In this Daily Editorial, we are joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network, to examine a pivotal shift in market structure as major indices face technical deterioration and macro headwinds.

• Broad Market Breakdown: An analysis of the S&P 500 testing key moving averages, the breakdown in equal-weight market breadth, and how the quarterly futures roll-over is amplifying short-term volatility.
• Historical Seasonality Patterns: An overview of September and October volatility dynamics, unpacking the seasonal context and historical performance behind the classic sell Rosh Hashanah, buy Yom Kippur strategy.
• Macro Headwinds and Rising Yields: A review of the ten-year Treasury yield approaching five percent, persistent inflation prints, and the mounting pressure bond vigilantes are placing on Federal Reserve policy.
• The Energy Divergence: Why surging crude prices are breaking out to triple digits while major oil equities lag, and what this divergence reveals about profit-taking and inflation expectations.
• Rotation and Defensive Havens: A look at where capital is quietly hiding, from mega-cap tech and semiconductor momentum to low-beta, high-dividend defensive names.

Stocks and ETFs mentioned: SPY, RSP, IWM, USO, XLE, XOP, CVX, XOM, AAPL, MU, NVDA, KO, T, VZ.

Click here to read Joel’s article “Sell Rosh Hashanah, Buy Yom Kippur: Should Traders Pay Attention?” – https://www.stocktradernetwork.com/sell-rosh-hashanah-buy-yom-kippur-should-traders-pay-attention/   

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: 

• 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 Company Update, I am joined by Anthony Margarit, President and CEO of K2 Gold (TSX-V: KTO | OTCQB: KTGDF | FRA: 23K), to discuss the latest exploration drill results from the Dragonfly zone at the Mojave Project in California.

Key discussion points include:

• High-Grade Step-Out Assays: A review of newly released drill intercepts extending mineralization 40 meters beyond previous drilling, headlined by broad, multi-gram gold intervals alongside ultra high-grade sub-intervals.
• Parallel Stacked Structures: How incoming drill data is confirming a series of predictable, parallel-stacked structural zones rather than a single isolated vein system, while clarifying the overall geometry at depth.
• Near-Surface Mineralization: The discovery of unexpected gold intervals starting right at the surface, how these correlate down-dip to high-grade hits, and what geochemical signatures like arsenic are revealing about systemic continuity.
• Program Momentum and Upcoming News Flow: An update on the broader 14,000-meter drill program as rigs move to the Newmont target area, alongside the expected turnaround times for pending lab assays.

If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com. 

Click here to visit the K2 Gold website – https://k2gold.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.

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins us to review their Q2 2026 operations and financials, ongoing metallurgical studies, and expanded exploration and development work; across both of Luca’s producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.

Q2 2026 Highlights

• Strong and consistent quarterly revenue: Revenue increased 47% to $58.4 million compared with $39.7 million in Q2 2025 and remained above the $57.6 million generated in Q1 2026. First-half revenue reached $116.0 million, an increase of 43% over the comparable period of 2025. Q2 revenue included $1.9 million of negative provisional pricing adjustments related to concentrate shipments made in prior periods.
• Strong profitability continued in Q2: Net earnings were $10.5 million, or $0.04 per share, compared with a net loss of $3.2 million in Q2 2025. Together with the $12.6 million earned in Q1 2026, Luca generated $23.1 million of net earnings in the first six months of 2026, compared with $1.3 million in the first half of 2025. Adjusted EBITDA increased 156% year-over-year to $14.3 million for Q2 and for the first six months of 2026, Adjusted EBITDA reached $36.7 million.
• Positive free cash flow while continuing significant investment: Operating cash flow before working capital changes was $13.9 million during Q2 2026. After approximately $11.3 million of capital investment, the Company generated free cash flow before working capital changes of $2.6 million, compared with negative $3.2 million in Q2 2025. The quarter’s capital investment included continued spending on underground development, infrastructure and record levels of exploration activity.

Tahuehueto had a solid production quarter, where prior investments in the processing plant and underground development, combined with the transition to new mining contractor, La Cantera, contributed to improved operating performance. There will be a coming resource estimate and technical report on increasing the plant throughput out by year-end.

At Campo Morado, previously announced efforts to build a stockpile resulted in a quarter-over-quarter increase in mined tonnes while milled tonnes decreased. This temporarily reduced metal production and cash generation relative to the level of mining activity during the quarter. The stockpile was established to provide greater flexibility in managing mill feed as the Company advances optimization initiatives aimed at improving metallurgical recoveries in the near term, ahead of the anticipated recovery improvements from the Campo Morado Expansion. 

Dan outlined that the Campo Morado Expansion technical study, due out in H2 2026, would be comprised of:

• Building up the stockpile to blend the ore into the mill improving recoveries
• the potential for water treatment to reduce acidity
• trade-off studies on a finer grind size to improve precious metals recoveries

During the second quarter of 2026, the Company completed approximately 12,400 metres of drilling, a Luca quarterly record, taking the year-to-date drilled meters to ~ 22,000. Exploration activities were primarily focused on near-mine and resource expansion targets, achieving the objectives of extending mine life and improving production flexibility at the Company’s operating assets. There are 38 nearby targets around Campo Morado, identified by gravity surveys, that will start being systematically explored in the quarters to come.

