The KE Report

Mako Mining – Q3 Financials Review At San Albino, Exploration Update, Key Development Work At Eagle Mountain, And Potential Acquisition

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the Q3 2024 financial metrics from operations at the San Albino Mine in Nicaragua, along with an update of recent exploration results from Las Conchitas, as well as ongoing regional exploration work.  In addition we also discuss the move-forward work strategy at the Eagle Mountain Gold Project in Guyana, and the potential for an accretive acquisition transaction. 
 
Q3 2024 Operational Highlights
 
29,749 tonnes mined containing 5,414 ounces ("oz") of gold ("Au") at an average grade of 5.66 grams per tonne ("g/t") Au and 5,557 oz of silver ("Ag") at 5.81 g/t Ag
6,781 tonnes mined containing 2,774 oz Au at 12.72 g/t Au and 2,620 oz Ag at 12.02 g/t Ag from diluted vein material
22,968 tonnes mined containing 2,640 oz Au at 3.57 g/t Au and 2,937 oz Ag at 3.98 g/t Ag from historical dump and other mineralized material above cutoff grade ("historical dump + other")
51,865 tonnes milled containing 7,002 oz Au at an average grade of 4.20 g/t Au and 8,479 oz Ag at 5.08 g/t Ag
14% and 86% from diluted vein and historical dump and other, respectively
584tonnes per day ("tpd") milled at 96% availability
Mill recovery of 73.4% for gold
At quarter end, the stockpile was estimated at 135,496 tonnes at an average grade of 2.49 g/t Au for contained Au of 10,849 oz
5,142 oz Au recovered and 6,532 oz Au sold during the quarter
Delivered 40,500 oz of silver as part of the Sailfish Silver Loan for a total of US$ 1.2 million in Q3 2024
 
Akiba also shares the many regional targets they still have at El Golfo, Potrerillos, and La Segoviana, with the new “El Silencio” targets at La Segoviana getting some ongoing exploration work.   There should be more exploration results from both Las Conchitas, and some of these regional targets coming to the market over the next couple of months.
 
Next Akiba outlines we get a rough timeline for permitting and the key work initiatives at the Eagle Mountain Gold Project in Guyana, recently acquired through the merger with Goldsource Mines. We wrap up with the Company initiative to make another acquisition by year-end, or at the latest Q1 of next year, as another key upcoming catalyst. 
 
If you have any further questions for Akiba regarding Mako Mining, then please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.
 
Click here for a summary of the recent news out of Mako Mining.

CVW CleanTech - Growing A Cleantech Diversified Royalty Portfolio, Recent Investment In Northstar Clean Technologies

Akshay Dubey, CEO of CVW CleanTech (TSX.V:CVW - OTCQX:CVWFF) joins me to discuss the Company's new direction towards building a diversified cleantech royalty portfolio. 
 
Akshay explains the Company’s recent $14 million investment in Northstar Clean Technologies, focusing on the financial benefits expected from this deal. He elaborates on the strategic importance of diversifying beyond oil sands technology, tapping into clean technology markets, and building a sustainable model for future growth. Akshay also provides an update on the progress with oil sands operators and the potential for deploying their proven technology in the near future.
 
If you have any follow up questions for Akshay please email me at Fleck@kereport.com. 
 
Click here to visit the CVW website to learn more about the Company and technology.

Erik Wetterling – Value Proposition For Silver47, Callinex Mines, and I-80 Gold

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to discuss three junior gold, silver, and zinc companies with recent news out to the market; where he is attracted to the current value proposition.
 
We start off discussing the exploration upside, prospective project, and recent drill results, at Silver47 Exploration Corp. (TSXV: AGA). Highlights from hole DC24-106 include 2.48 meters of 61.44% ZnEq or 2,938.5 g/t AgEq (14.95 g/t gold 249.50 g/t silver, 21.97% zinc, 7.03% lead, 0.42% copper).  While this was near known mineralization it is an impressive high-grade hit, and Erik is interested in seeing more follow-up drilling.
 
Next we reviewed Callinex Mines (TSXV: CNX) (OTCQX: CLLXF) ongoing fully funded 2024 exploration campaign at the 100% owned Pine Bay Project located within the Flin Flon Mining District of Manitoba.  This project is near infrastructure and the nearby Hudbay 777 mine and processing center that is currently sitting idle, and where this project may be a potential source of mill feed if an economic deposit can be delineated.
 
