John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies as we head into Q2 earnings season later this week.   We also discuss his outlook on the potential for more mergers and acquisitions, what stage of developer he is animated by, his outlook on royalty stocks, and the copper sector.

While Q2 earnings are not going to be as big as the record underlying metals prices seen in Q1,  John believes the gold and silver producers will still report very solid revenues, because the average metals prices were the 2nd highest of any other quarter in history. 

• The caveat is that with the overall sector trend having been lower for the last 6 months in the underlying gold and silver prices, that this is what ultimately affects investor sentiment and stock price direction. The metals price direction is seemingly more germane than strong fundamentals, earnings, or value creation.
• We debate whether the valuations in PM producers, which are now down closer to where they were back in Q3 and Q4 2025 are at a mismatch, considering the margins were still much larger in Q2 than those quarters. Many PM producers crashed down 40%-60% during the exact same time that they still generated near-record revenues and cashflows on their balance sheets.
• We discuss where all that cash piling up has been going over the last few quarters as a return of capital to shareholders in share buybacks, new or increasing dividends, and why we aren’t seeing even more merger and acquisition transactions in this kind of environment.

John then distinguishes between the boring versus the opportune time to accumulate quality PM developers, to maximize the 2^nd leg of the Lassonde Curve. 

• There is a typical lull in quality exploration stocks once they put out a resource estimate and put early-stage PEA economics on a project. Early-stage developers then face years of permitting, metallurgical and engineering studies, definition drilling, and the boring “orphan phase” of the Lassonde Curve; when speculators lose interest and rotate out to go chase other short-term catalysts.
• John likes to focus on companies once they already have a compelling Feasibility Study in place and are closer to the construction decision, increasing their likelihood to become a takeover target by a larger company.
• In general, John is more skeptical of explorers that become developers having the skillsets to build mines on their own, but he stresses that it really comes down to analyzing the management teams for their past track records, and the capabilities of their board and team.
• Some select smaller to mid-tier producers, that bought divested mines from the majors, can also use those cashflows from operations at these higher metals prices to fuel and fund the progress on key flagship development projects.

Next, we point out how the royalty companies, that don’t have cost creep due to rising energy expenses or large labor costs, have still been chopped down by 30%-40% along with the rest of the PM sector; which makes little sense from a valuation standpoint.

• John feels this is a prime example of an inefficient market where the fall in share prices and market caps creates a growing value proposition.
• He’ll be using low-ball bids and weakness in the royalty stocks to keep accumulating.
• His outlook is that we will continue to see a number of potential M&A deals in the royalty stocks, and this gives him comfort to go down the food chain into the mid-tier and smaller stocks, as they likely will be acquired by large companies with a better valuation multiple in the fullness of time.

Wrapping up we review the continued strength in the copper price, holding up near all-time highs, and why he remains longer-term bullish due to supply/demand fundamentals.

• The caveat John mentions is that if there is a softening in AI data center buildouts, or if the Chinese AI platforms compete with domestic AI platforms, or if we see the lofty valuations in US equities roll over hard, in the near to medium-term, then this could also pressure copper and copper stocks to the downside.

Click here to follow John’s analysis and articles over at Substack

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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.

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the continued success sampling high-grade gold over broad strike lengths from underground development on the 1045 Level at the Mustang Mine at the Bralorne Gold Project, British Columbia, Canada. We also discuss their recent loan for purchasing ore-sorting equipment, the acquisition of Ben Nevis property, and the big-picture vision for the company’s future growth into multiple mines and satellite areas across their district.

The Company has successfully developed at the 1045 level on a continuous 127-metre strike length of high-grade gold mineralization along the BK-9870 Vein, averaging 21.52 grams per tonne (g/t) gold across an average true width of 0.83 metres.

• Terry outlines that these encouraging results provide further validation of Talisker’s geological model, demonstrating increasing grade and improved continuity of mineralized structures with depth within the Mustang Mine.
• This was after the company had recently reported on previous results from the BK vein that returned a 60m strike length at 27g/t also on the 1045m level, and their team is pleased that lateral development at Mustang is returning results well beyond initial expectations.
• He mentioned they are awaiting upcoming assays from development on the 1105m level above and from the new 1030m level, 15m below the 1045.

