The KE Report

Taj Singh, CEO, and Adam Cegielski, President of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF), join me to discuss the institutional interest from Florida events, the recent BOT drilling results setting up diamond drilling next month for the Nippas target at Storjuktan, and anticipated drill assays that should be coming back soon from recent drilling at the high-priority Aida Target at their 100% owned Paubäcken Project. 
 
We start off having Adam outline the more bullish sentiment around the gold sector and gold equities, and the interest and institutional coverage that they are picking up on at some recent conferences in Florida.  He points out that the value seen flowing into larger gold producers is starting to rotate down into the junior developers and explorers, and that they are seeing a lot of interest in First Nordic due to their district scale land package across over 80kms of greenstone belt in Sweden that already hosts a multi-million ounce deposit a Barsele, but with very large multi-kilometric targets across the whole Gold Line belt.
 
Next we shifted over to having Taj outline the key priority exploration targets of focus for this year’s 25,000 meter drill program across their 100% owned projects along the Gold Line Belt. There was news released on April 30th that announced base-of-till (“BoT”) / top-of-bedrock drilling results and the upcoming Q2 diamond drill plan at its high-priority Nippas target on the Company's 100%-owned Storjuktan project.  Additionally, we review that there are 3 new large targets emerging in the south and 2 more targets in the north on the Storjuktan area that will be getting more ground truthing and data collection in the months to come.
 
Then at the Paubäcken Project there has been a drill turning since late February at the high-priority Aida Target, so now multiple drill assays are anticipated to be coming back in the near future. It is planned that these assays will be released as a batch of multiple holes to provide more complete data on how the mineralization is connecting. While there is close to 5,000 meters that has been drilled thus far, the management team is ready to keep drilling here and is visually liking the mineralization being intercepted in the drill core thus far. Taj also outlines a second high-priority target at Paubäcken is at Harpsund, where there is still ongoing data collection and targeting, but there are plans to see this area drilled later this year.
 
Wrapping up we shift over to more recent financial analyst coverage; recently from Roth Capital, and we had noted in our last discussion that both Haywood Capital and Ventum Capital had all picked up coverage on First Nordic with price targets at multiples higher than where the stock is trading today.  Adam lays out the case for even more institutional coverage to be announced in the months to come, and Taj highlights the big picture value proposition for the Company.
 
 
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.
 
Click here to follow the latest news from First Nordic Metals

Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss some of the recent high-grade silver and gold assays returned from the next batch of 9 holes from the ongoing M&I Conversion drill program on its 100% owned Tonopah West project in Nevada, United States.
 
We start off reviewing the headline drill hole# TXC25-138 which returned multiple broad zones of high-grade silver and gold mineralization including:
4.24 metres grading 700 grams per tonne (g/t) silver equivalent (AgEq) (Ag/Au ratio 90:1) (378.5 g/t silver (Ag) and 3.57 g/t gold (Au)) from 230 metres down hole, including 0.31 metres grading 3,182 g/t AgEq (1,805.0 g/t Ag and 15.27 g/t Au).
This hole also included 5.18 metres grading 556 gt/ AgEq (328.2 g/t Ag and 2.53 g/t Au) from 236.68 metres, which included intervals of 3,340 g/t AgEq (1,987 g/t Ag and15.0 g/t Au) over 0.31 metres and 1,714 g/t AgEq (1,037.0 g/t Ag and 7.51 g/t Au) over 0.61 metres respectively.
 
We discussed that goals of this drill program have been 2-fold: 
converting resources from inferred to measured and indicated, and improving the continuity of mineralization, and raising the overall grade profile of the deposit
there is also a fair amount of expansion drilling underway expanding resources
 
There are still 10 drillholes with pending assays from the M&I Conversion Program, and and additional 7 more drillholes that are pending assays from the Resource Expansion program.
 
Modelling of the M&I Conversion Program drillholes is now underway, with an updated mineral resource estimate on track for Q3, 2025, likely in September.
Andrew reviews that company is also drilling holes for hydrology studies and advancing the permitting progress on this patented land in Nevada.
 
 
If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording.
 
Click here to visit the Blackrock Silver website to read over the recent news we discussed.

Brien Lundin, editor of the Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov. 2–5) joins us to discuss the investment narrative for gold and gold stocks. 
 
We dive into a volatile day for gold, with futures down $80 and trading just above $3,300. While the pullback may be tied to geopolitical headlines and a U.S.-UK trade deal, Brien emphasizes a deeper story: gold’s rising role as a global safe haven amid the “Sell America” trend.
 
