The KE Report

In this company update, I reconnect with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), to discuss the latest drill results from the RC Gold Project in Yukon.
 
Following up on hole 75, which returned the deepest and highest-grade intercept to date, Mike walks us through the results from hole 76, drilled from the same pad but at a steeper angle. This hole intercepted two key zones of mineralization, including:
 
94m of 1.15 g/t gold, including 12.2m of 4.55 g/t
86m of 1.65 g/t gold, including 25m of 5.04 g/t
The company is targeting deeper underground potential at the Blackjack zone, stepping out systematically to define the high-grade core. Mike explains how hole 76 supports the idea of continuity and depth potential, even as the geology shifts between intrusive and metasedimentary zones.
 
Mike also outlines Sitka's fully funded 30,000-meter drill program, including:
 
Active drilling underway with one rig deepening hole 76
Three more rigs coming online through May
15,000 meters focused on Blackjack, Saddle, and Eiger zones
Additional follow-up at earlier-stage Pukelman and Rhosgobel targets
$25M in the treasury providing a clear runway for exploration
 
Click here to review the full news release and cross-sections, and leave your questions for Mike in the comments or email us directly. My email address is Fleck@kereport.com.

In today’s Daily Editorial, we welcome back Craig Hemke, Founder and Editor of TF Metals Report, to break down the sharp pullback in gold and mining stocks amid renewed strength in the U.S. dollar and equity markets.
We explore the implications of a shifting trade policy narrative - moving from escalating tariff tensions to a tone of reconciliation - and ask: Is the "trade war premium" in gold now gone?
Craig dissects:
The timeline of gold’s April rally and sharp reversal tied to tariff headlines
Today’s triple-whammy: rising energy prices, weaker gold, and post-earnings positioning pressure on miners
How short-term technicals, like the dollar index and gold’s 50-day moving average, may drive the next move
Whether generalist investors are rotating out of gold stocks and back into risk-on trades
We also look ahead to key catalysts this week: CPI, PPI, and Jerome Powell’s Thursday speech… will inflation expectations and rate cut narratives shift again?
Click here to visit Craig’s website - TF Metals Report

This weekend we step back from the day-to-day market noise to look at the bigger picture shaping global markets and investment trends. From shifting supply chains to capital flight and tariff uncertainty, our guests break down the forces investors need to watch.
 
With economic risks rising and U.S. leadership being challenged, we explore where money is moving, what that means for commodities, and why diversification beyond U.S. equities is becoming more important than ever.
 
Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and editor of The Boock Report on Substack, shares his broad macro outlook on U.S. markets, global supply chains, and shifting investment flows. He warns of growing economic risks driven by tariff uncertainty, weakening tech leadership, and fading foreign investment in U.S. assets, while highlighting gold’s rising safe haven status and broader opportunities emerging in undervalued commodities.
Click here to follow Peter at The Boock Report. 
 
Segment 3 & 4 - Mark Chandler, Managing Partner at Bannockburn Global Forex and editor of the Mark to Market site, shares a macro outlook on deglobalization, capital flows, and the shifting role of the U.S. in the global economy. He outlines how reshoring and tariff policies are reshaping supply chains with limited job growth, warns of growing U.S. economic isolation, and explains why he remains bearish on the U.S. dollar despite near-term strength, while urging investors to diversify beyond U.S. equities.
Click here to visit Marc’s site - Marc To Market.
 
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.

Commodity Compass - New weekly commodity price podcast. 
Here is a replay of a new weekly podcast I am helping out with, focused entirely on commodities. Each Monday, the show recaps price action across metals, energy, and agricultural markets, and highlights the key factors driving these moves.
Click here to visit the Clear Commodity Network website to listen to the latest episode and explore the full lineup of shows.
 
Click the links below to subscribe to the podcast. 
Spotify
Apple Podcasts
 

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me to outline the recent drill assay that intersected bonanza-grade gold in the new hanging wall discovery from deeper drilling at the Elora Gold System.  In addition to all the targets along the Elora trend, we also discuss new geological understanding and work initiatives at the Big Master, Mud Lake, and Mosher Bay Areas of the Gold Rock Camp at the onset of this year’s 15,000 meter drill program. We also discuss exploration programs for later in the year at both the Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.
 
Drill assays for this newly intercepted hanging wall gold mineralization in hole KW-25-003 Assays have now confirmed results of 301.67 g/t gold over 3.90 meters including 1,930 g/t gold over 0.60 meters with folded quartz stringer veins hosted in sheared basalts. This hanging wall zone is approximately 80 meters from the main Jubilee high-grade zone at a true depth of 250 meters.
 
We discuss the exploration plans for multiple targets at Elora for this year like around the historic Laurentian Mine and the Intersection target.  Trey also outlines how a new interpretation of a 3rd deformation structure (D3) with folding in the geological structure creates a good trap for the gold fluids. This new understanding will assist with going back and drilling the hanging wall structure, and also the historic high-grade mineralization over at Big Master, in addition to at Mud Lake. This complex geological data is further evidence that the Dryden District hosts a strong Archean lode gold system like the Red Lake, Kirkland Lake, and Timmins Districts.
 
