The KE Report

This weekend’s KE Report dives into two overlooked corners of the resource market. First, we sit down with Brian Leni, who shares why rotating profits from precious metals into copper, nickel, and undervalued juniors is the contrarian play. Then we shift gears with Josef Schachter of the Schachter Energy Report, who outlines why oil and natural gas remain sluggish today but could be setting up for a major multi-year rebound. Segment 1 & 2 - Kicking off the show is Brian Leni, founder and editor of Junior Stock Review, who recaps the Metals Investor Forum and makes the contrarian case for rotating some profits from the hot precious-metals trade into undervalued copper and nickel. Focused on copper stock analysis he stresses bottom-up analysis over EV/lb shortcuts, the primacy of infrastructure/jurisdiction and major-partner backing for capex-heavy projects, cautioning against small early-stage hype. Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in   Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report (and author of Eye on Energy on Substack), also hosting the Catch the Energy conference in Calgary on Oct 18. He outlines why oil and gas are soft near-term (seasonality, rising OPEC/Kurdistan supply, resilient U.S. output), expects WTI to test $57–59 before recovering toward the $70s next year and potentially $80+ in 2026, sees nat gas improving with winter and LNG Canada, and favors dividend-paying names, selective small caps, and M&A opportunities after a further washout. Click here to learn more about The Schachter Energy Report and Josef's Catch The Energy Conference in Calgary on October 18th - Email me at Fleck@kereport.com to be entered into a draw to win 2 free tickets to the conference.   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. 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 may own shares in companies mentioned.

Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, joins us to unpack why stocks keep hitting record highs, gold is breaking into uncharted territory, and what’s next for bonds and the U.S. dollar. Marc breaks down: Why markets are looking past the shutdown and focusing on Fed cuts later this month Gold’s relentless trend: central-bank buying, momentum, and geopolitical reserve risks Bonds, inflation, and why yields could break lower from ~4% The dollar’s sideways range - bounce now, but broader downtrend ahead Global ripple effects as equities from Europe to Japan to Mexico also test record highs   Click here to visit Marc’s site - Marc To Market.    ---------- 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.

Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins us to review the latest batch of high-grade gold assay results from the largest ever drill program, and a number of key ongoing initiatives and further derisking work building towards an upcoming Preliminary Economic Assessment (PEA), with a bulk sample in progress, and an ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.   We start off reviewing the next batch of high-grade drill results returned from the ongoing planned 25,000 meters exploration program at the Blueberry Contact Zone.   Highlights:   Blueberry Contact drillhole SR25-370 intersected 7.43 grams per tonne (g/t) gold over 18.75 metres (m), including 30.0 g/t gold over 3.3 m at the Lemoffe vein zone (Table 1, Figures 1,2,4). Blueberry Contact drillhole SR25-369 intersected 37.0 g/t gold over 2.85 m at the Blueberry vein zone (Table 1, Figures 1,2,3). Blueberry Contact drillhole SR25-365 intersected 9.99 g/t gold over 4.00 m at the Fifi vein zone (Table 1, Figures 1,2). Blueberry Contact drillhole SR25-367 intersected 61.9 g/t gold over 1.00 m at the Fifi vein zone (Table 1, Figures 1,2).   Brad highlights that 4 diamond drill rigs have been turning across the property at the high-priority Blueberry Contact Zone, around the past-producing Scottie Gold Mine, including at the Wolf Zone discovered last season, and at the C & D veins. Brad points out that about 21,000 meters has been drilled thus far, and that the big percentage of that will be 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 will also go 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.   Ongoing geotechnical and hydrogeology drilling will also provide data to inform mine design and assist efforts with the recent initiation of Baseline Environmental Studies. With all this exploration and fieldwork now underway, the Company remains on track to deliver a low-capex PEA based on a Direct Shipment Ore (DSO) scenario in October.  Brad reiterates that the management team and board believes this coming economics study will clearly highlight the significant, untapped value of the Scottie Gold Mine Project.  The company then plans to springboard over the Pre-Feasibility Study and head 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.   Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have been blasting and mucking mineralized material from the road-accessible outcropping Bend Vein located on the north end of the Scottie Gold Mine Project.  Bulk sample progressing on schedule, where the mucking has now been completed and crushing and transport has commenced down the Granduc road. Brad outlines that this bulk sample will be a nice opportunity to learn more about a number of metrics and provide a nice proof of concept, as well as generating some non-dilutive capital for the Company in the process.   When reviewing their direct-ship ore strategy, Brad highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America’s cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.  Ocean Partners recently participated in a financing for the company this summer, and has expressed interest in the offtake of this material in a development scenario.   Wrapping up we discussed the ongoing Phase 2 ore-sorting study underway, that will be a more advanced Feasibility Study level test of upgrading the ore, with the strategy to reduce the amount of waste rock before shipping.  Ore sorting could significantly enhance the efficiencies of the overall DSO strategy, and those results are due out in Q4.     If you have any questions for Brad 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: 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.

