The KE Report

In this Company Update, we sit down with Colin Padget, President, CEO, and Director of Founders Metals Inc. (TSX-V: FDR | OTCQX: FDMIF | FRA: 9DL0). Colin provides an in-depth look at ongoing exploration across the Antino Gold Project in Suriname, detailing recent high-grade drill results, regional expansion targets, and the strategic road ahead.
Discussion highlights include:
High-grade continuity at the Froyo Zone: An overview of standout intercepts at depth and how step-out drilling is expanding the scale of high-grade mineralization down dip.
Connecting targets across Upper Antino: How ongoing step-outs to the east are systematically testing structural continuity between Froyo and the Donut target.
Scale and orientation of the West Zone: Early impressions from recent discovery holes across strike and what this broad footprint signals for the larger system.
Advancing regional targets across the property: A status check on drilling activity and pending assays from Antino North, Antino Northeast, and Maria Geralda.
Expanded drill meterage and newsflow expectations: Insights into total expected drilling by year-end and what investors can anticipate regarding the upcoming cadence of results.
Exploration focus versus resource delivery: The strategic reasoning behind prioritizing footprint expansion and discovery drilling over an early maiden mineral resource estimate.
Strategic backing and treasury strength: How substantial investment from Gold Fields fuels ongoing exploration across the district.
 
If you have any follow up questions or topic you would like Colin to address please email us at Fleck@kereport.com or Shad@kereport.com. 
 
Click here to visit the Founders Metals website - https://www.fdrmetals.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.

Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me for another wide-ranging discussion regarding his technical outlook on the precious metals, if the fundamental factors will matter for PM producers heading into Q3 earnings season, and his portfolio management strategies heading into year-end tax loss selling season.
 
We start off reviewing the technical action on the price charts, with gold and silver back down testing key support levels once again.
 
Robert points out that selling pressure has increased as we’ve entered the last week of October, bringing back into focus the $3,980 support level in gold, and the ~$54 level in silver.
If these nearby support levels do break to the downside, then there are couple different pathways forward:
There could be “false breakdown” that briefly undercuts support, gets most traders bearish, but then that becomes the fuel that brings in more buyers.
There could be a bearish continuation move to even lower levels, washing out the sector sentiment even more than where it already is; until the selling becomes exhausted and then the sector puts in a “major low” to begin the next leg of the bull market.
 
Next, we noted the fat margins that producers should demonstrate as we continue to head into Q3 earnings season over the next few weeks.
Despite the corrective moves in the metals and higher energy costs for the quarter, the company fundamentals should be mostly robust at current prices and margins.
We question whether this constructive news will even matter in light of the backdrop of falling directional pricing in the underlying metals.
 
We have been witnessing depressed sector sentiment, apathetic volume and investor participation in the junior PM stocks and copper stocks, and low company valuations detached from fundamental catalysts.
 
It appears that tax-loss selling silly season is gearing up again here in late October, as we prepare to head into November where selling pressure is often the most extreme.
Robert reminds listeners of the reasons behind this seasonal market pattern.
It has been a statistically favorable trade, for many years, to buy into the depressed resource company valuations heading into November tax-loss season, and then hold them into the Q1 Run into January/February, lightening up on positions into any outsized rallies.
 
Robert unpacks why he is animated by the risk/reward setups in a couple junior exploration companies, specifically outlining their upcoming catalysts and newsflow on tap:
 
Kingfisher Metals Corp. (TSXV: KFR) (OTCQX: KGFMF) (FSE: 9700)
Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF)
 
Wrapping up he discussed a few portfolio management strategies, where having cash reserves in place to be able to capitalize on any substantial pullbacks in quality companies in this seasonal weakness can make for good accumulation points.  
Robert reiterated that investors should take inventory of what they own and why they own those stocks; focusing on their highest conviction stories.
 
Follow Robert’s analysis on Substack
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https://ceo.ca/@goldfinger
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Click here to follow Robert on X/Twitter
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https://www.youtube.com/@GoldfingerCapital/videos
 
 
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.
 

Cliff Hale-Sanders, President of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review their Q3 2026 gold production and operational metrics at the producing Minera Don Nicolas (MDN) gold mine in Argentina.  We discuss the increased life of mine and MDN due to the acquisition of the adjacent Falcon Properties, and the ongoing 70,000 meter exploration program, both at surface and now with an active underground drill rig. Additionally we get an update on the permitting process at the Lagoa Salgada VMS Project in Portugal and ongoing tradeoff studies for the coming Feasibility Study  at the Mont Sorcier Iron Project in Quebec.
 