Click here to follow the latest news from Luca Mining

If you have any question for Dan regarding Luca Mining, then please email those into me at  Shad@kereport.com.

• In full disclosure Shad is a shareholder of Luca 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 Substack reports:

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:

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

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review key milestones achieved this year from the updated Mineral Resource Estimate (MRE), Phase 1 Definitive Feasibility Study (DFS), environmental permit approvals from both provinces, RIGI approval, commencement of the bridge engineering phase, Phase 2 economics trade-off studies underway, board and management team additions, and the ongoing Phase 6 drill program on the Company’s wholly owned Diablillos property in the mining-friendly provinces of Salta and Catamarca, Argentina. 

In May the company released an updated Mineral Resource Estimate (“MRE”), which demonstrated significant growth across the Project, with Measured & Indicated (“M&I”) resources now totaling 232 million tonnes (“Mt”), containing approximately 248 million ounces (“Moz”) of silver and 2.54 Moz of gold (454 Moz silver-equivalent “AgEq”). For the first time ever, the DFS released in June now includes the Project reserves as proven and probable ounces.

DFS Study Highlights on just the tank leach portion of the Project, based on a stand-alone 9,000 tonnes per day (“tpd”) processing operation:

• After-tax NPV_5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices.
  • At spot prices, after-tax NPV_5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years.
• Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au;
  • Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”).
• Low All-in Sustaining Cash Costs (“AISC”)² of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally. 
• Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow. 
• Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.
• First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027.

The Company is working on an upcoming Phase 2 economics study:

• This will incorporate a PEA on the heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production.

• Trade-off studies are being reviewed that analyze the potential for higher throughput rates if there was a larger plant built, (possibly doubling throughput)
• Ongoing Phase 6 exploration program, further testing earlier-stage targets like Cerro Viejo, Condoryacu, as well as growing resource at Occulto East and JAC. This program will add to a resource update before the updated DFS next year.

Other Key Company Milestones:

• The Company has already received approval of the Environmental Impact Assessment (EIA)  {“Declaración de Impacto Ambiental” or “DIA”} from both the Government of Salta Province and the Catamarca Province in Argentina.
• The company has issued a Limited Notice to Proceed to Worley to commence the bridging engineering phase, and initiates the workstreams required to support a final investment decision (“FID”) targeted for the second quarter of 2027.
• Marie Inkster has been appointed as Executive Chair of the Board of Directors; Jeremy Weyland has been promoted to Chief Operating Officer; Wendy Kaufman, CPA, CA, has been appointed as a Director of the Company and will serve as Chair of the Audit Committee; John Naisbitt  has been appointed Project Director, and the Company is actively expanding its Project Development team with additional appointments expected in the very near term at both the Diablillos site and at the corporate level.

Click here to follow the latest news from AbraSilver Resource Corp

 If you have any follow up questions for John regarding at AbraSilver, then please email them into me at Shad@kereport.com.

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

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

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.

James Anderson, Chairman & CEO of Guanajuato Silver (TSX.V: GSVR) (OTCQX: GSVRF), joins us for a comprehensive update on Q2 2026 financials, year-to-date operations trends, the continued 16,000 meters of underground development work underway, and the key initiatives for their ongoing 75,000 meter drill program at each mine.

Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, the San Ignacio mine, and their recently acquired Bolanitos Gold-Silver Mine. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.  In addition to these 5 producing mines, the Company also has 3 past-producing exploration and development projects in their portfolio at the El Horcon Mine, Pinguico Mine, and Cebada Mine. 

Q2 2026 Highlights

• Revenue of $42.5M was consistent with the previous quarter, where revenue totalled $43.0M. Over 95% of revenue in Q2 was derived from the sale of precious metals.
• Net income remained positive in Q2 at $557,000; and $6.3M for the first half of 2026. This was the Company’s second consecutive quarter of net positive income.
• Silver production of 347,481 ounces represents a 2% increase over the previous quarter. 57% of revenue for Q2 was generated from silver sales. The gold-rich Bolanitos Mine remains in the process of ramp-up and full integration.
• The Company’s debt was substantially reduced in Q2; a total of 3,029 ounces of gold were paid down on the Company’s gold loan with Ocean Partners UK Ltd; this accelerated repayment eliminated all future monthly payments at a significant discount to the current gold price. The Company now has only one final payment due in April 2028. 
• Positive mine operating income for the quarter; the Company earned $9.1M in Q2 and $23.4M from operations for the first half of the year. Adjusted EBITDA* was also positive for the quarter at $5.8M and $20.6M for H1 2026.
• 300 ounces of gold sales per month were hedged at the fixed price of $5220/ounce; this hedge began at the beginning of the quarter and will run until December 2026. This hedge represents approximately 25% of current gold production.
• 20,000 ounces of silver sales per month were sold forward at the fixed price of $84.50/ounce; this hedge began in February and will run until September 2026.
• An additional 20,000 ounces of silver sales per month were hedged using a collar with a minimum price of $80/ounce and maximum price of $93 per ounce; this hedge began in April and will run until December 2026. Combined, these hedges represent approximately 34% of current silver production.
• Cash, cash equivalents, and short-term investments totaled $19.9M at the end of the quarter.

We reviewed how the All-In Sustaining Costs were affected not just by currency fluctuations and a large investment back into the 5 mines, but also due to shifts in the gold:silver ratio, and how that skews the silver equivalent metrics.

