The KE Report

As midterm political shifts collide with global structural deficits, CPM Group’s Jeff Christian and Energy Prospectus Group’s Dan Steffens explain why paper sell-offs are masking massive physical realities in precious metals and energy. 
 
Segment 1 & 2 - Jeff Christian, Managing Partner at CPM Group, kicks off the show discussing how gold and silver are poised to resume their long-term secular bull market following a 10-month decline. He attributes this anticipated rebound primarily to escalating global economic, financial, and political turmoil, as well as private investor demand, rather than to traditional macro correlations or central bank purchases alone. 
Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/
 
Segment 3 & 4 -Dan Steffens, President of the Energy Prospectus Group, discusses the recent sharp pullback in oil prices, emphasizing that tight physical supply fundamentals and strong corporate balance sheets remain intact despite market volatility. He highlights investment opportunities in dividend-paying royalty companies like Viper Energy, analyzes growth trends and M&A potential in the Canadian energy sector, and outlines catalysts for the natural gas market, including winter weather demand and expanding LNG export capacity.  
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/
 
If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
 
For more market commentary & interview summaries, subscribe to our Substacks:
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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.

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTCQB:EXNRF)(FRA:E4X2), joins me to celebrate the milestone of initial concentrate revenues generated during pre-commissioning at its 100%-owned Mallay Silver-Lead-Zinc Mine in central Peru. During the quarter, the Company completed three test milling campaigns at the Mallay concentrator and has selected a new mining contractor to lead the next phase of the mine's ramp-up.  We go on to discuss those next phases of ramp-up process into commercial production during H1 of next year, the exploration targets at Mallay and Tres Cerros, and other corporate derisking initiatives.
 
Highlights:
 
First revenues received: US$4.4 million has been collected to date on the initial concentrate shipments under the Company's offtake agreement with Glencore.
Three Pre-Commissioning Milling Campaigns Completed: 19,884 tonnes processed and 52,860 ounces of silver recovered in concentrate since restart of the mill. Recoveries continue to improve, achieving 84% for silver, 84% for lead and 81% for zinc, reflecting ongoing refinements during the pre-commissioning period.
Target is to Achieve 600 TPD Ramp-Up by Mid-2027: The Company's objective is to reach the 600 tonne-per-day rated capacity of the mill by mid-2027, with the ramp-up schedule to be confirmed in the updated mine plan for year-end.
Updated Mineral Resource Estimate: SGS has been engaged to update its previous mineral resource estimate based on a new geological and resource model incorporating the calc-silicate and other previously unmodeled mineralized zones. The updated estimate, targeted for end of this year, will also include up to 27 new drill holes and all new mine channel sampling in the vicinity of the 4090 level.
Updated Mine Plan Expected for Year-End: SRK Consulting continues to incorporate the new modelling into an updated block model. The resulting plan will set out targeted mine production for the next two years.
DHEM Drilling Program Advancing: The first hole intersected a skarn-altered halo with anomalous copper at approximately 600 metres depth, indicating the presence of a mineralized skarn system below the currently drilled extent of the Isguiz vein. Assay results to date are anomalous in copper and silver. A second hole is currently at a depth of approximately 800 metres, and planned downhole electromagnetic survey will guide follow-up drilling. Results of this drilling will be reported separately as they are received.
400 Ramp: The main accessway below the 4090 Level is now dewatered to the point where rehabilitation can begin. Rehabilitation of the 400 Ramp is the next step toward providing access to areas of the Mine below the 4090 Level.
Drilling Underway: Three drill rigs are active, targeting confirmation drilling at depth and near-mine exploration.  Results will be reported separately.
 
 
We then briefly review the value proposition and optionality across their other 3 projects:  Tres Cerros, Kilgore, and Silver City.   Shawn points out there will be a lot of news to announce over the balance of this year and into early next year from exploration to operations at Mallay, the spin-out of Silver City, and exploration targeting at Tres Cerros and Kilgore.
 
