• [We had some technical challenges with Dave’s audio, and cleaned it up as good as possible, but felt the content was so relevant that it was important to get it out to KER listeners]

In this Daily Editorial, we are joined by Dave Erfle, Founder and Editor of Junior Miner Junky, to discuss some fundamental and technical investing insights around the recent pop higher in the precious metals sector.   Gold, silver, and the PM stocks have been moving up the last 2 weeks, and copper has been trading up at all-time highs the last few trading sessions.   Dave reviews the macroeconomic factors moving the larger markets but balances out the longer-range trends with some more near-term technical levels he is watching.  He also provides some fundamental insights into some of the stocks held in the JMJ portfolio, and how he is managing this current environment. 

Key discussion points include:

• Macro Market Movers and Geopolitics: He discusses the soaring oil and gas prices and global food scarcity due to the war in the Middle East and continued closure of the Strait of Hormuz as factors creating uncertainty in the markets. However, Dave points out that none of the fundamental drivers behind gold’s ascent have changed, from sovereign debt to central bank buying, and lack of open interest in the COT.
• Technical Outlook on Gold and Silver:  The precious metals have been stuck in rangebound trading and a consolidation for the last 7 weeks, and he feels it would be healthy to see things consolidate a bit longer, to build the energy to really move higher.  Dave would like to see gold break out above $4,900 and for silver to break decisively above $90 to get more confident that this consolidation phase has run its course.
• The Gold Miners Bullish Percentage Index: Dave has pointed out the last few weeks that when the (BPGDM) got down to an 11 reading in late April that this demonstrated how oversold the gold miners were getting, and so a rally higher seemed quite probable.  Now that this has played out, he is looking for more traction and technical confirmation signals in the mining stocks.
• Key Moving Averages for GDX and GDXJ: The key technical level Dave is watching on the precious metals ETF charts is the 18-week moving average; which has recently acted as overhead resistance.  Pricing in GDX, GDXJ, SIL, SILJ have just recently moved above this level, but his preference would be to see pricing come down to test it the 18-week SMA as support that holds to signal that the next leg higher is on stronger footing.
• Precious Metals Stocks Breaking Out Of March Consolidation Patterns: Dave points to precious metals stocks that have had strong fundamental newsflow saw corresponding outperformance, based on their company catalysts. He flagged the strong performance over the last couple months coming out of the March consolidations in JMJ portfolio stocks like AbraSilver Resource Corp. (TSX: ABRA) (OTCQX: ABBRF), Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF), Maple Gold Mines Ltd. (TSXV: MGM) (OTCQX: MGMLF), Thesis Gold & Silver Inc. (TSXV: TAU) (OTCQX: THSGF).
• Bull Market Playbook and Portfolio Strategies: Dave outlines his systematic rules-based approach to trimming partial positions in portfolio positions that have moved up multiplefold to redeploy those gains into new positions; flagging the rebalancing approach in Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) as an example.
• Direct and Indirect Copper Exposure:  Dave has indirect exposure to copper exploration in some of the aforementioned precious metals companies like AbraSilver Resource and Thesis Gold & Silver, but also pointed out the big win he and his subscribers just realized in direct copper exploration success through Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF); which is currently being acquired by Hudbay Minerals Inc. (TSX: HBM, NYSE: HBM).   He is monitoring a few copper developer names on his watchlist for accretive entry points which he will communicate with his subscribers.

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. 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, and companies profiled may be sponsors of the KE Report.

Jordan Rusche, Founder of Mining Stock Monkey, joins us for an in-depth and nuanced discussion around key metrics and trends in Q1 earnings reports from the gold and silver producers and PM royalty companies; along with which companies he is actively trading in his portfolio. 

We start out getting Jordan’s perspectives from this Q1 earnings season in the PM producers, touching upon initiatives around paying down debt, share buybacks, and dividends.  We counterbalance those trends with how companies are also investing in growth through mergers and acquisitions.

