rhosgobel, and Pukelman areas will be tested later in the season

Mike also shares thoughts on the market’s positive reaction to exploration news and when investors can expect initial assay results.

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

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

Craig Hemke, founder and editor of TF Metals Report, returns to share insights into the continued strength across precious metals markets, with a particular focus on the outperformance of silver and junior mining stocks.

While gold remains rangebound around $3,300, silver has surged past $35/oz and now $37/oz , marking a breakout many investors have been waiting for. Craig highlights the powerful momentum dynamic in silver, where price strength feeds investor interest, accelerating further gains. This move is also showing up in key silver equities like the SILJ ETF, which has reclaimed levels not seen since 2022.

Key discussion themes include:

• The self-reinforcing momentum in silver and how it mirrors past speculative cycles
• ETF and equity signals: SILJ surpassing key resistance, signaling investor confidence
• Rotation into silver, platinum, palladium, and copper as gold consolidates
• The impact of central bank demand and a sharply weaker U.S. dollar on gold and silver
• Upcoming catalysts: CPI/PPI inflation data, FOMC meeting and dot plot, and option expiries in metals and mining stocks

Craig also outlines how institutional buy-side expectations are slowly catching up to the new price environment and how that could impact analyst price targets across the mining sector.

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

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the Q1 financial and operations results from the San Albino Mine in Nicaragua, along with some ongoing residual leaching during the period from the recently acquired Moss Mine in Arizona.  We also unpack the anticipated mining to begin at the Moss Mine later this month in June, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for derisking and development work at the Eagle Mountain Gold Project in Guyana to be in production there about 2 years out.   This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.

The Company's financial results for Q1 2025 reflect record gold sales from its San Albino and Moss Mine of $31.8 million (vs. $19.2 million in Q1 2024), which generated $19.9 million in Mine Operating Cash Flow, $16.1 million in Adjusted EBITDA, and $9.4 million in Net Income. The Company sold 10,817 oz of gold at an average price of $2,915/oz with a $1,239 Cash Cost and $1,411 All-In Sustaining Cost ("AISC") ($/oz sold). Subsequent to March 31, 2025 Mako delivered the final installment of 13,500 oz of silver on the Sailfish Silver Loan. 

 Q2 2025 (through May 31st) - Mako Mining Financial Highlights

• $25.1 million in Revenue from 7,409 oz of gold at $3,327/oz and 13,529 oz of silver at $33.03/oz
• $22.0 million in Cash and Receivables and $3.3 million in Restricted Cash (50% will become unrestricted in June 2025)

There is also a substantial exploration program underway all around the San Albino Project in Nicaragua, around the San Albino Mine, as the Las Conchitas concessions, and of particular interest at the El Golfo concessions. Drill hole EJ25-RC53 at El Golfo intersected a wide, high-grade interval of 39.15 g/t Au and 27.8 g/t Ag over 8.0 m (5.9 m ETW), 19.2 m below surface. 

Akiba points out that the Moss mine has been producing gold the last few month through residual leaching at its beneficiation facilities, but their team is going to start mining again starting at the end of June, and then it will take several months for new materials moved onto the leach pads to charge up increased production again. A technical report is slated to be put out later in the year around September, after a few months of ramping up mining and assessing the resources in place. When the Moss Mine has been debottlenecked over time from a mining and permitting perspective and is producing at the grade and rate they believe is possible,  it could almost double their current production profile with approximately another 40,000 ounces of gold production per year out of Arizona.

Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable of an agreement between the government and local stakeholders, and doing all the background environmental and engineering work to being the process for their EIA permit.  Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 65,000 ounces per year.  When this added to the production out of Nicaragua and Arizona there is clear line of sight to growing into a mid-tier gold producer.

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

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

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

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins us for a review of Q1 2025 operations and financials from its Segilola Gold mine, located in Nigeria, and for the Company's ongoing exploration and development programs in Nigeria, Senegal and Cote D'Ivoire. 

Q1 2025 Financial Highlights

• 22,750 ounces ("oz") of gold sold (Q1 2024: 17,420 oz) with an average gold price of US$2,720 per oz (Q1 2024: US$2,033).
• Cash operating cost of US$711 per oz sold (Q1 2024: US$418) and all-in sustaining cost ("AISC") of US$950 per oz sold (Q1 2024: US$632).
• Revenue of US$64.0 million (Q1 2024: US$33.3 million).
• EBITDA of US$43.6 million (Q1 2024: US$23.2 million).
• A quarterly record Net Income of US$34.4 million (Q1 2024: US$12.4 million).
• Net Cash of US$24.7 million (Q1 2024: Net debt of US$14.3 million).
• Maiden quarterly dividend of C$0.0125 per share per quarter (C$0.05 per year)

This strong financial balance sheet with no debt is allowing the Company to increase exploration initiatives at all projects.

In Nigeria, there is ongoing near-mine exploration focused on testing depth extensions of the Segilola deposit, with a diamond drilling program targeting the continuity of high-grade shoots down-plunge to the south. Early results confirm mineralization below the current final pit design. Drilling returned encouraging high-grade intercepts both north and south of the existing resource, indicating the potential for extensions and new target areas beyond the current limits of the Segilola resource. Regional exploration efforts concentrated on geochemical sampling targeting structurally complex zones within the Ilesha Schist Belt identified through geological modelling as prospective for gold mineralization.

In Senegal, at the Douta Gold Project, workstreams in support of a Preliminary Feasibility Study ("PFS") were advanced during 2024 on the metallurgical test work, process flow sheets and resource update.  Exploration work focused on  at depth between the main Makosa resource base along the 6km strike from Makosa Tail to the northern extent of the deposit, with RC drilling targeting increased oxide resource definition at the parallel Makosa East Prospect. The discovery of the Baraka 3 Prospect in Douta West has had positive implications to the Douta PFS, but has delayed the delivery of this study as a result. This 3km of strike length of very wide near-surface oxide gold mineralization could be very import to the early economics in a development scenario of this Project, and thus the Baraka 3 drilling has been accelerated.

Wrapping up we discuss the exploration prospectivity over the 3 different exploration projects in Côte d'Ivoire: The Guitry Gold Project and two additional option agreements to acquire an 80% interest in the early-stage Boundiali Exploration permit and the Marahui Exploration permit. At these project the company is assessing target-generative geochemical surveys and sampling and mapping, with drilling planned for after rainy season in Q3 2025.

If you have any questions for Segun regarding Thor Explorations, then please email them into us at Fleck@kereport.com or at Shad@kereport.com.

*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.

Click here to follow the latest news from Thor Explorations

Fred Earnest, President and CEO of Vista Gold Corp. (NYSE American and TSX: VGZ), joins me for comprehensive company overview of the upcoming Feasibility Study at their Mt Todd gold project;  a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia.

