The KE Report

In this Daily Editorial, we welcome back Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of the Marc to Market website. Marc breaks down a volatile week across macro markets, reconciling surprising economic releases with muted market reactions and evaluating where global monetary policy is headed next.
Deconstructing the Labor Data: Why a blowout headline payroll number might be masking underlying household vulnerability, five-year lows in wage growth, and persistent seasonal distortions.
The Energy and Yield Disconnect: How crude oil surged over 9% in a single week while long-term Treasury yields barely budged, challenging standard inflation and demand assumptions.
The Truth About the Yen and Carry Trades: An analysis of whether Bank of Japan rate moves are genuinely shifting global capital flows or if U.S. fiscal deficits and interest rate spreads remain the true drivers.
Global Monetary Divergence: What to expect from the European Central Bank and regional central banks as they weigh stubborn inflation against shifting sovereign reserve allocations.
Political Fault Lines in Europe: Why upcoming German state elections and French political positioning could spill over into currency markets and ECB policy.
 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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.

In this Company Update, we sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | Frankfurt: 6MR1). David discusses the latest drill results from the Umm Hadid Project in the Kingdom of Saudi Arabia, the structure of the joint venture with Sumo Holding, and the near-term catalysts awaiting investors at the flagship Bethania mine in Peru.
Umm Hadid Drilling and Discovery Potential: Drill results from the Saudi Arabian joint venture reveal both high-grade silver narrow intercepts and wide, lower-grade halos that could open the door to multiple mining concepts.
Path to a Maiden Resource Estimate: Ongoing exploration across extensive vein systems at Target 1 continues to build the geological model toward a potential initial resource calculation following the current 10,000-meter campaign.
Joint Venture Terms: The earn-in structure allows Kuya to increase its ownership interest from 5% to 45% by April of next year under dollar-for-dollar reimbursement terms.
Near-Term Bethania News Flow: Beyond Saudi Arabia, Kuya has a pipeline of upcoming announcements from Peru, including quarterly production updates, Carmelita plant closing progress, and multiple exploration releases.
 
If you have any follow-up questions for David, please email me at Fleck@kereport.com. 
Click here to visit the Kuya Silver website – https://kuyasilver.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, we chat with Roy Greig, Vice President of Exploration at Getty Copper (TSX-V: GTC, OTCQX: GTCDF), to review recent drill results from the Getty South target within British Columbia's prolific Highland Valley copper district.
High-Grade Intercepts at Getty South: An initial look at headline results featuring shallow, high-grade copper mineralization alongside broad, bulk-tonnage intervals.
Porphyry vs. Breccia Dynamics: How Getty South's breccia-hosted system contrasts with the classic porphyry style at Getty North and what that means for overall grade potential.
Modern Geophysics Meets Historic Data: The exploration strategy behind integrating decades of historical data with modern induced polarization chargeability anomalies to target deeper mineralized zones.
Assay Catalysts and the Fall Drill Campaign: What to anticipate next as pending assays arrive from the remaining Getty South drill holes and planning advances for a multi-target fall program.
 
Feel free to email us with any follow up questions for Roy. Our emails are Fleck@kereport.com and Shad@kereport.com. 
 
Click here to visit the Getty Copper website - https://gettycopper.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, we are joined by Simon Dyakowski, President and Chief Executive Officer of Aztec Minerals (TSX-V: AZT | OTCQB: AZZTF), to break down the latest high-grade drill results from the North Extension target, on the Tombstone Property in Arizona.
Key discussion topics include:
Expanding the Strike Length at Tombstone: An overview of recent step-out drilling from the North Extension target and how it significantly lengthens the continuous mineralized footprint beyond earlier limits.
High-Grade Intercepts and Structural Trends: Insights into the continuity of mineralization, emerging structural patterns across the district, and the geological implications of the latest assay batch.
Aggressive Follow-Up and Exploration Strategy: Details on active drilling plans through the autumn months, targeting parallel structures, and assessing regional high-grade silver prospects.
Funded for Key Milestones: Discussion on the recently closed and upsized bought-deal financing, pending warrant proceeds, and the planned path toward a maiden resource estimate and future economic study.
 