• We discuss some general takeaways in the earnings reports from how the majors are managing increasing costs from higher fuel costs to labor to sustaining capital in Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM), Barrick Mining Corporation (NYSE:B)(TSX:ABX), and Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) .
• We check in on the positive market reaction in the Q1 report from B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G), but Jordan also couches the enthusiasm with the fundamental factors pointing to the potential for rising AISC figures for the balance of this year.
• Trends in capex and sustaining capital trends in the gold producers.
• Jordan breaks down why Agnico Eagle paid a premium for Rupert Resources Ltd (TSX: RUP) (OTCQX: RUPRF) (FSE:R05), in the recent acquisition of their project in Finland.
• Should senior producers be more focused on mergers and acquisitions for growth, over the recent focus on return to shareholders through share buybacks and dividends?
• Next we shifted over to the record revenues witnessed in Q1 earnings reports from the royalty and streaming companies.  While revenues are up in a big way, that is not typically been from growing gold equivalent ounces (GEOs).  Jordan highlights the longer-term investing thesis required to realize the growth potential in production metrics in a company like Royal Gold, Inc. (NASDAQ: RGLD).
• Sticking with royalty companies, Jordan highlights the strong copper exposure and future growth on tap across multiple commodities in Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE). 

Get 25% off Mining Stock Monkey VIP. {Limited to 10 sign ups}:

https://miningstockmonkey.com/products/vip?promo=KE25MAY

Sign up for Jordan’s free “Silverback Letter” here:

https://miningstockmonkey.substack.com

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

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

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

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

Terry Lynch, CEO of Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), joins me for another exploration update catching us up on multiple news releases from the Lion Zone as part of their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We also discuss all the pending results still at the assay lab, other key regional exploration targets of interest for 2026 drilling, and the various technology being deployed behind their drill targeting.

Additional drill holes continued to add and refine the high-grade Lion Zone ahead of the 2026 Mineral Resource Estimate (MRE). The infill drill holes in this release cover approximately 560 m down plunge extent from the core of the Lion Zone (PML-26-095) to central southwestern Lion area (PML-26-069) (Figure 1). These holes highlight both the robust near surface mineralization as well as returning the deepest high-grade intercept at Lion. These holes will be incorporated into future mineral resource estimates and highlight the potential for open pit development.

• Drill hole PML-26-095 which intersected the interpreted core of the Lion Zone with wide intersections of high-grade copper near surface with 22.00 m @ 11.46% CuEqRec including 6.50 m @ 18.59% CuEqRec and including 4.00 m @18.62% CuEqRec

• Drill hole PML-26-094 which intersected the interpreted core of the Lion Zone and adds further support to wide intersections of high-grade copper near surface with 17.45 m @ 9.47% CuEqRec1 including 6.30 m @ 17.91% CuEqRec.

• Drill hole PML-26-101 tested the zone approximately 100 m east of PML-26-094 at a slightly deeper vertical depth and contained high grade over a very wide intersection with 39.00 m @ 5.66% CuEqRec1 including 9.20 m @ 15.18% CuEqRec1.

The exploration team will be back to drilling again in June with six-rig drill program focused on expanding the mineralized around the Lion Zone both stepping out looking for other broad mineralized zones, and also testing the depth testing the potential “Elephant Zone,” at the Tiger Deep Zone and  at Lion West. Additionally, new polymetallic targets are being tested in fan holes at the Hydro Fold-Hinge Zone, which will utilize borehole EM technology.  There will also be the utilization of Muon tomography interpreting cosmic rays through rock density to focus on broad mineralized potential in the 5km corridor and “Gap Area” between Lion and NISK Main. 

• • There are still about 7,000 meters of core being processed at the lab, from 30 holes drilled, with a steady string of drill results coming back in over the next few months.
  • All the drilling data through April will be added to prior results into a new Mineral Resource Estimate update due out in July.
  • Then 30,000+ additional meters that will be drilled throughout 2026, starting up again in June
  • There will be initial economics around the project released in a PEA targeted by year-end in December.

If you have any questions for Terry regarding Power Metallic Mines, then please email them into me at Shad@kereport.com.

* In full disclosure, Shad is a shareholder of Power Metallic Mines 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 Power Metallic Mines

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, and companies profiled may be sponsors of the KE Report.

In this Company Update, we are joined by Bob Archer, President and CEO of Pinnacle Silver & Gold (TSX.V: PINN | OTCQB: PSGCF | FSE: P9J). Bob provides an in-depth look at the drill program at the El Potrero Project, and the company’s roadmap toward small-scale production.

