The KE Report

Nick Hodge – Gold Emerges As The Signal From The Macroeconomic Noise, Opportunities Still Present In Copper, Silver, And Rare Earth Companies

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility and noise in the general equities markets and outlook on the US economy and global trade. Despite the volatility in the markets, as evidenced by the VIX reading up above 50 earlier this week, he still sees opportunities in gold, silver, copper, and rare earth stocks for the balance of this year and longer-term.
 
We start off with the market uncertainty stemming from the constantly changing Trump tariff policies, anticipated Fed policy, the calls from many financial outlets for a recession, and the shifting narratives in the news cycle. These macro factors have roiled general equity markets much of 2025, but there has been a clear divergence into gold as a safe haven; even more so than bonds or the US dollar.  As a result Nick is still happy to have exposure to the quality gold developers like Revival Gold Inc. (TSXV: RVG, OTCQX: RVLGF) and Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA).  Nick is not anticipating a recession, and is more constructive on the US economy in the second half of this year.
 
With regards to other metals Nick is also bullish on both silver and copper for fundamental reasons as well as recent pricing strength momentum, and he has been active in putting capital to work in Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Arizona Sonoran Copper Company (TSX:ASCU) (OTCQX:ASCUF) and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).   We consider that domestic companies may get a premium in light of the recent Executive Order from the Trump administration focused on mineral resource development, and the potential for regulation to be eased in the US.  We touch upon some of the large domestic projects like Trilogy Metals Ambler Road access issue and Northern Dynasty’s Pebble project, but he’s never been interested in projects where the company has little control over government decisions.  Instead, he is happy to also play the copper and base metals production side of things with an investment in Freeport-McMoRan Inc. (NYSE: FCX).
 
Nick also brings up rare earths as another area he is becoming increasingly bullish on due to the tensions between the US and China with regards to tariffs and export bans, and sited CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) as the type of company he’s happy to deploy capital into that that is committed to critical minerals extraction, including rare earths. through innovative and disruptive mineral extraction technologies like recycling, waste mining, and scalable solutions.
 
Wrapping up we focus on the upcoming catalysts from spring drilling season in the resource sector and the companies, geological targets, and jurisdictions that he is most animated by.
 
Click here to follow Nick’s analysis and publications over at Digest Publishing

Magna Mining – Operations And Development Update At McCreedy West Copper Mine, Exploration Update At Levack Mine Building Towards A Mine Restart Plan

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), joins us for an operations and development update at the producing McCreedy West copper mine, the current exploration strategy and pathway to future production at the Levack Mine, the larger vision and optionality multiple other prior-producing polymetallic mines and development projects located in Sudbury, Canada.
 
Jason kicks off the conversation with a review of how production and development has been going over the last 5 weeks at McCreedy West copper mine, since the company took over the operations.  The main focus over the next few months is going to be on grade-control, mining efficiencies, and adding a fourth work shift into the rotation.  The other are we highlight is some of the recent high-grade assays returned from drilling at McCreedy West, announced on March 31st, that focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining.
 
Highlights from the new assay results McCreedy West Mine include:
 
FNX33323: 4.4% Cu, 0.6% Ni, 13.8 g/t Pt + Pd + Au over 18.0 metres, including 8.2% Cu, 0.8% Ni, 7.5 g/t Pt + Pd + Au over 7.3 metres
FNX33338: 8.7% Cu, 0.3% Ni, 32.8 g/t Pt + Pd + Au over 3.2 metres, and 3.7% Cu, 3.1% Ni, 2.8 g/t Pt + Pd + Au over 17.5 metres
FNX33361: 4.3% Cu, 5.0% Ni, 3.6 g/t Pt + Pd + Au over 2.9 metres
 
Next we transitioned over to all the exploration focus at the past-producing Levack mine. Jason outlines the Company strategy to put out a Mine Restart Plan later this year, that will detail the development pathway for bringing the Levack Mine back into production in 2026.  We also reviewed the recent high-grade intercepts returned from drilling where hole FNX33323 returned 12.2 % Cu, 0.5% Ni, 2.8 g/t Pt + Pd + Au over 3.4 metres, including 24.9% Cu, 0.4% Ni, 5.0 g/t Pt + Pd + Au over 1.6 metres.
 
