The KE Report

Brad Langille, President & CEO, of GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF), joins me for a comprehensive overview of this Canadian-based silver and gold producer focused on operating, developing, exploring high quality projects in Mexico. We delve into their producing Parral Tailings mine, in the state of Chihuahua, but then focus most of the discussion on their flagship Los Ricos South and Los Ricos North development and exploration projects in the state of Jalisco.
 
We kick off the conversation with an operations update from their Parral Tailings mine, where production in 2024 was 1.5 million silver equivalent (AgEq) ounces. We discuss why this number may grow in 2025 with the commissioning of a new zinc circuit in January of 2025, which improves the precious metals and base metals recoveries at the processing center; while recycling and conserving the cyanide for the leach cycle, as a key cost input. Brad points out just how important the cleanup of these historic tailings, through their ongoing production, has been to the local community over the last decade; and how significant these initiatives are in a broader sense within Mexico from a social license standpoint.
 
Next we review the delineated mineral resources and project economics for their flagship Los Ricos South and Los Ricos North Projects.
Los Ricos South – 108.6 million ounces AgEq Indicated + 16.2 million ounces AgEq Inferred
Los Ricos North – 87.8 million ounces AgEq Indicated + 73.2 million ounces AgEq Inferred
 
Los Ricos South is shovel-ready, has a Definitive Feasibility Study in place, and is just waiting on the permit to begin construction.  There is a 24-month build, and then 6 months of ramp-up production estimated to get to full commercial production.   The Feasibility Study (using a base case silver price of US$26.80/oz, gold price of US$2,330/oz and copper price of
US$4.00/lb) outlined an after-tax net present value (“NPV”) (5%) of US$355 million with an After-Tax IRR of 28%.   Using a metals price assumption of silver at $30/oz and gold at $2,608/oz, NPV (5%) of US$469 million with an After-Tax IRR of 34%.  Brad shares in the interview how much more that grows using today’s spot prices at $32 Silver and $3,300 gold, and clearly this is an economic project to build.
 
Additionally, there is some compelling exploration the team has been doing outside of the existing resources, based on historical data that has been analyzed and some recent scout holes that have hit the anticipated geological structure, which demonstrate the potential to delineate another large mineralized area that has never been mined.   Brad highlights how significant that would be, once the sunk costs and infrastructure was already in place, to then outline essentially a whole other body of mineralization to mine beyond the existing resources.
 
Next we talk about the schedule of production growth over the next 5 years, as Parral and Los Ricos South is eventually augmented by more production from Los Rico North.  Brad outlines a solid trajectory for the Company for the next handful of years, highlights their strong financial position, and key institutional and insider ownership of the stock.
 
If you have any follow up questions for Brad on GoGold Resources, then please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of GoGold Resources at the time of this recording and may choose to buy or sell shares in the market. 
 
Click here to follow the latest news from GoGold Resources

Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF),  joins me for a comprehensive review of all the work to date at both the Keno Silver Project in the Yukon and the La Plata Copper Project in Colorado.  Then we take a deeper dive into the Australia Creek gold alluvial claims and how the current operator has now added a 2nd project to their 2025 work program, giving Metallic Minerals a 2nd paying and producing royalty for this year.
 
We lead off discussing all the prior year’s drilling that has been completed at the Keno Silver project, which led into the inaugural NI-43-101 mineral resource estimate last year. This was a key milestone for this Project which defined 18.16 million ounces of silver equivalent (inferred), over 4 deposits (Formo, Fox, Caribou and Homestake). The board is currently evaluating next steps for the work programs at Keno Silver for later in the season.
 
Next we pivoted over to the developing exploration strategy, ongoing groundwork, and targeting for this year at the La Plata Copper-Silver Project, following up on the prior 4 drill holes over 4,530 meters in 2023, and the foundational field season in 2024 looking at a number of new porphyry target across their land package with their strategic partners at Newmont Corporation. Newmont has maintained their 9.5% strategic equity investment in Metallic Minerals due to their interest in the prospectivity for both copper and precious metals at the La Plata Project. Scott outlines that those 4500 meters drilled have not yet been added into the existing 1.21-billion-pound copper and 17.6-million-ounce silver inferred mineral resource, and that the upcoming resource update will also add in resource values from gold, platinum, and palladium for the first time; which have not previously been included.
 