Next we discussed the news out July 17^th which announced that the Company has entered into a loan agreement with Two Shores Capital Corp. for a delayed-draw term loan of up to $11.0 million to fund the acquisition of ore sorting and processing equipment.  Terry mentions that they’ve already purchased the equipment, and some of the front-end crushing machinery is already showing up to site and then walks listeners through the timeline of final on-site testing of the ore sorting in the latter part of this year, and that it may impact run-of-mine material and show a significant reduction in waste rock as soon as H1 2027.

Additionally, we discussed the news out on July 13^th that announced their acquisition of a 100% interest in the Ben Nevis property located contiguous to the Company’s Bralorne Gold Project in southwestern British Columbia from Coast Copper Corp.

• The Property is strategically located south of the current Bralorne Gold Project and comprises 16 mineral tenure claims totaling 10,404.15 hectares.
• The expanded land package lies southeast along the strike of the Cadwallader fault system which hosts the Bralorne deposits.
• The new property expansion adds seven historic mineral occurrences and strengthens the Company’s exploration position by increasing the Bralorne Gold Project to 24,000 hectares spanning a 40-kilometre long mineralized district.

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

• In full disclosure, Shad is a shareholder of Talisker 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 Talisker Resources

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In this episode, I sit down with Mike Spreadborough, Executive Co-Chairman, and Rohan Williams, General Manager of Exploration at Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF), for a deep dive into the company’s recent exploration developments across their Australian portfolio. Mike and Rohan break down the maiden RC drilling program at the Wyloo Project in the Pilbara, outline new high-grade surface targets, and discuss the scale potential of their Toolunga Copper-Gold project.

Key discussion points include:

• Wyloo Project Maiden RC Drilling: An intro to the preliminary results from the 16-hole RC program, proving the hydrothermal mineralization concept for silver and antimony.
• Emerging Vera & Kavira Prospects: A quick look at recent high-grade rock chip sampling east and west of Wyloo and what it means for upcoming drill target generation.
• Understanding Antimony & Economic Intersects: Clarifying how antimony grades are evaluated and what thresholds define an economic deposit.
• Toolunga IOCG Copper-Gold Target: An overview of the 1,200 sq km land package, historical high-grade copper hits, and the three primary geophysical targets setting up early 2027 drilling.
• Corporate Strategy & Near-Term Catalysts: How Novo is prioritizing capital across its extensive portfolio and what news flow investors should expect in the coming weeks.

Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 

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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.

Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins me to outline the news out today announcing that it has entered into an agreement with Barrick Mining Corporation; whereby Barrick has agreed to purchase 15,470,934 units of Kingfisher in a non-brokered private placement at a price of C$1.35 per Unit for gross proceeds of C$20,885,761.

• Each Unit consists of one common share of Kingfisher and 0.5 of a common share purchase warrant. Each Warrant will have a term of two years and each whole Warrant will entitle the holder thereof to purchase one Kingfisher Share for a price of C$1.70 per Kingfisher Share. 
• The Placement will result in Barrick owning approximately 9.9% of the issued and outstanding Kingfisher Shares on a non-diluted post-transaction basis and 14.1% of the outstanding Kingfisher Shares on a partially diluted post-transaction basis, assuming exercise of all Warrants. 
• The Company has agreed to use at least 80% of the proceeds from the Placement for exploration and development of the HWY 37 Project, located in the Golden Triangle, British Columbia; with the balance for general working capital and other purposes. 
• Closing of the Placement is expected to occur on or before July 27, 2026, subject to customary closing conditions, including receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Dustin highlights the benefit of having some of the top-tier Barrick geologists to share ideas with their solid exploration team moving forward; and reiterated their technical bench-strength and the systematic approach that their team was already taking.  The company already commenced a fully-funded 15,000 metre drill program earlier this month; and has 3 drill rigs currently turning in a three-pronged approach to various copper-gold porphyry and epithermal targets throughout the Hank-Mary district of the Hwy 37 Project. 

• 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

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Investment disclaimer:

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In this Company Update, Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V: AZT / OTCQB: AZZTF), joins me to discuss the recent extremely long width and high-grade drill results from the Tombstone Project in Arizona, highlighted by one of the thickest intersections ever recorded at the property. We discuss how advanced drilling techniques, deep targets, and improved assay turnaround times are positioning the company for its upcoming maiden Mineral Resource Estimate (MRE).

