The KE Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a longer-format more candid ‘fire-side chat’ type of discussion, where we review the different trends in price performance, sentiment, and momentum across various stages of gold, silver, and copper stocks.   We start off contrasting the pricing reactions in the gold producers and higher quality developers to the moves higher in gold to record all-time highs.  Erik points out economic studies have had difficulty even keeping up with the rising metals prices over the last year, and how while of the quality gold stocks tracked the moves higher in gold, very few of the gold juniors had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop in the underlying metals price environment.   Next we discussed how those same dynamics in compared to how the silver producers reacted to the rising silver price over the last year, and how the upside torque, and also the outsized moves down during silver corrections also filtered down more into the related silver junior stocks.  Erik points out that the narratives and trading psychology and sentiment around silver equities tends to be more extreme, but that the extremes in volatility is not really suited for most investors.   Then the discussion switched over the strange behavior so far this year in the copper equities -- where they seemed to be shrugging off both explosive moves up to new all-time highs as well as the extreme corrective moves with regards to the underlying copper pricing.    Over the last few years we have seen the copper producers get the bid first, and move more in synch with underlying metals pricing trends and sentiment. Erik outlines that copper juniors have acted more similar to gold juniors between 2020 and 2024 where gold kept making a run up towards $2,000 over and over and getting rejected back lower.  We’ve seen that play out the last few years with copper approaching and briefly eclipsing the $5 per lb level a few times, where the stocks quit believing that level would stick and build a higher pricing base. In a similar pattern the copper juniors have not participated as much until much higher copper prices finally got them moving.   Since we’ve seen the producers fair better overall thus far in the multi-year rallies in gold, silver, and copper sectors, compared to overall trends in wide swath of juniors, the question is posed to Erik regarding if people should even invest in junior resource stocks. Erik goes on to highlight some nuances around cheap and undervalued subsectors within resource juniors versus seniors, and why he remains constructive on how things will unfold moving forward in these evolving bull markets in the metals.   Click here to follow Erik’s analysis over at The Hedgeless Horseman website

Craig Hemke, Founder and Editor of TF Metals Report, joins me for a wide-ranging discussion on the macroeconomic market movers over the last few weeks and looking ahead to a potential cattle call into gold, silver, and the precious metals equities.  We also dig into the whipsaw copper pricing as a result of the Trump tariff policies and where things may settle out.    Topics we discuss:   Craig walks us through the macroeconomics forces at work between US fiscal policy and Fed monetary policy, and how interest rates trends, and the potential for yield curve controls will likely push the US dollar lower, and the precious metals sector higher.   He points out the jobs report numbers, and downward revisions of the prior 2 months jobs metrics. Craig highlights the potential policy error that Jerome Powell and the Fed have made in delaying cutting the Fed funds rate by pointing to strong jobs figures the last few months as proof of a robust economy. Now it is clear they were not nearly as strong as reported.   Craig feels the pathway forward from the Trump administration is to either remove Powell early, or replace him as soon as possible next year with a dovish Fed chairman that will move to quickly cut interest rates and work in concert with the US Treasury Department.  The plan will be to lower rates to reduce down the burden of debt repayment, but then also to keep spending with fiscal policy to try and grow (and by default inflate) our way out of the current situation.   The US dollar’s recent rally may ending up having been a head-fake, which caught some market participants off-sides, as the greenback has already started rolling over lower once again.   This dollar weakness and worse-than-anticipated jobs data has boosted the precious metals sector at the end of last week and we are seeing follow through strength in gold and silver to kick off this week.   We also discussed how copper pricing went on a wild ride building up to the proposed 50% copper tariffs, but then reversed down sharply when it turned out the tariffs were only on finished copper products, but not copper concentrates or refined copper itself.   Craig outlined how silver, platinum, and palladium got caught up in that move higher in copper, and did reverse down initially with copper’s crash lower, but have since stabilized and started trekking back higher again with gold.   We wrap up discussing the moves we’ve seen lately in PM producers on the back of strong Q2 numbers, noting Agnico Eagle’s recent barn-burner quarter, and that we are already one third of the way through Q3 with even higher average metals prices.  If people get a sense that these macro forces and higher underlying gold and silver prices are going to stay elevated, then there could be a cattle-call and stampede into the precious metals equities.   Click here to visit Craig’s website – TF Metals Report

