The KE Report

In this KE Report Daily Editorial, we’re joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network, to discuss market dynamics amid the ongoing U.S. government shutdown and missing economic data. With key reports like jobs and inflation delayed, Joel outlines what’s driving markets in the meantime and what could shift sentiment once data resumes. Key Discussion Highlights: No data, no problem? Markets remain steady despite a lack of government reports, with momentum trades and algos leading the way. Earnings season ahead: Big banks kick things off next week, followed by mega-cap tech and retail - with expectations running high given lofty market levels. Tariffs and guidance: Companies may use tariff uncertainty to lower expectations, but actual impacts appear limited so far. AI & government stakes: A new phenomenon - the U.S. government taking positions in tech, healthcare, and resource companies - fueling strong rallies but raising sustainability questions. Sector rotation: Homebuilders slump despite easing rates; value stocks and healthcare catching bids as mega-cap tech momentum fades (except Nvidia). Retail & Robinhood: Retail traders remain dominant. Robinhood’s expansion into prediction markets could drive another wave of activity if pattern day trading rules are eased. Stocks / symbols mentioned: AAPL, MSFT, NVDA, ORCL, AMD, INTC, PFE, HOOD, DKNG, PENN, DAL, PEP, XLV   ------------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Recorded on October 7th, 2025:   Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he still remains bullish and holding positions in gold, rare earths, antimony, uranium, and oil stocks.   Gold is now above $4,000 and we’ve started to see a little profit taking in the gold equities this week, and many technical indicators point to the sector starting to get overbought. Despite the many calls for a pullback, we point out that with so many people waiting on the sidelines to buy any dips, that there may not be as big of a protracted or deep correction as many have been waiting for.  Sean has been holding most of his PM positions for some time, but added a few new gold names right after attending the Precious Metals Summit in Beaver Creek in early September. While he’s up nicely in those with his subscribers, he wishes he’d have kept buying even more throughout last month as they’ve continued to ratchet even higher here into the early part of October.   Next we got into the blistering rally higher that we’ve seen in some of the rare earth stocks on the back of Chinese export bans sending prices skyrocketing, and with the US government bringing more attention to the downstream processors with a strategic investment into MP Materials Corp. (NYSE: MP). This has really ignited a further boom in the sector where Sean wants to be invested with companies like Energy Fuels Inc. (NYSE American: UUUU); (TSX: EFR), a U.S. producer of rare earth element oxides from their mineral sands projects, and USA Rare Earth, Inc. (Nasdaq: USAR), that have a compelling development project and domestic mine-to-magnet supply chain approach that may be able to attract some of those government funds earmarked for this sector.   This brought up a larger discussion on positioning in the critical minerals sector, where another metal of focus for Sean has been in antimony.  He’s got some exposure through gold companies with antimony credits, but also mentioned United States Antimony Corp (NYSE:UAMY) as a stock that has been a big winner for him and his subscribers.   US Antimony is another company that has received government funds for development of domestic critical minerals projects.    The trends higher in nuclear and uranium stocks have been another sector that Sean has been exposed to for some time, and that he feels still has a lot of potential to keep moving higher.  With regards to the uranium stocks, he is positioned in US and Canadian producers and developers, including Energy Fuels that was aforementioned.   When discussing a company we met with at the PM Summit in Beaver Creek, enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), it brought the discussion to the potential for US producers to be consolidated, and if most of them were rolled into a larger entity if it would qualify as a monopoly.    Sean is not as animated by uranium exploration companies until we see significantly higher prices, because there has already been plenty of uranium delineated by exploration work in past cycles that is still in the ground.      