The KE Report

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the October 9th news announcing the second gold sale from September production from the Mustang Mine, at their 100% owned Bralorne Gold Project in British Columbia. The Company has been consistently trucking over the first development ore from the Mustang Mine to Nicola Mining’s Craigmont Mill located in Merritt, British Columbia, and is now starting to truck over the higher-grade vein material as well as ramping up the tonnes per day to the mill.   In September, Talisker produced 862 ounces of gold from the Mustang Mine following on from the 707 ounces of gold sold in August for a total of 1,569 for the quarter ended September 30th. Production was sourced mostly from in-vein development from the 1090, 1105 and 1120 levels and production stoping from the stopes between the 1060 and 1075 levels. Planned production in the fourth quarter 2025 will be sourced from stopes between the 1075 and 1090 and the 1090 and 1020 levels.   Terry reviews their operations team’s accelerated development of the Lower Mustang decline which will allow access to the 1045 and 1030 levels below currently accessible areas. To date, 115 metres of development has been completed with 95 metres remaining to reach the 1045 level along the Alhambra and BK veins, increasing future mine output, gold production, and revenues.   In addition to having increased the amount of ore mined from 250-300 tpd, there is a current initiative to expand that up to 500 tpd and look to beginning upgrading the ore on site using ore-sorting technology.  This ore-sorting would all for shipping higher-grade material, with less associated waste, and would make it even more economical to be shipped to Nicola Mining’s Craigmont mill, which is currently at capacity processing Talisker’s ore.  Then further out the plan is to increase mining from more areas including from the Olympus Mine to the southeast of the Mustang Mine, and increase operations to 750-1,000 tpd, also utilizing other nearby processing centers with spare capacity. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the key milestones and news on tap for the balance of this year.     If you have any follow up questions for Terry then please email me at Shad@kereport.com.   Click here to follow the latest news from Talisker Resources   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 Daily Editorial, we’re joined by Brien Lundin, Editor of Gold Newsletter and host of the New Orleans Investment Conference (Nov. 2–5), to discuss the powerful rally across precious metals and the historic wave of financings sweeping through the junior mining sector. Key Discussion Highlights: Unprecedented capital inflows: Gold nearing $4,300/oz and silver topping $53/oz have triggered a flood of financings - many without warrants, rapidly upsized, and often the largest in company histories. Institutional money returns: Deep-pocketed generalist and hedge fund investors are pouring in, marking a seismic shift for the mining industry. What companies will do with the cash: With exploration budgets surging, Brien expects both inefficiency and discovery - some waste, but also new mines and mid-tier producers emerging. Valuation catch-up coming: Feasibility studies using $2,000–$2,500 gold are now badly outdated; developers could see massive re-ratings as markets recalibrate to current prices. Exploration strategy: How to approach pre-discovery and early-stage drill stories, and why management quality, technical depth, and early hints still matter most in a hot market. Stocks mentioned: Aftermath Silver (AAG.V / AAGFF), Blackrock Silver (BRC.V / BKRRF), Delta Resources (DLTA.V), Contango Ore (CTGO), Collective Mining (CNL.TO), Prospector Metals (PPP.V). Click here to learn more about the New Orleans Investment Conference on November 2-5.    ---------- 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, Jon Deluce, President and CEO of Abitibi Metals (CSE:AMQ - OTC:AMQFF - Frankfurt:4KG), provides an update on the B26 Copper-Gold Deposit in Quebec’s Abitibi region, where the company is delivering some of its strongest results to date. Key Highlights: High-Grade Drill Results: Latest intercept of 4.46% CuEq over 21.1m (up to ~6% CuEq with gold and silver credits) has driven the expansion of the Phase 3 program to 20,000m with three active rigs. Resource Growth: The 2024 resource stands at 18Mt averaging ~2% CuEq, with modeling showing potential to rise to ~2.7% CuEq at higher metal prices. Expansion Focus: About 80% of drilling targets extensions beyond the resource, including 500m step-outs, aiming to outline a 30+Mt deposit comparable to the historic Selbaie Mine nearby. Funding & Strategy: Fully funded through Q1 2027 with $14M in cash; advancing toward 80% ownership of B26 via a PEA and final equity top-up with SOQUEM (Investissement Québec). Regional Upside/Exploration: 100%-owned Beschefer Gold Project, 7 km away, features strong historical results (best result of roughly 56g/t over 5.5 meters) with drill permits expected soon. Next Steps: Continued drill results, a potential strategic investment, and updates on expansion plans into 2026. If you have any follow up questions for Jon please email me at Fleck@kereport.com. Click here to visit the Abitibi Metals 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.

