The KE Report

David Baker CFO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review a few different royalty partner project updates, development growth on tap in their portfolio of royalties, his take on the Q1 2025 financials and coming one-off payments, and looking ahead to future acquisitions.
 
We kick things off with recent announcement by Focus Minerals Limited (ASX: FML) reporting the sale of their Laverton assets in Western Australia, to A$5 billion Australian miner Genesis Minerals Limited (ASX: GMD) for A$250 million. Elemental Altus holds an uncapped 2% gross revenue royalty over a significant portion of the project, and their management team is thrilled to see a senior producer taking over the project which can fast-track it back into production. Genesis Minerals noted in the announcement the clear potential for Laverton to supply open pit and underground ore to their operating 3 Mtpa Laverton mill approximately 30 km away, after conducting more infill and extensional drilling and internal scoping studies.
 
Next we pivoted over to the recent announcement by Northern Star Resources Limited (ASX: NST) reporting a maiden Mineral Resource and Ore Reserve Estimate at the Hercules Discovery of 916,000 ounces of gold. This Hercules deposit is part of the South Kalgoorlie Operations ("SKO") in Western Australia, where Elemental Altus holds a A$10 per ounce production royalty.  In addition to the royalty, Elemental Altus also has a A$1 million Discovery Bonus over a significant portion of the project, for each new ore body with production and/or Reserves greater than 250,000 ounces of gold, so that will be an added one-off payment.
 
We also touched upon the recent news from Arizona Sonoran Copper Co. (TSX:ASCU | OTCQX:ASCUF) where it was announced by the Company that they’ve appointed H&P Advisory Limited as its debt financial advisor for the Cactus Project, a copper cathode development project in Arizona. H&P will work closely with the management team to provide complete and proactive support in all aspects of the project financing process for the Project, acting as the primary interface with lenders.  It is expected that Arizona Sonoran may buy back a part of this royalty in a one-off payment later this year, but Elemental will still have good royalty exposure to this project, and it will supplement the copper payments coming in from their Caserones copper royalty down the road.
 
Turning to the financial strength of Elemental Altus, Dave highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $13-$15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing accretive acquisition transactions in the year to come.
 
 
If you have any follow up questions for Dave regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to view recent news on the Elemental Altus Royalties website

Precious metals rally gains momentum! In this Daily Editorial, we welcome back Dave Erfle, founder and editor of Junior Miner Junky, to discuss the strong action yesterday across the precious metals sector, and why the juniors are finally playing catch-up.
Gold and silver prices took off to start the week, fueled by macro headlines including geopolitical unrest and tariff-related risks. Dave breaks down why the strong follow-through in miners - from large caps to juniors - is especially bullish, and why he believes $4,000+ gold is in play before year-end.
 
Highlights from the conversation:
Silver stocks (SIL, SILJ) are leading the charge, outperforming gold miners on high volume.
Institutional sentiment shift: Goldman Sachs now recommending gold over treasuries; safe-haven flows are shifting.
Why silver juniors are breaking out from massive technical bases, and how Dave is managing his portfolio accordingly.
The importance of share structure, warrant overhang, and why Dave favors tight-float, US-listed juniors.
His strategy for rotating down the food chain into select development-stage plays with major takeover potential.
Listen to hear how he evaluates buy signals, trims winners, and avoids overtrading while staying positioned for longer-term upside in this ongoing bull market.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Sitka Gold’s (TSX.V:SIG - OTCQB:SITKF - FRE:1RF) aggressive 30,000m drill campaign is in full swing at the RC Gold Project, with visual gold already intersected in every hole so far this season.
In this company update I caught up with Mike Burke, Director and VP of Corporate Development at Sitka Gold, to discuss recent news from the ongoing exploration program.
 
We discuss: 
Three rigs are turning (with a fourth on-site), targeting expansion at the Blackjack, Eiger, and Saddle Zone deposits
Early drill holes are reporting visible gold, supporting confidence in deeper and lateral mineralization potential
2025 campaign is fully funded with $25 million in the treasury
Blackjack already hosts over 2.3Moz gold (Indicated + Inferred) - this year’s drilling aims to expand the resource further and explore nearby anomalies
The Saddle Zone, sitting between Blackjack and Eiger, is now being prioritized for the first time since 2021, based on strong gold-in-soil anomalies
Additional targets at Rhosgobel, and Pukelman areas will be tested later in the season
Mike also shares thoughts on the market’s positive reaction to exploration news and when investors can expect initial assay results.
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
Click here visit the Sitka Gold website to learn more about the Company.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the Q1 financial and operations results from the San Albino Mine in Nicaragua, along with some ongoing residual leaching during the period from the recently acquired Moss Mine in Arizona.  We also unpack the anticipated mining to begin at the Moss Mine later this month in June, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for derisking and development work at the Eagle Mountain Gold Project in Guyana to be in production there about 2 years out.   This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.
 
