The KE Report

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/
 
-------------------------
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 
 
------------------------
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.

[Recorded Oct 29th, 2026 at NOIC] - Maura Kolb, President of Dryden Gold Corp (TSX.V: DRY) (OTCQX: DRYGF), joins us for a comprehensive exploration update at numerous areas of focus across their Dryden Gold District, in Northwestern Ontario, Canada.  We touch upon some of the recent news releases returning more high-grade and disseminated gold drill results at the Elora-Jubilee and Big Master areas along new parallel trends, the upcoming drill assay results coming back from Mud Lake, and various teams working on more ground truthing and surface exploration on the Hyndman and Sherridon regional targets.
 
To date, the Company has completed 70% of their planned 45,000-meter drill program, that is continuing to build upon both the high-grade and bulk tonnage results from last year’s drill program.  The results coming back continue to confirm the thesis around the 3 geological deformation faults and folds at the Elora-Jubilee and Big Master trends at the Gold Rock Camp.  There are now up to 15 parallel structures that have been delineated along this trend, and more recent results showing the geological model getting more refined.
 
We expanded the conversation along the multi-kilometer Gold Rock mineralized trend, where the team is continuing to review the potential for similar look-alike types of deposits to exist, in a “string-of-pearls” thesis. 
 
On September 17, the Company announced the discovery of visible gold in the first drill program targeting Mud Lake North, which is approximately three kilometers north of Gold Rock. The first two drill holes intersected broad zones of alteration accompanied by significant sulphide mineralization, while the third drill hole intersected similar alteration and sulphide mineralization along with visible gold.
Drilling continued at Mud Lake over the last couple months testing down-plunge and along strike. Assays are pending for these holes, which when reported aim to demonstrate that Mud Lake North is another potential deposit, along a 12km trend of periodicity along the Gold Rock Camp trend.
The exploration team is also conducting surface sampling and mapping at the Doubloon target, in the opposite direction along this mineralized trend, and on the other side of Elora-Jubilee deposit.
  
Maura reiterated the importance of the large soil sampling, channel sampling, and mapping programs at Hyndman, Sherridon, and across their district-scale land package.  She outlined how those data sets, when used in concert with geophysical surveys, will inform follow up drill targeting for next year.
 
 
Click here to follow the latest news from Dryden Gold
 
If you have any questions for Maura, Trey, or the team at Dryden Gold, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Dryden 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.

[Recorded 10-30-2026] - Victor Cantore, President and CEO of AMEX Gold Mining Inc. (TSXV: AMX) (OTCQX: AMXEF) (FSE: MX0), joined me live at the New Orleans Investment Conference for a big picture update on their transition to development and near-term production at their flagship 100%-owned Perron Gold Project, located in Quebec, Canada.  The Company is moving into a trial mining 40,000-tonne bulk sample program, that will then directly transition over into Phase 1 mining over the next 2 years.  In parallel, their exploration team will be maintaining their ongoing 100,000 meter 6-drill rig program, so there is still the dual-focus on exploration; along with development towards near-term production.
 
On September 21, the Company provided an update on activities at its Perron Gold Project, highlighting the successful completion of portal construction and the commencement of underground development.
 
Recent and ongoing surface infrastructure activities at Perron include:
 
The decline has now advanced more than 75 metres underground as part of Amex's permitted 40,000-tonne bulk sample program.  (Victor mentioned as of the NOIC conference that the decline is now over 200 meters in length)
Construction of the mechanical shop has commenced, providing permanent infrastructure to support underground equipment and site activities;
Clearing of the right-of-way for the 25 kV power line has been completed, with pole installation underway.
Continued underground development toward the high-grade Champagne Zone;
Continued operation and optimization of the site's water treatment infrastructure;
Ongoing development of surface infrastructure, laydown areas and services required to support underground activities; and
Continued planning and engineering for additional infrastructure required at Perron.
 
Victor outlined how this 40,000-tonne bulk sample program at Perron will provide important technical information on underground mining conditions, grade continuity and recovery, and metallurgical performance, measured against the metrics outlined in the positive Feasibility Study for the 5 years of commercial Phase 1 production. The bulk sample will have an initial capital outlay of around ~C$60Million, after including the additional step of connecting the site to the hydroelectric power line. After processing ~40,000 tonnes via toll-milling at a nearby plant; and producing around 23,000-28,000 ounces of gold, this will generate revenues more than double that capex, which combined with the C$80M raised in June will go on to fund Phase 1 mining.
 
We discussed how the market does not seem to fully appreciate or value that the Company will be mining and producing metals and revenues by the end of 2027.  Additionally, Victor points out that the portal and decline/ramp development utilized in this upcoming bulk sample is the exact same plan envisioned in their economic study, and will shave all that capital, development work, and time off the front-end of Phase 1 development, providing a faster organic natural transition in Phase 1 commercial mining in 2028 simply by extending that ramp further into the mine.
  
In addition to all the development slated for this year, the company is pressing forward with the ongoing 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario.  The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.
 
On October 29th, the Company announced:
114.07 g/t Au over 1.00 m including 227.46 g/t Au (and 17.90 g/t Ag) over 0.50 m at a vertical depth of ~187 m in hole PE-26-959 of the Denise Zone
29.86 g/t Au over 2.50 m including 126.24 g/t Au (and 20.80 g/t Ag) over 0.50 m at a vertical depth of ~220 m in hole PE-26-957 of the Denise Zone
 
 
Click here to follow the latest news from Amex Exploration
 
 
If you have any questions for Victor regarding Amex Exploration, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Amex Exploration 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.