The KE Report

Thor Explorations – Q1 2024 Operations Review And Exploration Update At Segilola And Douta Projects

Segun Lawson, President and CEO of Thor Explorations (TSX.V:THX – US:THXPF), joins me to review the Q1 2024 operations at the Segilola Gold Mine, and provides a gold exploration update for Segilola,  the new Thor Lithium claims in Nigeria, and increased land and exploration at the Douta Project in Senegal.
 
 Segilola Q1 2024 Operational Highlights
 
Gold production of 19,589 ounces ("oz")
Gold produced from 235,900 tonnes milled at an improved average grade of 2.85 grammes per tonne ("g/t") of gold ("Au")
Mine production of 465,895 tonnes at an improved average grade of 2.07g/t of Au for 30,997oz
Ore stockpile increased by 9,543oz to 29,265oz of Au at a grade of 1.05g/t of Au which includes a high-grade stockpile of 6,116oz of Au at a grade of 4.10g/t of Au
Successfully upgraded and commissioned three additional CIL tanks in the process plant with drawdown of excess gold in circuit successfully commenced in March 2024
Additional near mine drilling targets delineated with drilling having commenced in April 2024
Payment of US$8.2 million towards the outstanding senior debt facility
 
At Segilola, the focus of exploration activities has been within a 25km radius from the mining operations, utilizing reverse circulation (RC) drilling, stream sediment sampling, and grid auger sampling.  There are several potential satellite pit areas that can augment production extending mine life, and there will be more updates as drill results keep coming back in.  Additionally, in 2024, the exploration team will also be exploring at dept under the pit, following high-grade shoots, and the potential for underground mining.  There is 5,000 meters of drilling planned for the next phase of exploration at Segilola, as well as 4,000 meters of drilling planned for the Nigeria Lithium tenements with newsflow to follow later this year.
 
At the Douta Project, the Company recently made an acquisition of additional land interests in two licenses. This move capitalizes on the company's progress in advancing the grassroots Douta gold project to over 1.7 million ounces of gold in global resources.  There is also ongoing environmental and social permitting, metallurgical test work, geo-technical studies, and definition drilling underway to feed into the work needed for the Preliminary Feasibility Study (PFS) slated for delivery to the market in 2024. Additionally, there will be 5,000 meters of additional drilling at both the Makosa Main, Makosa Tail, and the new Makosa West targets, focused on defining more near-surface oxide resources.
 
If you have any questions for Segun regarding the ongoing work at Thor Explorations, then please email me at  shad@kereport.com.
 
*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this recording.
 
Click here to read over the recent news out of the Company.

Axel Merk - A Precious Metals Fund Fighting Off An Activist Investor, What It Means For The Funding Environment For Junior Stocks

Axel Merk, President and CIO of Merk Investments and Manager of the ASA Precious Metals Fund joins us to discuss the activist investor going after the ASA Fund and how this relates to the funding environment for junior resource stocks. We have heard for years how difficult it has been for junior companies to raise money. Major miners have consolidated and are focused on disposing of assets rather than acquiring juniors, exchanges have made it tougher for investors outside of Canada to fund companies, and costs continue to rise. All of of these factors build on themselves and put pressure on junior companies to do the work needed to discovery and grow assets.
 
Axel shares his insights on where money could come from and what he focuses on when investing and funding junior exploration companies.
 
Click here to visit the ASA website to learn more about the fund.

Baselode Energy – Exploration Update From the Catharsis, Hook, and Bear Uranium Projects

James Sykes, President and CEO of Baselode Energy (TSX.V:FIND – OTC:BSENF) joins me for an exploration update from the Catharsis Uranium Project, Hook Uranium Project and Ackio Target, and the Bear Uranium Project; all in the Athabasca Basin, of Saskatchewan.   We start off reviewing the unique “Athabasca 2.0” geological approach to exploration in areas along known mineralized trends, which have had limited to no drilling previously.
 
Next we focus on the recent drill assays returned from Catharsis with 11 drill holes completed for 2,837 meters covering six different target areas, and where follow-up drilling will be focused.  Then we reviewed the 7,500 meters of drilling from last year at the Hook Uranium Project, focused at the Akio Target around Pod 7 and Pod 4, and James outlined that there are 12,000 meters planned for follow-up in 2024 drilling. Additionally, there are 4,000 meters planned for regionally focused drilling on making a new uranium discovery across the Hook Project land package. Wrapping up we looked ahead to the inaugural 1,500 meter drill program at the Bear Project that starts in the next few weeks.   There will be lots of drilling news over the course of 2024.
 
If you have any follow up questions for James regarding Baselode Energy please email me at Shad@kereport.com.
 
Click here to get the latest news on Baselode Energy

Metallic Minerals – 2023 Drill Results At The La Plata Project, And The Inaugural Resource At The Keno Silver Project

Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF),  joins us to review both the assay results from the 2023 drill program at the La Plata Copper Project in Colorado; and the inaugural resource at the Keno Silver Project in the Yukon.
 
