The KE Report

In this KE Report Daily Editorial, we’re joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of Marc to Market, to discuss the recent U.S. market correction, Fed policy, and the impact of the government shutdown. Key Discussion Highlights: Market pullback: Tech leads the selloff as the S&P 500 drops from 6,900 to ~6,600; Chandler flags three late-October gap-ups as a sign of rally exhaustion. Fed policy shift: Powell’s cautious tone dims hopes for a December cut. Marc expects deeper Fed easing in 2025 versus other central banks. Shutdown impact: Economic drag near 0.3% of GDP if the shutdown lasts past mid-November; disruptions hit flights and public aid programs. Dollar bounce: DXY testing its 200-day average - Chandler calls it a short-term rebound within a longer-term downtrend. Alt data signals: Trucking, rail, and shipping volumes show clear slowdown despite AI-driven strength in headline GDP. Global divergence: BoC and BoE may still cut; Japan faces pressure to hike despite weak GDP. Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/ ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report company update, I speak with Simon Dyakowski, President and CEO of Aztec Minerals Ltd. (TSX-V:AZT - OTCQB:AZZTF), following the release of record drill results from the Tombstone Project in Arizona.   Hole 17 returned 8.16 g/t gold and 49.6 g/t silver over 36.5 meters, including 4.6 meters of 59.6 g/t gold and 158 g/t silver - the best intercept yet at the project. Key Discussion Highlights: Record Hole 17: Drilled in the NE Contention Zone, confirming high-grade mineralization linked to historic workings. Expanding Footprint: Over 80 holes now drilled; strong oxide gold-silver zone continues to grow east and north. Upcoming Resource: Company preparing for an initial resource in 2025 once pending assays are in. New Targets: Holes 18–20 testing untested western zones with potential parallel dykes. CRD Drilling Restarting: Core rig mobilizing mid-November to test deeper carbonate replacement potential. Busy News Flow: ~30 holes pending; steady updates expected through early 2026. Please email me any questions you have for Simon. My email address is Fleck@kereport.com.  Click here to visit the Aztec Minerals 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.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ), joins me unpack the decision to uplist onto the Nasdaq exchange in the US, and to delve into the details of Q3 2025 operational results across their portfolio of producing mines.   On October 28th, the Company announced that it has applied to list its common shares on the Nasdaq Capital Market (NASDAQ); as a significant milestone in Santacruz's growth strategy. We discussed how a big board US listing will increase transparency and liquidity to an expanded American shareholder base, and he explains the rationale for going with the NASDAQ over the NYSE.  In connection with the proposed listing, the Company will seek shareholder approval at the upcoming AGSM for, among other things, a consolidation of its common shares to meet Nasdaq's initial listing requirements, which include a minimum bid price of US$4 per share.    We discussed that the share consolidation is for a positive reason and for listing requirements, which is much different than when cash-starved juniors typically roll back their shares to initiate further series of dilutive financings.  Santacruz Silver paid off their loan to Glencore in September, and is generating record revenues at current metals prices; so they are in a totally different financial position than a pre-revenue junior resource stock. Their motivation for the share consolidation is merely to meet the NASDAQ listing requirements.   We also get into a comprehensive review of all producing operations, as well as discussing future growth through exploration around current mines, development of Soracaya, and the potential for accretive acquisitions. Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer. On November 3rd, Santacruz Silver reported its Q3 2025 production results from its Bolívar mine, Porco mine, Caballo Blanco Group of mines and the San Lucas Group (which includes the Reserva Mina) and the San Lucas feed sourcing business, all located in Bolivia, and the Zimapan mine located in Mexico.   Q3 2025 Production Highlights: Silver Equivalent Production: 3,424,817 silver equivalent ounces Silver Production: 1,241,929 ounces Zinc Production: 21,581 tonnes Lead Production: 2,603 tonnes Copper Production: 331 tonnes   During Q3 2025, Santacruz maintained steady consolidated production, supported by strong operational performance from Caballo Blanco and San Lucas, which helped offset the lower silver production at the Bolívar mine. This third quarter captured the largest impacts of the water inflow event that first occurred at the Bolívar Mine in May 2025. Since then, their operations team has been actively working on strengthening the pumping system at Bolívar, with the fourth line commissioned in September and the installation of a fifth submersible line underway, which together will increase total pumping capacity to 340 liters per second (l/s). These improvements are facilitating the gradual dewatering and recovery of the affected zones in the Bolívar mine.  