The KE Report

In this Daily Editorial, we are joined by Craig Hemke, Founder and Editor of the TF Metals Report, to dissect the recent volatile price action across the precious metals sector. As silver maintains its footing in a significantly higher price bracket compared to recent years, Craig provides a technical and fundamental outlook on where the floors and ceilings currently sit for the complex.
Key discussion points include:
Silver’s technical range-bound consolidation: Why the current $65–$95 range is providing critical lines of demarcation for investors and what a breakout above $95 would signify for the next leg higher.
The gold-silver ratio and gold’s sensitivity: An analysis of why gold has remained relatively stagnant compared to silver and how Federal Reserve rate hike expectations are weighing on the yellow metal.
Paradigm shifts in historical pricing: A look at why silver’s ability to hold above $85 - despite a rallying US Dollar and rising yields - suggests a fundamental change in market dynamics compared to previous cycles.
Copper’s influence on the silver trade: Exploring the "Dr. Copper" breakout to all-time highs and how industrial demand and supply hoarding in the red metal are providing a tailwind for silver.
Macro drivers and negative real rates: Why the long-term thesis remains tied to the inevitability of yield curve control and the return of deeply negative real interest rates.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

James Anderson, Chairman & CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me for a comprehensive update on Q4 2025 financials, year-to-date operations trends, the early partial repayment of their loan to Ocean Partners, the 16,000 meters of underground development work underway, and the key initiatives for their ongoing 75,000 meter drill program at each mine.
 
Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, the San Ignacio mine, and their recently acquired Bolanitos Gold-Silver Mine. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.  In addition to these 5 producing mines, the Company also has 3 past-producing exploration and development projects in their portfolio at the El Horcon Mine, Pinguico Mine, and Cebada Mine.
 
Q4 2025 Highlights
Mine Operating Income of $4.0M represented a 375% increase over Q3; Working Capital of $14.2M vs $5.4M, represented a 163% increase over the previous quarter.
Revenue increased by 40% to $22.7M in Q4 from $16.3M in Q3, 2025.
Production during Q4 was 295,836 ounces of silver (an increase of 21% over the previous quarter
Grades of Silver and Gold were 37% and 15% higher respectively, showing a continued trajectory toward higher quality ounces.
Silver represented 64% of total revenue; with 94% of revenue in Q4 derived from silver and gold sales, Guanajuato Silver remains a genuine precious metals producer with outsized leverage to the silver price.
Realized prices were $55.54 for silver and $4,161.94 for gold in Q4.
Cash and cash equivalents totaled $41.5M at the end of the quarter
 
James outlines their ongoing 16,000 meters of underground development work paired with the 75,000-meter drill program, currently utilizing 7 drill rigs and with plans to contract 2 more to augment exploration initiatives. This is largest exploration program the company has ever deployed, with some areas getting the first meaningful resource expansion in many years.
 
 
If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Guanajuato Silver 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 Guanajuato Silver
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.

In this Daily Editorial, we are joined by Joel Elconin, Co-Host of the PreMarket Prep Show and Founder of the Stock Trader Network. Joel shares insights on the market technicals, challenging the "bull market" narrative by highlighting the stark divergence between high-flying tech giants and a struggling retail sector.
We dive into the following key topics:
The Selective Bull Market: Joel explains why the current rally is far more concentrated than it appears, noting the significant number of S&P 500 stocks hitting new 52-week lows despite record highs in major indices.
The Power of Momentum and Algos: A look at how algorithmic trading and "story stocks" are driving valuations like Nvidia and Poet Technologies, often ignoring traditional metrics like P/E ratios.
Tech Dominance vs. Retail Weakness: We discuss the breakdown in consumer-facing stocks like Nike and Home Depot, and what this trend signals for the broader health of the American consumer.
Contrarian Caution and Inflation: Joel shares his personal outlook on why he remains cautious despite the rally, citing looming concerns over sticky inflation, interest rates, and employment data.
 
Stocks Mentioned: NVDA, MSFT, AAPL, AMZN, GOOGL, META, TSLA, BRK.A, MU, JPM, NKE, HD, POET, CSCO, INTC, ASML, AVGO.
 
