The KE Report

Blackrock Silver – 1.2km Step Out Scout Drilling To The Southeast Of DPM Area Hits New High-Grade Silver And Gold Zone at Tonopah West

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.

Arizona Sonoran Copper – Derisking Work Building Towards A PFS On The Cactus Project, Update On Exploration, Envisioned Mine Plan, Permitting, And Strategic Stakeholders

George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins us to outline all the ongoing derisking work building towards a Pre-Feasibility Study (PFS) on the Cactus Project in Arizona, as the next key company milestone. The overall Cactus Project now contains over 11 billion pounds (“lbs”)  of copper in all categories – 7.3 billion lbs of copper in measured and indicated, and 3.8 billion lbs in the inferred category.
 
We start off having George share how the incorporation of the MainSpring area into the larger Parks-Salyer deposit, has allowed for a shift from underground mining over to an open-pit mining method.  They are reviewing moving the center of the open pit more towards the high-grade portion of the  Park-Salyer deposit, and infill drilling is showing it expanding towards that direction, which should present better economics and a faster payback period in the upcoming PFS.
 
We discuss that there was no royalty on the Mainspring property area, and that in January the Company has bought back 1% of the of the Bronco Creek Exploration net smelter royalty (“NSR”) for a cash payment of US$500,000, reducing the NSR from 1.5% to a remaining 0.5% NSR near the high-grade area of the Parks-Salyer deposit.  This gives investors more upside to the project at present, but also presents an area that can be renegotiated with companies when assembling the capital stack down the road. In February a subsidiary of Royal Gold Inc. (RLGD:NASDAQ) has purchased an existing 2.5% NSR on a portion of the Cactus Project for cash consideration of US$55 million from Tembo Capital. ASCU has the right to buy back 0.5% of Royal Gold’s aggregate 2.5% NSR for US$7 million, by July 10, 2025.  This demonstrates the value that Royal Gold sees in the project.
 
Additionally, on January 31st Arizona Sonoran announced that it closed its private placement with Hudbay Minerals Inc. of 11,955,270 common shares at a price of C$1.68 for gross proceeds to the Company of C$20,084,853 million. Additionally, Nuton LLC, a Rio Tinto Venture, exercised its pre-emptive rights in respect of the Hudbay Placement, pursuant to the terms of its investor rights agreement, to maintain its 7.2% equity interest in the Company for gross proceeds of C$1,562,210.   Seeing strategic shareholders like Royal Gold, Hudbay Minerals, and Rio Tinto involved demonstrates a strong vetting process and validation of the importance of the Cactus Project.
 
The Cactus PEA released last year envisages an average 86k short ton (172 million pound) per annum open pit copper heap leaching operation over a 31-year mine life (“LOM”). In total, 5.3 billion lbs or 2.7 million short tons of LME Grade A copper cathodes is detailed for production directly onsite via solvent extraction and electrowinning hydrometallurgical processing. We discuss how the plan to produce high-purity copper cathodes domestically, presents distinct advantages in light of the new US copper tariffs.  There will be more challenging effects on other companies that need to send copper concentrates over to Asian smelters and then will be subject to those tariffs.
 
George outlines how 40,000 meters of drilling will mainly be infilling areas in the MainSpring property from inferred to measured and indicated, as well as further defining and expanding the resources at the Park-Salyer main area.  There is also more metallurgical work to prepare for incorporating these areas into the upcoming PFS, projected to come out in the Fall of 2025.  
The company is also looking at acquiring more adjacent private land that will assist with optimizing the site layout for development. George highlights the strength of the infrastructure in place, the access to power, and the
 
George also provides some updates on permitting for the project, and the importance of it being on private land to help expedite the process, and that they should be submitting their applications later this year for administrative acceptance by early 2026, and then approval 6 months later.  This will time out well with their Bankable Feasibility Study and the capital stack coming together for a construction decision late next year.
 
If you have any follow up questions for George about Arizona Sonoran, then please email us at Fleck@kereport.com or  Shad@kereport.com and we’ll get those reviewed by the company.
 