James outlines the key ongoing 2026 initiatives with the ongoing 16,000 meters of underground development work paired with the 75,000-meter drill program, currently utilizing 8 drill rigs to augment exploration initiatives. This is largest exploration program the company has ever deployed, with some areas getting the first meaningful resource expansion in many years.

If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.

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

Click here to follow the latest news from Guanajuato Silver

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

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, we welcome 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 assay results from the Rhosgobel deposit at the company’s flagship RC Gold Project in the Yukon. With seven drill rigs actively turning across multiple targets, Mike walks through the technical implications of recent drilling, key geological discoveries, and what these findings mean for the overall expansion of the resource footprint.

Key discussion points include:

• Headline Drill Results: An inside look at hole 71, its broad mineralized interval, and how an unconventional drill orientation confirmed a high-priority structural theory.
• Expanding Strike and Depth: Why fresh step-out drilling to the east and intercepts over 100 meters below the previous resource shell demonstrate the deposit remains wide open.
• Near-Surface Economics vs. Underground Potential: Insights into the deposit geometry, near-surface grade continuity, and the exploration thresholds being prioritized.
• The Strategic Tungsten Byproduct: How coarse scheelite mineralization within the gold-bearing quartz veins could provide a meaningful economic credit.
• Ongoing Catalysts Across Clear Creek: What investors can expect next as the team advances through a 60,000-meter drill campaign across both established and newly targeted intrusive zones.

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/ 
• 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.

Sue Riddell Rose, President and CEO, and Ryan Shay, CFO, of Rubellite Energy Corp. (TSX: RBY) (OTC: RUBLF), join us for an exclusive introduction to this growth-oriented heavy oil producer in South Clearwater and the Mannville Stack in Eastern Alberta.  We review their Q2 operations and financials, as well as a key disposition of the East Edson natural gas assets.

This morning, on September 8, 2026, the Company announced that it sold its 50% non-operated working interest in the East Edson natural gas assets in West Central Alberta to the third-party operator of the East Edson Assets for total consideration of $67.0 million, satisfied through the delivery by the Purchaser to Rubellite of 2.083 million freely tradeable common shares of Topaz Energy Corp. (TSX: TPZ).

Sue outlined that this sale of the East Edson property transitions Rubellite back to a pure play heavy oil company, sharpening their focus on the multi-lateral horizontal development of their Clearwater and Mannville stack assets where Rubellite’s technical expertise drives top-tier netbacks and capital efficiencies.

Ryan highlighted how there could be great reductions in decline rates, and improving production metrics, as they are engaged with pilot testing of utilizing water floods on many existing assets.  There have been a few operators in the Clearwater formation that have seen a large boost to their production and valuations as a result of executing on a water flood strategy.

Q2 OPERATIONAL HIGHLIGHTS:

• Total sales production: Despite very challenging spring weather conditions, Rubellite averaged total sales production of 13,406 boe/d in the second quarter of 2026 (67% heavy oil and natural gas liquids (“NGL”)), exceeding the top end of the quarterly guidance range of 13,300 to 13,400 boe/d.
• Heavy oil sales production: Averaged 8,534 bbl/d in the second quarter of 2026, just outside of the quarterly guidance range of 8,550 to 8,650 bbl/d.

• Exploration and development spending: Spent $41.0 million in the second quarter, within the guided range of $39.0 to $41.0 million. Second quarter spending included the drilling and completion of 9 net primary open hole multi-lateral (“OHML”) Clearwater development wells and 2 net polymer pilot producer-injector pair at Figure Lake; 1 (0.5 net) OHML Waseca South development well, 2 (1.5 net) OHML Waseca North development wells and 2 (1.5 net) GP wells at Frog Lake.

• Land and geological and geophysical spending: Spent $2.5 million on land to capture acreage in core areas and for exploration prospects and $0.2 million on geological and geophysical activities related to special core testing to inform enhanced oil recovery pilot work and various data seismic purchases. 

• Asset swap: On June 30, 2026, Rubellite completed an asset swap transaction that doubled the Company’s working interest in its Marten Hills Clearwater assets from 30% to 60%, in exchange for certain non-core undeveloped lands at Dawson and cash consideration of $0.8 million. The incremental 30% working interest represents approximately 191 bbl/d of heavy oil sales production based on second quarter 2026 average rates, which will be reflected in the Company’s production volumes beginning in the third quarter of 2026.

• Abandonment and reclamation: Spent $0.1 million on decommissioning, abandonment and reclamation activities and received three reclamation certificates from the Alberta Energy Regulator (“AER”) in the quarter, bringing the total to four in 2026.

Q2 FINANCIAL HIGHLIGHTS

• Adjusted funds flow: $35.2 million ($0.38 per share) in the second quarter of 2026, an increase of 6% from $33.4 million ($0.36 per share) in the first quarter of 2026.

• Cash costs: $23.5 million or $19.29/boe in the second quarter of 2026

• Net income: $34.1 million ($0.36 per share) in the second quarter of 2026
• Net debt: $158.1 million at June 30, 2026. During the first half of 2026, Rubellite’s capital expenditures, including land and other spending, of $76.5 million exceeded adjusted funds flow of $68.6 million. In addition, other obligations were settled, including a $3.8 million reduction of the other provision, $0.5 million of decommissioning expenditures, $0.8 million of cash-settled share based compensation payments and $0.8 million of cash consideration for the asset swap transaction.