The Company expects production from the high-grade Pomabamba and Nané areas at Bolívar to resume in February 2026 and ramp up steadily through the remainder of the year.   In Mexico, Zimapán continued to deliver stable production, reflecting consistent plant throughput and recoveries. we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this will continue growing in the Q3 and Q4 production profile from Zimapan for the balance of this year and for many years into the future.   If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me Shad@kereport.com.   In full disclosure, Shad is a shareholder of Santacruz 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 Santacruz Silver   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, Garrett Ainsworth, President and CEO of District Metals (TSX-V:DMX - OTCQB:DMXCF - Nasdaq First North:DMXSE SDB), joins us to discuss the historic repeal of Sweden’s uranium exploration and mining moratorium - a transformative move opening major opportunities across the company’s Swedish portfolio. Key Discussion Highlights: Moratorium Repealed: Sweden officially ends its uranium ban, with new laws effective January 1, 2026. Major Boost for District Metals: The change allows full advancement of uranium-rich projects, including Viken and the portfolio of uranium projects. Next Steps: 2026 plans include drilling key targets, a PEA on Viken, and expanded field programs. Well-Funded: C$9M in cash plus C$2.7M in potential warrant proceeds. Strategic Optionality: Open to partnerships on non-core assets while advancing Viken 100%. Sector Momentum: Strong industry interest as new players move into Sweden’s uranium sector. If you have any follow up questions for Garrett please email me at Fleck@kereport.com.    Click here to visit the District Metals website to learn more about the Company   -------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF) (FSE: X7W), joins me for a comprehensive exploration update outlining some of the key takeaways from the 2025 exploration season at the 3 different regional areas: Gold Rock Camp, Sherridon and Hyndman; within their Dryden Gold District in Northwestern Ontario.   With kick things off with a review of some the key targets drilled this season’s 15,000 meter drill program along both the Big Master and Elora Gold trends at the Gold Rock Camp,  incorporating the data sets from the D1, D2, and new understanding of the D3 structural faulting trends.  Trey highlights the drill results from the Elora-Jubilee Target, Pearl Target, and Laurentian Mine Target, and mentions that assays that about 10 assays are still pending from the drilling done into the gap testing the areas between these targets.  We also discuss significance of the broader bulk tonnage  0.75 g/t – 2.0 g/t, that is then being upgraded by the high-grade intercepts on the hanging wall and foot wall trends, that compliment and raise the overall grade profile of the larger deposit that is developing.   Next we shifted up to the initial drilling done this year at Mud Lake target area, and how these same 3 geological deformation faults and folds are present here as well, further northeast along the Gold Rock Camp trend.  There are 4 drill holes here awaiting assays to come back from the lab in the near-term.  Trey highlights that there is a periodicity to this larger system which demonstrate similar geological properties.  We touch upon the many other targets that are being mapped, sampled, and advanced towards targeting for future drill programs; both to the northeast and southwest along the 20km strike length.   Pivoting out to the regional targets, we discussed the 3rd area of focus from this year’s program at Sherridon; where 3 drill holes were put in following up on the detailed mapping from 2024. Sherridon is hosted within a large geophysical anomaly with a strike length of five kilometers. Testing to date has focused on a small portion of that trend leaving the Sherridon target open in all directions. Additional drill targets for next year will be designed based on this seasons drill results and geological interpretations from expanded mineral assays, geochemistry and re-logging of historic core.   Wrapping up we discussed the 4th area of focus this season from the channel sampling program at the Hyndman regional area, which targeted existing outcrop exposures. High-grade gold was assayed where the exposed rock hosted veining and shear hosted gold mineralization. These channel sample results have resulted in a positive drill decision and the Team is currently planning its first-pass drill targets for the 2026 Program. Trey points out that geophysics anomalies show a potential strike length of approximately four kilometers target at Hyndman, and its geological setting and mineralization is quite similar to NexGold’s Goldlund deposit at their Goliath Gold Complex.   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, and may choose to buy or sell shares at any time.     For more market commentary & interview summaries, subscribe to our Substacks:   The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/     Investment disclaimer:  This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.  

