The KE Report

Midnight Sun Mining - Major 2025 Exploration Plans At The Solwezi Project: 3 Target Areas All To Be Drilled

 
Adrian O’Brien, VP of Business Development and Communications at Midnight Sun Mining (TSX.V:MMA - OTC:MDNGF), provides an update on the company’s progress at the Slowezi Project in Zambia, where active exploration is underway across three key targets: Dumbwa, Kazhiba, and Mitu.
 
Dumbwa - Flagship Target Now 100% Owned
Midnight Sun has regained full control after KoBold Metals Midnight Sun has regained full control after KoBold Metals and Midnight Sun mutually agree to terminate the earn-in.
The project is being advanced under the technical leadership of Kevin Bonnell, PhD, who played a key role in expanding Barrick’s Lumwana project.
A dipole-dipole IP survey is underway to define drill targets along a 20-kilometer soil anomaly.
A 7,000 to 10,000-meter drill program will follow in mid-2025.
Kazhiba - High-Grade Oxide and Sulfide Targets
Previous drilling returned 21 meters of 10.69% copper and 26 meters of 5.6% copper.
4,000 meters of RC drilling planned.
Mitu - Advancing to Drill Stage
Large-scale geochemical survey underway; drilling expected in 2025.
Includes a previously drilled intercept of 12 meters of 4% copper.
Budget and Funding
Fully funded with C$10.5 million in the treasury.
Total 2025 exploration program estimated at C$3 to C$4 million.
Initial work across all targets is highly cost-efficient, with a C$500,000 budget for the first phase of geophysics and RC drilling.
 
Click here to visit the Midnight Sun Mining website to read over the recent news. 

Santacruz Silver Mining – Successful Bolivian Promissory Note Offering, Early Repayment Plan To Glencore, Strong Q4 Production Metrics

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap key financial and operational updates for the company from newsflow during the first quarter.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.
 
We start off on the financial side of the business, reviewing the news out on February 27th where its wholly owned subsidiary in Bolivia, San Lucas S.A., successfully completed the first offering of promissory notes, named “Pagarés Bursátiles San Lucas – Emisión 1,” under its San Lucas Promissory Notes Issuance Program. The offering was oversubscribed and sold out in a matter of 15 minutes, for gross proceeds of 70 million Bolivian Boliviano. The notes have a 6.25% interest rate, a maturity date of February 15th, 2026 and are unsecured.  It was encouraging to Arturo to see the support from in-country stakeholders in Bolivia.
 
Next, we reviewed the news out on March 20, that the Company has structured and implemented a plan to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company’s commitment to financial discipline and a strong balance sheet. The plan’s primary objective is to save the Company US$40 million.The Company successfully completed the first component of this plan, an initial payment to Glencore of USD$10 million, on March 20, 2025. Moving forward under the plan, Santacruz will make bi-monthly payments of USD$7.5 million commencing in May 2025 until reaching a total of USD$40 million, with all payments scheduled to be completed by October 31, 2025. This structured plan reflects the Company’s commitment to fulfilling its obligations and achieving cost savings while maintaining financial discipline and strong cash reserves over time.
 
Then Arturo takes us through the Q4 2024 operational results where 4,710,013 silver equivalent ounces were produced from its Bolivar mine, Porco mine, Caballo Blanco Group of mines and the San Lucas ore sourcing business all located in Bolivia, and the Zimapan mine located in Mexico. Silver production rose by 3% compared to the previous quarter, reaching 1,761,686 ounces.
 
Q4 2024 Production Highlights:
 
Silver Equivalent Production: 4,710,013 silver equivalent ounces
Silver Production: 1,761,686 ounces
Zinc Production: 23,357 tonnes
Lead Production: 2,932 tonnes
Copper Production: 248 tonnes
 
 
If you have any follow up questions for Arturo regarding Santacruz Silver,  then please email them in to me Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording.
 
Click here to follow the latest news from Santacruz Silver Mining

FPX Nickel - Scoping Study For Nickel Refinery Plan & 2025 Work at Baptiste Nickel Project

 
Martin Turenne, President and CEO of FPX Nickel (TSX-V: FPX - OTCQB: FPOCF), joins me to discuss the company’s latest developments, including a scoping study for North America’s first large-scale nickel sulfate refinery, and the 2025 roadmap for the Baptiste Nickel Project, in central BC, one of the world’s largest undeveloped nickel deposits.
 