Click here to follow the latest news from Excellon Resources
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Company Update, we welcome Nick Appleyard, President and CEO of TriStar Gold (TSX-V: TSG | OTCQB: TSGZF). Nick joins Cory to break down the November 6th news release detailing an interim ruling from the Brazilian court concerning the preliminary environmental license (LP) for the flagship Castelo de Sonhos Gold Project. He clarifies what the court’s decision actually means for project development, addresses common market misconceptions, and outlines upcoming operational milestones.
Understanding the Brazilian Court Interim Ruling: Discover why management views this decision as an alignment of interests rather than a setback, and how it clarifies the legal framework required before construction permits can be issued.
Provisional Suspension vs. Cancellation: An essential distinction explaining why technical programs, baseline activities, and feasibility work can proceed without interruption while construction licensing is paused.
Indigenous Studies & Consultation Timelines: Insights into the planned Indigenous Component Study (ECI) and Free, Prior, and Informed Consent (FPIC) process, including expected timelines and community proximity.
Upcoming Infill Drilling & Feasibility Catalysts: A look at what to watch for in early Q1, including contractor bidding, site team expansion, and critical path items for the upcoming feasibility study.
Project Economics & Treasury Strength: A recap of the current resource base, post-tax economics from the last economic study, and the company's current cash runway to fund operations.
 
Click here to visit the TriStar Gold website to read over today’s news. 
 
Email me any follow up questions for Nick - Fleck@kereport.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.

In this Company Update, Cory chats with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF). Mike breaks down the latest assay results from eight diamond drill holes at the RC Gold Project in Yukon, focusing on newly tested exploration targets, the Contact Zone and Bear Paw Breccia. He discusses the significance of these near-surface gold intersections, comparisons to established deposit areas, and the project’s development pathway as pending assays continue to roll in.
New Target Exploration: An overview of the initial eight drill holes testing the Contact Zone and Bear Paw Breccia targets.
High-Grade Near-Surface Intercepts: Drill highlights featuring broad mineralized zones alongside high-grade intervals, including 53.1 g/t Au over 1.2 metres within the Contact Zone.
Footprint and Scale Potential: The physical footprint and geologic structure of these new discovery zones situated within the Clear Creek Intrusive Complex.
Resource Growth Strategy: How these newly drilled zones compare to the core multi-million-ounce deposit areas and what they mean for the upcoming mineral resource update.
Program Momentum and Upcoming Catalysts: Progress on the remaining drill program, with approximately 27,000 metres across 82 holes still awaiting assay results.
 
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: 
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, we are joined by Howard Klein, Founder and Partner at RK Equity, and Matt Fernley, Partner at RK Equity, who also co-host the Rock Stock Channel. They delve into the sharp sell-off across the critical minerals space, comparing near-term cyclical turbulence to long-term secular demand fundamentals.
The Market Disconnect: Why spot prices and equity valuations have severed ties with strong underlying physical market realities.
Contrasting Commodity Risk Profiles: Where secular upside is emerging in select energy transition metals versus why near-term macroeconomic risks could spark downside in copper.
Macro Volatility and Liquidity Competition: How geopolitical events, interest rate shifts, and the AI capital expenditure race are vacuuming capital out of natural resources.
Post-Election Washington and Bipartisan Policy: What recent shifts in Congress mean for permitting reform, trade policy, and domestic supply chain security.
Timing the Turnaround: The critical indicators investors must monitor to distinguish between a genuine market bottom and a falling knife.
 
Click the following links to keep up to speed with Howard and Matt: 
RK Equity website - https://rkequity.com/ 
Rock Stock YouTube channel - https://www.youtube.com/watch?v=UchoS9EZvak 
Howard Klein on X @LithiumIonBull - https://x.com/LithiumIonBull
Matt Fernley on X  @matt_fernley - https://x.com/matt_fernley 
 
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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.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for our monthly longer-format discussion on macroeconomic factors moving the markets, his key takeaways from the New Orleans Investment Conference, and his outlook and portfolio management strategies in select gold, silver, copper, and uranium stocks.
 
