The KE Report

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 macroeconomic themes and fundamental value drivers that that are presenting catalyst-driven opportunities in select gold, silver, antimony, rare earths, lithium, and uranium stocks.   We start off reviewing the macroeconomic landscape, delving into inflation, GDP growth, effects of tariffs, coming Fed rate cuts, the prospects of stagflation versus reflation, and why the precious metals and critical minerals have continued to receive a bid all year long in this kind of backdrop.   We discuss the large rally this year and in particular the last few months in gold, silver, and the precious metals stocks, but why Nick wrote to his subscribers mid-October recommending that they trim back some of their exposure to the PM sector.   He outlined that trimming is always a nuanced discussion, and does not mean at all that he’s putting a sell out on the sector or that he is no longer bullish.   It just came down to practice, procedure, and prudence for reducing down the asset allocations as they had swelled to become too large of positions in their portfolio and it was time to harvest some gains to be able to redeploy them, fitting in with his “pruning and planting” approach.     Many investors and analysts will now shift their gaze to the Q3 earnings that come in over the next few weeks, and this could be a constructive catalyst for the PM stocks overall, and bring in more generalist interest.   Next we shift over to the outsized moves to both the upside and downside in the critical minerals space.  Nick highlights how the fast-tracking of permitting using the US Fast 41 initiatives, and the government funding and partnerships with many critical minerals companies is creating its own momentum and speculation in antimony, rare earths, lithium, and uranium stocks.   This goes into many fundamental policies and initiatives from both government and industry that have been lifting the names in these sectors. He is holding onto positions through any of the current volatility, and believe that more names will pop as a flood of capital pours into such a tiny investing space.   We discuss a range of different companies used as examples of how the critical minerals have really been active including:   Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA), CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), MP Materials Corp. (NYSE: MP), United States Antimony Corporation (NYSE:UAMY), Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ), Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), PMET Resources Inc. (TSX: PMET) (OTCQX: PMETF), and Critical Elements Lithium Corporation (TSXV:CRE)(OTCQX:CRECF).   Click here to follow Nick’s analysis and publications over at Digest Publishing     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.    