The Company's financial results for Q1 2025 reflect record gold sales from its San Albino and Moss Mine of $31.8 million (vs. $19.2 million in Q1 2024), which generated $19.9 million in Mine Operating Cash Flow, $16.1 million in Adjusted EBITDA, and $9.4 million in Net Income. The Company sold 10,817 oz of gold at an average price of $2,915/oz with a $1,239 Cash Cost and $1,411 All-In Sustaining Cost ("AISC") ($/oz sold). Subsequent to March 31, 2025 Mako delivered the final installment of 13,500 oz of silver on the Sailfish Silver Loan. 
 
 Q2 2025 (through May 31st) - Mako Mining Financial Highlights
 
$25.1 million in Revenue from 7,409 oz of gold at $3,327/oz and 13,529 oz of silver at $33.03/oz
$22.0 million in Cash and Receivables and $3.3 million in Restricted Cash (50% will become unrestricted in June 2025)
 
There is also a substantial exploration program underway all around the San Albino Project in Nicaragua, around the San Albino Mine, as the Las Conchitas concessions, and of particular interest at the El Golfo concessions. Drill hole EJ25-RC53 at El Golfo intersected a wide, high-grade interval of 39.15 g/t Au and 27.8 g/t Ag over 8.0 m (5.9 m ETW), 19.2 m below surface. 
 
Akiba points out that the Moss mine has been producing gold the last few month through residual leaching at its beneficiation facilities, but their team is going to start mining again starting at the end of June, and then it will take several months for new materials moved onto the leach pads to charge up increased production again. A technical report is slated to be put out later in the year around September, after a few months of ramping up mining and assessing the resources in place. When the Moss Mine has been debottlenecked over time from a mining and permitting perspective and is producing at the grade and rate they believe is possible,  it could almost double their current production profile with approximately another 40,000 ounces of gold production per year out of Arizona.
 
Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable of an agreement between the government and local stakeholders, and doing all the background environmental and engineering work to being the process for their EIA permit.  Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 65,000 ounces per year.  When this added to the production out of Nicaragua and Arizona there is clear line of sight to growing into a mid-tier gold producer.
 
 
If you have any further questions for Akiba regarding Mako Mining, then please email them into us at either Fleck@kereport.com or  Shad@kereport.com.
 
 
In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording and may choose to buy or sell more shares at any time.
 
Click here for a summary of the recent news out of Mako Mining.

Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins us for a review of Q1 2025 operations and financials from its Segilola Gold mine, located in Nigeria, and for the Company's ongoing exploration and development programs in Nigeria, Senegal and Cote D'Ivoire. 
 
Q1 2025 Financial Highlights
 
22,750 ounces ("oz") of gold sold (Q1 2024: 17,420 oz) with an average gold price of US$2,720 per oz (Q1 2024: US$2,033).
Cash operating cost of US$711 per oz sold (Q1 2024: US$418) and all-in sustaining cost ("AISC") of US$950 per oz sold (Q1 2024: US$632).
Revenue of US$64.0 million (Q1 2024: US$33.3 million).
EBITDA of US$43.6 million (Q1 2024: US$23.2 million).
A quarterly record Net Income of US$34.4 million (Q1 2024: US$12.4 million).
Net Cash of US$24.7 million (Q1 2024: Net debt of US$14.3 million).
Maiden quarterly dividend of C$0.0125 per share per quarter (C$0.05 per year)
 
This strong financial balance sheet with no debt is allowing the Company to increase exploration initiatives at all projects.
 
In Nigeria, there is ongoing near-mine exploration focused on testing depth extensions of the Segilola deposit, with a diamond drilling program targeting the continuity of high-grade shoots down-plunge to the south. Early results confirm mineralization below the current final pit design. Drilling returned encouraging high-grade intercepts both north and south of the existing resource, indicating the potential for extensions and new target areas beyond the current limits of the Segilola resource. Regional exploration efforts concentrated on geochemical sampling targeting structurally complex zones within the Ilesha Schist Belt identified through geological modelling as prospective for gold mineralization.
 
