The KE Report

Fresh off the Metals Investor Forum in Vancouver, Cory and Shad recap the sentiment, company buzz, and investor conversations across the floor. Key topics Conference vibe: Packed retail presence, buoyed by record weekly closes for gold and silver; optimism ran high across presentations and networking. Silver dominates: Numerous new or refocused silver juniors, many trading at $50–80M market caps despite no resource yet - highlighting just how far valuations have re-rated. Financing window: A surge of bought deals without warrants and in-the-money warrant exercises is filling treasuries; expect higher liquidity as paper becomes free trading. Rotation watch: While silver stole the show, investors are diversifying into copper and uranium; rare earth processors have soared, with government support driving momentum in critical minerals. Risk appetite rising: Newsletter writers and investors moving down the food chain into early-stage drill plays; classic bull market behavior, but a reminder to manage risk and trim profits. Stocks / symbols mentioned GDX, MP (MP Materials), NEO.TO (Neo Performance Materials), ARA.TO (Aclara Resources), UCU.V / UURAF (Ucore Rare Metals), UAMY (US Antimony), SURG.V (Surge Copper), COSA.V (Cosa 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.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the news release today, on September 30th, announcing that the Company has entered into of a binding term sheet with Sailfish Royalty Corp. to acquire the Mt. Hamilton Gold-Silver Project located in White Pine County, Nevada, USA, through the acquisition of 100% of Mt. Hamilton LLC, the direct owner of the Mt. Hamilton Project, through a series of transactions. Sailfish will acquire MH LLC on an arm's length basis from Mt. Hamilton Holdings LLC, and subsequently transfer the interests to Mako in consideration for a corporate gold stream, and a 2% net smelter return ("NSR") royalty on the Mt. Hamilton Project from Mako. Neither Mako nor Sailfish will issue any equity to complete these transactions.   The Mt. Hamilton Project has all major state and federal permits to allow construction of an open pit, heap leach gold-silver project, and has a current mineral resource estimate with an effective date of September 23, 2025 (the "Mt. Hamilton MRE") that was prepared by James N. Gray, P.Geo., of Advantage Geoservices Ltd., out of Vancouver, British Columbia.   Additionally, we discussed the 2nd layer of mineralization and value proposition of the Mt Hamilton Project, because it also hosts a tungsten/copper/molybdenum target, located below and independent of the gold and silver Mt. Hamilton MRE. This tungsten target has been defined by over 100,000 ft of historical exploration drilling. In a report by the Department of the Interior, dated August 25, 2025, tungsten (W) was named as one of the top 10 critical metals listed by their estimated probability-weighted impact of supply disruptions on the U.S. economy.  There is the potential to seek government funds allocated for the development of critical minerals for this portion of the deposit down the road as another potential opportunity.   We also unpack the anticipated mining to begin in Q4 at the Moss Mine, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in late 2026 and production by H2 of 2027.   This is a longer-format interview where we get into many nuances of operations and coming catalysts in all 4 jurisdictions.       If you have any further questions for Akiba regarding Mako Mining, then please email them into me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording and may choose to buy or sell more shares at any time.   Click here for a summary of the recent news out of Mako Mining.     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.

We’re joined by Glenn Mullan, President & CEO of Val-d’Or Mining (TSX.V:VZZ), for a company introduction and update. Val-d’Or Mining is a prospect generator with over 50 projects across Quebec and Ontario. The company is advancing its portfolio through strategic partnerships, most notably with Eldorado Gold. Key discussion points: Business Model: Prospect generator strategy focused on royalty creation. Partnership with Eldorado Gold: Five JV agreements covering 12 projects with a total $36.5M earn-in commitment over 5 years. Val-d’Or acts as operator on 10 Ontario projects. Recent Results: Phase 2 drilling at the Parestroika Prospect (Quebec) returned both narrow high-grade intercepts and bulk-tonnage style mineralization along the Cadillac-Larder Lake fault system. Upcoming Catalysts: Maiden drill program at the Baden Project in Ontario (October start). Advancing Claw Lake Prospect (Ontario) into 2026. Ongoing exploration by JV partner Kirkland Lake Discoveries at the KL West Property. Strategic Positioning: Building long-term royalty exposure while minimizing dilution by having partners fund exploration.   Click here to visit the Val-d’Or Mining website to lean more about the company’s project portfolio.    -------------- 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.