Key discussion points include:
Gold's inverse correlation to U.S. equities and the balance between central bank buying and generalist investors.
Why Western speculators may misjudge this gold rally, as institutional calls for $3,500-$4,000 become more common.
A look at Q1 earnings from gold producers, which significantly outperformed most other asset classes.
The disconnect between producers and developers/explorers, and what criteria Brien watches for when evaluating juniors.
What’s ahead in the 2025 drill season, with more capital raised, more rigs turning, and investor anticipation building.
This conversation frames the broader shift toward hard assets and resource equities, especially as geopolitical risks persist and central banks continue diversifying away from the U.S. dollar.
 
Click here to learn more about the Gold Newsletter.

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the news out earlier today that announced the positive reconciliation results from the bulk sample program at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.
 
The bulk sample included material from three main resource zones at Madsen - Austin, South Austin, and McVeigh - and followed the workflow and methodology to be implemented during regular mine operations.
 
Highlights of the bulk sample initiative:
 
The bulk sample carried an average grade of 5.72 grams per tonne (“g/t”) gold (“Au”), 0.7% above the average predicted grade of 5.68 g/t Au for six stopes across three areas.
14,490 tonnes of bulk sample produced 2,498 ounces of gold
Gold recovery in the Madsen Mill averaged 95%
 
Gwen reviewed that this close reconciliation between predicted and actual grades and tonnages highlights the effectiveness of definition drilling and detailed stope design in informing accurate modelling of gold mineralization. The fact that the estimated grade from their stope design and actual gold recoveries align almost exactly with expectations, really validates all the geological and engineering work the West Red Lake Gold Mine teams have been doing for the last 6 months. This bulk sample has demonstrated that their strategy is sound for estimating expected grades, recoveries, and that they can unlock value by moving the Madsen Mine back into production.
 
Next we discussed that the current stope design has changed from a cut and fill method to a long hole stoping approach, in order to maximize the economic benefit in today’s high gold price environment. This approach differs from the Prefeasibility Study (“PFS”), which used a gold price of US$1,680 per ounce when designing stopes, and instead is now using a long-term consensus gold price of US$2,350 per oz. which allows for mining the halo of lower-grade mineralization around the higher-grade tonnes.  This long hole stoping mining method will allow for mining more overall gold ounces at Madsen, potentially lowering operational costs, increasing production, and enhancing overall economics relative to the PFS mine plan.
 
Wrapping up we reviewed that the company will be getting paid for the 2,498 ounces of gold produced in this bulk sample work program, and so those revenues combined with the $12.5 million left undrawn in the Nebari Natural Resources Credit Fund facility will have the company cashed up to proceed towards production in the near future.
 
If you have any follow up questions for Gwen or the team over at West Red Lake Gold, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording.
 
Click here to follow the latest news from West Red Lake Gold Mines

Jeff Christian - Global Gold Demand Trends, China’s Growing Role, and Why Silver Still Lags
 
Jeff Christian, Managing Partner at the CPM Group, joins us for a comprehensive update on the macro forces shaping the precious metals sector (gold and silver).
 
Gold demand is coming from everywhere; ETFs, central banks, and across continents. 
Jeff breaks down the data behind the ongoing gold rally, noting that global demand has been widespread and includes institutional and retail investors across Asia, the Middle East, Europe, and North America. He highlights how a sharp shift in gold ETF inflows, particularly in Q1 and April, signals renewed interest from generalist investors.
We also explore:
The rise of Chinese ETF demand and the Shanghai Gold Exchange's ambition to rival London as the global gold benchmark
Why central banks are still buying gold - but in lower volumes due to rising prices
The supply-side headwinds limiting new gold mine development, despite higher prices
A look at gold recycling, and its impact on price
Jeff’s gold and silver price outlook through 2025, including why silver continues to underperform and where investor interest may turn next
 
Click here to visit the CPM Group website to learn more about the firm. 

Canadian Gold Corp (TSX.V: CGC | OTC: STRRF) CEO Michael Swistun joins me for an in-depth introduction to the company, its flagship Tartan Mine, and a potential near-term mine restart.
 
Located near Flin Flon, Manitoba, the historic Tartan Mine produced 47,000 ounces of gold in the late 1980s. Now, with high-grade drill results, infrastructure in place, and rising gold prices, Canadian Gold Corp is advancing exploration and evaluating a restart.
 
In this interview, Michael outlines:
The historic resource of 240,000oz at 6.32 g/t and how recent drilling has extended high-grade mineralization beyond 1,000m vertical depth.
Details of the ongoing 9,000m drill program, including results from the South Zone and potential for additional ounces per vertical meter.
A clear restart strategy, supported by legacy infrastructure, permitting advantages, and a tight-knit regional mining community.
The backing of Rob McEwen, along with McEwen Mining, now owns nearly 40% of the company and recently exercised warrants for over 3M shares.
 
If you have any follow up questions or want me information on any aspect of the company please comment below or email me at Fleck@kereport.com.
 