Wrapping up we shifted over to traditional energy with the oil and gas stocks, where Sean is considering selling some of them, to put more focus on the critical minerals sector, but is still going to keep holding some of the better oil producers that pay him to wait with solid dividends. We consider whether this could be a contrarian area to follow more closely in the commodities sector.   Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends   Click here to learn more about Resource Trader   Click here to find out about registering to see Sean at the Orlando Money Show     For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Fresh off another record-breaking week for precious metals, Cory Fleck and Shad Marquitz dive into the numbers behind this historic rally and what it means for valuations, exploration plays, and investor strategy going forward. Key Topics Historic run: Gold has surged past $4,000/oz, rising seven straight weeks and up nearly 20% since late September. GDX and GDXJ have both outperformed gold, up over 120–140% YTD, while silver has gained roughly 50% in the last four months. Valuation discipline: With miners flying, Cory and Shad unpack how to assess value at these levels - using economic studies, considering NPV sensitivity, realistic spot price assumptions, and peer comps by deposit size and jurisdiction. They also flag red flags in “financial engineering” where low CapEx hides high sustaining costs. Exploration risk & reward: Exploration money is flowing again, but investors should stay selective. In today’s bull market, 300–400 gram-meter hits are the new standout threshold. Companies chasing multiple targets have the best odds of a true new discovery win. M&A reality: Global deal value is up 15% this year to $1.1T, but mining takeovers remain concentrated among majors and mid-tiers. Not every junior will be bought - teams that can build mines should outperform those just waiting for takeouts. Portfolio strategy: After nine straight up weeks for GDX, Cory and Shad emphasize taking partial profits, managing concentration, and rotating some gains into other resource sectors. Trim into strength - and always have a plan beyond “waiting for a buyout.”   Stocks / ETFs mentioned: GDX, GDXJ, SILJ, EQX.TO / EQX (Equinox Gold), GMIN.TO (G Mining Ventures)   ----------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Company Update, Matt Roma, CEO of Golden Cross Resources (TSX.V:AUX – OTCQB:ZCRMF – FSE:ZMLO), joins us to discuss the company’s ongoing exploration at the Reedy Creek Gold Project in Victoria, Australia. Golden Cross recently completed its Phase 1 drill program and has already launched a fully funded 10,000-meter Phase 2 program with two rigs turning. Key Discussion Highlights Phase 1 Drilling Recap Completed ~2,300 meters across the Reedy Creek Goldfield and Prince Of Wales target; results released from the first 3 holes. Best intercept to date: 11 meters at just over 2 g/t gold. Approximately 1,900 meters of assays still pending, expected over the coming months. Phase 2 Program – 10,000 Meters Underway Dual rigs testing multiple targets across the Reedy Creek Goldfield, including Welcome Reef, a historic high-grade field recently opened for modern exploration. Program designed to vector toward feeder structures using pathfinder minerals like arsenic, stibnite, and antimony. Geological & Exploration Insights Arsenic halos near surface and stibnite (antimony) at depth mirror mineral signatures from nearby deposits like Costerfield and Fosterville mines. Financial & Operational Overview Treasury stands at ~C$5 million, fully funded drill program. All-in drill costs: approximately C$230 per meter. Click here to visit the Golden Cross Resources website.  ---------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Company Update, John Ward, CEO of Corcel Exploration (CSE:CRCL - OTCQB:CRLEF), joins us to discuss the company’s next steps at its Yuma King Project in west-central Arizona. Corcel recently released historical drill results as it finalizes targets and prepares for a Phase 1 drill program.   