Discussion Highlights:

• Underground Drilling Launch: Exploration has officially begun at the Pinos Cuates mine, the first of three historic mines to be tested. 
• Expansion Across Three Historic Mines: While drilling starts at Pinos Cuates, work is already underway to prepare the Dos de Mayo and La Dura mines.
• Surface Drilling Strategy: Following the underground program, the team will transition to surface drilling. This phase is designed to test the gaps between historic workings and explore along strike, potentially expanding the project’s overall footprint.
• Low-CAPEX Path to Production: With an estimated restart cost of less than $5 million USD, Pinnacle is eyeing a move into production by the end of 2027. Bob details the non-dilutive financing strategy.
• The “Great Panther Playbook”: Drawing on his successful history in the region, Bob discusses how his team is replicating a proven business model – starting small, generating cash flow, and growing organically through discovery and acquisition.

Please email me with any follow up questions you have for Bob – Fleck@kereport.com.

Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news 

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security 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.

Sitka Gold: Visible Gold & High Recoveries

• Initial holes in the 60,000-meter drill program are already yielding visible gold.

• Metallurgical testing shines with 94.3% gold and 84.7% tungsten recovery rates.

• Update on the expansion potential of the Blackjack and Eiger deposits.

Listen to the Sitka Gold Interview

FPX Nickel: B.C. Government Steps In

• The Baptiste Project is officially identified as a “Major Priority Project” by the B.C. government.

• What the new permitting timelines mean for the project’s path to production.

• The latest on the JOGMEC exploration alliance and global nickel demand.

Listen to the FPX Nickel Interview

Novo Resources: 10,500-Meter Pilbara Push

• A deep dive into the current drilling phase across the expansive Pilbara landholding.

• Introduction of the new General Manager of Exploration and their vision for late 2026.

• Strategy for identifying the next high-grade target in Western Australia.

Listen to the Novo Resources Interview

Sierra Madre: The Road to Production & 80,000 Meters of Drilling

• Full operations and financial recap of the 2025 year at the La Guitarra complex.

• A massive 80,000-meter drill program shared between La Guitarra and Del Toro.

• Timeline for increasing throughput and optimizing silver-gold recoveries.

Listen to the Sierra Madre Interview

Pecoy Copper: Consolidating a New District in Peru

• How Pecoy is consolidating a major land package in the copper-rich belt of Southern Peru.

• Details on the 40,000-meter drill program to validate and expand the historic resource.

• The macro-outlook for copper and why Southern Peru remains a premier destination.

Listen to the Pecoy Copper Interview

Headwater Gold: Highest Grades to Date in Nevada

• Exploring the highest-grade gold intercepts ever recorded at the TJ Project.

• Details on the expanded land package and the new project recently added to the portfolio.

• The role of joint venture partners in accelerating Nevada exploration.

Listen to the Headwater Gold Interview

Great Pacific Gold: Testing the High-Grade Core at Wild Dog

• Targeting the “High-Grade Core” of the Wild Dog project in Papua New Guinea.

• Geological indicators suggesting potential for a significant discovery beyond known zones.

• Upcoming milestones for the drill rig as it moves across primary targets.

Listen to the Great Pacific Gold Interview

District Metals: Sweden’s “National Interest” Designation

• The impact of the “Deposit of National Interest” designation on the Viken Project.

• Details on the strategic $10M financing and how it fuels the 2026 work program.

• The shifting political landscape for uranium and base metals in Sweden.

Listen to the District Metals Interview

Firefox Gold: New Targets Project-Wide in Finland

• Latest drill results from the East and Northeast zones at the Mustajärvi Project.

• Identification of new targets across the property through systematic exploration.

• The outlook for gold exploration in the Central Lapland Greenstone Belt.

Listen to the Firefox Gold Interview

Kingfisher Metals: 15,000 Meters of Copper-Gold Targets

• A 3-pronged approach to testing high-priority targets at the HWY 37 Project.

• The logic behind the 15,000-meter drill program commencing this June.

• Why Kingfisher is betting big on the Golden Triangle this season.

Listen to the Kingfisher Metals Interview

AbraSilver: Resource Update to 454 Million Oz AgEq

• Massive update to the Mineral Resource Estimate (MRE) in the Measured and Indicated categories.

• EIA permit approval in Salta Province—the green light for the next stage.

• Details on the upcoming Definitive Feasibility Study (DFS) for the Diablillos Project.

Listen to the AbraSilver Interview

Closing: Don’t miss a single executive update. Subscribe to our channels and leave us a review to help more investors find the KE Report! YouTube | Spotify | Apple Podcasts | X/Twitter

Final Note: We want to hear from you! Please email us with your questions for the companies we interviewed or suggest companies you’d like to see on the show. Reach out to us directly at Fleck@kereport.com and Shad@kereport.com.

