The KE Report

Terry Lynch, CEO of Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1), joins us to review the key takeaways from the updated Mineral Resource Estimate and a comprehensive exploration update from their fully funded 100,000-meter drill program at the polymetallic NISK Project, located in the James Bay territory of Québec.  We also discuss all the pending drill results still at the assay lab further expanding the Lion Zone, other key regional exploration targets of interest, and the various modern technological survey approaches being deployed to guide their drill targeting.
 
On Sept. 8, Power Metallic announced an updated Mineral Resource Estimate ("MRE") for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%) including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit.
 
Key Highlights:
 
 
On Sept. 8, Power Metallic announced an updated Mineral Resource Estimate ("MRE") for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%), including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit.
Lion contains 4.145 Mt Indicated at 3.86% CuEq (68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni), plus 0.601 Mt Inferred at 4.01% CuEq (1.84% Cu, 2.86 g/t Pd, 0.59 g/t Pt, 0.41 g/t Au, 12.47 g/t Ag, 0.13% Ni).
Over 85% of resource already in Indicated status
MRE cut-off was April 19; the post-MRE cut-off deep drilling was not included
Currently 5 drill rigs are still active, as part of the ongoing 100,000 meter exploration program
Additional assays are expected back from the lab by late September
Mineralization starts at surface with ~59% of tonnes within open-pit resource
Metallurgical studies have demonstrated a >98% Cu recovery, with a 25%+ Cu concentrate
The company has ongoing workstreams building towards a Preliminary Economic Study (PEA) in H1 of 2027.
 
From here, the exploration question is how deep Lion goes and where the nickel went? Lion carries the copper and precious metals that come out of a magmatic sulphide system last; the nickel-rich sulphide that comes out first should be somewhere in the system, and the Company has not found it yet. The summer program has been aimed at the down-dip extension of the shoot, with some holes targeting hundreds of metres below the current resource. Assays on Lion Deep are expected by the end of September.
 
Terry outlines that the current drill program focused on expanding the mineralization around the Lion Zone both stepping out looking for other broad mineralized zones, and also testing at depth for the potential “Elephant Zone” feeder system to the mineralization at Lion West, Lion Deep, and the Tiger Deep zones.  Terry mentioned that there were some surprising gold intercept values encountered when testing part of Lion Deep that will get some follow-up work down the road. Additionally, new polymetallic targets are being tested in fan holes at the Hydro Fold-Hinge Zone, which will utilize borehole EM technology. 
  
Next we discussed the utilization of modern scientific approaches to exploration, building on the recent Muon Tomography program to accelerate the hunt for deeper high-grade Ni-Cu-PGE zones, look for a similar specific gravity reading as where they’ve already encountered massive sulphide mineralization. Power Metallic is also conducting an Ambient Noise Tomography (ANT) survey on the Nisk Far West target, completing a gravity survey over the Lion area, and completing a superconducting quantum magnetometer SQUIDs survey over the Lion area. These state-of-the-art techniques that will sharpen future drill targeting for the Lion Zone extensions and new discoveries across the expanded property.
 
Wrapping up Terry outlined the larger value proposition in Power Metallic with updated MRE leading to a PEA in H1 of 2027, all the additional drill results that will keep coming in for the foreseeable future, the extra optionality from the Saudi Arabian exploration initiatives, and the continued exposure to Chilean Metals.
 
 
Click here to follow the latest news from Power Metallic Mines
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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 Daily Editorial, we welcome back Dave Erfle, founder and editor of The Junior Miner Junky, to break down the latest technical and macroeconomic developments shaping the precious metals complex.
Key Technical Retracement Levels: Critical support zones across gold, silver, GDX, and GDXJ to watch this week on a closing basis to determine whether this pullback remains a standard, healthy consolidation.
Miners Showing Relative Strength: Why gold and silver equities are behaving differently compared to past corrections, outperforming the underlying metals as producers defend massive operating margins and attempt a multi-year base breakout.
Bond Market Volatility and Rate Cycles: How spiking yields on global benchmark bonds and mounting sovereign debt pressures are influencing investor positioning, alongside historical evidence of how gold performs during aggressive rate-hiking regimes.
Sector Rotation and Capital Flight: Evidence of institutional money shifting away from traditional sovereign debt into monetary metals, and how central bank reserve trends are spilling into major equity leadership.
Junior Mining Strategy and M&A Catalysts: The widening performance gap between early-stage explorers and advanced developers, well-funded treasury runways, and why upcoming industry gatherings in Colorado could spark the next wave of corporate transactions.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
 
