The KE Report

Mike Konnert, President and CEO of Vizsla Silver (NYSE:VZLA & TSX:VZLA), joins me to address the temporary pause in field operations at the Panuco Project in Mexico due to security concerns unrelated to the project itself. Despite the pause, key project components, including test mining and exploration drilling remain on track.   Key Discussion Highlights:   Temporary Fieldwork Pause: On April 4th, Vizsla Silver announced a brief suspension of on-site work due to regional road security issues. The decision was made out of an abundance of caution. Operations are expected to resume shortly.. New Discovery at La Pipa Target: A high-grade silver drill result, hole AM-25-90, was reported at the La Pipa target - 6km northeast of the Copala resource area. Exploration Continues Across Multiple Targets: Drilling across several priority areas, including historic workings at Animas and San Dimas, are all part of the +10,000 meter program planned for this year. Ground EM surveys and additional data interpretation are underway during the pause. Test Mining Update: Underground development is well underway at the Copala vein with over 30m of box cut completed and underground blasting in progress. The test mine is a crucial de-risking step ahead of mill development and full-scale production. Market Volatility and Financial Strength: Vizsla remains fully funded with US$100 million in cash and no debt.   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.

Brien Lundin, Editor of Gold Newsletter and host at the New Orleans Investment Conference (Nov. 2–5), joins us during an extreme period of market turmoil driven by tariffs, tweets, and geopolitical instability.   Discussion Highlights: Unprecedented market volatility: Massive swings in U.S. indices point to deep investor uncertainty. Gold's rising role as the only safe haven: Despite widespread selling, gold and gold equities are surging, diverging from other defensive assets like bonds and the USD. Rotation into gold stocks: Institutional and generalist investors are increasingly allocating to miners, with even junior names showing double-digit daily gains. Silver lagging: While silver's industrial ties weigh it down, history suggests a catch-up rally may be next. A global gold bid: Gold is rising in all fiat currencies, underscoring global devaluation concerns and a flight from U.S. markets.   Click here to learn more about the Gold Newsletter.

Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) joins me for a comprehensive update following drill results from La Colorada and the launch of a large drill program at Ana Paula. In this update, we cover: Strong Balance Sheet - Closed Q1 with $38M CAD in cash, over half from operations. La Colorada Drill Results - Recent drill results show high-grade gold (5–25 g/t Au) from the 12,500m program, well above the average resource grade. Expansion to a 15,000m+ program underway. La Colorada Production Potential - Expansion potential to increase production from 50,000 to 100,000 oz/year, supported by an upcoming technical report mid-year. Future underground mining potential. Ana Paula Drill Program Launched – Largest program in company history (15,000m), combining infill and step-out drilling to grow high-grade resources and test satellite zones. Near-Term Catalysts - Drill results, updated technical studies, and potential permitting for production expansion. Charles outlines the strategic vision: restart of San Antonio and expanded production at La Colorada could yield ~$120M in cash flow over the next 2-2.5 years with low CapEx. Setting the stage to bring Ana Paula online and potentially reach 200,000 oz/year production by 2028.   Please email me at Fleck@kereport.com with any follow up questions for Charles.    Click here to visit the Heliostar Metals website to learn more about the Company.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility and noise in the general equities markets and outlook on the US economy and global trade. Despite the volatility in the markets, as evidenced by the VIX reading up above 50 earlier this week, he still sees opportunities in gold, silver, copper, and rare earth stocks for the balance of this year and longer-term.   We start off with the market uncertainty stemming from the constantly changing Trump tariff policies, anticipated Fed policy, the calls from many financial outlets for a recession, and the shifting narratives in the news cycle. These macro factors have roiled general equity markets much of 2025, but there has been a clear divergence into gold as a safe haven; even more so than bonds or the US dollar.  As a result Nick is still happy to have exposure to the quality gold developers like Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) and Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA).  Nick is not anticipating a recession, and is more constructive on the US economy in the second half of this year.   With regards to other metals Nick is also bullish on both silver and copper for fundamental reasons as well as recent pricing strength momentum, and he has been active in putting capital to work in Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Arizona Sonoran Copper Company (TSX:ASCU) (OTCQX:ASCUF) and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).   We consider that domestic companies may get a premium in light of the recent Executive Order from the Trump administration focused on mineral resource development, and the potential for regulation to be eased in the US.  We touch upon some of the large domestic projects like Trilogy Metals Ambler Road access issue and Northern Dynasty’s Pebble project, but he’s never been interested in projects where the company has little control over government decisions.  Instead, he is happy to also play the copper and base metals production side of things with an investment in Freeport-McMoRan Inc. (NYSE: FCX).   Nick also brings up rare earths as another area he is becoming increasingly bullish on due to the tensions between the US and China with regards to tariffs and export bans, and sited CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) as the type of company he’s happy to deploy capital into that that is committed to critical minerals extraction, including rare earths. through innovative and disruptive mineral extraction technologies like recycling, waste mining, and scalable solutions.   Wrapping up we focus on the upcoming catalysts from spring drilling season in the resource sector and the companies, geological targets, and jurisdictions that he is most animated by.   Click here to follow Nick’s analysis and publications over at Digest Publishing