Wrapping up we discussed how the company is well cashed up after closing the $33.5 Million private placement on March 5th.   This gives them the flexibility to continue invest in further exploration and development of both McCreedy West and Levack, and optimize their production profile over the balance of this year and next year.   Jason also points out the optionality that they have if the cost of capital improves or if they can attract a strategic investment from government funds to speed up their timeline of development at the Crean Hill Project and Podolsky Mine as the next key assets in their portfolio.  
 
 
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording.
 
Click here to follow along with the news at Magna Mining

Luca Mining - Commercial Production Declared at the Tahuehueto Mine and 2025 Production Guidance Outlined

Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA - OTCQX:LUCMF - FSE:TSGA), joins us to provide insights on key production milestones and upcoming catalysts across both of Luca's assets - Tahuehueto and Campo Morado.
 
Key topics discussed:
Commercial Production Declared at Tahuehueto: As of March 31st, the company has officially declared commercial production at Tahuehueto, with an initial throughput rate of 800 tonnes per day and plans to expand toward full mill capacity. Dan outlines how recent capital raised enabled this milestone and details the growth potential from improved mill availability and throughput.
2025 Production Guidance Released: Luca projects 85,000 to 100,000 ounces of gold equivalent production, with 65,000 to 80,000 ounces payable. Dan breaks down the company's polymetallic revenue mix - currently weighted about 55-60% toward precious metals - and explains how changes in metal prices impact gold-equivalent calculations.
Metallurgical Optimization at Campo Morado: A major focus is the Campo Morado Improvement Project, now in Phase 3. The company is transitioning from two to three concentrate streams, which will significantly enhance metal recoveries and payabilities. Looking ahead, Phase 4 targets improvements in precious metals recovery.
Exploration Ramps Up at Both Mines: Underground drilling has resumed at Campo Morado for the first time in over a decade, aiming to extend mine life. Surface drilling is also underway, targeting higher-grade precious metal zones, a strategic shift given current gold prices. Similar exploration plans are in motion at Tahuehueto.
Strong Free Cash Flow Outlook: Dan highlights forecasted $30-$40 million in free cash flow for 2025, after capital expenditures, G&A, and exploration. He emphasizes the company’s focus on bankable, bottom-line growth over traditional cost metrics like AISC.
Upcoming Catalysts:
Additional exploration results from both mines
Technical reports and updated resource estimates
Year-end and Q1 financial results
Analyst site visit at Campo Morado—the first in over 15 years
 
Please email us with any follow up questions for Dan - Fleck@kereport.com & Shad@kereport.com.
 
Click here to visit the Luca Mining website.

Dave Erfle - Precious Metals Volatility, Silver’s Whiplash, and Where The Opportunity Lies

Dave Erfle, founder and editor of Junior Miner Junkie, joins us to break down the sharp reversals in gold, silver, and mining stocks, and where investors should be focusing next.
 
Silver surged above $35 in a near-term breakout before crashing below $30 in just days. Gold, despite recent selling, is still holding around $3,000 and proving its strength as other sectors falter. Dave explains why this price action might just be a healthy shakeout and how false breakouts in GDX and GDXJ are setting new resistance levels.
 
We also dive into:
 
Why fully financed juniors and late-stage developers stand out
How producers are positioned for strong Q1 results—if the market pays attention
The growing M&A trend, with a few smaller deals announced recently
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Erik Wetterling – Pricing Dislocations Due To Market Volatility Create Opportunities For Portfolio Value Shuffling

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss the opportunities he is seeing for portfolio rebalancing or “value shuffling,” due to the extreme market volatility and pricing dislocations in many resource equities.  This volatility is caused from across-the-board sympathetic selling in most market sectors on back of reactions to the Trump tariff policies.
 
--> Key themes covered in this interview:
 
Precious Metals prices are still at very high levels, and yet many gold and silver equities have had disproportionate selloffs in sympathy with US general equity markets.
 
Comparisons to this recent rapid correction in the gold stocks, versus other strong corrections; like what we saw during the pandemic crash or bear-market market lows of late 2015 into early 2016. Erik notes the much different backdrop in the fundamental value of the producers and developers based on current gold price in contrast to those other market crashes.  
 
What are the actual effects of tariffs on US domestic resource companies, versus companies operating internationally; as it relates to cost inputs like oil, labor, chemicals, steel, and capex to build new mines.
 
Why volatility is the bread and better of value investors.  Erik mentions that volatility creates the opportunities for value shuffling in one’s portfolio and is the “poor man’s dry powder.”
 
