The KE Report

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to review the Q4 and full-year 2024 operations and financial metrics from ramp up production at the La Guitarra Mine and processing plant, in Mexico.  We also look a number of future development and exploration value drivers for the Company across their district-scale land package.   FY 2024 and Q4 2024 Financial Highlights   Net Revenues: After refining, treatment and smelting charges, the Company recorded net revenues of $6.5 million in the six-month period ended December 31, 2024, or approximately $28.35 per silver equivalent ounce ("AgEq ounce"). The Company averaged $30.37 per silver ("Ag") ounce sold and $2,594 per gold ("Au") ounce sold in the six-month period of operations to December 31, 2024. In Q4 2024, Sierra Madre recorded silver revenues totaling approximately $1.9 million ($31.58 per Ag ounce) and gold revenues totaled approximately $2.4 million ($2,667 per Au ounce). Cost of Sales was $5.1 million for the six-month period ended December 31, 2024, approximately $22.40 per AgEq ounce sold, representing $20.95 per AgEq ounce sold in Q4 ($2.8 million) and $24.13 per AgEq ounce sold in Q3 ($2.3 million). Gross profit was $1.36 million for FY 2024.   Alex then lays out the envisioned plan is to run the mill at 500 tpd most of next year, at the slated commercial production throughput. However, he then also shares the pathway forward where a modest amount of equipment can be purchased and installed to grow the mill throughput to 650 TPD in 2026, and then all the way up to 1,000+ TPD by the end of 2027.  In addition to the potential of growth through production, we also discuss the leverage that a silver and gold producer like Sierra Madre will have to the potential of rising metals prices in 2025 and 2026.   Next we shift over into the larger growth vision of the company, as it will turn it’s it focus to exploring this district scale land package the end of next year, funded through organically generated revenues.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure at the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already. Moving the Coloso Mine back into production will be another near-term area of future expansion, which could see supplementary production complimenting the current production coming out of La Guitarra.     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 & Silver at the time of this recording.   Click here to follow along with the latest news from Sierra Madre Gold & Silver    

Zayn Kalyan, CEO of Scorpio Gold (TSX.V:SGN - OTCQB:SRCRF - FSE:RY9) joins us to discuss the company’s refined strategy in Nevada, focused on the Manhattan Project.   Key Themes: Reallocating capital: Following the recent C$7M financing, Scorpio is shifting focus away from small-scale production at Mineral Ridge toward unlocking larger, district-scale potential at the Manhattan Project. Manhattan resource update: Zayn outlines the progress made on compiling and validating over 2,400 drill holes, ahead of a resource estimate. Upcoming exploration: The company plans to drill 6,000-10,000 meters this year. Strategic sale of Mineral Ridge: Scorpio is actively entertaining offers to sell the asset, with Zayn explaining why it's no longer aligned with the company’s long-term vision. The Manhattan Project is located just 10 miles south of Kinross’s Round Mountain mine Zayn highlights the strategic upside with existing infrastructure and a nearby NSR held by Kinross.   Click here to visit the Scorpio Gold website to learn more about the Company.

Michael Belkin, a long-time market strategist and editor of the Belkin Report and Belkin Gold Stock Forecast, joins us for an in-depth conversation on why gold and gold stocks may be the last assets standing in an increasingly volatile and overvalued global market.   In this interview, Michael shares his evolving thesis since our last discussion in February, highlighting a parabolic move in gold, growing central bank demand, and how the supposed “most crowded trade”, as labeled in the recent Bank of America Global Fund Managers Survey, is still largely under-owned by institutional investors.   Key Topics Discussed: Why the "crowded trade" label on gold may be misleading - and actually bullish. How central banks are steadily de-dollarizing and reallocating into gold. The disconnect between rising gold prices and underperforming gold equities. Top stock picks: Newmont (NEM), Kinross (KGC), Iamgold (IAG), Harmony Gold (HMY), and B2Gold (BTG). Michael’s silver favorites: First Majestic (AG) and Endeavour Silver (EXK). Whether generalist fund managers will be forced into large-cap gold stocks as earnings surge. A bleak outlook for global equities, AI bubble stocks like Nvidia, and international markets like the DAX and China’s FXI. Why gold equities may diverge positively from the broader market even in a downturn. Gold Stock Forecasts are available at: BGSF  Discount Coupons are available upon request for KER listeners. Contact Marc at marcb@hyperpyron.com.