In Senegal, at the Douta Gold Project, workstreams in support of a Preliminary Feasibility Study ("PFS") were advanced during 2024 on the metallurgical test work, process flow sheets and resource update.  Exploration work focused on  at depth between the main Makosa resource base along the 6km strike from Makosa Tail to the northern extent of the deposit, with RC drilling targeting increased oxide resource definition at the parallel Makosa East Prospect. The discovery of the Baraka 3 Prospect in Douta West has had positive implications to the Douta PFS, but has delayed the delivery of this study as a result. This 3km of strike length of very wide near-surface oxide gold mineralization could be very import to the early economics in a development scenario of this Project, and thus the Baraka 3 drilling has been accelerated.
 
Wrapping up we discuss the exploration prospectivity over the 3 different exploration projects in Côte d'Ivoire: The Guitry Gold Project and two additional option agreements to acquire an 80% interest in the early-stage Boundiali Exploration permit and the Marahui Exploration permit. At these project the company is assessing target-generative geochemical surveys and sampling and mapping, with drilling planned for after rainy season in Q3 2025.
 
 
If you have any questions for Segun regarding Thor Explorations, then please email them into us at Fleck@kereport.com or at Shad@kereport.com.
 
*In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview.
 
Click here to follow the latest news from Thor Explorations

Fred Earnest, President and CEO of Vista Gold Corp. (NYSE American and TSX: VGZ), joins me for comprehensive company overview of the upcoming Feasibility Study at their Mt Todd gold project;  a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia.
 
Fred reviews the 9.4 million ounces of gold resources in all categories, and that the resource block model has been updated to incorporate data from the Company’s 2020-2022 and 2024 drilling programs and is being used as the basis for the new mine plan in the upcoming updated feasibility study. This new study aims to increase the reserve grade to 1 gram gold per tonne by applying a higher cut-off grade, and will also incorporate mine scheduling optimization strategies that prioritize higher grade ore during the early years of operation.
 
The Company is continuing  to advance their revised 15,000 tonne per day (tpd) Mt Todd Feasibility Study, and it will differ from the previously modeled 50,000 tonne per day scenario, aiming to reduce initial capex by 60% to $400 million, while averaging annual gold production of 150,000 to 200,000 ounces. Guidance is for delivering the new study by mid-2025 in July. This Feasibility Study will leverage prior technical studies, preserve the potential for future expansion, and demonstrate the opportunity for Mt Todd to deliver attractive economic returns with a smaller initial capital investment.
 
Fred walks us through how the Mt Todd Project offers significant scale, development optionality, growth opportunities, advanced local infrastructure, community support, and demonstrated economic feasibility. All major environmental and operating permits necessary to initiate development of Mt Todd are in place.
 
If you have questions for Fred regarding Vista Gold, then please email those into me at Shad@kereport.com.
 
Click here to follow the latest news from Vista Gold

We kick off June with a powerful move across the precious metals complex, as both gold and silver surge higher, defying expectations of seasonal weakness. In this KE Report Daily Editorial, Craig Hemke, founder of the TF Metals Report, joins us to break down what’s driving the action, why silver’s breakout matters, and how this rally could evolve.
 
Key themes covered in this interview:
Gold rallies $83 and silver jumps 5%, signaling strength despite flat equity markets.
Craig highlights the summer rally potential, spurred by a falling U.S. Dollar Index and positive technical setups.
Silver’s breakout above key levels may be activating algorithmic buying and could spark broader momentum across miners.
Craig sees a shift in sentiment as investors revisit mining equities, especially after Q1 earnings and improving margins heading into Q2.
Discussion includes CoT reports, open interest washouts, and hedge fund positioning.
The interview also touches on macroeconomic signals, potential commodity rotation, and geopolitical catalysts impacting safe-haven flows.
 
Visit TF Metals Report for Craig’s ongoing analysis

This weekend's KE Report dives deep into two pivotal commodity trends:
Matt Geiger of MJG Capital outlines why it's “game on” for junior mining stocks with a breakout on the TSX Venture, while Dan Steffens of the Energy Prospectus Group unpacks the tug-of-war between fear-driven oil pricing and strong natural gas fundamentals.
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!
Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.
 