Key Discussion Highlights: Project Overview: The Yuma King Project covers 3,200 hectares of BLM claims in Arizona, hosting the historic Yuma King Mine, which produced nearly 8,000 tons between 1940–1963, yielding ~500,000 lbs of copper at grades around 2.65% Cu. Historical Drilling: Roughly 3,900 meters across 21 holes were drilled in 2006 and 2011. The standout intercept - 45.7m of 0.78% Cu and 0.5 g/t Au (1.1% CuEq) - was near surface, confirming shallow, high-grade copper-gold skarn mineralization. Exploration Strategy: Corcel plans a mix of confirmation and step-out drilling around the historic workings, supported by recent drone magnetic surveys and rock-chip sampling. These have highlighted new skarn extensions and possible porphyry targets at depth in the Yuma King West and Three Musketeers areas. Upcoming Drill Program: The company is finalizing permits with the BLM and expects to begin a ~2,000-meter, 8-hole drill program, combining shallow skarn tests with a few deeper holes to probe potential porphyry systems. Infrastructure Advantages: Excellent access via highway and graded roads, close proximity to the town of Parker, and on-site water availability from the historic flooded mine make logistics straightforward. Valuation & Market Positioning: With a market cap of roughly C$6 million, Corcel trades at an early-stage valuation despite the project’s advanced groundwork and copper-gold exposure. Management expects increased market attention as drilling begins amid rising metal prices. Any follow up questions for Jon? Comment below or email at Fleck@kereport.com   Click here to visit the Corcel Exploration website to learn more about the Company.   ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/_ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/_ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Recorded October 7th, 2025:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review adjustments that he is making to the value proposition in 3 gold exploration stocks, based around recent press releases and milestones. He sees this newsflow as much more relevant for any changes in the company’s valuation (either up or down), than the improving sentiment within the backdrop of rising underlying precious metals price environment.   >>  The companies we discuss in this interview are:   Rackla Metals Inc. (TSX-V: RAK) (OTC: RMETF) West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTCQB: EQTRF),   Click here to follow Erik’s analysis over at The Hedgeless Horseman website   For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Daily Editorial, we’re joined by Dave Erfle, Founder and Editor of The Junior Miner Junkie, to discuss gold’s breakout to $4,000/oz on the futures market, what it means for investors, and how to navigate potential corrections in precious metals equities. Key Discussion Highlights: Gold at $4,000: Gold futures closed at $4,002, achieving the long-discussed target. Dave explains how this “sell-the-news” reaction triggered weakness across gold equities (GDX, GDXJ) and silver, which remains volatile but in a firm uptrend. Overbought but strong: After seven consecutive weekly closes above the upper Bollinger Band, the gold-stock sector is due for a cooling period. Dave highlights support levels near $3,750 and $3,500 in gold and why geopolitical turmoil and debt pressures will likely limit downside moves. Stock selection over timing: While a sector correction may loom, Dave stresses that high-quality juniors remain deeply undervalued, often trading at $20–$30/oz in the ground versus producers’ record margins. He reveals he’s still buying selectively, especially pre-PEA stage juniors with strategic partners and strong financing. Developers taking control: Many mid-tier and silver developers are now self-financing projects and hiring build-ready teams - showing intent to construct rather than wait for takeovers. Dave cites examples like Vizsla Silver (TSX.V:VZLA) and AbraSilver (TSX.V:ABRA), both well-funded ahead of definitive studies. Timing the Lassonde Curve: Dave discusses holding through the construction-to-first-pour phase, the “second wave” of the Lassonde Curve where re-ratings often occur, citing Montage Gold (TSX.V:MAU) as a standout 10-bagger in his portfolio. Silver’s massive setup: Silver’s 45-year cup-and-handle breakout has Dave especially bullish. He’s positioned in 14 high-torque silver juniors, seeing potential for an explosive move as silver plays catch-up to gold’s long-term breakout.   Stocks Mentioned: GDX, GDXJ, NEM, VZLA.TO, ABRA.TO, MAU.TO, SKE.TO, TLG.TO, COMEX Gold Futures   ------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/_ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/_ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Company Update, Zach Flood, President & CEO of Kenorland Minerals (TSX-V:KLD - OTCQX:KLDCF - FSE:3WQ0), joins us to discuss progress across the company’s royalty and exploration portfolio. Kenorland continues to execute its prospect-generator model with active partners Sumitomo Metal Mining, Centerra Gold, Auranova Resources, and Newmont, while expanding its 100%-owned project pipeline across Canada. Key Discussion Highlights Frotet (Quebec) - Maiden resource estimate underway with 130,000+ meters drilled; Sumitomo Metal Mining as operator. High-grade orogenic gold system over 2 km strike and 1 km depth, open in all directions. Kenorland holds a 4% NSR (3.25% post buy-down). South Uchi (Ontario) - 6,000m Phase 2 drill program following visible gold discovery in Phase 1. Auranova can earn up to 70% with $10M in spending; Kenorland retains a 30% carried interest and 2% NSR Royalty. Centerra Partnership - $3.5M exploration program across 300,000+ha in NW Ontario targeting large regional gold anomalies for 2026 drilling. 