In this Daily Editorial on The KE Report, I chat with Joel Elconin, Co-Founder of the Pre-Market Prep Show and Founder of the Stock Trader Network, to discuss the “violent rotation trade” underneath the surface of the US equity markets.  His big takeaway lately has been that “leaders have turned into laggards, and the laggards have now turned into leaders.”

We picked it up where we left off last week where Micron Technology (MU) and SanDisk (SNDK) had blasted up after a nice earnings beat, but then dropped precipitously this week.

• Micron got “Broadcom’d” by the market… Joel points out that initially Broadcom (AVGO) had rallied on its earnings, before then getting taken out to the woodshed and beaten down over the last month.

There have been pockets of strength lately, due to a rotation trade out of MAG-7 leadership and out into select financial stocks, consumer staples, mixed retail stocks, utilities, biotech (XBI), healthcare (XLV), but Joel advised caution in chasing these sectors much higher.

Another laggard trade, that has morphed into a leader trade has the been the small cap stocks as evidenced by the move in the Russell 2000 (IWM) for the last year, and picking up pace over the last few months.  

We discussed that some stocks, like Intel Corp (INTC), with a current forward PE ratio over 150, are making upside moves that normally take years in just a matter of days and weeks; and thus, their valuations are now priced to perfection far out into the future. 

• His concern is the eventual assertion of gravity in the markets, where valuations actually start to matter again.

Oil prices have collapsed since the MOU was signed between the US and Iran, which is a bright spot for consumers and businesses alike, and it should help with the inflation readings moving forward.  However, Joel points out that if the WTI prices drop even lower and the trends shift over into a deflationary cycle, then that could roil the markets.

When probed about the potential rotation from growth into value in that kind of a scenario, Joel highlighted that this is what we are already starting to see under the surface of these markets, and that happens later in the cycle when traders get into a more defensive posture.

Joel flagged that his biggest concern at present is that the markets are content to focus on the benefits of the rotation trade, but if money quits pulling out of one asset class and plowing right back into another and instead just goes to the sidelines, then things could also morph into a “sell everything” market in the 2^nd half of the year.  For this reason, his posture and general outlook is moving from neutral to bearish, looking ahead to the balance of 2026.

Click here to visit Joel’s PreMarket Prep website – https://www.premarketprep.com/

Click here to visit the Stock Trader Network – https://www.stocktradernetwork.com/

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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 from The KE Report, I sit down with Brien Lundin, Editor of the Gold Newsletter and host of the upcoming New Orleans Investment Conference, to get his outlook on where we are at in the precious metals market, and why he believes the bottoming process is already underway here in the mid-point of the year.  We are transitioning from what was a very difficult correction in Q2, towards metals and mining prices that seem to have hit selling exhaustion and are now bouncing up to kick off Q3.

While the short-term charts for gold have been under pressure, Brien highlights several under-the-radar shifts that suggest a market transition is underway in the PM complex.

• Gold dipped briefly below $4,000 a few times, but didn’t stay there and quickly rebounded back up above that round psychological number each time. The last few days of June and first couple days of July have put some breathing room in between current prices and $4,000.
• The Fed policy expectations went a bit too extreme in the hawkish camp, and Brien points out that eventually Kevin Warsh and the Fed will transition back to a more accommodative policy, using their task forces to define new readings on economic datapoint.
• The stronger US dollar is not going to be the headwind some may expect, and is less relevant to the gold or silver price over the medium to longer-term than other macro trends.
• We are entering an attractive window of seasonality, where often the lows in the PM sector occur between late July and early August and then rally for months into the Fall. While we could see a bit more continued price weakness, he sees that as a great spot to go shopping for companies on people’s watch lists.

The precious metals stocks are going to have a wave of positive news coming in Q3 from robust earnings in the producers, to cashed up exploration programs, resource estimate updates, and economic studies in the juniors.

• Brien highlights the following companies as ones that have positive news catalysts on tap that he is keenly interested in following for H2: Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF), K2 Gold Corp (TSXV: KTOV) (OTCQX: KTGDF), Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF), Delta Resources Ltd (TSXV: DLTA) (OTC Pink: DTARF), and Auro Metals Inc. (TSXV: AURO) (OTCPK: AURFF).

Click here to learn more about the Gold Newsletter. – https://goldnewsletter.com/

Click here to learn more about the New Orleans Investment Conference on October 28-31. 

For more market commentary & interview summaries, subscribe to our Substacks:

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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 sit down with Luke Alexander, President and CEO of Newcore Gold (TSXV: NCAU / OTCQX: NCAUF), to break down the company’s crucial recent milestones at their flagship gold project in Ghana. Luke provides an overview of the key numbers in the newly released Pre-Feasibility Study (PFS). The conversation also highlights recent high-grade drill results expanding on the current resource base at the Enchi Gold Project. 

Key Discussion Points:

• The Strategic Shift to a CIL Flowsheet: Why transitioning from a heap leach model to Carbon-in-Leach (CIL) maximizes gold recoveries and aligns with West African mining standards.
• Project Economics: A high-level overview of the key numbers in the PFS, including after-tax NPV, IRR, and payback period.
• Significant Gold Price Leverage: How the project’s valuation scales when modeled against higher gold prices.
• High-Grade Drilling Results: Insights into the latest drill holes from the Nyam deposit that demonstrate strong potential to expand the mine life.

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

Click here to visit the Newcore Gold website. – https://newcoregold.com/

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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 or investment product. Investing in equities, commodities, really everything 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.

Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me for another wide-ranging discussion on his technical outlook, fundamental factors that matter, and portfolio management strategies in this current setup in gold, silver, and precious metals stocks heading into Q3.

We start off reviewing the bearish technical action on the charts from the Q1 peaks in January and February to the support breaking to lower prices in Q2 through the end of June.  

• Q2 had a very ugly bullish engulfing quarterly candle, which he just wrote about on Substack, but he also cautioned people that it doesn’t mean things are just going to go straight down from here.
• Robert points out that selling compounded and Q2 closed up at max pessimism in the sector, and he noted that this is the type of environment where selling can become exhausted and where directional turns can happen.
• Additionally, we noted the extreme low readings in sector sentiment, extreme low bullish breadth readings, and the weak seasonality factor, where the summer doldrums seemed to come early this year.
• He highlights that turning over the calendar month & quarter can bring in different positioning from institutions, and that in seasonality terms, coming out of US Independence Day long weekends can often set up a more constructive stretch in the PM complex for the next few months.

Next we addressed the fat margins that producers still had in Q2 and heading into Q3, despite the corrective moves in the metals and higher energy costs for the quarter, and  potentially compressing margins some from where they were in Q1.   We also outlined the constructive situation with regards to so many gold and silver explorers and developers being more cashed up than they have been in years, doing some of their largest work programs in years.  We are going to have flood of positive sector news over the next few months that could be the catalysts to bring more buying and interest into the junior PM equities.

Wrapping up we discussed a few portfolio management strategies, where pullbacks in quality companies can be good accumulation points.  Robert reiterated that investors should take inventory of what they own and why they own those stocks; shedding situations that are continually not working out, and focusing on their highest conviction stories that they have the best understanding of as their heaviest weightings. 

Follow Robert’s analysis on Substack

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https://ceo.ca/@goldfinger

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Click here to follow Robert on X/Twitter

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https://www.youtube.com/@GoldfingerCapital/videos

For more market commentary & interview summaries, subscribe to our Substacks:

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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.

Steve Penny, Founder and Publisher of The SilverChartist Report is back! Steve joins me in a wide-ranging discussion to rapid-fire through a number of monthly and daily charts and key technical analysis takeaways on: The US dollar, Silver, Gold, the VanEck Gold Miners ETF (GDX), the Amplify Junior Silver Miners ETF (SILJ), the Sprott Physical Uranium Trust (SRUUF), and the Sprott Uranium Miners ETF (URNM).

• We also weave in macroeconomics, fundamental data on the focus commodities sectors, and approaches for using technical analysis to navigate fluctuations in investor sentiment.

Click below to learn more about Steve’s Silver Chartist analysis & community:

https://silverchartist.com/plans

For more market commentary & interview summaries, subscribe to our Substacks:

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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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 gold junior resource stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

The companies we discussed in the interview are:

• Integra Resources Corp. (TSXV: ITR; NYSE American: ITRG) – On June 25, 2026, the Company announced the results of its updated Technical Report Feasibility Study and Life-of-Mine Plan for the producing Florida Canyon Mine located in Nevada. Less than two years after acquiring Florida Canyon for $68 million, Integra has transformed the operation into a larger, longer-life asset with a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in annual gold production and active mining extended through 2033.

• Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) – On June 25, 2026, the Company announced receipt of strong assay results from newly discovered feeder style mineralization at its Omu Sinter epithermal gold-silver project located in Omu, Hokkaido, Japan. Diamond drill hole 26OMS-002, a 53m vertical hole drilled near the eastern margin of the sinter target earlier this year, intercepted 0.98 gpt Au and 68.96 gpt Ag (2.06 gpt AuEq) over 47.7m beginning at the top of bedrock and continuing to the end of the hole.

• K2 Gold Corporation (TSXV: KTOV) (OTCQX: KTGDF) – On June 25, 2026, the Company announced that it has commenced its 2026 exploration and 5,650 metre drilling program at the 100%-owned Mojave Project in Inyo County, California.  K2 has commenced an initial drilling program with the approved Plan of Operations providing for up to approximately 14,000 metres of drilling across the Eastern Target Area and will be following up on prior compelling drill results from 2020 and 2021.

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

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

• In full disclosure, Shad is a shareholder of Integra Resources 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:

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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.

Victor Cantore, President and CEO of Amex Exploration Inc. (TSX.V: AMX) (OTCQX: AMXEF) (FSE: MX0), joins me for a big picture update on their transition to development and near-term production at their flagship Perron Gold Project, located in Quebec, Canada.  The Company will be changing its name to Amex Gold Mining Inc. in early July to reflect this transition into a developer/producer over the next 2 years; but will also be maintaining a 100,000 meter drill program, so there is still the dual-focus on exploration as well.

On June 18^th, the Company announced the completion of the final tranche of the oversubscribed “best efforts” private placement for C$80Million, where Eldorado Gold maintained their 27% stake, and they have received receipt of the key permits for the upcoming bulk sampling program.  We discussed how the bulk sample will achieve multiple goals of learning about the actual grade and metal recovery reconciliation measured against the metrics outlined in the positive Feasibility Study for the 5 years of commercial Phase 1 production at the project. The bulk sample will have an initial capital outlay of around C$50Million, but after processing ~40,000 tonnes via toll-milling at a nearby plant; and producing around 23,000-28,000 ounces of gold, this will generate revenues more than double that capex, going on to fund Phase 1.

