The KE Report

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.

Maura Kolb, President of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me to outline the new zone with significant visible gold ("VG") intersected from deeper drilling at the Elora Gold System at the Gold Rock Camp at the onset of this year’s 15,000 meter drill program. We discuss the exploration plans for multiple targets at Elora for this year, as well as drill programs for later in the year at both the Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.    This newly discovered section intersected by Drill Hole KW-25-003, displaying the VG, is a hanging wall structure of folded sheared basalts and represents the most significant amount of VG that Dryden Gold has intersected to date. Maura outlines how this folding in the geological structure creates a good trap for the gold fluids, and this new discovery is further evidence that the Dryden District hosts a strong Archean lode gold system like Red Lake, Kirkland Lake and Timmins Districts.   We discussed that 5 holes have been drilled thus far at Elora and are testing down plunge at true depths between 250 and 400 meters and often these can intersect several targets with one hole.  Now that Company has received their exploration permits in late February to set up some new drill pads, the focus will be on testing the further down-plunge potential of Elora and along strike to the northeast, around the historic Elora-Jubilee Mine, at a cross-cutting structure parallel to Big Master, and around the high-grade historic Laurentian Mine.   We then widened the scope to discuss 2 other key areas of exploration focus on their district-scale land package, with surveys and field work vectoring on future drill targets at both the Sherridon and Hyndman areas of the Project. Sherridon also just received its exploration permits for drilling there later this summer, and there is more targeting work underway to potentially drill Hyndman in the fall.   If you have any questions for Maura 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

Dan Dickson, CEO and Director of Endeavour Silver (TSX:EDR – NYSE:EXK), joins us to review the Q4 and full year operational metrics at the producing Guanacevi and Bolañitos silver mines, a construction update at the key Terronera Project in Mexico, the announcement of an acquisition of the producing Minera Kolpa Mine in Peru, and updates on the Pitarilla and Parral development projects.    Consolidated production last year from Guanacevi and Bolañitos met their updated 2024 guidance with 4,471,824 ounces (oz) of Silver (Ag) and 39,047 oz of gold (Au) for a total of 7.6 million silver equivalent oz. At Guanacevi in Q4 the operations team needed to replace and install a new ball mill trunnion, which was completed on November 30, 2024, and processing resumed in December to full capacity.   At the flagship Terronera Project, surface construction is nearing 90% complete. Dry commissioning is advancing on the Upper Platform, and the focus continues on the Lower Platform construction and filter press area, for full wet commissioning to begin here in Q2 2025. Dan anticipates commercial construction will commence in Q3 of this year. The Terronera Mine has the potential to double the production output, adding in around 7 million AgEq per year, with a very low All-In Sustaining Costs, projected to be down around $13 per AgEq oz.   Next we shifted over to the key news announced on April 1st, where that company announced a transaction to acquire all of the outstanding shares of Compañia Minera Kolpa S.A. (“ Minera Kolpa ”), and its main asset, the silver-focused polymetallic Huachocolpa Uno Mine (“ Kolpa ”); located in the districts of Huachocolpa and Santa Ana in the province and department of Huancavelica, approximately 490 km southeast of Lima, Peru. In 2024, the Kolpa mine produced approximately 2.0 million ounces of silver, 19,820 tonnes of lead, 12,554 tonnes of zinc and 518 tonnes of copper, for approximately 5.1 million silver equivalent ounces (“AgEq oz”). In 2024, the all-in sustaining costs of $22.80/oz Ag. The transaction is expected to close by June, and this will be a nice bolt-on producing mine for the company adding to the production profile in H2 and moving forward.   We wrap up discussing the further growth potential from the Pitarrilla and Parral Projects in Mexico.  Both are key advanced exploration and development projects in the portfolio that will have ongoing exploration and derisking work programs in the second half of this year. Dan mentions they have an eye to moving many of the development team members from Terronera over to Pitarilla, once Terronera is up and producing; working on further development next year as the next project to move down the pathway towards construction.       If you have any follow up questions for Dan regarding any of the work going on at the Endeavour Silver, then please email us at either Fleck@kereport.com or Shad@kereport.com.   In full disclosure, Shad is a shareholder of Endeavour Silver at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the most recent news from Endeavour Silver

  Craig Hemke, editor of TF Metals Report, to dissect last week's sharp market selloff and its impact on precious metals. While gold and silver had been climbing steadily through Q1 - gold even up nearly 20% - they were not immune to the broad pullback, with both metals reversing sharply alongside global equity markets.   Key topics discussed:   The market-wide selloff and its ripple effect on gold and silver. Craig explains how liquidity needs and portfolio rebalancing by large funds contributed to the drop - even as fundamentals for precious metals remain intact. Historic parallels and sentiment shifts. Craig outlines similarities to past corrections and why this could be another consolidation before a rebound. Q1 earnings vs. market reaction. Despite record-high margins and profitability for gold producers, investors remain hesitant. Craig shares why generalist interest hasn't stuck - and whether this quarter's blowout numbers will matter. The frustrating disconnect in gold stocks. Gold is up over almost 100% since 2022 lows, yet many miners are still well below 2020 peaks. We explore what’s holding them back: lack of growth, muted capital returns, and sector-wide neglect. Commitment of Traders (COT) report insights. Craig gives a preview of what the upcoming COT report may reveal about speculative positioning - why we might be nearing a reset point for the next leg higher.   Long-term outlook for miners and strategy moving forward. With major producers sitting on strong balance sheets, M&A could heat up. Craig encourages a stock-picking approach: identify well-positioned juniors near large players rather than broad ETF exposure.   Click here to visit Craig’s website - TF Metals Report