In this company update, I welcome back Blaine Monaghan, President & CEO of Pacific Ridge Exploration (TSX.V:PEX - OTCQB:PEXZF). The company is advancing its 100%-owned copper-gold projects in British Columbia’s Toodoggone District, with a focus on the Kliyul and RDP Projects. Key discussion points: Kliyul Copper-Gold Project: Maiden resource (Aug 2025): 334M tonnes grading 0.33% CuEq, or 2.42B lbs CuEq (includes 1.1B lbs copper, 2.7M oz gold, 10M oz silver). Resource remains open in multiple directions. RDP Project: 2022 Antofagasta drill hole returned 107m of 1.39% CuEq, one of BC’s best intervals that year. Pacific Ridge has now completed 5 additional holes (~2,100m), with results expected in the coming weeks. Valuation vs. peers: Pacific Ridge trades at ~$14M market cap. Baline makes the comparison to peers such as Vizsla Copper, Kodiak Copper, and NorthWest Copper who all are at higher valuations. Next catalysts: Initial RDP drill results expected mid-October, followed by Kliyul results in November. Exploration strategy includes continued infill, step-outs, and testing new targets across both projects. Treasury (~C$2.5M cash + 4M in-the-money warrants).   Click here to visit the Pacific Ridge Exploration website.    --------------------- 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.

Recorded on September 30th:  Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the updated mineral resource estimate, based on only the M&I conversion drilling for its 100% owned Tonopah West project located in West-Central Nevada, United States.   We then get into all the expansion drilling that has just been completed, with many assays still pending, that will be building towards the upcoming expanded resource estimate in Q1 2026, and then followed by an updated PEA.   HIGHLIGHTS:   The Updated MRE contains a total of 0.107 million ounces ("Mozs") of gold ("Au") and 9.5Mozs of silver ("Ag"), or 21.1Mozs of silver equivalent ("AgEq") of indicated mineral resources, and 0.47 Mozs of Au and 35.5Mozs of Ag, or 86.88Mozs of AgEq of inferred mineral resources. Indicated mineral resources were not previously included in the mineral resource estimate for Tonopah West effective August 25, 2024, highlighting how Blackrock's recent in-fill drilling program (the "M&I Conversion Program") at Tonopah West which commenced in mid-July 2024 has confirmed previous inferred mineral resource estimates and improved geologic confidence in the mineral resource estimate on the Project. At a 180 grams per tonne ("g/t") AgEq cutoff, the average block-diluted grade of the indicated mineral resources is 493 g/t AgEq and the average block-diluted grade of the inferred mineral resources is 525.9 g/t AgEq. The Updated MRE includes 83 new drillholes completed in 2024-2025 and is based on a refined geologic model which was updated to reflect the new drilling and added more detail to the spatial distribution of mineralized veins. Silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, and at depth.     We then shifted over to the additional resource expansion exploration program at Tonopah West, where drilling commenced in September 2024, and targeted expansion potential along a one-kilometer northwest trend between the Denver-Paymaster and Bermuda-Merten vein groups (“DPB”) south resource area and the Northwest (NW) Step Out resource area. There will be a second expanded resource update in Q1 next year that incorporates all the expansion drilling towards the NorthWest Step Out, and the Eastern Expansion area off DPB South towards the Ohio mine area.   After that resource has been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA next year.   We wrap up discussing the financial health of the company due to the early exercise of warrants, bringing in around $5Million dollars into the company’s treasury.  Now that the market has seen the continuity of the mineralization holding together better than many had modeled in the recent M&I resource estimate update, in conjunction with the anticipation of how higher silver and gold prices will positively impact the economics of the project, more warrants are being exercised early to position for the coming catalysts on tap over the next 2 quarters.       If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.   In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.   Click here to visit the Blackrock Silver website to read over the recent news we discussed.