• Available liquidity: During the second quarter, the borrowing limit was increased to $160.0 million from $140.0 million. As at June 30, 2026, available liquidity was $62.9 million, based on the increased $160.0 million first-lien credit facility borrowing limit, less $95.7 million of bank borrowings and $1.4 million in letters of credit.

Click here to follow the latest news from Rubellite Energy

If you have any questions for Sue or Ryan, regarding Rubellite Energy, then please email those to Fleck@kereport.com or Shad@kereport.com.

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

The KE Report: https://kereport.substack.com/

Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:

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

In this Daily Editorial, we are joined by Dave Erfle, Founder and Editor of The Junior Miner Junky, to review his recent on-the-ground due diligence site visits within and close to British Columbia’s Golden Triangle. Dave provides first-hand observations from touring Cassiar Gold Corp. (TSX-V: GLDC, OTCQX: CGLCF) and Scottie Resources Corp. (TSX-V: SCOT, OTCQB: SCTSF), detailing active drill campaigns and key strategic catalysts.

• Cassiar Gold Project Footprint: High-level takeaways from touring the 59,000-hectare property, comparing the bulk-tonnage Taurus deposit with the high-grade optionality at Cassiar South.
• Funding Discipline and Strategic Optionality: The critical balance between current cash burn and why monetizing or joint-venturing the southern ground could unlock value without heavy dilution.
• Scottie Resources Operational Footprint: First-hand observations from Stewart, BC, including deepwater port access and eight active drill rigs executing an aggressive 50,000-meter program.
• Project Economics and Regional Synergies: How direct-ship ore potential, bulk-sample economics, and neighboring infrastructure near the Premier mill create toll-milling or acquisition opportunities.
• Comparative Junior Mining Risk Profiles: Weighing the risk/reward differences between early-stage exploration targets and near-term feasibility assets heading toward development.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter – https://www.juniorminerjunky.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.

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

• Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) – On September 1, 2026, the Company announced assay results from the initial 10,000 meters completed as part of an ongoing 50,000-meter drilling campaign at the Company’s flagship Cerro Caliche gold project in Sonora, Mexico.

• A total of 46 reverse circulation drill holes were completed at the central-western region of the property where the Company proposes to develop an open-pit, heap leach mining operation as outlined in the technical report titled “Updated Mineral Resource Estimate and Preliminary Economic Assessment (the “PEA”) on the Cerro Caliche Gold Project,” dated December 4, 2025.

• Delta Resources Limited (TSXV: DLTA) (OTCQB: DTARF) (FSE: 6GO1) – On September 1, 2026, the Company announced the appointment of Zach Flood and Joseph C. Milbourne to its Board of Directors.

• Flood is an experienced geologist with a broad international background in mineral exploration across Asia, Africa, and the Americas. He co-founded Kenorland Minerals Ltd. in 2016 and has since led the Company’s growth into a premier project-generation and royalty company.
• Milbourne is a highly experienced metallurgist and mining executive with more than 50 years of experience in metallurgy, mineral processing, process engineering and technical project evaluation. Mr. Milbourne has held senior technical and operational positions with Troilus Mining Corp., Belo Sun Mining Corp., Sulliden Gold Corporation, AMEC Mining & Metals, Eldorado Gold, Cominco and other international mining organizations.

• Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTCQB: EQTRF) – On August 25, 2026, the Company announced the results of four additional drill holes, MBA-040 to 043, which tested the western extension of the Maria Bonita gold porphyry system. Two of these drill holes returned wide intervals of gold mineralization, confirming the presence of a new mineralized early porphyry body, previously detected in hole MBA-036 (70.6m @ 0.5g/t gold); see press release dated May 12, 2026.

• Drill hole MBA-042 intersected three intervals of gold mineralization, comprising a total of 282m downhole, including 2m @ 0.4g/tgold from surface, 45.4m @ 0.3g/t gold from 61.9m depth and 200.4m @ 0.3g/t gold from 113.2m depth

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 they may also be site sponsors of The Hedgeless Horseman website at the time of this recording.

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.

Stefan Sklepowicz, CEO of Kirkland Lake Discoveries (TSXV: KLDC) (OTCQB: KLKLF), joins me for an exploration update on the first two holes from the regional testing around the Mirado deposit in KL South. MZ target holes KLM26-035 and KLM26-037 successfully intersected multiple broad intervals of gold mineralization and high-grade gold. Their district-scale exploration portfolio, spanning KL West, KL East, and KL South is located in the Kirkland Lake region of Ontario’s Abitibi Greenstone Belt; one of the most prolific mining districts in the world.

Mineralization and alteration of these holes are consistent with the Mirado South Zone and are interpreted to be contiguous with the historical deposit.  As such, the Company has renamed the MZ Zone to “Mirado West.” These holes are part of the ongoing summer 2026 drill program at KL South Project, 18 km south of Kirkland Lake, with 19 additional holes pending.

Highlights

• KLM26-037 – 1.22 g/t Au over 69.50 m from 33.00 m including 5.67 g/t Au over 12.00 m
• KLM26-035 – 0.35 g/t Au over 21.18 m from 19.50 m
  • and 0.65 g/t Au over 15.83 m from 65.20 m
  • and 0.34 g/t Au over 11.23 m from 95.50 m
  • and 36.72 g/t Au over 1.01 m from 174.50 m
  • and 0.89 g/t Au over 11.60 m from 222.40 m
• Mineralization and alteration are consistent with the Mirado deposit, extending mineralization more than 600 m west and bringing the lateral mineralized footprint to over 1,300 m.