Wrapping up we look ahead to the more drilling coming from across the Gold Rock Camp, plus ongoing work programs at both the Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.
 
 
If you have any questions for Trey 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

Nick Appleyard, President and CEO of Tristar Gold (TSX.V:TSG & OTCQB:TSGZF), joins me to discuss the newly released pre-feasibility study (PFS) on the Castelo de Sonhos Gold Project in Brazil. The study highlights robust project economics with NPV doubling to $1.3B at $3,200 gold, even after factoring in cost inflation.
 
Key topics discussed:
Breakdown of the updated PFS and project economics
Managing inflation and FX tailwinds in Brazil
Permitting progress and the latest legal opinion addressing environmental concerns
Why Castelo de Sonhos may attract M&A interest in the current gold market
Upcoming drill plans targeting high-grade extensions to boost the overall 2.5mil oz resource, mine life and shareholder value
Nick also shares the company’s strategy for unlocking more shareholder value ahead of any potential takeover activity.
 
Click here to visit the TriStar Gold website to learn more about the Company and Project. 

David Stein, President and CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1), joins us to discuss the latest operational update and production ramp-up at the Bethania Silver Project in Peru, following the company’s May 5th news release.
 
David provides a full Q1 recap, highlighting improved head grades, higher recoveries, and a significant ramp-up in daily production throughput. The company achieved steady daily mining and blasting operations in Q1, with silver equivalent grades rising to 385 g/t, a notable increase from 2024’s average due to a shift away from processing low-grade stockpiles.
 
Key topics covered:
Transition to higher-grade, fresh feed material and its impact on grades and recoveries
April throughput doubled vs Q1 average, ramp up continues in May
Targeting 100 tpd in Q3 and operational break-even in Q4
No plans for new equity financing, with recent capital raise already accelerating development
Optionality to self-fund further ramp-up or initiate exploration, including planned underground drilling
Kuya Silver is focused on becoming a profitable, high-grade silver producer, with near-term plans to scale toward 350 tpd while preparing to expand both mining and exploration efforts.
 
If you have any follow up questions for David please email me at Fleck@kereport.com.
 
Click here to visit the Kuya Silver website.

Brad Rourke, President and CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review the key takeaways from the Maiden Inferred Resource Estimate at the Scottie Gold Mine Project, located in the Golden Triangle of British Columbia.  We also discuss the larger Company strategy of building towards a Preliminary Economic Assessment (PEA) utilizing ore sorting to upgrade ore and then take a Direct-Shipping Ore (DSO) development strategy to metals smelters in Asia.
 
Maiden Mineral Resource Estimate Highlights:
 
Inferred Mineral Resource Estimate ("MRE") of 703,000 ounces of gold at an average grade of 6.1 g/t gold and assumes a phased open pit and underground mining scenario. Those metrics consist of 528,000 ounces at 8.7 g/t of underground resources and 174,000 ounces at 3.2 g/t in the shallow pit constrained resource, for its 100% owned Scottie Gold Mine Project, which includes the historic mine and the adjacent Blueberry Contact Zone that are located 35 kilometres north of the town of Stewart, BC, along the Granduc Road. The opportunity to further expand both the open pit and underground resources exists as the deposits are open in several directions.
 
Optimized for DSO Concept: The MRE was designed around mining a shallow open pit in the initial years, minimizing initial capital and using early cashflows to fund the development of the higher-grade underground resources. The high-quality ounces contained within the MRE will be further leveraged when coupled with the recent excellent ore-sorting study results (NR April 1, 2025). The pit provides a potential short ramp up phase to production, flexibility, and low operational risk. This is complemented by the higher-grade underground resource which commands higher payable terms from Asian smelters, avoiding the need for a processing plant on site. The envisioned project greatly benefits from existing infrastructure, including roads, close proximity to a deep-water shipping port, and nearby power lines. By design the DSO project will be a high-margin, variable cost model with industry leading low initial capital costs resulting in a quick investment payback.
 
Upside Exploration Potential: During the 2025 exploration drilling campaign Scottie will focus on converting the resources from inferred to indicated with infill drilling as well as expansionary drilling on high quality targets close to the deposits. The company notes a particular benefit in targeting the un-drilled pit-constrained envelope on the siltstone side of the deposit (a high-confidence target), as any additional ounces discovered will convert waste to resources and significantly improve the contained ounces. Exploration around the rest of the project will target zones that offer significant upside potential to provide high-grade resources near infrastructure, for example the newly discovered Wolf Zone (NR December 12, 2024).
 
 
When reviewing their direct-ship ore strategy, Brad highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America’s cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.
 
 
If you have any questions for Brad regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.
 
Click here to follow the latest news from Scottie Resources

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.