We’re joined by Brien Lundin, editor of Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5). Shad and I will both be attending, and we hope to see many of you there as well. Brien shares his insights on the remarkable run in precious metals equities and where opportunities still remain, from development-stage “optionality plays” to the surge in exploration success stories. Key discussion points: Optionality plays: Once trading at $10/oz in the ground, many have rerated to $30–$50/oz. But history shows they’ve commanded $100-$300/oz in prior cycles. M&A may drive the next leg higher. Exploration upside: A wave of strong drill results, including standout discoveries like Prospector Metals in the Yukon, fueled by years of careful groundwork during leaner times. Financing boom: Juniors raising capital at unprecedented levels, often without warrants - creating both opportunity and caution around free-trading share overhangs. Strategic investments: Producers like Centerra Gold are increasingly backing juniors, bringing capital, technical expertise, and long-term support. Jurisdiction focus: Safe, established regions (Canada, Nevada, Yukon) are attracting the most capital and generating the most discoveries. Stocks & themes discussed: Prospector Metals (TSX.V:PPP - OTCQB:PMUSP), Centerra Gold (TSX:CG - NYSE:CGAU).   Click here to learn more about the New Orleans Investment Conference on November 2-5. ----------- 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.

Graham Downs, President and CEO of Cascadia Minerals (TSX.V: CAM) (OTC: CAMNF), joins me for an update on their 4,000 meter and 13 drill hole exploration program at their newly acquired Carmacks Copper-Gold Project in the Yukon, Canada.   We start off having Graham outline what attracted Cascadia to the Carmacks Project, which led to the acquisition of Granite Creek Copper earlier this year.   He discusses the high-grade copper intercepts reported in historical drilling, and even from the most recent drilling back in 2021.  There is also a meaningful gold credit in results across the property and plenty of exploration work to do for expanding the known resources and stepping out from prior high-grade areas.    We discuss that some of the other properties in the company’s portfolio like the Catch Property in the Yukon which got some work last year, and some upcoming exploration results that should be coming back this year from their Macks, Milner, and Rosy properties.   We discuss the financial health of the company with a little under CAD $5M in the treasury, as well as some of the key stakeholders in Cascadia Minerals, such as Hecla Mining, Barrick Gold, and activist investor Michael Gentile, and  management stake, as well as the tight share structure.  The company is cashed up for this exploration season, and will still have some funds left over to begin more work next year.   If you have any questions for Graham regarding Cascadia Minerals, then please email those into me at Shad@kereport.com.   Click here to follow along with the latest news from Cascadia Minerals   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.

In today’s KE Report Daily Editorial (Oct 1), we’re joined by Dave Erfle, founder and editor of Junior Miner Junky, to break down the latest surge in precious metals. Key discussion points: Gold’s runaway rally: Up over $400 in September alone, testing $4,000/oz with monthly RSI levels never seen before. Silver’s breakout: A 45-year cup-and-handle pattern confirmed with Q3 closing above $46 … the strongest quarterly average in history. Gold-to-silver ratio: From 100:1 in May down to ~80:1, with potential to move toward historical averages near 60:1 or lower. Investor sentiment shift: Institutions and even high-profile fund managers now recommending 20% portfolio allocation to precious metals. Correction vs. cycle extension: After eight straight weeks of gains in miners, a pullback seems due. Strategy & positioning: How Dave is locking in profits, recycling cash, and targeting optionality plays in gold, silver, and copper juniors. Stocks / ETFs discussed: GDX, GDXJ   Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.    --------------------- 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.

