The KE Report

Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss gold’s breakout above $3,000, silver’s continued strength, and the growing momentum in mining stocks. We explore the U.S. government’s potential revaluation of its gold reserves as a means to fund a strategic Bitcoin reserve, analyzing how this move could impact monetary policy, market stability, and the broader financial system.
 
Craig also breaks down the unusual pricing dislocations in gold and silver markets, highlighting the unprecedented movement of physical metal between vaults and across international borders. As mining stocks respond to record-breaking margins, we examine what this means for investors and whether the sector is finally seeing sustained institutional interest.
 
The discussion wraps up with a look at the Federal Reserve’s upcoming policy decisions, the shifting global economic landscape, and how geopolitical tensions are influencing precious metals. Craig shares his insights on where gold and silver prices could be headed next and whether this rally has staying power.
 
Click here to visit Craig’s website - TF Metals Report

Tara Christie, President and CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF) joins me to discuss the recently announced $14.5million financing with a strategic investor, at a premium to market. The Company will use the funds to advance the AurMac Gold Project in the Yukon, that holds an over 7million oz gold (inferred) deposit. 
 
Initially focusing on the strategic investment, Tara highlights the confidence this brings from high-caliber investors and details the expected spending on project advancements. Tara also explains how the financing terms are favorable and, since it is mainly flow-through dollars, will be used to advance the project.
 
Looking ahead, Tara outlines the drilling program set to commence in April, aiming to hit high-grade targets and support infrastructure for the project's Preliminary Economic Assessment (PEA) expected in Q4.
 
The discussion also covers the company's valuation, noting that despite having over 7 million ounces of gold in the ground, Banyan's market valuation is around $70 million CAD, with around $10 million in the bank before the new investment. Tara addresses past region-specific challenges, expressing optimism about future prospects and improving sentiments.
 
If you have any follow up questions for Tara please email me at Fleck@kereport.com. 
 
Click here to visit the Banyan Gold website.
 

Welcome to The KE Report Weekend Show!
 
On this weekend’s show we focus on the continued decline in US markets, how tariff wars are impacting markets, and the outperformance of precious metals with gold now at $3,000. 
 
If you enjoy the weekend show please go back through our website (https://www.kereport.com/), Podcast (https://rebrand.ly/KER-Podcast) and YouTube Page (https://www.youtube.com/@theKEReport) to listen to all our market commentary and company interviews. Please subscribe and leave us a review.
 
Segment 1 and 2 - Peter Boockvar, Chief Investment Officer Bleakley Financial Group and Editor of The Boock Report on Substack kicks off the show with a deep dive into market weakness, the impact of U.S. tariffs on global trade, the fading AI stock rally, growing investor interest in commodities like gold and industrial metals, and the Fed’s tough position on rate cuts.
Click here to follow Peter at The Boock Report. 
 
Segment 3 & 4 - Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference (November 2-5 2025) joins us to discuss the growing investor momentum in gold and silver stocks as they finally respond to rising metal prices. He discusses the sector's outperformance, strong earnings, and increased interest from generalist investors shifting capital into mining equities.
Click here to learn more about the Gold Newsletter.
 
 

Ryan King, Senior VP of Corporate Development and IR at Calibre Mining (TSX:CXB – OTCQX:CXBMF), joins us to unpack the key takeaways and synergies of the merger with Equinox Gold (TSX: EQX) (NYSE American: EQX).
 
We start off higher level with how the operating Calibre assets in Nicaragua and Nevada in combination with the Valentine Gold Mine under construction in Newfoundland, will combine with the Equinox Gold assets in Canada, the US, Mexico, and Brazil, in particular the newly built Greenstone Mine, to form a major gold producer, with a production profile of 950,000 ounces in 2025, and a pathway to 1.2 million ounces in 2026 once the Valentine Mine has ramped up into production.
 