19 holes pending results

• • Nine from Mirado North and South
  • Four from Mirado West
  • Six regional targets

Stefan outlined that intercepting broad, near-surface gold mineralization validates their regional targeting and significantly scales up the project, by extending the mineralized footprint to over 1,300 metres. This is demonstrating that Mirado is part of a much larger, contiguous gold system. With 19 holes still pending, including four more from this newly renamed Mirado West, the company is eagerly anticipating the rest of the summer program’s results.

If you have any questions for Stefan about Kirkland Lake Discoveries then please email them into me at Shad@kereport.com.

Click here to follow the latest news from Kirkland Lake Discoveries

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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to recap their Q2 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 District.  Additionally, we discussed the path forward at the recently acquired Del Toro mining complex, and the increased drill program to 30,000+ meters of drilling at the property starting in the second half of this year.

Q2 2026 Highlights

• Revenues: Silver revenues for the quarter totaled $5.0 million ($75.65 per ounce) and gold revenues totaled $4.3 million ($4,529 per ounce). Silver revenues for the quarter ended June 30, 2025 (“Q2 2025“), totaled $2.2 million ($33.36 per ounce) and gold revenues totaled $3.6 million ($3,272 per ounce).
• Adjusted EBITDA of $3.5 million for the six months ended June 30, 2026 (“H1 2026“) compares to $2.6 million for the six months ended June 30, 2025 (“H1 2025“).
• Gross Profit was $1.58 million for Q2 2026, as compared to $1.69 million for Q2 2025.
• Cash from Operations: the Company generated $1.89 million of cash from operating activities in H1 2026 as compared to $1.37 million in H1 2025.

• Cash and Cash Equivalents at June 30, 2026 totaled $22.2 million, with $25.0 million in working capital, compared to $13.2 million and $14.4 million at March 31, 2026, respectively.
• Daily Production is now reaching up to 672 tonnes per day (“tpd“), a 34% increase over the previous level of 500 tpd.
• Del Toro Acquisition: Following shareholder approval (April 28, 2026 news release) and Mexican Antitrust approval (announced May 22, 2026), the Company closed the acquisition of a 100% interest in the Del Toro silver mine, as announced on June 22, 2026. With this acquisition, Sierra Madre completed a concurrent financing for gross proceeds of CAD$57.5 million.
• Geologic mapping and sampling have started at Del Toro with a re-evaluation of surveys underway and drilling expected to start in mid-2027.
• East District Exploration: Following quarter-end, as released on July 14, 2026, Sierra Madre received approval to start drilling in the East District of the Guitarra complex. Target definition work is underway with drilling bids in hand for a long-hole sub-horizontal drill program planned from the Tlacotal property (a permitted area designated for mining). Drilling is expected to start in H2 2026.
• First Majestic Loan Repayment: As announced on July 8, 2026, the Company has fully repaid the US$5 million non-revolving, secured term loan with First Majestic Silver.

Operational Details

• Production: Ahead of the Phase I and II expansion plans, Sierra Madre selected a contractor to ramp up production from the higher-grade Coloso and Nazareno mines; contractor operations started mid-June. Sierra Madre miners and equipment are now focused on accelerating production at the Guitarra mine.
• Costs: The Q2 2026 cash costs were negatively impacted by the ramp up and development work at Coloso and Nazareno, leading to a significant share of production being sourced from development drives and out-of-resource, lower grade mineralization. While adding to top-line revenues, increased commodity prices also add to our cash costs through increased royalty payments and taxes. The strengthening Mexican peso against the US dollar, inflation impacts on inputs, and rising worker pay rates also affected costs.
• Recoveries: Gold and silver recoveries declined as the ongoing development work opened new mining areas and resulted in a blend of feed from three mining centres. Sierra Madre has built a metallurgical lab at the site to optimize the blending protocol.
• Power Generation: In Q2 2026, power outages continued due to weather incidents, increasing costs. Sierra Madre acquired a 1,250-kilowatt (“kW“) back-up diesel generator for Coloso and Nazareno (installation is underway), plus two 1,500-kW back-up diesel generators for the plant. Installation of the two Guitarra generators was completed mid-August 2026 and are expected to be fully operational in September.
• Equipment: The transfer of a narrow-profile Muki jumbo drill to the Guitarra mine is expected to support development and production of narrower and higher-grade veins in the San Raphael area and of the Juliet vein. Following quarter end, the rebuild of a 0.5-yard scoop tram has reduced dilution and mining costs for the Juliet vein.
• Sierra Madre also purchased two haul trucks in April, to replace rental units used in the tailings buttress program and for Coloso haulage, which are expected to lead to cost reductions. Two scoops were also acquired to support increased mining rates with the expansion.
• 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^[1]). In September 2025, Sierra Madre also announced the restart of mining at the Nazareno mine.
• At Coloso, dewatering of the lower levels has been accelerated and production from resource blocks below the existing workings is expected to start in the second half of 2026. Nazareno began full production from long-hole stopes on the 180 level in late April 2026.

