The KE Report

Weekend Show - Marc Chandler & Joe Mazumdar - Inflation Data And Market Recap, Critical Minerals Investment Thesis Changing

Welcome to The KE Report Weekend Show! This week gold, silver and the stocks rebound to end the week strongly. US markets were also up with the S&P at all time highs. The US Dollar was flat and the 10 year was slightly up. The main data out of the US was inflation data (CPI and PPI).
 
On the first half of this weekend's show we recap the inflation data, China's monetary policies and market moves. On the back half of the show we discuss the investment climate for critical minerals equities and silver plays in Mexico.
 
I hope all you Canadians have a very happy Thanksgiving and everyone in the U.S. a good Columbus Day!
 
Segment 1 and 2 - Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market - Economic data recap (Inflation), the broader impacts of China's economic strategies on global markets, the continued strength of U.S. markets.
Click here to visit Marc’s site - Marc To Market. 
Segment 3 and 4 - Joe Mazumdar, Editor of Exploration Insights - Key points include the moderated excitement around critical minerals, challenges for the EV market, China's role in critical minerals processing, and copper's significance in electrification despite supply challenges. He also examines recent M&A activity in the silver sector and the impact of Mexico's political landscape on mining investments.
Click here to visit the Exploration Insights website to follow along with Joe. 
..Listen to the podcast on our website: https://www.kereport.com/Subscribe to our Podcast on Spotify: https://rebrand.ly/Spotify_subscribe..For price quote on metals and commodities visit - https://clearcommodity.net/..Follow us on social media:🔗 https://twitter.com/TheKEReport..Disclaimer: The content in this podcast is not intended to be financial advice. It is meant for educational and entertainment purposes only.

Aldebaran Resources – Introducing The Altar Copper-Gold Project In Argentina, The Upcoming Resource Estimate In November, And PEA In Mid-2025

John Black, CEO & Director of Aldebaran Resources Inc. (TSXV:ALDE)(OTCQX:ADBRF), joins us for an introduction to their Altar Copper-Gold Project in San Juan, Argentina; along with the prior work completed and upcoming milestones and catalysts.
 
We start off getting a sense of the history of the Project, the work completed by prior operators, and their option agreement with Sibanye-Stillwater back in 2018 to start earning into this project.  At this point the capital has been paid and the work commitments completed for them to earn-in to 80% of the project, with Sibanye Stillwater at a 20% stakeholder in Altar. The Altar project hosts multiple porphyry copper-gold deposits with potential for additional discoveries. Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachón (Glencore), and Los Azules (McEwen Copper).
 
In March 2021 the Company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including 2020.  After approximately 63,000 meters of additional drilling between the known Altar Central and Altar East mineralization, their exploration team has now defined the Altar United area at depth, united the 2 prior deposits, and setting up for a larger open pit that will include not only the new mineralization, but the tails from the prior envisioned pits.  There is an updated resource estimated slated to be released to the market next month in November, and then ongoing derisking and development work that will feed into a Preliminary Economic Assessment (PEA) in the 2nd quarter of 2025.
 
We have John share some of their key strategic shareholders with South32, Sibanye-Stillwater, and Route One Investment Company.  Additionally, we review their partnership with Rio Tinto, with an interest in utilizing their Nuton technology, focused on commercializing its proprietary suite of copper leach technologies, with potential to unlock copper from hard-to-leach ore and low-grade material, with industry-leading recoveries that are also very compelling with ESG initiatives.  John shares his background in the industry, along with the background of the other co-founders and key management team members, and the financial health of the company.
 
If you have any questions for John regarding Aldebaran Resources, then please email us at Shad@kereport.com or Fleck@kereport.com.
 
Click here to follow the latest news from Aldebaran Resources

Joel Elconin - Goldilocks Market; S&P Over 5800, Inflation Data, Bank Earnings

Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show and Editor of PreMarket Prep joins us to recap this week in the markets.
 
The conversation covers strong market moves, benign inflation data, and robust bank earnings that have fueled market optimism. Joel highlights the diversification across various sectors like utilities, tech, healthcare, and finance, pointing out their performance amidst volatility. Additionally, we touch on international geopolitics and China's economic dynamics. Finally we discuss Tesla's event last night including Elon Musk's bold promises on Robo Taxis, as well as the rotation today into alternative transport solutions like Uber and Lyft.
 
Click here to visit Joel’s PreMarket Prep website.
 