Fred reviews the 9.4 million ounces of gold resources in all categories, and that the resource block model has been updated to incorporate data from the Company’s 2020-2022 and 2024 drilling programs and is being used as the basis for the new mine plan in the upcoming updated feasibility study. This new study aims to increase the reserve grade to 1 gram gold per tonne by applying a higher cut-off grade, and will also incorporate mine scheduling optimization strategies that prioritize higher grade ore during the early years of operation.

The Company is continuing  to advance their revised 15,000 tonne per day (tpd) Mt Todd Feasibility Study, and it will differ from the previously modeled 50,000 tonne per day scenario, aiming to reduce initial capex by 60% to $400 million, while averaging annual gold production of 150,000 to 200,000 ounces. Guidance is for delivering the new study by mid-2025 in July. This Feasibility Study will leverage prior technical studies, preserve the potential for future expansion, and demonstrate the opportunity for Mt Todd to deliver attractive economic returns with a smaller initial capital investment.

Fred walks us through how the Mt Todd Project offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.

If you have questions for Fred regarding Vista Gold, then please email those into me at Shad@kereport.com.

Click here to follow the latest news from Vista Gold

We kick off June with a powerful move across the precious metals complex, as both gold and silver surge higher, defying expectations of seasonal weakness. In this KE Report Daily Editorial, Craig Hemke, founder of the TF Metals Report, joins us to break down what’s driving the action, why silver’s breakout matters, and how this rally could evolve.

Key themes covered in this interview:

• Gold rallies $83 and silver jumps 5%, signaling strength despite flat equity markets.
• Craig highlights the summer rally potential, spurred by a falling U.S. Dollar Index and positive technical setups.
• Silver’s breakout above key levels may be activating algorithmic buying and could spark broader momentum across miners.
• Craig sees a shift in sentiment as investors revisit mining equities, especially after Q1 earnings and improving margins heading into Q2.
• Discussion includes CoT reports, open interest washouts, and hedge fund positioning.
• The interview also touches on macroeconomic signals, potential commodity rotation, and geopolitical catalysts impacting safe-haven flows.

Visit TF Metals Report for Craig’s ongoing analysis

This weekend's KE Report dives deep into two pivotal commodity trends:

Matt Geiger of MJG Capital outlines why it's “game on” for junior mining stocks with a breakout on the TSX Venture, while Dan Steffens of the Energy Prospectus Group unpacks the tug-of-war between fear-driven oil pricing and strong natural gas fundamentals.

If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

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• Segment 1 & 2 - Matt Geiger, Managing Partner at MJG Capital, kicks off the show to discuss the improving outlook for junior mining stocks, highlighting that while the TSX Venture isn’t as mining-heavy as in past cycles, rising capital flows and exploration activity suggest a potential early-stage bull market for juniors. He also unpacks selective M&A trends in gold and silver, why copper still needs higher prices to incentivize development, and how he's cautiously managing a strong-performing, junior-heavy portfolio amid growing market optimism.
• Click here to visit the MJG Capital website to learn more about Matt’s fund. 

• Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, joins us to unpack the fundamentals driving oil and natural gas prices, rig count trends, and where he sees near-term upside.He explains why U.S. oil production may have peaked, how LNG export growth is tightening the natural gas market, and highlights two Canadian gas-weighted companies, Spartan Delta and Journey Energy, as attractive plays amid rising gas demand and discounted valuations.
• Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out May 28th that announced the Company is embarking on its largest drill program to date, totaling 40,000 meters with 9 rigs, that is 100% focused on the extensive Surebet high-grade gold discovery on the Golddigger Property located in the Golden Triangle of British Columbia.   This year’s exploration focus is based on the positive results from the 2024 drill season which has greatly improved the understanding of this large mineralized system that remains open for expansion in all directions.

As a first initiative, the team is also currently be mobilized to site to start the process of relogging prior year’s drill core, based on the conclusions from the Colorado School Of Mines geological study which confirmed a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and confirms common causative Reduced Intrusion Related Gold (RIRG) source.   Armed with this understanding that dykes found on the Project have the potential to be mineralized with this intrusive style of gold, changes how to interpret prior drilling, and how to move forward now drilling through those dykes into other mineralized horizons instead of avoiding them. Roger highlights the tremendous untapped discovery potential at the Golddigger Project in the Golden Triangle of British Columbia.

Next we discussed the news released on May 5th that world renowned JDS Energy & Mining Inc. has been engaged to assess the viability, permitting and development of an underground exploration adit at Surebet. The Company has tasked JDS with an exploration adit to access a broad expanse of the gently-dipping, high-grade gold lode called the Bonanza Zone that sits approximately 200 meters above the valley floor, and also to consider the best location if a road was to be created into the property.

Wrapping up Roger shares the financial health of the Company after announcing yesterday a bought deal private placement of charity flow-through financing for gross proceeds of C$20,002,700, with Stifel Nicolaus Canada Inc. acting as the sole bookrunner and lead underwriter, together with a syndicate of underwriters. This was done at a slight discount to market, without traditional warrants, and provides the company with optionality on how to proceed with this year’s exploration program and possibly carrying over into next year’s work program.

If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.

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

Click here to follow the latest news from Goliath Resources

John Rubino, [Substack https://rubino.substack.com/], joins us for a wide-ranging discussion on the macroeconomic factors driving gold and silver, along with strategies for portfolio management in the precious metals stocks.

We start off discussing how the higher underlying metals environment has started allowing for more investor confidence in the gold producers maintaining healthy margins and valuations, which is attracting more generalist investor capital flows. Additionally, now the gold development projects economics are starting to look more and more attractive.  John discusses how he is still striking a balance between have exposure to the larger PM producers and royalty companies, but also have exposure further down the risk curve into the exploration stocks as “lottery tickets.”

This leads into a discussion about some of the developers with large resource bases delineated, like Seabridge Gold, and whether or not they will be acquired or built in this cycle; after sitting available for development since the prior cycle.  We dig in to if the reservation from other companies to acquire them is due to jurisdiction, capex requirements, or if it is simply a lack of human capital. John weighs in on what aspects he would describe as “high quality,” and the importance of limiting the amount of portfolio positions to the companies one can really do proper due diligence on.

Wrapping up we circle back to macroeconomic factors that may drive gold prices even higher.  We start of focusing in on the rising sovereign debt levels in countries all over the world, and the changes in the Basel III demarcation for gold as a Tier 1 reserve asset that more banks will be buying to gain more exposure to and diversify their asset mix.  We talk about BRICS countries continuing to reduce down US dollar exposure and mitigate potential trade wars by increasing their gold holding. Lastly we reflect on the increased retailing buying, using the example of new limits on gold purchases from Costco as another tailwind for gold, that may spill over into more sympathetic investment in silver.

https://rubino.substack.com/

In this KE Report company update, we speak with Rhylin Bailie, VP of Investor Relations at Equinox Gold (TSX: EQX - NYSE-A: EQX), following the shareholder-approved merger with Calibre Mining.