This week’s episode explores a significant rebound across precious metals and copper following a volatile spring. We sit down with Brien Lundin to discuss why geopolitical resolutions in the Middle East might be the spark the mining sector needs, followed by a deep dive into technical market trends with Dana Lyons to determine if US equities and Bitcoin are ready for their next leg higher. 

• Segment 1 & 2 – Brien Lundin, editor of the Gold Newsletter and host of the New Orleans Investment Conference, discusses the recent rebound in precious metals and mining equities driven by potential resolutions in Middle East conflicts. He highlights the significant upside in undervalued junior miners and explains how current high metal prices are allowing smaller-scale projects to become highly profitable, cash-flowing assets. 
• Click here to learn more about the Gold Newsletter. – https://goldnewsletter.com/

• Segment 3 & 4 – Dana Lyons, a fund manager and editor of the Lyons Share Pro website, shares insights on the strength of several different market sectors through the lens of his internal data models. He shares his outlook for gold and silver as they continue to experience a period of digestion and range-bound trading, but notes that copper and oil services have performed well recently and show potential for continued growth. Dana also mentions a bullish outlook for US equities and small caps but warns this might be a late stage of the market cycle. Additionally, he touches on a short-term trend for cryptocurrencies and strong performance in certain emerging and international markets.
• Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services – https://lyonssharepro.com/

If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

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

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

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

Investment disclaimer:

This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security 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.

I hope you all enjoy the opinions and links shared. Have a great weekend! 

In this Daily Editorial, I am joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market blog. Marc provides a comprehensive breakdown of recent global economics data, central bank policies, and market trends.

Key discussion points include:

• US Economic Bifurcation: A look at why the US economy is showing robust jobs data and high growth tracking while consumer sentiment plunges to record lows.
• The Geopolitical Risk Premium: Assessing the impact of the US-Iran war on oil prices and whether markets are prematurely pricing in an end to the conflict.
• International Divergence: Marc analyzes the “insult to injury” data coming out of Germany and the suspicious timing of the Bank of Japan’s recent currency interventions.
• The Global AI Buildout: Why the semiconductor and data center surge is fueling unprecedented weekly gains in Asian equity markets like the KOSPI and TAIEX.
• Emerging Market Spotlight: An exploration of why Vietnam is positioned to be a major winner as global supply chains shift away from China.

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

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security 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 Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review the news out May 6th, announcing the updated Mineral Resource estimate (“MRE”) on the Company’s wholly owned Diablillos property in Argentina. We also discuss the news out April 27, 2026 which announced that AbraSilver has received approval of the Environmental Impact Assessment (EIA)  {“Declaración de Impacto Ambiental” or “DIA”} from the Government of Salta Province in Argentina.

The updated MRE demonstrates 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”). The contained metal in M&I has increased by a substantial 25% for silver, 48% for gold and 30% for silver-equivalent since the prior mineral resource estimate (the “Prior MRE”) from July 2025.

The updated MRE incorporates approximately 13,270 metres (“m”) of additional drilling completed since the Prior MRE, bringing the total drilling database at Diablillos to over 170,000 m. The estimate includes mineralization amenable to tank or heap leach processing routes and reflects continued growth across all five deposits at Diablillos – Oculto, JAC, Fantasma, Laderas and Sombra.

We also discussed the upcoming catalysts of the updated, Definitive Feasibility Study (“DFS”), due out here in Q2, followed by a construction decision, and then a string of results to come from the ongoing Phase 6 Exploration Program for the balance of 2026.

At Oculto East, the first drill holes of the Phase VI campaign have further demonstrated the scale and continuity of the overall mineralized system. Follow-up drilling is underway as part of an extensive program to expand and define gold-silver mineralization several hundred metres east of the open pit margin. There will also be the ongoing Phase 6 exploration program expanding the deposit size and resources for the balance of the year, mostly at Oculto East and Oculto NorthEast, but with some holes at JAC, Cerro Viejo, and now other follow-up targets at Condoryacu.

 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.

Click here to visit the AbraSilver website and read over the most recent news releases.

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

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

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

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

Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to review how he is trading these volatile markets on the back of Middle East geopolitics, and where some trends in commodities have reversed this first full week of May. We’ve witnessed oil and critical minerals turn down the middle to end of this week after running hard the last couple months. Conversely, we’ve seen a positive upswing in gold and silver prices, and their related mining stocks; after having been under pressure the last couple months.

