The KE Report

John Darch, Chairman and Director, and Ken MacLeod, President and CEO of Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP), both join me to review multiple milestones achieved and catalysts on tap transforming the value proposition for their flagship Cerro Caliche Gold Project, located in Sonoro State of Mexico.  
 
The company is now taking a hybrid approach, growing through exploration across their expanded project footprint, while still remaining very constructive on the future near-term development and move into production; which is set to begin upon receipt of their final MIA environmental permit in Mexico.
 
John and Ken both outline the transformation that Sonoro Gold has gone through over the last year, with the updated Mineral Resource Estimate, and Preliminary Economic Assessment (PEA), and the very large increase in their overall land package from 1,800 hectares to almost 9,000 hectares in 2 recent acquisition transactions.
 
These completed acquisitions were a strategic opportunity to potentially demonstrate these increased land concessions have built the Cerro Caliche Project into a larger-scale gold epithermal system, and a gold mining project with multiple major mineralized zones stretching from the Agnico Eagle Santa Gertrudis deposit to the north down all the way to the Highlander Silver Mercedes Mine to the southeast.
 
Historical data from multiple exploration programs conducted on and surrounding the newly acquired mineral concessions suggest geological, structural and mineralization characteristics similar to those that have been identified at Cerro Caliche.
 
Next we got an exploration update on the ongoing 50,000 meter drill program, which just got underway earlier this year, focused on growing the resources, extending the mine-life, and exploring many of the new targets in the acquired land concessions.
The Company has now completed 72 drill holes over 14,086.35 meters as part of an ongoing 50,000-meter campaign.
The first 10,000 meters were focused on infill drilling and resource expansion at the main Cerro Caliche resource.
Results released on October 1st reflect over 4,100 meters of drilling completed at the recently acquired Diana concession as well as at the newly-identified mineralized zone at La Colorada.
 
Highlights:
SCR-378
6.10m @ 2.261g/tAu, including:
3.05m @ 4.296g/tAu
SCR-386
18.29m @ 1.239g/tAu, including:
3.05m @ 5.541g/tAu
SCR-387
28.95m @ 2.598g/tAu, including:
13.72m @ 5.101g/tAu
SCR-391
32.00m @ 1.846g/tAu, including:
4.57m @ 10.430g/tAu
SCR-396
47.24m @ 1.552g/tAu, including:
6.10m @ 5.623g/tAu
 
 
If you have questions for either John or Ken regarding Sonoro Gold, then please email those to me at Shad@kereport.com.
 
Click here to follow the latest news on Sonoro Gold
 
 
 
For more market commentary & interview summaries, subscribe to our Substack reports:
 
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Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Company Update, I am joined by Alex Heath, Chief Executive Officer of Great Pacific Gold (TSX-V: GPAC | OTCQX: GPGCF | FSE: V3H). Great Pacific Gold is actively progressing through a 13,000-meter exploration drill campaign testing seven distinct targets across its high-grade Wild Dog property in Papua New Guinea. With two rigs currently turning, Alex provides an update on recent drilling at the Magiabi and Mengmet targets, lab turnaround expectations, and how the company is systematically working to demonstrate district-scale epithermal potential.
Exploration Progress Across 7 Priority Targets: Drilling has transitioned from Sinivit, Kavasuki, and Kasie Ridge to the core structural corridor, with active rigs now turning on key high-grade targets.
Targeting and Depth Strategy: Drill holes are planned between 150 to 200 meters to test high-priority veins based on historical data integrated with modern geophysics.
Assay Flow and Turnaround Times: Overcoming initial weather hurdles and rig setups, core is steadily moving to the assay lab with pending results expected to drive upcoming news flow.
Financial Runway: Backed by substantial institutional support and strong treasury reserves, the exploration program remains fully funded into 2027 without near-term market dependency.
Valuation Disconnect: Despite prevailing junior market sentiment, the company’s enterprise value highlights a favorable risk-reward backdrop as systematic drilling seeks to define a multi-million-ounce system.
 
If you have any follow up questions for Alex please me at Fleck@kereport.com. 
 