The newly combined company is on track to produce nearly 1 million ounces of gold in 2025, with a clear path to surpassing that milestone through 2026 and beyond.

Rhylin walks us through:

• Equinox’s rapid growth since 2017, driven by M&A and organic mine builds across five countries.
• The strategic rationale for the Calibre merger, including enhanced scale, diversification, and the potential for a valuation re-rating as a senior producer.
• Flagship Canadian assets Greenstone and Valentine, which are ramping toward 600,000 oz/year combined production.
• Development-stage upside at Castle Mountain (CA), Aurizona (Brazil), and multiple optimization projects across the portfolio.
• Outlook on debt reduction, potential for dividends, and disciplined capital allocation amid strong gold prices.
• An update on the Los Filos mine in Mexico and how it remains a long-term upside wildcard.
• Key near-term catalysts: closing the merger (expected mid-June), consolidated 2025 guidance, and first gold pour at Valentine (Q3 2025).

As Rhylin emphasizes, this is not just a merger of assets, but a merger of teams - combining two strong operators to build a resilient, cash-generating, growth-focused gold producer.

📩 For follow-up questions, reach out directly or leave comments. We’ll continue tracking the ramp-up progress and future updates from Equinox Gold. Our email addresses are Fleck@kereport.com and Shad@kereport.com. 

To learn more about Equinox Gold visit the Company’s website - https://www.equinoxgold.com/

The momentum in the gold sector continues to build, and it's now filtering into the juniors. In this episode of the KE Report, we speak with Brian Leni of Junior Stock Review to unpack what he sees as a true shift in sentiment and market behavior toward gold exploration and development companies.

"We're finally seeing good news get rewarded."

Brian discusses the shift from bearish sentiment to bullish action as gold prices remain strong and financing picks up across the junior space.

Topics covered include: - Why this market feels different from past cycles, and how it compares to 2016 and 2020 - Brian’s portfolio strategy: holding vs. trimming, and rotating into new names - Standout companies and valuation gaps, including Thesis Gold - His views on M&A as a key exit strategy in a rising market - Whether other commodities like copper, nickel, or lithium are offering enough value right now

Brian also shares how he identifies high-probability takeover candidates and why the best opportunities still lie in companies where value hasn't caught up to price.

Follow Brian’s work at Junior Stock Review and sign up for his newsletter to track his top picks.

Saf Dhillon, President and CEO of Questcorp Mining (CSE: QQQ) (OTCBB: QQCMF) (FSE: D910), joins me for a comprehensive overview of their 2 key exploration projects, in Mexico and Vancouver Island respectively, the work program at each property for 2025, the experience of the management team, and the financial health and capital structure of the Company.

The flagship Project is the La Union Gold Project in Sonora, Mexico; currently under an option agreement to earn in 100% interest from Riverside Resources Inc., subject to a 2.5% NSR royalty, and by making cash payments of $100K; issuing in stages,19.9% of the issued and outstanding capital of the Company; and completing $5.5M in exploration expenditures over the next four years. Saf unpacks the terms of the news release from May 6, 2025, where the Company has issued 6,285,722 common shares in the capital of the Company, representing 9.9% of the issued and outstanding Common Shares as of May 20, 2025, to Riverside Resources Inc. and completed the first required payment of $25,000 CAD to Riverside.

The La Union Project is a carbonate replacement deposit (“CRD”) project, where mineralization occurs as polymetallic veins, replacement zones (mantos, chimneys), and shear zones with high-grade metal content.  Historical exploration work highlight grades of 59.4 grams per metric tonne (g/t) gold, 833 g/t silver, 11% zinc, 5.5% lead, 2.2% copper, along with significant hematite and manganese oxides, consistent with a CRD model.  The plan is to spend $1Million on the exploration program for this year, starting with sampling and geophysical surveys for targeting, and then to test those targets with a drill, where Riverside Resources will be the operator.

Next we shifted over to the The North Island Copper Property, on Vancouver Island, British Columbia, where the Company holds an option to acquire an undivided 100% interest in and to mineral claims totaling 1,168.09 hectares, and subject to a royalty obligation. Questcorp is focusing on the Marisa porphyry target in the west where a historic induced polarization (IP) survey and follow up drilling met with initial success. Two of the five holes drilled into the chargeability high intersected significant copper mineralization to depths of 80 metres.  After receiving the next set of permits in the coming month, then the summer exploration program will be announced.

We wrapped up with more background on the management team and board, discussed the capital recently raised to execute this year’s work programs, and broke down the capital share structure.

If you have any questions for Saf regarding Questcorp Mining, then please email me at Shad@kereport.com.

Click here to follow the latest news from Questcorp Mining

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a review of Q1 financials and operations update at the producing McCreedy West copper mine in Sudbury, Canada.  We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end.  There are currently 4 drill rigs turning between the 2 properties.

We kick off the conversation with a review of Q1 2025 financials and how production and development has been going over the last few months at their McCreedy West Copper Mine, since the company took over the operations from KGHM International on February 28, 2025. The quarter included 1 month of production from McCreedy West coming in at 790,000 lbs of copper equivalent payable in March; and with the total ore processed being 20,388 tonnes at an average grade of 3.01% copper equivalent.  The end of Q1 cash balance for the Company was $38.3 million.

Jason discusses the primary focus at McCreedy West for this year is really getting all the development work completed to be able to really ramp up production in a big way in 2026.  There will still be ore processed each quarter, but the operations teams wants to get enough stopes opened up through development for the balance of this year to have options in accessing mineralization from different parts of the mine.   We also reviewed how in addition to the high-grade copper area of the mine in the 700 Copper Zone, that there is the Intermain Nickel Zone and a Precious Metals Zone, with platinum, palladium, and gold that can be accessed down the road at the right metals prices and margins.

Next we transitioned over to all the exploration focus at the past-producing Levack mine and Jason outlines the Company strategy to keep aggressively drilling and delineating mineralization with a targeted Resource Estimate for Q3, while also continuing with engineering work to then put out a Mine Restart Plan by year end. This is all leading towards the pathway for bringing the Levack Mine back into production in 2026.   Additionally, the team is still advancing similar derisking and development work at their Crean Hill Project where, depending on financial market conditions, it could be on a dual track for production in late 2026 or early 2027. 

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

• In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.

Click here to follow along with the news at Magna Mining

Dana Lyons, fund manager and editor of The Lyons Share Pro, outlines why his market models remain bullish, with both U.S. and international equities flashing green signals.

