The KE Report

In this Company Update, we sit down with Caleb Stroup, President and CEO of Headwater Gold (CSE: HWG | OTCQX: HWAUF), to discuss the latest exploration milestones from their Nevada portfolio. The conversation focuses on the high-grade results coming out of the TJ Project and the company’s strategy for scaling its district-scale assets.
Interview Highlights
High-Grade Gold at TJ: Caleb breaks down the significance of hitting the highest gold grades encountered to date at the TJ Project and what the increasing vein widths at depth suggest about the system.
Strategic Land Expansion: Following the success of the first drill program, the company has increased its land position by 88% to capture the full potential of the epithermal system.
New Acquisition at Jupiter: An overview of the newly staked Jupiter Project in the Walker Lane belt, featuring a massive five-by-eight kilometer alteration footprint.
The Hybrid Exploration Model: Insight into how Headwater manages a dozen high-quality projects, balancing 100%-owned assets with major earn-in agreements funded by industry giants like OceanaGold and Newmont.
Future Catalyst Pipeline: A look ahead at the upcoming geophysical surveys and drilling plans designed to refine targets across their newly expanded Nevada footprint.
 
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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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 Vincent Metcalf, CEO of Pecoy Copper (TSX.V: PCU | OTCQB: PCUUF), to discuss the company’s aggressive 2026 exploration strategy in Southern Peru. With a massive 40,000 meter drill program underway, Vincent outlines how Pecoy is consolidating historical data to transform two separate assets into a world-class copper district.
Key discussion points:
District Consolidation and Strategic Vision: How Pecoy successfully unified a fractured land package for the first time in 15 years to unlock the full potential of the Pecoy and Tororume projects.
35,000-Meter Drill Campaign At Pecoy: An overview of the current exploration at the Pecoy deposit, aimed at testing deep sulfide potential and converting historical "waste" zones into high-grade resources.
The Tororume Discovery Potential: This earlier stage asset, located just 8km from Pecoy, shows a geological footprint three times larger than its neighbor.
Infrastructure and Logistics Advantages: A look at the project's location, featuring low elevation, proximity to major ports, and year-round access that significantly lowers operational costs.
Strong Capital Position and Market Support: Vincent details the company’s healthy cash balance and the growing list of major institutional analysts now covering the stock.
 
Please email me with any follow up questions for Vincent. My email address is Fleck@kereport.com
 
Click here to visit the Pecoy Copper website - https://www.pecoycopper.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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to provide an operations and financial update La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines:  La Guitarra, Coloso, and Nazareno.   We also discuss the increase to 30,000 meters of drilling across the La Guitarra property, and an increase to 50,000 meters of drilling at the Del Toro property starting once the transaction closes in the near future; for a total of 80,000 meters of drilling on tap across all properties.
 
Full Year 2025 Highlights
 
Revenues: Gross silver revenues for 2025 totaled $10.68 million ($39.37 per ounce) and gross gold revenues totaled $13.77 million ($3,407 per ounce).
Sales: During 2025, the Company sold 271,204 ounces of silver ("Ag") and 4,041 ounces of gold ("Au") or 628,196 silver equivalent ("AgEq") ounces, based on the ratio of Au and Ag prices realized for each shipment in the year.
Cash Costs: For 2025, cash costs were $27.90 per AgEq ounce sold
Net Income: Net income was $8.13 million or $0.05 per share for 2025. Included in net income for 2025 is a $6.1 million income tax recovery.
Cash from Operations: The Company generated $4.09 million of cash from operating activities in 2025.
Adjusted EBITDA increased to $6.03 million for 2025
Cash and cash equivalents and short-term investments at December 31, 2025 totalled $17.3 million.
Del Toro Acquisition and Financing: In December 2025, the Company announced its intention to acquire the Del Toro silver mine from First Majestic Silver Corp. and complete a concurrent financing, which subsequently closed in escrow for gross proceeds of CAD$57.5 million.
La Guitarra Expansion: As announced on September 8, 2025, the Company has initiated a plan to expand production capacity at Guitarra in a two-phase program, with the first phase anticipated for completion by the end of Q2 2026, with the aim to increase name plate capacity from 500 tonnes per day ("tpd") to a range of 750 tpd - 800 tpd and the second phase anticipated for completion by Q3 2027, with the aim of increasing the capacity to a range of 1,200 tpd - 1,500 tpd at La Guitarra.
Closed C$19.5M Private Placement: In July 2025, the Company closed a C$19.5 million brokered private placement. The key participants in the financing were Franklin Templeton, Eric Sprott and Commodity Capital, with strong participation by the management of the Company.
First Majestic Loan Payment: On February 5, 2026, the Company made a principal payment of $2.5 million on the $5 million senior secured project financing loan with First Majestic.
Sierra Madre Named as a 2026 Top 50 Company by the TSX Venture Exchange: As announced on February 18, 2026, Sierra Madre was named a 2026 TSX Venture Top 50 Company, recognized for its 264% share price appreciation and 342% market cap growth in 2025.
 