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins us to review the news out to the market on September 19th that announced the granting of exploration permits for the San Antonio and Terranova claims, adjacent to and expanding the footprint of their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.   These 2 new properties add an additional 181 hectares to Emerita’s wholly owned Iberian Pyrite Belt holdings, taking the Company’s total mineral property holdings in the IBW area to 8,144 hectares. The IBW Project hosts three Volcanogenic Massive Sulphide (VMS) deposits, which comprise NI 43-101 compliant mineral resource estimates from the La Romanera, La Infanta and El Cura deposits.   The San Antonio license is located southwest of the Company’s large claim referred to as the Ontario license and is directly along the geological trend of the IBW Project’s La Romanera deposit. For future reference, these claims, along with those formerly referred to as “Ontario” will be treated as a single exploration project area and referred to as the “San Antonio Project”.   The Terranova license also occurs along this mineralized trend along strike of La Romanera and extends the Company’s mineral property close to the border of Portugal. There are several historic small-scale mines on the Terranova license that were mined up to the mid-20th century; including the Vuelta Falsa Mine and the Trimpancho Mine.  Exploration can commence immediately in these newly permitted areas and the Company is developing plans for exploration work on these claims along with the larger San Antonio project.   The company also announced in that same press release from September 19th that Emerita has entered into a letter of intent (“LOI”) with Western Metallica Resources Corp. to acquire 100% ownership of the Nueva Celti Copper Project located 75 km northeast of the city of Seville in the province of Andalusia, Spain; with historic mining operations and situated in the Ossa Morena geological massif.   We discuss all the derisking work going on in the background at the IBW Project, building toward the Pre-Feasibility Study (PFS) for late Q4 of this year, or Q1 of next year, as well as an update on the key environmental permits anticipated to come in over the next couple months.   We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.     If you have any follow up questions for David regarding Emerita Resources, then email those in to us at either Fleck@kereport.com or Shad@kereport.com.   Click here to follow the latest news from Emerita 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.

In this KE Report Daily Editorial (Sept 29), I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who oversees the firm’s commodities trading desk. Darrell provides his monthly update on market positioning, trading flows, and price trends across precious metals, base metals, and energy. Discussion highlights: Precious metals surge: Gold pushes toward $4,000 while silver breaks above $47, with broader investor flows extending beyond central banks. Copper strength: A steady climb toward $5/lb, boosted by the Freeport Grasberg disruption and tight long-term supply fundamentals. Sector rotation: Silver equities rally sharply, showing heightened volatility compared to gold. Energy weakness: Oil remains stuck in a range with bearish fundamentals; natural gas looks fairly valued heading into winter with ample storage. Big picture: Metals are pulling commodity indices higher even as energy drags, underscoring the sector’s shifting drivers.   Stocks mentioned (symbols): Freeport-McMoRan ($FCX)   ------------- 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.

I’m joined by Andrew Thomson, President & CEO of Palamina Corp (TSX.V:PA – OTCQB:PLMNF), to discuss the company’s strategic pivot toward silver exploration in Peru and the path forward for its growing project portfolio. Key discussion points: Silver Focus: Palamina is expanding exploration on its silver-copper projects in Peru, particularly the high-grade Galena Project, located in the Santa Lucia district. Galena Project: Early work highlights silver grades up to 1,000 g/t and copper values exceeding 7%. A gravity survey is set to begin within weeks, with first drilling targeted for early next year. Pluma Project: Acquired from IRANIA. Adjacent project has JOGMEC partnered with Hannan Minerals. Usicayos Gold Project: Permitted for drilling but currently delayed due to landowner negotiations; exploration continues at surface. Project Generator Strategy: With multiple projects across gold, silver, and copper in Peru, Palamina is advancing select assets while exploring JV and option agreements with larger partners.   If you have any follow up questions for Andrew please email me at Fleck@kereport.com. Click here to visit the Palamina website to learn more about the Company.    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.