We discussed how the market does seem to fully appreciate or value that the Company will be mining and producing metals and revenues by the end of 2027.  Additionally, Victor points out that the portal and decline/ramp development utilized in this upcoming bulk sample is the exact same plan envisioned in their economic study, and will shave all that capital, development work, and time off the front-end of Phase 1 development, providing a faster organic natural transition in Phase 1 commercial mining in 2028 simply by extending that ramp further into the mine.

We then discussed the even larger strategy where the revenues generated from the bulk sample in 2027, followed by the 4-5 years of DSO toll-mining in Phase 1, will then fund the exploration and development work that feeds into the Phase 2 studies.  Phase 2 will envision the move into a larger production scenario building a processing plant on site, from the robust revenues projected during Phase 1.

In addition to all the development slated for this year, the company is pressing forward with an aggressive 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario.  The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.

Click here to follow the latest news from Amex Exploration

If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Amex Exploration 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:

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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, I sit down with Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to provide a comprehensive, trading-desk perspective on the recent broad-based correction across the commodity complex. As the markets reach the half-year mark, Darrell breaks down the technical and fundamental forces driving recent sell-offs and what investors should watch heading into the second half of the year.

Key Discussion Points:

• Broad-Based Market Correction: An overview of the recent sell-off across energy and metals, examining whether this indicates the end of the long-term commodity bull market or a healthy, constructive pause.
• The Energy Complex & WTI Crude: A look at the bearish and bullish factors impacting oil as it tests key moving averages, alongside the market’s reaction to regional conflicts and global supply disruptions.
• Natural Gas Trends & Seasonality: Analysis of the current range-bound natural gas market, record temperatures in Europe, shifting US weather patterns, and the latest storage data.
• Precious Metals & Gold’s Psychological Floor: A deep dive into gold and silver’s sharp corrections, the influence of a hawkish Federal Reserve, and how the $4,000 level is acting as a major technical support zone.
• Base Metals Resilience & Copper Tariffs: An exploration of why copper remains the strongest major commodity despite broader base metal sell-offs, and what the upcoming tariff decisions mean for the market.

Click here to learn more about Bannockburn Capital Markets  – https://www.bannockburnglobal.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 or investment product. Investing in equities, commodities, really everything 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, Craig Hemke, Founder and Publisher of the TF Metals Report, joins me to analyze the peak hawkishness in the precious metals market since last week.  We dive into the macroeconomic backdrop as it relates to interest rates and Fed policy and the fallout after Kevin Warsh chaired his first FED meeting 2 weeks ago and addressed the markets with the message of being focused on price stability.

Craig wrote an article last week titled: “Peak Hawk” outlining some of the topics we dove into during this discussion, and there is a link to that here:

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https://www.tfmetalsreport.com/blog/13750/peak-hawk

Technical Levels to Watch:

• • Craig comments on the break-down in gold, silver, and PM ETF breaking below the 200-day moving average, and 50-week moving averages as just a ‘piling on’ effect from this peak hawkishness in the markets. 
  • He believes most of the corrective move has happened at this point, and is anticipating 2026 to end somewhere around flat on the year; which he notes wouldn’t be too bad after the outsized gains in gold and silver in 2024 and 2025 on a percentage basis. 
  • He points out we may need that last capitulation move this summer to wash out any remaining weak hands, and to then base and bring in the new buyers that cause shorts to cover and begin a new upleg.
  • Craig also points to the flattening yield curve, and where the 2-year and 10-year treasury yields have been trending as a factor worth paying attention to.

Kevin Warsh Will Be Speaking In Europe this Wednesday:

• Kevin Warsh is participating in a policy panel at the European Central Bank Forum on Central Banking. Craig will be watching to see if he emphasizes the hawkish hold or dials it back a little at this meeting.

• • The Fed funds futures are now anticipating 1-2 rate hikes this year versus the initially market anticipated rate cuts, coming into this year.  We discuss the likelihood of the market has now swung so hawkish, that it may be excessive and misplaced.

• Even if we see an initial hawkish rate hike, Craigs sees that as posturing, and doesn’t anticipate that we’d have long to wait after that before the economic data on inflation softens with lower energy prices now, and that monetary policy will adjusts course in the opposite direction, in a more dovish playbook… like it has over and over again historically.

We’ll Get The Jobs Data on Thursday This Week:

• • The June BLS jobs report will be released on July 2, 2026, which is expected to show the creation of 172,000 new jobs.  We are getting this data on Thursday, due to the observance of Independence Day on Friday.
  • Additionally, the Conference Board’s Consumer Confidence Index and the Job Openings and Labor Turnover Survey (JOLTS) will also be reported this week.

The Macroeconomic Fundamentals Haven’t Changed:

• • Sovereign debt remains at record levels and most nations can not endure interest rates that go up to drastically.  Craig highlights that “The Math is the math.”
  • Throughout history, central banks have opted for printing more money and driving interest rates meaningfully lower, to inflate their way out of economic challenges, and to pay off higher interest debt with lower-rate debt. 
  • Real “inflation-adjusted” interest rates may go briefly positive in a hawkish cycle, but over time central banks will prefer to cut rates and drive things into negative “real rates.”
  • Overall, central banks continue to add gold to their balance sheets versus adding more US or foreign treasuries.

Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/

For more market commentary & interview summaries, subscribe to our Substacks:

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Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Graham Richardson, CFO of Faraday Copper (TSX:FDY – OTCQX:CPPKF), joins me to provide a big picture overview of the key exploration and development objectives and shifting workstreams now that Faraday has entered into a non-binding letter of intent for the proposed acquisition of BHP’s San Manuel Property, adjacent to their Copper Creek Project in Arizona.

This is a transformational transaction, which once closed, consolidates two adjacent and complementary assets in the heart of the Arizona copper corridor; at a time when sourcing of critical minerals within the USA is essential. We discuss how combining the historic open pit San Manuel Mine and robust Kalamazoo underground assets with Copper Creek Project’s at-surface open pit breccias and underground porphyry assets at American Eagle and Keel creates a multi-asset copper district in the USA; and one of the largest undeveloped copper projects in North America.

Strategic Rationale

• Significant resource potential: The combined project would have the potential to become a multi-generational copper district delivering made-in-America copper.

• Accelerates pathway to production: Opportunity to leverage the private land position of San Manuel to facilitate the potential for expedited copper cathode production from the combined projects.

• Flexibility through private land and infrastructure: Additional ~27,000 acres of private land for site facilities and access to existing regional infrastructure, including road, rail, gas and power.

• Centralizes infrastructure and reduces environmental footprint: The proximity of Copper Creek and San Manuel allows for the potential to leverage existing infrastructure and for future facilities to be shared between the projects, reducing the overall environmental footprint while enhancing capital efficiency.

• The combined assets offer potential for project staging: Prioritization of copper cathode production, followed by open pit sulphides before development of underground operations.

• BHP to become a strategic shareholder: BHP to join the Lundin Group as a strategic shareholder of Faraday to deliver USA copper supply through a consolidated district.

Phase 4 drilling at Copper Creek will be factored into an updated copper Resource Estimate, which will be paired with upcoming confirmation drilling of the San Manuel historic resource.   This will set up a wrapping economics around the Phase 1 open pit development at both projects into a combined approach, and will be combined with other data-collection and metallurgical studies.  The Phase 1 open pits will then fund the eventual development into the underground resources at Kalamazoo, and eventually American Eagle and Keel.

The Company is well-funded to deliver on its key milestones and benefits from a growing management team and board of directors with senior mining company experience and expertise to deliver on the pathway from development into production.

If you have any questions for Graham regarding Faraday Copper, then please email them to me at Shad@kereport.com.

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

Click here to view the latest news from Faraday Copper

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 Company Update, I sit down with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX.V: SIG | OTCQB: SITKF | FSE: 1RF), to break down the latest high-grade drill results from the Blackjack deposit at their flagship RC Gold Project in the Yukon.

Mike discusses the strategic balance between infill and expansion drilling, explains how structural controls are guiding their deep exploration, and compares their current asset scale to Tier-1 gold systems in the region.

Key Discussion Points:

• Recent High-Grade Drill Results: A look into the high-grade intercepts from the June 23rd release and what these mean for the asset.
• Infill vs. Expansion Drilling: How the company is prioritizing shallow, near-surface ounces while simultaneously testing the boundaries of the deposit.
• Deep Mining Trade-Off Studies: The ultimate goals for their deep drilling program and how it will shape future open-pit versus underground development decisions.
• Understanding Visible Gold: The real-time exploration value of frequent visible gold observations in the core and its correlation with higher-grade pockets.
• Corporate Scale and Target Size: Comparing Sitka’s growing resource base to multi-million-ounce intrusion-related gold systems like Fort Knox and Eagle.

If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 

Click here visit the Sitka Gold website to learn more about the Company – https://sitkagoldcorp.com/

For more market commentary & interview summaries, subscribe to our Substacks: 

• The KE Report: https://kereport.substack.com/ 
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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 or investment product. Investing in equities, commodities, really everything 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 Sunday special edition of The KE Report, I sat down with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website, to unpack a whirlwind week for global macroeconomics, geopolitics effects on the oil sector, central bank policy and how that factors into interest rates, currencies, and international markets.

Key Discussion Points:

• Strait of Hormuz Geopolitics and The Oil Price Response: We discuss the significant drop in crude oil prices over the last couple of weeks as a market response to the MOU signed between the US and Iran, but counterbalance the conversation with the renewed tensions to end the week and heading into the weekend.
• Inflation Expectations and Fed Policy: Two weeks after Fed Chair Warsh’s debut meeting, the market is pricing in a hawkish trajectory for the end of the year, which is affecting the short-end of the bond yield curve, while the longer-dated treasury yields are flattening. Mark weighs in on the key takeaways in these trends.
• The Surging US Dollar Index: Why the dollar is breaking out of its year-long range, achieving new highs against the Japanese Yen and Canadian Dollar, and defying widespread expectations of a decline.
• MAG-7 Leadership Rolls Over: We’ve seen many of the mega-cap tech stocks rolling over the last couple of weeks, and dissect whether this is healthy rotation into other sectors, or a more worrisome sign.
• SpaceX IPO Fallout For The Space Stocks:  We review the potential frothy market sentiment read of high profile IPOs like SpaceX and Anthropic, and what this means for the space sector valuations dropping most of this year. Mark points out that the increased issuance of shares overall in the market data means that the same money is chasing even more paper, and causing selling in some sectors to rotate into the new trending stories.
• International Market Movers:  We discuss interest rates, currencies, and stock markets abroad from Europe to Asia, and the trends and moves by specific countries that have Marc’s attention.

Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.com/

For more market commentary & interview summaries, subscribe to our Substacks:

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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.