In full disclosure, Shad has a position in Arizona Sonoran Copper at the time of this recording and may chose to buy or sell shares at any time. 
 
Click here to visit the Arizona Sonoran website to read over all the recent news.

Dave Erfle - Q1 Gold Surge, Miner Margins, Why Have Stocks Lagged For 20 Years?

Dave Erfle, Editor of the Junior Miner Junky joins us to break down a remarkable Q1 for the precious metals sector - and what it could signal for the quarters ahead.
 
Key discussion highlights:
Gold’s record-breaking quarter: Gold posted its best quarterly performance in 39 years, closing Q1 up ~17%, while major mining ETFs like GDX surged ~35%, far outpacing broader market indices that struggled through their worst Q1 since 2022.
Profit margins hit historic highs: Gold producers saw margin expansion with some like Agnico Eagle achieving all-in sustaining costs below $1,300/oz vs. gold prices nearing $2,900/oz.
Investor capital still favoring gold ETFs over miners: Despite strong performance, Dave notes generalist investors are still hesitant to rotate into mining stocks, preferring the simplicity and perceived safety of gold ETFs. Low volumes in GDX/GDXJ reinforce that this trend hasn't fully shifted.
Structural issues in gold equity performance: The launch of ETFs like GDX and GDXJ coincided with the sector’s long-term underperformance vs. the gold price. Outside of short bursts in 2008, 2016, and 2020, gold stocks have lagged behind, prompting the question: can the trend reverse?
Outlook for retail interest and sector rotation: Dave emphasizes that a return of retail investors and increased fund allocation are key to sustaining the rally in miners. With the broader market weakening, he sees a growing opportunity for rotation — but it hasn't materialized in full force yet.
Silver’s critical level and broader sector leverage: Silver needs to break and hold above $35/oz to ignite the next leg up, particularly for silver equities and high-beta junior miners. Until then, performance will likely remain selective and stock-specific.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Fury Gold Mines - Strategic Acquisition of Quebec Precious Metals and Exploration Outlook For Quebec Projects

In this KE Report company update, I feature a deep-dive discussion on Fury Gold Mines (NYSE:FURY - TSX:FURY) recently announced all-share acquisition of Quebec Precious Metals (TSX.V:QPM - OTCQB:CJCFF) valued at just over C$4 million. This strategic acquisition will significantly expand Fury’s land position in Quebec’s James Bay region to over 157,000 hectares, pending deal completion in late April.
Joining me to break down the transaction and exploration plans are:
Tim Clark, President & CEO of Fury Gold Mines
Bryan Atkinson, SVP of Exploration at Fury
Normand Champigny, CEO of Quebec Precious Metals
Key Highlights from the Interview:
Deal Rationale & Strategic Fit:Tim Clark explains how the deal came together after ongoing conversations with Normand Champigny. The consolidation provides operational efficiencies, expands Fury’s footprint in a highly prospective district, and positions the company for long-term growth in Quebec.
Expanding James Bay Exposure:The acquisition nearly doubles Fury’s land package in James Bay, placing it in proximity to the Éléonore Mine, now owned by private Indonesian firm Delmar. The region is seeing rising M&A interest with recent ~$7.5B in M&A activity.
Project Overview – Quebec Precious Metals:Normand provides insight into QPM’s key assets, especially the flagship Sakami Project, with over 50,000 meters of historical drilling and strong gold potential. The project also includes lithium targets (notably Elmer East, next to Rio Tinto’s Galaxy project) and the advanced-stage Kipawa Rare Earths Project, jointly held with Investissement Québec.
Exploration Plans & Priorities:Brian Atkinson outlines Fury’s next steps:
Potential near-term maiden resource at Sakami through confirmation and extension drilling.
Review and prioritization of newly acquired properties in June through field visits.
Upcoming results from Éléonore South will help define 2025 drill plans, including possible follow-ups at Committee Bay and Eau Claire.
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

Erik Wetterling – Value Proposition In Inflection Resources, Magna Mining, and District Metals

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss the attractive value proposition he sees in 3 different gold – copper – critical minerals junior resource stocks. These companies have all released important exploration news over the last week, which sets up future news releases to build upon their current work programs.
 