  As equity markets continue to grind higher amid political noise, and commodity prices react violently to shifting trade headlines, investors are searching for clarity. This weekend’s KE Report dives deep into both - the big-picture market signals and the underlying resource stock trends - with technical analyst Dana Lyons and metals market veteran Brien Lundin.   Segments: Segment 1 & 2 - Dana Lyons, fund manager and editor of the Lyons Share Pro website, joined us to discuss the ongoing market melt-up, where his models remain bullish despite soft red flags in sentiment, seasonality, and market breadth. He also outlined tactical trades in copper and silver following tariff-driven volatility, sees gold’s consolidation as constructive, and maintains high conviction in further upside for U.S. equities, led by large-cap growth and industrials. Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.    Segment 3 & 4 - Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, joined the show to share his outlook on gold, silver, and copper markets, as well as the junior mining sector. He discussed gold’s summer bottoming process, silver’s bullish breakout above $35, copper’s pullback after tariff news, and why he sees current conditions as a strong buying opportunity across producers, developers, and juniors. Click here to learn more about the New Orleans Investment Conference on November 2-5.   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.   As equity markets continue to grind higher amid political noise, and commodity prices react violently to shifting trade headlines, investors are searching for clarity. This weekend’s KE Report dives deep into both - the big-picture market signals and the underlying resource stock trends - with technical analyst Dana Lyons and metals market veteran Brien Lundin.   Segments: Segment 1 & 2 - Dana Lyons, fund manager and editor of the Lyons Share Pro website, joined us to discuss the ongoing market melt-up, where his models remain bullish despite soft red flags in sentiment, seasonality, and market breadth. He also outlined tactical trades in copper and silver following tariff-driven volatility, sees gold’s consolidation as constructive, and maintains high conviction in further upside for U.S. equities, led by large-cap growth and industrials. Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.    Segment 3 & 4 - Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, joined the show to share his outlook on gold, silver, and copper markets, as well as the junior mining sector. He discussed gold’s summer bottoming process, silver’s bullish breakout above $35, copper’s pullback after tariff news, and why he sees current conditions as a strong buying opportunity across producers, developers, and juniors. Click here to learn more about the New Orleans Investment Conference on November 2-5.   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.

In this KE Report Daily Editorial (August 1st), we’re joined by Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, to unpack a tough end to the week for markets.   Markets sold off sharply on Friday, driven by a combination of renewed tariff worries and weak jobs data. Joel breaks down the technical damage, discusses the break of key support levels, and explores whether this is simply a short-term pullback or something more significant.   Key Discussion Highlights: Tariff deadline and soft jobs data spark a sharp risk-off move across equities. Tech leadership falters, with names like Apple breaking down below multi-week ranges. Joel highlights a shift in sentiment from a “Goldilocks market” to growing caution. VIX, bonds, and gold rise, while small caps underperform - signs of broad defensiveness. Rotation into value and dividend-paying stocks like utilities and healthcare names. Technical signs of complacency peaking in July, with low realized volatility and narrow breadth. What could come next: tariff negotiations, inflation data, and potential August seasonality pressure. Joel also shares why investors should zoom out and maintain perspective after a strong run from April’s lows, rather than focusing solely on the recent pullback from all-time highs.   Click here to visit Joel’s PreMarket Prep website. Click here to visit the Stock Trader Network.  