Click here to visit the Canadian Gold Corp website.

Gold continues to outperform pretty much every asset class, rallying over $100 to surpass $3,400/oz, after a recent quick correction and major Asian markets being closed. Dave Erfle, founder of the Junior Miner Junky, joins us for a wide-ranging conversation on gold’s latest surge and what it means for investors in both major producers and junior explorers.
 
Key Themes Covered:
Asia driving demand: We break down the resurgence of Chinese and Indian buying, record Shanghai Gold Exchange volumes, and what this eastward shift in pricing power signals for the global gold market.
Geopolitical catalysts: Ongoing tensions across multiple regions, from the Middle East to Asia, are creating the kind of safe haven bid gold thrives on. On top of that, faith in US government bonds and fiat currencies erodes.
Gold vs US assets: With US equities underperforming and bonds falling out of favor, gold, and notably gold stocks, are becoming the new capital safe haven.
The juniors are catching fire: Dave highlights a rotation underway as investors start locking in gains from major miners and redeploying into undervalued developers and PEA-stage companies, many with projects far more valuable at current spot prices than their market caps reflect.
 
We also explore the role of interest rates, the Fed’s fading influence, institutional inflows into gold ETFs, and the growing disconnect between gold and the broader stock market.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

In this company update, we speak with Jim McDonald, President and CEO of Kootenay Silver (TSX.V:KTN - OTCQX: KOOYF), to discuss the final drill results from the 20,000 meter 2024 program at the Columba Project in Mexico.
 
The spotlight is on Hole 199 from the high-grade D Vein - delivering 620 g/t silver over 16 meters, including narrower zones with bonanza-grade silver and high base metal credits. Jim outlines how this hole, along with others, confirms a thickened, enriched zone on the western end of the D Vein, which remains open at depth.
 
We also discuss:
How recent drilling supports the upcoming maiden resource estimate
The exploration potential along the under-drilled eastern side of the D Vein
The significance of Hole 196B and the depth extension it implies
Next steps, including plans for a 20,000-meter follow-up program
Jim also compares Columba’s wide, high-grade intercepts to other discoveries in Mexico, calling it Kootenay’s most promising project to date.
 
If you have any follow up questions for Jim please comment below or email us at Fleck@kereport.com or Shad@kereport.com. 
 
Click here to visit the Kootenay Silver website to read over the corporate presentation and recent news.

President and CEO Anthony Margarit, President and CEO of K2 Gold (TSX.V:KTO - OTCQB: KTGDF - FSE:23K) joins me for an in-depth update on the company’s flagship Mojave Project in California, following the draft publish of the long-awaited Environmental Impact Statement (EIS).
 
K2 just closed an oversubscribed $3.6M financing and is now poised to begin drilling at Mojave for the first time in years. Anthony walks us through:
 
A recap of the Mojave Project, including past high-grade oxide gold intercepts (e.g., 86.9m @ 4 g/t Au) and district-scale potential
Details on the EIS, the public comment period, and how this process will streamline long-term development and de-risk future permitting
Drill plans: 30 pads and up to 120 holes across key target areas including Dragonfly, Remi, and Newmont
The new Gold Valley target, with bonanza-grade surface samples and broader expansion potential along a 5km gold trend
Polymetallic upside on the west side of the property, including copper samples grading up to 14.2% Cu
Anthony also shares timelines for potential drill permits (expected June), drilling budgets, and next news catalysts for investors to watch.
 
If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com. 
 
Click here to visit the K2 Gold website.
 

Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO) is ramping up exploration at the John Bull Project in New South Wales, with a 1,500-meter RC drill program planned for June.
 
Executive Co-Chairman Mike Spreadborough and General Manager of Exploration Kas De Luca join us for a detailed update on Novo’s growing pipeline of exploration activity across Australia. The conversation centers on the John Bull Project, where a recently extended gold-in-soil anomaly now spans 1.5 kilometers and includes multiple rock chip samples grading up to 67.9 g/t gold.
 
Key topics covered:
Overview of the John Bull Project: Background on the asset, the significance of the soil and rock chip sampling, and how recent work has confirmed and expanded a robust gold anomaly.
Upcoming drill program: A 1,500m RC program will test newly defined quartz vein arrays and multiple fault zones. Only ~300m of the anomaly has seen previous drilling.
Four priority targets: John Bull Main, John Bull South, Hills Creek West, and Digger's North - all within a 1.5 km trend.
Updates on other projects: Drilling has just been completed at Balla Balla (Pilbara) with results expected in 3 weeks, and drilling is underway at Tibooburra (New South Wales), also acquired in late 2024.
Cash position and funding: Novo holds approximately A$9 million in cash, along with marketable securities, giving it the flexibility to continue executing across multiple projects.
Visit the Novo Resources website for full project detail.