The KE Report

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.    

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2025 operational metrics, along with the expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina.  We also unpack the value proposition and key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.   Q3 Operating Highlights   Q3 Production of 13,868 GEO vs 11,437 GEO in Q2 2025 (+21%) Heap leach production growing as expanded crushing capacity and improved recoveries result in record quarterly production of 10,465 GEO (+33% vs Q2) Underground development at Paloma is advancing, with ramp well advanced and three access portals targeted to reach production stopes in Q4 CIL plant starting to receive ore from underground development, production expected to ramp up in Q4/2025 as higher grade underground material supplants lower grade feed in the mill Expanded crushing capacity results in substantial additional tonnage to the leach pad and record quarterly production Underground Development to access production stopes in Q4 supporting increase in mill head grade and production 2025 Production Guidance revised to 50,000 to 55,000 GEO Exploration Program expanded with an additional 50,000m planned for 2026 (in addition to the existing ~15,000m program in 2025)   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis into Q4 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs in the latter part of H2 2025.   The production profile will also keep growing with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q3/25, but new high-grade material from the underground mining operations has started to be blended with that moving forward, and this will increase the average grade throughput at the mill.   Another area of future growth will be the ongoing drill program of about 15,000 meters this year and another 50,000 meters slated for next year (once all 4 drill rigs are in place). It will be a combination of  underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface.    Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by Q1 2026.  Construction is targeted for H2 of 2026, with first production slated for early 2028.   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Cerrado 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.   Click here to see the latest news from Cerrado Gold.

Tara Christie, President & CEO, Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), joins us to discuss Banyan Gold’s new Hyland Gold Project resource update and strong drill results from the Powerline Deposit at the flagship AurMac Project in the Yukon. Key Discussion Points Hyland Gold Resource Update - New estimate: 496,000 oz AuEq (368,000 indicated @ 1.02 g/t AuEq) over 1g/t AuEq; first update since 2018. Project Potential - Large 186 km² land package with multiple untested zones along a 16 km trend. Strategic Options - Banyan evaluating self-funding vs. spinout to unlock value for shareholders. Powerline High-Grade Results - Hits up to 16.7 g/t Au; confirms new structural model and starter pit potential. Ongoing Drilling - Fully funded 40,000+ m program targeting higher-grade zones and deposit expansion at Powerline and Airstrip. 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.

Recorded Monday October 27th:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us for a nuanced discussion on how company valuations can shift more due to investor sentiment than on actual fundamentals and newsflow during precious metals pullbacks. These are opportunities for resource investors to exploit these market disconnects.    We start off looking at how companies releasing positive news are still being sold off indiscriminately, due to the overall shift in sector sentiment, as we’ve seen the gold and silver prices continue retreating from their highs of 2 weeks ago.   We start off noting the deeper pullbacks are occurring in the stock that conversely went up the most on the recent runs to new highs.   It makes sense to see the pullbacks in the  PM producers due to their tighter correlation with PM prices.  Erik points out that metals prices are much less relevant to junior exploration companies or even early-stage developers still many years away from metals prices affecting future production.   This type of environment where banked success is selling down in tandem with companies that may not even have any defined gold or silver ounces in the ground has Erik animated by the 2nd wave of the Lassonde Curve, where developers go on a run as the market rerates their projects and leverage to higher metals prices down the road.   Erik highlights how he disregards fluctuations in valuations based on sentiment, focusing on longer-term value investing principles and companies that have catalysts on the horizon. He outlines the strategy for making peer comparisons on valuation changes, that may differ on fundamental news drivers, even though there are comparative percentage drops in share price or market caps; making one group of companies more attractive. We also discuss how Erik is fully deployed, so he uses a “value shuffling” approach to high-grading his portfolio with the companies that have the most upside potential based on fundamental catalysts.     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.   Click here to follow Erik’s analysis over at The Hedgeless Horseman website