Next we have Ryan address the speculation from some Calibre shareholders that there would have been more value creation by staying a standalone company through the production ramp up of Valentine.  Ryan conceded that it could be that staying standalone may have provided more short-term torque as they moved into production at Valentine, but points out that they may also have then missed the opportunity to merge with Equinox, which was their desired partner that they’ve been in discussions with for many months.  Both management teams believe that both companies are quite undervalued compared to peer gold producers on a price/NAV basis, and that by combining that they can unlock the rerating higher.  
 
We also pointed to questions and concerns from some investors about the timing of this announcement and if there are some challenges with the buildout of this new mine that played into the need to merge.  Ryan dispelled the notion that there have been any challenges with the build out of Valentine, as the mine build remains on-time and on-budget, and he stated that was not the rationale for the business combination.  Instead, they truly believe that the Equinox assets can be optimized with the strengths of both teams working together to provide a bigger upside value for Calibre shareholders that stick with the pro-forma combined company, compared to any near-term gains they would have received by staying standalone.
 
Wrapping up we reviewed how elements like jurisdictional diversification, a larger production profile, a larger market capitalization, and a dual-listing on both the Canadian and US exchanges will allow larger institutions and more American investors to participate in enhanced liquidity. Ryan points out that while all those elements will play a part, that it is really more about unlocking the value in the current portfolio of projects over the next few quarters and showing the marketplace why they should be valued a better price/NAV metric, more in line with peers that have even smaller production profiles
 
If you have any questions for Ryan regarding Calibre Mining, then please email us at Fleck@kereport.com or  Shad@kereport.com.
 
In full disclosure Shad is a shareholder of Calibre Mining at the time of this recording.
 
Click here to see the Calibre Mining news section

Jim McDonald, President and CEO of Kootenay Silver (TSX.V:KTN - OTC:KOOYF) joins us to discuss the latest drill results from the Columba Silver Project in Mexico and what’s next for the company.
Key Topics Covered:
Latest Drill Results (Feb 12 Release): 11 holes testing the F and I veins, plus the new La Preciosa target.
New Discovery at La Preciosa: First assay results released from this target. Show silver grades increasing at depth..
Advancements on the F & I Veins: Key intercepts from step-out and infill drilling, indicating strong mineralization continuity.
Maiden Resource Estimate (Expected Q2 2025): Targeting 50 million high-grade silver ounces. Waiting for the final results of the last drill program.
Exploration & Growth Strategy for 2025: Expanding known zones and testing new high-priority targets across the Columba Project.
Company Financials & Next Steps: Current cash position and plans for further drilling in 2025.
 
If you have any follow up questions for Jim please 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.

John Rubino, [Substack https://rubino.substack.com/ ], joins us to reflect on the reasons why gold, silver, and the precious metals stocks have continued to outshine the macroeconomic turbulence and general market volatility.
 
We start off discussing the strength in the overall precious metals complex, where silver and the PM stocks have followed gold higher in more an overall flight to safety.  John points out that many companies have had positive Q4 earnings reports and wide margins and that is becoming more obvious to generalist investors that scan for outperforming market segments. The conversation then shifts to which ways these gold stocks and silver stocks should attract more investors, by either returning capital to shareholders by way of dividends or share buys back, or if they should focus on growth through acquisitions and merger transactions.  John wants to see smart transactions, and not just growth for growth’s sake, but feels the building cash reserves of the mining stocks will become large enough that they feel compelled to go out and purchase more mines and more ounces.
 
We then wrap up reviewing potential paths forward through all the macroeconomic and geopolitical friction with the Trump administration tariffs, in North America, Europe, and Asia, noting the effects on inflation expectations, the sovereign debt loads, immigration, and global trade. There are a mix of different elements creating uncertainty, and factoring into the further buying of gold by both central banks and global citizens in this current macroeconomic environment.
 
Click here to visit John’s Substack to keep up to date on his market and economic commentary.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to recap his key takeaways from the Prospectors and Developers Association of Canada (PDAC) conference in Toronto earlier this month.
 
