The KE Report

This weekend’s KE Report show features a compelling doubleheader: Jeff Christian of CPM Group breaks down silver’s explosive breakout and the rotation into overlooked metals like platinum and palladium, while Dana Lyons of Lyons Share Pro shares why the S&P is poised for new highs and where the strongest opportunities lie across global markets and commodities.
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Segment 1 & 2 - Jeff Christian, Managing Partner at the CPM Group, kicks off this weekend’s show to break down the recent breakout in silver, platinum, and palladium, and whether the precious metals rally is sustainable. He discusses the rotation of investor capital from gold into other metals, the technical and fundamental drivers behind silver's surge, and why sustained $40 silver and higher gold prices are realistic heading into 2026 amid global political and economic uncertainty.
Click here to visit the CPM Group website to learn more about the firm. 
 
Segment 3 & 4 - Dana Lyons, fund manager and editor of The Lyons Share Pro, wraps up the Weekend Show to discuss his technical outlook on global equity markets and commodities. He explains why his models point to a likely breakout to new all-time highs in U.S. markets, highlights growing relative strength in sectors like industrials and financials, and outlines why Europe and select international markets may offer even better opportunities right now. He also weighs in on commodities, noting silver and uranium as standout performers, and analyzes ETF trends in the mining space.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.
 
I'm hosting a webinar next Thursday, June 19th @ 12pm PT (3pm ET), featuring Volt Lithium! Alex Wylie, CEO, Co‑Founder & President will be presenting and taking all your questions. The company has an innovative “bolt-on” solution turning oil & gas produced water into lithium and critical minerals.
Click here to register for free!
 

Christopher Aaron, Founder of iGold Advisor, Elite Private Placements, and Senior Editor at the Gold Eagle website, joins me to review his medium to longer-term technical outlook on gold, GDX, silver, SIL, and the junior mining stocks by way of the TSX Venture exchange.
 
This is a longer-format video where we really dive into the technical analysis setups in the precious metals sector, and he lays out the historical case and patterns to why we haven’t seen the really big moves yet. The setups are in place for potential life-changing gains over the next 1-2 years in the junior gold and silver stocks.
 
Christopher lays out the technical case for why sector sentiment has been lagging for years, compared to prior cycles, and refreshingly, it has nothing to do with margins, dilution, or competing moves higher in the US equities.  He points to a number of recent breakouts or emerging breakouts on many charts that will start to attract more investor momentum over the next 12-18 months.  Therefore, he points out that this is not time to ring the register on PM trades and that as the metals and equities work through their near-term resistance levels, that we’ll see much higher prices that will surprise even the PM bulls.
 
 
Click here to visit the iGold Advisor website to follow Christopher’s analysis and private placement services
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Click here to follow Christopher’s writing over at the Gold Eagle website

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q1 2025 financial results along with a comprehensive review of all operations.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.
 
Q1 2025 Highlights
 
Revenues of $70.3 million, a 34% increase year-over-year.
Gross Profit of $27.9 million, a 6882% increase year-over-year.
Net Income of $9.5 million, a 93% decrease year-over-year1.
Adjusted EBITDA of $27.5 million, a 2202% increase year-over-year.
Cash and cash equivalents of $32.5 million, a 706% increase year-over-year.
Working Capital of $51.7 million, a 7530% increase year-over-year.
Cash cost per silver equivalent ounce sold ($/oz) of $17.84, a 16% decrease year-over-year.
AISC per silver equivalent ounce sold of $22.34, a 8% decrease year-over-year.
Silver Equivalent Ounces produced of 3,688,129, a 5% decrease year-over-year.
 
 Q1 2025 Production Highlights:
 
Silver Equivalent Production: 3,688,129 silver equivalent ounces
Silver Production: 1,590,063 ounces
Zinc Production: 20,719 tonnes
Lead Production: 2,718 tonnes
Copper Production: 279 tonnes
Underground Development: 10,135 meters
 
Arturo discussed the very strong revenues, gross profit, cash and cash equivalents,  adjusted EBITDA, and working capital up substantial in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early. 
 