Key topics covered include:

• Record-Breaking Drill Intersections: A look at hole TR26-30 (155.4 m averaging 1.08 gpt Au and 30.23 gpt Ag (1.63 gpt AuEq) within 198.1 m averaging 0.86 gpt Au and 24.52 gpt Ag (1.30 gpt AuEq)) and why the thickness and gold-silver grades mark a major milestone for the Tombstone property.
• Expanding Beyond the Main Pit: How current reverse circulation (RC) drilling is pushing mineralization to the east and north, unlocking new exploration potential.
• Testing Deep CRD Potential: Insights into the core drilling program, downhole geophysics, and what early observations reveal about deeper mineralized systems.
• Timeline to Maiden Resource Estimate: An update on total meterage completed, improved lab turnarounds, and the expected target date for the initial MRE.

Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 

Click here to visit the Aztec Minerals website – https://aztecminerals.com/

Figure 1. Cross section of RC drill hole TR26-30 showing Au and Ag assay results.

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Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 more advanced junior gold exploration and development 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:

Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) – On July 16, 2026 the Company announced that it has received approval from the Bureau of Land Management for the fifth and most extensive modification to its Plan of Operations at its 100% owned 130km² Atlanta Gold Mine Project in eastern Nevada.

• The modification approves 78 additional reverse circulation (“RC”) drill sites and 404 rotary air blast (“RAB”) drill sites, enabling the Company to aggressively follow up on key mineralized targets and test extensions across the property.
• With approximately C$18.1 million in cash and equivalents, Nevada King remains fully funded to complete its 40,000 metre Phase 4 RC drill program, of which approximately 12,000 metres have been drilled to date.

Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) – On July 9, 2026 the Company  provided a construction and commissioning update regarding its Phase 1 gold-in-oxide heap leach project at the Cuiú Cuiú Gold District, Brazil.

• Construction of the dry circuit for the Phase 1 gold-in-oxide heap leach project is now complete, with total project construction and commissioning now approximately 85% complete, and +90% of project costs committed under contract

• Mining of gold-in-oxide ore has commenced, with ore being successfully processed by the sizer, agglomerated, and transported by conveyor systems to the heap leach pads

Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) (WKN: A40QYC) – On June 19, 2026, the Company announced the filing of a Preliminary Economic Assessment for the Auld Creek Gold Antimony Project located in the Reefton Goldfield on the West Coast of New Zealand.

• Abraham Whaanga, BSc, MAusIMM (CP) of RSC has reviewed and verified the resource-related information disclosed herein.
• Gary Davison, FAusIMM, Principal Mining Engineer and Director of Mining One Consultants, has reviewed the mining methods, mining capital and operating costs and is responsible for Economic Analysis.
• Marius Phillips, NHD Ex Met, MAusIMM (CP), RPEQ and Technical Director of Pitch Black Group is responsible for information relating to plant capital and operating costs, mineral processing and metallurgical testing and recovery methods.

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.

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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 today’s Daily Editorial, we sit down with Craig Hemke, Founder and Editor of TF Metals Report. Craig breaks down the quiet start to the trading week amidst broader geopolitical tension, steadying US Dollar strength, and key upcoming macroeconomic catalysts. We explore expectations surrounding the upcoming Federal Reserve meeting, projected interest rate movements, and incoming PCE inflation data. Additionally, we analyze the precious metals space, focusing on earnings expectations, valuation disparities, and market sentiment surrounding major producers like Newmont and Agnico Eagle Mines.

Key Discussion Points

• Summer Trading Dynamics & Geopolitics: Exploring the market’s muted reaction to global conflict headlines, crude oil price fluctuations, and key technical levels in the US Dollar index.
• Fed Quiet Period & Rate Outlook: Analyzing market expectations for the upcoming Federal Reserve policy meeting, potential rate hike scenarios, and the timing of a potential policy pivot.
• Inflation Trends & PCE Preview: Evaluating incoming PCE data and how energy costs impact broad economic forecasts.
• Precious Metals & Mining Earnings Sector Preview: Unpacking cost structures, profit margins, and overall market sentiment ahead of key quarterly reporting from major producers and mid-tier miners.

Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.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 episode, I sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | Frankfurt: 6MR1), to discuss the latest operational advancements at the Bethania Silver Project in Peru. David provides a comprehensive update on production scaling, corporate financial health, and the expanded exploration plans set to unfold throughout this year.