In this KE Report Daily Editorial, we welcome back Dana Lyons to dive into where his internal models see opportunity right now. Despite a volatile year, Dana’s models have stayed ahead of the major swings, turning cautious before the April correction, and then flipping bullish in time for the rebound.

Key Discussion Themes:

• Current Market Outlook: Dana's objective, model-driven strategy remains bullish following the April washout and rebound. He sees the potential for a continued uptrend in U.S. equities.
• Sector Rotation in the U.S.: Aerospace & defense, industrials, utilities, and insurance have shown strong relative strength. Even parts of tech, like cybersecurity, are nearing new highs.
• International Market Leadership: Dana highlights Europe, especially Germany, Italy, and the UK, as the top-performing region. Japan, Argentina, and Canada are also on his radar.
• Precious Metals & Miners: Gold remains constructive, but Dana’s focus is on GDX, GDXJ, and SIL - miners that have consolidated and look poised for a new leg higher.
• Uranium Setup: After a sharp rebound, Dana is watching URA closely for a consolidation and potential breakout above key levels, eyeing $40+ targets longer term.

💡 “We don’t need to guess the long-term trend, we just follow what’s working now,” Dana says. His models favor a diverse set of assets and sectors, creating what he calls a “more robust foundation” for any future rally.

🔗 Check out Dana’s work and current 25% discount offer at The Lyons Share Pro - https://lyonssharepro.com/

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me to outline more recent drill core seen carrying visible gold from the initial drilling at the historical Laurentian Mine Target and the Intersection Target on the Elora Gold System. This is part of the on-going 15,000 meter drill program underway across their Dryden Gold District land package in Northwestern Ontario.

Laurentian is approximately one kilometer north of the Jubilee Target where the Company recently released assay results of 301.67 g/t over 3.90 meters including 1,930 g/t over 0.60 meters in a newly discovered hanging wall structure. The VG intersected at Laurentian was on a new parallel mineralized hanging wall structure. At the new Intersection Target, 200 meters northeast of Jubilee, VG was intersected before the main target in a mineralized footwall structure. This confirms new target potential on parallel high-grade structures along a one-kilometer strike at the Elora Gold System. Both holes have been submitted to the lab and results are expected in the coming weeks.

In addition to all the targets along the  Elora Gold System trend, we also discuss new geological understanding of the D3 deformation fault and how this will inform coming work initiatives at the Big Master, Mud Lake, and Mosher Bay Areas of the Gold Rock Camp.

Wrapping up we discuss the news out to the market today where the Company has received exploration permits from the Ontario Ministry of Mines for drill testing the Hyndman property. With the arrival of the 2025 summer field season, the Company has launched its regional exploration campaign. Field crews are starting a detailed mapping and channel sampling at Hyndman to prepare for future drill testing of multiple unexplored geophysical anomalies. The geology team is also preparing for the initial drill test at a 3rd area of focus at Sherridon; where detailed mapping from 2024 has exposed multiple drill ready targets.

If you have any questions for Trey regarding Dryden Gold, then please email me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Dryden Gold at the time of this recording.

Click here to follow the latest news from Dryden Gold

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, joins us to break down what’s driving the current market sentiment as the S&P 500 hovers just below all-time highs.

In this wide-ranging conversation, Joel shares a contrarian view on the recent rally, questioning the sustainability of momentum and highlighting the growing disconnect between valuation metrics and investor behavior. From tariff confusion to the diminishing importance of economic data, Joel outlines why this market feels “overpriced” and why now may be a smart time to consider rebalancing portfolios.

We also dive into:

• The fading impact of CPI, PPI, and Federal Reserve policy on markets
• Why momentum, not fundamentals, continues to dominate
• Sector rotation ideas - including a closer look at healthcare and tech
• Bitcoin’s surge and the role of political sentiment in crypto markets
• What Nvidia’s earnings and price action reveal about broader tech sentiment

Follow Joel and the PreMarket Prep team here: 🔗 https://www.premarketprep.com/ 🔗 https://www.stocktradernetwork.com

We’re joined by Colin Padget, President and CEO of Founders Metals (TSX.V:FDR - OTC: FDMIF - FRA:9DL0), to discuss the latest drill results and ongoing exploration at the Antino Gold Project in Suriname. This update focuses on the Upper Antino Zone, where a step-out hole 125 meters north returned gold mineralization, and the headline result of 33 meters grading 3.5 g/t gold was located to the east of the main Froyo Zone, revealing expansion potential both along strike and to depth.

Key topics covered: – New drill results confirming continuity and high-grade intercepts – Potential to connect the Froyo and Donut zones across a 1km strike – Update on saprolite vs. hard rock mineralization and its impact on economics – Deeper drilling underway to test down to 500+ meters vertical depth – Regional upside with work at Lower Antino, Buese, and early-stage targets like Maria Geralda

Colin also outlines where the company is within the 60,000-meter drill program, current rig activity, and what news is expected in the coming months.

Visit https://foundersmetals.com for more company information. Have questions for Colin? Send them in, and we’ll include them in future updates. Fleck@kereport.com and Shad@kereport.com.

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review the solid Q1 2025 financials and operational metrics, demonstrating that the Company has reached a strong inflection point.  We also discuss the growth plans for the company through operational efficiencies at their 4 producing mines in Mexico, ongoing exploration initiatives, and the potential future development at Pinguico to augment throughput at their El Cubo mill.

Selected Q1 2025 Highlights:

• Record mine operating income of $4,845,773 was up 82% over the previous quarter; the Company's mining operations have now successfully generated four consecutive quarters of positive mine operating income.
• Record revenue for the quarter of $21,330,483 was up 12% over the previous quarter. Guanajuato Silver is a primary precious metals producer with over 90% of the Company's revenue derived from the production and sale of silver and gold.
• Operating costs continued to improve over the quarter; cash cost of $19.19 per AgEq ounce was 3% lower than the previous quarter; All-In Sustaining Cost ("AISC")* was $23.41 per AgEq ounce - a 6% improvement over Q4, 2024.
• Production for the quarter was 738,006 silver equivalent ounces ("AgEq"), which was a 1% increase over the previous quarter. Production consisted of 380,406 ounces of silver, 3,347 ounces of gold, 699,294 pounds of lead, and 909,029 pounds of zinc.
• Adjusted EBITDA was up 135% over the previous quarter to $4,104,669.

James reviewed the out-sized leverage that Guanajuato has to the price of precious metals, and the operations returned record income and the highest quarterly revenue in the last quarter, as working efficiencies continue to show marked improvements at all four of their producing assets in Mexico.