In this KE Report company update - recorded live from the floor of the New Orleans Investment Conference - I speak with Stephen Soock, VP of Investor Relations and Development at Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FSE:RG1). A former mining analyst turned executive, Stephen shares his perspective on valuing and growing a junior producer now generating cash flow. Key Discussion Highlights: Career Shift: From mining engineer and Bay Street analyst to VP at Heliostar. Company Transition: Now producing in Mexico and advancing the Ana Paula Gold Project toward ~100k oz/year by 2028. Valuation View: Sees Heliostar as an organically funded developer, using cash flow to de-risk growth. NAV & Gold Prices: Balancing realistic discount rates with conservative long-term pricing. Mexico Operations: Positive experience under the current administration with continued permitting progress. Growth Plans: Targeting 500k oz/year by decade’s end through internal growth and selective acquisitions. M&A Landscape: Industry consolidation creating space for new mid-tier producers like Heliostar. Please email me at Fleck@kereport.com with any follow up questions for Charles.    Click here to visit the Heliostar 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.

Recorded live from the New Orleans Investment Conference, Bob Archer, President & CEO of Pinnacle Silver & Gold (TSX.V:PINN - OTC:PSGCF - FSE:P9J) shares updates on Pinnacle’s metallurgical results, new management team hires, and plans to move toward production. Key Discussion Highlights: Strong Metallurgy: 95% gold recovery in first tests; silver up to 76%. Plant Restart: Existing mill could be refurbished in ~6 months. Expanded Team: New project and exploration leaders from Great Panther. Next Steps: Permitting, underground drilling, and surface exploration. Please email me with any follow up questions you have for Bob - Fleck@kereport.com.   Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news   -------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in c

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joined me to review the next batch of high-grade drill assay results from its 64,000 meter 9-rig 2025 drill program; as outlined in the news released on October 27th, 2025.  Headline drill hole # GD-25-372 intersected 10.72 g/t Au over 7.83 meters, including 20.37 g/t Au over 4.10 meters at the Surebet Discovery on its 100% controlled Golddigger Property, located in the Golden Triangle, British Columbia.   100% of the drill holes completed to date into Surebet have intersected substantial quartz-sulphide mineralization, highlighting the effectiveness of the geological model that the team incorporated coming into this year’s exploration program.  Approximately 76%, or 83 of the 110 drill holes from 2025, contain gold visible to the naked eye (VG-NE); clearly demonstrating the discovery potential remaining on the property. The intercepts reported in the are approximately true width and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn are received). Assays are still pending for 84 holes from this years drilling, of which 66 representing 79% contain VG-NE.   Roger provides more detail on the drill density and continuity of the high-grade zone that is coming into focus in the Bonanza Shear Zone, where the sediment rock packages contact the volcanic rock packages, and the better overall geological understanding that is emerging at the Surebet discovery. There are now gold results coming in from three distinct rock packages (quartz-sulphide breccias/stockwork, RIRG Eocene-aged dykes, and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open in this mineralized system.   Next we reviewed the news released on October 23, 2025 which announced the Company has closed its previously announced "bought deal" private placement offering for aggregate gross proceeds of approximately C$26.3 million with no warrants at a higher share price than where things are trading at present. The Offering was comprised of the issue and sale of: (i) 1,977,157 common shares at a price of C$4.20 per National Flow-Through Share for gross proceeds of approximately C$8.3 million; and (ii) 4,054,054 common shares of the Company at a price of C$4.44 per BC Flow-Through Share for gross proceeds of approximately C$18 million.  This has the company in a strong financial position and fully-funded for its 2026 exploration program   Assays are still pending for 84 holes from this years drilling, of which 66 representing 79% contain VG-NE, so there will be a flood of assays that continue to come in from this year’s exploration season for several more months into the future; without a financing overhang.     If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com.   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   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, Alistair Waddell, President & CEO of Inflection Resources (CSE:AUCU - OTCQB:AUCUF), discusses the company’s new Endurance Projects in Australia’s Northern Territory, a major step forward in its copper-gold exploration strategy. Key Discussion Highlights: Endurance Projects Acquisition: Acquired from Newmont in June, covering 12 exploration licenses with 16 IOCG targets first outlined by Newcrest. World-Class Potential: Targets comparable to Olympic Dam and Ernest Henry, large-scale copper-gold systems with strong magnetic signatures. Next Steps: Land and community agreements underway; air core drilling planned for Q2 2026 to test priority targets. Strategic Optionality: Open to partnering with major miners while advancing work independently. Broader Portfolio: Ongoing AngloGold Ashanti JV drilling in New South Wales. If you have any follow up questions for Alistair please email us at Fleck@kereport.com and Shad@kereport.com.    Click here to visit the Inflection Resources 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.