100%-Owned Projects - Over 600,000ha staked in Ontario, Quebec, and New Brunswick; geochemical surveys ongoing to generate new joint-venture opportunities.   Any follow-up questions for Zach? Comment below or email Fleck@kereport.com.  Click here to visit the Kenorland website.     ------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Jeff Phillips, President of Global Market Development, and an activist investor in the junior resource space, joins us to review the benefits of investing in the prospect generator business model in some of his positions; while still maintaining other positions in pure explorers.  He goes on to unpack the value proposition in 4 different prospect generators that he holds in his portfolio, after participating in various private placement financings.   We also get more perspective on how Jeff evaluates opportunities in mining stocks and the types of management teams and share structure that he likes to see to participate in their financings.   Jeff has been involved in the natural resource space for the last three decades, and is a large strategic shareholder of over a dozen junior companies, and still a significant shareholder in a number of other mining stocks. Jeff also serves as a technical consultant and advisor to several companies in the junior resource space, working on improving their messaging to the marketplace, roster of investors, and liquidity. Even though he doesn’t do many public-facing interviews or write in widely followed publications, Jeff is one of the most influential and well-respected people in the business. You’ll often see him hard at work at mining conferences, doing his due diligence and connecting people to one another.   The companies we discuss in this interview are:   Headwater Gold (CSE: HWG) (OTCQB: HWAUF) Almadex Minerals (TSX-V: DEX) (OTC: AAMMF) Kincora Copper (ASX: KCC) (TSXV: KCC) Latin Metals (TSXV: LMS) (OTCQB: LMSQF)   For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Gold and silver have extended their historic run, with gold up 8 of the last 9 months (~50% YTD) and silver up over 60% YTD. Meanwhile, the mining ETFs (GDX, GDXJ, SIL, SILJ) have posted massive gains - GDX up 125% this year. Craig Hemke, founder and editor of the TF Metals Report, joins me to break down why this move is not parabolic speculation but part of a recurring pattern - and why miners may just be getting started. Key Topics Breakout structure: Gold’s fourth major breakout in two years follows the same rhythm — multi-month consolidations followed by 15–20% surges. Craig explains why the late-August breakout fits that roadmap and how far it could extend into year-end. Silver’s acceleration: Structural supply deficits, record industrial demand, and a FOMO-driven futures trade are propelling silver toward its prior highs. Craig outlines why $49–50 may trigger a short consolidation before a push into new territory. Miners’ earnings leverage: With record quarterly average prices for gold and silver, falling energy costs, and strong margins, miners are set for spectacular Q3 results. Craig highlights why mid-tier, low-AISC producers offer the best torque and why developers remain undervalued on a per-ounce basis. Flows & valuation reset: Even 1% of the $20 trillion combined market cap of the “Mag 6” mega-caps could buy the entire GDX ten times over. A small rotation into miners could rewrite valuation norms as ETF and fund flows broaden across the sector. Macro backdrop: With the U.S. government shutdown delaying data and upcoming CPI/PPI releases, markets remain focused on the Fed’s next move. Craig also points to ongoing currency debasement, de-dollarization, and central-bank buying as key tailwinds for gold demand. Investor playbook: Why “buy-the-dip” behavior persists, how to identify quality producers with low costs, and why the absence of 2011-style M&A suggests this bull market still has room to run.   