Ali Haji, CEO of American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9), joins me to for a financial and operations update on all the exploration, development, and rehabilitation initiatives underway; focused on bringing onshore tungsten mining and production capabilities to the United States through its derisked past-producing IMA Mine in Idaho.   Today on October 22,  American Tungsten announced that, further to its press releases dated October 14, 2025, October 15, 2025, and October 20, 2025, it completed the first tranche of its non-brokered private placement for gross proceeds of C$16,770,510 from the sale of 6,500,198 common shares of the Company at a price of C$2.58 per Share (the "LIFE Offering") under the Listed Issuer Financing Exemption.   We start off discussing this financing, the rationale for both the timing of it, and the subsequent repricing of it lower to gain better traction and confidence with incoming institutional investors. Most importantly, we get into what these funds will enable in terms of future value creation through the ongoing rehabilitation and development work at the IMA Mine.   Next, we discussed the Letter of Intent (“LOI”) signed back on September 20th with a prominent U.S-based offtake partner, Global Tungsten & Powders (“GTP”). Ali highlights that their agreement with GTP marks a pivotal milestone in their emergence as a leading domestic supplier of high-grade tungsten, now vetted by one of the largest tungsten processors in the world. This LOI not only affirms the robust market demand for more domestic supplies of tungsten, but also reflects the deep confidence their partners have in their technical capabilities and long-term vision to move from development into near-term production.   Then Ali expanded the ongoing IMA Mine Rehabilitation Progress:   A total of 115 feet of the Zero Level access tunnel has now been successfully rehabilitated, measured from the portal entrance; with anticipated work on the zero level tunnel approximately 80% complete. Rehabilitation efforts are now within the heart of the main collapsed zone, currently estimated to span approximately 50 feet. At a September site visit the management team reviewed the Zero Level rehab work, the D Level underground workings, the historic tailings area across the road from the canyon, and the broader site area. The MSHA inspector expressed confidence in the site’s progress and praised the quality of work completed. A Radon measurement taken within the tunnel yielded a zero reading, affirming a safe working environment.     Zooming back to the project level, we shifted over to the tungsten, molybdenum, and silver resources in place and the infrastructure advantages of the IMA Mine as an advanced, past producing brownfields site, located on patented mining claims in Idaho. There has been a substantial amount of capital spent over many years to advance and build the project by various mining companies, including the Bradley Mining Company, Inspiration Development Co. (subsidiary of Anglo American PLC), and American Metal Climax. There is solid infrastructure including roads, tier-1 low-cost power supply, water rights, and a mining-oriented labor force nearby, which can help fast-track this project back into production, with a low capex anticipated to be ~$20 Million.   Ali reiterated that they are continuing to work closely with government agencies to build partnerships seeking to secure funding.  He believes there is the opportunity to secure key strategic partnerships and non-dilutive financing with the U.S. Department of Defense,  Department of Energy, and Defense Advanced Research Projects Agency, and mentioned that those discussions are underway and applications were previously filed.   This brought up the critical and strategic nature of tungsten as a defense metal, where the majority of tungsten supply is controlled by China, and why the US government is keen to develop supply chains outside of China which has placed export controls on this metal, and many other critical minerals.  Tungsten is a necessary component in a wide array of defense applications, including but not limited to the production of ammunition, armored equipment, artillery, and space exploration.     There is planned drill program to expand the known tungsten, molybdenum, and silver mineral resources, and this will be utilized for an updated Resource Estimate, and the upcoming Preliminary Economic Assessment (PEA). The company will also be conducting a trial mining and bulk sample exercise, more metallurgical tests, and the company is now working towards the construction decision on a processing plant on-site, which is a change and upgrade to the previously envisioned direct ship ore (DSO) business model.   If you have any questions for Ali regarding American Tungsten, then please email those into me at Shad@kereport.com.   In full disclosure, Shad is a shareholder of American Tungsten at the time of this recording, and may choose to buy or sell shares at any time.   Click here to follow the latest news from American Tungsten

Dan Steffens, President of the Energy Prospectus Group, shares his expert insights on the energy market. He discusses the current oil price dynamics, highlighting strong support levels and potential SPR refills. Natural gas is a key focus, with U.S. LNG exports projected to surge and rising demand from AI data centers. Dan also identifies top producers like EQT and Antero Resources, and balanced plays such as Ovintiv and Devon Energy. He rounds off with high-yield midstream investments, showcasing opportunities for stable dividends.

I’m joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA – OTCQB: KUYAF – FRA: 6MR1), for an operational update on the Bethania Silver Mine in Peru, following the October 17th news of record Q3 concentrate sales, infrastructure upgrades, and new management appointments. Discussion Highlights: Record Q3 Results - Best quarter to date for concentrate sales and recoveries (~92%), despite a temporary equipment outage. Operational Upgrades - New high-capacity air compressor plus backups now in place to ensure stable production and reduced downtime. Ramp-Up Progress - On track to reach ~100 tpd by mid-November, with a path toward 350 tpd in 2026. Breakeven estimated at 80–100 tpd under current silver prices. New Ramp Development - Construction underway to improve haulage, support expansion, and access deeper levels for future mining. Exploration Growth - A 5,000m underground drill program is starting to extend mineralization at depth and upgrade resources.   If you have any follow-up questions for David, please email me at Fleck@kereport.com Click here to visit the Kuya Silver website – https://kuyasilver.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.