We wrap up discussing the news out last week on November 12th, i-80 Gold Corp (TSX: IAU) (NYSE American: IAUX) where in the process of reporting its operating and financial results, the Company announced it envisages a two-step recapitalization process which will include demonstrating a viable path to generating free cash flow, and rescheduling and/or refinancing the existing debt obligations. The company also declared that it is no longer proceeding with the Ruby Hill Base Metal Joint Venture, and considering the potential value of the existing gold resources in a rising gold price environment and taking into account the limited understanding of the base metal potential, it has elected to prioritize more advanced staged gold and silver projects with established resources and technical studies. 
 
(IAU.TO) sold off from $1.32 down to $0.47 on this news on November 13th,  but has started to bounce back some this week.  We question whether the big miss in production guidance, the Base Metals JV being called off, the dilutive C$115million raised in May at much higher prices, and now this company restructuring are all too many red flags to recover.  Conversely we are curious to see how the new CEO Richard Young, famous for selling Teranga to Endeavor Mining, and recently Argonaut to Alamos Gold, is preparing to right-size and restructure the company, and if there is the potential their board may decide to sell of part or all of the company to a larger producer, where this could be a compelling opportunity to be positioning in the company.
 
* 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 I-80 Gold at the time of this recording.
 
Click here to visit Erik’s site – The Hedgeless Horseman

Elemental Altus Royalties – Key Takeaways From Q3 Financials Including Record Quarterly Cash Flow and EBITDA

Fred Bell, CEO, and David Baker CFO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), both join us to review the key takeaways from the Q3 financials and operations, including record quarterly cash flows and EBITDA.
 
Financial Highlights
 
Royalty revenue of US$3.7 million and adjusted revenue of US$4.8 million, up 32% on Q3 2023
Attributable Gold Equivalent Ounces of 1,941 ounces, up 3% on Q3 2023
Operating Cash Flow plus Caserones dividends of US$2.8 million, up 42% on Q3 2023
Adjusted EBITDA of US$3.7 million, up 72% on Q3 2023
Net cash position as of November 18, 2024, following La Mancha US$12.8 million private placement completed post-quarter end
US$50 million available liquidity for non-dilutive royalty acquisitions
For Adjusted Revenue, Elemental Altus has slightly revised its 2024 guidance range, increasing the low end to $21.6 million from $20.0 million and lowering the high end to $23.1 million from $23.3 million. The guidance range continues to compare favorably with 2023 actual Adjusted Revenue of $17.9 million due to higher gold prices.
 
We have Fred and Dave break down the financial strength of the company, and the leverage to it’s balance sheet to rising production and revenues. We also review the growth via per-share metrics moving into Q4 and in particular looking ahead to full-year 2025 gold equivalent ounce growth anticipated from Allied Gold’s Korali-Sud (Diba) asset, and the increased production from the assets acquired from AlphaStream Limited in September for US$28 million in equity. The AlphaStream portfolio includes a further 2.25% NSR on the Company's Bonikro royalty, 1.25% NSR on Ballarat, A$5/oz on SKO, and increased interests on 21 other royalties in Australia.
 
Next we touched upon the cornerstone royalty assets at both Caserones and Karlawinda.  In Q3 2024, the Company accrued adjusted royalty revenue of $1.1 million from Caserones, based on reported sales of 22.0kt of copper. Q3 2024 gold production from Karlawinda was 25,559 ounces. The balance of the Company’s producing portfolio provides immediate exposure and leverage to gold prices that are significantly above consensus forecasts.
 
Wrapping up we discuss that while this acquisition transaction was done with equity, that the company has a solid cash position, incoming revenues, and a credit facility to go after future accretive transactions.
 
If you have any follow up questions for Fred or Dave regarding Elemental Altus Royalties, then please email them in to us at Shad@kereport.com or Fleck@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording.
 
Click here to view recent news on the Elemental Altus Royalties website

First Nordic Metals - C$10M Financing To Fund Exploration At Their Paubäcken, Storjuktan, and Klippen Projects

Taj Singh, President and CEO, and Adam Cegielski, Chief Development Officer of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), join me to discuss the C$10 million “bought deal” private placement, and how this sets the Company up for a strong year of exploration at their 100% owned Paubäcken, Storjuktan, and Klippen Projects, in addition to the work going on through their JV with Agnico Eagle at Barsele. 
 
We start off discussing the private placement basis 30,304,000 units of the Company at a price of C$0.33 per Offered Unit for aggregate gross proceeds to the Company of C$10,000,320, highlighting the ability to raise capital in difficult markets.  This will set the company up for a robust exploration program in 2025, so we dig into the different  project areas of focus on their 100% controlled land, on the 100km mineralized trend along the Gold Line belt in Sweden.
 