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), joins us for an operations and development update at the producing McCreedy West copper mine, the current exploration strategy and pathway to future production at the Levack Mine, the larger vision and optionality multiple other prior-producing polymetallic mines and development projects located in Sudbury, Canada.   Jason kicks off the conversation with a review of how production and development has been going over the last 5 weeks at McCreedy West copper mine, since the company took over the operations.  The main focus over the next few months is going to be on grade-control, mining efficiencies, and adding a fourth work shift into the rotation.  The other are we highlight is some of the recent high-grade assays returned from drilling at McCreedy West, announced on March 31st, that focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining.   Highlights from the new assay results McCreedy West Mine include:   FNX33323: 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, including 8.2% Cu, 0.8% Ni, 7.5 g/t Pt + Pd + Au over 7.3 metres FNX33338: 8.7% Cu, 0.3% Ni, 32.8 g/t Pt + Pd + Au over 3.2 metres, and 3.7% Cu, 3.1% Ni, 2.8 g/t Pt + Pd + Au over 17.5 metres FNX33361: 4.3% Cu, 5.0% Ni, 3.6 g/t Pt + Pd + Au over 2.9 metres   Next we transitioned over to all the exploration focus at the past-producing Levack mine. Jason outlines the Company strategy to put out a Mine Restart Plan later this year, that will detail the development pathway for bringing the Levack Mine back into production in 2026.  We also reviewed the recent high-grade intercepts returned from drilling where hole FNX33323 returned 12.2 % Cu, 0.5% Ni, 2.8 g/t Pt + Pd + Au over 3.4 metres, including 24.9% Cu, 0.4% Ni, 5.0 g/t Pt + Pd + Au over 1.6 metres.   Wrapping up we discussed how the company is well cashed up after closing the $33.5 Million private placement on March 5th.   This gives them the flexibility to continue invest in further exploration and development of both McCreedy West and Levack, and optimize their production profile over the balance of this year and next year.   Jason also points out the optionality that they have if the cost of capital improves or if they can attract a strategic investment from government funds to speed up their timeline of development at the Crean Hill Project and Podolsky Mine as the next key assets in their portfolio.       If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.   Click here to follow along with the news at Magna Mining

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA - OTCQX:LUCMF - FSE:TSGA), joins us to provide insights on key production milestones and upcoming catalysts across both of Luca's assets - Tahuehueto and Campo Morado.   Key topics discussed: Commercial Production Declared at Tahuehueto: As of March 31st, the company has officially declared commercial production at Tahuehueto, with an initial throughput rate of 800 tonnes per day and plans to expand toward full mill capacity. Dan outlines how recent capital raised enabled this milestone and details the growth potential from improved mill availability and throughput. 2025 Production Guidance Released: Luca projects 85,000 to 100,000 ounces of gold equivalent production, with 65,000 to 80,000 ounces payable. Dan breaks down the company's polymetallic revenue mix - currently weighted about 55-60% toward precious metals - and explains how changes in metal prices impact gold-equivalent calculations. Metallurgical Optimization at Campo Morado: A major focus is the Campo Morado Improvement Project, now in Phase 3. The company is transitioning from two to three concentrate streams, which will significantly enhance metal recoveries and payabilities. Looking ahead, Phase 4 targets improvements in precious metals recovery. Exploration Ramps Up at Both Mines: Underground drilling has resumed at Campo Morado for the first time in over a decade, aiming to extend mine life. Surface drilling is also underway, targeting higher-grade precious metal zones, a strategic shift given current gold prices. Similar exploration plans are in motion at Tahuehueto. Strong Free Cash Flow Outlook: Dan highlights forecasted $30-$40 million in free cash flow for 2025, after capital expenditures, G&A, and exploration. He emphasizes the company’s focus on bankable, bottom-line growth over traditional cost metrics like AISC. Upcoming Catalysts: Additional exploration results from both mines Technical reports and updated resource estimates Year-end and Q1 financial results Analyst site visit at Campo Morado—the first in over 15 years   Please email us with any follow up questions for Dan - Fleck@kereport.com & Shad@kereport.com.   Click here to visit the Luca Mining website.

