The KE Report

Joel Elconin, co-host of PreMarket Prep, joins us to break down another brutal day for markets across the board.    Following last week’s warning signs, Joel returns to assess what now feels like a full-blown market unwind. Stocks are down sharply, volatility is surging, and investors are scrambling for safety - yet even traditional defensive sectors are cracking under pressure.   Key Theme: With equity markets collapsing, safe havens weakening, and algorithmic selling accelerating, we could be witnessing a structural shift in how investors interact with markets.   🔻 Market Breakdown: S&P down nearly 6%, Nasdaq and small caps also getting crushed — a continuation of the post-Liberation Day selloff. Circuit breakers in focus: Markets approached the 7% intraday decline threshold, reminiscent of March 2020. Joel’s technical take: Watching the S&P Cash Index closely - with a potential downside target of 4,150 - 4,200 based on long-term retracement levels. No signs of capitulation (yet): Joel stresses the selloff remains “orderly,” not panic-driven - but warns that real capitulation could trigger deeper damage. Gaps aren’t the focus: Unlike previous pullbacks, Joel isn’t seeing actionable gaps in the futures market and cautions against assuming they'll be filled quickly. A generational investor shift: The meme-stock era and rise of zero-day options have created a “casino-like” market dynamic, distorting fundamentals.. Cash is king right now - and Joel, like Warren Buffett, is comfortable sitting in yield-bearing instruments.. Safety trades showing cracks: Bonds and the dollar are catching bids, but even those trades aren’t bulletproof in this environment. 💬 Big Picture Insights: “The past 100 years of U.S. free trade policy was just overturned in a week — the markets are reacting accordingly.” “We're not seeing capitulation - yet. But volatility is feeding on itself.” “There’s nowhere to hide. Even defensive names and dividend plays are getting hit.”   Click here to visit Joel’s PreMarket Prep website.   Click here to visit the Stock Trader Network.

It’s a sea of red across global markets. Equities are plunging, volatility is surging, and only a few safe havens are in the green: the US dollar, bonds, and volatility indices.   Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website. Marc joins us to unpack the major market moves, including how currencies are reacting amid surging volatility, global trade tensions, and a growing fear of a longer-term downturn.   Key Theme: Global markets are rattled as trade war fears and volatility spark widespread selling, prompting concerns over central bank responses and capital flight.   Highlights from the discussion:   Major equity indices plunge: S&P 500 down 8%, Nasdaq down 9%, and IWM (small caps) down 10% - just four days into April. Currency market reactions: Despite expectations of dollar strength post-tariffs, the USD sold off sharply, with the yen strengthening as US rates dropped. But then the dollar bounced back today. Volatility spikes: The VIX surges 34% to hit 40, marking a significant shift in sentiment and a surge in hedging activity. Gap theory in focus: Marc discusses technical "gap" patterns in equity markets and how they could hint at potential snapback or further downside. Commodity selloff: Gold drops $200 in days (though still over $3,000), silver plunges from $35 to $29, copper dropped huge from record highs, and oil falls below $62. Central bank watch: Powell signaled patience after a strong jobs report, but growing calls for emergency rate cuts suggest market stress could force action. Click here to visit Marc’s site - Marc To Market. 

  Adrian O’Brien, VP of Business Development and Communications at Midnight Sun Mining (TSX.V:MMA - OTC:MDNGF), provides an update on the company’s progress at the Slowezi Project in Zambia, where active exploration is underway across three key targets: Dumbwa, Kazhiba, and Mitu.   Dumbwa - Flagship Target Now 100% Owned Midnight Sun has regained full control after KoBold Metals Midnight Sun has regained full control after KoBold Metals and Midnight Sun mutually agree to terminate the earn-in. The project is being advanced under the technical leadership of Kevin Bonnell, PhD, who played a key role in expanding Barrick’s Lumwana project. A dipole-dipole IP survey is underway to define drill targets along a 20-kilometer soil anomaly. A 7,000 to 10,000-meter drill program will follow in mid-2025. Kazhiba - High-Grade Oxide and Sulfide Targets Previous drilling returned 21 meters of 10.69% copper and 26 meters of 5.6% copper. 4,000 meters of RC drilling planned. Mitu - Advancing to Drill Stage Large-scale geochemical survey underway; drilling expected in 2025. Includes a previously drilled intercept of 12 meters of 4% copper. Budget and Funding Fully funded with C$10.5 million in the treasury. Total 2025 exploration program estimated at C$3 to C$4 million. Initial work across all targets is highly cost-efficient, with a C$500,000 budget for the first phase of geophysics and RC drilling.   Click here to visit the Midnight Sun Mining website to read over the recent news. 