 

Novo Resources - De Grey Reaches A$7Million Spent At Egnia Gold Project, Investment Continues

Mike Spreadborough, Executive Co-Chairman of Novo Resources (TSX: NVO - OTCQX: NSRPF - ASX:NVO) joins me to provide an update on the Joint Venture with De Grey Mining (ASX:DEG), focusing on gold exploration at the Egina JV Projects in Australia. De Grey has met the $7 million minimum spend and is on track to complete the $25 million to secure a 50:50 JV equity. 
 
4 Key prospects have received the 34,180 m of AC (aircore) drilling and 9,129 m of RC (reverse circulation) drilling to date, the Heckmair, Irvine, Lowe and Whillans Prospects. Mike outlines how the AC and RC drilling is used in series to test mineralization undercover on the Project. We also discuss what future drilling will be out of De Grey to advance this earn-in JV. 
 
Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  
 
Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.
 
 

Snowline Gold - Drill Results From The Valley Deposit, Rogue Project, Intersects 2.1g/t Gold over 433.5 Meters

Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF) joined me to recap the October 10th news release reporting results from 7 drill holes at the Valley Deposit on the Rouge Project, in the Tombstone God Belt in the Yukon. The headlines holes were Hole 81, with 2.1 g/t gold over 433 meters, and Hole 84, with 1.3 g/t gold over 273 meters.
 
Scott elaborates on strategies for enhancing the current 7 million ounce resource, through steps such as infilling and stepping out, which have revealed better-than-expected grades. Scott also touches on the future direction of exploration, noting the potential economic implications of newly discovered lower-grade material that was previously classified as waste.
 
In addition to drilling updates, we also discuss the Company's commitment to environmental responsibility. The cleanup efforts at the historical Plata mining sites underscore Snowline Gold's dedication to sustainable exploration practices and community relations. 
 
Looking ahead, there are pending assay results for over 24,600 meters across six targets in the Rogue and Einerson projects. 
 
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company. 
 

Dave Kranzler – Shorts In Tesla, Super Micro, Harley, And Homebuilders - Value Proposition In PM Stocks Like Viva, Cabral, Heliostar, Integra, New Pacific, And The Gatos and Silvercrest Takeovers

Dave Kranzler, Fund Manager and Publisher of the Mining Stock Journal and the Short Seller’s Journal, joins me for a wide-ranging discussion on the truth and fiction in macroeconomic numbers from the government, what stocks he is shorting in the general equities, and what gold and silver stocks he is bullish on in the junior precious metals sector.  It’s a longer-format interview and we really cover a lot of ground in it.
 
We start off looking at the gulf between the macroeconomic numbers we get from the government reports, and the actual numbers showing up in the real world, and how to balance those out as investors trying to digest all of this.  When looking at inflation readings, or jobs numbers, or GDP estimates, there is a huge impact in the markets created in the way these metrics are calculated or massaged, and a large impact from the government’s own involvement and overspending. Even the Fed’s M2 figures, despite it coming down when looking at year over year percentages are misleading as the M2 supply has been growing since 2023. The manufacturing numbers show many parts of the US having been in recessionary territory for years now, and as a result, many consumers are strapped by higher than reported actual inflation in their daily lives, and big segments of the public are cutting back on discretionary spending.
 
When contrasting the economy with the moves in the markets, it is very much 2 different lenses to view things through, with the general S&P and Nasdaq indexes having continued to make all time highs most of this year.   Dave points out that if investors do their due diligence on individual companies that have been pushed to severe overvaluations, that there are still plenty of short-selling opportunities out there, citing his calls in Tesla (NASDAQ: TSLA), Super Micro Computer (NasdaqGS: SMCI), and more recently short calls on Harley-Davidson, Inc. (NYSE:HOG), and some of the US homebuilders.
 
 Next we pivoted over to the drivers in gold from the eastern buying and BRICs countries central banks purchasing the monetary metal as the number 2 asset on their balance sheets after the US dollar.  We discuss the dearth of western demand for gold and the gold stocks considering the backdrop we are seeing with gold having hit all-time highs since the end of last year and all through this year. This leads us into a discussion about gold stocks where Dave sees a good value proposition, including Viva Gold Corp (TSX.V: VAU) (OTCQB: VAUCF), Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF), Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF), and Integra Resources Corp. (TSXV: ITR) (NYSE-A: ITRG).
 