---------------------------
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 or investment product. Investing in equities, commodities, really everything 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 Company Update, we sit down with Bob Archer, President and CEO of Pinnacle Silver and Gold (TSX-V: PINN, OTCQB: PSGCF, Frankfurt: P9J), to review recent high-grade underground drill results from the El Potrero Project in Mexico and discuss upcoming exploration milestones.
High-Grade Drill Highlights: An overview of recent assays from the Pinos Cuatas mine, including standout intercepts from Hole 68: 6.19 g/t Au and 90 g/t Ag over a core length of 10.89 metres including 58.2 g/t Au and 631 g/t Ag over 0.41 metres.
Vein Continuity and Stope Planning: How targeted underground drilling confirms continuity along strike and up-dip, helping the technical team outline material for future mine planning.
Expanding Beyond Historical Workings: Insights into how the latest drill holes continue to expand mineralization well past the historical footprints of the underground workings.
Transition to Surface Drilling: Details on the ongoing current underground campaign and the operational setup for an upcoming 5,000-meter surface drill program across multiple vein targets.
 
Please email me with any follow up questions you have for Bob - Fleck@kereport.com.
 
Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news 
 
-------------------------
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 or investment product. Investing in equities, commodities, really everything 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 Daily Editorial, I am joined by Craig Hemke, Founder and Editor of TF Metals Report, to analyze the shifting macro landscape, key central bank catalysts, and the latest technical action in the gold and silver markets.
FOMC Expectations and the Yield Curve: A look into shifting market expectations for Wednesday’s Fed decision, how the bond market has moved ahead of policy makers, and what the latest Summary of Economic Projections could mean for market direction.
Geopolitical Escalation and Energy Shocks: How widening conflict and major Middle Eastern pipeline infrastructure damage are supporting crude oil prices and altering the inflation narrative.
Precious Metals Price Consolidation: Why the pullback from the August highs resembles a healthy, multi-month base-building process rather than the start of a deep breakdown.
Plunging COMEX Open Interest: The structural impact of near-record low open interest and changing exchange margin rules, leaving thin order books that create volatile air pockets in both directions.
Gold Versus Silver Performance: Technical divergence across the metals space as gold maintains relative strength near major moving averages while silver works through an extended technical digestive phase.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
------------------
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 or investment product. Investing in equities, commodities, really everything 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 Company Update, we welcome Alistair Waddell, President and CEO of Inflection Resources (CSE: AUCU, OTCQB: AUCUF), to provide an exploration update from the Trangie Project and across the company's copper-gold portfolio in Australia. Alistair breaks down the air-core drilling program nearing completion at the Trangie Project in New South Wales under the exploration agreement with AngloGold Ashanti, followed by geophysical progress and drill planning at the 100%-owned Endurance Project in the Northern Territory.
Trangie Project Exploration Strategy: The methodology and objectives behind the ongoing 92-hole, over 16,000-meter air-core program through cover, and when the market can expect the full batch of assay results.
Geochemical Vectoring and District Potential: How multi-element assaying and alteration footprints are being used to map prospective alkalic porphyry clusters analogous to the nearby Northparkes deposit.
Target Definition at the Endurance Project: Recent gravity and induced polarization survey results over the Big Eye and Barrel Eye anomalies, paving the way for maiden scout drilling of large-scale IOCG targets.
Non-Dilutive Capital and Project Generation: How co-funding grants from the Northern Territory government support ground geophysics, alongside the broader prospect generator strategy and ongoing technical work.
 
If you have any follow up questions for Alistair please email us at Fleck@kereport.com and Shad@kereport.com. 
 
Click here to visit the Inflection Resources website to learn more about the Company - https://inflectionresources.com/
 
--------------------------
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 or investment product. Investing in equities, commodities, really everything 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.

Keith Bodnarchuk, President and CEO of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), joins me to review the 6,700+ meter 13-hole summer drill program along the Cyclone Trend at the Company’s Murphy Lake North (“MLN”) project.  We also discuss the upcoming drill mobilization for their Darby Project, and for the Aurora Project in the near future.
 
Murphy Lake North and Darby are both joint venture projects between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN). Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest on both properties. MLN is located three kilometres east of IsoEnergy’s Hurricane deposit, in the eastern Athabasca Basin, Saskatchewan, and was the focus of this summer program’s drill results.
 
