The KE Report

Robert Sinn – Macroeconomic Market Movers, Outlook On Gold, Silver, Copper, And The Resource Stocks

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 which include:  The Trump administration’s policy on tariffs, the US dollar, and interest rates, Fed policy, the volatility in US equity markets, China’s economic health and response back to US tariffs, gold as the sole safe haven, Q1 earnings season in the gold producers through the lens of Newmont’s report this week, silver as a catchup trade, the smaller universe of silver stocks, Doctor Copper’s prognosis on global economic health, and the muted reactions lately in the copper stocks. 
 
https://ceo.ca/@goldfinger
 
Click here to follow Robert on X/Twitter
 
https://www.youtube.com/@GoldfingerCapital/videos
 
Follow Robert’s analysis on Substack

Colibri Resources – Recap Of Recent Drill Program, The Move To Test Mining A Bulk Sample, Upcoming Resource Estimate And PEA At The El Pilar Gold Silver JV Project

Ian McGavney, President and CEO of Colibri Resources (TSX.V:CBI – OTC:CRUCF), joins me to provide a comprehensive exploration update from the recent drill program that wrapped up in Q1, and a look ahead to the coming test mining and bulk sample, Maiden Resource Estimate, and Preliminary Economic Assessment (PEA) on tap for this year on their Pilar Gold Silver JV Project located in Sonora Mexico.
 
We start off having Ian recap the key takeaways from the 10-hole exploration program over 1,167 meters at the Pilar Gold Silver Project, with their JV project partners Tocvan Ventures Corp (CSE:TOC)(OTCQB:TCVNF) as operators.  In this Joint Venture Colibri has 49% ownership and Tocvan has 51% ownership.
 
Results released to the market on April 16th highlighted an intercept (in drill hole JES-25-112) of 7.2 g/t Au and 80 g/t Ag over 2.6 meters, within a mineralized zone that averages 0.5 g/t Au over 46.9 meters starting from 54.5 meters downhole. Drill hole JES-25-112 is located 70 meters south of past drill hole JES-22-62, which returned 108.9 meters of 0.8 g/t Au (see April 26, 2022 News Release). Step-out drilling south of the Main Zone has extended the high-grade corridor and a new target outcrop has also been identified, about 1km Northeast of the Main Zone.
 
The data from these recent drill holes will be compiled with the 25,000 meters of prior drilling on this Project and feed into an NI-43-101 Resource Estimate for later in the year. Additionally, the JV companies are presently outlining a permitting and operations strategy to build a pilot facility at Pilar. The facility will support a robust test mine scenario with an aim to process up to 50,000 tonnes of material. Timelines and budgets are being prepared with the goal of moving forward on its development in very near term to potentially take advantage of the historically high gold prices.  All the information from the resource and the bulk sample will then feed into the PEA slated for later this year.
 
 
If you have any follow up questions for Ian regarding Colibri Resources, then please email them in to me at Shad@kereport.com.
 
Click here to follow the latest news from Colibri Resources

Elemental Altus Royalties – Record Annual Revenue In 2024 And Growth Strategy In 2025

Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review the key takeaways from the Q4 and full year 2024 financials, including record quarterly and annual revenues and cash flows, marking their seventh consecutive year of revenue growth. We also discuss the financial and development growth on tap for 2025, with updates at key royalty partner operations.
 
Full Year 2024 Highlights:
 
Record revenue of US$16.3 million and record adjusted revenue1 of US$21.6 million, up 39% on 2023
Gold Equivalent Ounces1 ("GEOs") of 8,987 ounces (9,122 GEOs in 2023) with production from Korali-Sud pushed into Q1 2025
Record Operating Cash Flow plus Caserones dividends of US$8.7 million, up 42% on 2023, and record adjusted EBITDA1 of US$15.1 million, up 53% on 2023
US$33.5 million of accretive royalty acquisitions including producing gold royalties over Bonikro, Ballarat and SKO mines
Repayment of US$27 million of debt, with remaining debt repaid in full in Q1 2025 leaving a fully undrawn US$50 million facility with NBC, CIBC and RBC
 
Fourth Quarter 2024 Highlights:
 
Record Q4 revenue of US$5.5 million and record adjusted revenue1 of US$6.8 million, up 21% on Q4 2023 and with no contribution from Korali-Sud
Q4 attributable GEOs1 of 2,552 ounces (2,843 GEOs in Q4 2023)
Record Operating Cash Flow plus Caserones dividends of US$3.3 million, up 54% on Q4 2023, and record Q4 adjusted EBITDA1 of US$4.8 million, up 72% on Q4 2023
 
2025 Outlook
 
Record guidance of 11,600 to 13,200 GEOs, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz and a copper price of US$4.00/lb
This represents a 38% increase in GEOs and 50% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
Production is anticipated to be weighted towards the first half of the year, driven by first gold sales at the Korali-Sud royalty and Caserones shipments delayed from Q4 2024 into Q1 2025
Up to US$15 million in one-off payments, with over US$10 million expected in the first half of the year
 
Fred breaks down the financial strength of the company, and the leverage of it’s balance sheet to rising production and revenues in a higher metals price environment. He also highlighted with the roughly $5 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing acquisition transactions in the year to come.
 