José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me to review the year-to-date operations from the Tangana Mine at the Nueva Recuperada Project, located in central Peru.  We then spend the balance of the interview unpacking the operational and exploration growth initiatives for the Company, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025.   We start off by having José outline some of the step changes being made to control waste dilution and increase grade from the Tangana mining unit from the end of last year and throughout the first 3 quarters of 2025.  We touch upon the improving financials and operations, but he outlines that there are processes in place to significantly impact those metrics in a more meaningful way on a move-forward basis.   In addition to the increasing grade there will be a focus on growing the production throughput from 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720 tpd, and they are seeking permits at present to expand to 1,000 tpd.   The recently announced PEA then envisions a further expansion of the existing mill to 1,500 tpd and then the addition of a 2nd 1,500 tpd mill, taking throughput up to 3,000 tpd by 2029.   The increase in material will be through increasing mining at the Tangana unit, but then adding in both the Plata Mining Unit and Red Silver Mining Unit.   This brings up the potential for expansion of high-grade silver resources from the Plata and Red Silver deposit areas and how those areas will fuel the future growth of the Company.     If you have any questions for José regarding Silver X Mining, then please email those into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Silver X 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 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.  

John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join me to review the next batch of silver and gold drill assays returned on September 30th, from the ongoing Phase V exploration program; which is focused on the Oculto East and JAC zones at their wholly-owned Diablillos property in Salta Province, Argentina.    These 6 drill holes continue to expand oxide-hosted gold mineralization to the east of the Oculto deposit and oxide silver mineralization within the JAC zone, highlighting the continued strong exploration upside potential across the Diablillos system.   Oculto East: Numerous broad zones of continuous gold mineralization intercepted, including: DDH 25-066: 1.0 metre ("m") with bonanza grades of 108.9 g/t gold from 288 m downhole, as well as 18.0 m at 0.97 g/t gold from 353 m DDH 25-069: 24.0 m grading 1.02 g/t gold from 243 m DDH 25-071: 33.0 m grading 0.42 g/t gold from 69 m DDH 25-072: 140.0 m grading 0.57 g/t gold from 262 m, including 8.0 m at 2.60 g/t gold from 338 m   JAC: Strong near-surface silver mineralization continues to expand the Mineral Resource potential, including: DDH 25-053: 29.0 m at 65 g/t silver from 85 m, including 7.0 m at 108 g/t silver DDH 25-058: 32.0 m at 100 g/t silver from 58 m, including 2.0 m at 400 g/t silver John pointed out that these latest drill assays highlight the strong continuity of wide gold zones at Oculto East, together with additional near-surface silver mineralization at JAC. Importantly, these results continue to expand both gold and silver resources well beyond the current Mineral Resource conceptual open pit, and they further demonstrate the scale of Diablillos Project to keep growing.   Dave shares the key takeaways their geological team is getting from the continued silver mineralization continuing to the west at JAC, while the gold mineralization is continuing to be delineated in Oculto East.   He mentions that they now believe the higher-grade gold intercepts are just the top of a porphyry deposit at depth, and more holes will be testing this in the future, as well as the deeper hole targeting a different porphyry target at Cerro Viejo.   Additionally, we circle back to the Sombra target identified in the Phase IV drill program last year, and how it is possible that there is a parallel trend that could extend from Sombra up to Oculto East, and that more drilling will focus on that thesis in the future.   Wrapping up John takes us through a number of ways that the company could still keep rerating higher, not just based on the thousands of meters of ongoing drilling, but also in light of how significant the higher silver and gold spot metals prices are to their project economics, and how the prior economics were run at substantially lower consensus metals prices.   The Company is doing all the derisking work all building towards their ongoing Definitive Feasibility Study due out in early 2026, which in tandem with permits expected to be received, will be the triggers for a construction decision.     If you have any follow up questions for John or Dave 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 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.