Click here to visit the Great Pacific Gold website - https://gpacgold.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, we are joined by Anthony Margarit, President and CEO of K2 Gold Corporation (TSX-V: KTO | OTCQB: KTGDF | FRA: 23K), to discuss the ongoing progress and latest exploration results from the flagship Mojave Project in California. Anthony breaks down recent high-grade drill intercepts and rock sample assays, detailing how the team is systematically advancing multiple targets across the property:
Eastside Gold Trend Drilling Progress: Insights into current drilling at the Dragonfly target, how stacked high-grade oxide structures are holding together at depth, and what to expect from pending assays at Newmont.
Connecting the Regional Trend: The geological model driving the exploration between Dragonfly and Newmont, and how the team plans to test the untested central target along the controlling fault structure.
Strike Extensions and Surface Assays: How recent surface rock sampling has extended the Dragonfly target to 1,000 meters and revealed promising high-grade showings at the emerging Flores zone.
Expanding Beyond Gold to Polymetallic Scale: A look at the high-grade copper and silver showings at Stega, Morningstar, and Soda Ridge, highlighting the potential for distinct mineralization styles across the property.
Rig Mobilization and Corporate Runway: An overview of upcoming exploration milestones, the addition of a second drill rig, and how the company's treasury positions it to execute work programs into next year.
 
If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com. 
 
Click here to visit the K2 Gold website - https://k2gold.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.

Justin Huhn, Founder and Publisher of the Uranium Insider, joins us for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector.   We discuss the primary investment case for the uranium sector contrasted against the flashy headlines of the last 2 years around the secondary demand from AI datacenters and small modular reactors (SMRs). Then we dive into how the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle, and how he is positioning in the uranium equities that feed the front-end of that supply chain.
 
Key topics of discussion:
 
We start off reviewing the Primary Demand drivers for uranium from the existing global fleet of nuclear reactors, which is augmented by the many reactor life extensions and restarts, as well as all the new reactors coming online over the next decade that are under construction or planned.  The investing case for uranium bulls is compelling even with conservative modeling on this primary demand out for the next 5-10 years.
 
Next we layer on the various aspects of Secondary Demand that are harder to model,  but will definitely have an additive effect on overall global uranium demand:
 
Sovereign stockpiles and strategic reserves from hedgefunds
Utility companies inventory stockpiles
Miscellaneous demand from Small Modular Reactors (SMRs), military, etc…
 
Next we transition over the supply side of the equation focusing on the uranium mining companies. We’ve seen a flurry of news the last couple years out of the U308 producers, many of which have been struggling to ramp up production. 
 
Justin unpacks his outlook on mined supply from Kazatomprom, the largest uranium swing producer in Kazakhstan, the slow ramp up of Uzbekistan production, guidance last year from Canadian senior uranium producer Cameco (CCO.V) (CCJ), African producer Paladin, and the slow but steady ramp up of US producers.
Each country and the producing entities have had a series of setbacks and challenges to hit their annual guidance, which has kept supply and inventories tight.  
 
Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing their production timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US, Namibia, and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.
 
Justin weighs in on the importance of seeing more developers and explorers move their projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.
 
 
Click here to visit the Uranium Insider website.
 
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, we welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, to evaluate the ongoing correction across precious metals and resource equities, share tactical adjustments for portfolio positioning, and dissect the latest corporate buyout in the gold sector.
Precious metals market divergence: An overview of gold and silver price trends during this prolonged consolidation and why major mining equities continue to show notable relative strength against bullion lows.
Selective pivot to early-stage drill plays: The rationale behind reallocating capital into pre-PEA, discovery-stage exploration assets and the exact technical and corporate criteria required before buying speculative positions.
Strategic tax-loss rotation and portfolio pruning: A disciplined look at cutting laggards ahead of the standard year-end window to fund fresh opportunities, along with rules for locking in gains on core multi-bagger winners.
M&A dynamics and in-situ valuation spreads: Key insights into SSR Mining’s acquisition of Roxmore Resources and the Converse project, examining why buyout prices range widely from low double-digit ounces to premium high-grade assets.
Producer balance sheets vs. generalist appetite: An assessment of corporate cash reserves, capital return programs, and the market catalysts needed to bring institutional and generalist investors back into mining equities.
Companies and Stock Symbols Mentioned:
SSR Mining Inc. (TSX: SSRM | NASDAQ: SSRM)
Roxmore Resources Inc. (TSX: RM | OTCQX: GARLF)
Montage Gold Corp. (TSX-V: MAU)
Osisko Development Corp. (TSX-V: ODV | NYSE: ODV)
Rupert Resources Ltd. (TSX: RUP)
G Mining Ventures Corp. (TSX: GMIN)
G2 Goldfields Inc. (TSX-V: GTWO)
Probe Gold Inc. (TSX: PRB)
Northern Star Resources Ltd. (ASX: NST)
Gold Fields Ltd. (NYSE: GFI)
 