He shares how he approaches getting the most out of conferences, and what kinds of questions he can ask management teams when he is in his one on one meetings. Additionally, Erik shares with us his observations on how hot trending stocks with recent newsflow got repeatedly discussed in conversations, have the more crowded booths, and saw shareprice action around the conference. Conversely, he points out how other companies with legacy projects and less regular newsflow remain not so hot, where sometimes their prior quality work has been forgotten about, and they had less of a buzz. This ties into a broader discussion on investor sentiment and herd behavior within the resource sector, the power of the network effect, and the separation of quality companies from more speculative ones as this bull market continues to pick up speed.
 
Click here to visit Erik’s site – The Hedgeless Horseman

 
In this episode, I speak with Chris Gerteisen, CEO of Nova Minerals (ASX:NVA - NASDAQ:NVA - FRA:QM3), for a deep dive into the company’s Estelle Gold and Critical Minerals Project in Alaska’s Tintina Gold Belt.
 
Chris provides an overview of the project’s 9.9-million-ounce JORC gold resource, detailing the Korbel and RPM deposits, their respective grades, and expansion plans.
 
Beyond gold, we discuss the project's significant antimony opportunity, including the potential for government funding to support resource definition, production, and even a refinery build-out.
 
Nova Minerals is pursuing an aggressive development timeline, targeting gold production by 2028 and potential antimony production as early as 2026, contingent on grant funding from the U.S. Department of Defense.
 
Chris also shares insights into his background and the experienced team driving the project forward.
 
Please email me with any follow up questions for Chris - Fleck@kereport.com 
 
Click here to visit the Nova Minerals website.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are disrupting the general equities markets and economic outlook. Despite the volatility in the markets, he still sees opportunities in gold, silver, copper, and uranium stocks.
 
We start off with the market uncertainty from tariffs, contracting GDP, and a slowdown in the rate of change for growth. These macro factors have roiled markets, with some sectors near disinflation, which has the VIX and volatility elevated and investors seeking out the safety of value sectors like utilities, REITs, and gold.  In fact, gold has really stayed strong despite the general US equities correcting down, and in particular the mid-tier gold producers have done better than the larger producers, which may be setup for a catchup trade.  The topic of M&A comes up and Nick expects to see more mid-tiers combine, similar to what we saw with the Equinox and Calibre merger.
 
With regards to other metals Nick is also bullish on both silver and copper for fundamental reasons as well as recent pricing strength momentum, and he has been active in putting capital to work in Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF), Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Arizona Sonoran Copper Company (TSX:ASCU) (OTCQX:ASCUF) and Quartz Mountain Resources Ltd. (TSXV:QZM)(OTC PINK:QZMRF).   We consider that domestic companies may get a premium in light of the tariffs on many metals, and the potential for regulation to be eased in the US.
 
We wrap up with getting his outlook on the prolonged corrective move in uranium equities down to levels where buying into the weakness is once again an attractive value proposition. Nick mentions how pullbacks in US producers like Energy Fuels Inc. (NYSE American: UUUU)( TSX: EFR), enCore Energy Corp. (NASDAQ: EU) (TSXV: EU), and Uranium Energy Corp (NYSE American: UEC) have come back to attractive accumulation points, and that he has also been adding to his position in the Canadian developer  Denison Mines Corp. (TSX: DML) (NYSE American: DNN).
 
Click here to follow Nick’s analysis and publications over at Digest Publishing

Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold, joins me to discuss the ongoing divergence between the rally in precious metals versus the corrective move in US general equity markets.    This signifies that the real precious metals bull market has begun. 
 
We review the recent rallies in gold and silver prices, as well as the precious metals equities, in relation to the S&P 500 or the 60 stocks/40 bonds portfolio.  We discuss the capital rotation out of growth stocks and into gold and gold stocks, and what a secular precious metals bull market in real terms means for strength and duration of this coming move.    
 
Wrapping up we discuss the importance of picking quality PM stocks as the key ingredient for outperformance, versus just being concerned about catching technical turns in the sector.
 
Click here to visit Jordan’s site – The Daily Gold