Expansion Progress

• As announced on September 8, 2025, the Company has initiated a plan to expand production capacity at Guitarra in a two-phase program with the first phase aimed at increasing the nameplate capacity of the mill from 500 tpd to a range of 750-800 tpd. The second phase is anticipated to be completed by Q3 2027, with the aim of increasing the capacity to a range of 1,200-1,500 tpd at Guitarra.
• With the larger-than-planned mill purchased for Phase I, additional foundation and electrical work was required – Sierra Madre now anticipates achieving Phase 1 production capacity before the end of Q3 2026. The purchase of this larger mill has moved the completion of this aspect of the Phase II expansion ahead of schedule.
• Since the end of Q2 2026, foundation work has been completed for the ball mill, support equipment, and building enclosure, with an overhead crane installed.
• Modifications to the existing mill and the installation of larger capacity pumps resulted in an increased total mill throughput capacity: daily production is now reaching up to 672 tpd, a 34% increase over the previous level of 500 tpd.
• Refurbishment of the used ball mill, purchased in December 2025, was completed at the end of Q1 2026, increasing its rated milling capacity to 900 tpd.
• A standard head crusher, purchased in Q4 2025, started full operation in April 2026 (two months ahead of schedule). Together with modifications to the primary crusher, this addition is expected to allow the circuit to surpass the Phase I objective of 750-800 tpd.
• Thickener tank construction was completed in mid-August 2026, with testing of the mechanical and electrical circuits underway – the thickener is expected to be functional by the end of September. Shipping delays pushed back completion from the original late June 2026 estimate.
• The thickener is designed to thicken tailings to ±60% solids, allowing a significant portion of the tailings to be pumped directly to open stopes below the main San Raphael mine level, using existing tailings pumping equipment.
• Sierra Madre has also chosen to proceed with the construction of the new permitted dry stack tailings storage facility. Site clearing is expected to start in October. Construction of a filter plant and a second thickener will also be needed for the Phase II expansion.

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

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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.

Global debt dynamics, sticky structural inflation, and shifting monetary policies are stripping central banks of their control over long-term interest rates. In this episode of the KE Report Weekend Show, macro strategist Peter Boockvar breaks down why bond vigilantes are dictating terms to fiscal authorities and how severe underinvestment has launched a broad-based commodity supercycle. Shifting to the charts, fund manager Dana Lyons maps out why copper and energy equities are quietly diverging to the upside while market internals beneath the S&P 500 begin to flash late-cycle warning signs. 

• Segment 1 & 2 – Peter Boockvar, Chief Investment Officer at One Point BFG Wealth Partners and editor of The Boock Report on Substack, kicks off the show to share his perspective on key global macroeconomic trends. He analyzes policy friction between the Federal Reserve and the U.S. Treasury regarding bond yields, evaluates the uneven nature of U.S. economic growth, and outlines his bullish outlook for commodities, energy, and precious metals. 
• Click here to follow Peter at The Boock Report – https://peterboockvar.substack.com/

• Segment 3 & 4 – Dana Lyons, fund manager and editor of The Lyons Share Pro, joins the program to share his technical outlook across major commodities, equity benchmarks, and macro trends. He highlights constructive setups in copper and energy equities alongside a cautious “buy-the-dip” posture in precious metals, while warning of emerging internal cracks in broad U.S. stock indices and projecting a secular, multi-decade rise in interest rates. 
• Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services – https://lyonssharepro.com/ – This weekend Dana is offering 30% off memberships! Just click the link and sign up. 

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:

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In this Daily Editorial, we welcome back Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of the Marc to Market website. Marc breaks down a volatile week across macro markets, reconciling surprising economic releases with muted market reactions and evaluating where global monetary policy is headed next.

• Deconstructing the Labor Data: Why a blowout headline payroll number might be masking underlying household vulnerability, five-year lows in wage growth, and persistent seasonal distortions.
• The Energy and Yield Disconnect: How crude oil surged over 9% in a single week while long-term Treasury yields barely budged, challenging standard inflation and demand assumptions.
• The Truth About the Yen and Carry Trades: An analysis of whether Bank of Japan rate moves are genuinely shifting global capital flows or if U.S. fiscal deficits and interest rate spreads remain the true drivers.
• Global Monetary Divergence: What to expect from the European Central Bank and regional central banks as they weigh stubborn inflation against shifting sovereign reserve allocations.
• Political Fault Lines in Europe: Why upcoming German state elections and French political positioning could spill over into currency markets and ECB policy.

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 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, we sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | Frankfurt: 6MR1). David discusses the latest drill results from the Umm Hadid Project in the Kingdom of Saudi Arabia, the structure of the joint venture with Sumo Holding, and the near-term catalysts awaiting investors at the flagship Bethania mine in Peru.

• Umm Hadid Drilling and Discovery Potential: Drill results from the Saudi Arabian joint venture reveal both high-grade silver narrow intercepts and wide, lower-grade halos that could open the door to multiple mining concepts.
• Path to a Maiden Resource Estimate: Ongoing exploration across extensive vein systems at Target 1 continues to build the geological model toward a potential initial resource calculation following the current 10,000-meter campaign.
• Joint Venture Terms: The earn-in structure allows Kuya to increase its ownership interest from 5% to 45% by April of next year under dollar-for-dollar reimbursement terms.
• Near-Term Bethania News Flow: Beyond Saudi Arabia, Kuya has a pipeline of upcoming announcements from Peru, including quarterly production updates, Carmelita plant closing progress, and multiple exploration releases.