The first stage of the expansion currently underway at the La Guitarra plant will increase production rates from the current 500 tonnes per day (“tpd”) to 750 tpd to 800 tpd of processing capacity; with a goal to get that completed by June or July of this summer. Processing plant and tailings handling upgrades and equipment purchases for the planned production expansion have been underway and are mostly installed.  Once the first stage of the expansion is completed, the planned second phase would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027; essentially doubling production capacity once again.
 
Beyond the production growth, we also focus on the substantial exploration programs planned for the 2nd half of this year both district-scale land packages.
 
There are 30,000 meters of drilling planned at the La Guitarra complex; and Alex points out that having their own assay lab should allow the company to quickly react to incoming assays at La Guitarra, going from 20 holes, to 40 holes, and then eventually 80 holes.
After the acquisition transaction closes on the Del Toro Silver Mine complex in the Chalchihuites District in Mexico from First Majestic Silver Corp., then there is a 50,000 meter drill program on tap. The goal of this program will be testing a number of high-priority targets and growing existing resources to extend the mine life for when a restart decision is made on these 3 mines and the 3,000 tpd plant.
 
 
 
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.
 
Click here to follow along with the latest news from Sierra Madre Gold & Silver
 
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 KE Report Company Update, I am joined by Mike Spreadborough, the Executive Co-Chairman of Novo Resources (TSX: NVO; ASX: NVO; OTCQX: NSRF), for an in-depth exploration update. Mike provides a detailed overview of the company's diverse portfolio, highlighting the strategic shifts and new leadership driving their upcoming exploration programs.
Key Discussion Points:
New Leadership in Exploration: Introducing Rohan Williams, the recently appointed General Manager of Exploration, and his extensive background in the gold and copper sectors.
The Pilbara Exploration Strategy: A focus on the high-priority programs scheduled for the second quarter, totalling 10,500 meters of drilling.
Wyloo Project Highlights: An overview of the initial 2,500 meter RC drilling program, targeting significant surface anomalies of silver, copper, and gold.
Expansion Across Projects: Insights into the planned drilling activities at the Cronus, and Balla Balla, including the long-term outlook for these sites.
Victorian and New South Wales Ventures: Updates on the Belltopper project in Victoria and the Tibooburra project in New South Wales.
 
Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  
 
Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 
 
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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.

In this Daily Editorial from the KE Report, we welcome Howard Klein and Matt Fernley, partners at RK Equity, for an in-depth conversation about the rapidly shifting landscape of critical minerals. The discussion focuses on the strategic importance of various minerals, the influence of international policy, specifically from the U.S. and China, and the importance of technical processing in the valuation of equity.
Key Discussion Points:
The Evolution of RK Equity: An overview of the firm’s 24-year history, starting with traditional commodities like gold and copper before becoming early leaders in the lithium and battery material sectors.
Emerging Critical Minerals: Insights into why the market is expanding beyond lithium to include essential high-tech and defense metals such as antimony, rare earths, and high-purity phosphate.
The High-Tech Supercycle: Exploration of how underinvestment in minor metals, combined with the rising demands of AI, data centers, and grid infrastructure, is fueling a potential long-term secular trend.
Geopolitics and Policy Shifts: Analysis of how U.S. legislative actions like the Inflation Reduction Act (IRA) and shifting relations with China are fundamentally altering global mineral supply chains.
Investment Strategy and Risk: Expert advice on evaluating mining stocks at various stages of development, with a focus on management quality, resource grade, and the complexities of mineral processing.
 
Click the following links to keep up to speed with Howard and Matt: 
RK Equity website - https://rkequity.com/ 
Rock Stock YouTube channel - https://www.youtube.com/watch?v=UchoS9EZvak 
Howard Klein on X @LithiumIonBull - https://x.com/LithiumIonBull
Matt Fernley on X  @matt_fernley - https://x.com/matt_fernley 
 
--------------------
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.

In this Company Update I sit down with Martin Turenne, President and CEO of FPX Nickel  (TSX-V: FPX - OTCQB: FPOCF), to discuss the BC government’s designation of the Baptiste Nickel Project as a Major Priority Project. Located in central British Columbia, Baptiste is one of the world's largest undeveloped nickel deposits. 
Interview Highlights
Strategic Priority Designation: Discover the significance of the BC government identifying the Baptiste Project as a Major Priority Project and what this means for the environmental assessment (EA) process.
Streamlined Permitting Timelines: Learn how the Critical Minerals Office is working to shorten the typical 5-year permitting window, aiming for a more efficient four-year path to the Final Investment Decision (FID).
Confidence from Strategic Investors: Insights into why major mining players, including the likes of Sumitomo Metal Mining, Stelco, and Outokumpu, are doubling down on BC’s mining jurisdiction.
Global Exploration Alliance: An update on the generative alliance with JOGMEC, including promising new high-grade discoveries at the Advocate Project in Newfoundland.
The Looming Nickel Deficit: Why supply curtailments in Indonesia and rising structural costs are creating a perfect storm for a significant nickel price breakout.
 