Silver Viper Minerals (TSX.V:VIPR - OTCQB:VIPRF) is scaling up exploration in Mexico with aggressive drill programs after a couple strategic project acquisitions. CEO Steve Cope joins us to discuss how the company is positioning itself for major discoveries and resource growth across multiple assets. Key Discussion Highlights: Flagship Focus – La Virginia Project (Sonora): 20,000-30,000m drill campaign over the next 12 months, advancing new El Molino discovery and expanding El Rubi. Current resource: ~700,000 gold eq. oz. (60% Au / 40% Ag). Over 75,000m drilled to date. High-Impact Expansion – Coneto Silver-Gold Project (Durango): New acquisition announced October 28th. 40 known veins, only seven tested; 10,000m drill program set for early 2026. Existing 500,000 gold eq. oz. resource. Emerging Opportunity – Cimarron Gold-Copper Project (Sinaloa): Near Vizsla Silver’s Panuco project in a prolific district. Early mapping and sampling ahead of late-2026 drilling. Gold-copper porphyry with high-grade vein potential. Growth Outlook & Strategy: Targeting Q2 2026 resource update at La Virginia. Multi-rig, multi-asset approach to accelerate discovery and scale. Goal: establish Silver Viper as Mexico’s most active silver explorer. Click here to visit the Silver Viper 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.

On The KE Report Weekend Show this weekend we discuss what’s really driving the metal-stock resilience, copper’s setup, and the next table-pounding entry in oil & gas   Segment 1 & 2 - Kicking off the show is Dave Erfle, founder and editor of Junior Miner Junky, who discusses gold’s sharp but healthy correction alongside resilient ETF inflows, record October financings signaling strong institutional demand, how to identify quality junior miners through management alignment and project scale, and why $5+ copper could make 2025 the “gold-2024” moment for copper stocks as juniors begin to catch up to the majors. Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/   Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report (and the Eye On Energy Report on Substack), analyzes oil’s brief rebound within a broader downtrend, citing sanction impacts, sluggish demand, and key buy signals to watch. He also highlights near-term upside for natural gas tied to winter demand, LNG expansion, and AI data-center power needs, while discussing energy producers and consolidators such as Whitecap, Freehold Royalties, Birchcliff, and others poised to benefit from ongoing M&A across the Canadian oil and gas sector. Josef is extended a special offer from his recent conference. You get $150 off the subscription price that will give you access to his analysis of Q3/25 company results and be informed when the next “table pounding BUY signal” is. - at checkout use promo code BGA2 - https://schachterenergyreport.ca/   If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.  

In this KE Report company update, Tara Christie, President & CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), discusses the company’s re-evaluation of a high-grade silver discovery at the AurMac Project in Yukon. Originally drilled in 2021, new geological modeling now shows a silver-rich structure cutting across the Powerline gold deposit. Key Discussion Highlights Silver rediscovery: 2021 hole returned 1,800 g/t silver over 16.9m - now confirmed as part of a continuous structural trend. Revised geological model: New team identifies a crosscutting silver vein distinct from the gold mineralization. Local processing potential: Nearby Hecla Keno Hill mill offers toll milling or partnership options. Added project value: Opens new funding and offtake opportunities while enhancing Banyan’s gold story. Ongoing drilling: Over 40,000m program advancing, with lots of news flow ahead. If you have any follow up questions for Tara please email me at Fleck@kereport.com.  Click here to visit the Banyan Gold website   -------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Daily Editorial, we’re joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of Marc to Market, for insights on the Fed’s “hawkish cut,” dollar momentum, and the latest U.S.-China trade developments. Key Discussion Highlights: Fed’s Hawkish Cut: 25bps cut but Powell cools talk of a December move. Dollar Momentum: Strong U.S. data and global weakness keep the USD bid. QT Pause Ahead: Fed to end balance sheet unwind in December. Trade Truce: U.S.-China deal lifts markets but long-term issues remain. Looking to 2026: Next Fed chair could steer policy in a more dovish direction. Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/ ------------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this KE Report Company Update, we’re joined by Garrett Ainsworth, President & CEO of District Metals (TSX-V:DMX - OTCQB:DMXCF), to discuss new airborne survey results from Sweden and the upcoming uranium vote that could reshape the country’s exploration landscape. Key Discussion Highlights: - Airborne discoveries: Drone and mobile MT surveys at the Ardnasvarre and Österkälen Projects outline new priority drill targets. - Historic potential: Multiple uranium showings with high-grade boulder fields, including Athabasca-style unconformity targets never drilled. - Diverse systems: Projects host a mix of basement, unconformity, and intrusive-related uranium mineralization. - Next steps: Ongoing data analysis to define 2026 drill plans and advance the Viken PEA. - Uranium vote: Sweden’s Parliament votes Nov. 5, 2025, to lift the exploration and mining ban - approval could unlock uranium exploration by Jan. 1, 2026.   