Stocks / symbols mentioned: GDX, GDXJ, SIL, SILJ, CDE, FNV, WPM   Click here to visit Craig’s website – TF Metals Report   ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Kimberly Ann, President, CEO, Executive Chair of Lahontan Gold (TSX.V: LG – OTCQB: LGCXF), joins us for a comprehensive update on this Nevada gold explorer and developer, with 2 million ounces of gold at their flagship Santa Fe Project and an upcoming drill program at their satellite West Santa Fe Project.   We start of focusing on the Company’s flagship Santa Fe Project, including the updated Resource Estimate, advantages of all the brownfield infrastructure as a prior producing mine, the ongoing work to improve metals recoveries, and update the economics, and  where future drilling and resource expansion is planned once those permits come back in. The company is aggressively pursuing development of Santa Fe to get it into production by 2027.   The West Santa Fe Project, is a satellite project very near to the Santa Fe Project that was picked up 2 years ago, and it next in line for exploration once a drill rig can be put on site in the near future.   Their exploration team hopes to delineate a few hundred thousand more near-surface oxide resources that could supplement the main Santa Fe development plans.   Wrapping up we have Kimberly share her background in the resource sector along with the other Co-Founder and VP of Exploration Brian Maher, and then get into the financial health of the company and key strategic shareholders.     If you have any follow up questions for Kimberly and her team at Lahontan Gold, then please email those into us at Fleck@kereport.com or Shad@kerepor.com.   Click here to follow the latest news from Lahontan Gold   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/_ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/_   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Company Update, I chat with Rob Carpenter, President & CEO of Prospector Metals (TSX.V:PPP - OTCQB:PMCOF - FSE:1ET), following the company’s discovery hole announced October 1st at the ML Project in the Yukon. Hole 31 intersected 13.9 g/t gold and 1.9% copper over 44 meters, including a higher-grade core of 21.8 g/t gold over 24 meters. This hole confirmed a brand-new discovery, dubbed the TESS Zone, located beside the North Vein Zone. Both zones were intersected by the same hole - just one of two holes drilled in this area during a 39-hole, 6,648-meter program. Key Discussion Points: Discovery details: How Hole 31 revealed multiple stacked mineralized zones and parallel structures. Targeting strategy: Use of LiDAR and WorldView satellite data to pinpoint blind mineralization near surface. Follow-up results: Hole 32 assays pending, with more from the Bueno, Scarn Ridge, and other zones coming soon. Next steps: Plans to triple next year’s drill program with three rigs testing expansion, parallel zones, and new targets. Company focus: Rob emphasizes Prospector’s mission to discover and monetize high-grade deposits. If you have any follow up questions for Rob please email me at Fleck@kereport.com.  Click here to visit the Prospector Metals website.    -------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/_ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/_   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Company Update, Tim Warman, CEO of Fuerte Metals (TSX.V:FMT - OTC:FUEMF), outlines the company’s transformational acquisition of the Coffee Gold Project in the Yukon from Newmont (NYSE: NEM) - a project boasting 3Moz M&I and 0.8Moz inferred gold. Highlights: Deal Structure: US$10M cash + US$40M equity, with a US$100M NSR buyback post-production. Advanced Asset: Over 200,000m drilled, extensive engineering and permitting already complete. Development Path: PEA in Q1 2026, Feasibility Study by year-end 2026. Infrastructure Ready: The site hosts significant infrastructure - a fleet of haul trucks, excavators, and dozers. Permitting: Environmental approvals secured; key Yukon licenses expected next year. Broader Portfolio: Beyond Coffee, Fuerte continues to advance its Chile copper-gold porphyry project through potential partnerships and is updating the resource at its Mexican gold project.   Click here to visit the Fuerte Metals website to learn more about the Company.    ---------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