Wrapping up Scott unpacks the announcement on April 15th highlighting the signing of a new production royalty agreement for a mile of alluvial gold claims at its Australia Creek property in the Klondike Gold District, Yukon Territory. This agreement builds on Metallic Minerals gold royalty business in 2025, with an experienced mining operator, who brings over 40 years of gold mining experience in the Yukon. This marks the second agreement at Australia Creek expanding the Company's leased ground to over two miles from the original one-mile lease in Australia Creek, which gives the company at least two gold mining operations on its Klondike Gold District claims for the 2025 season; with discussions underway with other potential operators on other properties. Scott points out that there could be up to 10 operators on all their alluvial claims in the Klondike and at Keno Hill.
 
If you have any follow up questions for Scott on Metallic Minerals,  then please email me at  Shad@kereport.com.
 
Click here to follow the latest news from Metallic Minerals

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins us to outline why he is tightening up his portfolio by exiting some sectors, holding only the highest conviction sectors and equities, and only really adding to gold and precious metals stocks in this current environment of uncertainty.
 
We start off discussing how gold continues to attract a global bid, where bonds and the US dollar are really not, because some of the trade barriers mean that people in other countries need less dollars and less dollar-denominated assets. We also find out if Sean sees a recession or even depression is on the horizon in light of the Trump administration economic strategy with tariffs and global trade policies, and how Jerome Powell and the Fed may respond to incoming economic data.  Sean points to several larger banks that have a recession forecasted as a 45%-60% likelihood, and dive into readings from the NY Fed Manufacturing Index, inflation trends, and jobs numbers for other macroeconomic signals.
 
Shifting over to commodities, we not just how volatile the copper pricing moves have been over the last month, and look ahead to where things may settle out in this economics indicator.  This brings China into the discussion, their potential infrastructure and economic plans, and their recent bans on many critical minerals from flowing into the US.  Sean notes that both uranium and oil are in corrective periods, and the only oil stocks he is holding are those that offer attractive dividends so that he is paid to wait.
 
This leads into a discussion of which dividend-paying sectors are more safe, like certain utilities, and which ones could see their dividends cut, like higher cost energy companies or hotel stocks. When discussing other sectors Sean feels could offer some refuge from economic contraction and uncertainty, he mentions holding positions in European stocks, bank stocks, some medical stocks, Bitcoin, and cybersecurity stocks. The value plays lead the conversation full-circle back to gold though, where Sean is expecting $4,000 gold by the end of the year.  For this reason he still sees opportunities in the gold stocks that capitalize on these higher prices and also likes the silver stocks at current levels.
 
Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends
 
Click here to learn more about Resource Trader

 
Dave Erfle, Editor of Junior Miner Junky, returns to share his outlook on the quick rebound in gold and silver stocks. After a sharp but short-lived correction, quality mining equities have staged a swift and powerful comeback, outpacing major indices and defying the broader market weakness.
 
We start by discussing the recent volatility and investor psychology around gold equities. Dave explains why holding through the shakeout rewarded conviction and how the GDX and GDXJ bounced off key moving averages.
 
Dave outlines how this rebound was driven by technical setups and extreme undervaluation relative to metal prices, especially gold, which remains close to record highs. We also examine silver’s massive reversal and how thin positioning created the perfect setup for a rally.
 
The conversation then shifts to positioning and sector rotation, with Dave noting how capital is now flowing into undervalued juniors. He shares his approach to managing risk and capital rotation, explaining how he evaluates which juniors have upside and which are weighed down by dilution or permitting risk.
 
We also explore standout examples of strategic M&A. Discovery Silver's acquisition of the Porcupine complex is cited as a transformational shift from optionality to production. Similarly, Endeavour Silver’s deal in Peru and upcoming Terronera production growth highlights the transformation in select stocks. Dave emphasizes the importance of looking ahead and how valuations are driven by forward expectations, not past results.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Jim Tassoni, CEO of Armored Wealth Strategies, joins us for his technical outlook on markets and resources. Jim is a momentum-focused trader targeting mid-term trends, and in this conversation, he shares how he's navigating one of the most volatile stretches of the year.
 