Click here to visit Joel’s PreMarket Prep website - https://www.premarketprep.com/
 
Click here to visit the Stock Trader Network - https://www.stocktradernetwork.com/
 
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For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ 
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

John Darch, Chairman and Director, and Ken MacLeod, President and CEO of Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP), both join me to review multiple milestones achieved and catalysts on tap transforming the value proposition for their flagship Cerro Caliche Gold Project, located in Sonoro State of Mexico.  
 
John and Ken both outline the transformation that Sonoro Gold has gone through over the last year, with the updated Mineral Resource Estimate, and resources and Preliminary Economic Assessment (PEA), the very large increase in their overall land package from 1,800 hectares to almost 9,000 hectares in 2 recent acquisition transactions. Thes increased land concessions build Cerro Caliche into a larger-scale gold mining project with multiple major mineralized zones stretching from the Agnico Eagle Santa Gertrudis deposit to the north down all the way to the Highlander Silver Mercedes Mine to the southeast.
 
Next we got more details and initiatives around the commencement of the 50,000 meter drill program, which just got underway earlier this week.  The focus will be on growing the resources, extending the mine-life, and exploring many of the areas across their new land concessions.
 
The company is now taking a hybrid approach, growing through exploration across their expanded project footprint, while remaining very constructive on the future development and production set to begin upon receipt of their final MIA environmental permit in Mexico.
 
Updated PEA Highlights:
Base Case Prices of $3,500/oz gold and $48/oz silver
Pre-Tax net present value discounted at 8% (“NPV8”)of $360 million
Pre-Tax Internal Rate of Return (“IRR”) of 65%
After-Tax NPV8”of $224 million
After-Tax IRR of 50%
Spot Prices of $5,186/oz gold and $88/oz silver
Pre-Tax NPV8of $846 million
Pre-Tax IRR of 121%
After-Tax NPV8”of $525 million
After-Tax IRR of 91%
Gold recovery of 72% and silver recovery of 27%
10-year LOM with 459 k ounces (“oz”) of gold equivalent (“AuEq”)
LOM annual average production of 46 k oz AuEq at 0.38 g/t AuEq
Initial CAPEX costs of $83 million, including $11 million in contingency
Sustaining capital costs of $26 million
AISC of $1,902/oz AuEq
Payback period of 1.7 years
 
If you have questions for either John or  Ken regarding Sonoro Gold, then please email those into to me at Shad@kereport.com.
 
Click here to follow the latest news on Sonoro Gold
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.

In this Daily Editorial, we are joined by Jeff Christian, Managing Partner at the CPM Group, for a deep dive into the shifting dynamics of the precious metals markets. As gold and silver navigate wide trading ranges, Jeff provides a strategic outlook on price action, investment demand, and the fundamental drivers shaping the rest of the year.
Key topics discussed in this episode include:
Summer Consolidation and Plateaus: A look at why gold and silver are likely to trade sideways in a volatile fashion through August before a potential breakout in late Q3.
Silver’s Outperformance: Analysis of silver’s recent move above key technical resistance levels and why it is currently leading the pack.
The Shift from Futures to ETFs: Why institutional and retail investors are moving away from the futures market in favor of ETFs due to regulatory hurdles and ease of access.
Platinum’s Multi-Year Bull Case: An overview of why the shift toward hybrid vehicles and supply constraints in South Africa could drive platinum prices higher through 2030.
Gold as the Counter-Cyclical Hedge: Understanding gold's role as the premier "risk-off" asset and how a potential cooling in equity markets could trigger the next leg up.
 
Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/ 
 
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For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ 
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Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Company Update, we are joined by Steve Gray, President and CEO of Fox Tungsten (TSX.V: FOXT | OTC: HPYCF). Steve discusses the company’s flagship Fox Tungsten Project, in British Columbia, which currently hosts a high-grade tungsten resource. Following a rebranding and fresh capital injection, the company is moving into a summer drilling season aimed at significantly expanding its resource base.
Key Discussion Points:
World-Class Resource Grade: Steve explains the significance of their 1% tungsten grade.
Infrastructure and Accessibility: An overview of the project’s location near 100 Mile House, featuring year-round road access and proximity to existing power lines.
Summer Drill Program: Details on the upcoming 20,000-meter drill campaign designed to double the historical drilling and fill the gaps between known mineralized zones.
Resource and Economics: A look at the company’s timeline for a resource update and Preliminary Economic Assessment (PEA) targeted for early 2027.
Management and Financial Position: Steve shares his background with Rio Tinto and Kinross Gold, alongside the company’s $15 million cash position.
 