Key Discussion Points:

• Bethania Operational Ramp-Up: How underground development, contractor additions, and operational momentum are setting the stage for a significant production increase by year-end.
• Silver Price Sensitivity & Financial Outlook: Hear how Kuya Silver’s robust cash position insulates the company against market fluctuations and supports their path toward positive cash flow.
• Underground & Surface Drill Program: Learn about the expansion to a multi-rig drilling strategy designed to extend vein systems, build high-grade resources, and test new district targets.
• Pipeline Project Value Catalysts: Get an update on potential news flow and upcoming developments surrounding the Silver Kings project in Ontario and the Umm Hadid joint venture in Saudi Arabia.

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

Click here to visit the Kuya Silver website – https://kuyasilver.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 Company Update, I sit down with Tim Clark, President & CEO, and Valerie Doyon, Senior Geologist and VP of Geology (Quebec) of Fury Gold Mines (TSX: FURY | NYSE American: FURY). The team shares updates on their fully funded 2026 exploration programs, major drill campaigns, and the path toward developer status.

Key Discussion Points:

• Eau Claire Exploration and Best-Ever Drill Results: Tim and Valérie dive into the Phase 2 drill results at the Eau Claire gold project in Quebec, highlighted by the best ever drill result on the project, and discuss the recent mobilization of a third drill rig.
• The Path to an Updated Resource & Pre-Feasibility Study (PFS): Management outlines how conversion drilling is setting up an upgraded resource estimate by year-end, why historical modeling at $1,900 gold leaves massive untapped upside at current market prices, and what to expect from the upcoming Pre-Feasibility Study.
• Committee Bay Program Kickoff: Tim details the start of the summer drilling campaign in Nunavut, exploring high-priority step-out targets.
• High-Grade Lithium Upside: An overview of drill results from their Quebec lithium assets and how the company plan to eventually monetize this valuable non-core resource.

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

Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news – https://furygoldmines.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.

Capella Minerals Commences Drilling at Killero East & West

• Immediate Catalyst: Initial drill results and the official commencement of the new 2026 exploration program targeting key expansion zones.

• Geological Targets: Exploration updates point to highly prospective anomalies aimed at unlocking the next layer of value in their regional portfolio.

• What to Watch: How these early-stage results will shape the broader exploration narrative and structural understanding of the asset moving forward.

Listen to the full interview with Capella Minerals here

Dakota Gold Completes Richmond Hill Drill Program Ahead of Q4 PFS

• De-Risking the Asset: The 2026 campaign wrapped up 17,273 meters over 112 holes, feeding directly into an upcoming Pre-Feasibility Study (PFS) in Q4 and a Feasibility Study in 2027.

• Grade Optimization: Exceptional higher-grade intercepts in the Northeast Project area are driving trade-off studies to potentially optimize and accelerate higher-grade sequencing early in the mine plan.

• Strong Capital Runway: Backed by a $107M cash position (as of March 31, 2026), the company has already secured its electrical substation slot while simultaneously kicking off a 5,578-meter drill program at Maitland to define a maiden resource.

Listen to the full interview with Dakota Gold here

Goliath Resources Striking Gold Mineralization Across First 10 Step-Out Holes

• Bonanza Zone Extension: The opening 10 step-out holes of the 2026 program have successfully intersected gold mineralization, expanding the footprint of both the Bonanza and Golden Gate zones.

• Predictable Continuity: Visual and structural data from the step-out drilling continue to validate the company’s geological model across the property.

• Exploration Velocity: Unpacking the strategic focus of the ongoing program and what this immediate drilling success means for the ultimate scale of the asset.

Listen to the full interview with Goliath Resources here

West Red Lake Gold Ramps Up Production and Mined Ounces at Madsen Mine

• Operational Execution: Q2 results show a significant operational ramp-up, translating directly into increased mined ounces and higher overall gold production.

• Path to Commerciality: Breaking down the key infrastructure upgrades and underground development milestones fueling the acceleration at Madsen.

• Strategic Growth: How the company plans to sustain this operational momentum while optimizing its processing and extraction efficiency.

Listen to the full interview with West Red Lake Gold here

Sitka Gold Yields High-Grade Intercepts (164.0m of 1.83 g/t Gold)

• Headline Numbers: Latest core drilling hits wide, high-grade mineralization including an impressive 164.0 meters of 1.83 g/t gold, which features a higher-grade core of 45.0 meters of 3.49 g/t gold.

• Deposit Scale: What these continuous, high-grade intervals signal regarding the overall economic potential and structural continuity of the mineralized system.