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato, which has an established 480-year mining history. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. The operations team is also augmenting material at the Cata processing facility in Guanajuato with ore from both the historic Horcon Mine project, located in the state of Jalisco, and from stockpiles at the Pinguico mine.  James outlines that the company is working to get a permit to be able to extract more ore from the Pinguico underground mine, and is looking to launch a more comprehensive exploration and development work program at the Horcon Mine.

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.

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

Click here to follow the latest news from Guanajuato Silver

In this KE Report Daily Editorial, we’re joined by Jordan Roy-Byrne, Editor of The Daily Gold, to dive into the current technical setup for gold, silver, and the mining equities. Gold is consolidating after a sharp rally, but the real story may be in the miners.

Jordan outlines the bullish price action in select gold and silver stocks, despite metals pulling back. We also explore why silver’s breakout level at $35 is crucial and how the current move compares historically.

Interview highlights include:

• Gold's technical consolidation around $3,300 and why this may still be a bullish setup despite no imminent breakout
• Strength in gold equities, especially high-quality juniors, and why this divergence from gold could signal a healthy rotation
• Silver’s potential breakout at $35, and the significance of a weekly close above that level
• ETF flows and sentiment indicators, including the surprising outflows from gold ETFs despite ongoing strength in equities
• Historical comparisons and bull market timelines, projecting this secular metals bull could run well into the 2030s

Jordan also discusses the idea of silver eventually reaching $96 in this cycle and why the best-performing silver stocks may front-run the metal itself.

 🔗 Visit The Daily Gold and check out Jordan’s YouTube channel for more in-depth insights

Ewan Webster, President and CEO of Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF), joins me for a comprehensive overview of the combined Lawyers-Ranch Project, which hosts 4.7 million ounce of gold equivalent resources at the Preliminary Economic Assessment (PEA) stage of economics in the Toodoggone Mining District of British Columbia.

We start off discussing how this company came together, initially exploring and developing the Ranch Project, and then acquiring Benchmark Metals in 2023 to bring in the Lawyers Project.   Then in May of 2024 the combined resource estimate of the Lawyers-Ranch Project was announced with 4.0 Moz AuEq Measured & Indicated (M&I) at 1.51 g/t AuEq, and 727,000 oz AuEq Inferred at 1.82 g/t AuEq.    The deposit is primarily gold, but has a significant silver component (with 84 Moz in M+I category), as well as copper credit.

In September of 2024 the Company announced the Preliminary Economic Assessment, using metals price assumptions of $1930 gold and $24 silver, which projected an After-Tax NPV (5%) of $1.27Billion, and after-tax Internal Rate of Return (IRR) of 35%, and a payback period of 2 years, with All-In Sustaining Costs (AISC) of US $1,013 / Au oz (net byproduct credits) and over a 14 year life of mine.   Ewan makes the point that at current spot metals prices of gold near $3,200-$3,300 and silver at $32-$33, that the project economics are significantly expanded.   The company is doing a great deal of derisking work at present to build towards a Pre-Feasibility Study (PFS) by the 4th quarter of 2025. 

The company is gearing up to kick off a summer drilling program focused on making new discoveries across their district-scale land package, seeking out other areas of potential expansion of mineralization.   Additionally, more work will go into moving the permitting process along and initiating work on key permits as the year progresses. Ewan spends some time to unpack the infrastructure advantages in place with easy road access, an airstrip, and access to cheap hydro power.

Wrapping up we discuss some of the multiple institutions in place as shareholders along with senior gold producer Centerra Gold as a new strategic investor with a 9.9% stake, and expertise in the area. Centerra Gold owns the Gold/Copper Kemess Mine located in the Toodoggone District, ~45 km south of Lawyers-Ranch and Mt Milligan Mine ~270 km to the southeast.   The company is cashed up with CAD $35Million in the treasury and plenty of capital to carry them through the various work programs for the balance of 2025 and into 2026.

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

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

Click here to follow the latest news from Thesis Gold

In this Daily Editorial I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to get a behind-the-scenes view of what's really happening across the commodity complex. Darrell shares key insights from the trading desk on oil, natural gas, copper, and gold - highlighting what’s changed since our last chat on April 30th.

Key themes covered:

• Choppy, range-bound commodity trading across oil, nat gas, copper, and gold
• Post-COVID repricing: Why copper, gold, and gas remain elevated while oil struggles
• China’s uncertain demand and the impact of global trade tensions on CapEx
• Forward curves as leading indicators: What they reveal about natural gas and crude
• The long-term impact of permitting reforms and capital constraints in mining
• Why gold remains a safe haven in an unstable fiscal and geopolitical environment

Darrell also offers perspective on summer trading trends, positioning shifts from COT reports, and whether oil can hold the critical $60–$65 range.

Click here to learn more about Bannockburn Capital Markets. 

🛢️ For real-time commodity quotes and more commodity-focused podcasts, visit ClearCommodity.net

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the key investing themes and takeaways from the Atlantic One Investment Summit 2025 in Mallorca, Spain that he attended last week.

We highlight a few companies presenting at the conference where their value proposition caught his attention in light of their current assets and newsflow:

• Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF)
• Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF)
• Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF).*

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

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

Oliver Friesen, CEO of Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), joins me for an introduction into this exploration and development company with 2 key projects focused on tungsten and critical minerals in Nevada, USA.  We unpack some of the nuances around this lessor known strategic metal, the keen interest from the US government in fast-tracking domestic sources of supply, and how the Company’s 2 projects can play a role in this developing sector.

We start off discussing the 100% owned Pilot Mountain Tungsten Project, which is a Skarn-type Project which hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten with significant copper, silver, zinc, and gallium credits.  This project is located on BLM Land, which is advantageous for expedited permitting and development work.   The next key milestone will be incorporating some of their recent engineering and geotechnical drilling work into a coming Pre-Feasibility Study (PFS) later this year.  Additionally, the exploration team will drilling a satellite target which could expand to compliment the known resources in a meaningful way.

Next we discuss the other flagship Tempiute Tungsten Project, which is a past-producing skarn-type tungsten-zinc-copper-silver mine and processing center, with valuable existing infrastructure in place.   In addition to more drilling this year to produce and updated Resource Estimate, the company has been sampling and drilling the historic tailings and at surface stockpiles with an eye towards getting those processed on-site or in a toll-milling scenario nearby in Nevada.

 We then review Oliver’s background in the industry, the team behind Guardian Metal Resources, and Company financials and key stakeholders.

If you have questions for Oliver regarding Guardian Metal Resources, then please email those into me at Shad@kereport.com.

Click here to follow the latest news from Guardian Metal Resources

In this market focused Daily Editorial, we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot website and YouTube channel. TG joins us every few weeks to provide a data-driven look at key trends in markets and equities, based on what he’s seeing in his charts and trading room.