With regards to the critical minerals stocks, he narrows down this wide range of minerals to a focus on finding exposure to the rare earths used in high-strength permanent magnets like Neodymium and Praseodymium, and the heavy rare earths used in defense and thermal resistance like dysprosium and advanced technology and energy efficiency like terbium. We also discussed the big runs over the last year in defense metals like antimony and tungsten, and the uptick we’ve seen in lithium prices.

In particular, Sean is curious what will happen to the Chinese export controls on rare earther that were eased last November for a year, that are set to expire this November. We review how that is leverage that China may use once again, that could factor into future global trade policies. 

• He noted that most nations do recognize they need to break their dependence with China on a number of these critical minerals, as it relates to both mining and their processing and refining.
• Some select resource and processing companies will still benefit from future government funds and policy initiatives like pricing floors in some critical minerals to support these their development industry, infrastructure, and defense.
• He views moments like these, where the critical minerals are finally pulling back a bit, as opportunities where investors that missed a stock on the way up, now get another opportunity to accumulate into these pullbacks.

Sean is encouraged by the move back higher in the precious metals sector this week and remains bullish on gold and silver for the medium-term to longer-term, because all the broader fundamental macroeconomic challenges and geopolitical factors are still in place and haven’t really been solved.

• He outlines that some of the selling pressure in gold the last couple months has been from central banks in the Middle East that have had their oil exports hampered, and thus have been selling gold to counter losses in energy revenues. That selling pressure in gold will subside when and if a resolution is reached with regards to the Strait of Hormuz.
• We also discuss some of the recent pops in gold and silver producers as they have reported solid Q1 earnings, and yet the irony of them trading below where they were previously at lower margins and earnings.
• We debate whether strong economic numbers in the gold and silver stocks will bring in more generalists, and how many investors outside of resource focused investors are actually tuned into the financial strength of the PM producers, much less actually hold some of these stocks in their portfolios.

We wrap up discussing the ever-shifting narratives on the Middle East war, and the longer-term implications for oil prices.

• Sean believes oil prices will remain more elevated than they were averaging prior to this Middle East conflict, and doesn’t see them going back down to where they were previously.
• He points to the sheer amount of infrastructure and business damage inflicted to the energy sector in the Middle East, and highlights that it will take some time and be a much longer process than the more optimistic outlook that the market is factoring in at present.

Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends

.

Click here to learn more about Resource Trader

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, and companies profiled may be sponsors of the KE Report.

Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins us to outline the upcoming 15,000 Metres drill program in a three-pronged approach to various copper-gold targets in the Hank-Mary district of the Hwy 37 Project, in the Golden Triangle, British Columbia.

Diamond Drilling – 15,000 Metres (Three-Pronged Approach)

The 2026 drilling program is fully-funded and will be supported by three diamond drills, targeting three spatially distinct regions at the Hank-Mary District:

Hank Porphyry Cu-Au Discovery – Expansion and Delineation

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

• Discovery hole HW-25-011: 425 m at 0.15% Cu, 0.21 g/t Au and 2.2 g/t Ag (0.40% CuEq) is a broad and high-quality intercept affirming system scale despite intersecting flanking alteration.
• Kilometre-scale geophysical anomalies: IP geophysics, magnetics, and magnetotellurics (MMT) anomalies all converging on the same broad target.
• Compelling emplacement timing: Porphyry mineralization at Hank, Williams & Mary (~190–186 Ma) overlaps in time with the nearby Mitchell deposit (~196–189 Ma)⁴  the largest undeveloped Cu-Au deposit in Canada.

Hank Au Targets – Bulk Tonnage Gold Targets

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

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

Structural High-Grade Au Targets

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

• 0.8 m of 133.3 g/t Au and 263.0 g/t Ag (HNK-17-008)
• 24.8 m of 5.6 g/t Au and 45.9 g/t Ag (HNK-17-009)
• 20.0 m of 11.63 g/t Au and 13.8 g/t Ag (HNK-18-010) 

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

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

• If you have questions for Dustin regarding Kingfisher Metals, then please email us at either Fleck@kereport.com or Shad@kereport.com.

Click here to follow the latest news from Kingfisher Metals

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, and companies profiled may be sponsors of the KE Report.