John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join me to review the next batch of drill assays returned from step-out drilling at the JAC Extension and Oculto Northeast zones, at their wholly-owned Diablillos property in Salta Province, Argentina.       These 11 holes that had assays released on April 2nd are part of the recently completed Phase IV exploration program comprised a total of 21,172 meters drilled across 106 holes, and they returned multiple high-grade silver intercepts beyond the current conceptual open pit margins. two of the holes highlighted were Hole DDH 24-084 which intersected 63.5 meters (m) at 190 g/t Ag, from 80 m depth, including 9.0 m at 341 g/t Ag , and then Hole DDH 24-088 which intersected 70.0 m at 147 g/t Ag, from 61 m depth, including 9.0 m at 331 g/t Ag. The Company is currently awaiting assay results from the final holes from this program, which are expected to be received over the next several weeks.   John points out that these results are expected to contribute to a meaningful increase in the upcoming Mineral Resource estimate, scheduled for release in mid-2025, which will form the basis for the Definitive Feasibility Study that is currently underway.    Dave outlines these holes demonstrate the continuity and consistency of the near-surface silver mineralization at the south and southwest border of the JAC open pit, and even stepping outside of the known area, which is continuing to expand the mineralization and will be incorporated into the updated mineral resource. He also highlights some of the addition growth areas at the Oculto Northeast extension and new Oculto East target, (previously referred to as Cerro Bayo), and how the intercepts are starting to encounter more gold along with the silver in this area.   We also get an update on the financial health of the company with the recent $58.5 million capital raise which will fund future work programs including the Phase 5 drill program, a resource update, permitting initiatives, and an upcoming Definitive Feasibility Study (DFS) next year taking things to a construction decision in 2026.     If you have any follow up questions for John or Dave regarding at AbraSilver, then please email me at 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.

A busy drill season is underway for Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO), with programs spanning multiple high-potential gold projects across Australia.   Mike Spreadborough, Executive Co-Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources, join me for a comprehensive update on the company’s exploration strategy, with programs spanning multiple gold projects across Australia.   Key Discussion Highlights: The first exploration at the newest gold projects in New South Wales and when drilling will start Details on a new drill program targeting high-grade structures - including why the team is especially excited about one specific trend Updates from the ongoing Aircore campaign in the Pilbara and how early results could shape the next phase of work A clear view on how Novo is managing its exploration budget and staying fully funded through a busy 2025 Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.     Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.

Kyler Hardy, Executive Chairman at Temas Resources (CSE:TMAS - OTCQB:TMASF - FRA:26P0) joins me to discuss the company’s growth strategy, including a planned listing on the Australian Securities Exchange (ASX) as well as updates on its critical minerals projects and proprietary metallurgical technology.   Key Highlights:   Why the ASX? Kyler explains the reasoning behind the move, noting the ASX's stronger performance in resource and tech markets and its more attentive investor base. The dual listing aims to unlock valuation upside by aligning Temas with peers trading at higher multiples and by leveraging the reach of PAC Partners, who are backing the financing. Financing Structure and Use of Capital The proposed raise of between A$6-15 million, priced at a minimum of A$0.20/share. When completed at the high end, proceeds will fund: Infill drilling (up to 10,000m) at the flagship La Blache Titanium Dioxide Project in Québec, targeting a resource upgrade Advanced metallurgical testing to validate and refine the company’s proprietary hydrometallurgical recovery process Further work at the Lac Brûlé Project, including drilling and a PEA to advance this smaller, higher-grade titanium asset Expansion and potential commercialization of Temas’ technology and patent portfolio Technology with Transformational Potential Temas owns 50% of a portfolio of patents that enable low-emission, closed-loop metal recovery using a hydrochloric acid-based hydromet process. Proven effective in pilot testing for titanium, vanadium, and iron Broad application across cobalt, nickel, copper, rare earths, and more Please keep emailing me your questions for Kyler. My email address is Fleck@kereport.com.   Click here to visit the Temas Resources website to learn more about the Company.

Welcome to the KE Report Weekend Show!    After a wild week driven by geopolitical volatility, it's a perfect time to tune out the headlines and focus on the charts. This weekend’s show is all about technical analysis. Both of our guests share valuable insights on how to trade and invest through uncertain market conditions.     If you enjoy the show, be sure to explore our website (kereport.com), 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!   Segment 1 & 2 - Dana Lyons, fund manager and editor of The Lyons Share Pro, kicks off the show by outlining his disciplined, chart-driven strategy in navigating extreme market volatility driven by tariffs and geopolitics. He emphasizes sticking with bearish positioning based on his quant models, highlights sentiment extremes as a potential setup for a bounce, and notes strength in defensive sectors like utilities, consumer staples, and gold, which remains in a strong uptrend.   Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.    Segment 3 & 4 - Jordan Roy-Byrne, CMT, MFTA, editor of The Daily Gold, wraps up the show by providing a technical deep dive on gold, silver, and mining stocks, emphasizing that gold is in the early stages of a new secular bull market following key breakouts. He outlines short-term signs of a potential interim top, but sees this as a setup for a healthy correction before another leg higher, with $4,000 as a long-term target and historically strong miner margins supported by a breakout in inflation-adjusted gold.   Click here to visit Jordan’s site - The Daily Gold