TG breaks down several important themes playing out right now:

• S&P 500 grinding above 6,000, despite expectations of a pullback
• Rotation underway: Leaders like Nvidia and Broadcom are stalling, while names like Qualcomm, ARM, and Micron catch a bid
• Small caps are playing catch-up, with the Russell 2000 (IWM) outperforming large caps in recent days
• Gold consolidating, but gold equities (GDX, GDXJ) and silver stocks (SIL) show technical strength
• Copper and silver may be flashing signs of broader economic growth
• Nuclear stocks still a buy: TG remains bullish on the small modular reactor trend, with names like Oklo and NuScale holding up after big runs

Click here to visit Profit Pilot to follow TG’s trades and market videos.

In this KE Report Daily Editorial, we’re joined by Dave Erfle, founder and editor of the Junior Miner Junky, to assess the current setup in the precious metals sector and junior mining stocks as we kick off a shortened U.S. trading week.

Despite gold pulling back as much as $75 intraday, Dave notes that junior gold and silver stocks are showing strong resilience and outperformance, with many breaking out from long-term bases. GDX and GDXJ are down modestly, while the TSX Venture Exchange continues to hit 52-week highs,  a bullish divergence that Dave believes signals the next leg of the bull market.

Key topics discussed include:

• Rotation from producers and royalty companies into higher-risk juniors
• Why this bull market in precious metals equities could be more sustained and structured than past cycles
• Ongoing M&A activity in the silver sector and signs of more to come
• The case for continued consolidation in gold around $3,300 as miners and developers play catch-up
• A focus on copper developers, and why quality, economics, and access to capital are driving outperformance
• Risks of “too much money” chasing “too many companies” and how to stay selective in a frothy market

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

Newcore Gold continues to deliver wide mineralized zones and shallow high-grade intercepts at its Enchi Gold Project in Ghana, while now pivoting to aggressive resource expansion drilling.

In this company update, Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), joins us to discuss progress on the company’s ongoing 35,000-meter drill program. Since our last interview in March, four drill result press releases have been issued, showcasing consistent gold mineralization, wide intercepts, and signs of resource expansion beyond existing pit shells.

Luke outlines:

• Over 20,000 meters of drilling results released to date, with highlights including 2.25 g/t over 56m and 4.4 g/t over 24m at the Boin deposit.
• Ongoing conversion-focused drilling, now largely completed, is expected to significantly improve the upcoming resource update and PFS.
• The remaining 15,000 meters are targeting step-out and deeper holes, testing strike extensions and high-grade feeder zones that could further scale the project.
• Drilling is now extending mineralization beyond existing pit boundaries, potentially widening and deepening the resource base.
• The company is fully funded through the current drill program and PFS, with up to $30 million in projected cash including in-the-money warrant proceeds.

We also touch on investor sentiment and strategic direction. With 55% institutional ownership, Newcore is focused on delivering a construction-ready project while advancing exploration upside across a district-scale gold trend.

Have follow-up questions for Luke? Send them in and we’ll include them in future interviews. Fleck@kereport.com

 Click here to visit the Newcore Gold website.  

In this Company Update, we welcome Gary Thompson, CEO of Silver47 Exploration (TSX.V:AGA - OTCQB:AAGAF - FRA:QP2), to discuss the recently announced merger between Silver47 and Summa Silver. Following the merger, Gary will step into the role of Executive Chairman of the combined company. Gary explains the strategy behind building a larger, year-round silver explorer.

Key topics covered:

• Merger rationale: Accelerating growth by combining inferred and indicated silver-equivalent resources from projects in Alaska, Nevada, and New Mexico, totaling over 236 million oz AgEq inferred and 10 million oz AgEq indicated.
• Red Mountain (Alaska): The flagship asset, now with added critical minerals (antimony & gallium). Plans for up to $8M in exploration and a potential PEA in 2025.
• Hughes & Mogollon Projects: Two high-grade silver projects in the American Southwest from Summa Silver, offering year-round exploration flexibility.
• Capital strategy: How the team plans to grow without excessive dilution, using focused drilling and potential future M&A to drive scale.
• Leadership & vision: Gary Thompson and Summa CEO Galen McNamara aim to build a premier U.S. silver name, with ambitions to list on a major U.S. exchange.

📩 Have questions for Gary or the team? Send them in and we’ll get them answered! Fleck@kereport.com and Shad@kereport.com 

Click here to read over the corporate presentation outlining the merger.

I’m joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for a comprehensive update on the updated resource and this year’s drilling now underway at the company’s flagship Rogue Project.

Key Highlights:

• The updated resource at Valley now totals 8.83 million ounces of gold (M&I + Inferred), including 7.94Moz in the Measured and Indicated categories.
• Consistency and high-grade near-surface mineralization are proving pivotal, with exceptional conversion from Inferred to Measured & Indicated.
• A 30,000-meter 2025 drill program is now underway, including:
  • 20,000m focused on Valley (infill, step-outs, geotechnical work)
  • 10,000m targeting 5+ regional targets across Rogue, Cynthia, and Einarson projects
• First-ever PEA expected in the coming weeks, putting hard economics around this world-class open-pit system.

Scott also discusses:

• Why the Valley system's high-grade consistency is game-changing for development and future studies
• The exploration potential for new “hotspots” within the broader intrusive complex
• Strategic positioning as a globally significant gold asset with strong institutional interest

Send your questions for Scott to be addressed in upcoming interviews! My email address is Fleck@kereport.com.

Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company. 

This weekend's show dives into the critical crosscurrents shaping markets today - from the whipsawing S&P to bond market tremors, US fiscal recklessness, and the resurgent gold and silver trade. Mike Larson (MoneyShow) and Axel Merk (Merk Investments) unpack the volatility, dissect the macro trends, and spotlight where savvy investors should be focusing their firepower.

If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

• Segment 1 & 2 - Mike Larson, Editor-in-Chief at Money Show, shares a big-picture market outlook amid rising volatility, U.S. fiscal concerns, and shifting sector opportunities. He explains how fading tariff fears have given way to deeper worries over deficits and bond market stress, outlines selective bullishness in gold, defense, and energy, and discusses why precious metals and Bitcoin may outperform in a fractured financial landscape.
• Click here to find out about the upcoming MoneyShow conferences. 

• Segment 3 & 4 - Axel Merk, President and CIO of Merk Investments, joins the show to discuss global market volatility, U.S. monetary and fiscal shifts, and the rising appeal of gold. He outlines how trade disruptions, rising interest rates, and fragmentation in global capital flows are reshaping the financial landscape, explains why gold is regaining institutional interest while miners remain under-owned, and highlights how improved margins and financing activity suggest we’re still in the early stages of a precious metals bull market.
• Click here to learn more about Merk Investments.

Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review the key takeaways from news out on May 20th on their Q1 2025 financials, including record quarterly revenues, EBITDA, and cash flows. We also discuss the financial and development growth on tap for 2025, with updates at key royalty partner operations.