Don Durrett, Founder and publisher of the website GoldStockData.com and author of the book "How To Invest In Gold And Silver -- A Complete Guide With A Focus On Mining Stocks" joins me to overview why he believes we've finally arrived at a generational one-time trade for the precious metals equities.   This is an informative wide-ranging discussion on how Don approaches investing in gold and silver stocks, and touches upon what investing criteria will lead to 5-baggers, 10-baggers, and even 25-baggers and 50-baggers, why holding more positions than is typically recommended can actually give value investors an edge and takes the emotion out of investing in this sector, and why nobody can actually pick all the winners in advance within their portfolio.   Key Topics Discussed:   Don's 2-decade history investing in the precious metals sector, why he wrote his book, and why he developed his research website as a teaching tool for investors.  Why Don has always positioned for a one-time generational trade in gold, silver, and the PM equities, and why he believes the period of time for for that trade to unfold has arrived. Don's outlook on gold to eclipse $5,000 in this run and for silver to move to over $100. Don't outlook on the US bond market starting to fail, and while gold and silver will be the beneficiaries if the US treasury market becomes fragile, and no longer risk-free. How to get an edge by diversifying one's portfolio across a larger portfolio, to get better odds at dozens of 5-baggers and 10-baggers, and the potential for a handful of 25-baggers and even 50-baggers Don's mining stock portfolio is now 177 stocks, and while he concedes that is too many positions, he points out that for most investors they should really hold a portfolio of 50-80 gold and silver stocks; unless they are an active trader - where 30 positions are more appropriate.  Don points out that he rarely will have exposure to a 1% position, with the exception of the 2%+ position size he maintains in the 6 ETFs and 3 mutual funds that he holds within his portfolio "I didn't want large positions, and I still don't want large allocations.  I found out that 1% is a large allocation, and I don't take 1% positions very often." Why even his current favorite developer, 1911 Gold Corp (TSXV: AUMB) (OTCQB: AUMBF) is just barely over a 1% position size, and why he will not let it get over 1.5% inside his portfolio despite how much potential it has to rerate higher. Why his strategy takes the emotion out of holding a portfolio of PM stocks, and why active investors with 30 positions or less still will have a lot of risk and also emotion tied to any one position that is weighted too heavily. Why Don doesn't need to use stop losses, and doesn't care if a few individual companies fail. An overview of the disciplined strategy and checklists that Don uses for making acquisitions of any position.  Don shares a checklist of 10 criteria for producers, 6 criteria for developers, and 2 criteria for explorers. Why nobody can truly pick eventual winners, due to the nature of dilution versus value creation, unexpected acquisitions, and unforeseeable discoveries. All investors can do is pick potential winners. Coeur Mining (NYSE: CDE) is a company that didn't do will historically during bear market periods, but one that Don believes every precious metals portfolio should own.  He goes on to share why he feels this is a must own stocks, because of how well it performs during bull market periods, due to the excellent location of their operating mines, and because of how accretive the Silvercrest acquisition was for fixing their balance sheet and their future trajectory. First Majestic Silver Corp. (NYSE: AG) (TSX: AG) has been a poor performer in the past, but Don explains that their acquisition of Gatos Silver fixed the company, but that he believes a future acquisition could make them an even-better overall company. Avino Silver & Gold Mines Ltd. (TSX: ASM)(NYSE American: ASM) was a stock Don believes could be as much as a 50-bagger from the low to the eventual high in a $5,000 gold and $100 silver environment.  Even though the stock has run up over 6X on this recent move the last 2 years, Don still believes Avino is undervalued and heading much higher, but that it is also a prime takeover target in this cycle. Endeavour Silver Corp. (TSX: EDR) (NYSE: EXK) is one of the 8 silver stocks that Don believes you can "marry" for this PM cycle.  He unpacks why he has changed his mind from not initially liking the recent acquisition of their Kolpa Mine in Peru, to now seeing it as very forward-looking and value-accretive for the longer term.  Additionally, Don highlights why the Terronera Mine just finishing construction and beginning the ramp-up into production is going to be so significant to the company's growth profile and costs, along with the very large Pitarrilla Mine which is up next in the development cue.    In full disclosure, Shad is a shareholder of Coeur Mining, Avino Silver and Gold, and Endeavour Silver, and may choose to buy or sell shares at any time.    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.   Click here to visit Don's website Gold Stock Data   Click here to order Don's book - How To Invest In Gold and Silver