What are the type of precious metals stocks that Erik is most interested in rotating into, considering the current backdrop of blanket selling across the whole sector.
 
Click here to visit Erik’s site – The Hedgeless Horseman

Jeff Christian - Gold's Surge Then Fall, Global Volatility, Who’s Buying Gold?

Jeff Christian, Managing Partner at CPM Group, for a comprehensive look at the recent strength in gold and silver prices amid heightened global uncertainty.
Key themes covered in this interview:
Gold's sharp rally to over $3,200, followed by a $200 pullback, and why prices are still near record highs.
Geopolitical and economic drivers including war, inflationary U.S. fiscal policies, and central bank debt that are fueling precious metals demand.
Who’s buying gold now? A deeper dive into institutional vs. retail investor behavior, including the shift away from ETFs to physical gold.
Silver as a retail hedge, with increasing demand from cost-conscious investors turning away from high-priced gold.
Future scenarios: From escalating trade wars to a possible global recession or geopolitical détente, Jeff outlines several paths forward and their implications for gold and silver.
Jeff also shares insights on central bank buying behavior, noting that many are waiting for a pullback to re-enter the market. He outlines why gold remains resilient even during market corrections and how volatility may present buying opportunities in the months ahead.
 
Click here to visit the CPM Group website to learn more about the firm. 
 

Kenorland Minerals - Exploration Updates, Generative Work, and Major Miners/Partners Interest

Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD - OTCQX:KLDCF - FSE:3WQ0), joins me to dive into the company's active exploration programs and extensive generative work across Canada and Alaska.
 
Key exploration updates:
 
Multiple drill programs ongoing across Quebec and Ontario, including Frotet (Kenorland has a 4% royalty, owned by Sumitomo Metals Mining), Hunter (option agreement with Centerra), South Uchi (optioned with Auranova Resources), and recently completed work at Chebistuan (funded by Newmont).
Up to 12 drills active earlier this year, with results expected over the coming weeks to months.
Generative strategy and land expansion:
 
Over 700,000 hectares staked in the past year across Ontario, Quebec, Saskatchewan, and Manitoba.
Kenorland continues to build early-stage gold targets through large-scale till geochem surveys, particularly in underexplored belts.
Flow-through funds (~C$4M) to support first-pass exploration, with potential for a small self-funded drill program in Alaska.
Strategic partnerships and industry sentiment:
 
Strong backing from majors including Newmont, Sumitomo, Centerra, and Auranova Resources.
Core focus remains on gold, with conventional exploration methods proving effective.
 
If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at Fleck@kereport.com.
 
Click here to visit the Kenorland website.

Dryden Gold – Significant Visible Gold Intercepted on Drill Hole KW-25-003 At A New Hanging Wall Discovery At The Elora Gold System

Maura Kolb, President of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me to outline the new zone with significant visible gold ("VG") intersected from deeper drilling at the Elora Gold System at the Gold Rock Camp at the onset of this year’s 15,000 meter drill program. We discuss the exploration plans for multiple targets at Elora for this year, as well as drill programs for later in the year at both the Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada. 
 
This newly discovered section intersected by Drill Hole KW-25-003, displaying the VG, is a hanging wall structure of folded sheared basalts and represents the most significant amount of VG that Dryden Gold has intersected to date. Maura outlines how this folding in the geological structure creates a good trap for the gold fluids, and this new discovery is further evidence that the Dryden District hosts a strong Archean lode gold system like Red Lake, Kirkland Lake and Timmins Districts.
 
We discussed that 5 holes have been drilled thus far at Elora and are testing down plunge at true depths between 250 and 400 meters and often these can intersect several targets with one hole.  Now that Company has received their exploration permits in late February to set up some new drill pads, the focus will be on testing the further down-plunge potential of Elora and along strike to the northeast, around the historic Elora-Jubilee Mine, at a cross-cutting structure parallel to Big Master, and around the high-grade historic Laurentian Mine.
 
We then widened the scope to discuss 2 other key areas of exploration focus on their district-scale land package, with surveys and field work vectoring on future drill targets at both the Sherridon and Hyndman areas of the Project. Sherridon also just received its exploration permits for drilling there later this summer, and there is more targeting work underway to potentially drill Hyndman in the fall.
 
If you have any questions for Maura regarding Dryden Gold, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Dryden Gold at the time of this recording.
 
