The KE Report

Justin Reid, President and CEO of Troilus Gold Corp., shares exciting updates on the Gold-Copper Troilus Project in Quebec. He highlights impressive drilling results from the Southwest Zone, showcasing increased gold grades and promising mineralization. Justin discusses the advancement of engineering studies, focusing on operational planning and environmental impacts. He emphasizes vital permitting progress and new offtake agreements that bolster the company’s strategic framework. The conversation reflects Troilus Gold's optimistic trajectory towards production.

This KE Report Weekend Show dives deep into the growing crosscurrents hitting the U.S. economy and commodity markets. In the first half, Marc Chandler (Bannockburn Global Forex) unpacks how weak job data and rising tariff risks are driving rate cut expectations and reshaping the dollar outlook. In the back half, Darrell Fletcher (Bannockburn Capital Markets) gives us a trader’s eye view on the violent copper repricing, where energy markets may head next, and why metals like platinum and tin are gaining momentum. Segment 1 & 2 - Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market site, joins the KE Report to break down the shifting macro landscape as weaker U.S. jobs data and tariff volatility drive expectations for multiple Fed rate cuts this year. He discusses the dollar's cyclical downtrend, the inflationary impact of tariffs, confusion around gold and copper duties, and whether U.S. economic dominance may erode amid rising debt, diverging trade alliances, and a weakening labor market. Click here to visit Marc’s site - Marc To Market.    Segment 3 & 4 - Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, returns to share trader insights on copper’s sharp price collapse following tariff exemptions, the persistent structural supply challenges in refining, and why copper remains in a long-term uptrend. He also discusses bearish trends in oil and natural gas, ongoing strength in precious metals led by investor demand and central bank buying, and how government support for refining capacity is reshaping the outlook for critical minerals. Click here to learn more about Bannockburn Capital Markets.    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! Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

Jason Kosec, the new Chairman of Minera Alamos (TSX.V:MAI) (OTCQX:MAIFF), joins me to unpack the key takeaways from news announced on July 7th about their acquisition of Calibre USA Holdings Ltd from Equinox Gold Corp. for total consideration of US$115 million, subject to adjustment.  Calibre USA holds a 100% economic interest in the producing Pan Gold Mine, development-stage Gold Rock Project, and exploration-stage Illipah Project in Nevada, USA.    We start off discussing how this is a truly transformational transaction for the Company, in that it brings in the producing Pan Gold Mine, doing about 35,000-40,000 ounces of gold production annually at the heap leach operations.  This mine is generating strong cash flows given the current record gold price environment, and Jason outlines how these revenues can be used to organically grow and develop the other pipeline of low-capital intensity, quick-build, high-return, gold development projects like the past-producing Copperstone Mine in Arizona,  the Cerro De Oro Project in Zacatecas, Mexico, the Gold Rock Project in Nevada, and the Fortuna Project in Mexico.   Jason also reiterates that this is not the company loosing interest or pivoting away from Mexico, but making an acquisition that brings in revenues and changes the valuation metrics while they await the permits in Mexico that the team still believes they will receive from the new administration.  This transaction immediately strengthens their production profile, beyond just the residual leaching at the Santa operations. More importantly, bringing in a larger production profile should improve their valuation multiple with a likely rerating over time that is more in alignment with junior producing peers. Operating a solid production asset in Nevada will also lower their future cost of capital for advancing their other development assets, without as much equity dilution moving forward. There is also the benefit of minimizing future risk by diversifying their assets into one of the strongest jurisdictions there is in Nevada. We also discuss how the recent financing has attracted a much stronger institutional investor base that wants to see the pathway to multiple mines in multiple jurisdictions.   We go on to discuss the exploration upside both around the Pan Mine and at the Gold Rock Project, not to mention across their whole portfolio of projects.  Now there will larger incoming revenues to truly intensify exploration efforts at multiple projects.   One can also see the pathway to future production growth and into a mid-tier producer with the Copperstone Mine slated to produce roughly 40,000 ounces of gold per year, and with both Cerro De Oro and Gold Rock each estimated to produce ~60,000 ounces of gold per year.  After those 3 mines have ramped up to commercial production, alongside of the Pan Mine, then there is also the development-stage Fortuna Mine in Mexico that will move into position as mine number 5.     If you have any follow-up questions for Jason regarding Minera Alamos, then please email them into me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of Minera Alamos at the time of this recording.   Click here to follow the latest news from Minera Alamos