Click here to visit the Fox Tungsten website to learn more about the company and project - https://foxtungsten.com/ 
 
--------------------
For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ 
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Company Update, we are joined by Caleb Stroup, President and CEO of Headwater Gold (CSE: HWG | OTCQX: HWAUF). Following a busy period of exploration, Caleb provides a comprehensive update on the company’s recent activities across its Nevada-focused gold portfolio, highlighting the start of new drill programs and the progress of strategic partnerships.
 
Key Discussion Points:
Jake Creek Drill Program: Caleb discusses the commencement of an 8 to 10 hole drill program at the Jake Creek project, a partnership with OceanaGold aimed at following up on historic high-grade intercepts.
Lodestar Project Update: An overview of the recent scout drilling results at the Lodestar project in partnership with Newmont, specifically focusing on the newly discovered Meridian alteration zone.
Upcoming IP Geophysics at Lodestar: Details on the planned Induced Polarization (IP) survey designed to further define the high-sulfide alteration zones at depth before the next phase of drilling.
Strategic Land Expansion: Caleb explains the rationale behind the recent staking of additional claims to the north of Jake Creek to capture the full extent of the prospective mineralized trends.
 
Please email your questions for Caleb to us at Fleck@kereport.com and Shad@kereport.com. 
 
Click here to visit the Headwater Gold website to read over the recent news - https://headwatergold.com/ 
 
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For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ 
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Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Company Update, I sit down with Charles Funk, President and CEO of Heliostar Metals (TSX.V: HSTR | OTCQX: HSTXF), to focus on the Q1 2026 earnings released yesterday. Charles provides a deep dive into the company's operations, record gold production, and the roadmap for its flagship Ana Paula project.
Key Discussion Points:
Record-Breaking Q1 Financials: An overview of the record gold production and mine operating earnings reported on May 12.
Growth at San Agustin and La Colorada: A breakdown of how restarting production and implementing innovative leaching techniques have driven down costs while increasing output.
The High-Grade Opportunity at Ana Paula: Discussion on the latest drill results and the management reorganization designed to fast-track this project toward becoming a major Mexican gold mine.
Strategic Acquisition of Goldstrike: Insight into how the recent Goldstrike acquisition fits into the broader portfolio and the company's dual pathway for monetizing or developing this asset.
Financial Position and Growth Outlook: A look at Heliostar's robust working capital and how the company is balancing aggressive exploration with cash preservation.
 
Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals. 
 
Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.com/
 
-----------------
For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/ 
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

[We had some technical challenges with Dave's audio, and cleaned it up as good as possible, but felt the content was so relevant that it was important to get it out to KER listeners]   
In this Daily Editorial, we are joined by Dave Erfle, Founder and Editor of Junior Miner Junky, to discuss some fundamental and technical investing insights around the recent pop higher in the precious metals sector.   Gold, silver, and the PM stocks have been moving up the last 2 weeks, and copper has been trading up at all-time highs the last few trading sessions.   Dave reviews the macroeconomic factors moving the larger markets but balances out the longer-range trends with some more near-term technical levels he is watching.  He also provides some fundamental insights into some of the stocks held in the JMJ portfolio, and how he is managing this current environment. 
 