As mega-cap tech giants experience sharp rotations and growing pains over artificial intelligence expenditures, savvy investors are looking toward the broader macro picture for stability and alpha. In this KE Report Weekend Edition Rick Bensignor and Josef Schachter break down the underlying forces shifting today’s markets, tracing the path from volatile tech stocks and cooling precious metals to the quiet accumulation phase developing within the global energy sector. 

• Segment 1 & 2 – Rick Bensignor, the President of Bensignor Investment Strategies and founder of the In The Know Trader website. Rick discusses the current broad-based market pullback, emphasizing that while the tech sector has driven recent momentum, massive rotation and specific stock movements are creating complex dynamics. He also shares thoughts on the precious metals pullback and copper market. 
• Click here to visit the In The Know Trader website – https://intheknowtrader.com/

• Segment 3 & 4 – Josef Schachter, founder and editor of the Schachter Energy Report and the Eye on Energy newsletter (on Substack), discusses the current sharp decline in oil prices and previews key indicators like the bullish percentage index to identify potential buying windows for energy stocks. Josef also lays out his long-term bullish thesis for commodities and outlines top natural gas and oil stock picks that are approaching bargain levels. 
• Click here to learn more about The Schachter Energy Report – https://schachterenergyreport.ca/
• Click here to follow Josef on Substack at his Eye One Energy Report. – https://josefschachter.substack.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:

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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 or investment product. Investing in equities, commodities, really everything 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.

Dana Lyons, fund manager and editor of the Lyons Share Pro website, joins me for an in-depth discussion around a number of market sectors and provides his technical insights and trading strategies around general US equity markets, some specific sector ETFS, and then commodities and resources stocks as it relates to oil, gold, silver, copper, rare earths, lithium, bitcoin, international markets, and emerging markets.

He makes the point that many sectors are working, even as mega-cap tech leadership has been rolling over. We discuss portfolio trading strategies, monitoring relative strength, where to sell the rips, and where to buy the dips.

Sectors and ETFs specifically addressed in this conversation:

• (RSP) Invesco S&P 500 Equal Weight ETF
• (RZG) Invesco S&P SmallCap 600 Pure Growth ETF
• (RFG) Invesco S&P MidCap 400 Pure Growth ETF
• (FBT) First Trust NYSE Arca Biotech ETF 
• (FXH) First Trust Health Care AlphaDEX ETF
• (JETS) US Global Jets ETF
• (XLE) State Street Energy Select SPDR ETF
• (OIH) VanEck Oil Services ETF
• (GLD) SPDR Gold Shares
• (GDX) VanEck Gold Miners ETF
• (SLV) iShares Silver Trust
• (CPER) United States Copper Index
• (COPJ) Sprott Junior Copper Miners ETF
• (COPX) Global X Copper Miners ETF
• (REMX) VanEck Rare Earth/Strategic Metals ETF
• (LIT) Global X Lithium & Battery Tech ETF
• (BTC/USD) Bitcoin
• (EWY) iShares MSCI South Korea ETF
• (EWT) iShares MSCI Taiwan ETF
• (EEM) iShares MSCI Emerging Markets ETF
• (IEMG) iShares Core MSCI Emerging Markets ETF

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services – https://lyonssharepro.com/

For more market commentary & interview summaries, subscribe to our Substacks:

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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.

Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins me to highlight the commencement of their fully-funded 15,000 metre drill program; in a three-pronged approach to various copper-gold targets in the Hank-Mary district of the Hwy 37 Project, in the Golden Triangle, British Columbia.

2026 Drill Program Update

The first diamond drill has re-entered the 2025 Hank Porphyry discovery hole (HW-25-011) with the goal of extending mineralization beyond the previously reported intercept of 425 m of 0.15% Cu, 0.21 g/t Au, and 2.2 g/t Ag (0.40% CuEq).1,2,3 The original intercept bottoms in increasing Cu grades at 959 m depth where potassic alteration is identified and becoming more prevalent. The second drill will collar in the Hank Porphyry Target area, stepping out over 300 metres, and complementing the first drill.  The 3^rd drill is set to arrive to site in early July and drill pads are being planned and set up.

2026 Field Program Underway

Reconnaissance prospecting and regional stream sediment sampling are also scheduled to begin shortly across the HWY 37 Project, with geological mapping and soil sampling scheduled to begin during the second week of July. Ground IP geophysics and the airborne Mobile Magnetotelluric (MMT) and magnetic surveys remain on track to commence around mid-July.

Hank Porphyry Cu-Au Discovery – Expansion and Delineation

The Hank porphyry Cu-Au discovery represents a well-defined, large-scale copper-gold target supported by multiple converging lines of geological and geophysical evidence:

• Kilometre-scale geophysical anomalies: IP geophysics, magnetics, and magnetotellurics (MMT) anomalies all converging on the same broad target.
• Compelling emplacement timing: Porphyry mineralization at Hank, Williams & Mary (~190–186 Ma) overlaps in time with the nearby Mitchell deposit (~196–189 Ma)⁴  the largest undeveloped Cu-Au deposit in Canada.

Hank Au Targets – Bulk Tonnage Gold Targets

At-surface bulk-tonnage epithermal gold targets proximal to the Hank Porphyry Target offer significant opportunities for expansion with untested wide-spaced gaps (up to 500 m) between historical drill holes despite evidence of strong gold endowment in historical drilling. 