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap key financial and operational updates for the company from newsflow during the first quarter.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.   We start off on the financial side of the business, reviewing the news out on February 27th where its wholly owned subsidiary in Bolivia, San Lucas S.A., successfully completed the first offering of promissory notes, named “Pagarés Bursátiles San Lucas – Emisión 1,” under its San Lucas Promissory Notes Issuance Program. The offering was oversubscribed and sold out in a matter of 15 minutes, for gross proceeds of 70 million Bolivian Boliviano. The notes have a 6.25% interest rate, a maturity date of February 15th, 2026 and are unsecured.  It was encouraging to Arturo to see the support from in-country stakeholders in Bolivia.   Next, we reviewed the news out on March 20, that the Company has structured and implemented a plan to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company’s commitment to financial discipline and a strong balance sheet. The plan’s primary objective is to save the Company US$40 million.The Company successfully completed the first component of this plan, an initial payment to Glencore of USD$10 million, on March 20, 2025. Moving forward under the plan, Santacruz will make bi-monthly payments of USD$7.5 million commencing in May 2025 until reaching a total of USD$40 million, with all payments scheduled to be completed by October 31, 2025. This structured plan reflects the Company’s commitment to fulfilling its obligations and achieving cost savings while maintaining financial discipline and strong cash reserves over time.   Then Arturo takes us through the Q4 2024 operational results where 4,710,013 silver equivalent ounces were produced from its Bolivar mine, Porco mine, Caballo Blanco Group of mines and the San Lucas ore sourcing business all located in Bolivia, and the Zimapan mine located in Mexico. Silver production rose by 3% compared to the previous quarter, reaching 1,761,686 ounces.   Q4 2024 Production Highlights:   Silver Equivalent Production: 4,710,013 silver equivalent ounces Silver Production: 1,761,686 ounces Zinc Production: 23,357 tonnes Lead Production: 2,932 tonnes Copper Production: 248 tonnes     If you have any follow up questions for Arturo regarding Santacruz Silver,  then please email them in to me Shad@kereport.com.   In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording.   Click here to follow the latest news from Santacruz Silver Mining

  Martin Turenne, President and CEO of FPX Nickel (TSX-V: FPX - OTCQB: FPOCF), joins me to discuss the company’s latest developments, including a scoping study for North America’s first large-scale nickel sulfate refinery, and the 2025 roadmap for the Baptiste Nickel Project, in central BC, one of the world’s largest undeveloped nickel deposits.   Key Interview Highlights: Scoping Study – A Made-in-Canada Nickel Sulfate Refinery: FPX released a scoping study evaluating a standalone refinery to process Baptiste’s concentrate into battery-grade nickel sulfate, creating a vertically integrated EV supply chain solution in Canada. Strategic Positioning in Critical Minerals: Martin outlines how FPX is leading peers with clear, actionable steps toward domestic refining capacity—an essential piece of North America's EV supply chain strategy. 2025 Work Plans for the Baptiste Project: Entry into the Environmental Assessment (EA) process expected in Q4 2025 Ongoing environmental baseline work, engineering studies, and geotechnical drilling FPX is the first company accepted into BC’s new Critical Minerals Office (CMO), helping streamline EA permitting Government Policy & Industry Tailwinds: Martin shares insights from ongoing provincial and federal discussions. While government capital may be limited, support for faster permitting and critical mineral policy is the focus. Global Nickel Outlook & Indonesia's Dominance: Despite nickel prices remaining subdued around $7/lb, nearly 50% of global production is unprofitable at this level, especially in Indonesia. Strong Balance Sheet in a Challenging Market: FPX remains well-capitalized with ~C$30 million in cash, setting it apart from other junior nickel peers. Global Generative JV with Japan's JOGMEC: Exploration efforts are ongoing to identify additional awaruite-hosted nickel deposits globally. More news expected in the coming weeks. Visit FPX Nickel’s website for full technical details and recent news releases.