Key discussion points include:
 
Macro Market Movers and Geopolitics: He discusses the soaring oil and gas prices and global food scarcity due to the war in the Middle East and continued closure of the Strait of Hormuz as factors creating uncertainty in the markets. However, Dave points out that none of the fundamental drivers behind gold’s ascent have changed, from sovereign debt to central bank buying, and lack of open interest in the COT.
Technical Outlook on Gold and Silver:  The precious metals have been stuck in rangebound trading and a consolidation for the last 7 weeks, and he feels it would be healthy to see things consolidate a bit longer, to build the energy to really move higher.  Dave would like to see gold break out above $4,900 and for silver to break decisively above $90 to get more confident that this consolidation phase has run its course.
The Gold Miners Bullish Percentage Index: Dave has pointed out the last few weeks that when the (BPGDM) got down to an 11 reading in late April that this demonstrated how oversold the gold miners were getting, and so a rally higher seemed quite probable.  Now that this has played out, he is looking for more traction and technical confirmation signals in the mining stocks.
Key Moving Averages for GDX and GDXJ: The key technical level Dave is watching on the precious metals ETF charts is the 18-week moving average; which has recently acted as overhead resistance.  Pricing in GDX, GDXJ, SIL, SILJ have just recently moved above this level, but his preference would be to see pricing come down to test it the 18-week SMA as support that holds to signal that the next leg higher is on stronger footing.
Precious Metals Stocks Breaking Out Of March Consolidation Patterns: Dave points to precious metals stocks that have had strong fundamental newsflow as seeing corresponding outperformance, based on their company catalysts. He flagged the strong performance over the last couple months coming out of the March consolidations in JMJ portfolio stocks like AbraSilver Resource Corp. (TSX: ABRA) (OTCQX: ABBRF), Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF), Maple Gold Mines Ltd. (TSXV: MGM) (OTCQX: MGMLF), Thesis Gold & Silver Inc. (TSXV: TAU) (OTCQX: THSGF).
Bull Market Playbook and Portfolio Strategies: Dave outlines his systematic rules-based approach to trimming partial positions in portfolio positions that have moved up multiplefold to redeploy those gains into new positions; flagging the rebalancing approach in Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) as an example.
Direct and Indirect Copper Exposure:  Dave has indirect exposure to copper exploration in some of the aforementioned precious metals companies like AbraSilver Resource and Thesis Gold & Silver, but also pointed out the big win he and his subscribers just realized in direct copper exploration success through Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF); which is currently being acquired by Hudbay Minerals Inc. (TSX: HBM, NYSE: HBM).   He is monitoring a few copper developer names on his watchlist for accretive entry points which he will communicate with his subscribers.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter – https://www.juniorminerjunky.com/
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.

Jordan Rusche, Founder of Mining Stock Monkey, joins us for an in-depth and nuanced discussion around key metrics and trends in Q1 earnings reports from the gold and silver producers and PM royalty companies; along with which companies he is actively trading in his portfolio. 
 
We start out getting Jordan’s perspectives from this Q1 earnings season in the PM producers, touching upon initiatives around paying down debt, share buybacks, and dividends.  We counterbalance those trends with how companies are also investing in growth through mergers and acquisitions.
We discuss some general takeaways in the earnings reports from how the majors are managing increasing costs from higher fuel costs to labor to sustaining capital in Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM), Barrick Mining Corporation (NYSE:B)(TSX:ABX), and Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) .
We check in on the positive market reaction in the Q1 report from B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G), but Jordan also couches the enthusiasm with the fundamental factors pointing to the potential for rising AISC figures for the balance of this year.
Jordan breaks down why Agnico Eagle paid a premium for Rupert Resources Ltd (TSX: RUP) (OTCQX: RUPRF) (FSE:R05), in the recent acquisition of their project in Finland.
Next we shifted over to the record revenues witnessed in Q1 earnings reports from the royalty and streaming companies.  While revenues are up in a big way, that is not typically been from growing gold equivalent ounces (GEOs).  Jordan highlights the longer-term investing thesis required to realize the growth potential in production metrics in a company like Royal Gold, Inc. (NASDAQ: RGLD).
Sticking with royalty companies, Jordan highlights the strong copper exposure and future growth on tap across multiple commodities in Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE). 
 
 
Get 25% off Mining Stock Monkey VIP. {Limited to 10 sign ups}:
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Sign up for Jordan’s free “Silverback Letter” here:
https://miningstockmonkey.substack.com
 
 
For more market commentary & interview summaries, subscribe to our Substacks:
 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
 
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned, and companies profiled may be sponsors of the KE Report.