The KE Report

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. 

Markets are bouncing, but is the worst really behind us? This weekend’s show looks at the rebound in U.S. equities, gold, and energy, while questioning whether it’s a temporary pause or the start of a new trend. We also dig into the latest moves in oil prices and where value may be emerging for long-term investors.
 
With volatility still driving market action, our guests provide insights on how to navigate the current environment and what sectors may offer the best risk-reward setups right now.
 
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 - Dana Lyons, fund manager and editor of The Lyons Share Pro, returns to share his model-driven analysis of U.S. and global markets, cautioning that the recent rebound may be a temporary B-wave ahead of another leg down. He highlights relative strength in international equities and value sectors like utilities and defense, outlines key technical buy levels for gold (GLD), GDX, and GDXJ, and explains why he's still short oil with further downside potential despite already significant price declines.
Dana is offering a 50% off 2 day flash sale right now! Click here to take advantage of the best deal of the year!
 
Segment 3 & 4 - Josef Schachter, founder of the Schachter Energy Report, wraps up the show discussing the recent breakdown in oil prices and how it could set up a major buying opportunity in energy stocks. He outlines why he expects a short-term bottom around $55 oil, forecasts a rebound to $80 by year-end, and explains why dividend-paying energy stocks with strong balance sheets and low payout ratios could outperform amid broader market weakness.
Click here to learn more about The Schachter Energy Report
 

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q4 and full-year 2024 operations and financials at Minera Don Nicolas in Argentina, the transformative acquisition underway of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec.
 
Q4/24 and Annual Minera Don Nicholas Financial and Operating Highlights:
 
Production of 10,431 GEO in Q4 and Annual production of 54,494 GEO
Adjusted EBITDA of $4.5 million in Q4 and US$24.4 million for the year excluding assets sales and Option payment proceeds.
Received $34 million in Asset sale and Option payment proceeds in Q4: Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years.
AISC of $1,953 during Q4 vs $1,594 in Q4/23 due to lower production levels and ongoing inflationary pressures in Argentina
Received Asset Sale and Option payments totaling $34 MM during the quarter, significantly strengthening the balance sheet.
Focus remains on ramping up heap leach production to 4,000 - 4,500 GEO per month
 
Mark and I review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as finding more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets.
Operational results for the fourth quarter demonstrated a decrease in production relative to Q4/23 as high-grade ore to the CIL plant declined as mining from the Calandrias Norte pit was completed, and as the operation transitioned to focus on heap leach production. With higher gold prices, the CIL plant is expected to continue processing low grade stockpiles through Q2/25 when it will be blended with new high-grade material from initial underground mining feed from Q3/25 onward. The ramp up of heap leach operations continues to improve as crushing capacity continued to climb with production of 5,956 GEO during the quarter.
 
Next we unpack the ongoing transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. The vote is next week and this Project adds both substantial precious metals resources along with critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile. Project economics studies anticipate lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.
 
We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   Recent metallurgical test work, announced on May 1st has reaffirmed the potential to produce high grade and high purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%. More ongoing test work and improvements to the overall process design will be at the core of the NI 43-101 Bankable Feasibility Study ("BFS") which is targeted to be completed by the end of Q1 2026.
 
 
If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to see the latest news from Cerrado Gold.