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: 
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.

We are joined by Michael Rowley, President & CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), to provide the key metrics and takeaways from updated and expanded Mineral Resource Estimate (MRE), over double the prior resources, for its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana, USA.   We also unpack the larger value proposition at the Stillwater West project as far as what it would mean to a major metals producer and potential suitor in a development scenario, and what it would mean for both the state of Montana and the USA overall as a domestic supply of critical minerals.
 
The updated estimate includes 805.1 million tonnes of Inferred Mineral Resources grading 0.34% total nickel equivalent (“NiTEq”) containing 4.8 billion pounds of nickel, copper and cobalt, and 7.4 million ounces of platinum, palladium, gold and rhodium in a base-case model using a 0.20% NiTEq cut-off grade.
The resource also includes a further 29.4 million tonnes of Indicated Mineral Resources grading 0.38% NiTEq containing 190 million pounds of nickel, copper and cobalt, and 0.359 Moz of platinum, palladium, gold and rhodium.
Higher cut-off grades at 0.35% and 0.50% NiTEq are also presented as a sensitivity representing higher-grade zones.
 
The 2026 MRE reflects a substantial advancement in the Company’s understanding of the Stillwater West mineral system, incorporating additional drilling, robust verification of historical data, refined geological and structural interpretations supported by comprehensive geophysical survey coverage, and an updated geologic and resource model. The updated estimate provides a stronger technical foundation for continued resource expansion, planned metallurgical testing and mining studies to support the advancement of one of North America’s largest undeveloped polymetallic critical mineral systems.
 
2026 Mineral Resource Estimate Highlights
 
Resource estimate comprises 29.4 million tonnes of Indicated and 805.1 million tonnes of Inferred Mineral Resources containing 3.01 Blbs nickel, 1.52 Blbs copper, 283 Mlbs cobalt, 2.28 Moz platinum, 3.97 Moz palladium, 864 thousand ounces gold, and 310 Koz rhodium at 0.20% NiTEq cut-off.
First definition of an Indicated Mineral Resource, marking an important milestone in the advancement of the Stillwater West project and reflecting substantially increased geological confidence.
Significantly expanded resource estimate for priority critical minerals including nickel, copper, cobalt, and rhodium, making Stillwater West the largest known rhodium deposit in North America and the largest nickel and cobalt deposit in an active US mining district.
Expansion of Inferred chromium resource to 6.6 Blbs confirming the Stillwater complex as one of the only past-producing and current significant resources in the United States. No economic or recovery assumptions have been made about chromium which co-occurs with the other metals, and it is not included in the NiTEq calculations.
Four zones are modeled across the central 10-kilometers of the project area, with the updated geological model combining the previously separate CZ and Central deposits at Iron Mountain.
Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.
 
Mike shares how the geological model is holding together precisely as expected, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.  3 drill rigs have been turning at both Iron Mountain and Chrome Mountain, and assays are pending from fresh drill core still coming off the mountain during the 2026 program.
 
 
If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Stillwater Critical Minerals at the time of this recording and may choose to buy or sell shares at any time.
 
 
 Click here to follow the latest news from Stillwater Critical Minerals
 
Stillwater Critical Minerals-Visual Update Of The 2026 Exploration Strategy & Upcoming Key Catalysts
https://youtu.be/-06207Rlk-Y
 
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. 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.
 

Elaine Ellingham, President and CEO, and Jason Brewster, VP of Operations, for Omai Gold Mines Corp. (TSX.V: OMG) (OTCQB: OMGGF), both join me for a special video presentation and visual review of the updated Preliminary Economic Assessment and an exploration update, from the combined Wenot and Gilt deposits at the Company’s 100%-owned Omai Gold Project in Guyana, South America. 
 
The Omai Gold Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent, intrusion-hosted Gilt Deposit, with a combined total mineralization in the updated Mineral Resource Estimate (MRE) of ~8 million ounces of gold in all categories.
 