If you have any follow up questions for Garrett please email me at Fleck@kereport.com.    Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.com/   --------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Brad Rourke, CEO, and Thomas Mumford, President of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), both join us to review the key aspects of the Preliminary Economic Assessment (PEA) released to the market on October 28th.  Additionally, we get an update on the bulk sample progress, the main objectives focused on in the 2025 drill program, and the feasibility-level ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.   The PEA outlines a robust Direct-Ship Ore ("DSO") development scenario for the Scottie Gold Mine Project, with strong economics and leverage to the current gold price environment, and additional upside potential through toll milling.   The base case DSO project delivers an after-tax NPV(5%) ranging from CAD$215.8 million to CAD$668.3 million at gold prices of US$2,600/oz and US$4,200/oz, respectively. Importantly, the PEA also presents the opportunity to utilize excess capacity at the nearby Premier mill through a toll-milling arrangement, which could significantly enhance project economics. Under this scenario, the after-tax NPV(5%) increases to CAD$380.1 million at US$2,600/oz and CAD$831.7 million at US$4,200/oz (note: no toll-milling agreement is currently in place). The PEA contemplates an initial capital cost of CAD$128.6 million and average annual production of approximately 65,400 ounces of gold over a seven-year mine life. The project demonstrates a compelling after-tax payback period of 1.7 years for the standalone DSO case, and just 0.9 years under the toll-milling opportunity at a gold price of US$2,600/oz. The DSO project is planned to commence with open pit mining at the Blueberry Contact Zone, closely followed by underground mining at the Blueberry Contact Zone, and subsequently the Scottie Gold Mine. The mined material will be then jaw crushed and sorted using an XRF based ore sorting system. The upgraded product will be transported to the Stewart bulk shipping facility located 40 km down an existing road to be shipped overseas. The material would be then sold to Ocean Partners based on the negotiated terms in the existing offtake agreement The company then plans to move 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 8-10 months after all the 2025 drill results from the 27,309 meter program are in hand.   We got into the resource assumptions used in the PEA, but both Brad and Thomas outlined how these resources are going to expand now that 4 diamond drill rigs were turning this year in the largest exploration program to date, across different parts of the high-priority Blueberry Contact Zone, and around the past-producing Scottie Gold Mine. A key initiative was 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.   Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have completed the blasting and mucking of mineralized material from the road-accessible outcropping Bend Vein located on the north end of the Scottie Gold Mine Project. The crushing and transportation of this material has also been completed moving many truckloads of material down the Granduc road to the Stewart bulk shipping facility without any concerns or challenges.  Brad and Thomas outline 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.    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 as another key company catalyst by year end.     If you have any questions for Brad or Thomas regarding Scottie Resources, then please email them in to us at Fleck@kereport.com or 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 KE Report Daily Editorial, we’re joined by Joel Elcoin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network, to break down the volatile market reaction to the latest Fed rate cut, shifting investor sentiment, and the reemergence of the value trade. Key Discussion Highlights: Fed Cuts at Market Highs: Since 1980, every instance of the Fed cutting rates at all-time highs has been followed by higher markets one year later - will history repeat itself? Hawkish Powell & Government Shutdown Risks: Despite the cut, Jerome Powell’s hawkish tone and the ongoing U.S. government shutdown are adding uncertainty, with concerns growing over missed data and economic drag. Trade Wars and Critical Minerals: Trump’s latest trade maneuvering - cutting new deals with Australia and Southeast Asia - may have backfired, strengthening China’s position and unsettling markets overnight. Earnings & AI Fatigue: Big tech names like Meta and Nvidia highlight how massive AI spending may be outpacing returns, prompting investors to question where the next phase of growth will come from. Rotation to Value: With tech under pressure, capital is flowing toward financials, utilities, and defensive value plays like Berkshire Hathaway and JP Morgan—signaling a market shifting gears, not retreating. Click here to visit Joel’s PreMarket Prep website   Click here to visit the Stock Trader Network   ------------------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before mak

Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF),  joins us for a comprehensive review of all the work to date and slated for the next 6-12 months at the gold alluvial claims in the Yukon, the Keno Silver Project, and the La Plata Copper-Silver-PGM Project in Colorado.    We start off taking a deeper dive into the value proposition of the  gold and silver royalty portfolio across their alluvial mining claims in the Yukon Territory, Canada. Now in its third consecutive year of gold production, Metallic Minerals expects record royalty revenues in 2025 from its Australia Creek operations and has recently signed an agreement with an additional operator to commence test mining at its nearby Dominion Creek property. Both areas lie within the heart of the historic Klondike Goldfields, which have produced more than 20 million ounces of gold since the legendary 1898 gold rush.   The Company also holds substantial alluvial claims in the Keno Hill silver district, overlapping its high-grade Keno Silver Project, where over 16,000 ounces of alluvial gold were produced from 2015 to 2021. Exploration programs launched in September at both Australia Creek and South Keno include drilling and geophysical surveys to define new zones of recoverable native gold and silver and to advance future royalty-based production from these large-scale alluvial systems.   Next we shifted over to the Keno Silver project, where the inaugural NI-43-101 mineral resource estimate was released to the market last year. This was a key milestone for this Project which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake). The board is currently evaluating the exploration program for Keno Silver in the 2026 season.   Wrapping up we focused on the developing exploration strategy, at the flagship La Plata Copper-Silver Project, looking at a number of new potential porphyry target across their land package with their strategic partners at Newmont Corporation. Newmont has maintained their 9.5% strategic equity investment in Metallic Minerals due to their interest in the prospectivity for both copper and precious metals at the La Plata Project. Scott outlines that around 4,500 additional meters drilled have not yet been added into the existing 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and that the upcoming resource update will also add in resource values from gold, platinum, and palladium for the first time; which have not previously been included.  We also reviewed the growing interest in other critical minerals on the project like tellurium, scandium, lanthanum, and yttrium.     If you have any follow up questions for Scott on Metallic Minerals,  then please email us at Fleck@kereport.com or  Shad@kereport.com.   Click here to follow the latest news from Metallic 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.

In this KE Report Daily Editorial, we’re joined by Brien Lundin, Editor of the Gold Newsletter and host of the New Orleans Investment Conference (Nov. 2–5), to discuss the gold correction, investor sentiment, and the massive flow of capital reshaping the mining sector. Key Discussion Highlights: Healthy correction: A 10% pullback after the blow-off top; gold still at $4,000/oz and the bull trend intact. New money, new volatility: Western funds and traders return - driving sharper swings but broader participation. Complacency risk: Don’t get numb to record prices; now’s the time to find undervalued juniors. Unique cycle: Central banks sparked this run; miners and silver are only starting to catch up. Financing surge: Juniors landing $50M–$100M raises; many now able to self-fund development. Strategic & crypto capital: Majors like Centerra Gold taking 9.9% stakes; Tether backing royalty firms like EMX and Elemental Altus. Profit strategy: Take partial gains, keep exposure - this remains a generational opportunity.   Click here to learn more about the Gold Newsletter. Please email Shad and I if you will be at the New Orleans Investment conference - Fleck@kereport.com and Shad@kereport.com.    ------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/_ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/_ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins us to review the next batch of gold and silver drill assays announced October 28th, from the ongoing Phase V exploration program; which has been mostly focused on the Oculto East and JAC zones at their wholly-owned Diablillos property in Salta Province, Argentina.      We review how these results continue to expand oxide-hosted gold mineralization to the east of the Oculto deposit, extending the high-grade gold zone and highlighting the continued strong exploration upside potential across the Diablillos system.   