Patrick Highsmith, Chairman & Co-Founder of Firefox Gold (TSX.V:FFOX - OTCQB:FFOXF - FSE:FIY), joins me to discuss strong initial results from the company’s 10,000m drill program at the Mustajärvi Project in Finland’s Lapland Greenstone Belt. Key Points • First Hole High-Grade - 9.5m of 9.1 g/t Au and 11.2m of 7.2 g/t Au from the furthest step-out (280m SW), expanding the East Zone. • Consistent Success Rate - All four holes in this release hit significant gold mineralization, continuing the project’s impressive 79% hit rate. • Geophysics-Driven Growth - Fixed loop electro-magnetic (FLEM) geophysical survey highlights new conductive targets linked to gold-bearing pyrite. • Next Steps - Over half the program remains, with drilling expanding to the northeast and southwest before shifting toward resource definition in 2026.   Figure 1. Locations of first drill holes reported from 2025 drilling at the East Zone, Mustajärvi Project.   Any further questions for Patrick? Email me at Fleck@kereport.com. Click here to visit the FireFox Gold website to learn more about the Company.   -------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/   Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins us to unpack key insights from LME Week, the ripple effects of backwardation across metals, and how he’s positioning clients amid a “healthy” precious-metals correction and a mixed energy tape. Key Discussion Points LME Week sentiment: Big crowds and a notably upbeat tone for base metals; consensus poll favored copper #1, aluminum #2, tin #3 for upside potential. Backwardation watch: Recent spikes in silver and zinc (cash > 3-month) point to near-term physical tightness; copper’s curve flattening with hints of front-end firmness. Precious metals reset: Gold down ~8% from highs and silver off ~10% in a sharp but “healthy” bull-market shakeout; year-to-date gains remain substantial. Base metals leadership: Copper acting as bellwether; aluminum and zinc following; tin up ~23% YTD - underinvestment and broad asset inflation cited as tailwinds. Energy check-in: Crude bounced on Russian sanctions headlines but remains range-to-lower on surplus outlook; U.S. natgas swings driven by front-month positioning and weather. Data gap risk: Four weeks without COT reports adds uncertainty to quant/models - potentially tempers risk-taking in WTI and Henry Hub. Click here to learn more about Bannockburn Capital Markets ------------ 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.

Michael Rowley, President & CEO, of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to review the news out today announcing the completion of the 2025 exploration program, that the Company has engaged Mine Technical Services (“MTS”) to complete an updated NI 43-101-compliant Mineral Resource Estimate (“MRE”) for the Company’s 100%-owned Stillwater West critical minerals project in Montana, USA.  Stillwater West hosts nickel, copper, cobalt, chromium, platinum, palladium, rhodium, ruthenium, iridium, gold, and osmium – a unique mix of battery, alloy, and platinum group metals essential to clean energy, defense, and technology supply chains.   Mike explains that this new geological model and understanding of the Stillwater West Project through the lens of the South African Bushveld Complex as a parallel is so crucial to unlocking the value proposition of the Project and for future exploration targeting.  It is also quite constructive have  Dr. Danie Grobler, Vice President of Exploration, Albie Brits, Senior Geologist, provide different layers of input and collaboration with Tim Kuhl and the MTS team on the updated Stillwater resource estimate. Their extensive experience in Platreef-type geology and resource estimation is expected to provide significant value to the Project.   Highlights and upcoming catalysts:   The 2025 drill campaign is now complete, totaling 3,471m in eight holes, with all assays pending. The updated MRE will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus select historic holes not included in the current estimate. The updated Mineral Resource Estimate is expected in H1 2026 and will mark the next step in advancing Stillwater West as a potential large-scale source of ten minerals listed as critical in the U.S. The update will build on the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments. MTS has completed a site visit and is updating deposit models to incorporate new data, improved geologic domaining, geostatistics, and structural controls – leveraging insights from the Platreef district in South Africa. The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.   We go on to discuss with Mike the challenges and opportunities in defining the large-scale polymetallic and critical mineral resources at Stillwater West; and why it has the attention of large major producers, like their strategic partner Glencore, along with attention from the US and Montana government. We discuss how the nickel, copper, and cobalt tie into the growing industry demands for battery metals, energy metals, and defense metals. Additionally, with platinum, palladium, rhodium, and gold all demonstrating strong recent market performance, Stillwater West offers significant leverage to these precious metals.     If you have any questions for Mike or the team at Stillwater Critical Minerals, then please email them into us at Fleck@kereport.com or Shad@kereport.com.   Click here to follow the latest news from Stillwater Critical Minerals   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a Q3 operations review, along with an exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack by year end, with the plan to then put out a mine restart plan in early 2026.   Q3 Operational Highlights   During the quarter, McCreedy West produced 75,173 tons of ore at an average grade of 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold and 10.78 g/t silver. Underground development during the quarter totaled 1,796 feet, an increase of approximately 24% over Q2 of 2025. Diamond drilling at McCreedy West during the quarter totaled 15,361 feet. Quarterly production of 75,173 tons of ore represents an increase of 7.3% over Q2, despite the compressed air system failure and the power related delays which resulted in the loss of 6% of available operating time during the quarter. These events delayed access to higher-grade stopes, which are now expected to be mined in Q4.   Next we shifted over the news released on October 23, which provided an update on drill  assay results from ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin. Drillhole FNX6083-W2 was targeted approximately 40 metres to the north of drill hole FNX6083-W1 and below drill hole MLV-25-14A, which intersected 2.6% copper, 8.1% nickel and 17.8 g/t platinum + palladium + gold over 0.6 metres. Drillhole FNX6083-W2 intersected multiple mineralized intervals including copper rich chalcopyrite veins grading up to 19.3% copper and 26.1 g/t platinum + palladium + gold, as well as nickel rich pyrrhotite-pentlandite veins grading up to 12.4% nickel and 24.2 g/t platinum + palladium + gold.   Jason shares more context on why the exploration and engineering teams are getting quite excited about this R2 Target at the Levack Mine, and after more drilling, it may change the anticipated sequence of the mine restart plan that the team is still working on.  The team is also reviewing the potential for bringing hoisting back to Levack in a development scenario. He mentioned that the upcoming resource estimate at Levack would be instructive for how they approach the mine restart plan moving into next year.   Wrapping up we discussed how the company announced on September 19th raising gross proceeds of approximately $50 million, and how that puts the company on very strong financial footing to continue exploring and developing Levack, as well as doing some additional upcoming work to advance their Crean Hill Project.   While these funds raised are going into the ground at their projects, Jason acknowledges that the company is still continuing to look at accretive acquisitions around the Sudbury Basin, that may be non-core to large companies but project that they believe their team can add value to moving forward.   If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow along with the news at Magna Mining   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

