The KE Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to dig into the implications and potential benefits to the US as a mining jurisdiction on the back of the new executive order from Trump issued on March 20th; titled “Immediate Measures to Increase American Mineral Production.” 
 
This executive order https://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/ will utilize the Defense Production Act (DPA) to focus on sourcing more domestically mined, processed, or refined critical minerals and strategic mineral as a matter of national security.  There appears to be a joint effort between the U.S. International Development Finance Corporation and the Department of Defense to provide investment support, loans, and possibly grant for mining projects.  There is also an expedited priority on reviewing the permitting on projects seeking development from usual suspect metals like nickel and rare earths but also including gold, uranium, and aluminum.
 
Erik reviews a number of companies that have his attention in the US that may benefit including juniors like Integra Resources(TSXV: ITR) (NYSE American: ITRG), Stillwater Critical Minerals(TSX.V:PGE)(OTCQB:PGEZF), BCM Resources Corp (TSXV: B), and K2 Gold (TSX-V: KTO) (OTCQB: KTGDF).  We also note the potential impact on long-stalled mega projects like Northern Dynasty’s Pebble, Trilogy’s Rambler road access to the Upper Kobuk mineral project, or Rio Tinto’s Resolution Mine in Arizona.   We also discuss whether US projects will now get a premium, due to removing permitting bottlenecks or possibly providing government money to assist in the development of mineral projects. 
 
*In full disclosure, many of the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and they also may be site sponsors of The Hedgeless Horseman website at the time of this recording.
 
Click here to visit Erik’s site – The Hedgeless Horseman

TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot, joins us to break down the recent market rebound and explain why he started buying near the lows—just before the rally took off.
 
We discuss how TG identified the bottom using divergence signals, capitulation volume, and key technical levels. He outlines the importance of pairing technical setups with news catalysts, like the recent tariff developments, to confirm market direction.
 
TG also shares his outlook on whether this is a short-term bounce or the start of a bigger move, highlighting the levels he’s watching and the potential for a retest of recent lows. He talks about his strategy of focusing on fewer high-conviction trades, and names a few stocks showing strong relative performance, including Tesla, ROOT, and GENI.
 
To dive deeper into TG’s process, check out his free webinar on Wednesday, March 26th - https://lp.simplertrading.com/dual
 
Click here to visit TG’s site - Profit Pilot

 
Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) joins me for a focused discussion on the company’s recently upsized all-share financing and what it means for operations, exploration, and overall growth trajectory.
 
Key Theme: Heliostar raises $17M in strategic financing to accelerate production growth and unlock value at flagship assets.
 
Key Discussion Points:
$17 Million Upsized Financing Originally announced at $12M, the all-share financing was quickly upsized to $17M due to strong demand. Charles breaks down the rationale behind raising capital despite recent positive cash flow and early debt repayment.
Use of Proceeds: Production, Exploration & Balance Sheet Strength With ~US$10M in the bank pre-financing, the company is now positioned to:
Ramp up drilling at Ana Paula with a two-rig program starting in April.
Accelerate expansion at San Antonio once permits are received (expected mid-year).
Strengthen the balance sheet, which has been a key priority to de-risk the business.
 
News Flow Outlook Expect increased activity in Q2 and beyond, including:
Drill results from Ana Paula and underground targets at La Colorado.
Updated feasibility study for La Colorada expansion.
Quarterly production update from current operating assets.
Progress on evaluating sulfide potential at San Agustin.
“This financing allows us to go faster, de-risk Ana Paula, and bring forward value creation—without compromising operational cash flow or balance sheet health.” — Charles Funk
 
For the full operational and financial update, including Q4 results and 2025 guidance, check out our previous interview with Charles - Click Here.
 
Please email me at Fleck@kereport.com with any follow up questions for Charles. 
 
Click here to visit the Heliostar Metals website to learn more about the Company.

David Wolfin, President and CEO of Avino Silver and Gold Mines (TSX:ASM – NYSE:ASM), joins me to outline the key metrics and takeaways from the record Q4 and record full year 2024 financials and operations.  Then we take a deeper dive into the Company’s 5-year production growth plan, to become a Mexican intermediate silver producer, with the development of both the La Preciosa Project in 2025, and then the Tailings Project a few years out.
 
