The KE Report

Jason Jessup, CEO and Director of Magna Mining Inc. (TSX: NICU) (OTCQX: MGMNF) (FSE: 8YD), joins me to review the key takeaways from Pre-Feasibility Study (“PFS”) for the 100% owned Crean Hill Project, located in the South Range of the Sudbury Basin, northeastern Ontario. We go on to discuss the dual-track development of Levack and Crean Hill over the next couple years and the bigger picture vision of growth from the deep pipeline projects beyond that.
 
Crean Hill PFS Highlights: 
 
Twelve-year commercial mine life with over 11 million tons of probable reserves: The Crean Hill PFS contemplates underground mining of 11.4 million tons of probable reserves at an average mining rate of approximately 2,400 tons per day during the twelve-year commercial mine life.   
Robust production profile with significant precious metals byproduct credits: Average annual payable copper equivalent (“CuEq”)1,2 production of 35.5 million pounds (“lbs”) during commercial production at all-in sustaining costs (“AISC”) of US$3.55 per CuEq payable lb, including 42 thousand ounces of precious metals (platinum + palladium + gold) on average per year which contribute approximately 38.9% of revenues during this time. 
Attractive base case economics with strong commodity price leverage: Assuming base case commodity prices1, the Crean Hill PFS estimates payback in 1.5 years with an after-tax Internal Rate of Return (“IRR”) of 43.4% and an after-tax NPV7% of $251.0 million. Pre-tax cash flows average approximately $65.2 million per year and increase to $96.2 million per year using September 2026 average commodity prices1, while the after-tax NPV7% increases to $406.1 million, the IRR improves to 65.4%, and the payback period falls to 0.8 years.  
Manageable initial capital spread over a three-year pre-commercial production period: Initial capital costs from January 1, 2027 are estimated to be $127.0 million. This initial capital is expected to be offset by refundable tax credits3 of $17.2 million and pre-commercial production operating cash flow of approximately $37.4 million using base case price assumptions, leaving a calculated net initial funding requirement of $72.4 million. Construction spending is expected to ramp up gradually over a three-year period with first ore sales in late 2027 and commercial production achieved in early 2030.  
Positive potential impact from the recently announced Productivity Mega Deduction: Incorporation of the Productivity Mega Deduction (“PMD”)4 could reduce the estimated federal taxes payable over the life of mine, especially during the early years of commercial production. By accelerating the utilization of certain tax deductions via the PMD, the Crean Hill PFS after-tax NPV7% would improve by $5.7 million to $256.7 million and the IRR would increase to 45.5%. 
 
Crean Hill construction to commence in 2027: Based on the results of the PFS (summarized in Table 1), the Company’s Board of Directors has approved construction of the Crean Hill project, which will commence in 2027. In the interim, the Company will continue with detailed engineering work, surface site preparations including installation of grid power and recruitment of additional personnel.  
 
Crean Hill exploration drilling now underway: In addition, an exploration diamond drill rig has been mobilized to the Crean Hill Project and has started drill testing new targets for additional footwall copper and precious metals-rich mineralization.   
 
Next we pivoted over to the potential for the dual-track development of Crean Hill along with Levack, after the C$140 Million strategic investment by Alpayana, that just closed on August 31st.   The Company will be releasing a Pre-Feasibility Study (PFS) in October for Crean Hill, and the board will evaluate the final construction decision at that time.
 
Wrapping up, Jason paints the value proposition for how this Company could grow into a mid-tier polymetallic base metals and precious metals producer over the next handful of years, with other permitted projects like Podolsky and Shakespeare waiting in the project development pipeline.
 
Click here to follow along with the news at Magna Mining
 
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time. 
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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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 Company Update, Cory chats with Simon Dyakowski, President & CEO of Aztec Minerals Corp. (TSX-V: AZT | OTCQB: AZZTF). Aztec Minerals recently announced assay results from its Tombstone Project in Arizona, successfully extending gold-silver mineralization up to 190 meters west within the newly targeted North Extension. With more drill results coming, an upcoming maiden resource estimate, and a recently closed financing, Simon provides key technical and corporate insights into what is shaping up to be a pivotal quarter.
Key discussion points include:
North Extension Expansion: A breakdown of the latest nine drill holes showing strong continuity to the west and north of the Contention pit, highlighted by an intercept of 115.8 meters of 0.67 g/t AuEq.
Structural Geology and Follow-Up Strategy: How the intersection of anticlines and north-south trending dikes is opening up substantial new target areas to the west for early next year.
Maiden Resource Timeline: An update on the cutoff parameters, drill meters incorporated, and what investors should expect when the initial Tombstone resource estimate drops this November.
Pending Assays and Winter Drilling: Expectations for the 22 pending drill holes to the north and the timeline for remobilizing drill rigs to site.
Balance Sheet Runway and Metallurgical Work: Insights into the company's C$8.5 million treasury following an oversubscribed financing, potential PEA timing, and upcoming bottle-roll metallurgical test results.
 
Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 
 
Click here to visit the Aztec Minerals website - https://aztecminerals.com/
 
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For more market commentary & interview summaries, subscribe to our Substacks: 
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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, I chat with Dr. Paula Muto, Founder and CEO of Apptly Health Technologies Corp. (CSE: APPT | OTCQB: APTHF). Dr. Muto discusses the platform’s ongoing expansion, major strategic partnerships, and how direct-pay access is reshaping specialist healthcare for patients, providers, and self-insured employers.
Key discussion points include:
Strategic Partnerships Fueling Marketplace Expansion: Learn how collaborations with Emphera Health, Koning 3D breast imaging, and longevity product providers are significantly broadening the clinical and diagnostic services available on the platform.
Shift to a Doctor-Facing Subscription Model: Discover how the introduction of a SaaS membership structure is driving recurring platform revenue while eliminating per-transaction barriers for independent medical practices.
Enterprise Growth via Direct-to-Employer Contracting: Insights into how Apptly is scaling access beyond direct-to-consumer visits by connecting with self-insured employer networks that cover tens of millions of lives.
Aggressive Physician Network Targets: A breakdown of the company’s trajectory to grow its provider base from 7,000 specialists toward near-term milestones of 10,000 and 30,000 clinicians nationwide.
Corporate Rebrand and Platform Evolution: What the transition from UBERDOC to Apptly Health means for user experience, marketing reach, and expanded care verticals.
 
Click here to visit the Apptly Health website to learn more about the technology 
 
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For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ 
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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.

Welcome to this Daily Editorial edition of The KE Report. In this Daily Editorial, Cory and Shad chat with Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network, to break down a turbulent day across the broader markets. While headline tech names face steep selling pressure following major earnings updates, capital is staging an aggressive migration into classic defensive sectors, retail names, and fixed income.
The Great Rotation vs. an All-Out Crash: Why a sharp decline in the major tech averages does not necessarily point to broad-based market liquidation.
The "Trap" and Overhead Supply: How post-earnings reversals leave dip-buyers caught, creating stiff overhead resistance across former momentum leaders.
Flight to Safety in Value and Staples: The underlying drivers pushing investors back into cash-flowing consumer staples, dividend-paying equities, and beaten-down retail names.
Commodity Divergence and Energy Resilience: Why industrial metals and broader commodities are feeling the pinch while oil continues to find selective bid support.
Wildcards on the Horizon: How election jitters, potential mega-cap corporate mergers, and upcoming hyperscaler earnings reports may dictate year-end positioning.
Stocks & Symbols Mentioned: S&P 500 Index (SPX / SPY), Invesco S&P 500 Equal Weight ETF (RSP), Nasdaq Composite (COMP / QQQ), Meta Platforms (META), Tesla (TSLA), Micron Technology (MU), Procter & Gamble (PG), The Coca-Cola Company (KO), PepsiCo (PEP), Walmart (WMT), Target (TGT), Costco Wholesale (COST), Kohl's (KSS), Lululemon Athletica (LULU), Nike (NKE), Macy's (M), Pfizer (PFE), Eli Lilly and Company (LLY), iShares 20+ Year Treasury Bond ETF (TLT), United States Oil Fund (USO), and SpaceX (Private).
 
Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/
 
Click here to visit the Stock Trader Network - https://www.stocktradernetwork.com/
 
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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.

John Miniotis, President and CEO of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), joins me to review the best gold intercept drilled to date below the known mineralization at the Oculto deposit, in the ongoing Phase 6 drill program on the Company’s wholly owned Diablillos property in the mining-friendly provinces of Salta and Catamarca, Argentina.   We also discuss the valuation mismatch in light of all the value-creation just in 2026, and the growth initiatives along the pathway to construction of the mine and future production in 2029.
 
On October 21, 2026 the Company reported assay results from four diamond drill holes completed at the Oculto East target as part of the ongoing Phase VI exploration program  The standout hole, DDH-26-061, intersected a broad envelope of oxide-hosted gold mineralization containing a high-grade core approximately 50 metres below the current Oculto open pit design.
DDH-26-061 intersected 228.0 metres ("m") grading 1.79 g/t gold and 12 g/t silver from 101.0 m downhole, including 66.0 m at 4.04 g/t gold and 19 g/t silver from 263m downhole.
On a grade-thickness basis, it is the best gold intercept drilled to date at the Oculto deposit, surpassing DDH-25-024.
The high-grade gold zone extends beyond the limits of the current Mineral Resource model and indicates potential for additional gold mineralization beneath the eastern part of the Oculto deposit.
 