Chris Temple, Editor and Publisher of the National Investor, joins us to delve into the renewed interest in base metals, gold, uranium, and other critical minerals and the implications and potential benefits to the US as a mining jurisdiction on the back of the new executive order from Trump issued on March 20th titled “Immediate Measures to Increase American Mineral Production.”   This executive order will utilize the Defense Production Act (DPA) to focus on sourcing more domestically mined, processed, or refined critical minerals and strategic mineral as a matter of national security.  There appears to be a joint effort between the U.S. International Development Finance Corporation and the Department of Defense to provide investment support, loans, and possibly grant for mining projects.  There is also an expedited priority on reviewing the permitting on projects seeking development from usual base metals like nickel aluminum and copper, but also includes rare earths, gold, and uranium.   Chris outlines what impact these initiatives may have on permitting timelines and regulations around developing new mines, as well as how this could affect opening up more funds, loans, and grants to bring in the necessary capital for moving these projects forward.  However, while there are many positives, Chris points to how many hurtles are still in place at various levels of government and from legal actions from NGOs; in addition to how much more real work is needed to earnestly impact the extractive industries in the United States.  We also layer on how this executive order squares with other policy initiatives like tariffs on many metals and countries, and a reduction in government workers and cost cutting measures.   This leads into a nuanced discussion of the spotlight and investor interest back on many of the large advanced projects that have been stalled for decades like Northern Dynasty’s Pebble, Trilogy’s Rambler road access to the Upper Kobuk mineral project, Rio Tinto’s Resolution Mine in Arizona, and the Teck-Glencore JV at NorthMet in Minnesota.  Chris reminds listeners that with all those projects, if they do ever get approved, they would still be many years from producing more of these critical minerals.    He also highlights examples of how the government and manufacturers have a poor track record of acting in on these kinds of initiatives in a timely manner. Chris points to the disconnect in the long permitting process where the Bureau of Land Management (BLM) finally approved Lithium Americas Thacker Pass Lithium Project, and then automotive giant General Motors announced it would invest $650M in the mine project, giving GM exclusive access to the first phase of production.  When everything did finally start lining up for project development, the lithium prices which had been high for years reversed course and cratered in price, with an oversupply of lithium flooding the market and expectations being lowered for EV adoption rates and future demand.   We wrap up with Chris sharing why his top 3 commodities areas for this year are still gold, uranium, and traditional energy with oil and gas companies.   He is encouraged by the record all-time high prices in gold during the first quarter of 2025, but feels the biggest opportunity for resource investors at present is in the deeply discounted uranium equities, which he stated “are a gift at these levels.”   Click here to follow along with Chris at the National Investor website.

Sean Kingsley, President and CEO of Gold Hunter Resources (CSE:HUNT - OTCQB:HNTRF - FRA:6RH), joins me for a corporate update and outlook on upcoming exploration work at the Great Northern Gold Project in Newfoundland.   Since our last conversation in October, Gold Hunter has made progress, including completing an oversubscribed private placement of C$1.7 million, setting the stage to start fieldwork for this year.   Key Topics Covered:   Corporate Update & Funding: Sean details how the funds will be used to complete an airborne geophysical (VTEM) survey over the entire project area, helping define high-priority drill targets for summer. Geological Setting & Resource Potential: The Great Northern Project includes a mix of current and historic resources, with geology comparable to the Valentine Gold Deposit currently being developed by Calibre Mining. The area hosts 18 mineralized zones, a past-producing mine, and widespread gold showings. Strategic Vision for 2025: Geophysical survey completion as a key early catalyst Planning for a large-scale, aggressive drill program. Potentially up to 20,000 meters this summer Newfoundland Advantage: Exceptional infrastructure with road access, nearby mill, hydroelectric facilities, a deep-sea port, and strong local support. Drilling logistics and rig availability are well in place. Gold Market & Valuation Opportunity: Despite strong gold prices, juniors remain undervalued. Gold Hunter is aiming to capitalize on this disconnect with an initial exploration program this year of up to 20,000 meters. To learn more, visit Gold Hunter Resources’ website Have questions for Sean or the team? Drop them in the comments or reach out directly to schedule a call.