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 KE Report Company Update, we are joined by Sage McCallum, Vice President of Exploration at Q2 Metals Corp. (TSX-V: QTWO | OTCQB: QUEXF | Frankfurt: 458), for a detailed exploration update on the flagship Cisco Lithium Property in Quebec.
Record Drill Results: Why hole 93 delivered the project's strongest intercept to date and what its exceptional widths and grade profiles indicate about the core deposit.
Near-Surface Economic Drivers: How recent hits starting from surface could significantly reduce early payback periods and improve open-pit economics in the upcoming Preliminary Economic Assessment (PEA).
De-Risking vs. Resource Expansion: The multi-pronged strategy balancing infill drilling to upgrade resource categories against step-out drilling along the primary strike corridor.
District-Scale Upside: What early reconnaissance across the broader 25-kilometer greenstone corridor reveals about prospective targets outside the defined deposit area.
Fully Funded Multi-Rig Campaign: The timeline and news flow expectations for the five active drill rigs turning through the winter season backed by a robust treasury.
 
If you have any follow up questions for the team at Q2 Metals or would like more information on any aspect of the Company please email us at Fleck@kereport.com and Shad@kereport.com.  
 
Click here to visit the Q2 Metals website - https://www.q2metals.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, I am joined by Craig Hemke, Founder and Editor of TF Metals Report, to analyze the shifting macro landscape, key central bank catalysts, and the latest technical price action in the gold, silver, and precious metals stocks.
 
Key Discussion Points:
 
Upcoming Inflation Metrics: Later this week we’ll get both the CPI and PPI readings, which may adjust expectations about future Fed rate hikes.
Kevin Warsh Media Appearance: At the banking conference in Thailand, Kevin Warsh will react to economic data on Friday morning in Asia, which will be Thursday night in North America. This could cause a market reaction on Friday.
Geopolitical Escalation and Energy Shocks: Continued conflict has kept crude oil and diesel prices higher, tweaking inflation expectations moving forward.
Precious Metals Price Action Channeling Sideways: After a volatile last few months, gold is still above $4,000 and silver has been oscillating on either side of $60.  Considering where we started the year in the PMs, they aren’t down to the degree that investor sentiment has dropped.  Craig looks back on the big advances in gold in 2024 and 2025 and points out a sideways year to close up 2026 wouldn’t be that bad.
Gold Is Moving Into Better Seasonality:  The seasonal patterns for gold, caused by Indian festival season, holiday jewelry purchases, and year-end and Q1 positioning, are about to hit the more constructive performance months of November, December, and January.
Q3 Earnings Season For PM Stocks:  Metals prices were still historically robust during Q3, and while margins may not have been as large as the prior 2 quarters, gold and silver companies should still should be reporting a positive earnings season.
US Mid-Term Elections Will Be A Wildcard:  As the media begins to amp up the political divide in the US, and all the typical mudslinging and outrage, it is hard to predict how the elections will go, and more importantly, how the markets will react.  We are only 3 weeks away from the elections, so this will be just another outside factor pressuring all markets.
 
Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/
 
 
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.

Global financial markets are grappling with rising interest rates, shifting central bank dynamics, and widening currency misalignments. On this week’s Weekend Show, Richard "Doc" Postma and Marc Chandler analyze how surging long-term yields are reshaping asset classes, from gold and silver targets to foreign equities and global capital flows. 
Segment 1 & 2 - Kicking off this Weekend’s Show, Richard Postma (AKA "Doc") argues that rising interest rates and bond market deterioration will weigh heavily on broader equities and prolong a multi-year downturn in precious metals, projecting potential bottoms around $3,500 for gold and 40–50 for silver that could stretch into 2028. To navigate this environment, he outlines a defensive strategy centered on holding significant cash reserves while selectively eyeing long-term buying opportunities in beaten-down sectors such as gold and silver equities, uranium, and oil. 
 
Segment 3 & 4 - Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and editor of Marc to Market, discusses global bond yield trends, inflation expectations, and the persistent strength of the U.S. dollar. He highlights how corporate debt for the AI build-out competes with Treasury supply, evaluates heavily undervalued foreign currencies like the Yen and Euro, and advises dollar-based investors to consider diversifying into international equity markets. 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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:
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.
 

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA) (OTCQX:LUCMF) (FSE:TSGA), joins me to review the strategy and benefits of their 2 recent acquisitions, that expand and transform Luca beyond their 2 currently producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.
 
On September 21, the Company announced it had entered into a definitive share purchase agreement with Capstone Copper Corp., to acquire 100% of the Cozamin Mine in Zacatecas, Mexico for total upfront consideration of $290 million, and up to an additional $95 million in deferred and contingent consideration.
 