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF) (FSE: X7W), joins me for an exploration update outlining some of the key takeaways and proper context from the recently released assay results from this year’s exploration program at multiple Gold Rock Camp targets, within their Dryden Gold District in Northwestern Ontario.    On July 24, 2025 the Company reported multiple high-grade gold results and additional visible gold ("VG") intercepts from its ongoing drill program on the Elora Gold System at the Gold Rock Camp. These results are part of the Company's fully funded 15,000-meter drill campaign, which is focused on expanding the Elora Gold System along strike and at depth. The drill campaign to date has focused on the Gold Rock Target Area including the Jubilee Zone, Jubilee Hanging Wall, Pearl Zone and Laurentian Mine Area. The discovery of multiple stacked gold bearing structures now appear to run for a kilometer of strike from Jubilee to Laurentian. Drilling at the Elora gold System is also showing impressive widths of near surface lower grade mineralization.   Trey points out that much of the drilling is actually more constructive than the market realizes for building out continuity of near-surface mineralization that is above 1 g/t gold as a baseline for an open-pit development scenario. Then the more narrow but high-grade intercepts will raise the average overall grade profile of the deposit that is coming into picture along 1km of strike along the Elora Gold System.   Highlights:   Drill Hole DGR-25-011 intercepted 5.36 g/t gold over 5.00 meters including 12.70g/t gold over 1.90 meters at Jubilee HW Drill Hole DGR-25-018 intercepted visible gold at 238 meters true depth in the HW at Jubilee HW Drill Hole DGR-25-012 intercepted 15.30 g/t gold over 1.45 meters near surface at Pearl Drill Hole DGR-25-008 intercepted 1.18 g/t gold over 15.80 meters near surface at Pearl Drill Hole DGR-25-005 intercepted 2.20 g/t gold over 5.90 meters including 9.87 g/t over 0.90 meters defining a second high-grade gold structure at Pearl   We review that there is a current financing underway, and lots of drill core piling up at site, at the assay lab, and results will be able to be released after the financing is set to close on August 12th.   The drills have moved on to Sherridon for first pass drilling is following up on targets from the detailed mapping from 2024, and so that newsflow will be coming in a couple of months.   The drills will then be moved back to Elora Gold System to drill more at Laurentian, Pearl, Jubilee,  and importantly, will also test the areas in between those 3 initial targets.     If you have any questions for Trey regarding Dryden Gold, then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Dryden Gold at the time of this recording.   Click here to follow the latest news from Dryden Gold

In this KE Report company update, Tara Christie, President and CEO of Banyan Gold, outlines a major strategic milestone for the company - the acceleration to 100% ownership of the AurMac Gold Project in Yukon. Key takeaway: Banyan is simplifying its ownership structure, eliminating legacy royalty entanglements, and gaining greater control over project development - all while preserving cash.   Highlights from the Interview: AurMac Ownership Deal: Banyan has entered an agreement with PricewaterhouseCoopers, receiver of Victoria Gold's assets, to acquire the remaining interest and eliminate multiple royalties and rights. • $2M cash due on closing, plus $1.6M in cash or shares within 75 days. • Expected to close by August 25th. Strategic Upside: • No further PEA requirement post-close, giving Banyan flexibility to include this year’s drilling. • Simplifies ownership and reduces legal/financial overhang for potential investors or partners. • Eliminates constraints tied to Victoria Gold, enhancing independence and optionality. Drill Program & High-Grade Focus: • Over 100 holes drilled (~20,000m) toward a 30,000m program, running through October. • High-grade zones (e.g. 16m of 9 g/t Au) are being further defined — potential game-changers for a future PEA and starter pit economics. Strong Treasury: • ~$17M in cash post-spring financing, giving flexibility without near-term need for dilution or royalty sales. Growing Interest from Majors: • Multiple site visits ongoing into September. • Infrastructure advantages and visible high-grade core make AurMac an attractive project. If you have any follow up questions for Tara please email me at Fleck@kereport.com. Click here to visit the Banyan Gold website.

Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joins me for an update on all the exploration and derisking work going on at both the Wenot and Gilt Creek Projects across this mineralized gold trend at the Company's 100%-owned Omai Gold Project in Guyana, South America.   We start off discussing the recent kudos and upgrades that Guyana has received from multiple sources as a mining jurisdiction.  Elaine shares their team’s experience operating in country, the positives with regards to permitting and access to skilled labor and the advantages of working on a prior-producing brownfields site.  They have received the continued support of locals and the government to move this mine back into production.   This also ties into the news released on June 23rd, where the Company has awarded a contract to ERM International Group Limited ("ERM") to commence the Environmental Impact Assessment ("EIA") process.   There is already a large resource in place between the 2 Projects, at over 4.3 million ounces of gold, but there has been a lot of expansion and infill drilling completed since the last resource, and that will all be incorporated into the upcoming Resource Estimate due out in just the next few weeks.   We also reminded listeners that the Preliminary Economic Assessment released in 2024, was only on 45% of the mineral inventory on the open pit Wenot Project, and did not yet incorporate the Gilt Creek underground project economics.  The new PEA slated for Q4 will bring in expanded resources from all the drilling a Wenot, and will factor in the combined economics with Gilt Creek.   On June 25th the Company announced some drill intercepts of  2.67 g/t Au over 21.4m, 2.31 g/t Au over 24.6m, and 5.47 g/t Au over 9.7m from the Resource Expansion Program at Wenot.   On July 29th the Company announced some drill intercepts of 17.36 g/t Au over 7.5m, 2.64 g/t Au over 41.8m, and 3.49 g/t Au over 17.4m from the Resource Expansion Program at Wenot.   As part of their ongoing 15,000 meter drill program, we reviewed a very long hole that is currently being drilled through the underground deposit at Gilt Creek over to the area where the geological thesis is that there could also be deep resources well below the known mineralization at Wenot.  We discuss how this is the fun discovery part of exploration, with good scientific models behind it, and that if they do hit that far down at Wenot, it could be a real game changer adding on large potential underground opportunities below Wenot and even further mine life extension.   With the completion of their $25Million bought deal financing back in February, Omai has ample funds in the treasury, to keep executing on all the 2025 exploration and development programs.  There should be a steady stream of newsflow and key catalysts this year and well into next year.     If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.   Click here to see the latest news from Omai Gold Mines.

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to review the macroeconomic market movers he is watching fueling the continued melt-up in US equity markets.  Additionally, he outlines why he still remains bullish and holding positions in gold, silver, copper, and uranium stocks, but that he is also constructive on defense stocks in drones and rockets, and also accumulating energy efficiency companies.   We start off reviewing the sentiment shifting some in markets as tariff concerns with Europe, as the largest US trading partner, seem to have been quelled for now, and this has lifted the US dollar and reduced investor consternation. He  is not convinced in that the tariff implications are behind us, but believes the market is largely shrugging off the pause coming off of the reciprocal tariffs, as many of them just get pushed off further into the future. He notes that the recently passed tax cuts are seen as a market boon and in general the bull market is still plowing forwards in US stock indexes.   We discussed that gold and silver have pulled back as some of the tariff risks have come off the table, but that he still is encouraged by the longer-term uptrends and positive fundamentals backing the precious metals sector. Sean noted that after seeing gold channeling sideways the last couple of months at historically very high levels, that it needed to rest, but he’s looking forward to the next few weeks of Q2 earnings reports from the gold producers.  Despite silver’s recent volatility, Sean remains very constructive on silver and silver miners, and expects it to continue to outperform gold on a percentage basis in both directions.   When shifting over to copper, this discussion was recorded before the recent copper price crash due to proposed tariffs being rescinded, but we focused on the longer term steadily climbing copper price, but noted there was only a very muted response in the copper stocks to copper having climbed up to new all-time highs once again in July.  While he agreed this move higher in copper and the copper equities has been positive, and based on strong fundamental drivers, he’s only had a few copper positions in place.   Next we got into the multi-month rally we’ve seen in the uranium and nuclear stocks coming off the April lows, and the positive fundamental tailwinds for nuclear power. We note all of the media attention being put on the large tech companies and governments around the world putting more focus on growing more nuclear power, nuclear stocks, select utility stocks, and uranium mining stocks.   Wrapping up, Sean outlines why outside of the resource investing space, he remains constructive on defense stocks focused on drones and rockets, and that he also is starting to accumulate energy efficiency and energy conservation companies.   Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends   Click here if you'd like to attend Sean's virtual presentation at the upcoming Money Show on Tuesday August 5th