• Next Footprint Steps: Where the drills are moving next as the team seeks to push the boundaries of this rapidly growing discovery.

Listen to the full interview with Sitka Gold here

Elemental Altus Royalties Offers Visual Tour of Key Producing Assets

• Revenue Drivers: A comprehensive look through the company’s key producing and advanced development royalty assets underpinning their revenue baseline.

• Accretive Growth: Reviewing recent high-value acquisitions and how they fit into the broader portfolio to accelerate organic cash flow growth.

• The Value Proposition: Why the diversified royalty model offers unique downside protection and upside leverage in the current macro environment.

Listen to the full interview with Elemental Altus Royalties here

If you enjoyed these deep dives and want to stay ahead of the macro trends and corporate catalysts moving the junior resource sector, make sure to subscribe to our channels! Please take a quick moment to leave us a review on your favorite platform, it goes a long way in helping us bring you top-tier executive interviews and market insights every week.

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Final Note

We want to hear from you! If you have specific questions for the leadership teams of the companies we interviewed this week, or if there is a particular company you want us to look into and bring onto the show, reach out to us directly. Drop us an email anytime at Fleck@kereport.com and Shad@kereport.com.

This weekend edition of The KE Report explores the contrasting dynamics within the commodities sector. In the first segment, Brien Lundin, editor of the Gold Newsletter, breaks down the current correction in the precious metals market. In the second segment, energy experts Josef Schachter and Nathan Richie analyze recent volatility in crude oil and natural gas. 

• Segment 1 & 2 – Brien Lundin, editor of the Gold Newsletter, discusses the recent downward correction and volatility in the precious metals market. Drawing from investor sentiment at the recent Rick Rule conference, Brien highlights that despite near-term headwinds from a strong U.S. dollar and Federal Reserve policies, fundamental macroeconomic drivers like national debt and deficits will ultimately sustain a long-term bull market. 
• Click here to learn more about the Gold Newsletter. – https://goldnewsletter.com/

• Segment 3 & 4 – Introducing Nathan Ritchie, VP of Energy Research and founder Josef Schachter of the Schachter Energy Report to discuss corporate modeling, price forecasting, and current stock opportunities within the oil and gas sectors. The duo highlighted critical growth catalysts, supply and demand metrics, and the strategic balance between shareholder returns and long-term capital reinvestment. 
• 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!

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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.

Dave Cole, CEO, and Fred Bell, President and COO, of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), both join me for a visual tour through their key producing and development royalty and streaming assets.

We start off reviewing the key cornerstone gold and copper assets within their royalty portfolio of 18 cash-flowing royalties, 28 advanced development assets, and ~250 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.

In the process of going over key assets we touched upon the key news out yesterday on July 15^th, regarding their strategic US$25 million investment package with Quilla Resources Inc. and its subsidiary Minera Pampa de Cobre S.A.C. (“MPC”) to expand Elemental’s royalty exposure to the producing Chapi Copper Project in Peru and support Quilla’s next phase of growth.  Elemental acquired an additional perpetual, uncapped 1.0% NSR royalty over Quilla’s Pampa Negra and Candelaria concessions, increasing Elemental’s royalty interest to a total of 3.0% NSR

We also unpack the rationale and risk/reward proposition from their news out on May 14^th announcing the definitive agreement to acquire all of the issued and outstanding common shares of Vizsla Royalties Corp. (TSX-V: VROY; OTCQX: VROY) by way of a court-approved plan of arrangement. 

The new dividend has highlighted, which provides investors the option of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.   Their board of directors believes that Elemental Royalty Corp is currently positioned on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.

Click to follow the latest news from Elemental Royalty Corp

To see a comprehensive list of all Elemental Royalty Corp assets:

https://www.elementalroyalty.com/our-assets/

2026 Asset Royalty Handbook now available:

https://wp-elemental-royalty-2026.s3.eu-west-2.amazonaws.com/media/2026/06/ELE-Royalty-Asset-Handbook-2026.pdf

If you have any follow up questions for Dave or Fred at Elemental Royalty Corp, then please email those to me at  Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Elemental Royalty Corp 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 welcome back Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF), to discuss the recent drill results from the RC Gold Project in the Yukon.