• Historical results include:
  • 55.8 m of 1.38 g/t Au (DDH84-4)
  • 42.0 m of 2.52 g/t Au (DDH85-32)
  • 63.0 m of 1.86 g/t Au (DDH85-45)
• Several historical holes terminate in mineralization including DDH88-16 with 74 m of 0.43 g/t Au including 0.92 g/t in the last assay.

Structural High-Grade Au Targets

Updated LiDAR, geological interpretation, and 3D modelling are being used to identify higher-grade structural gold zones. Previous workers explored with a single NW-SE azimuth to drill holes, this created a strong bias on ore geometry. New interpretations indicate multiple and complex structural patterns would have been poorly tested by previous holes. Revised interpretations will test projections of identified structures and ore shoot concepts as well.

New Discovery Drilling – Turquoise, Rainbow, & Regional Porphyry Targets

Beyond the Hank Porphyry Target, the Company will conduct first-pass discovery drilling at the Turquoise and Rainbow targets, along with additional regional prospects. This initiative is focused on identifying large-tonnage porphyry systems across the full breadth of the Company’s multi-district-scale land package — providing multiple opportunities for new discovery.

• If you have questions for Dustin regarding Kingfisher Metals, then please email those to me at Shad@kereport.com.

Click here to follow the latest news from Kingfisher Metals

For more market commentary & interview summaries, subscribe to our Substacks:

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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: NICU) (OTCQX: MGMNF), joins me for a review of Q1 operations and financials at the McCreedy West Mine located in Sudbury, Ontario, Canada. Then we dive into an overall exploration and development update at the prior-producing Levack Mine, and a development update at Crean Hill to map out what the pathway to restarting production would entail at both mines.  

We start off noting the graduation from the TSX Venture Exchange (“TSXV”) to the Toronto Stock Exchange (“TSX”). The Common Shares just began trading on the TSX at market earlier this week on Tuesday, June 23, 2026, and will continue to trade under the current stock symbol, (“NICU”).  Jason highlights the extra liquidity and potential for passive fund inclusion that this will present in the fullness of time.

Q1 Operations and Financial Highlights:

• Positive cash margin of $6.0 million at the McCreedy West copper-precious metals-nickel Mine.
• In Q1 2026, 82,296 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West at a grade of 3.38% copper equivalent (“CuEq”) based on realized metal prices in the quarter.
• The Company produced 4.1 million CuEq payable pounds (“lbs”) in Q1 2026. With both tonnage and grades forecast to increase from Q1, the Company continues to expect to achieve full year production guidance of 16-18 million CuEq payable lbs.
• Quarterly cash costs of US$3.48 per CuEq lb, and All-in sustaining costs (“AISC”) of US$4.21 per CuEq lb, respectively. Production costs per ton processed in Q1 2026 declined by 5.3% quarter over quarter to $214 per ton.
•  Ended Q1 2026 with cash and cash equivalents of $35.8 million and a working capital balance of $53.7 million.
• Exploration and evaluation expenses in Q1 2026 of $2.8 million, including $2.3 million at Levack Mine as focus transitioned to infrastructure readiness to support early ore sources and new underground exploration platforms to test the R2 Footwall Zone, with completion of a Preliminary Economic Assessment (“PEA”) expected in Q3.
• During Q1 2026, the Company announced initial Mining Reserves for the 700/PM copper-precious metals Zones at McCreedy West which demonstrate an initial three-year production profile, assuming forecasted mining rates which are in line with the current operation and 2026 guidance.

We reviewed 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.

Highlights from the new assay results include: 

• MLV-26-14A W2 – intercepted 9.4% Cu, 2.3% Ni, 28.7 g/t Pt+Pd+Au, 52.9 g/t Ag (29.7% CuEq) over 3.4 metres,
  • Including 18.7% Cu, 0.7% Ni, 60.2 g/t Pt+Pd+Au, 103.8 g/t Ag (57.0% CuEq) over 1.5 metres,
  • And 21.4% Cu, 0.4% Ni, 40.8 g/t Pt+Pd+Au, 152.0 g/t Ag (34.0% CuEq) over 0.4 metres,

• MLV-26-14A W3 – intercepted 22.5% Cu, 1.4% Ni, 49.9 g/t Pt+Pd+Au, 135.0 g/t Ag (43.9% CuEq) over 1.1 metres;   
  • And  14.0% Cu, 1.9% Ni, 47.2 g/t Pt+Pd+Au, 96.0 g/t Ag (36.2% CuEq) over 1.5 metres,

The Company is planning to release a Preliminary Economic Assessment (“PEA”) for the Levack Mine in parallel with work to re-establish ore and waste hoisting capabilities during 2026.  At present those economics will not include the high-grade drilling completed to date at the R2 Footwall Zone. Jason highlights that a development drift is being implemented to support ongoing underground exploration of this area, for the potential of future implementation into development plans.

Next we review the ongoing workstreams for Crean Hill that will be feeding into the upcoming PFS later this year.  He notes that the significantly higher precious metals today compared to back in 2022 will be a factor that plays into the updated economics, and maps out that the ramp up into production could commence as early as H2 2027.

We wrap up discussing that the prior-producing Poldosky Mine and the development-stage Shakespeare Project are still both permitted assets of merit and will feed the development cue as mines number 4 and 5 further down the road.

Click here to follow along with the news at Magna Mining

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. 

For more market commentary & interview summaries, subscribe to our Substacks:

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Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Company Update, I am joined by Charles Funk, President and CEO of Heliostar Metals (TSXV: HSTR | OTCQX: HSTXF), for an in-depth corporate update reviewing spectacular new drill assays at Ana Paula and La Colorada, upcoming feasibility milestones, and newly secured permits at La Colorada.