Caleb Stroup, President and CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF), joins us to provide an overview of recent project acquisitions and drill results, all in Nevada. As a hybrid prospect generator/explorer, Headwater is advancing projects both independently and through earn-in partner Newmont.   Here are the highlights:    🔹 Spring Peak & Lodestar Projects (Newmont Earn-In): Newmont continues to fund aggressive drilling at the Spring Peak project, where 2024 drilling expanded known zones and discovered new ones, including a high-grade intercept of 3.5 g/t Au over 7.7 meters. The focus for 2025 will shift toward Lodestar, with a $2M minimum spend by Newmont.   🔹 Permitting and Scale: Headwater is pursuing a significant expansion of its permitted drill area at Spring Peak, aligned with a strategy to demonstrate district-scale gold potential, rather than rush into early resource delineation.   🔹 New Projects: Whiskey and Jake Creek Whiskey Project: Acquired 100% via lease-option, this epithermal gold project in Mineral County has returned rock chip samples up to 19.2 g/t gold. Initial surveys and historic drilling support strong potential across multiple targets. Jake Creek Project: Adjacent to Barrick-Newmont’s Turquoise Ridge, this project hosts 47m of ~1 g/t Au from historic drilling and shows signs of a preserved epithermal system. Headwater holds 100% ownership.   🔹 Strong Financial Position & Partnering Outlook: With ~$2.5-3M in cash and increasing interest from majors, Headwater is positioned to fund internally-led programs and negotiate additional partnerships.   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.

Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), joins me to unpack the April 22nd news release reporting drill results from Hole 75 at the RC Gold Project in Yukon. This hole marks the deepest and highest-grade gold intercept to date, with highlights including:   108.9m of 3.27 g/t gold, including 45.0m of 4.52 g/t gold at depth A broader interval of 352.8m grading 1.55 g/t gold, all within the Blackjack deposit Early evidence for a potential underground mining scenario below the current pit-constrained resource Mike explains how this hole steps out from a previously high-grade interval (Hole 68), what the figures show in cross-section and plan view, and why deeper mineralization could transform both the scope and economics of this project.   We also discuss:   The 30,000-meter fully funded drill program and upcoming assays from Hole 76 Expansion plans for other targets across the property, including Eiger, Saddle, and Rhosgobel The strategy with over $25 million in the treasury   If you have any follow up questions for Mike please email me at Fleck@kereport.com.    Click here visit the Sitka Gold website to learn more about the Company.

We’re joined by Dave Erfle, Founder and Editor of Junior Miner Junky, to break down the latest surge and correction in the gold price, and how investors should be reading the signals from gold stocks.   Key topics covered: Market-wide volatility and gold’s role as the only true safe haven Why miners sold off even as gold peaked, and what that signals Expectations for Q1 earnings: Will high margins attract new interest? Why M&A activity is heating up but still largely driven by Asian firms Context on the sector’s size: Market value has been growing fast Dave also highlights recent takeovers like Lumina Gold and Triple Flag’s acquisition of Orogen, and explains why generalists may soon rotate into miners as broader markets stay unstable.   Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.   