Key Discussion Points:

• The Blackjack Drill Results: A deep dive into the geological significance of Hole 128, which delivered a 348 meter intercept of 1.12g/t gold.
• The Depth Component: Why escalating grades at depth are reshaping the exploration model, shifting focus toward economic transitions from open-pit to underground operations.
• Rhosgobel Expansion: An analysis of the first seven holes of the season and how they are expanding the known footprint of this key target area.
• The Tungsten Advantage: The metallurgical potential of tungsten as a high-value byproduct to smooth out grades and boost overall project economics.
• What Lies Ahead: A comprehensive look at the progress of the aggressive 60,000-meter program and upcoming catalysts from high-priority targets like the Saddle zone and Pukelman contact.

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/

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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.

Shane Williams, President and CEO Of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the key metrics from Q2 operations which demonstrated substantially higher mined ounces and gold produced at their flagship Madsen Gold Project, in the Red Lake district of Ontario, Canada. 

Q2 Operating Highlights

• Mined tonnage increased 46% to 75,524 tonnes in Q2 from 51,616 tonnes in Q1, while mined ounces increased 73% to 10,459 ounces from 6,033 ounces in the first quarter, reflecting both higher mining rates and an increase in average mined grade.
• Gold production totaled 8,576 ounces during Q2 2026, representing a 51% increase from the 5,667 ounces produced in Q1 2026.
• Due to increased mine productivity a surface stockpile of approximately 10,768 tonnes had been generated by the end of Q2 representing approximately 1,500 contained ounces of gold based on estimated grades.
• The mill achieved average processing rates of approximately 842 tonnes per day (“tpd”). Over the second half of 2026, processing rates are expected to increase to approximately 1,000 tpd.

Shane reviewed that the development-focused strategy implemented during the first half of 2026 is now translating into measurable operating improvements as mine sequencing advanced to unlock multiple stoping fronts and operational flexibility continued to improve.  Additionally, all the exploration success had at the 4447 Zone is now factoring into mining and production here in H2, and he points to all the recent success at the 904 Zone having a similar trajectory with first mining anticipated in H2 of 2027.

Next we discussed the higher All-In Sustaining Costs (AISC) in Q4 and Q1 and how the ongoing ramp-up in production will steadily lower the costs over the next few quarters.  Shane highlighted that in the second half of this year that the shaft will be rehabilitated and begin hoisting ore, and this will further drive down costs over the next few quarters. The steady nameplate run-of-mine production and costs will likely be achieved in 2027 and beyond.  We also discussed that the higher oil and diesel prices were not a major cost input and have very muted effect on their underground mining operations where the site mostly runs on cheap hydroelectric power.

We then discussed the next phase of growth which will see satellite deposits like Fork, Starratt-Olsen, and eventually Rowan augment the production at Lower Austin and Austin South at Madsen.   The Company will be putting out a Pre-Feasibility Study in September wrapping updated economics around Madsen and factoring in how future production from Rowan would increase production growth and take the company to the next level of producer.

Wrapping up we discussed the many areas of focus for exploration and resource expansion, including greenfield surface targets, past producing brownfield areas like Starratt-Olsen and Mt Jamie, and underground targets as the company continues to dewater areas of Madsen that haven’t been touched by modern exploration or mining; with last mining occurring back in the 1960s and 1970s.

If you have any follow up questions for the team over at West Red Lake Gold please email me at  Shad@kereport.com.

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

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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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.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources Ltd (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF), joins me for an exploration update reviewing the visual takeaways and geological interpretation from the first 10 holes from the 2026 drill program at the Surebet Discovery on the Golddigger Property; located in the Golden Triangle, B.C. Multiple step-out intercepts of gold-bearing mineralization have expanded the Bonanza Zone by 750 meters to the southwest, the Golden Gate Zone by 400 meters to the south and 200 meters to the north.

The Company is in a strong financial position with a fully funded large 50,000 meter expansion drill program lined up in 2026, that will be testing the limits of the mineralization, as well as pushing the geological thesis and their understanding of the multiple types of gold mineralization.

• All drill holes completed thus far during the 2026 drill campaign have intersected quartz-sulphide mineralization which generally corresponds to high-grade gold mineralization.
• 10 out of 107 planned drill holes have been completed with a total of 4,983 m drilled in 2026.
• Visible gold to the naked eye (VG-NE) has been intersected in multiple veins and shear zones from 6 out of 10 holes drilled in 2026, continuing to confirm the consistency of the mineralization within the Surebet system that remains wide open in multiple directions
• Assays are pending on all 2026 drill holes completed to date.
• 5 drill rigs are turning at present, and 2 more rigs are on-site and will start up in a week.