Highlights
 
Multiple zones of structurally controlled alteration and elevated radioactivity remain open along strike for several hundred meters and on multiple sections
Drilling evaluated multiple structures over 650 metres of strike length with all 13 drill holes intersecting strong structure and/or alteration
Summer 2026 drilling prioritized unconformity targets with significant room for basement-hosted mineralization remaining
With $16 million in the treasury, Cosa remains fully funded for a significant follow up drilling campaign
 
The 13-hole, 6,752 metre drill program followed up winter results at the Cyclone trend highlighted by 5.0 metres averaging 0.55% U3O8 (308.5-313.5 metres) in MLN26-013 including a 0.5 metre subinterval of 1.70% U3O8 (310.5-311.0 metres). Summer drilling targeted the Cyclone trend over a 650-metre strike length extending 400 metres west and 250 metres east of MLN26-013.  All 13 summer drill holes intersected moderate to strong alteration and/or structure, and several drill holes intersected intervals of elevated radioactivity.
Drilling identified two prominent faults, the N- and S-faults, which are generally located along the northern and southern edges of the Cyclone graphitic basement unit. The N-fault is the most prominent basement structure intersected on the project and hosts the zone of strong basement alteration intersected by winter 2026 drill hole MLN26-017. 
 
Next Steps:
 
With C$16 million the treasury, the Company remains well-funded for a significant follow up winter campaign at Murphy Lake North. Immediate follow up targets include the uranium pathfinder element enriched basement alteration zone intersected by MLN26-017 and MLN26-020C1, the S-fault, and the strike extensions of the N-fault.
Additionally, the Company expects to announce commencement of drilling at the Darby and Aurora projects in the coming days.
 
 
If you have any questions for Keith or Andy regarding Cosa Resources then please email them into me at Shad@kereport.com
 
* In full disclosure, Shad is a shareholder of Cosa Resources 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 Cosa Resources
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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.
 

Brad Rourke, Executive Chairman of Scottie Resources Corp. (TSXV: SCOT) (OTCQB: SCTSF) (FSE: SR80), joins me to review the first drill results, at the Blueberry Contact Zone, from the fully-funded 50,000 metre 2026 drill program at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia. We also expand on the pathway forward into development of the Project, and eventual production in 2028.
 
On September 9th, the company released the first assays from its 2026 drill program, including multiple high-grade gold intercepts on its Blueberry and Lemoffe vein zones.
 
Highlights:
 
Blueberry Contact drillhole SR26-492 intersected 9.7 grams per tonne (g/t) gold over 18.00 metres (m), including 40.4 g/t gold over 2.0 m at the Lemoffe vein zone. The hole also intercepted an additional Lemoffe vein grading 15.9 g/t gold over 2.0 m (Table 1, Figures 1,2).
Blueberry Contact drillhole SR26-489 intersected 26.2 g/t gold over 2.45 m at the Lemoffe vein zone (Table 1, Figures 1,3).
Blueberry Contact drillhole SR26-490 intersected 14.6 g/t gold over 2.45 m at the Blueberry vein zone (Table 1, Figures 1,4).
More than 40,000 m of drilling this season has been completed in 160 holes, with an additional 12,000 to 16,000 m forecasted to be completed within the existing budget due to better-than-expected drilling productivity. Four drill holes are reported in this news release with assays pending, results will be reported throughout the remainder of the year as received.
Eight diamond drills are currently turning; seven on the Scottie Gold Mine Project and one on Cambria Project.
 
 
Brad highlighted that the 2026 drilling program is focused on three key objectives: upgrading inferred ounces to indicated through infill drilling, expanding known vein zones, and testing major step-outs and new targets. This year’s exploration program is expected to be in the order of 52,000 to 56,000 total metres. We discussed some holes testing expansion targets like Wolf, P-Zone, C&D veins, and Domino.  
 
After all the 2026 data comes in the Company will then update the Resource Estimate and complete the workstreams to announce the Feasibility Study in 2027, with first production anticipated in 2028.
 
 
If you have any questions for Brad regarding Scottie Resources, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Scottie Resources 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 Scottie Resources
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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.
 
 

As macro fault lines widen from Treasury intervention to global reserve diversification, markets are flashing sharply conflicting signals across commodities and headline equities. This Weekend Show brings together macroeconomic asset manager Axel Merk to assess precious metals valuations and fiscal policy crosscurrents, alongside technical analyst TG Watkins to dissect alarming breadth breakdowns and unprecedented volume shifts in leveraged funds. 
Segment 1 & 2 - Axel Merk, President and Chief Investment Officer of Merk Investments, joins the program to discuss the macroeconomic factors driving the precious metals sector, including Federal Reserve monetary policy, Treasury actions, and rising global debt. Throughout the discussion, he analyzes the durability of the current gold bull market and central bank demand while emphasizing the importance of strong management teams when evaluating undervalued mining equities. 
Click here to learn more about Merk Investments - https://www.merkinvestments.com/
 
Segment 3 & 4 - TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot, provides a technical chart analysis evaluating commodities, energy, and broad equity markets. He outlines anticipated pullbacks toward key moving averages for gold, silver, and copper, while warning that frothy crude oil prices and underlying weakness in equal-weight and small-cap indexes indicate an impending seasonal market correction before another leg higher. 
Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.com/
 
If you enjoy the show, be sure to subscribe to our 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!
 