At Oculto East, numerous broad zones of gold and silver mineralization were intercepted, including: DDH 25-073: 10.0 metres ("m") grading 59 g/t silver (from 117 m downhole) & 20.0 m grading 0.66 g/t gold (223 m downhole) DDH 25-074: 31.0 m grading 0.59 g/t gold (from 255 m) DDH 25-075A: 73.0 m grading 0.55 g/t gold (from 277 m), including 13.5 m at 0.83 g/t gold & 16.5 m grading 0.75 g/t gold DDH 25-076: 12 m grading 62 g/t silver (from 128 m downhole) & a very broad, well-mineralized intercept of 180.0 m grading 0.65 g/t gold (from 170 m), including 15.0 m at 1.36 g/t gold DDH 25-077: A high-grade interval of 13.81 g/t gold over 8.5 m from 317 m, and a separate interval of 44.0 m at 0.65 g/t gold from 368 m   The exploration team now believes these higher-grade gold intercepts are just the top of a porphyry deposit at depth, and John highlights that some deeper holes will be testing this in the future, as well as the deeper hole targeting a different porphyry target at Cerro Viejo.   Additionally, we circle back to the Sombra target identified in the Phase IV drill program last year, and how it is possible that there is a parallel trend that could extend from Sombra up to Oculto East, and that more drilling will focus on that thesis in the future.   John takes us through the busy year the company has in front of them due to a series of upcoming catalysts all the way though the end of 2026. There are still thousands of meters of ongoing drilling, testing new areas and stepping out from known mineralization. The Company is doing all the derisking work all building towards their ongoing Definitive Feasibility Study due out in early 2026, which in tandem with permits expected to be received, will be the triggers for a construction decision next year.   Wrapping up John reiterates why the limited RIGI laws are so economically advantageous to the Company, relaxing currency controls, reducing export duties to 0% over a couple years, and reducing taxation over a 30 year period.    We also review the positive business and permitting tailwinds in place in Argentina as a jurisdiction for mining, which were just strengthened in recent elections last week.     If you have any follow up questions for John regarding at AbraSilver, then please email them into us at Fleck@kereport.com  at  Shad@kereport.com .     In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.   Click here to visit the AbraSilver website and read over the most recent news releases.   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.    

Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the first set of diamond core drill assays stepping out in the Eastern Expansion drill program, at their 100% owned Tonopah West project located in West-Central Nevada, United States.  The Eastern Expansion Program was a follow-up to the Company's reverse-circulation scout drill program at Tonopah West completed in February 2025, which showed significant potential to expand the DPB South resource area 1,200 metres in an easterly direction.   EASTERN EXPANSION PROGRAM HIGHLIGHTS:   TXC25-166 cut 5.03 metres grading 750 grams per tonne (g/t) silver equivalent (AgEq) (306.8 g/t silver (Ag) & 4.06 g/t gold (Au)) from 165.2 metres, including 1.83 metres grading 1,661 g/t AgEq (724 g/t Ag & 8.58 g/t Au); TXC25-159 drilled 8.75 metres grading 193 g/t AgEq (90.3 g/t Ag & 0.94 g/t Au) from 234.1 metres, including 0.82 metres grading 1,217 g/t AgEq (567.7 g/t Ag & 5.95 g/t Au); TXC25-164 intercepted 5.67 metres of 263 g/t AgEq (3.6 g/t Ag & 2.38 g/t Au) from 180.0 metres, including 1.1 metres grading 955 g/t AgEq (9.2 g/t Ag & 8.67 g/t Au);   There are still 13 more drill assays pending from this area to be released by year end.   We discuss how all this new step-out drilling at the Eastern Expansion area, off DPB South towards the Ohio mine area, will then be combined with the expansion drilling completed earlier in the year at the Northwest (NW) Step Out resource area, and feed into the upcoming expanded resource estimate and updated PEA in Q1 2026. Andrew reiterates that the silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, as well as at depth.   As it stands today, before all the expansion drilling gets included, the updated MRE released in September, based on the M&I conversion drilling, 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.   We discussed that this Tonopah West Project really works even at far lower silver and gold prices due to the very high-grade nature of the deposit, and has excellent torque to rising metals prices.  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.   Andrew explains how they decided to report their resources much more conservatively than most other companies, using these block-diluted grade resource models.  This actually keeps the proposed head grade at much higher levels than other peer development projects, once the economics and stope optimization process is factored in.   The Company is engaged in many derisking activities from hydrology and geotechnical drilling, to permitting, engineering, metallurgical studies, and this will all be factored into the updated Preliminary Economic Assessment in early 2026.      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.   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.