The KE Report

In this KE Report update, we speak with Roger Moss, President & CEO of Labrador Gold (TSX.V:LAB - OTCQX:NKOSF - FSE:2N6) , and Ian Bliss, President & CEO of Northern Shield Resources (TSX.V:NRN), to discuss Labrador Gold’s strategic shift toward a hybrid mining and investment issuer and its first investment under this model. Labrador Gold has deployed $1 million into Northern Shield Resources, gaining exposure to an early-stage but highly prospective gold–silver–copper–tellurium project in Newfoundland, while continuing to advance its own exploration assets. Key discussion points: Hybrid mining–investment model - Labrador Gold outlines how it plans to balance direct exploration with strategic equity investments. Capital position & investment focus - With ~$16M in cash, the company targets high-quality projects in strong jurisdictions, with emphasis on gold, copper, and critical metals. Why Northern Shield - A science-driven exploration approach and an underexplored Newfoundland project hosting gold, silver, copper, and tellurium. Near-term work & drilling plans - Northern Shield outlines upcoming geophysics and a planned 2026 drill program at the Root & Cellar Project. Please email me with any questions for Roger or Ian. My email address is Fleck@kereport.com.   Click here to visit the Labrador Gold website to learn more about the Company.   ----------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Akiba Leisman, President and CEO of Mako Mining, discusses the company's ambitious projects, including the high-grade San Albino gold mine in Nicaragua. He highlights a strong Q4 outlook, driven by impressive revenues and ongoing exploration. The ramp-up at the Moss Mine in Arizona is also covered, revealing operational challenges and profitability. Akiba elaborates on the permitting process and economic potential of Mount Hamilton, as well as funding pathways for the Eagle Mountain project, showcasing Mako's strategic growth in the mining sector.

Brien Lundin, Editor of the Gold Newsletter, and Jeff Christian, Managing Partner at CPM Group, dive into the dynamics of precious metals. They discuss silver's surge above $60, driven by investor demand rather than fabrication needs, and how mining stocks are leading the charge ahead of gold. Lundin shares insights from his year-end report, emphasizing the 'debasement trade' that’s driving commodity interest. Christian highlights the risks of momentum trading and projects that geopolitical tensions will continue to support precious metals into 2026.

Oliver Turner, Executive VP of Corporate Development for Americas Gold and Silver Corporation, shares his insights on optimizing the Galena Complex and Cosalá operations. He discusses major upgrades to the No. 3 shaft, significantly increasing hoisting capacity. The transition to efficient mechanized long-hole stoping is a key focus, promising dramatic tonnage improvements. Turner also highlights the recent acquisition of the Crescent Silver Mine, which will synergize with Galena’s mills, and outlines exploration successes that hint at resource growth.

In this engaging discussion, Jason Jessup, CEO of Magna Mining, shares insights into their operations in the Sudbury Basin. He reviews Q3 performance at McCreedy West, highlighting production challenges and upcoming profitability hopes. The conversation dives into high-grade drill results from Levack, showcasing copper and precious metal potentials. Jessup reveals plans for Crean Hill's development, emphasizing the importance of government support for future projects. Tune in for an informative look at mining strategies and exploration excitement!

Tara Christie, President and CEO of Banyan Gold, brings her expertise in guiding exploration at the AurMac Project in Yukon. The discussion revolves around exciting high-grade gold discoveries, with confirmed +1.0 g/t zones and significant drill results expanding potential pit limits. Tara shares insights on the geological differences between the Powerline and Airstrip deposits, and the promising early-stage high-grade silver results. With over 140 drill holes pending and a path toward a PEA in 2026, the future looks bright for Banyan Gold.

Stephen Soock, the Vice President of Investor Relations & Development at Heliostar Metals, shares insights on the Cerro del Gallo Project's promising Pre-Feasibility Study. The project boasts a profitable base case at $2,300 gold, with room for resource expansion through drilling. Silver contributes meaningfully to the economics, accounting for 15–20% of the project's value. Soock discusses the near-term cash flow from other operations, paving the way for Heliostar's ambitious goal of reaching 300,000 oz/year in production.