Paubäcken has had the most historic work completed with clear targets delineated for next year at both the Aeda and Harpsen targets. Storjuktan has had a considerable about of base-of-till drilling and geophysics completed where there are solid drill targets set up for 2025 as well; most notably the Nippas target.  Additionally, on Oct 7th the Company announced a base-of-till, top-of-bedrock drilling program on the 100%-owned Klippen Project  located in the southern extent of the Gold Line Belt, and Taj and Adam walk us through the prospectivity of this newer area of focus. 
 
If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of First Nordic Metals at the time of this recording.
 
Click here to follow along with the latest news from First Nordic Metals

Valkea Resources - Exploration Update In Finland’s Central Lapland Greenstone Belt: Drilling at Paana Project, Retains 100% Ownership Of Palvanen Project

Chris Donaldson, President and CEO of Valkea Resources (TSX.V:OZ - OTCQB:OZBKF - FSE:S600) joins me to provides an exploration and asset update focusing on the Company’s projects in the Central Lapland Greenstone Belt in Finland, especially the Paana. 
Chris discusses the start of a 2,000-meter drill program, the history of exploration by S2 Resources, and the specifics of the drilling strategy to target high-grade mineral zones. He also covers the company's plan for relogging previous drill cores to build a structural model. I then ask Chris about the other projects in the Company’s portfolio including the Palvanen Project, which Kinross elected to back out of the Joint-Venture (JV) agreement.
 
Any follow up questions for Chris can be emailed to me directly at Fleck@kereport.com. 
 
Click here to visit the Valkea Resources website to learn more about the Company.

Thor Explorations – Q3 Financials and Operations Update At The Segilola Mine, Exploration At The Douta Project Building Towards PFS

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins me to review the Q3 financials and operations from the Segilola Mine, as well as exploration activities around both Segilola in Nigeria, and further drill results from the ongoing 2024 exploration program at the Douta Gold Project, Senegal.  We also discuss the recent acquisition of the Guitry Gold Project in Cote D'Ivoire.
 
Segun outlined that the gold poured at the Segilola Mine during Q3 totalled 20,110oz, but mining rates were lower than Q2 2024 due to the previously reported fly-rock incident. Improved controlled blasting practices are now in place to avoid a recurrence. Mill feed grade was 3.22 grammes per tonne ("g/t") gold with recovery at 88.5%. The lower recovery was due to a delayed change in mill liner during the period. The stockpile balance increased by 13% to 1,329,007t of ore at an average grade of 0.94g/t as this was mined during shortfalls resulting from events that occurred during the Quarter.
 
Q3 2024 Financial Highlights
 
18,167 ounces ("oz") of gold sold with an average gold price of US$2,328 per oz.
Cash operating cost of US$585 per oz sold and all-in sustaining cost ("AISC") of US$766 per oz sold.
Revenue of US$40.2 million (Q3 2023: US$36.6 million).
EBITDA of US$27.4 million (Q3 2023: US$10.5 million).
Net profit of US$17.5 million (Q3 2023: US$0.9 million).
Senior debt facility reduced to US$3.9 million as at September 30, 2024. This debt is scheduled to be fully repaid by the end of Q4 2024
Transitioned from a net debt position of US$2.7 million as at June 30, 2024 to a net cash position of US$2.7 million as at September 30, 2024.
 
We reviewed that the priority of the Company's exploration strategy at Segilola is extending the mine life through delineation of potential additional underground resources, as well as additional geochemical sampling continued at near mine open pit targets. An initial 12-hole drilling program continued during the period with initial positive drill results received from the first two holes of 3.0 m grading 11.24g/t Au from 294m and 1.5m grading 3.22g/t Au from 269m.
 
Transitioning over to the Douta Project, the RC drilling program was focussed on increasing the percentage of oxide resources at the Makosa East Prospect, which runs parallel to the main Makosa mineralised trend and is additional to the current mineral resource. Additional infill drilling was completed at the Makosa North, Mansa and Maka prospects. Remaining Pre-Feasibility Study ("PFS") and Mineral Resource Estimate update workstreams are being completed, with a target completion in Q4 2024.
 
Wrapping up we discussed the signing of a binding agreement with Endeavour Mining Corporation to acquire a 100% interest in the Guitry Gold Project for US$100,000 in cash and a 2% Net Smelter Royalty. This is an advanced exploration project with 11,000 meters drilled showing it is prospective for expansion of mineralized zones, and this project will be getting some exploration work focus in 2025.
 
