The KE Report

Mike Larson, Editor-in-Chief at Money Show, joins us to recap insights from the recent MoneyShow Conference in Las Vegas and tie them into today’s market trends. In this interview: A remarkable rebound in global markets after April’s volatility Strong interest in commodities and metals beyond gold - silver, copper, platinum, palladium Why retail investors are more informed and active than ever How a shift away from the traditional 60/40 portfolio is fueling interest in hard assets Thoughts on meme-stock resurgence, crypto adoption, and why oil is lagging Mike also shares how investors are positioning amid tariff negotiations, global supply-chain priorities, and a broadening bull market that spans U.S. equities, international markets, and resource stocks. Click here to find out about the upcoming MoneyShow conferences.

In this KE Report interview, I speak with Tim Clark, President & CEO of Fury Gold Mines (TSX:FURY - NYSE:FURY), and Brian Atkinson, Senior Vice President of Exploration. Key topics covered: Lithium discovery at Elmer East: Context on the recent results from the Quebec Precious Metals acquisition and Fury’s strategy to monetize non‑core assets while staying focused on gold. Committee Bay Drill Program (Nunavut): A 5,000m campaign with 7-10 holes targeting new shear‑zone horizons and step‑outs from high‑grade 2021 intercepts. Sakami Project (Quebec): Ongoing 3,000-5,000m drilling confirming historical high‑grade shoots and advancing toward a potential resource estimate. Corporate catalysts: Agnico Eagle’s participation at Committee Bay, a strong $60M+ treasury, and a strategy designed to add value and attract partners across the portfolio. With two active drill programs and multiple catalysts ahead, Fury is positioning itself as a best‑in‑class junior explorer in a commodities bull market. If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com.  Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news.

In this KE Report company update, we speak with Caleb Stroup, President & CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF), about a significant new development for the company. Headwater Gold has signed a Letter of Intent (LoI) with OceanaGold to explore three Nevada projects - TJ, Jake Creek, and Hot Creek - with the potential for OceanaGold to earn up to 75% interest by spending US$65M and advancing the projects through to pre-feasibility studies. Key topics discussed: The structure of the OceanaGold partnership and earn‑in stages Work already completed at TJ, Jake Creek, and Hot Creek How this new partnership complements Headwater’s existing deal with Newmont Headwater’s hybrid model: retaining 25% carried interest plus a royalty while operating partner‑funded projects Near‑term plans, including drill programs and potential self‑funded exploration This LoI highlights Headwater’s ability to secure partnerships with major producers while maintaining significant upside for shareholders. 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.

In this KE Report daily editorial, I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets. Darrell oversees the firm’s commodities trading desk and offers a unique perspective on the markets - focused on hedging, volatility, and positioning through uncertainty. In this interview, we review key themes from Darrell’s recent presentations at the Las Vegas MoneyShow and dig into where investors are focusing in 2025. Key topics covered: Year‑to‑date commodities review: Precious metals and copper leading the pack; top four performers are platinum, copper, silver, and gold. Tariffs, correlations, and drivers: Why dollar correlations are breaking down and how tariffs are reshaping physical flows in metals. Copper staying strong: How tariffs and infrastructure demand are driving record‑high Comex copper, even while global supply remains constrained. Energy lagging: Why crude remains range‑bound with downside risk despite low inventories, and why natural gas fundamentals look more constructive. Rotation potential: Will investor flows broaden into lagging commodities like grains and softs in the second half of 2025 and into 2026? Darrell also shares insights on trading volumes, hedging behavior, and how muted tariff reactions are shaping day‑to‑day market moves. Click here to learn more about Bannockburn Capital Markets.

