The KE Report

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.

Copper prices have surged above $5.60/lb, sparked by a proposed 50% tariff and supported by accelerating global demand. But while the metal’s price keeps climbing, copper equities - especially explorers and developers - remain sluggish.   In this KE Report Daily Editorial, Matt Badiali, editor of The New Energy Investor at Mangrove Investor, joins us to break down:   The real story behind copper's rally - beyond tariffs How AI data centers are becoming a major new copper demand driver The investor disconnect between metal prices and mining equities Why copper producers and developers could benefit from structural shifts The capital drought in copper exploration - and signs of coming opportunity Matt also touches on how inflation, global electrification, and policy support continue to reshape the long-term copper narrative.   Click here to visit the Mangrove Investor website to follow along with what Matt is writing.  Bonus: Check out the new Resource Rundown podcast hosted by Cory Fleck and Matt Badiali - covering deeper trends in commodities - Click here to listen to the podcast!

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in the 3 gold exploration companies, that have compelling drill targets, large strategic shareholders, and the potential for rapid upside moves if they make more compelling discoveries while expanding resources.     >> The companies we discussed in the interview are:   Headwater Gold Inc. (CSE: HWG, OTCQB: HWAUF) announced July 22nd that it has signed a non-binding Letter of Intent (“LOI”) with a subsidiary of OceanaGold Corporation (TSX: OGC, OTCQX: OCANF). The parties propose to enter into a definitive agreement within 90 days for OceanaGold to acquire an option to earn up to a 75% interest in Headwater’s TJ, Jake Creek and Hot Creek projects in Nevada through staged exploration expenditures totalling up to US$65,000,000 and the completion of Pre-Feasibility Studies.   Additionally, Headwater Gold announced on July 24th that drill permitting has advanced through the formal public scoping phase on Headwater’s Lodestar project, located in western Nevada. Project scoping marks a significant step toward securing final drilling approval following the submission of a Plan of Operations to undertake a proposed 3,500-metre drill program. The Lodestar project is being explored in partnership with Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM) through an earn-in agreement announced on May 9, 2023.   Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTCID: EQTRF) – On July 17th announced the mobilization of a diamond drill rig to the Cajueiro gold Project, in Brazil. Drilling will initially focus on testing depth and lateral extensions to the recently defined maiden mineral resource at Maria Bonita, followed by the drill testing of several recently identified porphyry targets within the Cajueiro district.   The company is cashed up for this exploration program after having raised $5.28 Million in a non-brokered Private Placement announced on July 2nd.   Cabral Gold Inc. (TSXV: CBR) (OTCQB: CBGZF) announced today the results of an updated Prefeasibility Study ("Updated PFS") on the development of near-surface gold-in-oxide material at the Cuiú Cuiú gold district in Brazil.   (we had recorded this interview yesterday and were unaware that this news would drop literally the next day, but this PFS shows the value proposition Erik outlined in the plan to develop and mine the saprolite for gold and earlier on cash flows from production to feed the exploration).   The Updated PFS, led by Ausenco do Brasil Engenharia Ltda. ("Ausenco"), resulted in significant improvements to the amount of gold produced, mine life, Net Present Value and Internal Rate of Return. These results confirm the Cuiú Cuiú gold-in-oxide starter project provides a high return and a low capital entry point to mine gold, with production possible within 12 months from an investment decision.     * In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.   Click here to follow Erik’s analysis over at The Hedgeless Horseman website

In this KE Report company update, Jon Ward, CEO of Corcel Exploration (CSE:CRCL - OTCQB:CRLEF), joins us to outline recent progress at the Yuma King Project, including: Airborne Magnetic Survey: Identified four high-priority target areas - Yuma King Mine, Yuma King West, Three Musketeers, and a new covered target. Geophysical Insights: Strong magnetic signatures and structural overturning suggest stacked mineralized horizons. Drill Targeting Underway: Upcoming IP surveys and 3D data compilation set the stage for drilling in Q4. New VP of Exploration: Lee Beasley brings 20+ years of porphyry, VMS, and epithermal experience to lead technical advancement. Any follow up questions for Jon? Comment below or email at Fleck@kereport.com Click here to visit the Corcel Exploration website to learn more about the Company. 