Gold and silver have pulled back sharply from recent highs, but Craig Hemke, founder and editor of TF Metals Report, says this is classic bull-market behavior - not the start of a bear phase. Gold remains up roughly 40–50% YTD, silver over 50%, and despite short-term pain, the structural uptrend remains intact. Key Topics Recurring 10% pullbacks: Craig outlines how each gold rally since 2023 has followed a rhythm — 90-day consolidations, 10% corrections, and ~20% surges higher. He sees the current move as another leg in that pattern. Silver’s consolidation band: After reaching $54, silver’s drop below $47 mirrors prior shakeouts. Hemke expects a 20% range to hold before the next breakout attempt toward new highs. Earnings strength & sentiment lag: Even at $3,800–$4,000 gold, miners like Newmont (NYSE: NEM) and Agnico Eagle (TSX/NYSE: AEM) are printing record margins. Investor sentiment, however, hasn’t caught up. M&A and cash hoards: Majors are flush with cash, minimal debt, and strong cash flow. Hemke expects consolidation in the sector to spark fresh M&A activity as producers replace reserves. Macro triggers to watch: A Fed rate cut cycle, potential dollar weakness, and re-emerging risk appetite could all act as catalysts for the next leg up across precious and base metals. Visit Craig’s website – TF Metals Report: https://www.tfmetalsreport.com/   -------------- 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.

Brendan Yurik joins the KE Report to discuss Electric Royalties (TSX.V:ELEC - OTC:ELECF) expanding portfolio and path to sustainable cash flow. The company now holds 43 royalties focused on key electrification metals across top-tier jurisdictions. Discussion Highlights First Cash-Flowing Asset: Copper-gold royalty at the Punitaqui Copper Mine (Chile) ramping up - expected to cover annual G&A. Next in Line: Four royalties could begin paying within 12 months. Advancing Projects: Feasibility and PFS updates coming from multiple assets. Diversified Exposure: Balanced across copper, lithium, graphite, manganese, nickel, zinc, tin, and vanadium; no single asset >15% of NAV. Growth Outlook: Targeting one or two near-term, revenue-generating royalties backed by private equity to boost cash flow with minimal dilution. Click here to visit the Electric Royalties 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 Show dives deep into one of the most volatile stretches for gold and silver in decades. With massive intraday swings and investor sentiment whipsawing, Cory and Shad bring on Mike Larson and Rick Bensignor to dissect what’s really happening - from retail speculation and momentum exhaustion to technical triggers and institutional behavior. Both guests share practical frameworks for investors navigating the chaos, and insights into what comes next for metals, equities, and the broader market.   Segment 1 & 2 - Mike Larson, Editor in Chief at MoneyShow, joins us to dissect the wild swings in gold and silver. He sees a likely short-to-intermediate consolidation rather than a bull-market top, and lays out how to navigate momentum—separating traders from long-term investors, using risk controls and staged exits, watching key support levels, and tracking the dollar, rates, and policy-driven critical-minerals news. Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.com/   Segment 3 & 4 - Rick Bensignor, president of Bensignor Investment Strategies and writer of the institutional newsletter Supposedly Irrelevant Factors (and In The Know Trader products) wraps up the show discussing buying silver and palladium on the recent pullback while remaining bullish on precious metals, explains silver’s breakout and backwardation dynamics, anticipates a short-term 5-8% equity market correction before another rally fueled by money-market outflows, and analyzes the growing retail influence and shift toward 60/20/20 portfolios favoring alternative assets like gold, crypto, and PGMs. Click here to visit the In The Know Trader website - https://intheknowtrader.com/   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.