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss gold’s standout role as a safe haven, amidst the extreme market volatility; and how all of this is translating into muted reactions in gold stocks to their improving economics and the rerating opportunities present at current valuations.   –> Key themes covered in this interview:   The gold price rose to record highs again today over $3,440, on the back of global uncertainty and a continued selloff in US general equity markets. Every market was down today expect for gold, and to a lessor extent, silver.   We note the odd market action where a number of prominent precious metals producers sold off for a big portion of the day, with their margins continuing to expand, only clawing their way higher towards the end of the trading session.   Many development projects with gold as primary or contributing input and expanding economics, were also selling off during much of Monday’s trading session, with some recovering in the final hour of trading.   The importance of market psychology and investor sentiment trends into price moves; noting that some investors may not believe this move higher in metals prices is going to stick or have become too fearful to take actions. Other investors may be concerned by the selling in other markets, and thus they have been pulling profits on one of the few sectors in the green this year.   A nuanced look at why we aren’t seeing a much bigger increase in merger and acquisition deals across the spectrum of gold companies. We do note the takeover deal announced today though, where Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) is being acquired by CMOC Singapore Pte. Ltd.   Reflections on how profitable even the Tier 2 and Tier 3 gold mines are at present, and the amount of M&A that has focused around Tier 2 and Teir 3 gold projects the last few years. Despite the retail obsession with discussing Tier 1 deposits, at the exclusion of everything else, there really are very few assets of this size and scale. There are plenty of opportunities available to investors further down the spectrum of projects that may still have large valuation disconnects.   Click here to visit Erik’s site – The Hedgeless Horseman

Craig Hemke, founder and editor of TF Metals Report, joins us to break down an increasingly chaotic market environment where gold surges while nearly everything else sells off.   With the S&P 500 down over 3%, the U.S. dollar dropping 11% in 100 days, and bond yields rising, Craig unpacks what’s driving this unprecedented divergence, and why gold continues to be the major winner.   Key themes we cover:   Capital flight out of U.S. assets and the breakdown of traditional “safe havens” Why this gold move feels different from any in recent memory Gold stocks lagging despite surging margins at $3,400 gold The potential setup for silver to play catch-up as the gold-silver ratio holds above 100 Whether gold stocks could finally decouple from silver and get re-rated on fundamentals   Craig also shares insights on the Commitment of Traders (COT) report, revealing gold’s rally is not driven by overcrowded hedge fund positioning, but possibly a commercial short squeeze.   We close with a look at what gold miners might do with these outsized margins; M&A, dividends, buybacks, or development spending, and whether generalist capital will finally rotate into the sector.   Click here to visit Craig’s website - TF Metals Report

Kiran Patankar, President and CEO of Maple Gold Mines (TSX-V: MGM - OTCQB: MGMLF - FSE: M3G), joins me for a deep dive into the initial results from the company’s 10,000 meter drill program at the Douay Gold Project in Quebec’s Abitibi Greenstone Belt.   On April 3rd, Maple released initial drill results highlighted by 2.0 g/t gold over 108 meters at the Nika Zone, a 300-meter down-plunge step-out from a hole drilled four years ago. This intercept is especially notable given that the Nika Zone currently accounts for just 7% of the current 3Moz resource.   Key discussion points include:   The geological significance and follow-up plans at the Nika Zone, now the top priority with two rigs turning ahead of spring breakup Additional high-grade intercepts from the Porphyry East Zone, including 15.5 g/t Au over 1m, suggesting potential beyond classic porphyry expectations Broader strategy across the 6x2 km Douay footprint, including near-resource and regional targets How Maple is positioning Douay as a multi-million ounce, scalable asset, with underground bulk tonnage and open-pit development scenarios being explored.   The path to a potential resource update later this year and early engineering studies to assess development optionality   Please email me your follow up questions for Kiran. My email address is Fleck@kereport.com .  Click here to visit the Maple Gold Mines website to learn more about the Company.   

Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), joins me to provide an in-depth update on the 2025 drill program at the company’s flagship AurMac Gold Project in the Yukon. The drills are now turning with over 30,000 meters planned.   Banyan is fully funded with $24M in the treasury, and this year’s campaign is designed to advance both near-resource and blue-sky targets while feeding into an updated resource and a Preliminary Economic Assessment (PEA) planned for Q4.   We discuss: Three primary objectives of the drill program: high-grade definition, near-resource expansion, and regional discovery. Potential to add and upgrade ounces around the current 7Moz gold resource. Balancing timing between a resource update and the required PEA due by the end of 2025. Market sentiment, share liquidity improvements, and valuation potential vs. Yukon peers.   If you have any follow up questions for Tara please email me at Fleck@kereport.com.    Click here to visit the Banyan Gold website.