Fourth Quarter 2024 Financial Highlights (compared to Q4 2023)
 
Record Revenues: The Company realized revenues of $24.4 million, an increase of 95%, driven by increased production and higher realized silver and gold prices in the quarter.
Record Gross Profit: Gross profit, or mine operating income, was $10.5 million and represented an increase of 308%. The significant improvement was a result of items noted related to revenues, as well as meaningful unit cost reductions and currency movements between the US dollar and Mexican Peso.
Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $15.6 million, up over 2,000%, as well as mine operating cash flows before taxes 3 of $11.9 million, up 230%.
Record Earnings and Adjusted Earnings: The Company realized net income of $5.1 million, or $0.03 per share, up 804%, and adjusted earnings 3 of $10 million, or $0.07 per share, an increase of 405%. Earnings before interest, taxes, depreciation and amortization ("EBITDA") 3 was $9.1 million, up 712%
Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold was $13.88 and all-in sustaining cash costs per silver equivalent payable ounce sold was $18.62, down 8% and 14%, respectively.
 
Full Year 2024 Financial Highlights (compared to FY 2023)
 
All-Time High in Cash Strength: Cash balance of $27.3 million, an increase of 916%. This represents the highest balance in the Company's history and positions the Company to execute on its organic growth plans.
Record Revenues: The Company realized revenues of $66.1 million, an increase of 51%, driven by improved production and sales volumes, as well as higher realized metal prices in 2024
Record Gross Profit: Gross profit, or mine operating income, was $23.2 million and represented an increase of 197%.
Record Earnings and Adjusted Earnings: The Company realized net income of $8.1 million, or $0.06 per share, with adjusted earnings 3 up 364% at $21.3 million, or $0.15 per share. EBITDA 3 rose significantly and was $18 million, up 620%.
Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold came in at $14.84, down 5% and all-in sustaining cash costs per silver equivalent payable ounce sold was $20.57, down 6%.
Record Cash Flow Generation: The Avino Mine delivered cash provided by operating activities of $23.1 million, up over 1400%. Mine operating cash flow before taxes of $27.6 million, an increase of 150%
 
David outlines the consistent silver, gold, and copper production coming from the Avino Mine,  where the Company delivered record financial performance driven by higher metal prices and increased production from their Avino Mine. With records set in revenues and cash flow generation, their operating margins were further strengthened, and with a debt-free balance sheet and over $27 million in cash to close out the year, they are well-positioned for the future.  There is also a concerted effort in 2025 to invest in exploration around the Avino Gold Mine to spur on more organic growth.
 
For the balance of the discussion, we shifted over to the ongoing development work at the La Preciosa Project, now that the final permits were received to begin development, and the work on the underground decline has commenced and mining will get underway with first production expected in Q4 of 2025. We talk about the grade being about 3 times as high, and once in production it will start bringing AISC down into the high teens. Then the Oxide Tailings Project is also in cue for a few years out with low ~$10 All-In Sustaining Cost, it will contribute to their 5-year production growth plan and lowering costs down into the mid-teens.
 
 
If you have any follow up questions for David regarding Avino Silver and Gold then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.
 
Click here to follow the latest news from Avino Silver and Gold

Welcome to The KE Report Weekend Show!
 
On this weekend’s show, we focus on resource stocks, covering gold, copper, natural gas, and oil. We review equity performance, highlight sector trends, and discuss where some of the best opportunities may lie.  
 
If you enjoy the show, be sure to explore our website (kereport.com), 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!
 
Segment 1 & 2 - Joe Mazumdar, Editor of Exploration Insights, shares his insights on recent breakouts in gold, silver, and copper, noting that mid-tier producers offer better growth prospects than majors through M&A and reserve expansion. He highlights strategic investments by producers in juniors, the importance of jurisdictional advantages in the U.S., and the growing role of critical minerals like antimony in both permitting and government funding.
 
Click here to visit the Exploration Insights website to follow along with Joe. 
 
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, discusses the strength of natural gas prices as storage levels remain low and demand for LNG exports grows. He highlights the rapid expansion of U.S. and Canadian LNG export capacity, which is expected to tighten supply further and drive prices higher. Dan also shares his top stock picks for companies best positioned to benefit from rising gas prices, emphasizing those with strong marketing strategies and premium pricing access. Additionally, he examines the potential impact of tariffs on Canadian energy stocks and identifies undervalued opportunities in the sector.
 
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis. Also you can email Dan for his recently updated company profiles at dmsteffens@comcast.net. Or myself at Fleck@kereport.com.
 

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me to outline the key metrics and takeaways from the updated Mineral Resource Estimate announced on March 11th on the wholly owned polymetallic Iberian West Project (IBW), located in southern Spain. We also get an update on the legal proceedings at the Aznalcóllar Project later in the conversation.
 