2,495,000 ounces of gold (Indicated MRE), averaging 2.04 g/t Au in 38.1 Mt and
5,465,000 ounces of gold (Inferred MRE), averaging 1.59 g/t Au in 106.6 Mt 
 
Highlights of Omai Project Preliminary Economic Assessment
 
6.327 million ounces of gold (“Au”) projected life-of-mine (“LOM”) payable production over 18 years
$4.0 billion after-tax net present value at a 5% discount rate at base case $3,600/oz gold, increasing to $5.5 billion at $4,200/oz gold
24% after-tax internal rate of return at $3,600/oz gold, increasing to 30% at $4,200/oz gold
$1.427 billion initial capital and sustaining and growth capital of $928 million over LOM
4.1 year payback at $3,600/oz gold, decreasing to 3.4 years at $4,200/oz Au
$1,501/oz gold average cash operating costs and all-in sustaining costs (“AISC”)1 of $1,608/oz
$8.093 billion cumulative after-tax cash flows2 over 18 years
351,488 oz Au per year projected average production over LOM, with peak year gold production reaching 435,667 ounces
1.35 g/t Au average head grade and 93% process recovery
5.9:1 average strip ratio for the open pit LOM
 
This updated PEA, reinforces the potential for Omai to become a very large-scale mining operation with a clear path to bringing significant economic benefits to the people of Guyana.
 
We also discuss the dual path of the company now, split between ongoing exploration, and all the project derisking being factored into development and the upcoming updated economic study.
 
 
If you have any questions for Elaine or Jason regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.
 
Click here to see the latest news from Omai Gold Mines.
 
 
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. 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, we welcome back Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network, to break down the broad-based risk-on momentum carrying major indices higher. Joel provides his perspective on market breadth, macro crosscurrents, and where institutional capital is moving across key sectors:
Underlying Drivers of the Risk-On Move: How short-term oversold conditions and resilient economic data triggered a wave of green across major equity indices.
Interest Rate Expectations and Fed Policy: Why the Federal Reserve may hold steady longer than anticipated, and how rate stability can benefit equity valuations.
Bitcoin Breakout and Risk Appetite: What the digital asset's climb out of summer consolidation indicates about broader market liquidity and sentiment.
Earnings Health and Enterprise Capex: How enterprise software giants are pushing back against spending concerns and proving the durability of enterprise tech.
The Role of Sector Rotation: Why capital flows away from overvalued mega-cap names into healthcare, energy, and defensive equities signal a durable market rather than a systemic breakdown.
Portfolio Strategy in Extended Markets: Identifying selective opportunities in overlooked, beaten-down stocks while managing valuation risks.
Stocks and Assets Mentioned: AAPL, AVGO, CRM, MRK, MSFT, MU, NOW, NUE, NVDA, TSLA, BTC
 
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 Daily Editorial, we welcome back Brien Lundin, Editor of Gold Newsletter and Host of the New Orleans Investment Conference (taking place October 28–31). Brien unpacks the shifting macroeconomic backdrop driving the precious metals complex, the widening divergence between sovereign debt reality and monetary policy, and why gold continues to demonstrate remarkable resilience. We also take a deep dive into mining equity valuations, comparing producer cash flows against tech sector spending, followed by boots-on-the-ground takeaways from recent site visits to active exploration projects across the Yukon.
Gold Breaking Traditional Correlations: How gold is demonstrating rare strength by advancing alongside rising Treasury yields, signaling a major structural shift in global sovereign debt sentiment.
Bond Vigilantes vs. Fiscal Reality: Why market forces are challenging central bank messaging and administrative efforts to suppress long-term borrowing costs under a growing national debt burden.
Producer Economics vs. General Equities: Why senior gold producers are generating unprecedented margins and free cash flow yields relative to capital-heavy sectors like tech.
Yukon Exploration Insights: Key observations and upcoming catalysts from recent project tours examining scale, infrastructure, and high-grade discovery potential.
Economic Studies vs. Drilling Growth: The strategic debate between publishing early project economics versus prioritizing continuous resource expansion in an advancing bull market.
Companies Mentioned:
Banyan Gold Corp. (TSX-V: BYN / OTCQB: BYAGF)
Gladiator Metals Corp. (TSX-V: GLAD / OTCQB: GDTRF)
Prospector Metals Corp. (TSX-V: KLD / OTCQB: PRMCF)
Newmont Corp. (NYSE: NEM / TSX: NGT)
 
Click here to learn more about the Gold Newsletter. - https://goldnewsletter.com/
 
Click here to learn more about the New Orleans Investment Conference on October 28-31. - https://neworleansconference.com/korelin/ 
 
---------------------
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 Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the macroeconomic forces at play between monetary policies and fiscal policies, both domestically and internationally. This is accented by the geopolitical ramifications on the inflation outlook, especially as it relates to the energy sector via rising oil and diesel price trends.  We also get John’s outlook on key metals like copper, gold, silver and what kinds of resource stocks that he is animated by in this environment.
 
