The KE Report

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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss three junior gold exploration companies that have put out recent newsflow to the market; where he is attracted to their current value proposition.
 
Altamira Gold Corp. (TSXV: ALTA) (OTC Pink: EQTRF) announced May 5th the results of an independently assessed, maiden mineral resource estimate for the Maria Bonita porphyry gold deposit within the Cajueiro Project. Maria Bonita is a separate discovery, located 7km to the west of, and additional to, the Cajueiro Central Mineral Resource (previously reported under NI 43-101). The maiden open-pit resource consists of total Indicated Resources of 24.19Mt @ 0.46g/t gold (for a total of 357,800oz) and Total Inferred Resources of 25.64Mt @ 0.44g/t gold (for a total of 362,400oz). These resources include near-surface saprolite Indicated Resources of 2,02Mt @ 0.59g/t gold (for a total of 38,000oz) and Inferred Resources of 0.68t @ 0.40g/t gold (for a total of 8,700oz).
 
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) announced May 5th that the world renowned JDS Energy & Mining Inc. has been engaged to assess the viability, permitting and development of an underground exploration adit at Surebet, at its 100% controlled Golddigger property, Golden Triangle, British Columbia. 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. This adit will enable underground drilling of extensive parts of the overall Surebet lode system thus lowering drill meters required for advanced resource work, and potentially enable a longer drill season at the project.
 
K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) announced May 5th that the United States Bureau of Land Management (BLM) has released the Draft Environmental Impact Statement (DEIS) for K2's Mojave Exploration Drilling Project in Inyo County, CA. The BLM has also published a Notice of Availability in the Federal Register, opening the final 45-day comment period on the project. This is a key milestone for the company as they approach the end of the permitting process to commence drilling, and comes on the back of years of diligent environmental studies, community engagement, and collaboration with regulatory agencies.
 
* In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.  Additionally, Shad is also a shareholder of Goliath Resources at the time of this recording.
 
Click here to visit Erik’s site – The Hedgeless Horseman

Craig Hemke, founder and editor of TF Metals Report, returns to break down gold’s continued strength above $3,300 and the growing institutional acceptance of structurally higher prices.
"The gold narrative has officially changed - and the big banks are finally catching up."
 
We discuss:
Why Wall Street firms like Goldman Sachs are now forecasting $3,700–$4,500 gold
What the Commitment of Traders (COT) data reveals about the repositioning of banks and hedge funds
Why silver and mining stocks are still lagging despite strong bullion prices
The psychological hurdle for long-time gold investors and why this time might be different
Whether central bank demand, economic uncertainty, or market fragmentation is truly driving the gold rally
 
Craig also explains why silver may soon “catch up”, but only once momentum kicks in, and unpacks what structural changes in the market could be signaling a longer-term shift in how precious metals behave.
 
Click here to visit Craig’s website - TF Metals Report

Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, joins us to unpack another turbulent week in the markets, a look into better than anticipated economic data, whether or not we are heading towards a recession in the US, global trade tensions between the US and China, key factors for the US dollar and interest rates, the propensity of the Fed to cut rates this year, and international markets tempered by falling oil prices.
 
Key Insights discussed:
 
Tariff concerns ended up fueling buying into late Q1, potentially pulling demand forward from the future.  Mark described this as:  “We are eating our corn seed, and bringing forward economic activity that may have been a Q2 or Q3 event.”
 
Survey data, which is considered soft economic data, continues to be weak; but the real sector hard data, so far, has been holding up fairly well.  There was a good inflation reading and a solid jobs number, so hard data holding up better than soft data.
 
Several weeks ago, in mid-April, all we read or heard about in financial media were calls for an imminent recession or even another depression.   Now after a few weeks of the markets rallying, and stronger than expected economic data, those proclamations for an immediate contraction have become more muted. So are all those concerns now off the table?
 
 Mark doesn’t believe a recession is imminent, but notes “We did have one quarter now of negative growth, and then you look a what the Atlanta Fed says, tracking a 1.1% annualized pace for Q2…  but I’m still in the camp that there is a shadow crossing America around now.  We are only in the early stages of it, like a slow moving trainwreck.”
 
There are the drying up of container shipment from China to the US ports, and that activity is slowing down. 
“It’s possible that we see through all this – that this is just noise, but I think something fundamental is going on when the worlds two largest economies have an embargo against one another. And that’s what these high tariffs mean.  It doesn’t make sense really to trade with each other.”
 
“You’ve got the ports and then you have the trucks… the logistics companies. This all doesn’t even take into account yet all the layoffs in the US government or the restrictions in immigration…and, the consumer boycott in Europe and Canada against US brands, and the drying up of tourism from foreign bookings.”
 
Marc is concerned that we are at the edge of an economic contraction and notes that some analyst point to certain segments of the economy that appear to already be in a recession.
 
The US dollar has moved down to either side of that 100 level of support.  Marc points out that “the dollar index peaked about a week before President Trump’s inauguration, and it has been sliding ever since.  He noted that it was significant that the dollar index got back up above that 100 level, because he sees an inverse head and shoulders bottom with a neckline at 100.20.  If we can get some closes above that level, then it projects up to 102.40 or so.”
 
Marc goes on to note the better-than-expected jobs data, the rise in interest rates, and the dollar momentum indicators that were oversold as more reasons he is expecting a bounce in the greenback.
 
With regards to Fed policy, the market moved from pricing in 4 rate cuts to 3 rate cuts this year, but that is still more dovish than the central bank’s messaging of 2 expected rate cuts in 2025.
 
In addition to the bounce in the US equity markets and US dollar, we’ve also seen a bounce in international markets. Marc remains skeptical of the health of the global economy, and points to the sell down in oil prices as the markets looking forward to less growth globally.
 
Click here to visit Marc’s site – Marc To Market.