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us and fields a wide array of questions and detailed discussion with updates on underground operations, capital allocation projects, and exploration updates during the ongoing ramp-up towards commercial production at their 100% owned Madsen Mine.  Madsen is located in the Red Lake Gold District of Northwestern Ontario, Canada.   We also review the upcoming exploration strategy nearby at their secondary PEA-stage Rowan Project.   In Q3 the Madsen Mine produced 35,700 tonnes of ore at an average grade of 5.4 grams per tonne gold. The mill poured 7,055 ounces of gold. Note that mined and poured ounces do not align because of factors including month end timings and gold in circuit. Those ounces were sold at an average price of US$3,456 per ounce for gross proceeds of CAD$33 million.   This compares to 5,260 ounces of gold poured in Q2 for gross proceeds of CAD$24 million and 496 ounces of gold in Q1 for gross proceeds of CAD$2.1 million. Q3 gold production represented a 34% increase over Q2 gold production, a rate that positions Madsen to reach targeted output levels early in 2026.   Mined ore tonnage is increasing month over month, within the variability of mine ramp up. Increasing daily mined tonnage is the primary ramp-up factor at Madsen, so the Company is pleased to report ore tonnage rising consistently.    Mined waste development is also progressing as planned, as crews drive access to new areas for drilling and mining. Importantly, as of mid-September mined waste is now being stored largely underground. The underground waste rock storage program is a key de-bottlenecking effort recently in effect and is directly supporting the mine’s ability to move ore tonnes. In the second half of September the mine moved over 1,000 tonnes of ore per day on several days, including a record day moving 1,400 tonnes. This new ability to store all waste rock underground, which has shifted trucking capacity away from waste haulage to ore haulage, bodes well for production.   Gwen outlines that the Company currently has a few more areas of focus to execute on over the next few months before declaring commercial production; including: Upgrades to shaft and hoist to improve efficiencies in ore throughput to mill, and lower costs More underground development work to increase throughput in the mill Delivery and utilization of rolling stock equipment that were ordered a while ago and should be arriving to site soon   At this point commercial production is targeted for Q1 2026. Gwen reiterates that when the management team and board have the confidence to announce everything is working as it should at the mine and mill at close to targeted levels, that the move into commercial production should also mean the Company is comfortably generating revenues at that point.   Next, we discussed the exploration strategy at both the nearby Rowan Project and the blue sky potential in many areas around Madsen.  Gwen points to drill results announced October 9th that were drilled from the 12 Level in the Madsen Mine at approximately 600 meters (“m”) depth and demonstrate the potential for discovery of additional high-grade lenses of gold mineralization in the main Austin Zone very similar to those that have already been delineated in the South Austin zone during 2025. This Lower Austin Zone will continue to be a key focus of drilling for the remainder of 2025. Hole MM25D-12-4860-004 Intersected 7.75m @ 139.45 g/t Au, from 37.00m to 44.75m, Including 0.6m @ 17.49 g/t Au, from 37.55m to 38.15m, Also including 2m @ 532.25 g/t Au, from 39.15m to 41.15m.  Hole MM25D-12-4860-005 Intersected 8.7m @ 74.70 g/t Au, from 37.1m to 45.8m, Including 3m @ 134.58 g/t Au, from 37.1m to 40.1m, Also including 4.9m @ 49.73 g/t Au, from 40.9m to 45.8m. Hole MM25D-12-4860-002 Intersected 7.45m @ 18.31 g/t Au, from 39.65m to 47.10m, Including 0.5m @ 254.49 g/t Au, from 39.65m to 40.15m.     If you have any follow up questions for Gwen or the team over at West Red Lake Gold, then please email us at either Fleck@kereport.com  or Shad@kereport.com.   In full disclosure, Shad is shareholder of West Red Lake Gold Mines 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 West Red Lake Gold Mines     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’re joined by Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF), for a detailed discussion on the company’s recent developments - from patent milestones to global product rollout plans and revenue growth strategies. Key Discussion Highlights: Thermal XR Patent Approval (Australia): Craig explains the significance of GMG’s newly granted patent for its Thermal-XR® graphene coating, which improves corrosion resistance and heat transfer in heat exchangers. This 20-year patent provides strong IP protection and is expected to pave the way for similar approvals in the U.S., Europe, and other regions. Expanding Global Reach: The company has launched its first multi-language, palletized product line for distributors, featuring G® Lubricant and Thermal XR®. With labeling in 16 languages, GMG is now positioned to sell across key international markets through an expanding distributor network. Go-to-Market Strategy: Craig outlines how GMG is focusing on scalable distribution - moving from bulk industrial customers to retail-ready formats that can reach global partners in the automotive, HVAC, and industrial maintenance sectors. These smaller, ready-to-ship packs will enable more consistent sales growth and global availability. Revenue Outlook: While fiscal 2025 revenue dipped slightly due to lumpy project sales, Craig emphasizes that upcoming palletized product distribution should drive more repeatable, diversified revenue streams.   