Q1 2025 Highlights

• Royalty revenue of US$11.6 million and adjusted revenue1 of US$13.3 million, up 179% on Q1 2024
• Attributable Gold Equivalent Ounces1 ("GEOs") of 4,606 ounces, up 102% on Q1 2024
• Adjusted EBITDA1 of US$11.5 million, up 259% on Q1 2024
• Operating Cash Flow plus Caserones dividends of US$3.3 million, up 182% on Q1 2024 with the majority of royalty revenue received post quarter end
• Final US$3 million of the Company's Revolving Credit Facility ("RCF") fully paid down in the quarter
• Over US$22 million cash on hand as of May 20, 2025 alongside the Company's US$50 million undrawn RCF2025 Outlook

2025 Outlook

• Company remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz and a copper price of US$4.00/lb. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty
• This guidance represents a 38% increase in GEOs and 50% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
• Elemental Altus is in a net cash position, with flexibility for new acquisitions utilising the $50 million RCF and the strong free cash flow being generated
• Elemental Altus has a Normal Course Issuer Bid ("NCIB") in place to purchase up to 12,288,129 common shares in the capital of the Company

Fred breaks down the financial strength of the company, and the leverage of it’s balance sheet to rising production and revenues in a higher metals price environment. He also highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing acquisition transactions in the year to come.

Wrapping up we cover some of the anticipated growth of the projects at their key cornerstone royalty assets: Caserones, Karlawinda, Korali-Sud, Bonikro, and Wahgnion, the value in their one-off portfolio payments this year, and what types of assets are under consider for future acquisitions.

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

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

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

In this KE Report daily editorial, we welcome back Marc Chandler,  Managing Partner at Bannockburn Global Forex  and Editor of Marc to Market, to unpack the market-shaking announcement from President Trump: a potential 50% tariff on European Union goods. This policy shift has reignited global trade tensions and is already sending shockwaves through equity, bond, and currency markets.

Marc provides a wide-ranging macro breakdown, covering:

• The market reaction to renewed tariff threats, including the sharp sell-off in European equities and rally in bonds.
• A detailed look at currency market trends, including strength in the euro, pound, Canadian dollar, and Chinese yuan… and a weakening U.S. dollar index.
• Why the dollar's recent weakness is more about the U.S. itself than foreign currency strength.
• How global capital flows are evolving, including surprising Q1 U.S. inflows and a nuanced view on the so-called "Sell America" narrative.
• An emerging trend: the U.S. dollar as a new global carry trade - a role once dominated by the Japanese yen.
• Big-picture risks in bond markets and the potential geopolitical realignment between the EU and China, as Europe grapples with economic and strategic pressure from both the U.S. and Russia.

 Visit Marc to Market for more of Marc's analysis.

In this KE Report company introduction, we speak with Rana Vig, President and CEO of Blue Lagoon Resources (CSE:BLLG - OTCQB:BLAGF), a company on the verge of near-term gold production in British Columbia. With production expected to begin as early as July, the company is focused on generating cash flow through a toll milling agreement with Nicola Mining and using those proceeds to fund exploration across its land package.

Key topics covered:

• Roadmap to production and the significance of the recently granted permit - one of only seven hard rock mining permits issued in B.C. in the past decade.
• Toll milling strategy to avoid heavy CapEx and environmental liability.
• Initial production forecast of 15,000 oz gold in year one, ramping up to 20,000 oz annually.
• The company’s 218,000 oz M&I gold resource and why a PEA has been deferred until production cash flow validates the asset.
• Exploration potential from over 50,000m of recent drilling, new high-grade hits below the current resource, and several untested veins across a 22,000-hectare property.
• A look at the insider ownership and key strategic shareholders, including Crescat Capital and Nicola Mining.

Visit the company website: https://bluelagoonresources.com/

Have questions? Leave a comment or email us (Fleck@kereport.com). I will follow up directly with Rana.

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the renewed the milling agreement with Nicola Mining Inc. in connection with processing run of mine material from the Mustang Mine, at the Bralorne Gold Project, over to Nicola’s Craigmont Mill located in Merritt, British Columbia.  The company announced on May 15th that as of Sunday, May 11th, Talisker initiated the trucking of run of mine vein material extracted from the 1060 and 1075 development levels.  We unpacked this major positive milestone for the Company, and what the ramp up in to production will look like for the second half of this year.

To date, a total of 640 tonnes of run of mine material from along the Alhambra Vein has been transported to the Craigmont Mill. A processing stockpile will be developed at the Craigmont Mill over the next month to allow operational continuity. Milling is expected to proceed soon thereafter. We discuss the development work underway on the pathway to near-term gold production at the Mustang Mine over the next few months.

We review that main area of focus for the development declines and work up until this point in time has been in the unmined area, between the historically mined Bralorne  and King mines, now referred to as the Mustang Mine. To date, a total of 286.6 metres of development has been completed at the Mustang Mine including waste development on the 1090, 1085, 1100, 1105 and 1120 levels and development on mineralized vein material on both east and west fronts on the 1060 and 1075 levels.

We shift over to the measured ramp-up of throughput from mined ore at the Mustang Mine with throughput starting at 100 tonnes per day (tpd) in the next 2 months, then moving up to 175 tpd after that, and then up to 250 tpd by year-end.  Moving into next year it is anticipated that throughput can rise from 300 tpd, up to 500 tpd, and then eventually 750 tpd in the years thereafter.  That will involve pulling in material from the unmined areas between the historic Bralorne and Pioneer mines as a second eventual area of focus.

In addition to being amenable to toll milling at nearby processing centers with spare capacity, there have been studies underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the key milestones and news on tap for the balance of this year.

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

Click here to follow the latest news from Talisker Resources

In this KE Report Daily Editorial, we reconnect with Brien Lundin, Editor of the Gold Newsletter and Host of the New Orleans Investment Conference (Nov 2–5), to break down the shifting dynamics in the precious metals equity sector, especially the rising tide lifting junior mining stocks. A wave of capital is moving down the food chain, from majors to juniors.

Topics covered include:

• A broad rotation into juniors, with many financings being upsized or quickly closed.
• The psychological impact of gold’s price stability and its role in driving resource stock revaluations.
• The divergence in valuations for ounces in the ground - and why some juniors are still deeply undervalued.
• Why silver stocks are suddenly attracting attention, despite higher prices earlier this year.
• Brien’s top silver picks: Vizsla Silver, Aftermath Silver, Hawthorne Resources, Silver Tiger.
• Exploration-focused drill stories Brien is following this summer: Prospector Metals, K2 Gold, Dryden Gold.