We lead off discussing the recent news unpacking the 2023 exploration results at that La Plata Copper-Silver Project that was funded by a May 2023, 9.5% strategic equity investment by Newmont Corporation.  In the 4 drill holes over 4,530 meters there were the dual objectives of expanding on the 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and defining the controls to higher-grade mineralization as seen in drill hole LAP22-04. As announced in February 2023, LAP22-04 was a continuously mineralized discovery drill hole that intercepted 816 m grading 0.41% recovered copper equivalent ("CuEq"), with significant widths exceeding 0.5% to 0.7% Cu. The intersection also included higher grade zones exceeding 1% Cu with precious metals grades of up to 11.5 g/t Au+PGE and 47 g/t Ag.
 
Scott outlined that the 4 holes drilled by the exploration team did follow up on the area near the high-grade intercept hole # LAP22-04, and that three of four holes intercepted continuous porphyry style Cu-Ag-Au-PGE mineralization over 500 m in width at 0.3% Cu including significant intervals exceeding 0.5% to 0.7% CuEq with associated Ag, Au and PGEs. Drill hole LAP23-05 intersected 909 m of continuous mineralization from surface grading 0.26% CuEq over the entire hole length, with a 550 m wide higher-grade zone.  We discuss the variability in the grade and intensity of the mineralization in all drill holes, based on the density of veining and concentration of associated sulphides that carry the copper, silver, gold, platinum, and palladium. The deposit remains open to expansion at depth and along trend. Defining the geometry of these higher-grade porphyry units and alteration zones is an important focus of follow up drilling at the Allard resource area in 2024.
 
For the balance of the interview, we pivoted over to the inaugural resource at the Keno Silver project, initially announced Feb 26th, which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake), which is a major milestone for the project. The 171 km Keno Silver Project, neighboring Hecla Mining's current Keno Hill operations, has very clear opportunities to grow the 2024 Resource Estimate quickly and efficiently with additional drilling, while continuing to advance early-stage targets to new discoveries. The Formo target was the highest-grade and largest contributor to the inaugural NI-43-101 mineral resource estimate for the Keno Silver project, and there are opportunities for drilling at depth and along strike to add significant resources in this area, as well as the other 3 key project areas used in this resource.
 
If you have any follow up questions for Scott on Metallic Minerals,  then please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Metallic Minerals.
 
Click here for a summary of the recent news out of Metallic Minerals.

Mike Larson - Rotation Into Commodities, How Long Can This Bull Last?

Mike Larson, Editor-In Chief at MoneyShow joins us to discuss the recent weakness in US markets and the continued strength of commodities. Rotation has been a key theme in markets over the past 3 years and now the commodities are seeing money flow in. We ask how much longer this bull run could last. We focus on gold, copper and energy sectors as well as cryptocurrencies.
 
Click here to visit the MoneyShow website to learn more about the upcoming conferences. 
 
 

Guanajuato Silver – Operational And Financial Update From Their 4 Producing Silver Mines In Mexico

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins us to provide a comprehensive operational and financial update from their 4 producing silver-gold mines and 3 processing facilities in central Mexico.
 
The Company produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.
 
James highlighted the consistent quarter over quarter growth in the Company since beginning operations in 2021, with the exception of the tough 3rd quarter of 2023, and their strategy to get production ramped back up since then in Q4 of last year and Q1 of this year, in addition to bringing down costs in a meaningful way.   2023 saw record production of 3.5 million silver-equivalent ounces ("AgEq") representing a 64% increase over 2022; where total AgEq ounces are derived from 1,756,911 ounces of silver, 16,987 ounces of gold, 3,555,466 pounds of lead and 3,868,262 pounds of zinc. There were also record revenues for 2023 of $66.1M representing a 79% increase over 2022.
 
We discussed the investment back into the 4 operating mines, which took cash costs to $18.22 per AgEq ounce, and all-in sustaining costs (AISC) to $22.91 per AgEq ounce.  These costs reflected higher capital expenditures during the year as the Company made significant investments designed to improve efficiencies across all operations.   James also outlined the further mill enhancements that they’d like to add at 2 mines, and the focused company strategy the last couple quarters that has paid off at raising the grades at their El Cubo Mine. These improvements in efficiencies, paired with a higher silver price, help set the company up for even more growth in 2024.
 
If you have any follow up questions for James or want more information on any of the assets please email us at Fleck@kereport.com and Shad@kereport.com.
 
* In full disclosure, Shad has a position in Guanajuato Silver at the time of this recording.
 
Click here to visit the Guanajuato Silver website to read over the recent news releases we discussed.
 

Triple Flag Precious Metals – 7 Consecutive Years Of Growth And Royalty Partner Updates

Shaun Usmar, Founder, CEO, and Director of Triple Flag Precious Metals (TSX: TFPM) (NYSE: TFPM), joins us for an update on operations growth and royalty partners updates.   Of their 234 total royalties and streams, there are 32 paying assets in production, 41 assets in development, and 161 assets at the exploration stage.   We start off reviewing how the company has continued growing and diversifying since our conversation early last year, right after their acquisition of Maverix Metals (NYSE: MMX), and how they are approaching future accretive acquisitions and creating royalties with mining partners.
 