Additionally, there was better setup with San Lucas ore-feeding business absorbing the Reserva Mine ore to blend with ore from the small-scale miners, and with it not being blended with Tres Amigos and CQCQT. This made Caballo Blanco much more efficient with better metals recoveries, as well as the San Lucas operations improving efficiencies.
 
The water issues at Bolivar were limited to just this quarter and resolved and the reason Zimapan was higher cost this quarter was because they just bought some new equipment to optimize operations (like 3 new Scoop trams), and to take advantage of the higher-grade 960 Level.  Those were both one-off effects taken in Q1, but resolved for Q2 and moving forward for the balance of the year.
 
Wrapping up we reviewed the plan in place to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company’s commitment to financial discipline and a strong balance sheet. The plan’s primary objective is to save the Company US$40 million. The Company successfully completed payments to Glencore of USD$17.5 million by the end of Q1, and will be paying the remaining of USD$22.5 million by October 31, 2025.
 
 
If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Santacruz Silver

Joel Elconin, Co-Host of the PreMarket Prep show and founder of the Stock Trader Network, returns to share his seasoned perspective on a volatile end to the week.
Despite overnight geopolitical shocks - including missile strikes into Iran - the U.S. markets staged an impressive rebound, once again showcasing their resilience and buy-the-dip mentality. Joel breaks down the technicals behind this Friday's rebound, why he sees this kind of trading day as more bullish than a straight-up rally, and how investors are reacting to the ever-changing headlines.
Key discussion topics:
Why Joel sees today’s recovery as a stronger bullish signal than typical rally days
The importance of the 6,050 resistance zone in the S&P and what it means heading into next week
“TACO trade” (Trump Always Chickens Out) and market reactions to tariff uncertainty
Diminishing impact of economic data on market direction
Sector rotation: value stocks, defense names, solar, oil, and biotechs coming back into focus
Technical levels to watch in small caps (IWM) and oil (USO), and gold’s push back toward all-time highs
Global markets outperforming the U.S. in some cases - why Joel is cautious at current levels
➡️ Visit PreMarket Prep and Stock Trader Network for more of Joel's insights.

In this KE Report company update, Simon Ridgeway, Founder and CEO of Rackla Metals (TSX.V:RAK - FSE:RLH1), provides a full overview of the company’s newest exploration focus: the Grad Property in the Northwest Territories.
Following a grassroots discovery in 2024, Rackla is now mobilizing for a 4,000–5,000 meter drill program targeting what may be a large-scale, intrusive-related gold system within the Tombstone Gold Belt. Drilling is set to begin in early July.
🔹 Project History: Rackla entered the Tombstone Gold Belt in 2022 after the Snowline discovery, targeting underexplored intrusive bodies further east. 🔹 Grad Discovery: Staked in July 2024 after land reopened by the South Dene First Nation and NWT government. Initial sampling revealed veining and chip channels up to 38m of 1.8 g/t gold. 🔹 Drill Strategy: Two main zones to be tested - base and top of a 400m cliff. If continuity is confirmed, longer step-out holes may follow. 🔹 Fully Funded: With ~$10M in the treasury, drill permits secured, and logistics in place, the team is ready to execute. First assay results are anticipated in early August.
Simon details what success would look like in the initial drill results, shares thoughts on assay lab timelines, and explains why this virgin gold system could be a major new discovery.
 
Click here to visit the Rackla Metals website.

Robert Bergmann, CEO and Director of Relevant Gold Corp. (TSXV:RGC) (OTCQB:RGCCF), joins us to introduce this gold exploration company focused on the acquisition, exploration, discovery, and development of district-scale gold projects, and is applying an Abitibi-style geological modeling to projects in the state of Wyoming.  Their land concessions cover both the Bradley Peak Camp and South Pass Camp with 5 key projects and 17 targets to explore for orogenic gold.
 
The Company just announced on June 11th that it has received both State and Federal permit approvals for a fully-funded 5,000-meter drill program on the Apex target at the Bradley Peak Gold Camp in central Wyoming. This drill campaign is the first ever at the Apex Target and is integral to the Company's 2025 exploration program. Mobilization has begun and drilling is expected to commence soon.
 