Segment 1 & 2 - Matt Geiger, Managing Partner at MJG Capital, kicks off the show to discuss the improving outlook for junior mining stocks, highlighting that while the TSX Venture isn’t as mining-heavy as in past cycles, rising capital flows and exploration activity suggest a potential early-stage bull market for juniors. He also unpacks selective M&A trends in gold and silver, why copper still needs higher prices to incentivize development, and how he's cautiously managing a strong-performing, junior-heavy portfolio amid growing market optimism.
Click here to visit the MJG Capital website to learn more about Matt’s fund. 
 
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, joins us to unpack the fundamentals driving oil and natural gas prices, rig count trends, and where he sees near-term upside.He explains why U.S. oil production may have peaked, how LNG export growth is tightening the natural gas market, and highlights two Canadian gas-weighted companies, Spartan Delta and Journey Energy, as attractive plays amid rising gas demand and discounted valuations.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.
 

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out May 28th that announced the Company is embarking on its largest drill program to date, totaling 40,000 meters with 9 rigs, that is 100% focused on the extensive Surebet high-grade gold discovery on the Golddigger Property located in the Golden Triangle of British Columbia.   This year’s exploration focus is based on the positive results from the 2024 drill season which has greatly improved the understanding of this large mineralized system that remains open for expansion in all directions.
 
As a first initiative, the team is also currently be mobilized to site to start the process of relogging prior year’s drill core, based on the conclusions from the Colorado School Of Mines geological study which confirmed a new interpretation of the ore forming process of high-grade gold mineralization at Surebet and confirms common causative Reduced Intrusion Related Gold (RIRG) source.   Armed with this understanding that dykes found on the Project have the potential to be mineralized with this intrusive style of gold, changes how to interpret prior drilling, and how to move forward now drilling through those dykes into other mineralized horizons instead of avoiding them. Roger highlights the tremendous untapped discovery potential at the Golddigger Project in the Golden Triangle of British Columbia.
 
Next we discussed the news released on May 5th that world renowned JDS Energy & Mining Inc. has been engaged to assess the viability, permitting and development of an underground exploration adit at Surebet. The Company has tasked JDS with an exploration adit to access a broad expanse of the gently-dipping, high-grade gold lode called the Bonanza Zone that sits approximately 200 meters above the valley floor, and also to consider the best location if a road was to be created into the property.
 
Wrapping up Roger shares the financial health of the Company after announcing yesterday a bought deal private placement of charity flow-through financing for gross proceeds of C$20,002,700, with Stifel Nicolaus Canada Inc. acting as the sole bookrunner and lead underwriter, together with a syndicate of underwriters. This was done at a slight discount to market, without traditional warrants, and provides the company with optionality on how to proceed with this year’s exploration program and possibly carrying over into next year’s work program.
 
 
If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.
 
In full disclosure, Shad is a shareholder of Goliath Resources 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 Goliath Resources

John Rubino, [Substack https://rubino.substack.com/], joins us for a wide-ranging discussion on the macroeconomic factors driving gold and silver, along with strategies for portfolio management in the precious metals stocks.
 
We start off discussing how the higher underlying metals environment has started allowing for more investor confidence in the gold producers maintaining healthy margins and valuations, which is attracting more generalist investor capital flows. Additionally, now the gold development projects economics are starting to look more and more attractive.  John discusses how he is still striking a balance between have exposure to the larger PM producers and royalty companies, but also have exposure further down the risk curve into the exploration stocks as “lottery tickets.”
 
This leads into a discussion about some of the developers with large resource bases delineated, like Seabridge Gold, and whether or not they will be acquired or built in this cycle; after sitting available for development since the prior cycle.  We dig in to if the reservation from other companies to acquire them is due to jurisdiction, capex requirements, or if it is simply a lack of human capital. John weighs in on what aspects he would describe as “high quality,” and the importance of limiting the amount of portfolio positions to the companies one can really do proper due diligence on.
 
 
Wrapping up we circle back to macroeconomic factors that may drive gold prices even higher.  We start of focusing in on the rising sovereign debt levels in countries all over the world, and the changes in the Basel III demarcation for gold as a Tier 1 reserve asset that more banks will be buying to gain more exposure to and diversify their asset mix.  We talk about BRICS countries continuing to reduce down US dollar exposure and mitigate potential trade wars by increasing their gold holding. Lastly we reflect on the increased retailing buying, using the example of new limits on gold purchases from Costco as another tailwind for gold, that may spill over into more sympathetic investment in silver.
 
https://rubino.substack.com/