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, we chat with Roy Greig, Vice President of Exploration at Getty Copper (TSX-V: GTC, OTCQX: GTCDF), to review recent drill results from the Getty South target within British Columbia’s prolific Highland Valley copper district.

• High-Grade Intercepts at Getty South: An initial look at headline results featuring shallow, high-grade copper mineralization alongside broad, bulk-tonnage intervals.
• Porphyry vs. Breccia Dynamics: How Getty South’s breccia-hosted system contrasts with the classic porphyry style at Getty North and what that means for overall grade potential.
• Modern Geophysics Meets Historic Data: The exploration strategy behind integrating decades of historical data with modern induced polarization chargeability anomalies to target deeper mineralized zones.
• Assay Catalysts and the Fall Drill Campaign: What to anticipate next as pending assays arrive from the remaining Getty South drill holes and planning advances for a multi-target fall program.

Feel free to email us with any follow up questions for Roy. Our emails are Fleck@kereport.com and Shad@kereport.com. 

Click here to visit the Getty Copper website – https://gettycopper.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 Company Update, we are joined by Simon Dyakowski, President and Chief Executive Officer of Aztec Minerals (TSX-V: AZT | OTCQB: AZZTF), to break down the latest high-grade drill results from the North Extension target, on the Tombstone Property in Arizona.

Key discussion topics include:

• Expanding the Strike Length at Tombstone: An overview of recent step-out drilling from the North Extension target and how it significantly lengthens the continuous mineralized footprint beyond earlier limits.
• High-Grade Intercepts and Structural Trends: Insights into the continuity of mineralization, emerging structural patterns across the district, and the geological implications of the latest assay batch.
• Aggressive Follow-Up and Exploration Strategy: Details on active drilling plans through the autumn months, targeting parallel structures, and assessing regional high-grade silver prospects.
• Funded for Key Milestones: Discussion on the recently closed and upsized bought-deal financing, pending warrant proceeds, and the planned path toward a maiden resource estimate and future economic study.

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/

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.

We are joined by Michael Rowley, President & CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), to provide the key metrics and takeaways from updated and expanded Mineral Resource Estimate (MRE), over double the prior resources, for its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana, USA.   We also unpack the larger value proposition at the Stillwater West project as far as what it would mean to a major metals producer and potential suitor in a development scenario, and what it would mean for both the state of Montana and the USA overall as a domestic supply of critical minerals.

The updated estimate includes 805.1 million tonnes of Inferred Mineral Resources grading 0.34% total nickel equivalent (“NiTEq”) containing 4.8 billion pounds of nickel, copper and cobalt, and 7.4 million ounces of platinum, palladium, gold and rhodium in a base-case model using a 0.20% NiTEq cut-off grade.

• The resource also includes a further 29.4 million tonnes of Indicated Mineral Resources grading 0.38% NiTEq containing 190 million pounds of nickel, copper and cobalt, and 0.359 Moz of platinum, palladium, gold and rhodium.
• Higher cut-off grades at 0.35% and 0.50% NiTEq are also presented as a sensitivity representing higher-grade zones.

The 2026 MRE reflects a substantial advancement in the Company’s understanding of the Stillwater West mineral system, incorporating additional drilling, robust verification of historical data, refined geological and structural interpretations supported by comprehensive geophysical survey coverage, and an updated geologic and resource model. The updated estimate provides a stronger technical foundation for continued resource expansion, planned metallurgical testing and mining studies to support the advancement of one of North America’s largest undeveloped polymetallic critical mineral systems.

2026 Mineral Resource Estimate Highlights

• Resource estimate comprises 29.4 million tonnes of Indicated and 805.1 million tonnes of Inferred Mineral Resources containing 3.01 Blbs nickel, 1.52 Blbs copper, 283 Mlbs cobalt, 2.28 Moz platinum, 3.97 Moz palladium, 864 thousand ounces gold, and 310 Koz rhodium at 0.20% NiTEq cut-off.
• First definition of an Indicated Mineral Resource, marking an important milestone in the advancement of the Stillwater West project and reflecting substantially increased geological confidence.
• Significantly expanded resource estimate for priority critical minerals including nickel, copper, cobalt, and rhodium, making Stillwater West the largest known rhodium deposit in North America and the largest nickel and cobalt deposit in an active US mining district.
• Expansion of Inferred chromium resource to 6.6 Blbs confirming the Stillwater complex as one of the only past-producing and current significant resources in the United States. No economic or recovery assumptions have been made about chromium which co-occurs with the other metals, and it is not included in the NiTEq calculations.
• Four zones are modeled across the central 10-kilometers of the project area, with the updated geological model combining the previously separate CZ and Central deposits at Iron Mountain.
• Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.

Mike shares how the geological model is holding together precisely as expected, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.  3 drill rigs have been turning at both Iron Mountain and Chrome Mountain, and assays are pending from fresh drill core still coming off the mountain during the 2026 program.