In this Company Update, I chat with Patrick Highsmith, Chairman and Co-Founder of Firefox Gold (TSXV: FFOX | OTCQB: FFOXF | FSE: FIY), to discuss the latest assay results from the Mustajärvi Project in Finland. This interview breaks down the recently reported drill holes from the 2025 and 2026 programs, highlighting the expansion of known gold zones and the testing of new exploration targets.

Key discussion points include:

• Expanding the Northeast Zone: Patrick details the significance of hole 26MJ005, which returned a high-grade intercept (11.0 metres at 4.9 g/t gold) and suggests the zone is growing into a more substantial mineralized body at depth.
• Exploring the “Gap Zone”: The team is now targeting the undrilled area between the East and Northeast zones.
• Regional Exploration Progress: An overview of the 2025 drill holes from the West and Gabbro targets.
• 2026 Resource Estimate Strategy: Insights into the upcoming work program, including the potential addition of a second drill rig to accelerate the path toward a maiden mineral resource estimate later this year.

Any further questions for Patrick? Email me at Fleck@kereport.com.

Click here to visit the FireFox Gold website to learn more about the Company. 

https://www.firefoxgold.com/

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

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

In this Company Update, we are joined by Garrett Ainsworth, President and CEO of District Metals (TSXV: DMX | OTCQB: DMXCF | Nasdaq First North: DMX). Garrett the company’s recent $10million financing and the recent announcement regarding the Geological Survey of Sweden (SGU) designating the Häggån Alum Shale Deposit as a Deposit of National Interest.

Key Discussion Points:

• Strategic $10M Financing: Garrett explains the decision to raise capital now, despite a strong treasury, and how this “no-warrant” financing protects the company against market volatility.
• National Interest Designations: A look at the Geological Survey of Sweden’s (SGU) proposal to designate the neighboring Häggån deposit as a “Deposit of National Interest” and what this potentially means for District’s Viken property.
• Upcoming Milestones at Viken: An overview of the upcoming Preliminary Economic Assessment (PEA) and Economic Impact Study, alongside plans for summer drill programs and airborne surveys across their Alum Shale and polymetallic properties.

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

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

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security 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 Greg McCunn, President and CEO of Great Pacific Gold (TSX.V: GPAC | OTCQX: GPGCF), to discuss the latest exploration developments at the Wild Dog property in Papua New Guinea. Following the release of results from Hole 5, Greg provides essential context on the geological structures being uncovered and what the upcoming drill program signals for the Kavasuki area and beyond.

Key Discussion Points:

• Analysis of Hole 5 Results: An exploration of the recent drill data and how the identified lower-grade halo relates to the high-grade hits seen in previous holes.
• Identifying the Fault Offset: Understanding the geological fault that has shifted the mineralized structure and how the company is using Hole 6 and Hole 7 to track the high-grade core.
• The Kavasuki Expansion Plan: Details on the further 900 meters of drilling designed to test the strike length and depth of the Kavasuki system.
• High-Priority Regional Targets: A look ahead at upcoming work on the Morgan, Mangmut, and Magiabie veins as part of the broader Wild Dog corridor strategy.
• Projected Exploration Timeline: Greg outlines the drilling schedule for the remainder of 2026, including the status of the blue-sky potential at Kasie Ridge.

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

Click here to visit the Great Pacific Gold website – https://gpacgold.com/

Figure 2: Cross section (+/-25 m looking NE) of the Kavasuki vein system showing recent drilling and planned follow-up drill holes designed to test the interpreted west-dipping structure and evaluate continuity of mineralization.

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

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

In this Company Update, we sit down with Caleb Stroup, President and CEO of Headwater Gold (CSE: HWG | OTCQX: HWAUF), to discuss the latest exploration milestones from their Nevada portfolio. The conversation focuses on the high-grade results coming out of the TJ Project and the company’s strategy for scaling its district-scale assets.

Interview Highlights

• High-Grade Gold at TJ: Caleb breaks down the significance of hitting the highest gold grades encountered to date at the TJ Project and what the increasing vein widths at depth suggest about the system.
• Strategic Land Expansion: Following the success of the first drill program, the company has increased its land position by 88% to capture the full potential of the epithermal system.
• New Acquisition at Jupiter: An overview of the newly staked Jupiter Project in the Walker Lane belt, featuring a massive five-by-eight kilometer alteration footprint.
• The Hybrid Exploration Model: Insight into how Headwater manages a dozen high-quality projects, balancing 100%-owned assets with major earn-in agreements funded by industry giants like OceanaGold and Newmont.
• Future Catalyst Pipeline: A look ahead at the upcoming geophysical surveys and drilling plans designed to refine targets across their newly expanded Nevada footprint.