Scott Emerson, President and CEO of Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) (FSE: TUY), joins me for an introduction to this newly formed junior exploration company focused on silver and gold discoveries across the Parral District, in Chihuahua, Mexico.   We start off with Scott sharing some of the background on how this company came together, where he consolidated 15 mining concessions around the prior-producing Las Coloradas Mine to form their flagship Las Coloradas Project, and ensure that their land package has district-scale size potential.  After a few years of work consolidating the land, sampling and mapping, and reviewing historical data from Asarco, the Company is now engaged in a 3,000 meter drill program, with 6 priority holes along the strike of the old mine, and upwards of 11-14 holes in total, that may also test beneath the water table.   Next we discussed the secondary Almoloya Gold-Silver Project, that has about 3 times the land position as Las Coloradas, and also involved consolidating several large concessions, including the prior-producing Cigarrero Mine.   The mineralization is considered prospective for CRD types of polymetallic deposits, with the potential for near-surface oxide precious metals mineralization.   Wrapping up I had Scott share his background in the industry, highlight a few of the key members of the management team and board of directors, key stakeholders, and the financial health of this new exploration company.   The company is cashed up to execute on this exploration program, and drilling is underway.     If you have any questions for Scott regarding Kingsmen Resources, then please email those in to me at Shad@kereport.com.   Click here to follow the latest news from Kingsmen Resources

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 operations and 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.    Q2 2025 M.D.N. Operating Highlights:   Gold Equivalent Ounce ("GEO") Production of 11,437 GEO for the 2nd Quarter 2025 Underground Development has commenced and production set to ramp up in H2/2025 Expanded crushing and agglomeration capacity should expand tonnages to the leach pads and improve recoveries at the Heap Leach operation 2025 Production Guidance of 55,000 - 60,000 GEO remains in place, production weighted to H2 2025 as underground ramps up 20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities   Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. We discuss the positive impact that the newly installed secondary crusher has brought to production starting at the tail-end of Q2, but then will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased.   The production profile will also keep growing in Q3 with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles and is planned to continue processing low grade stockpiles through Q2/25, after which it will be blended with new high-grade material from the underground mining operations, and this will increase the average grade throughput at the mill.   Another area of future growth will be the 20,000 meter drill program that is exploring the open pit resources, as well as identifying for more satellite open-pits at surface.   Having gone underground, there is also now the potential for underground exploration work to begin targeting new areas of mineralization or further defining existing areas of mineralization.     Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the 2 areas that will be addressed in the resubmission of their Environmental Impact Assessment (EIA) where approval is expected after upcoming political elections, and there will be an optimized Feasibility Study released in Q3, a construction decision by year end or early next year.  Construction is targeted for Q2 of 2026, with first production slated for H2 2027.*   We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.     If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.   * In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.   Click here to see the latest news from Cerrado Gold.

In this KE Report Company Introduction, I speak with Bob Archer, President and CEO of Pinnacle Silver and Gold (TSX.V: PINN | OTC: PSGCF | Frankfurt: P9J), as the company shifts its primary focus to Mexico with the El Potrero Project, following a strategic option agreement signed in February 2025.   Key Highlights from the Interview Strategic Shift to Mexico and Restarting Production Pinnacle Silver and Gold transitioned from its Canadian-focused past to pursue high-grade, near-term production opportunities in Mexico. The flagship El Potrero Project, located in the Topia district of Durango, is a past-producing asset, comprising multiple high-grade underground gold-silver mines. The company is using a cash-flow-first model - similar to Bob’s prior success at Great Panther - aiming for production before establishing a large resource. Early Sampling Results Surface and underground channel sampling from the central “Pino Cuata” zone delivered grades as high as 85 g/t gold and 520 g/t silver (individual sample) Production-First Strategy and Flexible Option Deal Structured to earn 50% upon entering production, with the path to 90% and potentially 100% ownership. Targeting small-scale, high-margin production (~100 TPD), reducing permitting complexity and capital needs. Existing mill infrastructure and underground access greatly accelerate timelines and reduce costs. Well-Rounded Team with Strong Local Ties CEO Bob Archer brings 45+ years of experience, including founding Great Panther and multiple mine restarts in Mexico. Key technical advisors include metallurgical engineer David Salari, global geologist Colin Jones, and a Mexican technical team with local experience and community engagement. Strong Start to 2025 and Fully Subscribed Financing Recently closed a $1.3M financing, enabling mapping, LIDAR surveys, and potentially underground drilling as early as September. Pinnacle is also evaluating additional acquisition opportunities to replicate the Great Panther playbook. Red Lake Projects Remain in the Portfolio Two 100%-owned assets in Ontario (including the historic Argosy Mine) are on the back burner but remain part of the long-term growth pipeline. Please email me with any follow up questions you have for Bob - Fleck@kereport.com. Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news.