Key Discussion Points:

• The Ana Paula High-Grade Panel: Charles breaks down the continuity and width of the recent infill drilling results, highlighting why Ana Paula is tracking to become one of the most profitable, lowest-cost gold mines in the industry.
• Unlocking the Deep Expansion Zone: We explore the geological upside sitting underneath the core high-grade resource, where step-out drilling that could significantly extend the mine’s longevity.
• The “North Zone Linkage” Discovery: Charles introduces a brand-new structural trend connecting separate mineralized zones, adding a fresh layer of exploration potential.
• La Colorada’s “Veta Madre Plus” Pit Expansion: We discuss the newly granted environmental permits and the strategic shift toward a larger pit design slated to add significant near-term production ounces by mid-2027.
• Insulated Growth and Insider Alignment: Learn how the company’s conservative budgets and low all-in sustaining costs protect shareholders from equity dilution, plus nearly $1 million in recent insider buying.

Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals. 

Click here to visit the Heliostar Metals website to learn more about the Company – https://www.heliostarmetals.com/

For more market commentary & interview summaries, subscribe to our Substacks: 

• The KE Report: https://kereport.substack.com/ 
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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 or investment product. Investing in equities, commodities, really everything 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 on The KE Report, I chat with Joel Elconin, Co-Founder of the Pre-Market Prep Show and Founder of the Stock Trader Network, to discuss a mixed week in US equities; where he highlights an “unsatisfied bid underneath the market.”

On the positive side of the market:

• Micron Technology (MU) had an amazing day up over 15% after a solid earnings report and estimate beat, and this caused sympathetic buying in SanDisk (SNDK) up almost 22% on the day. It was a big day for hardware stocks.
• The financial stocks, consumer staples, mixed retail, utilities, biotech (XBI), Caterpillar (CAT) and Deere (DE) all have had constructive moves higher lately.
• Airline stocks and cruise stocks have been benefitting from the pullback in oil prices.

On the negative side of the market:

• The MAG-7 mega-cap tech stock leadership has been rolling over lately, with Apple (AAPL), Nvidia (NVDA) , Meta (META), and Microsoft (MSFT) leading the charge down this week.
• The SpaceX (SPCX) IPO highlights excessive market speculation, where after a very big launch, it has now crashed back down to Earth, with pricing very near now to where it initially came to market; creating a lot of new bagholders.
• Oil prices have collapsed since the MOU was signed between the US and Iran, but there was a slight lift today in oil and energy stocks on the news that projectiles were shot at a tanker by Iran in the Strait or Hormuz.

We debate how the wider market breadth rotating out of the megacap tech stocks into more areas of the market could show a healthier market, but Joel points out with the MAG-7 having a disproportionately high weighting in the S&P and Nasdaq, and with many institutions so heavily weighted to concentrated positions, that it has him leaning more neutral to bearish coming into the summer.

Click here to visit Joel’s PreMarket Prep website – https://www.premarketprep.com/

Click here to visit the Stock Trader Network – https://www.stocktradernetwork.com/

For more market commentary & interview summaries, subscribe to our Substacks:

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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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to recap the Q1 operations and financial update at the La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines:  La Guitarra, Coloso, and Nazareno.   We look ahead to the 2-phase mill expansion and upcoming increased 30,000 meters of drilling planned across the La Guitarra property.  Additionally, we discussed the closing of the transaction for the Del Toro mining complex this week,  and the increased drill program to 30,000 – 50,000 meters of drilling at the property starting in the second half of this year.

Highlights

• Revenues: Gross silver revenues for the quarter totalled $5.9 million ($85.14 per ounce) and gold revenues totalled $5.1 million ($4,906 per ounce). Silver revenues for the quarter ended March 31, 2025 (“Q1 2025”) totalled $2.3 million ($31.13 per ounce) and gold revenues totalled $2.9 million ($2,828 per ounce).
• Sales: In Q1 2026, the Company sold 69,006 ounces of silver (“Ag”) and 1,038 ounces of gold (“Au”) or 128,827 silver equivalent (“AgEq”) ounces, based on the ratio of silver and gold prices realized for each shipment in the quarter. This compares to 75,137 ounces of Ag and 1,022 ounces of Au or 165,093 AgEq ounces sold in Q1 2025.
• Cash Costs for the quarter were $42.55 per AgEq ounce produced,  due to a number of factors including the ramp up of operations at Coloso and Nazareno and inflationary pressures on our input costs.
• Adjusted EBITDA of $2.8 million for Q1 2026 compares to $1.1 million for Q1 2025.
• Cash from Operations: the Company generated $3.5 million of cash from operating activities in Q1 2026 as compared to $729 thousand in Q1 2025.
• Gross Profit was $3.61 million for Q1 2026, as compared to $1.36 million for Q1 2025.
• Cash and cash equivalents and short-term investments at March 31, 2026 totalled $13.2 million and working capital totalled $14.4 million.
• Cost Drivers: Ramp-up and development activities at Coloso and Nazareno drove a significant share of the current production from off-book, out-of-resource, lower-grade material, which weighed on unit mining costs. Gold and silver recovery declines stemmed from feed blend optimization across the three mines, further pressuring costs. 
• Coloso and Nazareno: Mining restarted at the higher-grade Coloso underground mine at the end of Q1 2025 (estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins). In September 2025, Sierra Madre also announced the restart of mining at the Nazareno mine. The Company is focused on ramping up operations at Coloso and Nazareno ahead of the increased plant throughput levels anticipated upon completion of Phase I of the Guitarra expansion.
• Phase I and II production targets: In late April, Sierra Madre selected a special services contractor to provide equipment and manpower to accelerate mine development at Coloso and Nazareno. The contractor began mobilization to site in early May. Once the contractor is in place, the Company will be able to transfer its miners and equipment to the Guitarra mine to accelerate production.
• Expansion Progress: For the two-phase expansion of the La Guitarra plant, Sierra Madre has acquired key equipment— including a second crusher (tested and installed) and a 600-700 tpd ball mill, now refurbished and under contract for installation, with commissioning expected in late Q2 2026. Construction crews for the ball mill foundation work have been mobilized to site and the purchase of critical equipment has begun.
• Once the first stage of the expansion is completed, the planned second phase would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027; essentially doubling production capacity once again.