Next, we discuss how the valuation disconnect has increased, in light of the sector pullback when contrasted against all the key milestones achieved this year from the updated Mineral Resource Estimate (MRE), Phase 1 Definitive Feasibility Study (DFS), environmental permit approvals from both provinces, RIGI approval, key new hires to board and management team, and commencement of the bridge engineering phase.  
 
Wrapping up we discuss all the growth catalysts on tap:
 
The Company continues to staff up in size and scope to build the mine
The Board is hard at work on putting together a non-dilutive capital stack, exploring royalties/streaming, offtake agreements, and debt terms.
The operations team and 3rd-party contractors are working on the PEA for the heap leach economics that will further supplement the DFS on the tank leach
Three diamond drill rigs are now active, with the Phase VI exploration program expected to be completed by year-end – with an updated Mineral Resource Estimate (MRE) expected in Q2/2027.
Next year the updated resource will be incorporated into the trade-off and optimization studies for Phase 2 economics, demonstrating and even more robust and expanded project.
 
Click here to follow the latest news from AbraSilver Resource Corp
 
If you have any follow up questions for John regarding at AbraSilver, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of AbraSilver Resource Corp at the time of this recording and may choose to buy or sell more shares at any time.
 
 
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 Company Update, I chat with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF), to unpack several major corporate milestones and explore the road ahead for commercialization. Craig provides a comprehensive look into customer engagement, battery performance data, operational scaling, and market adoption across GMG's diverse graphene applications.
In this interview, we cover:
Commercial Battery Cell Dispatches: The strategic importance of shipping the initial battery cells to prospective North American commercial and defense partners for third-party testing.
Scaling Path and BTRL Milestones: How GMG plans to transition production from hundreds of pouch cells per month to tens of thousands per month as they advance through the battery readiness levels.
Breakthrough 6-Minute Fast-Charge Data: The mechanics behind recent test results showing enhanced energy density, long cycle life, and a unique charging phenomenon that sets these cells apart from incumbent technologies.
G-Lubricant and High-Profile Brand Ambassadorship: How partnering with 9-time Motocross World Champion Antonio Cairoli positions G-Lubricant for growth across European retail and performance distribution channels.
G-Fluid and Data Center Cooling: The status of regulatory submissions and the potential for graphene-enhanced fluids to address critical cooling needs in high-performance computing infrastructure.
Corporate Runway and Capital Efficiency: GMG’s current cash position, lean capital deployment strategy, and the anticipated revenue trajectory driven by impending distribution agreements.
 
Please keep the questions coming! Email me at Fleck@kereport.com.
 
Click here to visit the GMG website to learn more about the Company - https://graphenemg.com/
 
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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
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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.

Tim Shearcroft, CEO and Co-Founder of BP Silver Corp. (TSX.V: BPAG) (OTCQB: BPSCF), joins me to review the newest assay results from its ongoing Phase 2 diamond drilling program at the Cosuño Silver Project, in Bolivia.  This initial drilling at the Jalsuri North Target highlights a significant new emerging polymetallic discovery that intersected broad intervals of both zinc and silver mineralization.
 
HIGHLIGHTS
 
Mineralization is located approximately 3 kilometers from the high-grade silver Pocañita Chica occurrence and is interpreted to represent the upper and/or distal portions of a large intermediate sulfidation hydrothermal system. It remains open for expansion in all directions.
Hole CO-0015 intersected a 142 meter ("m") zinc-dominated intersection grading 1.42% zinc and 8.9 g/t silver (2.14% zinc equivalent) from 5 to 147 m,
including 59 m grading 2.57% zinc and 12.25 g/t silver (3.72% zinc equivalent) from 5 to 64 m, and
22 m grading 5.18% zinc and 27.7 g/t silver (7.75% zinc equivalent) from 19 to 41 m (Table 2 and Figure 2).
Hole CO-0015 also returned a 2 m silver-dominated intersection grading 249 g/t silver and 3.46% zinc (495.4 g/t silver equivalent) from 35 to 37 m, and 2 m grading 132.0 g/t silver and 0.66% zinc (189.0 g/t silver equivalent) from 107 to 109 m (Table 1 and Figure 2).
 
Tim goes on to unpack how these results tie into the larger exploration initiatives from the sampling, mapping, geological surveys, and other Phase 1 and Phase 2 results thus far.   We discuss what the follow-up process will be at Jalsuri North and Jalsuri Northeast, where other holes have been drilled and are awaiting assays. 
 
We also reviewed the recent high-grade results at Pocañita Chica from CO-0013, and how the company is currently drilling to undercut the prior holes drilled CO-008 and CO-009 during Phase 1 drilling to test the potential deeper feeder zones. Wrapping up we also discussed the future initiatives to do first pass drilling at the larger Pocañita Grande target.
 