This weekend’s KE Report show dives deep into two key corners of the commodities market. In the first half, Matt Geiger breaks down precious metals sentiment post-Beaver Creek and where copper could be the next big mover. In the second half, Dan Steffens highlights why select oil and gas names remain undervalued despite a flat pricing environment. Segment 1 & 2 - Managing Partner Matt Geiger of MJG Capital joins to discuss Beaver Creek’s upbeat sentiment and why he sees precious metals in the “middle innings,” expecting near-term consolidation in gold/silver while turning bullish on copper given supply disruptions and an extreme copper-to-gold disconnect. He also weighs in on the Elemental Altus–EMX royalty merger and Tether’s role, majors like Centerra taking stakes in juniors, and his playbook of favoring early-stage copper names, taking profits into hype, raising cash, and redeploying into high-quality pullbacks. Click here to visit the MJG Capital website to learn more about Matt’s fund   Segment 3 & 4 - Dan Steffens, president of the Energy Prospectus Group, argues that even with range-bound oil and gas prices, geopolitical risks and the IEA’s shifting outlook keep supply tight. He highlights company-specific catalysts - Crescent Energy’s merger and hedges, Diamondback’s gas-to-power/AI plans (and Viper Energy), Devon’s buybacks, and dividend-rich Northern Oil & Gas - while favoring natural-gas-weighted names ahead of rising LNG demand, a possible La Niña winter, and increased year-end M&A. Click here to visit the Energy Prospectus Group website for more energy market and stock analysis   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.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins us to review the big picture takeaways from the early interpretations and initial assays coming in from the 110 holes and over 64,000 meters drilled with 9 drill rigs and 4 helicopters during the 2025 drill program on Surebet discovery on the Golddigger Property located in the Golden Triangle of British Columbia. The 2025 field season will officially come to an end in the next couple of weeks, once all the logging has been completed.   We discussed some of the initial high-grade gold intercepts starting to come back from the lab, but Roger reminds listeners that these are just on the gold, and don’t yet contain the multi-element assays.  Additionally, assays are still pending for 88 drill holes drilled in 2025 along with a few more holes that have been relogged from prior years drilling.   100% of the drill holes completed to date in the 2025 drill program at Surebet have intersected substantial quartz-sulphide mineralization. Including 76% of drill holes containing visible gold to the naked eye “VG-NE” have been completed and currently logged in 2025, with more holes still to log.  This clearly demonstrates the continuity and predictability of this expansive gold-rich system that remains wide open.   Rogers provides a little more detail on drill density of the over 600 pierce points, the continuity of the high-grade zone that is coming into focus in the Bonanza Zone, where the sediment rock packages contact the volcanic rock packages, and the better overall geological understanding that is emerging at the Surebet discovery. There are now gold results coming in from three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.   There will be a flood of assays coming in from this exploration season for many months into the future, so click on the link down below to follow along with all the news from the Company as it hits the newswires.     If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.   In full disclosure, Shad is a shareholder of Goliath 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 Goliath Resources   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. .

Peter Akerley, President & CEO, Erdene Resource Development (TSX:ERD - MSE:ERDN - OTCQB:ERDCD) joins us to provide a company overview and discuss the first gold pour (announced Sept 14) at the high-grade, open-pit Bayan Khundii mine in Mongolia. Peter outlines the production ramp-up, cash flow outlook, mine-life extension plans, and exploration priorities. What we cover Bayan Khundii milestone: First gold pour achieved; targeting nameplate ~85–90 koz/yr by year-end, leveraging high-grade open-pit feed and strong margins. Costs & cash flow: Updated view from the 2023 Feasibility - AISC tracking in the ~$1,100–$1,150/oz range after royalties and capex inflation; at current prices, management frames Bayan Khundii as a “cash machine” at steady state. Mine life growth: Resource/reserve expansion targeted around the pit with path to 10+ years through lower cut-offs, in-pit/near-pit drilling, and satellite oxides. Near-mine discoveries: Dark Horse (shallow, oxide, potential for heap-leach add-on) and a blind target ~0.5 km west of the pit showing multi-g/t intercepts at depth. District scale: Earlier discovery Altan Nar to be revisited as cash flow builds. Partnership & build: 50/50 JV with a leading Mongolian mining group. Balance sheet & debt: Shareholder loan targeted for rapid paydown as production stabilizes; exploration continues in parallel given robust operating cash generation. News flow ahead: Commercial production/nameplate updates, near-mine drill results, expansion studies, and broader district exploration. Click here to visit the Erdene Resource Development 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.