Drew Clark, President and CEO of Summit Royalties Ltd., brings a wealth of experience in the precious metals sector. In this conversation, he reveals the company's strategic acquisition of a $17.5M portfolio from IAMGOLD and details their 47 royalties focused on gold and silver. Key topics include the growth potential from Madsen's 1% royalty, the promising Bomboré silver stream, and the strength of the Zancudo operation. With no debt and significant cash reserves, Drew outlines a clear path for future growth and acquisitions.

George Ogilvie, President and CEO of Arizona Sonoran Copper, shares insights into the Cactus Project's Pre-Feasibility Study. He reveals plans for a simplified open-pit operation with impressive economic metrics, including a projected annual production of 226 million pounds of copper cathodes. Ogilvie discusses the strategic shift from underground to open-pit mining to mitigate risks and enhance output. He also covers the project's permitting timeline, financing efforts, and key milestones for 2026, highlighting potential opportunities in the copper market.

Dr. Thomas Mumford, President of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF),  joins me to review the key takeaways from the Bulk Sample report, when compared with expectations from the October 2025 Preliminary Economic Assessment (PEA).   Additionally, we get an update on the ongoing ore-sorting studies, what was learned from this year’s drill program, the preparation for the largest drill program to date in 2026, and the Feasibility Study workstreams underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.   The recent PEA outlined a robust Direct-Ship Ore (“DSO”) development scenario for the Scottie Gold Mine Project, with strong economics and leverage to the current gold price environment, and additional upside potential through local toll milling.  The DSO process was successfully demonstrated during this trial mining and Bulk Sample, which was mined at the Bend Vein pit at the Scottie Gold Mine Project, then mucked, visually sorted, and crushed over the 2025 summer season. The transportation of this material was completed moving around 100 truckloads of material down the Granduc road to the Stewart bulk shipping facility without any concerns or challenges, and it is going to be shipped over to Ocean Partners imminently.   Highlights: An estimated 4,588 wet tonnes have been prepared for export to an Ocean Partners facility in Taiwan with better-than-expected average preliminary assays of 15.89 g/t gold and 42.28 g/t silver Per the Company's agreement with Ocean Partners, a 90% upfront payment is to be received five days after sailing at a gold price of US$4100/oz and silver price of US$49.50/oz Vessel has been booked and is expected to be loaded between December 10th and 12th 2025 The final 10% payment will reconcile any difference between estimated and final ounces and will be priced based on metal values at the time grades are finalized and agreed upon.  It is estimated that gold sold will generate a net profit of ~CAD$9Million.   Thomas outlines that the company plans to move straight into work streams for a Feasibility Study (FS), with actual cost estimates and more detailed economics, as the next major economic study to be undertaken.  The FS is slated to take about 8-10 months after all the 2025 drill results from the 27,309 meter program are in hand and integrated into their resource model.   We got into the resource assumptions used in the PEA and Thomas outlined how these resources are going to expand now that 4 diamond drill rigs were turning this year in the largest exploration program to date, across different parts of the high-priority Blueberry Contact Zone, and around the past-producing Scottie Gold Mine. A key initiative was infilling areas with tighter spacing, focused on upgrading the resources from inferred to indicated categories at the Blueberry Contact Zone. However many of the holes also went deeper, doing some true exploration work with a focus on expanding the potential open pit and upper portions of the underground resources at both Blueberry and Scottie areas.   Wrapping up we discussed the preparations for the largest drill program to date for 2026, the various Feasibility Study workstreams, and the financial strength of the company which is fully-funded for all these initiatives.     If you have any questions for Thomas regarding Scottie Resources, then please email them in to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Scottie Resources at the time of this recording and may choose to buy or sell shares at any time.   Click here to follow the latest news from Scottie Resources   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.