Key Interview Highlights:
Scoping Study – A Made-in-Canada Nickel Sulfate Refinery: FPX released a scoping study evaluating a standalone refinery to process Baptiste’s concentrate into battery-grade nickel sulfate, creating a vertically integrated EV supply chain solution in Canada.
Strategic Positioning in Critical Minerals: Martin outlines how FPX is leading peers with clear, actionable steps toward domestic refining capacity—an essential piece of North America's EV supply chain strategy.
2025 Work Plans for the Baptiste Project:
Entry into the Environmental Assessment (EA) process expected in Q4 2025
Ongoing environmental baseline work, engineering studies, and geotechnical drilling
FPX is the first company accepted into BC’s new Critical Minerals Office (CMO), helping streamline EA permitting
Government Policy & Industry Tailwinds: Martin shares insights from ongoing provincial and federal discussions. While government capital may be limited, support for faster permitting and critical mineral policy is the focus.
Global Nickel Outlook & Indonesia's Dominance: Despite nickel prices remaining subdued around $7/lb, nearly 50% of global production is unprofitable at this level, especially in Indonesia.
Strong Balance Sheet in a Challenging Market: FPX remains well-capitalized with ~C$30 million in cash, setting it apart from other junior nickel peers.
Global Generative JV with Japan's JOGMEC: Exploration efforts are ongoing to identify additional awaruite-hosted nickel deposits globally. More news expected in the coming weeks.
Visit FPX Nickel’s website for full technical details and recent news releases.

Chris Temple – Base Metals, Gold, and Uranium Resource Stocks In The US To Benefit From The Trump Executive Order Focused On Sourcing Domestic Critical Minerals

Chris Temple, Editor and Publisher of the National Investor, joins us to delve into the renewed interest in base metals, gold, uranium, and other critical minerals and the implications and potential benefits to the US as a mining jurisdiction on the back of the new executive order from Trump issued on March 20th titled “Immediate Measures to Increase American Mineral Production.”
 
This executive order will utilize the Defense Production Act (DPA) to focus on sourcing more domestically mined, processed, or refined critical minerals and strategic mineral as a matter of national security.  There appears to be a joint effort between the U.S. International Development Finance Corporation and the Department of Defense to provide investment support, loans, and possibly grant for mining projects.  There is also an expedited priority on reviewing the permitting on projects seeking development from usual base metals like nickel aluminum and copper, but also includes rare earths, gold, and uranium.
 
Chris outlines what impact these initiatives may have on permitting timelines and regulations around developing new mines, as well as how this could affect opening up more funds, loans, and grants to bring in the necessary capital for moving these projects forward.  However, while there are many positives, Chris points to how many hurtles are still in place at various levels of government and from legal actions from NGOs; in addition to how much more real work is needed to earnestly impact the extractive industries in the United States.  We also layer on how this executive order squares with other policy initiatives like tariffs on many metals and countries, and a reduction in government workers and cost cutting measures.
 
This leads into a nuanced discussion of the spotlight and investor interest back on many of the large advanced projects that have been stalled for decades like Northern Dynasty’s Pebble, Trilogy’s Rambler road access to the Upper Kobuk mineral project, Rio Tinto’s Resolution Mine in Arizona, and the Teck-Glencore JV at NorthMet in Minnesota.  Chris reminds listeners that with all those projects, if they do ever get approved, they would still be many years from producing more of these critical minerals. 
 
He also highlights examples of how the government and manufacturers have a poor track record of acting in on these kinds of initiatives in a timely manner. Chris points to the disconnect in the long permitting process where the Bureau of Land Management (BLM) finally approved Lithium Americas Thacker Pass Lithium Project, and then automotive giant General Motors announced it would invest $650M in the mine project, giving GM exclusive access to the first phase of production.  When everything did finally start lining up for project development, the lithium prices which had been high for years reversed course and cratered in price, with an oversupply of lithium flooding the market and expectations being lowered for EV adoption rates and future demand.
 
We wrap up with Chris sharing why his top 3 commodities areas for this year are still gold, uranium, and traditional energy with oil and gas companies.   He is encouraged by the record all-time high prices in gold during the first quarter of 2025, but feels the biggest opportunity for resource investors at present is in the deeply discounted uranium equities, which he stated “are a gift at these levels.”
 
Click here to follow along with Chris at the National Investor website.