In this KE Report company update, Ross McElroy, President & CEO of Apollo Silver (TSX.V:APGO – OTCQB:APGOF – FRA:6ZF0), joins us for his first interview since taking over in May. Ross brings nearly 40 years of experience, including leading Fission Uranium’s $1.14B sale to Paladin Energy. Key Highlights: Updated Resource: 125Moz Ag (M&I) and 57.5Moz Ag (Inferred) at the Calico Silver Project in California - a 14% increase in ounces. Broader Metal Profile: First inclusion of zinc, barite, and gold, enhancing project value. Project Breakdown: Waterloo hosts ~⅔ of total silver (all M&I); Langtry adds 57.5Moz Inferred with upgrade potential. Path Forward: Targeting a PEA in early 2026 followed by a Pre-Feasibility Study in 2027. Jurisdictional Advantage: Located in pro-mining San Bernardino County on 99% private land with vested mining rights. $26M Financing: Expected to close Oct. 22; funds operations and studies for roughly two years. Cinco de Mayo (Mexico): High-grade CRD system (385 g/t AgEq) with plans to reestablish local access and complete 20,000m of drilling under option with Pan American Silver. Click here to visit the Apollo Silver website.   ---------------- 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.

Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to outline strategies for portfolio management during the pullbacks in gold, silver, antimony, rare earths, and energy stocks.     Gold and silver are now retesting lower levels, in a corrective move that has been anticipated by many for some time.  If $4,000 support is tested and breaks, then Sean makes a case for solid technical support at $3850 and $3,700, and believes it is unlikely we’ll see a move below those in the medium-term. Sean had been advising his subscribers to take partial profits in a number of precious metals stocks since October 14th. He was happy to have raised the cash to be able to redeploy it into meaningful pullbacks, which have begun since the Friday of last week and then accelerated down further on Tuesday’s trading session.   He is quite interested to see how Q3 earnings season may trend starting with Newmont Corp’s (NYSE: NEM, ASX: NEM) report afterhours this coming Thursday, and then filtering out into the rest of the senior and mid-tier PM producers. We discuss whether gold and silver need to keep hitting new all-time highs in the near-term to keep the momentum going in the PM stocks, or whether these stocks can actually keep making progress just based on rerating more in alignment with these higher underlying metals prices.     Next we got into the blistering rally higher that we’ve seen in some of the critical minerals stocks like antimony and rare earth stocks on the back of Chinese export bans sending prices skyrocketing.   He’s got some exposure through United States Antimony Corp (NYSE:UAMY), and discussed their recent acquisition of another company to further grow their antimony and gold resources. Sean is also positioned in USA Rare Earth, Inc. (Nasdaq: USAR), because they have a compelling development project and domestic mine-to-magnet supply chain approach that may be able to attract some of those government funds earmarked for this sector.   Wrapping up Sean shifted over briefly to how traditional energy with the oil and gas stocks, and solar have remained in a slump, but that they may become a sector to follow, along with his ongoing interest in the next-gen defense stocks consider whether this could be a contrarian area to follow more closely in the commodities sector.   Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends   Click here to learn more about Resource Trader     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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a candid discussion to review how different stages of the precious metals stocks are responding to the outsized corrections today and at the end of last week in gold and silver prices.   We start off noting the deeper pullbacks are occurring in the producers due to their tighter correlation with PM prices.  These stocks had attracted a lot of attention from momentum investors, that often were piling in without much thought as to the specific fundamentals or longer-term investing case for these companies.   In contrast, the alpha-driven gold or silver explorers are much more driven by newsflow, and so the metals prices are less germane.  As a result, they’ve actually been more resilient to this sector correction, and were some of the only stocks in the green on a turbulent day in a sea of red.  Erik points out though, that they also didn’t have as much upside torque as the metals prices were climbing, because again they are driven by their own micro catalysts and fundamentals.   Erik is becoming more animated by the second wave of the Lassonde Curve, where the developers have the leverage and optionality to rising metals prices, but there remains a large delta in where the ounces in the ground are being valued versus the margins that the producers are making for each ounce of gold or silver they pull out of the ground and process.   Click here to follow Erik’s analysis over at The Hedgeless Horseman website   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.