If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of Stillwater Critical Minerals 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 Stillwater Critical Minerals

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, we welcome back Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network, to break down the broad-based risk-on momentum carrying major indices higher. Joel provides his perspective on market breadth, macro crosscurrents, and where institutional capital is moving across key sectors:

• Underlying Drivers of the Risk-On Move: How short-term oversold conditions and resilient economic data triggered a wave of green across major equity indices.
• Interest Rate Expectations and Fed Policy: Why the Federal Reserve may hold steady longer than anticipated, and how rate stability can benefit equity valuations.
• Bitcoin Breakout and Risk Appetite: What the digital asset’s climb out of summer consolidation indicates about broader market liquidity and sentiment.
• Earnings Health and Enterprise Capex: How enterprise software giants are pushing back against spending concerns and proving the durability of enterprise tech.
• The Role of Sector Rotation: Why capital flows away from overvalued mega-cap names into healthcare, energy, and defensive equities signal a durable market rather than a systemic breakdown.
• Portfolio Strategy in Extended Markets: Identifying selective opportunities in overlooked, beaten-down stocks while managing valuation risks.

Stocks and Assets Mentioned: AAPL, AVGO, CRM, MRK, MSFT, MU, NOW, NUE, NVDA, TSLA, BTC

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: 

• 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, we welcome back Brien Lundin, Editor of Gold Newsletter and Host of the New Orleans Investment Conference (taking place October 28–31). Brien unpacks the shifting macroeconomic backdrop driving the precious metals complex, the widening divergence between sovereign debt reality and monetary policy, and why gold continues to demonstrate remarkable resilience. We also take a deep dive into mining equity valuations, comparing producer cash flows against tech sector spending, followed by boots-on-the-ground takeaways from recent site visits to active exploration projects across the Yukon.

• Gold Breaking Traditional Correlations: How gold is demonstrating rare strength by advancing alongside rising Treasury yields, signaling a major structural shift in global sovereign debt sentiment.
• Bond Vigilantes vs. Fiscal Reality: Why market forces are challenging central bank messaging and administrative efforts to suppress long-term borrowing costs under a growing national debt burden.
• Producer Economics vs. General Equities: Why senior gold producers are generating unprecedented margins and free cash flow yields relative to capital-heavy sectors like tech.
• Yukon Exploration Insights: Key observations and upcoming catalysts from recent project tours examining scale, infrastructure, and high-grade discovery potential.
• Economic Studies vs. Drilling Growth: The strategic debate between publishing early project economics versus prioritizing continuous resource expansion in an advancing bull market.

Companies Mentioned:

• Banyan Gold Corp. (TSX-V: BYN / OTCQB: BYAGF)
• Gladiator Metals Corp. (TSX-V: GLAD / OTCQB: GDTRF)
• Prospector Metals Corp. (TSX-V: KLD / OTCQB: PRMCF)
• Newmont Corp. (NYSE: NEM / TSX: NGT)

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. – https://neworleansconference.com/korelin/ 

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.

John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic forces at play between monetary policies and fiscal policies, both domestically and internationally. This is accented by the geopolitical ramifications on the inflation outlook, especially as it relates to the energy sector via rising oil and diesel price trends.  We also get John’s outlook on key metals like copper, gold, silver and what kinds of resource stocks that he is animated by in this environment.

We start off dissecting the opposing policy initiatives and stated goals of fiscal policy from the US Treasury Department, versus the monetary policy approaches and messaging by the Federal Reserve.

• US Treasury Secretary, Scott Bessent, recently showed a bit of desperation by intervening in the Japanese Yen in early August to stave off potential runs on US treasuries, and tried to intervene in long-dated bonds, to try and bring down the long-end of the yield curve.
• Kevin Warsh roiled markets some in late August, where his remarks from the Jackson Hole banking symposium were taken as hawkish by the markets, where he has signaled being open to hiking rates to fight the effects of persistent inflation above their stated goal.
• John points out the incoherent approach in the US between these 2 opposing forces.

Next, we got John’s take on the energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation.

• John points out how diesel prices are woven into the fabric of everyday life through freight, manufacturing, farming equipment, and how the record crack spreads from refining are going to result in higher inflation metrics.  
• At the same time the US is having a “war of choice” that is causing inflation in the form of higher oil prices and higher crack spreads on diesel pricing; the Fed is still considering hiking rates to fight inflation. Those 2 forces could lead to a recession if the trends don’t change in the near-term.

This leads into the observation of the continued strength in the copper price, holding up near all-time highs, despite what should be macroeconomic and geopolitical headwinds.

• John shares why he remains longer-term bullish copper price appreciation due to the compelling supply/demand fundamentals.
• He also shares why he is short-term constructive on copper producers and key junior development assets that may become acquisition targets by the senior companies.
• The caveat John mentions is the unknowable nature of the medium-term. If there is an economic recession brought about by the softening in AI data center buildouts, or a rolling over of the lofty valuations in US equities, then this could also still pressure copper and copper stocks to the downside.

Wrapping up, we review the strong financial health of the gold and silver producers and highlight that metal producers will need to look to growing production through purchasing more mineral inventories in the ground via advanced development projects or currently producing assets.

• PM producers and royalty companies just reported a great Q2 earnings season in August, continuing to highlight increased revenues and rising cashflows, despite many companies seeing flatlining or even declining production metrics.
• The strong metals prices have been seemingly more germane to earnings than strong fundamental growth has been. Cashed up gold and silver producers will eventually need to replace their depleting reserves, so the environment is present to start seeing more mergers and acquisitions for the balance of this year and next.

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

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.