Despite a recent bounce in markets, Jim sees continued downside risk across major indices.
He explains why his team initiated a short position on SPY, where they’d increase it, and what key technical levels they’re watching to shift bullish. Jim also outlines a profitable short trade in IWM (small caps) and why the construction of the index keeps him cautious.
 
We then dive into gold and the broader precious metals space, where Jim remains long and bullish, but he's watching for a better re-entry point after a strong move. He outlines extension targets up to $3,600 for gold and levels of interest on GDX and copper.
 
On energy, Jim shares insights into a well-timed short crude oil trade and the critical levels he’s tracking that could signal a reversal. 
 
Finally, we wrap with international exposure, as Jim details his active long positions in Japan and China, including FXI and EWJ, and his key stop-loss levels.
 
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading. 

Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to outline the quality of the participants in their recently closed $15 Million bought deal financing, and why this was the right time to the raise capital.  We expand the conversation to break down how the funds will be deployed in the ongoing exploration and development work at their 100% owned, silver-gold El Tigre Project in Mexico.
 
The syndicate of underwriters in this Offering was led by Stifel Canada and Desjardins Capital Markets, as co-lead underwriters and joint bookrunners, and BMO Capital Markets, SCP Resource Finance LP, Ventum Financial Corp., and Canaccord Genuity Corp.  Eric Sprott also participated as a key strategic shareholder in this financing, with a show of support for the project and business strategy; after having come in during the prior capital raise back in 2020.
 
Glenn discusses that this interest from institutions and key stakeholders came in as a result of meetings and presentations at overseas mining conferences in Switzerland. He mentioned that when considering the backdrop of macroeconomic volatility and uncertainty in the markets, that it really was the right time to execute on this financing.   We reviewed how the Project was advanced and how many Company milestones were achieved from the prior capital raised; and how these funds would allow the operations team to hit the ground running with many key lead items and initiatives on the open-pit mine build, just as soon as the permits are received.
 
Wrapping up we focus on the ongoing work programs as they await their open-pit permits.  Glenn is lining up and analyzing financial term sheets for the capex needed to build the open-pit mine at El Tigre. Additionally, the company is continuing to drill from underground targeting the high-grade silver veins, and the Sulfide and Shale Zones that will feed into the upcoming PEA on the second phase of underground mining, due out by June of this year.
 
 
If you have any follow up questions for Glenn about Silver Tiger, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Silver Tiger Metals at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Silver Tiger Metals

John Rubino, [Substack https://rubino.substack.com/ ], joins me for a wide-ranging discussion on gold, the gold equities, silver, the silver equities, macroeconomic factors, and using volatility spreads to smooth out the extreme market moves. We once again reflect on the reasons why gold and the gold stocks have continued to outshine most other market sectors with the backdrop of macroeconomic turbulence and general market volatility.
 
Over the last few weeks both the US Dollar and bonds have not received a strong market bid, and it showcased gold as the only real safe haven from all the uncertainty in financial assets. John points out the continued bid from central banks under the gold price, and many retail and institutional investors rotating a portion of their capital into precious metals sector as the only  place to hide.  John highlights a recent missive from Jim Rickards postulating that gold has become an asymmetrical bet, where the downside is limited and the upside is potentially unlimited.
 
We then pivot over to the gold stocks, discussing whether we should have seen more of an increase in gold producers valuations, considering the record high underlying metals prices, and their fattest margins of all time. John points out that it is taking a while for generalists to notice after a few prior years where we saw inflation and inputs costs keeping pace with the increase in gold price.
 
The conversation spans a number of other topics like, if we’ll see in influx of more merger and acquisition deals, royalty company margins, the gold:silver ratio, why he thinks silver will do better than gold over the next 3-5 years, and the increased action in junior explorers like Snowline Gold, Goliath Resources, Hannan Metal, and Sitka gold all up triple digits over the last year or two. 
 
Wrapping up we circle back to macroeconomic and the strong potential for a recession, the Fed waiting to cut interest rates, the shift in focus from generalist investors out of sectors that work working and looking for more safety, and techniques for using options and volatility.
 
https://rubino.substack.com/

Jayant Bhandari, a private strategic resource investor that consults many high-net-worth investors, joins me to share his takeaways on the economic health of China, US and China trade relations, his outlook on copper demand and gold demand, and opportunities he sees in handful of junior resource stocks.
 