Click here to follow the latest news from Dryden Gold

Endeavour Silver – Q4 Operations Review, Terronera Wet Commissioning In Q2, Acquisition Of Producing Kolpa Mine, and Pitarilla Development Project Update

Dan Dickson, CEO and Director of Endeavour Silver (TSX:EDR – NYSE:EXK), joins us to review the Q4 and full year operational metrics at the producing Guanacevi and Bolañitos silver mines, a construction update at the key Terronera Project in Mexico, the announcement of an acquisition of the producing Minera Kolpa Mine in Peru, and updates on the Pitarilla and Parral development projects. 
 
Consolidated production last year from Guanacevi and Bolañitos met their updated 2024 guidance with 4,471,824 ounces (oz) of Silver (Ag) and 39,047 oz of gold (Au) for a total of 7.6 million silver equivalent oz. At Guanacevi in Q4 the operations team needed to replace and install a new ball mill trunnion, which was completed on November 30, 2024, and processing resumed in December to full capacity.
 
At the flagship Terronera Project, surface construction is nearing 90% complete. Dry commissioning is advancing on the Upper Platform, and the focus continues on the Lower Platform construction and filter press area, for full wet commissioning to begin here in Q2 2025. Dan anticipates commercial construction will commence in Q3 of this year. The Terronera Mine has the potential to double the production output, adding in around 7 million AgEq per year, with a very low All-In Sustaining Costs, projected to be down around $13 per AgEq oz.
 
Next we shifted over to the key news announced on April 1st, where that company announced a transaction to acquire all of the outstanding shares of Compañia Minera Kolpa S.A. (“ Minera Kolpa ”), and its main asset, the silver-focused polymetallic Huachocolpa Uno Mine (“ Kolpa ”); located in the districts of Huachocolpa and Santa Ana in the province and department of Huancavelica, approximately 490 km southeast of Lima, Peru. In 2024, the Kolpa mine produced approximately 2.0 million ounces of silver, 19,820 tonnes of lead, 12,554 tonnes of zinc and 518 tonnes of copper, for approximately 5.1 million silver equivalent ounces (“AgEq oz”). In 2024, the all-in sustaining costs of $22.80/oz Ag. The transaction is expected to close by June, and this will be a nice bolt-on producing mine for the company adding to the production profile in H2 and moving forward.
 
We wrap up discussing the further growth potential from the Pitarrilla and Parral Projects in Mexico.  Both are key advanced exploration and development projects in the portfolio that will have ongoing exploration and derisking work programs in the second half of this year. Dan mentions they have an eye to moving many of the development team members from Terronera over to Pitarilla, once Terronera is up and producing; working on further development next year as the next project to move down the pathway towards construction.  
 
 
If you have any follow up questions for Dan regarding any of the work going on at the Endeavour Silver, then please email us at either Fleck@kereport.com or Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Endeavour Silver at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to see the most recent news from Endeavour Silver

Craig Hemke - Markets Drop, Precious Metals Follow: What Comes Next?

 
Craig Hemke, editor of TF Metals Report, to dissect last week's sharp market selloff and its impact on precious metals. While gold and silver had been climbing steadily through Q1 - gold even up nearly 20% - they were not immune to the broad pullback, with both metals reversing sharply alongside global equity markets.
 
Key topics discussed:
 
The market-wide selloff and its ripple effect on gold and silver. Craig explains how liquidity needs and portfolio rebalancing by large funds contributed to the drop - even as fundamentals for precious metals remain intact.
Historic parallels and sentiment shifts. Craig outlines similarities to past corrections and why this could be another consolidation before a rebound.
Q1 earnings vs. market reaction. Despite record-high margins and profitability for gold producers, investors remain hesitant. Craig shares why generalist interest hasn't stuck - and whether this quarter's blowout numbers will matter.
The frustrating disconnect in gold stocks. Gold is up over almost 100% since 2022 lows, yet many miners are still well below 2020 peaks. We explore what’s holding them back: lack of growth, muted capital returns, and sector-wide neglect.
Commitment of Traders (COT) report insights. Craig gives a preview of what the upcoming COT report may reveal about speculative positioning - why we might be nearing a reset point for the next leg higher.
 
Long-term outlook for miners and strategy moving forward. With major producers sitting on strong balance sheets, M&A could heat up. Craig encourages a stock-picking approach: identify well-positioned juniors near large players rather than broad ETF exposure.
 
Click here to visit Craig’s website - TF Metals Report