The KE Report

I’m joined by Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX - OTCQB:DMXCF - Nasdaq First North: DMXSE SDB), to break down the newly announced resource estimate at the Viken Deposit in Sweden. With 1.5 billion pounds of U₃O₈ at 161 ppm, Viken now ranks as the second-largest uranium deposit in the world.
Key topics covered:
Major upgrade from the 2014 historical estimate with 44% growth in Inferred and 900%+ in Indicated categories.
Garrett explains how the company advanced the resource without drilling, leveraging historical data.
Comparison to other global uranium projects, including Olympic Dam and legacy M&A deals in Southern Africa.
Strategic value of the deposit’s polymetallic makeup, which includes vanadium, nickel, molybdenum, copper, zinc, and potentially rare earth elements.
Plans for upcoming field work, geophysics, and preparation for a PEA (Preliminary Economic Assessment) pending Sweden’s uranium moratorium vote in September.
Why this resource could have far-reaching strategic and permitting benefits for Sweden and the EU.
 
If you have any follow up questions for Garrett please email me at Fleck@kereport.com. 
 
Click here to visit the District Metals website to learn more about the Company.

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review the achievements to date, including the completion of the Connection Drift and the final processing of the Bulk Sample this week at the Madsen Mine and Mill, in the Red Lake district of Ontario, Canada.
 
We start off reviewing that the test mining bulk sample has finished running through the mill this week, as the initial first step in the process of restarting production at the Madsen mine and processing center. The mill was started up on Monday March 10th after 28 months of maintained dry shutdown and finished this week.  The Company will now review the reconciliation of what the production grade and recovery assumptions were, versus what the recovered gold and revenues end up being and be releasing a report to the market next week.
 
Next we got into all the other mine restart activities well underway with the 185 employees and over 50 contractors busy with so many different initiatives and the camp being built and now housing workers. In addition to further underground definition drilling, another big milestone was the recent completion of the  underground connection drift which opens up an “underground highway” for the mining vehicles to easily access both portals without having to drive up on surface.
 
Gwen wraps us up with more information about how the company will use the funds from gold sold during this bulk sample to further ramp up the amount of ore that will be fed into the Madsen Mill starting later in Q2 and through the second half of the year, as operations ramp up to full commercial production later this year and moving into next year.
 
 
If you have any follow up questions for the team over at West Red Lake Gold please email us at Fleck@kereport.com  or  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

Dave Erfle - Money Rotation Into Gold Juniors, M&A, and Silver's Setup
 
In this KE Report interview, Dave Erfle, founder and editor of Junior Miner Junky, joins us to explore the recent rotation from senior gold producers to juniors, what it means for the broader bull market, and how M&A and fund flows are shaping the precious metals narrative. Dave breaks down key technical signals, fund positioning, and stock-specific strategies to help investors position ahead of the next phase.
 
As gold consolidates near all-time highs and generalist money trickles in, Dave shares what separates the outperformers from the laggards, and where smart capital is going next.
 
Key discussion points:
Sector rotation underway: Juniors are gaining traction, especially as early investors take profits from majors and royalty names.
ETF fund flows diverging: GLD sees ~$7B in inflows YTD while GDX sees ~$3B in outflows.
M&A returns to early-stage assets: Lumina Gold’s acquisition and other recent deals show growing interest in de-risked development-stage projects.
Where to look next: Dave outlines the sweet spot - fully financed, late-stage developers nearing production or takeover - while cautioning on dilution risks and poor share structures in early-stage juniors.
Silver stock selectivity: A small basket of well-funded, high-grade, tight-structure silver juniors is beginning to move, especially those with strong U.S. listings and institutional visibility.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join us to review the final batch of drill assays their Phase IV exploration program, returning higher grades over long mineralized intercepts from step-out drilling at the JAC Extension, at their wholly-owned Diablillos property in Salta Province, Argentina.    They are now moving towards an updated Resource Estimate in a few months, and going straight into the Phase V drill program.
 
These 15 holes that had assays released on April 29th and are part of the recently completed Phase IV exploration program comprised a total of 21,172 meters drilled across 106 holes.  These latest drill results from the JAC Extension zone continue to demonstrate multiple high-grade, near-surface silver intercepts beyond the current conceptual open pit limits.  These assays represent the final results from the successful Phase IV exploration campaign.   All Phase IV drill results will be incorporated into an updated Mineral Resource estimate, which remains on schedule for release in mid-2025. 
 