Please email your questions for Caleb to us at Fleck@kereport.com and Shad@kereport.com. 

Click here to visit the Headwater Gold website to read over the recent news – https://headwatergold.com/ 

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

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

In this Company Update, I sit down with Vincent Metcalf, CEO of Pecoy Copper (TSX.V: PCU | OTCQB: PCUUF), to discuss the company’s aggressive 2026 exploration strategy in Southern Peru. With a massive 40,000 meter drill program underway, Vincent outlines how Pecoy is consolidating historical data to transform two separate assets into a world-class copper district.

Key discussion points:

• District Consolidation and Strategic Vision: How Pecoy successfully unified a fractured land package for the first time in 15 years to unlock the full potential of the Pecoy and Tororume projects.
• 35,000-Meter Drill Campaign At Pecoy: An overview of the current exploration at the Pecoy deposit, aimed at testing deep sulfide potential and converting historical “waste” zones into high-grade resources.
• The Tororume Discovery Potential: This earlier stage asset, located just 8km from Picoy, shows a geological footprint three times larger than its neighbor.
• Infrastructure and Logistics Advantages: A look at the project’s location, featuring low elevation, proximity to major ports, and year-round access that significantly lowers operational costs.
• Strong Capital Position and Market Support: Vincent details the company’s healthy cash balance and the growing list of major institutional analysts now covering the stock.

Please email me with any follow up questions for Vincent. My email address is Fleck@kereport.com

Click here to visit the Pecoy Copper website – https://www.pecoycopper.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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to provide an operations and financial update La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines:  La Guitarra, Coloso, and Nazareno.   We also discuss the increase to 30,000 meters of drilling across the La Guitarra property, and an increase to 50,000 meters of drilling at the Del Toro property starting once the transaction closes in the near future; for a total of 80,000 meters of drilling on tap across all properties.

Full Year 2025 Highlights

• Revenues: Gross silver revenues for 2025 totaled $10.68 million ($39.37 per ounce) and gross gold revenues totaled $13.77 million ($3,407 per ounce).
• Sales: During 2025, the Company sold 271,204 ounces of silver (“Ag”) and 4,041 ounces of gold (“Au”) or 628,196 silver equivalent (“AgEq”) ounces, based on the ratio of Au and Ag prices realized for each shipment in the year.
• Cash Costs: For 2025, cash costs were $27.90 per AgEq ounce sold
• Net Income: Net income was $8.13 million or $0.05 per share for 2025. Included in net income for 2025 is a $6.1 million income tax recovery.
• Cash from Operations: The Company generated $4.09 million of cash from operating activities in 2025.
• Adjusted EBITDA increased to $6.03 million for 2025
• Cash and cash equivalents and short-term investments at December 31, 2025 totalled $17.3 million.
• Del Toro Acquisition and Financing: In December 2025, the Company announced its intention to acquire the Del Toro silver mine from First Majestic Silver Corp. and complete a concurrent financing, which subsequently closed in escrow for gross proceeds of CAD$57.5 million.
• La Guitarra Expansion: 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 anticipated for completion by the end of Q2 2026, with the aim to increase name plate capacity from 500 tonnes per day (“tpd“) to a range of 750 tpd – 800 tpd and the second phase anticipated for completion by Q3 2027, with the aim of increasing the capacity to a range of 1,200 tpd – 1,500 tpd at La Guitarra.
• Closed C$19.5M Private Placement: In July 2025, the Company closed a C$19.5 million brokered private placement. The key participants in the financing were Franklin Templeton, Eric Sprott and Commodity Capital, with strong participation by the management of the Company.
• First Majestic Loan Payment: On February 5, 2026, the Company made a principal payment of $2.5 million on the $5 million senior secured project financing loan with First Majestic.
• Sierra Madre Named as a 2026 Top 50 Company by the TSX Venture Exchange: As announced on February 18, 2026, Sierra Madre was named a 2026 TSX Venture Top 50 Company, recognized for its 264% share price appreciation and 342% market cap growth in 2025.