Robert outlines why the team is so interested in this Apex Target from an orogenic gold perspective, and provides some context on their overall Bradley Peak Gold Camp.   Then we shift over to their South Pass Camp, which has 4 Projects: Golden Buffalo, Lewiston, Shield-Carissa, and Windy Flats. The Company did 2 prior drill programs at the Lewiston Project, and drilling in at the Golden Buffalo project the prior 2 years, and will be doing more mapping, sampling, and surveying of these properties this year to vector in on more targets for future drilling.
 
Wrapping up we cover the geological experience and business acumen of the management team and board, key strategic shareholders like Kinross, William Bollinger, and Rob McEwen, and the capital structure.  The company has ~ $8 million in the treasury to carry out this drill program and execute on future work initiatives.
 
If you have any questions for Robert regarding Relevant Gold, then please email us at Fleck@kereport.com or Shad@kereport.com.
 
Click here to follow the latest news on Relevant Gold

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to review the Q1 2025 operations and financial metrics showing profitability from the very first quarter of commercial production at the La Guitarra Mine and processing plant, in Mexico.  We also look a number of future development and exploration value drivers for the Company across their district-scale land package.
 
 Q1 2025 Highlights
 
Net Revenues: Silver revenues for the quarter totalled $2.34 million ($31.13 per ounce) and gold revenues totalled $2.89 million ($2,828 per ounce).
The Company sold 75,137 ounces of silver ("Ag") and 1,022 ounces of gold ("Au") or 165,093 silver equivalent ("AgEq") ounces, based on the ratio of Au and Ag prices realized for each shipment in the period.
Cost of sales was $3.6 million, approximately $21.84 per AgEq ounce sold.
All-in-sustaining costs per AgEq ounce sold of $28.98 per ounce, compared to $32.18 in Q4 2024.
Gross Profit was $1.2 million.
Cash provided by operating activities was $535,000.
Current assets, including cash, totaled $4.3 million at March 31, 2025, up from $3.5 million in Q4 2024.
 
Q1 2025 Operational Details
 
Mine Operations: Milled 39,167 tonnes of material, silver recoveries averaged 79.21% while gold recoveries averaged 78.77%.
Production: Produced 70,176 ounces of silver and 1,001 ounces of gold.
Coloso Mining: On April 29 2025, Sierra Madre announced the start of underground mining at the Coloso mine within the Guitarra Complex. The estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins. During the ramp up of Coloso mining, various blending percentages for mill feed will be tested to ascertain best recovery procedures.
 
 
Alex then lays out the envisioned plan is to run the mill at 500 tpd most of next year, at the slated commercial production throughput. However, he then also shares the pathway forward where a modest amount of equipment can be purchased and installed to grow the mill throughput to 650 TPD in 2026, and then all the way up to 1,000+ TPD by the end of 2027.  In addition to the potential of growth through production, we also discuss the leverage that a silver and gold producer like Sierra Madre will have to the potential of rising metals prices in 2025 and 2026.
 
Next we shift over into the larger growth vision of the company, as it will turn it’s it focus to exploring this district scale land package the end of next year, funded through organically generated revenues.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure at the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already. Moving the Coloso Mine back into production will be another near-term area of future expansion, which could see supplementary production complimenting the current production coming out of La Guitarra.
 
 
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Sierra Madre Gold & Silver at the time of this recording.
 
Click here to follow along with the latest news from Sierra Madre Gold & Silver

In this KE Report company update, we catch up with Craig Nicol, Founder and CEO of Graphene Manufacturing Group (TSX.V:GMG - OTCQX:GMGMF), to dive into the company’s latest developments across all divisions - graphene production, G® Lubricant, batteries, and THERMAL-XR®.
 