Key highlights from the Latest Phase IV JAC Extension Drilling:
 
Hole DDH 25-001: 56.0 metres (“m”) at 107 g/t Ag, starting at 66 m down-hole depth, including 6.0 m at 181 g/t Ag.
Hole DDH 25-002: 65.0 m at 162 g/t Ag, from 82 m depth, including 12.0 m at 405 g/t Ag.
Hole DDH 25-005: 63.0 m at 139 g/t Ag, from 74 m depth, including 26.0 m at 244 g/t Ag.
Hole DDH 25-006: 0 m at 89  g/t Ag, from 52 m depth, including 6.0 m at 200 g/t Ag.
Hole DDH 25-007: 19.0 m at 147 g/t Ag, from 100 m depth.
Hole DDH 25-012: 41.5 m at 160 g/t Ag, from 56 m depth, including 7.0 m at 399 g/t Ag
Hole DDH 25-013: 36.0 m at 127 g/t Ag, from 125 m depth, including 3.0 m at 298 g/t Ag
Hole DDH 25-015: 35.0 m at 91 g/t Ag, from 81 m depth, including 2.0 m at 385 g/t Ag
Hole DDH 25-017: 43.0 m at 134 g/t Ag, from 100 m depth.
 
The Company remains very well-positioned to continue delivering exploration success, with a fully-funded Phase V drill campaign, already well-underway, targeting several high-priority zones across the Diablillos project.    In addition to the upcoming Resource Estimate, the Company is also moving along the permitting process, and doing other derisking work to prepare for their Definitive Feasibility Study in Q1 of 2026.
 
 
If you have any follow up questions for John or Dave regarding at AbraSilver, then please email us at Fleck@kereport.com or Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.
 
Click here to visit the AbraSilver website and read over the most recent news releases.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss opportunities he is seeing emerge in advanced gold developers as they enter the second wave higher of the Lassonde Curve.
 
We discuss the potential rerating opportunities present in company valuations, considering the higher underlying gold prices, improving economics of development-stage projects, and the potential for higher profit margins and quicker payback periods if these deposits can be fast-tracked into producing mines.
 
Erik mentions a number of nuances that he looks for or avoids as not all development-stage companies are on equal footing.   We discuss deposit size, grade, jurisdiction, what stage of economic study a project is at, strategic investments from larger producers, and the ability of management teams to either build or sell projects at a certain point in the commodities cycle.  
 
During the course of the conversation we discuss examples of companies with compelling development-stage projects like the recent buyout of Barrick’s position by John Paulson to team up with Nova Gold (NYSE American, TSX: NG) at Donlin Creek, Integra Resources (TSXV: ITR) (NYSE American: ITRG), Cabral Gold (TSXV: CBR) (OTCQX: CBGZF), Amex Exploration (TSXV: AMX) (OTCQX: AMXEF), Skeena Resources (TSX:SKE)(NYSE:SKE), and Troilus Gold (TSX: TLG) (OTCQX: CHXMF).
 
Click here to visit Erik’s site – The Hedgeless Horseman

Craig Hemke, Founder and Editor of TF Metals Report, joins us to break down shifts in gold and silver market dynamics. Gold continues to trade around the $3,300 level with extreme daily volatility, yet Commitment of Traders (CoT) data is revealing highly unusual trends. Craig also shares his insights into whether banks and commercials are now positioning themselves for a long-term trend change in the gold market.
 
In this interview, we focus on:
Why the traditional COT patterns are reversing - Commercials are buying and covering shorts, while speculators are selling, even during a strong price rally.
Implications of falling open interest despite gold’s $500 move higher since February, and what that signals for the strength of the current bull market.
Balancing ETF inflows - Over $21 billion moved into gold-backed ETFs in Q1 2025, yet Craig explains why this is still a relatively small amount in the broader financial system.
Silver’s lagging performance - Despite gold's breakout, silver remains stuck, and Craig outlines the key catalysts needed for silver to finally join the rally.
Click here to visit Craig’s website - TF Metals Report

I am joined by Dave Lewis, Vice President of Exploration at Kuya Silver (CSE: KUYA | OTCQB: KUYAF | FSE: 6MR1), for an in-depth update on the Company’s ongoing exploration activities at the Silver Kings Project in Ontario. Dave provides context on how Kuya is systematically building towards a multi-zone resource at Silver Kings while advancing production and exploration in Peru.
 