 Wrapping up we cover some of the anticipated growth of the projects at their key cornerstone royalty assets: Caserones, Karlawinda, Korali-Sud, as well key royalties on compelling development projects in their portfolio like Arizona Sonoran’s Cactus project in Arizona, Focus Minerals’ Laverton project in Western Australia, and Firefly Metals Pickel Crow project in Ontario.  
 
 
If you have any follow up questions for Fred regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording, and may choose to buy or sell shares at any time. 
 
Click here to view recent news on the Elemental Altus Royalties website

Brien Lundin - Gold’s Safe Haven Surge, Central Bank Buying, and Juniors on the Move

Brien Lundin, Editor of Gold Newsletter and Host of the New Orleans Investment Conference (Nov 2–5) joins us to share his insights on the current precious metals bull market and how investors should approach it.
 
Brien emphasizes the shift in playbook from bear to bull market especially in the precious metals stocks.
 
Key themes covered in this interview:
Gold's parabolic rise to $3,500, its sharp retracement, and the broader macro drivers including Chinese buying, USD weakness, and Western skepticism.
Why central banks, not retail investors, are driving this gold bull market, and how that changes the usual "crowded trade" narrative.
Juniors gaining traction: Exploration funding is flowing again as drill results impress and production-stage juniors like Luca Mining (LUCA.V) see renewed upside.
Outlook on potential M&A: Developers with large, high-quality resources like Banyan Gold and Meridian Mining may soon be on the majors' radar.
 
Click here to learn more about the Gold Newsletter.
 

Founders Metals: New Drill Results, Expands Gold Zone Over 1km at Buese, and 60,000m Program Update

Colin Padget, President and CEO of Founders Metals (TSX.V:FDR - OTC: FDMIF - FRA:9DL0), joins us to discuss the latest developments at the company’s flagship Antino Gold Project in Suriname. Colin provides a detailed breakdown of drill intercepts and explains how Founders is building towards a multi-deposit, bulk-tonnage resource. He also highlights ongoing drilling (over 15,000m completed of a planned 60,000m) and outlines what results are coming next.
 
Key themes include: 
Significant step-out drill results at the Buese target, expanding gold mineralization over 1km 
Strategy for linking Buese and Upper Antino into a broader mineralized corridor 
Insights from a newly published scientific study validating the project’s large-scale orogenic gold system potential 
Exploration balance: high-priority zones vs. regional discovery drilling across multiple targets 
Corporate growth: Welcoming Barry Macdonald to the Board of Directors and Audit Committee Chair
 
If you have any follow up questions or topic you would like Colin to address please email me at Fleck@kereport.com. 
 
Click here to visit the Founders Metals website.

Aztec Minerals - $3million Financing, Drilling Plans at Tombstone

Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF), joins me to discuss the company’s recent financing update, planning to raise $3million, and outlines plans for an upcoming drill program focused on expanding high-grade silver-gold mineralization at the Tombstone Project, in Arizona.
 
In this interview:
Aztec announces an up to C$3M private placement, already largely allocated
Upcoming drill program targets the Southern Extension and Westside areas, following up on high-grade results from last year’s program
Deeper CRD-style mineralization to be tested, guided by historic intercepts and strong geophysical anomalies
Exploration remains on schedule with drill mobilization anticipated by late May or early June
Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 
Click here to visit the Aztec Minerals website.

Sierra Madre Gold And Silver – Q4 And Full-Year Operations And Financials - Future Growth Initiatives

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to review the Q4 and full-year 2024 operations and financial metrics from ramp up production at the La Guitarra Mine and processing plant, in Mexico.  We also look a number of future development and exploration value drivers for the Company across their district-scale land package.
 
FY 2024 and Q4 2024 Financial Highlights
 
Net Revenues: After refining, treatment and smelting charges, the Company recorded net revenues of $6.5 million in the six-month period ended December 31, 2024, or approximately $28.35 per silver equivalent ounce ("AgEq ounce"). The Company averaged $30.37 per silver ("Ag") ounce sold and $2,594 per gold ("Au") ounce sold in the six-month period of operations to December 31, 2024.
In Q4 2024, Sierra Madre recorded silver revenues totaling approximately $1.9 million ($31.58 per Ag ounce) and gold revenues totaled approximately $2.4 million ($2,667 per Au ounce).
Cost of Sales was $5.1 million for the six-month period ended December 31, 2024, approximately $22.40 per AgEq ounce sold, representing $20.95 per AgEq ounce sold in Q4 ($2.8 million) and $24.13 per AgEq ounce sold in Q3 ($2.3 million).
Gross profit was $1.36 million for FY 2024.
 