Upcoming Catalysts: Pending EPA approval for Thermal XR® in the U.S. Distributor rollout and initial palletized product orders Updates on Super-G and battery development progress Please keep the questions coming! Email me at Fleck@kereport.com. Click here to visit the GMG 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 Pre-Market Daily Editorial, we’re joined by Dave Erfle, Founder and Editor of The Junior Miner Junkie, to discuss one of the rarest events in the silver market - backwardation, where spot traded above futures by nearly $3 last week - as silver held firm above $50 and gold stayed above $4,000/oz. Key Discussion Highlights Historic Silver Setup: Silver’s 45-year cup-and-handle breakout finally confirmed, with spot prices briefly exceeding $53 before futures realigned. Dave explains how this reflects an acute physical shortage, echoing only a few past moments in history such as 1979 and 2011. Structural Deficit and Demand Shift: Silver has entered its fifth straight year of supply deficit, driven by record industrial demand (now ~60% of use) and renewed investor interest. Combined with declining confidence in fiat systems, it’s fueling what Dave calls a “perfect storm” for the metal. Gold at $4,000 and Investor Psychology: Despite hitting long-term targets, pullbacks are quickly bought—showing a market driven by momentum and global distrust in institutions. Dave notes that most mining executives still seem in disbelief, hesitant to update project sensitivities to current $4,000 gold and $50+ silver realities. Miners’ Margins Exploding: Producers like Newmont (NEM) are benefiting from higher metal prices and lower diesel costs. Dave points out how a falling gold-oil ratio is expanding margins and why upcoming Q3 and Q4 results could surprise to the upside. Best Opportunities Now: Dave continues to favor early-stage, higher-beta juniors with updated or maiden resource estimates and near-term PEAs. Optionality plays - projects once marginal at lower metal prices - could see massive re-ratings if current prices persist. Why M&A Is Lagging: Even with record cash flow, majors remain cautious after past-cycle mistakes. Dave believes takeovers will come later, but for now, many developers are choosing to build mines themselves, hiring teams and securing financing independently. Macro Tailwinds Remain: Rate cuts amid rising inflation, debt burdens, and geopolitical instability continue to support gold and silver. Dave sees corrections more likely in time than price, with long-term momentum firmly intact.   Stocks / ETFs Mentioned: GLD, SLV, GDX, GDXJ, NEM   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.

Michael Oliver, CEO and founder of Momentum Structural Analysis, joins us to share how he sees the technical momentum setup in silver, gold, precious metals stocks, copper, oil, the Bloomberg commodities index, US general equities, and bonds.   We start off getting his technical outlook silver, where Michael is pounding the table here that silver is going to make a crazy move higher and in less time than people are expecting.  He stated, “It’s white knuckles time,” and likens this period to where silver was in 1979 and 2010 before big sudden moves higher.  He believes a move over $100 in the next 6 months is probable, and it could go as high as $200; the inflation-adjusted high for silver.   Michael reminds listeners that silver has not kept up with the decay of the monetary unit of fiat currency debasement, like gold has and that it has made a mistake.  As a result, it is really going to catchup to where it should have moved more suddenly than most are expecting and then enter a new reality at a much higher level.   With regards to gold, it has kept up better with the decay in the monetary units, and this is what will keep sending it higher, not geopolitics or flash in the pan fear events.  Those play a part, but the loss of fiat purchasing power is what is ultimately been moving gold higher since becoming unpegged from the dollar many decades ago.  “Currency debasement is the fuel in the tank of the monetary metals.”   Michael is not expecting an imminent correction in silver and gold, and believes we’ll see one in a few more months at the end of the year or beginning of next year; but that will precede an even bigger leg higher in the monetary metals.   He is not as animated by the potential in copper, and feels while it could double from here, it won’t be anything as fast or as pronounced as what we see play out in silver.  As a general outlook, he expects that copper, and other base metals, and oil to stay more in alignment with the more gradual catchup move higher that we’ll see play out in the Bloomberg commodities index. He anticipates the commodity indexes to get more in alignment with the moves in gold, which we have not seen in a very long time.   Michael postulates that when the US bonds and general equities markets really start to roll over, that a portion of investors will rotate funds into gold, silver, and the PM equities.  He believes there will be a shocking loss of confidence in the bonds and US stocks, and that capital flows and rotation into gold and silver will put more fuel onto the upward price pressure already underway.   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.   Click here to follow along with Michael Oliver’s analysis