We then got into Dave’s silver price expectations, and 2 recent high-profile merger and acquisition deals where Gatos Silver, Inc. (TSX: GATO) (NYSE: GATO) is being acquired by First Majestic Silver Corp. (TSX: AG) (NYSE: AG), and where SilverCrest Metals Inc. (TSX: SIL) (NYSE American: SILV) getting bought out by Coeur Mining, Inc. (NYSE: CDE).   We then get Dave’s thesis on why he believes New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP) will get rerated higher, to a better multiple on the economic studies they just released on 2 different projects.   This leads into a discussion on what the appropriate metals prices assumptions should be in economics studies, and why more companies in the PM sector are not at least highlighting their robust project economics at somewhere close to spot prices.  Wrapping up ponder if the valuations and momentum trading will come back to the PM juniors, or if this time really is different?
 
Click here to learn more about Dave’s newsletters and service.

Magna Mining – Moving Into Copper and Nickel Production In Sudbury, A PEA And Bulk Sample Update At Crean Hill, And Conditional Approval For The Federal Critical Mineral Infrastructure Fund

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), joins us to unpack a number of key Company milestones all just achieved in the last few months, including the transformative move into copper and nickel production at the McCready West mine in Sudbury, Canada.  We dive into the details of the recently announced acquisition of multiple polymetallic prior producing mines and exploration projects around the Sudbury Basin, the results of the Preliminary Economic Assessment (PEA) from Crean Hill, and the results of the recent bulk sample processing from the 109 Footwall at Crean Hill.  Additionally, we review the conditional approval for the Federal Critical Mineral Infrastructure Fund that was just received, to help fund further studies and future development of their projects.
 
Their move into copper production was announced on September 12th, highlighting an agreement with a subsidiary of KGHM International Ltd. to acquire a portfolio of base metals assets located in the Sudbury Basin that includes: the producing McCreedy West copper mine, the past-producing Levack mine, the past-producing Podolsky mine, and past-producing Kirkwood mine, as well as the Falconbridge Footwall (81.41%), Northwest Foy (81.41%), North Range and Rand exploration assets.  Jason outlines how he and multiple members of the Magna Mining team had worked at and run the McCreedy West and Levack Mines in the past when with FNX Mining, so that they are very familiar with these assets.  While the current flagship will be the McCreedy West Mine, he also lays out the development pathway for bringing back into production the Levack Mine in 2026, and the Podolsky Mine by late 2027.
 
Shifting over to the Crean Hill Mine Project,  Jason reiterated that their management team and board is still very interested on developing this asset and moving it towards production by 2027.   The PEA was just released to the market on September 17th and highlighted a Pre-tax NPV (8%) of $265.3 million and an Internal Rate of Return ("IRR") of 142% at conservative metal prices. There would be a low pre-production capital cost of $27.7M following AdEx period; and a payback of pre-production period capital within the first year of commercial production, and payback of all capital including AdEx period capital within the second year of commercial production.  Crean Hill would have an average underground production rate of 2,200 tonnes per day ("tpd") consisting of 1,650 tpd of higher-margin primary feed and 550 tpd of lower grade, incremental feed.
 
 
We also reviewed the completion of the recent initiative to mine surface bulk sample at the 109 Footwall Zone at Crean Hill, which commenced on July 2, 2024, and then process the material through the Sudbury Integrated Nickel Operations' ("Glencore") Strathcona Mill, which was completed on September 7, 2024. A total of 20,524 dry tonnes of feed (see Table 1) from the 109 FW Zone was processed over a 5-day period. Concentrate was produced which will be processed through Glencore's Falconbridge Smelter.  Jason reiterated that this surface bulk sample program was successful and acquired much of the data required to fully assess the base case metallurgical performance of the 109 FW Zone. Additional testing is being completed on samples collected during the program and will be used to advise future test work, and the ultimate pathway towards nickel, copper, platinum, palladium and gold production in the prolific mining district in Sudbury.
 
Additionally, back on March 27, 2024, Magna announced the signing of a Definitive Offtake Agreement for advanced exploration at Crean Hill with Vale Canada. The Vale agreement excluded the 109 FW Zone as Magna wanted to explore other processing options to improve recoveries for the copper-PGM rich mineralization in this zone.  These two agreements with both Glencore and Vale demonstrate the various options for Magna to do future toll-milling agreements and  grow their mining business in the Sudbury region.
 