This weekend’s KE Report dives into two overlooked corners of the resource market. First, we sit down with Brian Leni, who shares why rotating profits from precious metals into copper, nickel, and undervalued juniors is the contrarian play. Then we shift gears with Josef Schachter of the Schachter Energy Report, who outlines why oil and natural gas remain sluggish today but could be setting up for a major multi-year rebound. Segment 1 & 2 - Kicking off the show is Brian Leni, founder and editor of Junior Stock Review, who recaps the Metals Investor Forum and makes the contrarian case for rotating some profits from the hot precious-metals trade into undervalued copper and nickel. Focused on copper stock analysis he stresses bottom-up analysis over EV/lb shortcuts, the primacy of infrastructure/jurisdiction and major-partner backing for capex-heavy projects, cautioning against small early-stage hype. Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in   Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report (and author of Eye on Energy on Substack), also hosting the Catch the Energy conference in Calgary on Oct 18. He outlines why oil and gas are soft near-term (seasonality, rising OPEC/Kurdistan supply, resilient U.S. output), expects WTI to test $57–59 before recovering toward the $70s next year and potentially $80+ in 2026, sees nat gas improving with winter and LNG Canada, and favors dividend-paying names, selective small caps, and M&A opportunities after a further washout. Click here to learn more about The Schachter Energy Report and Josef's Catch The Energy Conference in Calgary on October 18th - Email me at Fleck@kereport.com to be entered into a draw to win 2 free tickets to the conference.   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.

Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, joins us to unpack why stocks keep hitting record highs, gold is breaking into uncharted territory, and what’s next for bonds and the U.S. dollar. Marc breaks down: Why markets are looking past the shutdown and focusing on Fed cuts later this month Gold’s relentless trend: central-bank buying, momentum, and geopolitical reserve risks Bonds, inflation, and why yields could break lower from ~4% The dollar’s sideways range - bounce now, but broader downtrend ahead Global ripple effects as equities from Europe to Japan to Mexico also test record highs   Click here to visit Marc’s site - Marc To Market.    ---------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins us to review the latest batch of high-grade gold assay results from the largest ever drill program, and a number of key ongoing initiatives and further derisking work building towards an upcoming Preliminary Economic Assessment (PEA), with a bulk sample in progress, and an ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.   We start off reviewing the next batch of high-grade drill results returned from the ongoing planned 25,000 meters exploration program at the Blueberry Contact Zone.   Highlights:   Blueberry Contact drillhole SR25-370 intersected 7.43 grams per tonne (g/t) gold over 18.75 metres (m), including 30.0 g/t gold over 3.3 m at the Lemoffe vein zone (Table 1, Figures 1,2,4). Blueberry Contact drillhole SR25-369 intersected 37.0 g/t gold over 2.85 m at the Blueberry vein zone (Table 1, Figures 1,2,3). Blueberry Contact drillhole SR25-365 intersected 9.99 g/t gold over 4.00 m at the Fifi vein zone (Table 1, Figures 1,2). Blueberry Contact drillhole SR25-367 intersected 61.9 g/t gold over 1.00 m at the Fifi vein zone (Table 1, Figures 1,2).   Brad highlights that 4 diamond drill rigs have been turning across the property at the high-priority Blueberry Contact Zone, around the past-producing Scottie Gold Mine, including at the Wolf Zone discovered last season, and at the C & D veins. Brad points out that about 21,000 meters has been drilled thus far, and that the big percentage of that will be infilling areas with tighter spacing, focused on upgrading the resources from inferred to indicated categories at the Blueberry Contact Zone.  However many of the holes will also go deeper doing some true exploration work with a focus on expanding the potential open pit and upper portions of the underground resources at both Blueberry and Scottie areas.   Ongoing geotechnical and hydrogeology drilling will also provide data to inform mine design and assist efforts with the recent initiation of Baseline Environmental Studies. With all this exploration and fieldwork now underway, the Company remains on track to deliver a low-capex PEA based on a Direct Shipment Ore (DSO) scenario in October.  Brad reiterates that the management team and board believes this coming economics study will clearly highlight the significant, untapped value of the Scottie Gold Mine Project.  