If you have any questions for Segun regarding Thor Explorations, then please email them into me at Shad@kereport.com , and we’ll get those submitted to management or discussed in future interviews.
 
*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.
 
Click here to read over the recent news out of the Company.

Calibre Mining – Q3 Financials And Operations Update In Nicaragua and Nevada, Valentine Gold Mine Development Progress And Upsized Exploration Program In Newfoundland

Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX:CXB – OTCQX:CXBMF), joins me to review the Q3 Financials and operations in Nicaragua and Nevada, and the development progress and expanded exploration program at the Valentine Gold Mine in Newfoundland.
 
The Company delivered 46,076 ounces in the 3rd quarter and 166,200 ounces year-to- date, grossing $374.9 million in revenue, at an average realized gold price of $2,256/oz. YTD consolidated All-In Sustaining Costs (AISC) of $1,656/oz, and cash provided by operating activities of $88.8 million. Consolidated Q4 production is expected to be the strongest of the year, delivering 70,000 - 80,000 ounces, driven by Nicaragua’s Q4 mine plans which are tracking and plan for significantly higher ore tonnes mined. After increasing ore haulage to Libertad by 30% to 3,000 tonnes per day, we forecast a stockpile build of approximately 30,000 ounces which will be processed in 2025.
 
The Valentine team continues to make significant progress with construction completion on the mine at 81% at the end of September and the Project remains on track to deliver first gold during Q2 2025. The remaining cost to complete on an incurred basis is C$197 million as at September 30, 2024, and the ground team is continuing to advance the project to production readiness, heading toward mechanical and electrical completion in early Q1, 2025. The Tailings Management Facility is complete and ready to receive water; the CIL leaching area tanks construction is nearing completion; the reclaim tunnel and coarse ore stockpile construction is progressing; the primary crusher installation is well advanced and overland conveyor construction has commenced; and pre-commissioning is underway. With approximately C$300 million in cash (US$115.8-million and restricted cash US$100-million) at September 30, 2024, Valentine's initial project capital remains fully financed. 
 
The Valentine Gold Mine and surrounding property offers an impressive 5-million-ounce resource base and numerous discovery opportunities. The management team has expanded the resource expansion and discovery drill program with a 100,000 meter drill program, in addition to the 60,000 meter program already in place at the Leprechaun and Marathon deposits. Previously disclosed results at Valentine indicate robust growth potential below and adjacent to existing Mineral Resources. The extensive, multi-rig drill program is focused on high priority targets beyond the originally explored 6 km section of defined reserves/resources of the 32 km long Valentine Lake Shear Zone to unlock the significant resource expansion and discovery potential across the property.
  
If you have any questions for Ryan regarding Calibre Mining, then please email me at Shad@kereport.com.
 
In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.
 
Click here to see the Calibre Mining news section

Jim Tassoni - Market Trends and Momentum Analysis: Gold, Bitcoin, Bonds & More

Jim Tassoni, CEO of Armor Wealth Strategies, joins us to discuss how he is trading a wide range of markets. 
 
We delve into the recent downturn and rebound in precious metals, evaluate the influence of U.S. election results on market sentiment, and examine the substantial impact of rising interest rates and the dollar on gold prices. Jim also shares his outlook on Bitcoin, outlining resistance levels and the potential for reaching six digits. We discuss bond market trends, specifically around the 10-year yield and its implications for real estate and other interest-rate-sensitive sectors. Finally, we assess the performance of the S&P, NASDAQ, and small-cap indices, with Jim offering insights into trading strategies and long-term market trends.
 
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading.

Temas Resources - La Blanche Project Update: Upcoming Catalysts, PFS, Drilling, Titanium Dioxide Market Update

Kyler Hardy, Executive Chairman at Temas Resources (CSE:TMAS - OTCQB:TMASF - FRA:26P0) joins me to provide an in-depth update on the Company’s La Blanche Project in Quebec, which targets critical minerals. 
 
The discussion highlights the recent PEA with a post-tax NPV of $6.6 billion CAD and an IRR of almost 61%, as well as future catalysts including a drill program, pre-feasibility study (PFS), and MET work. Kyler elaborates on strategies to reduce CapEx and improve project efficiency, the titanium dioxide market dynamics, particularly concerning China's role, and future steps for permitting and material processing.
 
Please keep emailing me your questions for Kyler. My email address is Fleck@kereport.com. 
 
Click here to visit the Temas Resources website to learn more about the Company.