Q3 Operating Highlights:
 
Q3 production of 16,685 GEO, up 21% from 13,832 GEO in Q3 2025.
Year-to-date production of 44,942 GEO, up 23% from 36,432 GEO in the comparable 2025 period
Heap leach production remained steady at 9,649 GEO in the quarter, similar to Q2 2026
CIL production increased to 7,036 GEO in Q3, primarily driven by the selective routing of high-grade Calandrias feed to the Martinetas mill rather than the heap leach pad
Exploration is ongoing, with a key focus now on the recently-acquired Falcon property to support resource growth for a new Preliminary Economic Assessment targeted for late Q1 2027.
Full-year 2026 production is now expected at the upper end of annual guidance of 50,000 to 60,000 GEO
 
 
Cliff and I review their Minera Don Nicolas producing gold project in Argentina, and the combination of heap leach and underground gold equivalent ounce production for the third quarter, and the better recoveries experienced for open pit material ran through the CIL plant.
 
He also highlighted the advantages of the Falcon Properties acquisition, and how it adds years to the existing heap leach mine life, as well as substantial exploration upside.  We discuss the key objectives from the ongoing 70,000 meter drill program will be looking to extend the project mine life in a substantial way and find new high-grade areas, at surface and underground, for future mine sequencing. This data will feed into an updated resource and improved economics in a PEA both set to release in the first half of 2027.
 
Next we shifted over to the Lagoa Salgada project and that to company is preparing to resubmit a revised permit application, addressing the concerns raised by the Portuguese Environmental Agency (Agência Portuguesa do Ambiente – “APA”) to overturn APA’s opinion and find a resolution to proceed with development of the project in 2027.
 
We got an update on the rationale behind the extension for the completion date of the Bankable Feasibility Study at its Mont Sorcier high grade iron project in Quebec to the middle of next year.   This initiative, led by Voyager Metals, a 100% owned subsidiary of Cerrado Gold, is to review numerous optimization and trade-off opportunities that have been identified during the BFS process as having the potential to materially enhance the overall value of the project. 
 
Key Optimization Focus Areas Include: Enhanced Mine plan to reduce Overall Strip Ratio, Tailing Dam Construction, CAPEX and OPEX review in light of Ongoing Regional Inflation, Trade-off in Concentrate Quality vs Premium Price.
 
We wrap up discussing the underappreciated current valuation that the company is receiving for the producing MDN mine in Argentina, for both the development-stage Lagoa Salgada and large Net Present Value of the Mont Sorcier Project, and the comprehensive value proposition for all 3 projects.
 
 
If you have questions for Cliff regarding Cerrado Gold, then please email those to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to see the latest news from Cerrado Gold.
 
 
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. With precious metals and mining equities enduring steep corrections, Craig breaks down key price thresholds, market sentiment, and what macro events could dictate the next major move.
Testing Critical Support Levels: Gold and silver are revisiting crucial summer baselines. Craig explores whether holding these zones is realistic or if an undercut-and-rally setup must play out first to flush out remaining weakness.
Macro Catalysts on Deck: A stacked economic calendar features the October FOMC rate decision, post-meeting press conferences, and the Fed’s preferred inflation metric, the PCE deflator. Craig reviews expectations and how central bank rhetoric could shift market momentum.
Mining Stocks vs. Physical Metals: Even as top producers deliver solid quarterly production and earnings, their shares face persistent selling. The conversation examines cost pressures, energy input headwinds, and the disconnect between sector fundamentals and equity prices.
Contrarian Signals in Commodity Positioning: Drawing comparisons across uranium, critical minerals, and broader commodities, Craig discusses TFMR’s trading rules and highlights multi-year low hedge fund positioning in Comex silver.
 
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, Cory chats with Tara Christie, President and CEO of Banyan Gold Corp. (TSX-V: BYN | OTCQB: BYAGF), to break down the company’s recent operational progress, ongoing exploration across its multi-million-ounce AurMac Gold Project in the Yukon, and key near-term development milestones.
2026 Drill Program & Progress: Tara outlines the current pace of their 70,000-meter campaign, current rig count on site, and plans to expand drilling into the winter months.
Unlocking the Gap Zone: An overview of why the untested area between the Powerline and Airstrip deposits presents significant near-surface grade upside and strip-ratio advantages.
PEA Timing & Core Objectives: What management is targeting from the upcoming Q4 Preliminary Economic Assessment and how ongoing engineering work is shaping project economics.
Assay Timelines & Resource Evolution: Insights into laboratory turnaround times, upcoming infill conversion goals, and what will feed into future feasibility-level studies.
Treasury Strength & Capital Allocation: How Banyan Gold is leveraging its healthy cash position to maintain aggressive exploration momentum without balance sheet stress.
Yukon District Outlook: Context surrounding the sale of the Victoria Gold Mine to a Singapore-based firm and the implications of renewed international capital entering the territory.
 