Plus, a reminder to join us at the New Orleans Investment Conference in November. Click here to follow Brien’s Gold Newsletter and learn more about this year’s conference. 

In this KE Report company update, we welcome back Jeff Swinoga, President and CEO of Exploits Discovery (CSE:NFLD - OCTQB:NFLDF - FSE:634), to discuss the company’s transformational pivot toward Quebec and Ontario gold projects, while still maintaining a presence in Newfoundland.

Exploits Discovery has just signed an option agreement with Cartier Resources to acquire three gold projects in Quebec - Benoist, Fenton, and Wilson - which collectively host approximately 680,000 ounces of historic gold resources. This comes on the heels of a recent Ontario acquisition at the Hawkins Project, signaling a major shift in strategic focus and setting the stage for potential resource growth and re-rating.

Key Highlights from the Interview:

• Strategic entry into Quebec with flexible terms on the Cartier option agreement
• Initial exploration plans at Benoist, where historic intercepts include 21 g/t Au over 5.6m and 26 g/t Au over 4.1m
• Plans for dual fall drill programs at both Benoist and Hawkins following permit approvals
• Continued monitoring of Newfoundland properties, with the potential to re-allocate exploration capital based on discovery upside
• Insight on potential partnerships, investor interest from Quebec, and valuation upside based on current EV/ounce metrics

🔗 Visit Exploits’ website: https://exploitsdiscovery.com.

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

In this KE Report Company Update, we’re joined by Terry Lynch, CEO of Power Nickel Mines (TSX.V:PNPN - OTC:PNPNF - FRA:1VV), to discuss the company’s aggressive and fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec. 

Key Highlights from the Interview:

• Exploration Strategy: A six-rig program focused on expanding the Lion Zone at depth, exploring new polymetallic targets, and connecting a 5+ km corridor between Lion and NISK East.
• Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway to confirm high recovery rates.
• Financing & Market Volatility: Terry explains the timing behind the capital raise, recent market headwinds triggered by tariff fears, and how investor sentiment impacted the stock despite strong news flow.
• Name Change Rationale: Rebranding from Power Nickel to Power Metallic better reflects the polymetallic nature of the discovery, which includes high grades of copper, nickel, PGEs, gold, and silver.

Click here to visit the Power Metallic website for more information on the company.

📬 Send in your questions - we’ll follow up with Terry as more drill results come in. Fleck@kereport.com and Shad@kereport.com 

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility in the general equities, bonds, and commodities market, and how he has been using these moves to both prune winning positions and plant new positions in the gold, silver, copper, rare earths, and uranium stocks.

We start off reviewing the cooling of the extreme market volatility we witnessed a little over a month ago, where general US equities have rebounded strongly, but instead of being concentrated into just mega-cap tech, capital has broadened out into other sectors like consumer staples, real estate, and industrials. Nick reiterated his stance that these factors are not demonstrating an economy going immediately into a recession or depression, and neither are the improving GDP metrics, so he is anticipating a reflationary trade for the second half of this year.   When the pause comes off the tariffs in July they will be less extreme than many initially envisioned, but this will still cause an uptick in inflation and be a net positive for the commodities sector.

Nick remains bullish on gold, silver, and copper for fundamental reasons as well as recent pricing strength momentum.   In addition to solid portfolio positions in ETFs like (GDXJ) and (SLVR), or playing domestic copper and base metals production through Freeport-McMoRan Inc. (NYSE: FCX); he was also active last year and early this year putting capital to work in junior exploration companies like Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Hannan Metals Limited (TSXV: HAN) (OTC Pink: HANNF), and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).

We the weave in other commodities, such as how he is playing rare earths recycling through a position in CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), or investing in junior uranium stocks using the ETF (URNJ) or positions in Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU) and Denison Mines Corp. (TSX: DML) (NYSE American: DNN).   This leads to a deeper dive into the overall demand drivers for nuclear power, small modular reactor stocks, uranium supply constraints as the utility contracting picks up the pace, and how that should continue to benefit uranium equities. 

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

In this KE Report company update, we welcome back Cameron Tymstra, President and CEO of Targa Exploration (CSE:TEX - OTCQB:TRGEF - FRA:V6Y), to discuss the company’s evolving gold exploration strategy in the James Bay region of Quebec.

Targa is gearing up for its first drill program at the Opinaca Gold Project with a larger financing, share consolidation, and airborne geophysics planned to refine high-priority targets.

Key discussion points include:

– Why Targa cancelled a smaller $500k raise in favor of a $2.6 million financing, supported by strong investor interest – How proceeds will fund airborne geophysics and a ~3,000m maiden drill program targeting a 7-km gold anomaly – Details on the 5-for-1 share consolidation and rationale behind the capital structure reset – Comparables and context: proximity to Newmont’s former Eleonore Mine and Patriot Battery Metals’ Corvette project – Cost estimates for drilling and expectations around permitting and pad selection before the planned August/September drill mobilization – Potential for future portfolio expansion into additional gold assets

The Opinaca project presents a greenfield opportunity in a region with very limited historical exploration. 

Visit the Targa Exploration website for more details.

Be sure to subscribe for follow-up interviews and market commentary. YouTube, Spotify, Apple Podcasts, and X

In this company update, I’m joined by Mike Konnert, President and CEO of Vizsla Silver (NYSE:VZLA - TSX:VZLA), to discuss two major developments: the resumption of field work at the Panuco Project and the strategic acquisition of the Santa Fe claim package, which includes a currently producing silver-gold mine.

Key Topics Covered:

– Santa Fe Acquisition: Mike explains how the deal was forged through long-standing relationships with a private Mexican mining family. The acquisition adds a producing mine, a mill, and significant exploration upside adjacent to the Panuco Project, strengthening Vizsla’s district-scale production vision.

– Panuco Project Field Work Resumes: Following a temporary pause, test mining and exploration drilling are back underway. Mike outlines the rapid progress at the Copala test mine and the company's strategy to build out multiple centers of production across the district.

– Exploration Outlook for 2025: With six rigs active and a rolling 10,000-meter drill program, Vizsla is targeting growth both near the current resource and across new high-potential zones like Animas, Colorado, and Santa Enrique. The company is also integrating new EM and geophysical data to refine drill targets.

– Feasibility Study & Project Financing: The upcoming feasibility study is expected to align closely with the strong economics from the PEA. Vizsla currently holds US$100M in the treasury and has advanced project finance discussions. The company aims to be fully funded and permitted to begin construction, targeting production by late 2027.

– Industry Positioning and M&A Trends: Mike highlights recent silver sector M&A deals (like MAG Silver and Pan American), reinforcing that Mexico remains a highly desirable jurisdiction. He sees Vizsla as well-positioned for a major re-rating as the company continues to de-risk and build scale.

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

Click here to visit the Vizsla website to learn more about the Company.