In this KE Report company update, I'm joined by Mike Pettingell, Senior Vice President of Business Development and Strategy at Vizsla Silver (TSX: VZLA, NYSE: VZLA), to break down the company’s expansive exploration strategy and its ambitions beyond the current Copala resource.   Key Focus: True Exploration, Resource Expansion, and the Hunt for “Project 2”   Highlights from the conversation include: 2025 Drill Campaign: Vizsla is in the midst of a 25,000-meter exploration-focused drill program, with 8,000 meters already completed. This is not infill or extensional - this is true exploration aimed at uncovering new centers of mineralization across the broader Panuco district. Project One - Resource Growth Near Copala: Focus on shallow, high-grade targets near the Copala and Napoleon corridors, which could improve early cash flow in the upcoming feasibility study. Drilling from underground platforms is planned to efficiently test high-potential zones. Proximal and Near-Mine Targets: Areas like San Peter, San Jack, and La Luisa sit within haulage distance to the proposed mill and could be fast-tracked into future mine plans if successful. Project 2 - District-Scale Discovery Upside: Follow-up drilling is underway at Animas (6m @ 900 g/t AgEq) and Camelia-San Dimas - targets located in the central and eastern parts of the district. These areas are higher up in the system geologically and could host large, standalone systems. New Greenfield Projects - Santa Fe, San Enrique, La Garra: Recently acquired and historically mined, these properties are now being evaluated for new resource potential. Santa Fe is the priority, with a permitted 350 tpd mill on-site. Vizsla aims to fast-track a 43-101 resource using legacy data and internal expertise. Exploration Budget: Vizsla plans to spend ~$20 million on exploration this year, with flexibility to expand based on drill success. If you have any follow up questions for Mike please email me at Fleck@kereport.com.  Click here to visit the Vizsla website to learn more about the Company.

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joined us to review the new expanded Mineral Resource Estimate, development work building towards the Definitive Feasibility Study, and the ongoing 20,000 meter Phase 5 drill program at their wholly-owned Diablillos property in Salta Province, Argentina.    The updated MRE now totals 104 million tonnes ("Mt") of ore, containing approximately 199 million ounces ("Moz") of silver and 1.72 Moz of gold (350 Moz silver-equivalent "AgEq") in the Measured & Indicated ("M&I") category. This total includes a maiden heap leach Mineral Resource estimate and reflects significant increases across five deposits (Oculto, JAC, Fantasma, Laderas and Sombra) located at Diablillos.   Key Highlights of the Updated MRE (Combined Tank and Heap Leach):   Total M&I Mineral Resources (tank and heap leach) now stand at 104 Mt grading 59 g/t Ag and 0.51 g/t Au, containing 199 Moz Ag and 1.72 Moz Au (350 Moz AgEq). Tank leach Mineral Resource estimate totals 73 Mt grading 79 g/t Ag and 0.66 g/t Au, containing 186 Moz Ag and 1.55 Moz Au (327 Moz AgEq). Maiden heap leach MRE adds 31 Mt grading 13 g/t Ag and 0.16 g/t Au, containing 13 Moz Ag and 162 koz Au (23 Moz AgEq). Based on lower-grade material contained with the constraining Whittle open pit, previously classified as waste, now recognized as potentially recoverable though a low-cost processing route.   Key Changes Compared to Prior MRE (Tank Leach Only):   25% increase in contained silver in M&I Mineral Resources to 186 Moz Ag from 148 Moz Ag. 14% increase in contained gold in M&I Mineral Resources to 1.55 Moz Au from 1.36Moz Au. 27% increase in M&I silver-equivalent ounces to 327 Moz AgEq from 258 Moz AgEq.   With three drill rigs now active across the broader Diablillos land package, and the potential to add a fourth rig in the future, the Company is entering another exciting new phase of exploration growth. In addition, the Company is doing all the derisking work programs in parallel with exploration for their ongoing Definitive Feasibility Study due out in early 2026, which will be followed by a PEA on the heap-leach economics, and another updated to the mineral resource once all the Phase V data is incorporated into that study.   If you have any follow up questions for John regarding at AbraSilver, then please email us at Fleck@kereport.com or Shad@kereport.com.   In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.   Click here to visit the AbraSilver website and read over the most recent news releases.