Click here to follow the latest news from BP Silver Corp
 
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 Company Update, we are joined by Gwen Preston, President and CEO of Alex Metals (TSX-V: ALX | OTCQB: ALXMF). Alex Metals is a newly listed junior exploration company focused on uncovering high-grade volcanogenic massive sulfide (VMS) deposits across an underexplored belt in coastal Southeast Alaska. Gwen shares the founding story of Alex Metals, why the team targeted the prolific Alexander Triassic Belt, and what investors can anticipate as assay results roll out over the coming months:
Targeting Tier-One VMS Endowment: How the team identified an overlooked opportunity to secure high-grade projects along the same geological belt that hosts world-class deposits like Greens Creek and Windy Craggy.
KSO Project Drill Program: Highlights from maiden drilling testing massive sulfide outcrops across the historic Khayyam and Stumble-On mines, alongside the newly staked Triple G target.
Wodski Project & Historic Discoveries: Why historic high-grade zinc-silver-gold drill intercepts at Mad Dog sat dormant for two decades and how recent work aims to confirm and expand the system.
Frenchie Target & Geophysics: Surface exposure showing multi-meter-thick massive sulfide horizons and the role ongoing gravity surveys play in preparing the asset for drilling.
Capital Structure & Winter Catalysts: How a clean share structure, a solid treasury, and upcoming sets of multi-target drill results position the company for near-term discovery upside.
 
Please email us with any follow up questions for Gwen. Our email addresses are Fleck@kereport.com and Shad@kereport.com. 
 
Click here to visit the Alex Metals website to learn more about the company and projects. - https://alexmetals.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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review his key takeaways from a recent mining conference in Stockholm Sweden.  The conversation then moves into how he is evaluating opportunities in junior gold and silver resource companies that have clear catalysts and that have funded their next phase of growth.  
 
We start off discussing the mining conference, getting his reflections on investor sentiment, the deluge of sector newsflow, takeaways from speaking with company management teams, and most importantly, if those companies had a strategy in place to fund upcoming catalysts that may force the market to reconsider their current valuations.
 
He points out that often times the news released by a number of companies over the last few weeks was actually positive, and further derisked or advanced their projects, and yet only got a muted response with the bearish sector backdrop during the month of September and October.
This is one of the setups and sector disconnects that Erik looks forward to exploiting in his own portfolio. 
He is looking for improving value propositions in junior exploration and development stocks, that have put out compelling news in the recent past, which sets up future news releases, and thus they have key alpha growth catalysts on tap in the medium-term.
 
The topic that we focused on for the balance of the discussion was that different approaches that junior companies were taking to ensure they’d have the capital on hand to execute on the next key milestones.   These catalysts could force the hand of Mr. Market to rerate these companies as the work programs get fueled by takeovers, ongoing organic production, trial mining and bulk samples, near-term moves into commercial production, strategic partnerships, or bringing in key strategic investors.
 
The companies we discussed in this interview are: Roxmore Resources Inc. (TSX: RM) (OTCQX: GARLF), McFarlane Lake Mining Limited (CSE: MLM) (OTC: MLMLF), Galway Metals Inc. (TSX-V:GWM)(OTCQB:GAYMF), Amex Gold Mining Inc. (TSXV: AMX) (OTCQX: AMXEF), Sierra Madre Gold and Silver Ltd. (TSXV: SM) (OTCQX: SMDRF), Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF), Excellon Resources Inc. (TSXV: EXN) (OTCQB: EXNRF), Sonoro Gold Corp. (TSXV: SGO) (OTCQB: SMOFF), Altamira Gold Corp. (TSXV: ALTA) (OTCQB: EQTRF), Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE) , and Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF).
 
 
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, Cory and Shad welcome back Craig Hemke, Founder and Editor of TF Metals Report, for an in-depth assessment of the ongoing downtrend across the precious metals complex. Craig breaks down the technical posture of the sector, the fundamental health of mining producers, and the macro forces driving current market behavior.
Macro Trend: Secular Top or Massive Bull Flag? Craig evaluates whether current price action resembles the prolonged top from 2011 or if gold and silver are carving out an extended consolidation pattern.
Producer Margins and Cost of Production: Why current prices still support robust cash flow for miners despite rising input costs, and where true production floors lie.
Q3 Earnings and "Sell the News" Risk: Ahead of major reporting from producers like Newmont (NEM), we discuss whether strong balance sheets will spark a sustained rally or prompt investors to sell into strength.
COMEX Open Interest and Market Structure: An analysis of collapsing open interest in silver and gold, changing CME margin requirements, and how thin liquidity accelerates intraday price swings.
Technical Realities for Reversals: What the charts indicate about bottoming processes, how long recoveries take after extended declines, and why technical levels matter most right now.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
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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.