We start off dissecting the opposing policy initiatives and stated goals of fiscal policy from the US Treasury Department, versus the monetary policy approaches and messaging by the Federal Reserve.
 
US Treasury Secretary, Scott Bessent, recently showed a bit of desperation by intervening in the Japanese Yen in early August to stave off potential runs on US treasuries, and tried to intervene in long-dated bonds, to try and bring down the long-end of the yield curve.
Kevin Warsh roiled markets some in late August, where his remarks from the Jackson Hole banking symposium were taken as hawkish by the markets, where he has signaled being open to hiking rates to fight the effects of persistent inflation above their stated goal.
John points out the incoherent approach in the US between these 2 opposing forces.
 
Next, we got John’s take on the energy sector, in lieu of continued conflict in the Middle East and Persian Gulf, and how it may play into rising inflation.
 
John points out how diesel prices are woven into the fabric of everyday life through freight, manufacturing, farming equipment, and how the record crack spreads from refining are going to result in higher inflation metrics.  
At the same time the US is having a “war of choice” that is causing inflation in the form of higher oil prices and higher crack spreads on diesel pricing; the Fed is still considering hiking rates to fight inflation. Those 2 forces could lead to a recession if the trends don’t change in the near-term.
 
This leads into the observation of the continued strength in the copper price, holding up near all-time highs, despite what should be macroeconomic and geopolitical headwinds.
 
John shares why he remains longer-term bullish copper price appreciation due to the compelling supply/demand fundamentals.
He also shares why he is short-term constructive on copper producers and key junior development assets that may become acquisition targets by the senior companies.
The caveat John mentions is the unknowable nature of the medium-term. If there is an economic recession brought about by the softening in AI data center buildouts, or a rolling over of the lofty valuations in US equities, then this could also still pressure copper and copper stocks to the downside.
 
Wrapping up, we review the strong financial health of the gold and silver producers and highlight that metal producers will need to look to growing production through purchasing more mineral inventories in the ground via advanced development projects or currently producing assets.
 
PM producers and royalty companies just reported a great Q2 earnings season in August, continuing to highlight increased revenues and rising cashflows, despite many companies seeing flatlining or even declining production metrics.
The strong metals prices have been seemingly more germane to earnings than strong fundamental growth has been. Cashed up gold and silver producers will eventually need to replace their depleting reserves, so the environment is present to start seeing more mergers and acquisitions for the balance of this year and next.
 
 
Click here to follow John’s analysis and articles over at Substack
 
 
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. 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 Introduction, I feature Alex Verge, President and CEO of Journey Energy Inc. (TSX: JOY, OTCQX: JRNGF), to discuss the company’s strategic transition in 2026 advancing the Duvernay Joint Venture with Spartan Delta, including assets sales to fund growth.
The Duvernay JV Expansion: Discover how Journey’s 30% non-operated joint venture with Spartan Delta in the Duvernay play is scaling drilling activity, increasing liquids weighting, and tracking toward becoming fully self-funding.
Strategic Asset Sales and Balance Sheet Cleanup: Learn how non-core asset sales are funding capital programs, drastically reducing future end-of-life liabilities, and keeping debt levels conservative.
Power Generation as an Operational Hedge: Explore how Journey’s wholly-owned power generation facilities generate power revenue to offset grid price volatility and protect operating netbacks.
Valuation Disconnect and Insider Alignment: An overview of the company’s discount to proved and probable net asset value, paired with heavy management equity ownership.
 
Click here to visit the Journey Energy website and read over the corporate presentation.
 
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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.