Dr. Thomas Mumford, Vice President of Exploration at Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review some results from the recent study on utilizing ore sorting, their research into pursuing a Direct-Shipping Ore (DSO) development strategy, the upcoming Maiden Resource Estimate, and an overall exploration review from 2024 and look ahead to the 2025 season at the Scottie Gold Mine Project, located in the Golden Triangle of British Columbia.   Thomas reviewed the advancements in ore sorting and how it paired well with their mineralization, with both XRF and XRT. This correlates well with the proposed DSO strategy, because of the ability to substantially increase grade while reducing the volume of material to be shipped and the resulting positive economic implications. Using XRF ore sorting technology, the operation will eliminate the need for a gold processing plant and tailings facility, thereby significantly reducing the capital required and resulting in a minimal environmental footprint.   When reviewing their direct-ship ore strategy, Thomas highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America's cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.   Thomas then provides a solid recap of last year’s exploration program and key drill targets and milestones at the Blueberry Contact Zone and Scottie Gold Mine area. This year’s program will be working on doing some infill drilling to convert categories from inferred to measured and indicated, but also following up on the discovery of the new Wolf discovery, the C&D veins, and some other new targets.  All the prior years drill results are being compiled at present building towards a Maiden Resource Estimate that is targeted to be out to the market in a few weeks as the next key company milestone.   If you have any questions for Thomas regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.   In full disclosure, Shad is a shareholder of Scottie Resources at the time of this recording, but may choose to buy or sell any stock at any point in time.   Click here to follow the latest news from Scottie Resources

Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF) joins me to recap key developments from Q1 and outline what’s ahead for this Yukon-focused gold explorer.   The company drilled 35,000 meters in 2024, including 25,000 meters at the Valley deposit, on the Rogue Project, which already hosts a 7.3 million ounces of gold resource. Recent results include 617 meters of 1.7 g/t gold from surface, with 202 meters at over 3 g/t. All the drilling from last year will factor into an updated resource estimate coming in the near term.    Scott also discusses Valley’s high-grade starter zone, the potential for additional high-grade pockets within the system, and progress on the Preliminary Economic Assessment (PEA). With over $63 million in the treasury following a $20M financing, Snowline is fully funded through 2026.   Looking ahead, five rigs will return in May for a similarly sized drill program focused on advancing Valley and testing regional targets. Scott shares how early discoveries and consistent geology continue to support the district-scale opportunity Snowline is targeting.   If you have any follow up questions for Scott please email me at Fleck@kereport.com.   Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.

Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss some of the recent high-grade silver and gold assays returned from the reverse circulation Scout Drilling Program completed on the southeastern side of the DPB M&I Conversion area on its 100% owned Tonopah West project located in Nye and Esmeralda Counties, Nevada, United States.   We start off reviewing all the exploration work completed in last year’s phase of the program with the 20,000 meters of M&I conversion drilling, and then focused on the additional 15,000 meters of drilling that has been added to this phase of the program.  In tandem with improving the continuity of mineralization, and converting resources from inferred to measured and indicated, there is also a fair amount of expansion drilling underway.   Andrew outlined that the assays from their reverse circulation scout drill program have returned significant gold & silver values in 7 drillholes that have successfully expanded the footprint of mineralization up to 1,200 meters to the east of the existing DPB resource toward the historic Ohio mine. These intercepts cover a new zone of mineralization not included in the 2024 resource that may impact the upcoming DPB South resource update (Q3, 2025);   Hole TW25-128 returned 9.6 grams per tonne (g/t) gold and 1,198 g/t silver over 1.52-metres (2,063 g/t silver equivalent (AgEq)) from 292 meters in the Ohio area;   Hole TW25-133 returned multiple thick zones of mineralization including 10.46 g/t gold and 10.6 g/t silver over 4.57-metres (952 g/t AgEq) including 1.52 meters grading 21.45 g/t gold and 15.7 g/t silver (1,948 g/t AgEq) from 309 meters   Next we reviewed the rising grade profile and shallow nature of some of the new mineralized zones that have been tested in the Measured and Indicated portion of the drill program from late last year and slated to complete next month.  Results continue to exceed expectations at the Merten-Bermuda vein group in the DPB South area, confirming high-grade silver and gold connects across significant length at higher-than-average grades. These results should positively impact the front end of the mine plan by adding higher confidence, higher grade mineralization at more shallow depths, and will be featured in the M&I resource update due out in September of Q3. The expansion drill results will keep being released through this year to be able to update that portion with a second resource update slated for Q1 2026, and then an updated PEA incorporating all that data is planned for Q2 of 2026.   We wrap up discussing the permitting progress underway on this patented land in Nevada, and how the new executive order from the Trump administration could positively affect the funding and development process for the Tonopah West Project.     If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.    * In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording.   Click here to visit the Blackrock Silver website to read over the recent news we discussed.