This year’s program will be mainly focused on expanding their 5 Main Mineralized Zones at the Surebet Discovery. Much of the focus on these initial holes was stepping out and expanding the Bonanza Zone and Golden Gate Zone.  Data compilation and interpretation is underway which will be used to potentially vector in on the indicated Motherlode causative intrusive source to this extensive high grade gold system with widespread VG-NE.

If you have any questions for Roger about Goliath Resources, then please email them to me at Shad@kereport.com .

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

Click here to follow the latest news from Goliath Resources

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

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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.

Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join me for a visual exploration and development update on their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota, near existing mining infrastructure. We review all the drill results from 2025 and 2026 that will be incorporated into the upcoming resource estimate and Pre-Feasibility Study (PFS) in Q4, and the timeline of key development studies that will feed into updated Feasibility Study economics in 2027. We also highlight the upcoming drill program at their Maitland Gold Project, which will lead into a maiden resource estimate.

We start off with Shawn reviewing the existing site and regional infrastructure advantages along with the resources at Richmond Hill that were defined in prior years drilling, while Jack outlined the key economic metrics as outlined in the existing SK-1300 Internal Assessment of Cash Flow (IACF).  Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029.

The 2026 Drill Campaign is now complete, and it totaled 17,273 meters of infill, expansion, and geotechnical drilling across 112 holes. Results from the 2025 and 2026 drill campaigns at Richmond Hill are being incorporated into a Pre-Feasibility Study (“PFS”) in the fourth quarter of 2026.

• The exploration team has been encouraged by the series of solid results from the northeast expansion drilling, which continues to identify higher-grade zones that complement the large heap-leachable resource at Richmond Hill.
• This data will support an updated mineral resource estimate, refine the geo-metallurgical model, and deliver a single optimized mine plan with sequencing.
• Jack highlighted that the results being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results have encouraged their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.
• These trade-off studies that will factor into the upcoming PFS will be analyzing the fine-tuning of the project economics around the grade optimization, mine optimization, amount of material processed, and run-of-mine streamlining.

Supported by their $107 million cash position as of March 31, 2026, Shawn pointed out that this strong capital position has allowed the Company to announce that they’ve secured the electrical substation build slot and are advancing engineering, site layout, and operational readiness along the project’s critical path. These workstreams will go above and beyond reporting reserves in 2026 PFS, and metallurgical test results and engineering studies will then inform the Feasibility Study to be completed in the first half of 2027.

Shawn reviews the maps of where the key site build-out will go on the private land, but also highlighted the potential to expand the Richmond Hill Project out beyond into the forest service lands in the fullness of time.  There was information shared that there is also opportunities in the future for the sulphide material underneath the oxide material at Richmond Hill.

Wrapping up, Jack shares that the drill program for this year just got underway at the Maitland Gold Project, with 5,578 meters (18,300 feet) planned over 44 holes.

• The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.
• There may be some additional work into the JB Gold Zone which has iron formation mineralization similar to the Homestake Mine style of gold mineralization.  

If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to me at Shad@kereport.com.

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

Click here to follow the latest news from Dakota Gold

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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 Eric Roth, President and CEO of Capella Minerals (TSXV: CMIL / OTCQB: CMILF), to discuss the company’s latest exploration advancements across northern Finland under their earn-in joint venture with Tümad. Eric shares critical insights from the recently completed winter drill program at the Killero East project, detailing what the high-grade copper mineralization and newly defined structural corridors mean for the system’s overall scale. He also introduces the newly launched diamond drilling program at Killero West, where the team is actively targeting promising new gold-copper anomalies.

Key Topics Discussed:

• Killero East Drill Results: What the high-grade copper, silver, and zinc intervals reveal about a potentially larger massive sulfide system.
• Killero West Diamond Drilling Launch: Insights into the targets and goals behind the newly initiated scout drill program in northern Finland.
• Tümad Earn-In Joint Venture Update: Where Capella stands with its Year 1 funding and drilling commitments under the joint venture.
• Regional Pipeline Progress: An overview of upcoming results and permitting progress across the Company’s project portfolio. .

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

Click here to visit the Capella Minerals website to learn more about the Company. 