In this KE Report company update, we speak with Charles Funk, President and CEO of HelioStar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1), to break down the company’s latest milestone: the restart of mining operations at the San Agustin mine in Mexico, with production expected in Q4 2025. Key discussion points: Receipt of key permits enabling pit expansion and leach pad height increase CapEx of only ~$4.2M with an estimated $40–50M in cash flow from San Agustin Steps toward stacking ore in Q4 and generating immediate production Near‑term exploration plans: oxide drilling for mine‑life extensions and sulfide targets for long‑term upside Clear growth trajectory - from 30-40K ounces in 2025 to 150-200K ounces/year by 2028 with minimal dilution HelioStar’s strategy blends near‑term production with ongoing exploration upside across assets like Ana Paula and La Colorada.   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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in the 3 pre-discovery gold and copper exploration companies, that have large Tier 1 drill targets and the potential for rapid upside moves if they make a compelling discovery and hit with the drill bit on current programs.     >> The companies we discussed in the interview are:   Rackla Metals Inc. (TSX-V: RAK) (OTC: RMETF) – On July 14th, 2025 Rackla Metals announced that drilling and had commenced at the BiTe zone on the Grad property NWT.  The Grad property was staked in July of 2024, and immediate prospecting defined strong gold mineralization at the base of the south facing cliff.  Further sampling in August identified significant sheeted veining hosted in the intrusive and that combined with the gold, bismuth and tellurium geochemistry made it clear that the Company had discovered a compelling Reduced Intrusion-related Gold Systems (RIRGS) occurrence that had never previously been identified or staked.   Inflection Resources Ltd. (CSE: AUCU) (OTCQB: AUCUF) – On July 21, 2025, Inflection Resources announced that it completed the acquisition of an 100% interest in a portfolio of copper-gold projects in the Northern Territory and New South Wales, Australia from subsidiaries of Newmont Corporation. This provides the company optionality on how to advance those properties. The main near-term value drivers will be when more assays get released from any of their four projects that JV option partner AngloGold Ashanti elected to advance to Phase II earn-in. The four Designated Projects are Duck Creek, Trangie, Crooked Creek and Nyngan.   Westward Gold Inc. (CSE: WG) (OTCQB: WGLIF) - On July 8, 2025, Westward Gold announced that drilling is underway at its flagship Toiyabe Hills Property in Lander County, Nevada. Over the next several months, Westward will be testing its Campfire Target Complex for the first time, with approximately 5,000 metres (~16,500 feet) of reverse-circulation (“RC”) drilling across this top-priority zone within the ~61 square-kilometer consolidated Property.     * 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 daily editorial (July 22), we speak with Dave Erfle, Founder and Editor of the Junior Miner Junky, to unpack what’s driving the precious metals momentum and how the sector is setting up into the back half of the year. Key discussion points: Gold Majors Reignite: Agnico and Newmont posting strong moves as gold attempts a breakout above $3,450. Technical Setups: Dave compares today’s action to previous bullish consolidations and shares key resistance levels on GDX and silver. Valuation Disconnect: Juniors with proven ounces still trading at fractions of in‑ground value despite rising margins for producers. M&A Outlook: Who might start buying - majors or mid‑tiers - and why high‑capex projects could slow deals. Forward-Looking Strategy: Why Dave expects $4,000 gold and $50 silver, and how investors can position for more upside. Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Shaun Heinrichs, President and CEO of 1911 Gold Corp (TSXV: AUMB) (OTCBB: AUMBF), joins me to for a comprehensive exploration and development update for advancing their True North Project, which includes a permitted mine and mill complex located on the Company’s 100%-owned Rice Lake Gold property, spanning  61,647 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, Canada.   Shaun outlines how 1911 Gold believes its land package is a prime exploration opportunity, on a brownfield site, with the potential to develop a mining district centered on expanding resources and eventually moving back into the development of the past-producing True North complex.  In addition to the permitted mine, there is a 1300 tpd permitted mill in place, which is expandable to 2250 tpd, which would have access to cheap hydroelectric power, and there is a permitted tailings area.   There is an ongoing aggressive exploration program underway at surface for shallow high-grade targets as well as at depth, at their 2 new discoveries: the San Antonio West and San Antonio South East. The ongoing drilling is expanding the known resources of around 1.1 million ounces of gold in all categories. There will be a steady stream of exploration updates over the balance of this year. Additionally, this exploration date will be fed into future resource update slated for early in 2026.   The next major milestone for the company will be incorporating mine modeling and engineering models as the company works towards a Preliminary Economic Assessment (PEA), anticipated by year-end.  Shaun also highlights that after the PEA in Q4, and the resource estimate update in Q1, that another key future milestone will be 2 different trial mining and bulk samples slated for the middle of next year.   These will be crucial in confirming and comparing to the data outlined in the PEA, for acting as a proof-of-concept, and the bulk samples will be processed at their mill and bring in non-dilutive capital to the company during the learning process. The company is financially sound, and cashed up for all work initiatives through those bulk samples next year.     If you have any questions for Shaun regarding 1911 Gold Corp, then please email me at Shad@kereport.com.   Click here to follow the latest news from 1911 Gold Corp

Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me for a wide-ranging discussion on macroeconomic market movers as well as his fundamental and technical outlook on gold, silver, copper, and their related resource stocks.   There are a range of topic covered when reviewing the macroeconomics landscape which include:  The Trump administration’s policy on tariffs, Fed policy, the continued US dollar weakness, central bank buying of precious metals, the continued move higher US equities and cryptocurrencies in a very risk-on market, and China’s economic health improving.   Shifting over to the precious metals, Robert points out that gold is still playing a role as an alternative currency and as a solid hard asset and safe haven for investors as a store of value.  We look to the upcoming positive expectations for Q2 earnings season in the gold producers over the next few weeks, and discuss how money has moved down the risk curve from the producers and quality developers into the optionality plays, advanced explorers, and discovery-stage exploration companies. We also opine on the kinds of merger and acquisition deals we may start to see as cashed up producers merge with one another to mass up or may go after large defined orebodies without a prohibitive capex to build them into mines. Robert highlighted Banyan Gold Corp. (TSXV:BYN)(OTCQB:BYAGF), Sitka Gold Corp. (TSXV: SIG) (OTCQB: SITKF), and Ramp Metals Inc. (TSXV: RAMP) as three gold exploration stocks that have his attention at present.   Next we discuss the technical setup for silver as it has been in a catchup trade to gold, where it has been leading the last few months on a percentage basis.  We also note that the silver stocks have really moved a lot in response to this latest move in silver, adding credence to wider breadth across the PM sector.   We wrap up looking at the technical setup in the price action we’ve seen in copper, blasting up over $5 for the third time and to recent all-time highs on the back on the proposed Trump tariffs on the red metal.  Robert shares a few copper exploration stocks he likes, such as Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) and Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF), and reiterates why he likes Idaho, Nevada, and Arizona as US jurisdictions for copper companies.   Follow Robert’s analysis on Substack   https://ceo.ca/@goldfinger   Click here to follow Robert on X/Twitter   https://www.youtube.com/@GoldfingerCapital/videos

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a review of H2 2025 guidance and an operations update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end for potential production in 2026. We also review the news out today about the closing of the acquisition of a package of development and exploration projects from NorthX Nickel Corp.   We kick off the conversation with a review of production and cost guidance for the second half of 2025 a their McCreedy West Mine.   Highlights (in USD unless otherwise stated):   Quarterly ore sales from the 700 Copper Zone are expected to be between 80,000 and 92,000 tons in the second half of 2025. Contained copper equivalent grade expected to be between 2.9% to 3.4% in Q3 2025, and 3.8% to 4.4% in Q4 2025. Cash costs (per copper equivalent pound) expected to be $3.85 to $4.40 in Q3 2025, reducing to $3.11 to $3.66 in Q4 2025. AISC (per copper equivalent pound) expected to be $4.95 to $5.49 in Q3 2025 and $3.85 to $4.47 in Q4 2025.   Jason discusses the primary focus at McCreedy West for this year is really getting all the development work completed to be able to really ramp up production in a big way in 2026.  The company has invested capital into underground equipment and additional development, hired additional people to support a 24-7 operation at the mine, and they are seeing the benefits of this plan materialize. The mine plan for this year is evolving, where a 3rd party contractor has been brought in to get in front of 6+ months of extra underground development, with the plan to get access to mining areas that have better grades like the area to the west of the 700 Copper Zone.  Jason explains that they expect all-in sustaining costs to decrease in 2026 after concluding their accelerated capital development program and achieve our optimization goals.   There will still be ore processed each quarter, but the operations teams wants to get enough stopes opened up through development for the balance of this year to have options in accessing mineralization from different parts of the mine.   We also reviewed how in addition to the high-grade copper area of the mine in the 700 Copper Zone, that there is the Intermain Nickel Zone and a Precious Metals Zone, with platinum, palladium, and gold that can be accessed down the road at the right metals prices and margins.   Next we transitioned over to all the exploration focus at the past-producing Levack mine and Jason outlines the Company strategy to keep aggressively drilling and delineating mineralization with a targeted Resource Estimate for Q3, while also continuing with engineering work to then put out a Mine Restart Plan by year end or the beginning of next year. This is all leading towards the pathway for bringing the Levack Mine back into production in 2026.   Additionally, the team is still advancing similar derisking and development work at their Crean Hill Project where, depending on financial market conditions, it could be on a dual track for production in late 2026 or early 2027.    Wrapping up we reviewed a few of the exploration and development properties included in their acquisition which closed today with portfolio of properties located in the Sudbury Basin from NorthX Nickel Corp. (CSE: NIX). The NorthX properties being acquired represent 304 km2 of mineral claims, leases and patents in the Sudbury area. The acquisition of the NorthX property portfolio brings Magna's aggregate holdings in the Sudbury area to 584 km2. Several properties host known exploration targets within Sudbury Breccia units in the footwall of the Sudbury Igneous Complex (SIC), including the Wisner, Blezard, Frost Lake and Creighton South properties. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt + Pd + Au from the surface Broken Hammer Zone (Technical Report on Wallbridge's Sudbury Area Properties, Ontario (Canada), 2017). The Blezard and Creighton South properties cover portions of the footwall environment near the known Blezard and Creighton contact deposits, which have measured and indicated resources of 7.9 million tonnes grading 1.0% Ni, 0.7% Cu and 6.2 million tonnes grading 4.5% Ni, 3.3% Cu, respectively.     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.   Click here to follow along with the news at Magna Mining