The KE Report

John Miniotis, President and CEO of AbraSilver Resource Corp, discusses the latest drilling results from the Oculto East zone at the Diablillos project in Argentina. He highlights significant high-grade gold intercepts and the expansion of mineralization, indicating the potential for a deeper porphyry deposit. The conversation dives into the company’s financing strategy and upcoming milestones that could de-risk project development. John also reflects on the positive shifts in Argentina's political landscape, enhancing investor interest.

Andrew Pollard, President and CEO of Blackrock Silver, shares insights from the exciting diamond core drill results at the Tonopah West project. He highlights impressive assay results, including high grades of silver and gold, indicating substantial resource expansion. The discussion also covers the strategic timeline for an updated resource estimate and PEA set for Q1 2026. Andrew emphasizes the project's economics amidst fluctuating silver prices, showcasing its potential even in a soft market. Tune in for key value drivers that could shape Blackrock’s future!

Mark Brennan, Founder and CEO of Cerrado Gold Inc., shares exciting updates on their gold and mineral projects. He highlights a remarkable 21% increase in Q3 production at the Minera Don Nicolas mine. Mark discusses the expansion of their exploration program, which aims for an impressive 50,000 meters in 2026. He also reveals plans for the Lagoa Salgada project, emphasizing its resource potential and economic viability. Additionally, he showcases the strategic benefits of the Mont Sorcier iron project, stressing its high-grade characteristics and infrastructure advantages.

Tara Christie, President and CEO of Banyan Gold, shares captivating insights into the company's expanding projects in the Yukon. She reveals a new resource estimate of 496,000 oz AuEq for the Hyland Gold Project and discusses the potential of its 16 km structural trend with untested zones. Tara also highlights impressive drill results from the Powerline Deposit, showcasing high-grade hits up to 16.7 g/t Au. She outlines strategic options for unlocking shareholder value and the ambitious 40,000 m drilling program aimed at resource growth.

In this insightful conversation, Erik Wetterling, Founder and Editor of The Hedgeless Horseman, discusses the unique dynamics of precious metals investing. He explains how market sentiment often drives significant sell-offs, even when companies report positive news. Erik emphasizes the disconnect between junior resource company valuations and actual fundamentals, especially during pullbacks. He advocates for focusing on long-term value opportunities and leveraging market volatility to improve investment strategies, especially in junior stocks.

Patrick Highsmith, Chairman and co-founder of Firefox Gold, shares exciting updates on their Mustajärvi Project in Finland. He reveals impressive drilling results, including high-grade gold intercepts that expand the East Zone. The conversation also delves into the role of cutting-edge geophysics in identifying new targets. Highsmith outlines future drilling plans and strategic moves towards resource definition expected by 2026, showcasing a project thriving with 79% hit success rate. An engaging exploration into gold mining dynamics awaits!

Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins us to unpack key insights from LME Week, the ripple effects of backwardation across metals, and how he’s positioning clients amid a “healthy” precious-metals correction and a mixed energy tape. Key Discussion Points LME Week sentiment: Big crowds and a notably upbeat tone for base metals; consensus poll favored copper #1, aluminum #2, tin #3 for upside potential. Backwardation watch: Recent spikes in silver and zinc (cash > 3-month) point to near-term physical tightness; copper’s curve flattening with hints of front-end firmness. Precious metals reset: Gold down ~8% from highs and silver off ~10% in a sharp but “healthy” bull-market shakeout; year-to-date gains remain substantial. Base metals leadership: Copper acting as bellwether; aluminum and zinc following; tin up ~23% YTD - underinvestment and broad asset inflation cited as tailwinds. Energy check-in: Crude bounced on Russian sanctions headlines but remains range-to-lower on surplus outlook; U.S. natgas swings driven by front-month positioning and weather. Data gap risk: Four weeks without COT reports adds uncertainty to quant/models - potentially tempers risk-taking in WTI and Henry Hub. Click here to learn more about Bannockburn Capital Markets ------------ For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Michael Rowley, President & CEO, of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to review the news out today announcing the completion of the 2025 exploration program, that the Company has engaged Mine Technical Services (“MTS”) to complete an updated NI 43-101-compliant Mineral Resource Estimate (“MRE”) for the Company’s 100%-owned Stillwater West critical minerals project in Montana, USA.  Stillwater West hosts nickel, copper, cobalt, chromium, platinum, palladium, rhodium, ruthenium, iridium, gold, and osmium – a unique mix of battery, alloy, and platinum group metals essential to clean energy, defense, and technology supply chains.   Mike explains that this new geological model and understanding of the Stillwater West Project through the lens of the South African Bushveld Complex as a parallel is so crucial to unlocking the value proposition of the Project and for future exploration targeting.  It is also quite constructive have  Dr. Danie Grobler, Vice President of Exploration, Albie Brits, Senior Geologist, provide different layers of input and collaboration with Tim Kuhl and the MTS team on the updated Stillwater resource estimate. Their extensive experience in Platreef-type geology and resource estimation is expected to provide significant value to the Project.   Highlights and upcoming catalysts:   The 2025 drill campaign is now complete, totaling 3,471m in eight holes, with all assays pending. The updated MRE will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus select historic holes not included in the current estimate. The updated Mineral Resource Estimate is expected in H1 2026 and will mark the next step in advancing Stillwater West as a potential large-scale source of ten minerals listed as critical in the U.S. The update will build on the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments. MTS has completed a site visit and is updating deposit models to incorporate new data, improved geologic domaining, geostatistics, and structural controls – leveraging insights from the Platreef district in South Africa. The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.   We go on to discuss with Mike the challenges and opportunities in defining the large-scale polymetallic and critical mineral resources at Stillwater West; and why it has the attention of large major producers, like their strategic partner Glencore, along with attention from the US and Montana government. We discuss how the nickel, copper, and cobalt tie into the growing industry demands for battery metals, energy metals, and defense metals. Additionally, with platinum, palladium, rhodium, and gold all demonstrating strong recent market performance, Stillwater West offers significant leverage to these precious metals.     If you have any questions for Mike or the team at Stillwater Critical Minerals, then please email them into us at Fleck@kereport.com or Shad@kereport.com.   Click here to follow the latest news from Stillwater Critical Minerals   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a Q3 operations review, along with an exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack by year end, with the plan to then put out a mine restart plan in early 2026.   Q3 Operational Highlights   During the quarter, McCreedy West produced 75,173 tons of ore at an average grade of 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold and 10.78 g/t silver. Underground development during the quarter totaled 1,796 feet, an increase of approximately 24% over Q2 of 2025. Diamond drilling at McCreedy West during the quarter totaled 15,361 feet. Quarterly production of 75,173 tons of ore represents an increase of 7.3% over Q2, despite the compressed air system failure and the power related delays which resulted in the loss of 6% of available operating time during the quarter. These events delayed access to higher-grade stopes, which are now expected to be mined in Q4.   Next we shifted over the news released on October 23, which provided an update on drill  assay results from ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin. Drillhole FNX6083-W2 was targeted approximately 40 metres to the north of drill hole FNX6083-W1 and below drill hole MLV-25-14A, which intersected 2.6% copper, 8.1% nickel and 17.8 g/t platinum + palladium + gold over 0.6 metres. Drillhole FNX6083-W2 intersected multiple mineralized intervals including copper rich chalcopyrite veins grading up to 19.3% copper and 26.1 g/t platinum + palladium + gold, as well as nickel rich pyrrhotite-pentlandite veins grading up to 12.4% nickel and 24.2 g/t platinum + palladium + gold.   Jason shares more context on why the exploration and engineering teams are getting quite excited about this R2 Target at the Levack Mine, and after more drilling, it may change the anticipated sequence of the mine restart plan that the team is still working on.  The team is also reviewing the potential for bringing hoisting back to Levack in a development scenario. He mentioned that the upcoming resource estimate at Levack would be instructive for how they approach the mine restart plan moving into next year.   Wrapping up we discussed how the company announced on September 19th raising gross proceeds of approximately $50 million, and how that puts the company on very strong financial footing to continue exploring and developing Levack, as well as doing some additional upcoming work to advance their Crean Hill Project.   While these funds raised are going into the ground at their projects, Jason acknowledges that the company is still continuing to look at accretive acquisitions around the Sudbury Basin, that may be non-core to large companies but project that they believe their team can add value to moving forward.   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, and may choose to buy or sell shares at any time.   Click here to follow along with the news at Magna Mining   For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.    

Gold and silver have pulled back sharply from recent highs, but Craig Hemke, founder and editor of TF Metals Report, says this is classic bull-market behavior - not the start of a bear phase. Gold remains up roughly 40–50% YTD, silver over 50%, and despite short-term pain, the structural uptrend remains intact. Key Topics Recurring 10% pullbacks: Craig outlines how each gold rally since 2023 has followed a rhythm — 90-day consolidations, 10% corrections, and ~20% surges higher. He sees the current move as another leg in that pattern. Silver’s consolidation band: After reaching $54, silver’s drop below $47 mirrors prior shakeouts. Hemke expects a 20% range to hold before the next breakout attempt toward new highs. Earnings strength & sentiment lag: Even at $3,800–$4,000 gold, miners like Newmont (NYSE: NEM) and Agnico Eagle (TSX/NYSE: AEM) are printing record margins. Investor sentiment, however, hasn’t caught up. M&A and cash hoards: Majors are flush with cash, minimal debt, and strong cash flow. Hemke expects consolidation in the sector to spark fresh M&A activity as producers replace reserves. Macro triggers to watch: A Fed rate cut cycle, potential dollar weakness, and re-emerging risk appetite could all act as catalysts for the next leg up across precious and base metals. Visit Craig’s website – TF Metals Report: https://www.tfmetalsreport.com/   -------------- For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/ Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.