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 or investment product. Investing in equities, commodities, really everything 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.

Jayant Bhandari, a private strategic resource investor that consults many high-net-worth investors and institutions, joins me to share 3 different arbitrage trade opportunities in critical minerals resource stock mergers, the value proposition he sees in 2 gold exploration companies, his outlook on the Chinese economy, and information on his upcoming Capitalism and Morality Conference next weekend in Vancouver.
 
We start off focused on the value arbitrage setups in 3 critical minerals stock pairs with open merger and acquisition transactions, along with opportunities in 2 gold explorers that he holds in his own portfolio. The companies that we reviewed are:
 
Arbitrage trade in the acquisition of European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) by Critical Metals Corp. (Nasdaq: CRML)
Arbitrage trade in the acquisition of Cygnus Metals Limited (ASX:CY5, TSXV: CYG, OTCQB: CYGGF) by Central Asia Metals PLC (AIM: CAML).
Arbitrage trade in the merger of Silver47 Exploration Corp. (TSXV: AGA) (OTCQX: AAGAF) (FSE: QP2) with Bunker Hill Mining Corp. (TSX: BNKR) (OTCQB: BHLL)
Value proposition in the exploration strategy for Aztec Minerals Corp. (TSX-V: AZT), (OTCQB: AZZTF).
Value proposition in the exploration and development strategy for Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF).
 
 
Jayant then comments on is outlook on the economic health in China being more robust than is often covered in Western media outlets. After regularly visiting many parts of China for extended periods for almost 2 decades, he remains encouraged by recent trends in the improving openness and culture, leading edge advancements in technology; even if there are some ongoing concerns about unemployment and real estate.
  
Wrapping up, Jayant shares more information about why listeners may want to attend his Capitalism and Morality conference next weekend on September 18th-19th this year in Vancouver, featuring Rick Rule and Adrian Day. 
 
To register for the Capitalism and Morality conference or for more information click here:
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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.

Ken Armstrong, CEO of Westhaven Gold Corp. (TSX-V: WHN) (OTCQB: WTHVF) (FRA: 1W5), joins us for a corporate update on the management and board refresh from 2024-2025, the transformational strategic earn-in agreement with Dundee Corp initially announced in December of 2025, and the ongoing 50,000m infill and expansion exploration program at the Shovelnose Project in British Columbia.  We also discuss the development work on tap along the pathway towards a Pre-Feasibility Study and then Feasibility study.
 
Westhaven is a gold and silver focused exploration and development company targeting low sulphidation, high-grade, epithermal style gold and silver mineralization within the Spences Bridge Gold Belt in southern British Columbia. Westhaven controls ~60,263 hectares within four properties spread along this underexplored belt.
 
The Shovelnose gold and silver project is the most advanced property, with a 2025 updated Preliminary Economic Assessment that validates the project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine production of 56,000 ounces gold and 313,000 ounces silver with a CDN$454 million after-tax net present value (at a 6% discount rate) and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of CDN$1.00=US$0.72).1
 
On February 23, 2026, Westhaven closed a strategic earn-in agreement with Dundee Corporation, whereby Dundee may earn up to a 60% interest in Westhaven's four Spences Bridge Gold Belt properties through up to CDN$85,000,000 in staged project expenditures. Under the first phase, Dundee has committed a minimum of CDN$30,000,000, inclusive of a fully funded 50,000m drill program and pre-feasibility work at Shovelnose. The agreement allows for the accelerated exploration and evaluation of one of Canada's most compelling, undeveloped, high-margin gold and silver assets.
 
Assay results that have been coming in from the ongoing 35,000m four-rig resource infill drilling program at the South Zone gold and silver deposit on the Shovelnose gold property, continue to show excellent continuity of mineralization in each of Vein Zones 1, 2 and 3.  A fifth rig has been added for the ongoing 15,000m exploration drill program that will run through December.
 
 
Click here to follow the latest news from Westhaven Gold
 
 
If you have any question for Ken regarding Westhaven Gold, then please email those to us at Fleck@kereport.com or Shad@kereport.com.
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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.