We start off in a general discussion about the economic health in China, since he is traveling there for a couple of months at present and have frequently traveled there for stretches of time over many years.  This leads into discussions about all the recent news on US/China trade relations, tariffs, and manufacturing.
 
The focus then shifts to the importance of China to the whole commodities sector, since they also have most of the processing and manufacturing capacity on a global scale.  We get Jayant’s outlook on both gold and copper demand, why he remains quite bullish on gold, but is less certain of the future demand from China as it relates to copper.
 
The balance of the discussion focuses in on value arbitrage setups and opportunities in a number of resource stocks he holds in his own portfolio.  Companies that we review are:  Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG), NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF), the merger of Quebec Precious Metals Corporation (TSXV:QPM) with Fury Gold Mines Ltd (TSX: FURY)(NYSE American: FURY), Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF), and Aztec Minerals Corp. (TSX-V: AZT), (OTCQB: AZZTF).
 
Coming full circle in this discussion, we highlight the mad rush into many niche critical minerals like tungsten, antimony, geranium, and rare earths due to the export restrictions from China of these metals into the US.
 
Wrapping up, Jayant shares more information about why listeners may want to attend his Capitalism and Morality conference on August 22-23 this year in Vancouver.  KER listeners get a coupon code for 10% off admission.*
 
Coupon code for 10% discount: KEReport25
 
https://jayantbhandari.com/capitalism-morality-2025/
 
 
 

TG Watkins, Director of Stocks at Simpler Trading and editor of Profit Pilot joins us to break down last week’s wild volatility and how he's navigating the markets with a short-term trading mindset.
From swing trades to zero-day options, TG is capitalizing on volatility, while staying cautious. He shares his current market positioning, explains how his Moxie Indicator helped anticipate the recent market bounce, and highlights the importance of risk-reward setups when trading during uncertain times.
TG also discusses:
The role of technicals vs. headlines (like the 90-day tariff pause)
Trading zero-DTE options, leveraged ETFs, and popular large-cap names like Tesla and Palantir
Why he prefers avoiding small-caps in high-volatility environments
A tactical view on GDX and GLD following gold’s breakout, and why he’s waiting for a pullback before reentering
Caution around silver
Plus, TG previews his ongoing educational class series, including how he applies his strategies to zero-DTE trades and leveraged ETFs. Learn more at simplertrading.com/moxie.

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, key moves in the currencies, global trade tensions between the US and China, and gold continuing to break out to new all-time highs as the global safe haven.
 
US equities started off the week plunging further with volatility is surging, and traditional safe havens like the US dollar and bonds were being sold down as capital flees US assets.  We discuss the margin calls of the last two weeks being a factor as to why gold was initially sold last week as a source of funds, and how many net-long speculators may have gotten wrong-footed and needed to sell both equities and bonds.
 
In a related currency trade, as many positions got unwound, and converted back into the currencies borrowed as carry trades -- the Japanese Yen and Swiss Franc, that money coming into them gave them appearance of being safe haven currencies.  Marc outlines that it really was more a market narrative being applied to those trades being unwound. 
 
He goes on further to address other market narratives like those blaming China for crashing the bond markets and selling treasuries in retaliation to the trade tariffs, but without any factual evidence of this being the case. Marc responded that, “Maybe it is true, but where is the evidence?”  He points out that if China was selling down their US treasuries in a big way, that it would be self-defeating, because they are going to get lower yields everywhere else. Instead, China has been focusing more on retaliating with reciprocal tariffs and export restrictions on key commodities like rare earths, antimony, and tungsten.
 
We then transitioned over to gold’s move to all-time highs in all global fiat currencies, and if it was getting too overbought.  Marc’s take was that if we were in normal times, then sure it is getting overbought, and is well above the Bollinger bands; however, these are not normal times and there is so much uncertainty that it is keeping investors positioned in the precious metals.
 
Wrapping up we pondered if economic data reports even matter in a meaningful way in this type of environment.  Marc outlines that most of the economic data we’ve received is “too old” and lagging the real time effects of these rapidly changing conditions.  He points to the consumer confidence surveys, inflation expectations, and jobs numbers as not truly capturing how the markets are reacting in the present moment.
 
Click here to visit Marc’s site – Marc To Market.