Beyond the production growth, we also focus on the substantial exploration programs planned for the 2nd half of this year both district-scale land packages.

• There are 30,000 meters of drilling planned at the La Guitarra complex; and Alex points out that having their own assay lab should allow the company to quickly react to incoming assays at La Guitarra, going from 20 holes, to 40 holes, and then eventually 80 holes.
• Now that the acquisition of the Del Toro Silver Mine complex in the Chalchihuites District in Mexico from First Majestic Silver Corp. has closed, there is a 50,000 meter drill program on tap. The goal of this program will be testing a number of high-priority targets and growing existing resources to extend the mine life for when a restart decision is made on these 3 mines and the 3,000 tpd plant.

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.

Click here to follow along with the latest news from Sierra Madre Gold & Silver

For more market commentary & interview summaries, subscribe to our Substacks:

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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.

Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSX.V: OMG) (OTCQB: OMGGF), joins me for a special video presentation and visual exploration update, with mineralization expanding in the updated Resource Estimate to ~8 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.  We also discuss the dual path of the company now, split between exploration, and all the project derisking being factored into development and the upcoming updated economic study.

The Omai Gold Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent, intrusion-hosted Gilt Deposit (Figure 1), with a combined updated MRE (over the August 2025 MRE) of:

• 2,495,000 ounces of gold (Indicated MRE), a 17.6% increase, averaging 2.04 g/t Au in 38.1 Mt and
• 5,465,000 ounces of gold (Inferred MRE), a 24.7% increase, averaging 1.59 g/t Au in 106.6 Mt 

That updated model will then be incorporated into the upcoming Preliminary Economic Assessment (PEA), slated for Q3 of 2026; building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot. 

• That prior PEA did not yet include rest of the resources at Wenot or the expanded profile in the updated MRE, nor did it include the underground project economics from the Gilt Creek deposit. 
• The updated PEA slated for next quarter will be more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.

Multiple zones of gold mineralization were intersected in each of the recent assays from the ongoing 50,000-metre diamond drill program.

*Highlights from the recent drilling include:

• Hole 26ODD-169 – 2.90 g/t Au over 22.9m o Including 9.13 g/t Au over 4.1m o 2.64 g/t Au over 19.2m o Including 4.90 g/t Au over 8.9m
• Hole 26ODD-173 – 3.49 g/t Au over 16.9m o Including 13.21 g/t Au over 1.5m o Including 46.68 g/t Au over 0.6m o 3.86 g/t Au over 23.8m o Including 66.21 g/t Au over 0.8m o Including 28.33 g/t Au over 0.9m
• Hole 26ODD-173W – 2.63 g/t Au over 11.5m o 3.68 g/t Au over 8.1m o 2.62 g/t Au over 13.1m o 5.79 g/t Au over 7.7m
• Hole 26ODD-180 – 8.54 g/t Au over 20.6m o Including 25.89 g/t Au over 2.5m o Including 13.42 g/t Au over 5.8m o 3.43 g/t Au over 12.3m o Including 5.57 g/t Au over 5.4m
• Hole 26ODD-183 – 2.96 g/t Au over 14.3m o 1.57 g/t Au over 22.5m o Including 3.94 g/t Au over 5.5m
• Hole 26ODD-185 – 7.26 g/t Au over 34.8m o Including 19.94 g/t Au over 2.5m o Including 54.05 g/t Au over 1.5m o Including 9.83 g/t Au over 3.0m o 15.89 g/t Au over 1.9m o 1.71 g/t Au over 14.0m o 2.10 g/t Au over 10.9m o 7.22 g/t Au over 2.4m o 2.28 g/t Au over 6.9m

Next we discussed the favorable results from this first phase of metallurgical testing, and that both Wenot and Gilt are orogenic gold deposits that are responsive to reliable, industrially proven processing technologies and consistent with the historical production results.

• High gold extraction was achieved from testwork with 93% gold (“Au”) extraction at 1.0 g/t Au to 95% Au extraction at 3.2 g/t Au, from a material grind size of 80% passing 75 microns 

Wrapping up we discussed the company valuation compared to peers on a P/NAV basis and price per ounce basis, some of the recent high-profile M&A deals in the sector includingG2 Goldfields in Guyana, the ongoing permitting process work towards the EIA, and other derisking work on the Project, gathering all this data to be utilized in the upcoming PEA.

If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.

Click here to see the latest news from Omai Gold Mines.

For more market commentary & interview summaries, subscribe to our Substacks:

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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.