Shaun outlines that their portfolio achieved the seventh consecutive annual gold equivalent ounces (GEOs) record for Triple Flag and a compound annual growth rate in GEOs of more than 20% since 2017, while delivering 105,087 GEOs meeting their sales guidance for 2023.  In 2024, the Company expects attributable royalty revenue and stream sales of 105,000 to 115,000 GEOs, and they are targeting a 5-year average moving forward of approximately 140,000 gold equivalent ounces from 2025 – 2029. Triple Flag PMs renewed their quarterly dividend of US$0.0525 per common share, and also renewed their normal course issuer bid to continue purchasing back shares of the Company.
 
We outline some of the key cornerstone assets in the portfolio of projects, such as the major contribution from the gold and silver streams on Northparkes and Cerro Lindo mines, or the cash-flowing producing royalties from Fosterville, Young-Davidson, RBPlat, Buritica, Beta Hunt, Camino Rojo, assets with a clear focus on precious metals in the Americas and Australia. 
 
In addition to the strength of the operators for the 32 assets already in production, we discuss the how the Triple Flag team vets the upside optionality for exploration and development on their overall large basket of royalties and streams, in tandem with exposure to overall land packages to capture future growth and investment.  Shaun outlines the extensive pipeline of growth projects including Hope Bay, Eskay Creek and Koné continued to advance down the development path.
 
If you have any questions for Shaun regarding Triple Flag, then please email us at either Shad@kereport.com or Fleck@kereport.com.
 
Click here to access company news for Triple Flag

Contango Ore - Development Update At Mahn Choh, Production And Cash-Flow Timelines, Growth Plan Outlook After Initial Cash-Flow

Thank you all for sending me your questions recently for the management team at Contango Ore ("Contango" or the "Company") (NYSE-A:CTGO). Understandably a lot of investors are focused on the development progress at the Manh Choh Project in Alaska. Contango holds a 30% interest with Kinross controlling the remaining 70% and operating the mine. The ore is being shipped for processing at Kinross's Fort Knox Mine. 
 
Rick Van Nieuwenhuyse, President and CEO of Contango joins us to provide an update on the development progress at Manh Choh and answer your questions. We start by recapping the current development and timeline to first gold pour. We also ask about the amount of hedged gold and the Company's financial position and ability to cover costs up to initial cash-flow.
 
Regarding future growth, post cash-flow, Rick outlines exploration around the Manh Choh deposit and work plans at the Company's Lucky Shot Project, also in Alaska.
 
Please keep sending me your questions to Fleck@kereport.com.
 
 
Click here to visit the Contango Ore website to learn more about the Company.
 
Upcoming live events! April 18th
Novo Resources webinar – 9:30am PT – Exploration overview – Click here to register!
Snowline Gold webinar – 12:30pm PT – Focus on the Valley Discovery in the Yukon – Click here to register!

Christopher Aaron – Medium-Term Technical Outlook On Gold, DOW to Gold Ratio, Silver, And PM Stocks

Christopher Aaron, Founder of iGold Advisor and Senior Editor at the Gold Eagle website, joins us to review his medium-term technical outlook on gold, the Dow:Gold ratio, silver, and the precious metals stocks.  He is constructive based on the progress on the charts, but has some concerns over the next few months, as he sees a growing potential for a correction in the US equity markets that could take most sectors down. We review what he is watching as the Dow:Gold ratio continues to flatten out.  In the near-term, he is expecting a little more upside in the PMs, followed by corrective move to let things cool down, before the next big impulse leg higher.
 
Christopher points out that on a historical basis, every time gold has broken out to new highs, it has back-tested the breakout pricing level, before moving even higher once again.  Mining stocks tend to outperform in the later moves in precious metals bull markets, after the back-test of the breakout levels has occurred.  We also look at the pricing action in silver, and GDX in relation to gold and in contrast to other prior bullish runs.
 
Click here to visit the iGold Advisor website to keep up with Christopher’s market commentary.

Craig Hemke – Making Sense Of The Recent Volatility In The Precious Metals

Craig Hemke, Founder and Editor of TF Metals Report, joins us for a nuanced discussion on why we’ve seen such volatility in the precious metals sector from the end of last week into this week.   We cover a lot of ground getting into technical resistance and support levels in gold and silver, the massive volume in futures contracts last Friday, geopolitical concerns, pricing levels being painted to manage market expectations, and the confusion seen in main stream financial media around the recent rally in the PMs. 
 
We also touch upon the breakout in across the commodities sector, with rallies in oil and copper and their related stocks, indicating the shifting narrative on the Fed rate cuts and the health of the US economy.   Despite an uptick in interest in the PM mining stocks, they are still underperforming the moves in the underlying commodity, compared to other resource stocks like the oil and copper stocks.
 
Wrapping up, Craig looks ahead to the key economic data that will be moving the markets, and also reiterates keeping an eye on the general US equities for any more potential weakness, that could spill over into the commodities sector.
 
Click here to visit Craig’s site – TF Metals Report.