The first stage of the expansion currently underway at the La Guitarra plant will increase production rates from the current 500 tonnes per day (“tpd”) to 750 tpd to 800 tpd of processing capacity; with a goal to get that completed by June or July of this summer. Processing plant and tailings handling upgrades and equipment purchases for the planned production expansion have been underway and are mostly installed.  Once the first stage of the expansion is completed, the planned second phase would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027; essentially doubling production capacity once again.

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

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

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

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

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

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

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, and companies profiled may be sponsors of the KE Report.

In this KE Report Company Update, I am joined by Mike Spreadborough, the Executive Co-Chairman of Novo Resources (TSX: NVO; ASX: NVO; OTCQX: NSRF), for an in-depth exploration update. Mike provides a detailed overview of the company’s diverse portfolio, highlighting the strategic shifts and new leadership driving their upcoming exploration programs.

Key Discussion Points:

• New Leadership in Exploration: Introducing Rohan Williams, the recently appointed General Manager of Exploration, and his extensive background in the gold and copper sectors.
• The Pilbara Exploration Strategy: A focus on the high-priority programs scheduled for the second quarter, totalling 10,500 meters of drilling.
• Wyloo Project Highlights: An overview of the initial 2,500 meter RC drilling program, targeting significant surface anomalies of silver, copper, and gold.
• Expansion Across Projects: Insights into the planned drilling activities at the Cronus, and Balla Balla, including the long-term outlook for these sites.
• Victorian and New South Wales Ventures: Updates on the Belltopper project in Victoria and the Tibooburra project in New South Wales.

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. 

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

• The KE Report: https://kereport.substack.com/
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment Disclaimer:

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

In this Daily Editorial from the KE Report, we welcome Howard Klein and Matt Fernley, partners at RK Equity, for an in-depth conversation about the rapidly shifting landscape of critical minerals. The discussion focuses on the strategic importance of various minerals, the influence of international policy, specifically from the U.S. and China, and the importance of technical processing in the valuation of equity.

Key Discussion Points:

• The Evolution of RK Equity: An overview of the firm’s 24-year history, starting with traditional commodities like gold and copper before becoming early leaders in the lithium and battery material sectors.
• Emerging Critical Minerals: Insights into why the market is expanding beyond lithium to include essential high-tech and defense metals such as antimony, rare earths, and high-purity phosphate.
• The High-Tech Supercycle: Exploration of how underinvestment in minor metals, combined with the rising demands of AI, data centers, and grid infrastructure, is fueling a potential long-term secular trend.
• Geopolitics and Policy Shifts: Analysis of how U.S. legislative actions like the Inflation Reduction Act (IRA) and shifting relations with China are fundamentally altering global mineral supply chains.
• Investment Strategy and Risk: Expert advice on evaluating mining stocks at various stages of development, with a focus on management quality, resource grade, and the complexities of mineral processing.

Click the following links to keep up to speed with Howard and Matt: 

• RK Equity website – https://rkequity.com/ 

• Rock Stock YouTube channel – https://www.youtube.com/watch?v=UchoS9EZvak 

• Howard Klein on X @LithiumIonBull – https://x.com/LithiumIonBull

• Matt Fernley on X  @matt_fernley – https://x.com/matt_fernley 

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

• The KE Report: https://kereport.substack.com/ 
• Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

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

In this Company Update I sit down with Martin Turenne, President and CEO of FPX Nickel  (TSX-V: FPX – OTCQB: FPOCF), to discuss the BC government’s designation of the Baptiste Nickel Project as a Major Priority Project. Located in central British Columbia, Baptiste is one of the world’s largest undeveloped nickel deposits. 

Interview Highlights

• Strategic Priority Designation: Discover the significance of the BC government identifying the Baptiste Project as a Major Priority Project and what this means for the environmental assessment (EA) process.
• Streamlined Permitting Timelines: Learn how the Critical Minerals Office is working to shorten the typical 5-year permitting window, aiming for a more efficient four-year path to the Final Investment Decision (FID).
• Confidence from Strategic Investors: Insights into why major mining players, including the likes of Sumitomo Metal Mining, Stelco, and Outokumpu, are doubling down on BC’s mining jurisdiction.
• Global Exploration Alliance: An update on the generative alliance with JOGMEC, including promising new high-grade discoveries at the Advocate Project in Newfoundland.
• The Looming Nickel Deficit: Why supply curtailments in Indonesia and rising structural costs are creating a perfect storm for a significant nickel price breakout.

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

Click here to visit the FPX Nickel website and learn more about the Company and Project.

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.