Gold Hunter Resources - Advancing the Great Northern Gold Project in Newfoundland, 2025 Exploration Plans

Sean Kingsley, President and CEO of Gold Hunter Resources (CSE:HUNT - OTCQB:HNTRF - FRA:6RH), joins me for a corporate update and outlook on upcoming exploration work at the Great Northern Gold Project in Newfoundland.
 
Since our last conversation in October, Gold Hunter has made progress, including completing an oversubscribed private placement of C$1.7 million, setting the stage to start fieldwork for this year.
 
Key Topics Covered:
 
Corporate Update & Funding:Sean details how the funds will be used to complete an airborne geophysical (VTEM) survey over the entire project area, helping define high-priority drill targets for summer.
Geological Setting & Resource Potential:The Great Northern Project includes a mix of current and historic resources, with geology comparable to the Valentine Gold Deposit currently being developed by Calibre Mining. The area hosts 18 mineralized zones, a past-producing mine, and widespread gold showings.
Strategic Vision for 2025:
Geophysical survey completion as a key early catalyst
Planning for a large-scale, aggressive drill program. Potentially up to 20,000 meters this summer
Newfoundland Advantage:Exceptional infrastructure with road access, nearby mill, hydroelectric facilities, a deep-sea port, and strong local support. Drilling logistics and rig availability are well in place.
Gold Market & Valuation Opportunity:Despite strong gold prices, juniors remain undervalued. Gold Hunter is aiming to capitalize on this disconnect with an initial exploration program this year of up to 20,000 meters.
To learn more, visit Gold Hunter Resources’ website
Have questions for Sean or the team? Drop them in the comments or reach out directly to schedule a call.

Scottie Resources – Ore Sorting Results, Direct Ship Ore Strategy, Upcoming Maiden Resource Estimate, Exploration Update

Dr. Thomas Mumford, Vice President of Exploration at Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review some results from the recent study on utilizing ore sorting, their research into pursuing a Direct-Shipping Ore (DSO) development strategy, the upcoming Maiden Resource Estimate, and an overall exploration review from 2024 and look ahead to the 2025 season at the Scottie Gold Mine Project, located in the Golden Triangle of British Columbia.
 
Thomas reviewed the advancements in ore sorting and how it paired well with their mineralization, with both XRF and XRT. This correlates well with the proposed DSO strategy, because of the ability to substantially increase grade while reducing the volume of material to be shipped and the resulting positive economic implications. Using XRF ore sorting technology, the operation will eliminate the need for a gold processing plant and tailings facility, thereby significantly reducing the capital required and resulting in a minimal environmental footprint.
 
When reviewing their direct-ship ore strategy, Thomas highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America's cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.
 
Thomas then provides a solid recap of last year’s exploration program and key drill targets and milestones at the Blueberry Contact Zone and Scottie Gold Mine area. This year’s program will be working on doing some infill drilling to convert categories from inferred to measured and indicated, but also following up on the discovery of the new Wolf discovery, the C&D veins, and some other new targets.  All the prior years drill results are being compiled at present building towards a Maiden Resource Estimate that is targeted to be out to the market in a few weeks as the next key company milestone.
 
If you have any questions for Thomas regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Scottie Resources at the time of this recording, but may choose to buy or sell any stock at any point in time.
 
Click here to follow the latest news from Scottie Resources

Snowline Gold - Q1 Recap: Drill Results, Upcoming Resource Update, Over $63 Million in The Treasury

Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF) joins me to recap key developments from Q1 and outline what’s ahead for this Yukon-focused gold explorer.
 
The company drilled 35,000 meters in 2024, including 25,000 meters at the Valley deposit, on the Rogue Project, which already hosts a 7.3 million ounces of gold resource. Recent results include 617 meters of 1.7 g/t gold from surface, with 202 meters at over 3 g/t. All the drilling from last year will factor into an updated resource estimate coming in the near term. 
 
Scott also discusses Valley’s high-grade starter zone, the potential for additional high-grade pockets within the system, and progress on the Preliminary Economic Assessment (PEA). With over $63 million in the treasury following a $20M financing, Snowline is fully funded through 2026.
 
Looking ahead, five rigs will return in May for a similarly sized drill program focused on advancing Valley and testing regional targets. Scott shares how early discoveries and consistent geology continue to support the district-scale opportunity Snowline is targeting.
 
If you have any follow up questions for Scott please email me at Fleck@kereport.com.
 
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.

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.