If you have any follow up questions for Tara please email me at Fleck@kereport.com. 
 
Click here to visit the Banyan Gold website - https://banyangold.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.

While broader equity markets shudder under high interest rates and AI valuation fatigue, resource markets are painting a striking study in contrasts. In this episode, we tackle the sharp sell-off in precious metals alongside the relentless fundamental strength of the energy complex. Brien Lundin (Editor of Gold Newsletter) breaks down why short-term algorithmic liquidations in gold and silver are masking an inevitable monetary reset. Then, Josef Schachter and Nathan Ritchie (Schachter Energy Report) examine why the multi-year bull thesis in oil and natural gas remains structurally supply-constrained, presenting compelling value across both Canadian heavy hitters and mispriced international producers. 
Segment 1 & 2 - Brien Lundin, editor of the Gold Newsletter and host of the New Orleans Investment Conference, kicks off the show to discuss the precious metals market, explaining that recent sharp sell-offs are driven by short-term algorithmic trading and tech sentiment rather than damaged fundamentals. He argues that escalating sovereign debt and deficit pressures will ultimately force easier monetary policies, making current downturns prime buying opportunities for long-term investors - particularly in select junior exploration stocks. 
Click here to learn more about the New Orleans Investment Conference coming up this week, on October 28-31. - https://neworleansconference.com/korelin/  
 
Segment 3 & 4 - Josef Schachter (founder and editor) and Nathan Ritchie (VP of Energy Research) of The Schachter Energy Report recap their recent energy conference and share an optimistic outlook for the oil and gas sector. They highlight an ongoing energy bull market driven by insufficient capital reinvestment and growing global demand, predicting a forthcoming outperformance in natural gas equities and recommending diversified exposure across Canadian and international oil, gas, and energy service companies 
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
 
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.
 

In this Company Update, Cory chats with Dan Sutton, CEO of Syntholene Energy (TSX-V: ESAF | OTCQB: SYNTF). Following the release of an independent technical review confirming world-class operating efficiencies at the company’s Iceland demonstration facility, Dan breaks down what these findings mean for commercialization, the unit economics of clean hydrogen production, and the path toward industrial-scale deployment.
Independent Performance Validation: An overview of the empirical production results from the demonstration facility in Iceland and how performance data de-risks core fuel synthesis technology.
Structural Cost Advantages: How baseload geothermal power combined with high-efficiency hydrogen generation positions Syntholene to compete directly against fossil fuels and alternative biofuels.
Modular Scalability: Why the underlying electrolyzer technology allows for predictable commercial scaling without proportional technology risk.
Commercial Offtake Roadmap: The transition from technical demonstration to negotiating multi-year, bankable take-or-pay agreements with major airlines and industrial buyers ahead of targeted 2028 construction.
Corporate Runway and Capital Discipline: How the company manages burn rate, minimizes dilution, and aligns prospective strategic partnerships ahead of commercial project financing.
 
Please email me with any insight you have on the synthetic fuel market or questions for Dan. 
 
Click here to visit the Syntholene Energy website to learn more about the company. - https://syntholene.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 Daily Editorial, Cory and Shad welcome Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of Marc to Market, for the weekly market recap and look ahead to next week. With crucial central bank decisions and top-tier GDP data on deck, the discussion unpacks underlying crosscurrents across sovereign debt, energy, foreign exchange, and metals.
Big Tech Fragility and Market Rotation: A breakdown of the Philadelphia Semiconductor Index’s continued pullback and whether the market’s defensive posture signals true institutional risk-off positioning or routine month-end rebalancing.
Yield Curve Conundrum vs. Surging Oil: Why benchmark Treasury yields are retreating even as WTI crude presses multi-week contract highs, and what this divergence suggests ahead of the FOMC meeting.
The "Rate Cut" Reality Check: An examination of Fed funds futures pricing, persistent US consumer strength, and why aggressive easing bets may remain premature.
Historical Election Cycle Tailwinds: What historical data reveals about third-year presidential cycles and how that seasonal tendency could shape equity performance into next year.
Currency Volatility & FX Divergence: Structural setups across the euro, the yen’s technical retracement, and the fundamental drivers powering the Canadian dollar’s multi-session rally.
Precious Metals Under Pressure: Analysis of the continued technical breakdowns in gold and silver as key support levels give way.
 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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.

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.  We review the rough timeline for when development ore  from Levack will start feeding into the production profile in 2027, but with commercial production anticipated for 2028.
 
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:
 
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, 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/
 
-----------------------
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.