The company then plans to springboard over the Pre-Feasibility Study and head straight into work streams for a Feasibility Study (FS) with actual cost estimates and more detailed economics as the next major economic study to be undertaken.   Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have been blasting and mucking mineralized material from the road-accessible outcropping Bend Vein located on the north end of the Scottie Gold Mine Project.  Bulk sample progressing on schedule, where the mucking has now been completed and crushing and transport has commenced down the Granduc road. Brad outlines that this bulk sample will be a nice opportunity to learn more about a number of metrics and provide a nice proof of concept, as well as generating some non-dilutive capital for the Company in the process.   When reviewing their direct-ship ore strategy, Brad highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America’s cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.  Ocean Partners recently participated in a financing for the company this summer, and has expressed interest in the offtake of this material in a development scenario.   Wrapping up we discussed the ongoing Phase 2 ore-sorting study underway, that will be a more advanced Feasibility Study level test of upgrading the ore, with the strategy to reduce the amount of waste rock before shipping.  Ore sorting could significantly enhance the efficiencies of the overall DSO strategy, and those results are due out in Q4.     If you have any questions for Brad regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of Scottie Resources at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from Scottie Resources   For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this company update, I welcome back Blaine Monaghan, President & CEO of Pacific Ridge Exploration (TSX.V:PEX - OTCQB:PEXZF). The company is advancing its 100%-owned copper-gold projects in British Columbia’s Toodoggone District, with a focus on the Kliyul and RDP Projects. Key discussion points: Kliyul Copper-Gold Project: Maiden resource (Aug 2025): 334M tonnes grading 0.33% CuEq, or 2.42B lbs CuEq (includes 1.1B lbs copper, 2.7M oz gold, 10M oz silver). Resource remains open in multiple directions. RDP Project: 2022 Antofagasta drill hole returned 107m of 1.39% CuEq, one of BC’s best intervals that year. Pacific Ridge has now completed 5 additional holes (~2,100m), with results expected in the coming weeks. Valuation vs. peers: Pacific Ridge trades at ~$14M market cap. Baline makes the comparison to peers such as Vizsla Copper, Kodiak Copper, and NorthWest Copper who all are at higher valuations. Next catalysts: Initial RDP drill results expected mid-October, followed by Kliyul results in November. Exploration strategy includes continued infill, step-outs, and testing new targets across both projects. Treasury (~C$2.5M cash + 4M in-the-money warrants).   Click here to visit the Pacific Ridge Exploration website.    --------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Recorded on September 30th:  Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the updated mineral resource estimate, based on only the M&I conversion drilling for its 100% owned Tonopah West project located in West-Central Nevada, United States.   We then get into all the expansion drilling that has just been completed, with many assays still pending, that will be building towards the upcoming expanded resource estimate in Q1 2026, and then followed by an updated PEA.   HIGHLIGHTS:   The Updated MRE contains a total of 0.107 million ounces ("Mozs") of gold ("Au") and 9.5Mozs of silver ("Ag"), or 21.1Mozs of silver equivalent ("AgEq") of indicated mineral resources, and 0.47 Mozs of Au and 35.5Mozs of Ag, or 86.88Mozs of AgEq of inferred mineral resources. Indicated mineral resources were not previously included in the mineral resource estimate for Tonopah West effective August 25, 2024, highlighting how Blackrock's recent in-fill drilling program (the "M&I Conversion Program") at Tonopah West which commenced in mid-July 2024 has confirmed previous inferred mineral resource estimates and improved geologic confidence in the mineral resource estimate on the Project. At a 180 grams per tonne ("g/t") AgEq cutoff, the average block-diluted grade of the indicated mineral resources is 493 g/t AgEq and the average block-diluted grade of the inferred mineral resources is 525.9 g/t AgEq. The Updated MRE includes 83 new drillholes completed in 2024-2025 and is based on a refined geologic model which was updated to reflect the new drilling and added more detail to the spatial distribution of mineralized veins. Silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, and at depth.     