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, returns to analyze the latest surge in market volatility and the increasing role politics is playing in market direction. We explore how former President Trump’s offhand comments continue to spark major market swings - boosting or crushing stocks based on a single tweet. Joel discusses the impact of these politically charged moves on tech giants, small caps, healthcare, and even retail names like American Eagle Outfitters. Key topics include: Market manipulation via Trump tweets - from chip tariffs to pharma crackdowns Healthcare sector selloff despite earnings beats (Eli Lilly, UNH) IWM vs. QQQ divergence and what it says about small caps Earnings season reactions - why guidance still matters and who’s crushing expectations (Palantir, Shopify, Celsius) Gold and silver’s breakout - is it a new uptrend or topping pattern? We wrap with his outlook on where markets head into Friday.   Click here to visit Joel’s PreMarket Prep website. https://www.premarketprep.com/ Click here to visit the Stock Trader Network. https://www.stocktradernetwork.com/

Graham Richardson, CFO of Faraday Copper (TSX:FDY – OTCQX:CPPKF), joins me to provide a comprehensive exploration update recapping the key milestones and discoveries from the 30,000 meter Phase 3 drill program, that is building into an updated Resource Estimate and more advanced update to the Preliminary Economic Assessment (PEA) due out in September.  Then we dive into the strategy and objectives for the upcoming 40,000 meter Phase 4 drill program, with a continued focus on defining, expanding, and testing new target all around the American Eagle Area at their 100% owned Copper Creek Project in Arizona.    The Copper Creek Project already has a 4.2 billion pound copper resource, and will be expanding as the drill results from the prior Phase 3 program are incorporated into the updated Resource Estimate, where it is anticipated to have a healthy portion in the indicated category.  With regard to the updated PEA, Graham highlights how much geotechnical and metallurgical work will be incorporated, making it a much more advanced PEA, and this is why the work programs after it is released will springboard over the PFS and go right into the Feasibility Study for 2026.   Graham and I discuss a number of the new discoveries made in Phase 3 at the new Banjo Breccia discovery, and recently discovered Winchester breccia, in addition to putting some holes into earlier-stage exploration targets at Old Reliable, the Sunrise Trend (which may indicate the presence of a new porphyry system),  and at Horsecamp. There were some holes in Phase 3 that targeted near-surface supergene copper mineralization with the goal of better understanding the distribution of oxide mineralization. Five holes were drilled near the Globe breccia and two near the Copper Giant breccia.  There will be more follow-up on this near-surface oxide mineralization as part of Phase 4.   In addition to expanding mineralization, testing new breccia targets, and infilling the American Eagle area in the upcoming Phase 4 drilling, there still will be some further definition holes drilled down into the deeper porphyry targets at the American Eagle and Keel deposits to better understand the geological controls and mineralization.   The company is well cashed up to complete all these work programs after announcing the closing of the CAD $49Million financing on July 29, 2025.  Graham also unpacks the strong roster of shareholders including the Lundin Family and Murray Edwards, as well as a number of institutional investment firms.  We wrap up discussing the infrastructure advantages and positives of operating in Arizona as a jurisdiction.     If you have any questions for Graham regarding Faraday Copper, then please email them to me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Faraday Copper at the time of this recording, and may choose to buy or sell shares at any time.   Click here to view the latest news from Faraday Copper

Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins me for an in-depth technical and fundamental look at both the medium-term risks and long-term opportunities in the precious metals space, and why he favors being positioned in growth-oriented junior PM producers and quality developers over the senior producers as this precious metals bull market continues to evolve.     Key topics discussed:   The shorter-term to medium technical pattern in gold is a bit murky, on whether it has the energy to punch up through $3,500 and make a run towards $4,000 or if it needs to keep consolidating for another month or two. Longer-term, this gold bull market has much further to run.   Jordan is more animated by the technical outlook for silver, after the decisive move above $35 resistance, where it ran north of $39 and now has consolidated solidly in the $37’s. He discusses a few potential paths for silver as it eventually approaches upcoming resistance at $41-$42 level.   We discuss the nature of silver stocks to front run higher prices in advance and discount those moves higher in the underlying metals price before they occur. We review if he feels silver stocks have already started discounting the moves past the $42 resistance or $50 silver, or if they are more fairly valued after their corrective move over the last few weeks.   With regards to the gold stocks, Jordan lays out the historic precedence for gold juniors to outperform gold seniors as bull markets evolve into the mid to later stages. Jordan also highlights the advantages that retail investors have to become experts in junior mining stocks and get an edge in investing due to lack of coverage and liquidity, compared to trying to compete with all the analysts covering the larger senior producers.   Jordan wraps up explaining why he prefers to be positioned in the growth-oriented gold and silver junior producers and quality developers that have the additional kicker of meaningful exploration programs, that are building value to existing known projects. Those types of companies are more like the “holy grail” of investing in more advanced juniors, versus the inherent risks of gambling on the make-it or break-it initial drill hole programs with earlier-stage exploration stocks.   Click here for exclusive stock picks and Jordan’s deeper analysis at The Daily Gold.

Jeff Phillips, President of Global Market Development, and an activist investor in the junior resource space, joins me for a behind-the-scenes look at how he evaluates opportunities in mining stocks and the types of management teams and share structure that he likes to see to participate in their financings.   In this conversation we cover a lot of ground from gold, silver, and copper explorers and prospect generators, to reviewing past wins and current cycles with rare earths, lithium, and PGM companies. Jeff states that we have left the “lazy river” stages of the resource sector and have been entering into the more exciting ride of a larger commodities bull market.   Jeff has been involved in the natural resource space for the last three decades, and is a large strategic shareholder of over a dozen junior companies, and still a significant shareholder in a number of other mining stocks. Jeff also serves as a technical consultant and advisor to several companies in the junior resource space, working on improving their messaging to the marketplace, roster of investors, and liquidity. Even though he doesn’t do many public-facing interviews or write in widely followed publications, Jeff is one of the most influential and well-respected people in the business. You’ll often see him hard at work at mining conferences, doing his due diligence and connecting people to one another.   The companies we discuss in this interview are: Regulus Resources (TSX-V: REG) (OTCQX: RGLSF), Aldebaran Resources (TSX-V: ALDE) (OTCQX: ADBRF), Patriot Battery Metals (TSX: PMET) (OTCQX: PMETF), Bravo Mining (TSXV: BRVO) (OTCQX: BRVMF), GreenLight Metals (TSXV: GRL) (OTC: GRLMF), Kincora Copper (ASX: KCC) (TSXV: KCC), Almadex Minerals (TSX-V: DEX) (OTC: AAMMF), Headwater Gold (CSE: HWG) (OTCQB: HWAUF), and Kingsmen Resources (TSXV: KNG) (OTCQB: KNGRF).  