Inflection Resources Ltd. (CSE: AUCU / OTCQB: AUCUF) announced on March 25th that AngloGold Ashanti Australia Limited (NYSE: AU / JSE: ANG) has completed Phase I of the Exploration Earn-in Agreement announced on June 14, 2023 by investing AUD$10,000,000 in the Company’s portfolio of copper-gold projects in New South Wales, Australia.  AngloGold Ashanti has designated a total of four copper-gold, Duck Creek, Trangie, Crooked Creek and Nynganto, proceed to Phase II of the Earn-In Agreement.
 
Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) announced on March 31st a batch of assay results from the producing McCreedy West Mine and the adjacent Levack Mine. Drilling at McCreedy West was focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining. Drilling at Levack was targeting the near surface Keel Footwall Cu zone.
 
District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) announced on March 26th drill assay results for five drill holes (GRAGR-151 to -155) completed during the Fall 2024 drill program at the base metal polymetallic Stollberg Property located in the Bergslagen Mining District in south-central Sweden.
 
* In full disclosure, the 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.  Additionally, Shad holds a position in Magna Mining at the time of this recording.
 
Click here to visit Erik’s site – The Hedgeless Horseman
 

Stillwater Critical Minerals – White House Executive Order On Critical Minerals Puts The Stillwater West Project Into Focus - Survey Targets Setting Up For 2025 Drill Season

Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins me to review the recent news from last week’s Executive Order on critical minerals from the white house putting their flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana into focus for domestic development.
 
This Executive Order signed by United States President Donald J. Trump on March 20, 2025, titled "Immediate Measures to Increase American Mineral Production," invokes emergency powers to prioritize and accelerate domestic production of minerals listed as critical to the United States, with the objective of reducing reliance on imports. This Executive Order is the government's strongest action yet towards restoring America's domestic mining industry and is intended to counter the overwhelming control that other countries have over the supply of a number of minerals listed as critical to the economic and national security interests of the United States.  The order describes funding initiatives for domestic mining projects and calls for accelerated permitting and clarifications to the Mining Act, among other actions.
 
Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, chromium, cobalt, and gold plus as yet unquantified amounts of ruthenium and iridium. Overall, Stillwater West is uniquely positioned to become a primary source of nine commodities now listed as critical given our location immediately adjacent to Sibanye-Stillwater's operating mine complex in a historic American mining district where the production of critical minerals dates back to the 1880s.
 
With regards to this year’s exploration focus, Mike shares that multiple large-scale magmatic sulphide targets generated from a property-wide MobileMTm magneto-telluric ("MMT") geophysical survey were completed in late 2024 by Expert Geophysics Limited at Stillwater West. Data from the 2024 MMT survey was processed and incorporated into the Company's 3D geological model of the lower Stillwater Igneous Complex to prioritize targets with a focus on expanding current mid-grade and high-grade mineral resources.  There will be about 6,000 meters of drilling this year focused on those higher-grade targets, with plans to still update the resources from last year’s drilling in 2025, and then further update the resource again with 2025’s drilling and move towards a Preliminary Economic Assessment in early 2026.
 
 
If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at  Shad@kereport.com.
 
 
Click here to follow the latest news from Stillwater Critical Minerals

Craig Hemke – Gold’s Run to $3,150 and Why Selective Stock Picking Is Key

Gold just closed Q1 over $3,100, up nearly 20% year-to-date, marking one of the strongest quarterly performances in recent memory.
Craig Hemke, editor of TF Metals Report, joins us to break down what’s driving this strength and why the equities haven’t fully caught up.
The GDX and GDXJ ETFs continue to lag, weighed down by large-cap underperformers like Newmont and Barrick. However, many individual gold and silver stocks have delivered outsized gains. Craig emphasizes this is a stock picker’s market, not a time to rely on passive ETFs.
We also discuss:
How Q1 earnings could finally spotlight the widened margins across producers.
The divergence between precious metals and broad markets (with the S&P down ~10% since February).
Why silver’s lag is mostly due to heavy futures positioning, despite strong physical demand.
Whether gold’s parabolic move requires a healthy pause—or if momentum will keep building.
Click here to visit Craig’s website - TF Metals Report