Rauno Perttu, CEO and Chairman of Provenance Gold (CSE:PAU) (OTCQB:PVGDF), joins us for a comprehensive exploration update on the Eldorado Gold project in eastern Oregon; across both their Eldorado West and Eldorado East claim block areas.  We also get into Oregon as a mining jurisdiction and dispel some common misconceptions.   Eldorado West is where most of the historic work and modern exploration work has been completed, and it hosts a historical resource estimate of 1.98 million oz at 0.75 g/t gold, with ~22,000 meters (m) of historical drilling. On October 8th the Company announced the first step-out drilling results from the Herman Area of its Eldorado West gold project, significantly expanding the potential scale and scope of gold.   Highlights from these step-out holes:   Drill hole #ED27 returned 25 g/t gold over 44.20m, within 179.83m of 0.67 g/t gold  Drill hole #ED28 returned 1.01 g/t gold over 108.20 meters within 0.82 g/t gold over 172.21m   Drill holes ED27 and ED28, the first holes completed in the newly permitted Herman Area, are located 730 meters south of recently reported hole E26; and intersected broad, pervasive intervals of strong gold mineralization from surface. These 2 holes also identified a new mineralized contact zone between the host sedimentary rocks and the diorite which is shallow-dipping, laterally extensive, and projects south, west, and northwest of ED27 and ED28.  The company will continue stepping out in future drilling to test the limits of the system before then working on validating and expanding the historic resources.   Eldorado East now includes the recently acquired 5,867 acres where there is ground-work, sampling, and drill permitting underway and is expected to be ready to drill by Spring 2026.  There are historical resource estimates at Sunday Hill with roughly 170,000 oz at 23.15 g/t gold and the Randall Mine area with roughly  50,000 oz at 8 g/t gold.   We then shift the conversation over to common investor misconceptions about mining and mineral development in eastern Oregon, and some of the permitting progress being made by other nearby companies in that part of the state with local stakeholders and the government.   Wrapping up we shift to the financial health of the company to execute on their immediate work initiatives, and how things could even be expanded more rapidly moving into next year.   The estimates mentioned within are considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource, and it predates current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. Provenance is not treating the historical estimate as a current mineral resource or reserve. Significant data compilation, redrilling, resampling and data verification will be required by a qualified person before the historical estimate can be classified as a current resource.     If you have any follow up questions for Rauno about Provenance Gold, then please email us at Fleck@kerport.com or Shad@kereport.com.   Click here to follow the news at Provenance Gold

In this Daily Editorial, we are joined by Jim Tassoni, CEO of Armored Wealth Strategies, for his monthly trader’s perspective. Jim is a momentum trader, and this month’s discussion focuses on the broad commodity rally - from gold and silver’s powerful uptrends to renewed strength in copper and uranium - as well as why energy markets remain laggards. We cover: Precious metals leadership - Gold, silver, and the miners (GDX, GDXJ, SIL) continue to trend higher across all timeframes. Jim discusses how he manages momentum trades through tactical trims and add-backs while staying aligned with the dominant trend. Trading through volatility - With the VIX crossing above 19–20, Jim is reducing position sizes, banking partial gains, and waiting for pullbacks to re-enter. He emphasizes risk management and trend discipline as volatility returns. Actionable levels in gold and copper - Jim outlines his current playbook: trimming gold near $4,160, reloading around $3,895, and maintaining a bullish bias above $3,510. He’s also long copper from ~$4.94, with a risk line near $4.81 and upside target around $5.26. Uranium momentum trade - Long since early May, Jim continues to trail stops higher while trimming into strength as uranium equities remain one of the best-performing segments in the commodity space. Energy divergence - While metals rally, oil and natural gas remain weak. Jim stays short crude oil and explains why the lack of catalysts and capital rotation into metals and uranium have left traditional energy behind. Market psychology & capital flows - How investor focus and “hot money” rotation are driving performance across sectors, and why discipline and clear exit levels are essential in volatile markets. Stock & ETF Symbols Mentioned: GDX, GDXJ, SIL, COPX, GLD, SLV, VIX, WTI, URA   Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading.   ----------------- 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 to recap the Nordic Funds and Mines conference last week in Stockholm, Sweden and some of the resource companies that stuck out to him with attractive catalysts on tap to build future value.   We start off discussing the key takeaways from the conference with regards to the quality of the event, the various metals in focus, investor sentiment, and some of the silver and gold companies where he sees an attractive value proposition.   Erik highlights a precious metals producer with expansion potential and an antimony credit, a PM developer with a potential permitting catalyst along with exploration upside, and true grassroots exploration story in the Golden Triangle, funded for a compelling drill program next exploration season.    >> The companies we discuss in this interview are:   Americas Gold and Silver Corp (TSX: USA) (NYSE American: USAS) Silver Tiger Metals Inc. (TSXV: SLVR) (OTCQX: SLVTF) Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF)    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.