Alex then lays out the envisioned plan is to run the mill at 500 tpd most of next year, at the slated commercial production throughput. However, he then also shares the pathway forward where a modest amount of equipment can be purchased and installed to grow the mill throughput to 650 TPD in 2026, and then all the way up to 1,000+ TPD by the end of 2027.  In addition to the potential of growth through production, we also discuss the leverage that a silver and gold producer like Sierra Madre will have to the potential of rising metals prices in 2025 and 2026.
 
Next we shift over into the larger growth vision of the company, as it will turn it’s it focus to exploring this district scale land package the end of next year, funded through organically generated revenues.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure at the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already. Moving the Coloso Mine back into production will be another near-term area of future expansion, which could see supplementary production complimenting the current production coming out of La Guitarra.
 
 
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Sierra Madre Gold & Silver at the time of this recording.
 
Click here to follow along with the latest news from Sierra Madre Gold & Silver
 
 

Scorpio Gold - Focusing On The Manhattan Project, Drilling And A Gold Resource In the Near Term

Zayn Kalyan, CEO of Scorpio Gold (TSX.V:SGN - OTCQB:SRCRF - FSE:RY9) joins us to discuss the company’s refined strategy in Nevada, focused on the Manhattan Project.
 
Key Themes:
Reallocating capital: Following the recent C$7M financing, Scorpio is shifting focus away from small-scale production at Mineral Ridge toward unlocking larger, district-scale potential at the Manhattan Project.
Manhattan resource update: Zayn outlines the progress made on compiling and validating over 2,400 drill holes, ahead of a resource estimate.
Upcoming exploration: The company plans to drill 6,000-10,000 meters this year.
Strategic sale of Mineral Ridge: Scorpio is actively entertaining offers to sell the asset, with Zayn explaining why it's no longer aligned with the company’s long-term vision.
The Manhattan Project is located just 10 miles south of Kinross’s Round Mountain mine Zayn highlights the strategic upside with existing infrastructure and a nearby NSR held by Kinross.
 
Click here to visit the Scorpio Gold website to learn more about the Company.

Michael Belkin - Outlook on Gold Stocks and Market Divergence

Michael Belkin, a long-time market strategist and editor of the Belkin Report and Belkin Gold Stock Forecast, joins us for an in-depth conversation on why gold and gold stocks may be the last assets standing in an increasingly volatile and overvalued global market.
 
In this interview, Michael shares his evolving thesis since our last discussion in February, highlighting a parabolic move in gold, growing central bank demand, and how the supposed “most crowded trade”, as labeled in the recent Bank of America Global Fund Managers Survey, is still largely under-owned by institutional investors.
 
Key Topics Discussed:
Why the "crowded trade" label on gold may be misleading - and actually bullish.
How central banks are steadily de-dollarizing and reallocating into gold.
The disconnect between rising gold prices and underperforming gold equities.
Top stock picks: Newmont (NEM), Kinross (KGC), Iamgold (IAG), Harmony Gold (HMY), and B2Gold (BTG).
Michael’s silver favorites: First Majestic (AG) and Endeavour Silver (EXK).
Whether generalist fund managers will be forced into large-cap gold stocks as earnings surge.
A bleak outlook for global equities, AI bubble stocks like Nvidia, and international markets like the DAX and China’s FXI.
Why gold equities may diverge positively from the broader market even in a downturn.
Gold Stock Forecasts are available at: BGSF 
Discount Coupons are available upon request for KER listeners. Contact Marc at marcb@hyperpyron.com.

Headwater Gold - Advancing Multiple High-Grade Gold Projects Across Nevada With Major Partners: New Projects and Recent Drill Results with Exploration Partner Newmont

Caleb Stroup, President and CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF), joins us to provide an overview of recent project acquisitions and drill results, all in Nevada. As a hybrid prospect generator/explorer, Headwater is advancing projects both independently and through earn-in partner Newmont.
 
Here are the highlights: 
 
🔹 Spring Peak & Lodestar Projects (Newmont Earn-In):Newmont continues to fund aggressive drilling at the Spring Peak project, where 2024 drilling expanded known zones and discovered new ones, including a high-grade intercept of 3.5 g/t Au over 7.7 meters. The focus for 2025 will shift toward Lodestar, with a $2M minimum spend by Newmont.
 
🔹 Permitting and Scale:Headwater is pursuing a significant expansion of its permitted drill area at Spring Peak, aligned with a strategy to demonstrate district-scale gold potential, rather than rush into early resource delineation.
 
🔹 New Projects: Whiskey and Jake Creek
Whiskey Project: Acquired 100% via lease-option, this epithermal gold project in Mineral County has returned rock chip samples up to 19.2 g/t gold. Initial surveys and historic drilling support strong potential across multiple targets.
Jake Creek Project: Adjacent to Barrick-Newmont’s Turquoise Ridge, this project hosts 47m of ~1 g/t Au from historic drilling and shows signs of a preserved epithermal system. Headwater holds 100% ownership.
 
🔹 Strong Financial Position & Partnering Outlook:With ~$2.5-3M in cash and increasing interest from majors, Headwater is positioned to fund internally-led programs and negotiate additional partnerships.
 
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.