Following recent conversations with CEO David Stein regarding the restart of production at the Bethania Silver Project in Peru, today’s focus shifts to Kuya’s Silver Kings Project in Ontario.
 
Key Topics Covered:
New vein cluster discovery at the Campbell-Crawford Prospect, expanding the Angus target area westward.
Overview of the recent 2024-2025 drill program and strategy behind future targeting.
Insights into multiple mineralized vein orientations and early signs of significant scale potential at Silver Kings.
Discussion on high-grade silver and cobalt intercepts, black shale enrichment, and the role of porphyry intrusions.
Plans for future modeling, target definition, and follow-up drilling to advance exploration efforts.
Broader company updates, including the recent $2.9M financing and what’s happening at the Bethania Project.
 

Randy Smallwood, President and CEO of Wheaton Precious Metals (TSX | NYSE | LSE: WPM), outlines the company’s multi-year growth strategy and discusses how the streaming model is uniquely positioned to thrive in today’s precious metals market.
 
Randy shares how Wheaton is entering a major growth cycle, targeting a 60% increase in production by 2031, supported by a robust balance sheet ($829M in cash, no debt) and four new mines beginning deliveries in 2025.
 
Key topics include:
Flagship Asset Growth: Updates on Salobo Phase 3 and Antamina, both poised for higher-grade output.
New Production in 2025: Blackwater (Artemis Gold), Goose (B2Gold), Mineral Park, and Platreef (Ivanhoe Mines).
Strategic Leverage: The benefits of streaming over royalty models - especially in a rising gold price environment.
Montage Gold Case Study: How a 100% stream-financed model could reshape single-asset project development.
Jurisdiction & ESG Strategy: How Wheaton manages political and community risks, while recently expanding selectively into Africa.
Investor Sentiment: Rising interest from generalist funds and Western retail investors, especially in silver exposure (~40% of WPM’s revenue).
 
Click here to visit the Wheaton Precious Metals website.

Welcome to the KE Report Weekend Show!
 
On this weekend's show, we take a step back from the daily market noise to focus on the broader trends in the gold and energy sectors. We explore how investors are positioning across the commodity equity spectrum, from large-cap producers to junior explorers, and highlight key developments on the production side that could influence both prices and sentiment moving forward.
Segment 1 & 2 - Joe Mazumdar, Editor of Exploration Insights, returns to break down his comprehensive analysis of North American-listed gold producers, highlighting how companies like Agnico Eagle, Kinross, Alamos, Lundin Gold, and Dundee Precious Metals stand out due to high margins, strong balance sheets, and consistent operational execution. He also discusses shifting investor preferences between growth, dividends, and jurisdictional risk, along with the growing competition from royalty companies and implications from recent M&A activity.
Click here to visit the Exploration Insights website to follow along with Joe. 
 
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, returns to share his outlook on oil and natural gas prices, citing geopolitical risks, seasonality, and LNG-driven demand as key factors shaping the market. He explains why U.S. oil production may have peaked, lays out his bullish thesis on natural gas amid rising AI-driven electricity demand, and highlights specific small-cap energy stocks like Hemisphere Energy, Rubellite Energy, and Range Resources that offer strong free cash flow and dividend potential in a low-price environment.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.
 
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.

Robert Sinn, (aka Goldfinger on CEO.ca and CeoTechnican on X) and publisher of Goldfinger Capital on YouTube and Substack, joins me for a wide-ranging discussion on macroeconomic market movers as well as his fundamental and technical outlook on gold, silver, copper, and their related resource stocks.
 
There are a range of topic covered which include:  The Trump administration’s policy on tariffs, the US dollar, and interest rates, Fed policy, the volatility in US equity markets, China’s economic health and response back to US tariffs, gold as the sole safe haven, Q1 earnings season in the gold producers through the lens of Newmont’s report this week, silver as a catchup trade, the smaller universe of silver stocks, Doctor Copper’s prognosis on global economic health, and the muted reactions lately in the copper stocks. 
 
https://ceo.ca/@goldfinger
 
Click here to follow Robert on X/Twitter
 
https://www.youtube.com/@GoldfingerCapital/videos
 
Follow Robert’s analysis on Substack