Lastly, on October 9th, Magna Mining announced that it has received notification from Natural Resources Canada (NRCAN) that pending final due diligence, certain initiatives at both the Crean Hill and Shakespeare Mines have been conditionally approved for funding from the Critical Minerals Infrastructure Fund (CMIF). The funding will support pre-construction activities to help advance clean energy and transportation infrastructure at both projects.*
 
If you have questions for Jason regarding Magna Mining, then please email us at Shad@kereport.com or Fleck@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.
 
Click here to follow along with the news at Magna Mining

Dryden Gold – High-Grade Gold Intercepts Returned At Elora Area Of The Gold Rock Camp, Exploration Update At Sherridon And Hyndman Areas

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTC: DRYGF), joins me for an exploration update at Gold Rock Camp, Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.   
 
We start off discussing the recent drill results from their Phase 5 drill program at the Elora area of the Gold Rock Camp Project,  reporting 30.72 g/t gold over 5.70 meters, including its highest-ever value of 313.00 g/t over 0.55 meters from hole KW-24-017.  This was also the deepest hole the company has drill to date with the best results, which points to significant potential at depth in these mineralized shoots. This Phase 5 exploration program consisted of nine drill holes totaling 1,598 meters focused on the depth expansion at Elora and Big Master 1 gold systems and infill drilling at Big Master 2.  Trey describes some of ongoing work and targets tested at both Big Master 1 and 2, and how this whole area is very similar to the Red Lake area geologically. 
 
Next we widened the scope to discuss 2 other key areas of exploration focus on their land package, with surveys and field work vectoring on future drill targets at both the Sherridon and Hyndman areas of the Project. 
 
Trey also outlined the recent financing that was increased three times due to unprecedented demand from institutions and high net worth investors, showing they have access to capital in an environment challenging to many junior resource companies, and have the budget to keep the drills turning.  We also reviewed that this $5Million of capital raised, gives them the funds to make their final payment to Alamos Gold next year, to own the property 100%.  
 
If you have any questions for Trey regarding Dryden Gold, then please email me at Shad@kereport.com.
 
Click here to follow the latest news from Dryden Gold

Brien Lundin - Gold Chart Analysis and SilverCrest M&A Recap

Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins me to discuss the current trends and future prospects of the gold market. Despite a slight decline since late September, gold continues in an uptrend with dips being generally shallow. 
 
Looking at the gold chart, Brien notes technical indicators like Bollinger Bands, which have historically signaled pauses and subsequent rallies within bull markets. He also addresses the relative resilience of gold amidst a rising U.S. dollar and interest rates, suggesting broader financial system worries might be driving the parallel increase in gold prices. 
 
We also discuss the performance of major and mid-tier gold miners, noting their financial successes and the potential shift towards increased M&A activities as they seek to maintain growth and appeal to generalist investors. 
 
On the silver front, Coeur Mining's acquisition of SilverCrest is highlighted, underscoring the industry's ongoing consolidation trend. Brien also touches upon the current exploration landscape, noting high-grade discoveries, and potential opportunities in existing resource-rich juniors. 
 
Looking ahead, we discuss what to expect from the 50th anniversary of the New Orleans Investment Conference from November 20th-23rd. Renowned speakers and industry experts are set to provide valuable insights, with a money-back guarantee that reinforces the conference's commitment to delivering substantial value to attendees.
 
Click here to learn more about the New Orleans Investment Conference on November 20-23. 

Stock Talk - Quinton Hennigh - Inflection Resources, Kootenay Silver, Borealis Mining, Sierra Madre Gold & Silver

Welcome to another episode of Stock Talk on The KE Report. Quinton Hennigh, Geologist, Private Investor and Geologic Consultant to Crescat Capital joins me to share his thoughts on the following four companies. 
Inflection Resources - CSE:AUCU - OTCQB: AUCUF
Kootenay Silver - TSX.V:KTN - OTC:KOOYF
Borealis Mining - TSX.V: BOGO
Sierra Madre Gold & Silver - TSXV: SM - OTCQX: SMDRF
All of these companies have been interviewed on our show in the last couple week. Here are links to all those interviews...
Inflection Resources – Updates on Duck Creek Project with Exploration Partner AngloGold Earning In 
Kootenay Silver – Drill Results From The Columba Project Expanding D-Vein, More Information On Over 10,000 Meter Still To Be Drilled
Borealis Mining – Focused At The Borealis Mine, Nevada; 2 Gold Pours Since Listing, Drill Results Coming 
Sierra Madre Gold And Silver – Ramping Up Towards Commercial Production By Year-End At The La Guitarra Mine