We start off reviewing the investing themes that had his attention after attending last week’s New Orleans Investment Conference.
 
Nick addresses the encouraging trend of meeting new generalist entrants into the resource sector and seeing outside capital rotating into the sector
We review the typical talking points from the conference of US dollar debasement, sovereign debt, Fed policy, bonds and interest rates, along with the impact of US mid-term elections and weakness in the AI trade
Investor sentiment and pricing trends have remained bearish, which he sees creating opportunities to accumulate during this tax-loss selling season.
He remains more short-term bearish than bullish on many metals due to the background noise from macroeconomics and geopolitics, but reiterates that he is far more bullish for 2027 in gold, silver, and uranium.
With regards to his focus on private placements in junior resource companies Nick remains more focused on solid management teams and execution of their key workstreams, versus worrying about every price adjustment in their underlying commodity.
 
Next we pivoted to his fundamental and technical outlook in key metals for 2027:
 
He had warned that we could see gold break below $4,000 again and head down to test $3,900, which we just saw play out over the last week.
He had warned that we could see silver down below $55 again, in a washout move, before moving back higher again; which we also saw play out over the last couple weeks.
Nick outlines that he expects to see the recent Q3 GDP print of 3.4% as the high-water mark for growth, and that inflation is close to peaking when considering year-over-year rates of change.   As growth and inflation peak and start rolling over in 2027, he anticipates the Fed will shift from hawkish to dovish, which may bring in the bottom and next upleg in gold, silver, and the precious metals stocks.
At the last NOIC at this time last year Nick had picked copper as the contrarian play for 2026, and it has had an undeniably great year.  Having said that, Nick remains bullish on copper longer-term, but expects more potential short-term weakness tied to macro factors like a potential popping of the AI bubbl, and expects it to be stuck in sideways range trading in the $6s for the medium-term. 
Nick is most constructive on uranium equities heading into 2027, as there is a “head-scratching” disconnect between the solid fundamentals for traditional nuclear power and where the uranium stocks are trading.  Power utilities have started signing term contract at ~$100, and the spot price has been advancing to the high $80s - $90, and yet the uranium stocks have been essentially chopped in half during the course of this year.
 
 
Click here to follow Nick’s analysis and full suite of offerings at Digest Publishing
 
 
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 chat with market veteran Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network. Following a sharp post-election reversal that sent major indices tumbling, Joel breaks down whether the long-standing "buy the dip" strategy is officially broken and if investors must prepare for a deeper, multi-month retracement.
Key Discussion Points:
The Brutal Market Reversal: An analysis of what triggered the sharp single-day selloff across major indices right after election day.
The AI and Infrastructure Unwind: A look into why leaders of the multi-year AI trade and key infrastructure plays are facing severe selling pressure.
Unsustainable Margins and Local Pushback: Exploring margin compression across semiconductor giants and how local ballot measures on data center buildouts are altering the tech landscape.
Rotation vs. Evaporation: Why defensive sectors and safe havens failed to hold gains as broad selling took over the entire tape.
Fed Policy and Rate Realities: Assessing the likelihood of upcoming interest rate moves and whether rate cuts remain off the table.
Earnings Season Strategy Shift: Why the playbook is shifting from buying pullbacks to selling rips into corporate reports.
Critical Technical Support Levels: Fibonacci retracement targets on the S&P 500 and what price action must do before a genuine bottom can be called.
 