Cosa Resources – Murphy Lake North Uranium Project Maiden Drill Program Hits Alteration Zone And 2 KM Strike Extension Of The Hurricane Trend

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp (TSX-V: COSA) (OTCQB: COSAF), both join me to review the news released on March 20, 2025 reporting that the inaugural drill program has confirmed that the Murphy Lake North Uranium Project contains up to 2 kilometres strike length of the extension of geology underpinning the Hurricane deposit. Murphy Lake North is a joint venture between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.
 
Highlights
 
Located and defined the Hurricane trend extension within Murphy Lake North, the primary objective of the inaugural drilling campaign
 
Final drill hole intersected a significant zone of sandstone-hosted alteration and structure, overshooting optimal target by 25 metres; zone is open along strike in both directions and up to two kilometres of untested Hurricane trend strike length is interpreted within Murphy Lake North
 
Andy walks us through the extension of the Hurricane Trend, where the historic exploration holes were drilled, and where the 4 drill holes from this maiden drill program were located. Not only did they find the right faulting and geological structure, but they also found the alteration zone in the sandstone that tells them they are vectoring in on the right areas. Plans are in development for a fully funded summer drill program to follow up winter drilling results.
 
Keith wraps us up covering the financial strength of the company, reviews their recent capital raise, and key strategic shareholders.  The company is well-funded to proceed with their summer drill program and initiatives on other properties.
 
 
If you have any questions for Keith or Andy regarding Cosa Resources, then please email them in to me at Shad@kereport.com.
.
* In full disclosure, Shad is a shareholder of Cosa Resources at the time of this recording.
 
Click here to follow the most recent news from Cosa Resources

Cerrado Gold – Production And Exploration Update At Minera Don Nicolas, Acquisition Of Ascendant Resources, and Value Proposition At Mont Sorcier

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review a production and exploration update at Minera Don Nicolas in Argentina, the transformative acquisition of Ascendant Resources and their Lagoa Salgada VMS Project in Portugal, and the optionality and value proposition in the Mont Sorcier Iron-Vanadium project in Quebec.
 
We start off digging into an operations update and review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as find more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets.
 
Next we unpack the key news announced on February 3rd, on the transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. This adds substantial precious metals and critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile, with expected lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.
 
We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   The company will have a stronger balance sheet at the end of 2025, growing production and revenues, and 3 strong projects each with key news catalysts for the balance of this year.
 
Click here to see the latest news from Cerrado Gold.

Weekend Show - Sean Brodrick & Josef Schachter - How To Play The Uptrend In Commodity Stocks: Gold, Silver, Copper, Uranium, Oil & Nat Gas

 
Welcome to the KE Report Weekend Show! 
 
With commodities continuing to run higher, on this weekend’s show we focus on where the best opportunities are for investors.  
 
If you enjoy the show, be sure to explore our website (kereport.com), podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
 
Segment 1 & 2 - Sean Brodrick, editor of Wealth Megatrends and Resource Trader kicks off the show highlighting the strength in gold producers, with names like Agnico Eagle, Equinox, and Calibre delivering outsized returns and earnings leverage. He also sees opportunity in silver and copper equities catching up to commodity price moves, while remaining cautious on uranium due to geopolitical uncertainty. Sean notes growing interest in traditional energy stocks like Chevron, EQT, and Schlumberger, pointing to potential upside on any pullbacks.
Click here to learn more about Sean’s Resource Trader newsletter. 
 
Segment 3 & 4 - Josef Schachter, Founder and Editor of the Schachter Energy Report outlines his outlook for stable-to-rising natural gas prices driven by cold weather, storage deficits, and record LNG exports, while forecasting a potential $10 oil price spike due to geopolitical tensions. He highlights investor preference for shareholder returns over production growth, names top dividend-paying Canadian energy stocks, and discusses emerging M&A deals and transformative transactions like Inplay Oil's acquisition of Obsidian assets.
Click here to learn more about The Schachter Energy Report