Transaction Highlights:
 
More than doubles near-term production, with the combined company expected to generate net revenue of approximately $598 million in 2027(1), versus Luca’s 2025 net revenue of $177 million and operating cash flow of approximately $223 million in 2027(3), versus Luca’s 2025 operating cash flow of $37 million. 
Highly accretive to Luca’s operating cash flow per share (“CFPS”), with consensus estimates indicating a 93% increase from $0.22/sh(2) to $0.42/sh(2, 3) with the addition of Cozamin. 
Increase in free cash flow per share, with consensus estimates indicating an approximate $139 million(2), or $0.28/sh(2), improvement in unlevered free cash flow in 2027, from ($12 million)(2), or ($0.04/sh)(2), to $127 million(2), or $0.24/sh(2), with the addition of Cozamin(3).  
Adds a proven, cash-generating operating asset with 20 years of continuous production and a historical reserve-based mine plan extending to 2030. 
Established and permitted operation with longstanding community agreements and significant existing infrastructure, including the recently completed paste backfill and filtered tailings systems. 
Strategic fit in Luca’s existing Mexico focused portfolio with opportunity to leverage existing local Mexican operating expertise, permitting knowledge, and stakeholder relationships. 
Potential for mine life extension, resource upside, and operational optimization supported by a large historical resource base, extensive exploration opportunities across known mineralized systems and multiple underexplored targets, increased use of longhole mining, and Luca’s planned increased investment in exploration and resource definition following closing. 
Expands Luca’s exposure to copper, positioning the Company to benefit from anticipated long-term copper demand growth while retaining significant exposure to silver and precious metals. 
Potential to restart the existing zinc flotation circuit, providing operational flexibility to respond to improving zinc market conditions. 
Strengthens Luca’s ability to internally fund growth, with incremental cash flow from Cozamin expected to support future investment in the recently announced El Barqueño project, the Campo Morado Expansion, and other strategic initiatives. 
Enhanced scale and capital markets presence backed by strategic investors, supported by greater scale, stronger cash flow, and addition of several key strategic equity shareholders including Capstone ($15 million), Wheaton Precious Metals Corp. ($25 million), and Taurus Mining Finance Fund No.3 ($15 million), with a $75 million equity, initially backstop provided by Trafigura Pte Ltd., but transferred over to Goldgroup Mining Inc.
Goldgroup Mining will have a 19.9% ownership interest in Luca on a non-diluted pro forma basis, after this transaction closes in late October.
 
On September 17, the Company announced a definitive asset purchase agreement with Agnico Eagle Mines Limited, to acquire 100% of the El Barqueño property. An initial payment of $10 million on closing of the Transaction to be satisfied through the issuance of common shares of Luca, and a deferred consideration of up to $30 million through milestone-linked payments.
 
The El Barqueño property covers over 32,000 hectares, is accessible by paved and secondary roads, and is located in the State of Jalisco, Mexico approximately 100km west of Guadalajara city and proximate to the municipality of. The Project is host to a historical (2025) mineral resource estimate of 399,265 ounces of gold equivalent at 1.47 g/t AuEq classified as indicated, with an additional 650,046 ounces of gold equivalent at 1.43 g/t AuEq inferred.
 
Click here to follow the latest news from Luca Mining
 
If you have any question for Dan regarding Luca Mining, then please email those into me at  Shad@kereport.com.
 
In full disclosure Shad is a shareholder of Luca 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, I sit down with Garrett Ainsworth, President and CEO of District Metals Corp. (TSX-V: DMX | OTCQB: DMXCF | Nasdaq First North: DMXSE SDB). Garrett provides a comprehensive overview of the newly launched drill program at the company’s flagship Viken Property in Sweden, reviews regional exploration results, and unpacks the key regulatory and political catalysts shaping the company’s path forward.
Key discussion topics include:
Drilling Commences at Viken: An overview of the newly mobilized drill program targeting two large, highly conductive anomalies (Target Areas A and B) identified by airborne MobileMT surveys.
Drilling Strategy and Target Geometry: Insight into the planned meterage, hole depths, and why the exploration team is prioritizing shallow, thick zones to optimize future strip ratios.
Regional Alum Shale Validation: A review of recent drilling across the Österkälen and Malgomaj licenses, where all 15 holes intersected graphitic black shale to validate the regional geophysical model.
Work Across Non-Alum Shale Assets: A progress report on ongoing field mapping, geochemical sampling, and prospecting at Svärtjärn, Nianfors, and Ardnasvarre.
Swedish Political Climate and National Interest Status: An update on the post-election landscape in Sweden, broad parliamentary support for domestic energy metals, and the timeline for the Geological Survey of Sweden’s National Interest decision.
 
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.