The Mineral Resource Estimate is based on 105,554 meters of drilling by the Company comprising 299 drill holes and is hosted in three volcanogenic massive sulphide deposits on the project; La Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m). All three deposits remain open for further expansion by future drilling. The IBW project is reporting:
 
A Total Indicated MRE of 18.96 million tonnes grading 2.88% zinc, 1.42% lead, 0.5% copper, 66 g/t silver, and 1.28 g/t gold (8.44% ZnEq or 3.01% CuEq);
A Total Inferred MRE of 6.80 million tonnes grading 3.25% zinc 1.50% lead, 0.73% copper, 56.3 g/t silver, and 0.77 g/t gold (8.72% ZnEq or 3.00% CuEq);
The updated Mineral Resource Estimate achieves numerous improvements when compared to the previous May 23, 2023 MRE, which include a +35% increase in Total Indicated MRE tonnage and a +44% increase in Total Inferred MRE tonnage;
There was also an increased gold metal content within the Total Indicated MRE from 629 Koz to 783 Koz, which is an increase of +154 Koz (+24%) with a likewise increase in contained gold within the Total Inferred Resource from 137 Koz to 168 Koz or an increase of +31 Koz (+23%) gold, respectively;
 
El Cura is still being drilled with 4 rigs, and is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Romanera can now drift through El Cura on the way to the development of La Infanta, bringing in El Cura in as a future economic driver much earlier in the mining sequence.  We discuss all the derisking work going on in the background building toward the PFS this year, as well as an update on the environmental permits anticipated to come in over the next couple months.
 
We wrap up getting an update on where things are in the courts, with the sentencing portion of the legal proceedings have commenced on March 3rd, furthering the clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.
 
If you have any follow up questions for David regarding Emerita Resources, then email those in to me at  Shad@kereport.com.
 
Click here to follow the latest news from Emerita Resources

Joel Elconin, co-host of PreMarket Prep, joins us to introduce his new venture, the Stock Trader Network - a live, interactive platform where Joel and his team provide chart analysis, answer questions, and discuss trading strategies throughout the trading day.
 
Topics covered in this interview include:
 
Market Rebound After the Correction: Joel shares insights on this week's bounce from oversold levels, the impact of options expiration, and key technical levels to watch.
Fed Takeaways: A continued debate - was the latest meeting dovish or signaling stagflation? Joel weighs in.
Sector Rotation & Stock Trends: Why value names like Berkshire Hathaway are outperforming, while mega-cap tech, including Meta and Nvidia, are showing technical weakness.
Tariffs, Geopolitics & Consumer Impact: A look ahead to April 2nd and potential macro catalysts that could drive market direction.
 
Click here to visit the Stock Trader Network.

Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF) joins me to discuss the company’s latest news - large carbonate replacement deposit (CRD) targets at the Tombstone Project in Arizona.
 
These high-priority targets were developed using past drilling and geophysical surveys, with strong evidence of mineralization at depth. Two previously drilled holes, TR24-13 and TR24-16, will be extended to test these targets, which shares geological similarities with Arizona Mining’s Taylor Hermosa discovery and the historic Bisbee porphyry system.
 
Simon outlines Aztec’s next steps, including plans for deep drilling, potential expansion into additional targets, and how the company is balancing near-surface and deeper CRD exploration. With a quick permitting process and further funding considerations, Aztec is preparing to test these targets later this year.
 
Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 
 
Click here to visit the Aztec Minerals website.

Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF) joins me to break down the company’s recent $15 million financing, expanded 35,000-meter drill program, and the path to delivering a pre-feasibility study (PFS) in 2026.
 
Newcore Gold’s stock has been performing well, particularly in March, on the back of several key announcements. The company initially targeted $12 million in its financing but raised $15 million due to strong institutional demand, including long-only precious metals and resource-focused investors. With $17 million in cash on hand and another $14 million in in-the-money warrants and options, Newcore is well-positioned to fund exploration and development over the next few years.
 
With this financial strength, Newcore has significantly expanded its drill program from 10,000 meters to 35,000 meters. The company is now targeting deeper drilling (down to 200–300 meters) to define high-grade structures, while also testing new pre-resource exploration targets across its 248-square-kilometer district. Several high-grade intercepts have already been reported.
 
Beyond drilling, the company is actively progressing toward an updated resource estimate and PFS, with additional work underway, including hydrology, geotechnical studies, metallurgical testing, and environmental assessments. The PFS is expected to be commissioned in H2 2025 and published in H1 2026.
 
If you have any follow up questions for Luke please email me at Fleck@kereport.com.
 
Click here to visit the Newcore Gold website.  
 

Dana Lyons, Fund Manager and Editor of The Lyons Share Pro joins us to share his outlook on market volatility, shifting sentiment, and the continued strength in commodities.
 
We discuss whether the recent 10% market correction marked a true bottom or if further downside testing is ahead. Dana also breaks down the outperformance of value stocks, the potential for one last growth rally, and the broader implications for investors.
 
With gold surging to new highs, we explore what’s driving the rally, how gold stocks are responding, and where silver and copper fit into the picture. Commodities continue to diverge from the broader markets, raising questions about whether this is a short-term trend or the start of a long-term cycle.
 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.