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/
 
---------------------------
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 Dan Rodriguez, Co-Founder and CEO of Mercado Minerals Ltd. (CSE: MERC | OTCQB: MRMNF), to review exploration progress across the company's silver and gold portfolio in Mexico. Dan details the completed Phase 1 drill campaign at the flagship Copalito Project, outlines plans for a Phase 2 program, and highlights the newly mobilized maiden drill program at the high-grade Zamora Project.
Key discussion points include:
Copalito Phase 1 Drill Recap: A look into how the 3,000-meter inaugural program expanded cumulative vein strike from 8 km to 11 km, delivered multiple high-grade intercepts, and confirmed wide-vein minable continuity.
Phase 2 Expansion Priorities: An overview of high-conviction targets slated for upcoming drilling, including strike and depth step-outs along El Pilar and El Agua, as well as the newly discovered Renata vein.
Maiden Drilling Underway at Zamora: Key drivers behind the 1,500-meter campaign targeting shallow, high-grade silver and gold veins with historic underground sampling grading into multi-kilo silver.
District Comparables and Infrastructure: How regional peers such as Torex Gold's Los Reyes and Americas Gold and Silver's Cosalá validate the geologic potential and infrastructure advantages of the area.
Treasury and News Flow Outlook: The company’s current working capital position and anticipated catalysts as assay results begin returning from the field.
 
If you have any follow up questions for Dan please email me at Fleck@kereport.com. 
 
Click here to visit the Mercado Minerals website to learn more about the company. 
 
-----------------
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, hosts Cory and Shad sit down with Brien Lundin, Editor of Gold Newsletter and host of the New Orleans Investment Conference, to dissect the crosscurrents impacting the precious metals sector. Following a week of heavy post-election volatility and discussions from the conference floor, Brien breaks down where macro capital is headed and what it means for resource investors.
New Orleans Conference Macro Takeaways: Why sovereign debt, persistent deficits, and inevitable fiat currency depreciation dominated the stage as primary drivers for the long-term precious metals bull market.
The Looming Fed Monetary Shift: Why current debt levels make prolonged rate hikes unsustainable, paving the way for central bank policy to turn neutral or loose far sooner than broad markets anticipate.
The Tech Bubble Deflation and Sector Rotation: How weakness across broad equities and AI-driven growth could spark an overdue rotation of global liquidity into unloved, deeply discounted natural resources.
Tax-Loss Season as an Entry Strategy: Navigating seasonal year-end tax-loss selling pressure across junior equities to uncover asymmetric value before the next seasonal rally takes hold.
Exploration Catalysts Defying Downward Trends: The specific high-grade drill programs, district-scale land expansions, and surface discoveries that continue to create real shareholder value despite broader equity turbulence.
Commodity Divergence and the Copper Outlook: Why industrial demand creates short-term headwinds for silver while setting copper up as a long-term core commodity holding.
 
Click here to learn more about the Gold Newsletter. - https://goldnewsletter.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, I sit down with Garrett Ainsworth, President and CEO of District Metals Corp. (TSX-V: DMX | OTCQB: DMXCF | Nasdaq First North: DMXSE SDB). Garrett Ainsworth provides a comprehensive exploration update covering ongoing drill activities and recent geochemical sampling across the company's Swedish mineral portfolio:
Substantial widths at Target A: Initial vertical drilling has intercepted thick intervals of mineralized alum shale extending up to 198 meters near surface.
True width and structural significance: Visual drill results demonstrate how current intercepts align with the broader Viken resource model and past economic assessments.
Radiometric readings and graphite potential: Scintillometer data shows elevated radioactivity levels, highlighting conductivity trends and indicating stronger potential targets nearby.
Environmental benefits of local geology: Overlying limestone units present a unique operational advantage for potential future backfill, tailings neutralization, and reclamation.
Upcoming assay timelines and multi-element focus: Anticipated assay results will evaluate comprehensive mineral values beyond uranium, including vanadium, nickel, zinc, molybdenum, and potash.
Advancing non-alum shale properties: Recent surface sampling at Nianfors and Sågtjärn has defined walk-up drill targets and generated partner interest.
Exploration pipeline and treasury strength: Low operational costs in central Sweden support steady winter exploration, backed by a robust working treasury.
 
If you have any follow up questions for Garrett please email me at Fleck@kereport.com.
 
Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.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.