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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to for a conversation around how he is navigating this low pricing, low sentiment, low news, and low volume Summer Doldrums period in his portfolio.   This includes how he is approaching advanced developers versus earlier stage developers, and the spectrum of different gold and silver exploration companies.

We start off discussing the overall sector sentiment is mirroring the bearish metals and miners pricing backdrop.  This is also evidenced in the very low volume levels in trading the last couple months from the large producers and sector ETFs all the way down to the junior PM stocks.  There has not been nearly as much newsflow as anticipated across the space, where some companies have either sat on some news or scaled down their anticipated work programs.

Erik discusses how he is still animated by companies that have work catalysts that can impact their valuations and create alpha in the sector, and prefers those over more mature companies that have work programs that may only move the needle incrementally, and get stuck moving with sector beta and metals price direction.

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

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

 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 Monday Daily Editorial, we sit down with Craig Hemke, Founder and Editor of the TF Metals Report, to discuss the ongoing search for a bottom in precious metal, amidst low overall sentiment. Craig outlines the heavy slate of US economic data and high-profile central bank commentary on the horizon that could break the current trend.

The conversation highlights several critical factors shaping the markets this week:

• Upcoming Inflation Indicators: How the latest CPI and PPI prints could alter current expectations for rate hikes and impact real interest rates.
• Humphrey-Hawkins Testimony: A look at what the upcoming Federal Reserve testimony before Congress means for market direction and future monetary policy.
• Monthly Treasury Statement: A breakdown of the latest fiscal data, deficit spending numbers, and the long-term implications for bond yields and debt servicing.
• The Copper vs. Precious Metals Divergence: A compelling comparison explaining why copper remains resilient near all-time highs while gold and silver struggle to find near-term momentum.

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

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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.

Pinnacle Silver & Gold Appoints Auramet Capital Partners as Financier for El Potrero

• Securing Institutional Backing: What the alignment with a prestigious financier like Auramet means for the commercial roadmap of the El Potrero project.

• Capital Strategy De-Risking: How this strategic appointment changes the funding dynamic and mitigates typical dilution hurdles for retail investors.

• The Next Catalysts: Executive commentary on immediate operational milestones fueled by this institutional partnership.

Listen to the full interview with Pinnacle Silver & Gold

Surge Copper: Breaking Down the Key Metrics and Takeaways from the Berg Project PFS

• A Massive Tier-1 Profile: Exploring the newly declared Maiden Proven & Probable Reserves of 1.2 billion tonnes and what this scale implies for long-term production.

• The Economic Leverage: An inside look at the base-case after-tax NPV8% of C$4.6 billion vs. the stunning spot-price sensitivity scenario of C$9.4 billion.

• Infrastructure Advantages: How access to existing roads and low-carbon hydroelectric power positions Berg uniquely against other undeveloped North American copper giants.

Listen to the full interview with Surge Copper

Summit Royalties Completes Transformational Acquisition of Star Royalties

• The Copperstone Gold Stream: Key details on the highly anticipated 4% gold stream acquired on the development-stage Copperstone Project in Arizona.

• Valuation Disconnect vs. Peers: Why management believes the pro-forma entity is currently trading at a significant discount on a Price/NAV and future cash flow basis.

• Balance Sheet Strength: How a zero-debt position and ample cash-on-hand position the company for immediate subsequent royalty acquisitions.

Listen to the full interview with Summit Royalties

Apptly Health Technologies: Name Change, Network Growth, and Major Partnerships

• Scaling via Strategic Alliance: The mechanics behind the brand-new 3-year agreement with Emphera Health, targeting a self-funded employer market of over 40 million people.

• Network Multiplication: How the platform is instantly scaling from 5,000 to over 7,000 active specialists to capture direct-pay consumer healthcare demand.

• Elite Leadership Additions: The strategic reasoning behind the recent rebranding from UberDoc and the appointment of key healthcare titans to the advisory board.

Listen to the full interview with Apptly Health Technologies

BP Silver: Phase 2 Drilling Underway at Cosuño with Aggressive Exploration Strategy

• Following the High-Grade Clues: The geological targets of the newly commenced 2,000-meter diamond drilling program in Potosí, Bolivia.

• Pending Data Flood: What to look for as soil sampling assays return and property-wide airborne MAG surveys kick off this month.

• Expansion Blueprints: Management’s perspective on integrating geophysical datasets to prove up the true geometry and scale of these key vein and breccia systems.

Listen to the full interview with BP Silver

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