Dave Erfle, founder and editor of Junior Miner Junkie, joins us to break down the sharp reversals in gold, silver, and mining stocks, and where investors should be focusing next.   Silver surged above $35 in a near-term breakout before crashing below $30 in just days. Gold, despite recent selling, is still holding around $3,000 and proving its strength as other sectors falter. Dave explains why this price action might just be a healthy shakeout and how false breakouts in GDX and GDXJ are setting new resistance levels.   We also dive into:   Why fully financed juniors and late-stage developers stand out How producers are positioned for strong Q1 results—if the market pays attention The growing M&A trend, with a few smaller deals announced recently Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss the opportunities he is seeing for portfolio rebalancing or “value shuffling,” due to the extreme market volatility and pricing dislocations in many resource equities.  This volatility is caused from across-the-board sympathetic selling in most market sectors on back of reactions to the Trump tariff policies.   --> Key themes covered in this interview:   Precious Metals prices are still at very high levels, and yet many gold and silver equities have had disproportionate selloffs in sympathy with US general equity markets.   Comparisons to this recent rapid correction in the gold stocks, versus other strong corrections; like what we saw during the pandemic crash or bear-market market lows of late 2015 into early 2016. Erik notes the much different backdrop in the fundamental value of the producers and developers based on current gold price in contrast to those other market crashes.     What are the actual effects of tariffs on US domestic resource companies, versus companies operating internationally; as it relates to cost inputs like oil, labor, chemicals, steel, and capex to build new mines.   Why volatility is the bread and better of value investors.  Erik mentions that volatility creates the opportunities for value shuffling in one’s portfolio and is the “poor man’s dry powder.”   What are the type of precious metals stocks that Erik is most interested in rotating into, considering the current backdrop of blanket selling across the whole sector.   Click here to visit Erik’s site – The Hedgeless Horseman

Jeff Christian, Managing Partner at CPM Group, for a comprehensive look at the recent strength in gold and silver prices amid heightened global uncertainty. Key themes covered in this interview: Gold's sharp rally to over $3,200, followed by a $200 pullback, and why prices are still near record highs. Geopolitical and economic drivers including war, inflationary U.S. fiscal policies, and central bank debt that are fueling precious metals demand. Who’s buying gold now? A deeper dive into institutional vs. retail investor behavior, including the shift away from ETFs to physical gold. Silver as a retail hedge, with increasing demand from cost-conscious investors turning away from high-priced gold. Future scenarios: From escalating trade wars to a possible global recession or geopolitical détente, Jeff outlines several paths forward and their implications for gold and silver. Jeff also shares insights on central bank buying behavior, noting that many are waiting for a pullback to re-enter the market. He outlines why gold remains resilient even during market corrections and how volatility may present buying opportunities in the months ahead.   Click here to visit the CPM Group website to learn more about the firm.   

Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD - OTCQX:KLDCF - FSE:3WQ0), joins me to dive into the company's active exploration programs and extensive generative work across Canada and Alaska.   Key exploration updates:   Multiple drill programs ongoing across Quebec and Ontario, including Frotet (Kenorland has a 4% royalty, owned by Sumitomo Metals Mining), Hunter (option agreement with Centerra), South Uchi (optioned with Auranova Resources), and recently completed work at Chebistuan (funded by Newmont). Up to 12 drills active earlier this year, with results expected over the coming weeks to months. Generative strategy and land expansion:   Over 700,000 hectares staked in the past year across Ontario, Quebec, Saskatchewan, and Manitoba. Kenorland continues to build early-stage gold targets through large-scale till geochem surveys, particularly in underexplored belts. Flow-through funds (~C$4M) to support first-pass exploration, with potential for a small self-funded drill program in Alaska. Strategic partnerships and industry sentiment:   Strong backing from majors including Newmont, Sumitomo, Centerra, and Auranova Resources. Core focus remains on gold, with conventional exploration methods proving effective.   If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at Fleck@kereport.com.   Click here to visit the Kenorland website.