We then shifted over to the additional resource expansion exploration program at Tonopah West, where drilling commenced in September 2024, and targeted expansion potential along a one-kilometer northwest trend between the Denver-Paymaster and Bermuda-Merten vein groups (“DPB”) south resource area and the Northwest (NW) Step Out resource area. There will be a second expanded resource update in Q1 next year that incorporates all the expansion drilling towards the NorthWest Step Out, and the Eastern Expansion area off DPB South towards the Ohio mine area.   After that resource has been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA next year.   We wrap up discussing the financial health of the company due to the early exercise of warrants, bringing in around $5Million dollars into the company’s treasury.  Now that the market has seen the continuity of the mineralization holding together better than many had modeled in the recent M&I resource estimate update, in conjunction with the anticipation of how higher silver and gold prices will positively impact the economics of the project, more warrants are being exercised early to position for the coming catalysts on tap over the next 2 quarters.       If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.   Click here to visit the Blackrock Silver website to read over the recent news we discussed.

We’re joined by Brien Lundin, editor of Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5). Shad and I will both be attending, and we hope to see many of you there as well. Brien shares his insights on the remarkable run in precious metals equities and where opportunities still remain, from development-stage “optionality plays” to the surge in exploration success stories. Key discussion points: Optionality plays: Once trading at $10/oz in the ground, many have rerated to $30–$50/oz. But history shows they’ve commanded $100-$300/oz in prior cycles. M&A may drive the next leg higher. Exploration upside: A wave of strong drill results, including standout discoveries like Prospector Metals in the Yukon, fueled by years of careful groundwork during leaner times. Financing boom: Juniors raising capital at unprecedented levels, often without warrants - creating both opportunity and caution around free-trading share overhangs. Strategic investments: Producers like Centerra Gold are increasingly backing juniors, bringing capital, technical expertise, and long-term support. Jurisdiction focus: Safe, established regions (Canada, Nevada, Yukon) are attracting the most capital and generating the most discoveries. Stocks & themes discussed: Prospector Metals (TSX.V:PPP - OTCQB:PMUSP), Centerra Gold (TSX:CG - NYSE:CGAU).   Click here to learn more about the New Orleans Investment Conference on November 2-5. ----------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Graham Downs, President and CEO of Cascadia Minerals (TSX.V: CAM) (OTC: CAMNF), joins me for an update on their 4,000 meter and 13 drill hole exploration program at their newly acquired Carmacks Copper-Gold Project in the Yukon, Canada.   We start off having Graham outline what attracted Cascadia to the Carmacks Project, which led to the acquisition of Granite Creek Copper earlier this year.   He discusses the high-grade copper intercepts reported in historical drilling, and even from the most recent drilling back in 2021.  There is also a meaningful gold credit in results across the property and plenty of exploration work to do for expanding the known resources and stepping out from prior high-grade areas.    We discuss that some of the other properties in the company’s portfolio like the Catch Property in the Yukon which got some work last year, and some upcoming exploration results that should be coming back this year from their Macks, Milner, and Rosy properties.   We discuss the financial health of the company with a little under CAD $5M in the treasury, as well as some of the key stakeholders in Cascadia Minerals, such as Hecla Mining, Barrick Gold, and activist investor Michael Gentile, and  management stake, as well as the tight share structure.  The company is cashed up for this exploration season, and will still have some funds left over to begin more work next year.   If you have any questions for Graham regarding Cascadia Minerals, then please email those into me at Shad@kereport.com.   Click here to follow along with the latest news from Cascadia Minerals   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.