Key topics include:
Second Generation Graphene Plant: Early works are underway on a next-gen production facility that will boost graphene output 20x - up to 10 tonnes annually using the same inputs. This modular, scalable design could enable global rollout, with full commissioning targeted by mid-2026.
Cost Efficiency and Environmental Advantage: The Gen 2 process is expected to significantly lower graphene production costs - potentially below the cost of mining graphite.
G® Lubricant Commercialization: New independent engine tests show a 10% fuel saving and 33% drop in emissions. Sales have launched globally via g-lubricant.com, with distributor discussions underway. U.S. sales are pending EPA approval.
Battery Division Progress: GMG is working with a top-tier U.S. battery innovation center to streamline pouch cell development. Craig outlines a timeline for customer testing and commercial readiness.
THERMAL-XR® + Strategic Partners: While EPA approval is still needed for the U.S., interest remains strong - particularly from data centers and industrial HVAC users. New packaging and website updates are helping broaden access. OEM partnerships and licensing discussions are also discussed.
For follow-up questions, email fleck@kereport.com. Stay tuned for another GMG update in about a month!
 
Click here to visit the GMG website to learn more about the Company.

Taj Singh, CEO, and Adam Cegielski, President of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), join me to review their recent analyst site visit, the acquisition of EMX Royalty’s Nordic Business Unit, the pending drill assays from the Aida Target at the Paubäcken Project,  drilling commencing this summer at the Nippas Target at the Storjuktan, and then the Harpsund Target at Paubäcken, all located on their 100% owned property along the Gold Line Belt of Sweden.
 
We start off with Adam recapping the key takeaways from their analyst and strategic shareholders site visit to see the flagship Barsele Project in a Joint Venture with Agnico Eagle, and then out to see the ongoing drilling at the Aida Target at Paubäcken.    This led into a discussion about the growing institutional and analyst coverage of the company, and the keen interest from investors in the exploration upside along the Gold Line Belt, as well as the value already underpinning the company at the 2.4 million ounces of gold delineated at Barsele.
 
Next, Taj walks us through a few key drilling targets located at their Paubäcken Project, getting the exploration work this year.   We touch upon the high-priority Aida Target (which is awaiting assays in the near-term), the Harpsund target which has shown promising Base-of-Till (BOT) drilling, surface till sampling, and geophysics that is gearing up to be drilled this summer, and the further ongoing targeting work at the Brokojan target.
 
Pivoting over to their Storjuktan Project, there have been some exciting developments at five new regional targets with gold-in-till anomalies matching geophysical data in both the north and south, with the Bråna target even showing outcropping mineralization and becoming a new target of interest for this year.  Nippas is still the most derisked target at Storjuktan, and drilling is anticipated to be starting imminently in this next phase of the 25,000 meter exploration program.
Wrapping up Adam lays out the case for even more institutional coverage to be announced in the months to come, the strong financial position the company is in with over $7million still in the treasury for their ongoing exploration program, and the growing interest on Sweden as a jurisdiction for gold development projects.
 
 
If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of First Nordic Metals at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from First Nordic Metals

In this KE Report company update, we’re joined by Tim Clark, President and CEO of Fury Gold Mines, and Bryan Atkinson, SVP of Exploration, to unpack a busy year ahead.
The conversation starts with a key milestone: Agnico Eagle’s $4.3 million strategic investment in Fury, signaling growing institutional confidence and a renewed focus on the Committee Bay Gold Project in Nunavut. Tim outlines why the structure of this deal, an equity stake rather than a project specific investment, preserves upside while aligning Fury with a major regional player.
Bryan then shares details on Fury’s upcoming 5,000-meter drill program at Committee Bay, marking the first drilling since 2021. The program targets high-grade extensions at Three Bluffs and brand-new regional shear zones with strong discovery potential.
 
The update continues with Fury’s growing Quebec portfolio, including:
Sakami Project - Drilling begins imminently, targeting confirmation and expansion of a broad gold zone.
Eau Claire Project - High-grade, road-accessible gold deposit with existing M&I resources and room to grow.
Comments on strategic positioning around the Éléonore Mine, now owned by Dhilmar, and what this means for consolidation prospects.
As a recap… Drills mobilizing in 10 days. Three major programs planned. High-grade targets across the board.
 
If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com. 
Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news.