The KE Report

In this Company Update, Cory chats with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF). Mike walks us through the recent completion of the company’s 60,000 meter, 2026 exploration campaign at the flagship RC Gold Project in Yukon, detailing the scale of the program, what visual indicators are showing in the core, and what investors should anticipate as substantial assay flow begins.
Completion of the 60,000-Meter Campaign: With 149 diamond drill holes wrapped up, discover the operational execution behind Sitka’s largest exploration season to date and the timeline for releasing the remaining backlog.
Massive Assay Backlog Pending: Over 30,000 meters across 90 drill holes are currently awaiting laboratory assays, representing significant potential news flow heading into year-end.
High-Grade Expansion vs. Infill Focus: 80% focus on step-out drilling aims to grow the known footprint across Blackjack, Saddle, Eiger, and newly tested targets toward an updated mineral resource estimate targeted for Q1 2027.
Geological Drivers and Lamprophyre Dikes: Mike highlights key structural observations from the drill core, including visual gold mineralization and what the repeated association with extensional lamprophyre dikes reveals about the larger system.
Strengthening Board Leadership: An introduction to new Chairman of the Board Tim Termuende, his background building exploration value, and how his expertise aligns with Sitka's evolution beyond exploration toward advanced project development.
 
If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 
 
Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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, Cory is joined by Mike Spreadborough, Executive Co-Chairman, and Rohan Williams, General Manager of Exploration, at Novo Resources Corp. (TSX: NVO | ASX: NVO | OTCQX: NSRPF). The discussion focuses on the recent milestone updates from the Tibooburra Gold Project in New South Wales, detailing upcoming drill programs, farm-in progression, and regional exploration initiatives:
Upcoming RC Drill Program at the Clone Prospect: How Novo is preparing to kick off an imminent 2,700-meter reverse circulation (RC) drill program following up on previous high-grade intercepts.
Step-Out Potential and Exploration Depth: Insights into testing down-plunge continuity, targeting mineralized plunge extensions down to 160 meters, and assessing analogies to high-grade Victorian goldfields.
Regional Pipeline and First-Principles Targeting: A look at how extensive stream sediment, soil sampling, and rock-chip surveys across the 22-kilometer strike are shaping air-core drill targets for next year.
Joint Venture Farm-In Milestone: Key operational and management shifts following Novo's earn-in to secure an initial 70% interest in the joint venture.
Project Timelines and Upcoming Catalysts: What investors should anticipate regarding drilling turnaround, pending soil assay releases, and long-term planning for 2027.
 
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 - https://novoresources.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.

Jon Gilligan, President and CEO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive review of the key metrics from the Feasibility Study released on September 8th, as well as updates on metallurgical testing, engineering work, and the permitting roadmap; with a move towards a construction decision in 2 years at the open-pit, heap leach Black Pine Gold Project in the Great Basin in southeastern Idaho.
 
On February 10, 2026 the Company announced an update to the independent Mineral Resource Estimate (the “MRE”) for Black Pine:
Indicated Resourceof 502.7 million tonnes (“Mt”) at an average grade of 0.30 g/t Au totalling 4,882,000 ounces (“oz”) Au; and
Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.
 
2026 Black Pine Feasibility Study Highlights:
 
Large-scale production: 16-year mine-life with an average annual payable production of 202,000 oz Au in Years 1-5, at an average grade of 0.35 grams per tonne gold (“g/t Au”), including peak annual production of 277,400 oz Au in Year 5; and average annual payable production of 176,700 oz Au over life-of-mine (“LOM”), including peak LOM annual production of 294,600 oz Au in Year 13.
Probable Mineral Reserve containing 4.04 million oz Au: 433.3 million tonnes at a grade of 0.29 g/t Au, supporting the planned 16-year mine-life.
Capital-efficient development: The Project has an estimated initial capital cost of $411.4 million for a conventional ROM open-pit heap-leach operation. The ratio of the Project’s base-case after-tax Net Present Value (“NPV”)(5%) to initial capital ratio is 5.8.
Competitive operating costs projected: LOM cash costs and all-in sustaining costs (“AISC”) of $1,388/oz Au and $1,566/oz Au, respectively.
Robust projected Project returns: At the base case gold price of $3,250/oz Au, the Feasibility Study estimates an after-tax NPV(5%) of $2.397 billion, after-tax Internal Rate of Return (“IRR”) of 60.5% and after-tax payback of initial capital of 2.0 years for the Project.
Black Pine generates strong projected economics across a broad range of gold prices: At $4,500/oz Au, the Project is estimated to generate an after-tax NPV(5%) of $4.336 billion (IRR of 104.3%) with a payback of 1.2 years. At a lower gold price, of $2,500/oz Au, the Feasibility Study continues to project positive economics, including an after-tax NPV(5%) of $1.215 billion (IRR of 33.4%) with a payback of 3.4 years.
 
On March 23, 2026 the Company announced that a coordinated federal and state permitting schedule has been posted to the United States government permitting dashboard, pursuant to the U.S. Federal Permitting Improvement Steering Committee Council FAST-41 federal permitting framework, which provides transparency on permitting milestones and timelines.
 Initial stages of permits will arrive in late 2027, with the final record of decision expected in Q1 2028. At that point construction will begin.
 
Having the F.S. in hand allows for discussions to assemble the capital stack of debt / equity / royalty & streaming; which will be decided upon in H1 2027. 
 
Click here to follow the latest news from Liberty Gold
 
 
If you have any questions for Jon regarding Liberty Gold, the please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Liberty Gold 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 Daily Editorial, hosts Cory and Shad chat with Dave Erfle, Founder and Editor of The Junior Miner Junky, to examine the ongoing correction across the precious metals complex. With crucial monthly closes approaching and major macroeconomic catalysts on deck, Dave breaks down technical inflection points, sector divergences, and disciplined positioning strategies for mining equities.
Crucial Technical Levels for Gold and Silver: Dave details key downside triggers in the futures markets, identifying what a monthly close below key support could mean for a deeper stop run.
Historical Cycle Analogs: A comparison between current price action and the 2008 correction, highlighting how structural similarities offer clues for the next macro leg.
Divergence in Gold Stocks and Producers: Why select mining equities and producer ETFs are exhibiting relative resilience compared to past cyclical corrections.
Q3 Earnings and Cost Inflation Pressures: How rising all-in sustaining costs (AISC) and shifting margin profiles are impacting producer valuations during earnings season.
Disciplined Capital Allocation & Portfolio Strategy: Dave shares his tactical framework for scaling into high-conviction plays, managing cash reserves, and taking programmatic profits into strength.
 
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 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/
 
------------------------
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.

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
.
https://ceo.ca/@goldfinger
.
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.