In this Daily Editorial, we welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, for his thoughts on the gold and silver selloff. After massive rallies that pushed gold to nearly $4,400/oz and silver up $3.50/oz, both metals are now retracing hard, leaving investors questioning whether this is an interim top or something more significant. Dave breaks down the technical and psychological dynamics driving the pullback, including: Gold and Silver Volatility - CME margin hikes triggered a massive washout following weeks of overextension, with gold reversing nearly $300 from its peak. • Miners’ Correction - GDX and GDXJ up 65–75% since August now face a natural 20–25% retracement, with key support levels at 67 (GDX) and 85 (GDXJ). • Chart and Cycle Patterns - After achieving long-term “cup-and-handle” breakout targets, gold may consolidate between $3,500–$4,000 before resuming its uptrend. • Earnings Season Setup - Despite volatility, Q3 earnings for producers like Newmont (NEM) should showcase record margins thanks to sustained high gold and silver prices. • Sector Leadership and Accumulation - Miners and silver often lead both tops and bottoms; investors should prepare to accumulate “fishing lines” after “rhino horn” spikes. • M&A Momentum - IAMGOLD’s (IMG.TO) twin acquisitions underscore growing consolidation interest in large, high-quality land packages across Tier-1 jurisdictions.   Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.    ------------- 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.

Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF – FSE:RGG1), joins me to discuss a series of key updates across the company’s portfolio in Mexico. We focus on the new La Colorada Technical Report, high-grade drill results from Ana Paula, and the expanding development and production pipeline. Key Discussion Highlights: La Colorada Technical Report: Upside case based on $3,500/oz gold delivers a post-tax NPV of US$243M and 168% IRR. Base case uses $2,300/oz gold with a $1,626/oz AISC and a 6-year mine life producing ~286,000 ounces of gold. Fully funded development plan utilizing internal cash flow from San Antonio and stockpile production - no dilution required. Expansion & Exploration Potential: Drilling at Veta Madre Plus could add ~28,000 ounces and ~$30M in cash flow through a larger pit shell. Additional upside from high-grade zones at depth and near-mine exploration around Creston and other targets. Ana Paula Drill Results: Standout intercept: 88m grading 8.8 g/t gold from 88m downhole. 15,000m infill and conversion program underway; expanding to three rigs. Upcoming PEA this quarter to outline underground economics, followed by a feasibility study targeting construction decision for 2028 production. Resource: 710,000 oz M&I and 450,000 oz inferred with goal to convert total to M&I. Strong Financial Position: ~$30M cash (end of Q2) with increasing Q3 balance expected. 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.    -------------- 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.

In this KE Report Company Update, we welcome back Caleb Stroup, President & CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF), for a deep dive into a flurry of recent developments across the company’s Nevada and Idaho exploration portfolio.   Key Highlights: Spring Peak – Newmont Stage 2 Earn-In: Newmont to spend US$40M over 3 years to earn up to 65%. The project is now part of the U.S. FAST-41 program, expediting permitting for a 266-site drill program. Loadstar – Drilling Underway: Maiden 3,500m (10–15 hole) drill program testing the Zodiac-Sinister Ridge target for high-grade epithermal veins, modeled after the Spring Peak discovery. OceanaGold Partnership: Signed definitive deal covering TJ, Jake Creek & Hot Creek projects. OceanaGold can earn up to 75% by spending US$65M and completing PFS studies. Drilling underway at TJ. Crane Creek (Idaho): 100%-owned; newly permitted and drill-ready. Evaluating self-funding vs. partner option. Strong Backing: Recent C$1M raise led by Rick Rule, Jeff Phillips, and Centerra Gold; year-end cash estimated at C$2.5–3M. Please email your questions for Caleb to us at Fleck@kereport.com and Shad@kereport.com.  Click here to visit the Headwater Gold website to read over the recent news.   ----------- 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.