In this KE Report company update, we speak with Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V: SIG - OTCQB: SITKF - Frankfurt: 1RF), to recap the latest drill results from the Rhosgobel zone, part of the company’s large-scale RC Gold Project in Yukon. Key Interview Highlights: Strong early results from Rhosgobel: Holes 3 and 5 returned up to 152m of 1.0 g/t Au (hole 3), including higher-grade intervals - all starting near surface. Expansion underway: 18 holes drilled at Rhosgobel to date; ~4,000m of 10,000m planned now completed. Strike length now extends 900m based on step-out drilling. Open at depth: Mineralization traced from surface to 200m depth, with visible gold in deeper intervals still awaiting assays. Interpreted as steeply dipping, east-west trending vein system. How it compares: Rhosgobel could rival the Blackjack and Eiger zones (2.8Moz combined) in tonnage, with comparable or better grades. What’s next: Two rigs remain active at Rhosgobel; two more now drilling at the Pukelman-Contact zone. Potential to deliver an initial Rhosgobel resource by Q1 2026. Sitka is advancing four key zones across the RC Gold Project in 2025, targeting both resource growth and new discoveries.   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.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the record Q2 2025 financials and operations results from the San Albino Mine in Nicaragua, along with some ongoing residual leaching during the period from the recently acquired Moss Mine in Arizona.  We also unpack the anticipated mining to begin this quarter 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 2026 and production by H2 of 2027.   This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.   Q2 2025 San Albino Operational Highlights 54,354 tonnes mined, containing 10,911 ounces ("oz") of gold ("Au") at an average grade of 6.24 grams per tonne ("g/t") Au and 12,491 oz of silver ("Ag") at 7.15 g/t Ag 52,705 tonnes milled containing 11,153 oz Au and 12,847 oz Ag grading 6.58 g/t Au and 7.58 g/t Ag 41% and 59% from diluted vein and historical dump and other, respectively 595tonnes per day ("tpd") milled at 97% availability, with a mill recovery of 80.3% for gold   Q2 2025 Mako Financial Highlights   Mako total gold sales of 11,476 oz Au for total revenue of $38.1 million in Q2 2025 San Albino Mine sales of 10,104 oz Au at $3,323 per ounce Moss Mine sales of 1,372 oz Au from residual leaching activities at $3,321 per ounce Delivered final 13,500 oz silver payment to Sailfish Silver Loan for a total of $0.4 million in Q2 2025 $1.5 million release of collateral at Moss Mine from Trisura Guarantee Insurance Company Cash Balance of $28.6 million as of June 30th, 2025     There is also a substantial exploration program underway all around the San Albino Project in Nicaragua, around the San Albino Mine, as the Las Conchitas concessions, and of particular interest at the El Golfo concessions.     Akiba points out that the Moss mine has been producing gold the last few month through residual leaching at its beneficiation facilities, but their team is going to start mining again this quarter, and then it will take several months for new materials moved onto the leach pads to charge up increased production again. A technical report and Pre-Feasibility Study is slated to be put out later in the year around October, after a few months of ramping up mining and assessing the resources in place. When the Moss Mine has been debottlenecked over time from a mining and permitting perspective and is producing at the grade and rate they believe is possible,  it could almost double their current production profile with approximately another 40,000 ounces of gold production per year out of Arizona.   Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable of an agreement between the government and local stakeholders, and doing all the background environmental and engineering work to being the process for their EIA permit.  Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 60,000 -65,000 ounces per year.  When this added to the production out of Nicaragua and Arizona there is clear line of sight to growing into a mid-tier gold producer.     If you have any further questions for Akiba regarding Mako Mining, then please email them into us at either Fleck@kereport.com or  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.

In this KE Report company update, Scorpio Gold CEO Zayn Kalyan outlines the company’s strategic transformation: divesting the Mineral Ridge Project for US$7.5 million and ramping up exploration at the Manhattan District in Nevada. Key Interview Highlights: Sale of Mineral Ridge Project: Total consideration of US$7.5M, paid in stages: $700K deposit (due immediately) $4.3M at closing (expected by August 25) $2.5M in deferred payments over 12 months Decision driven by high holding costs and limited near-term value without significant mill investment Drilling Focus at Manhattan: Phase 1: 6,300 meters nearly complete New goal: 15,000 meters by year-end Second rig arriving in September, potential for a third Focused on the “gap zone” between Goldwedge and West Pit Targeting 200,000–300,000 ounces from this core zone Catalysts on Deck: Initial NI 43-101 Resource Estimate coming soon Drill results imminent Targeting >2 million ounces within 12–18 months Resource will incorporate 140,000 meters of historic drilling across 1,800+ holes Team Strengthening: Leo Hathaway, of Lumina Group fame, joins as Director and on the technical team Helping guide technical strategy and long-term development Click here to visit the Scorpio Gold website to learn more about the Company.