If you have any follow up questions for Martin please email me at Fleck@kereport.com.
 
Click here to visit the FPX Nickel website and learn more about the Company and Project.
 
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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.

In this Company Update, we are joined by Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V: SIG | OTCQB: SITKF). Mike provides an in-depth look at the company’s 60,000-meter drill program currently underway at the RC Gold Project in the Yukon. Mike discusses the initial visual results from the Blackjack and Rhosgobel deposits, highlighting the presence of visible gold and metallurgical recoveries for both Gold and Tungsten.  
Key Discussion Points:
2024 Drill Program Overview: Mike shares details on the progression of the 60,000-meter program and what the current four-drill setup means for the season's timeline.
Visual Gold and Mineralization: Get insights into the visual indicators found in the early drill cores, including the presence of visible gold and scheelite.
Expanding the Resource Potential: Mike explains how the current drilling aims to test the expansion of open-pit resources and explore the potential for high-grade underground operations. 
Outstanding Metallurgical Recoveries: Insights into the recent lab results showing 94.3% gold recovery and 84.7% tungsten recovery from the Rhosgobel deposit.
Upcoming Milestones: What investors can expect in the coming months, including the first batch of assay results anticipated in May.
 
If you have any follow up questions for the team at Sitka Gold please email me at Fleck@kereport.com. 
 
Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention from recent corporate news and strategies from 3 silver, copper, and gold explorers that have recently press-released significant company milestones.
 
The companies we discussed in the interview are:
 
* Silver Bow Mining Corp. (NYSE American: SBMT) – On May 4, 2026 the Company announced that surface drilling has commenced at the Company's Rainbow Block Project in the Butte Mining District of Montana, marking the launch of its 2026 exploration program.
 
The 2026 program is designed to advance the Company's understanding of mineralization across the Rainbow Block and to support ongoing evaluation of priority silver, gold, zinc, and lead targets. The surface drill program is expected to include approximately 25,000 feet of drilling on Company private lands and test areas adjacent to the Company's previously announced Inferred Mineral Resource Estimate of approximately 170 million silver equivalent ounces at 14.8 oz/ton (or 4.28 oz/ton Ag, 0.05 oz/ton Au, 1.25% Pb, and 4.59% Zn).
 
* Barksdale Resources Corp. (TSXV: BRO) (OTCQB: BRKCF) (FSE: 2NZ) – On May 4, 2026 the Company announced assay results from the first four holes of the 2026 reverse circulation drill program on its flagship Sunnyside Project located in Arizona, USA. Assay results show several broad areas of shallow, high-grade copper-zinc-silver mineralization hosted within the Sunnyside Monzonite Porphyry.
 
Highlights include:
 
0.45% Cu over 392.19m from 3.05m to 396.24m in hole SUN26-002R including:
0.90% Cu over 60.96m from 173.74m to 234.70m
0.93% Cu over 60.96m from 265.18m to 326.14m
Hole ended in mineralization
0.29% Cu over 454.15m from 3.05m to 457.20m in hole SUN26-001R including:
0.95% Cu over 39.63m from 248.41m to 288.04m
Hole ended in mineralization
 
* Headwater Gold Inc. (CSE: HWG) (OTCQX: HWAUF) - On April 28, 2026, the Company announced results from the recent core drilling program at its TJ Project in Elko County, Nevada. The program was fully funded by OceanaGold Corporation (TSX: OGC, NYSE: OGC) pursuant to the earn-in agreement announced October 15, 2025.
 
Highlights:
Highest gold grades to date: Core drilling returned grades up to 5.61 grams per tonne gold (“g/t Au”), confirming the presence of a high-grade epithermal vein system below the surface sinter. 
Large, dynamic hydrothermal system confirmed: Drilling intersected 100 m thick hydrothermal breccia intervals, syn-mineral intrusions and multiple phases of epithermal veining across more than 500 metres of strike length.
System open and expanding: Drilling has tested only a small portion of the system, but mineralization remains open at depth and along strike. The Company recently expanded the TJ land position by 88% (to 1,990 hectares) to cover the prospective northern continuation of the TJ graben. 
 
 
 * In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 
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 episode of the KE Report, we sit down with TG Watkins, Director of Stocks at Simpler Trading and Editor of The Profit Pilot. As the "Magnificent Seven" and semiconductor giants show signs of being overbought, TG identifies a significant rotation of capital into previously overlooked sectors. From the resilience of small caps to the surprising strength in software and critical minerals, this discussion outlines where the smart money is moving as the primary indices test all-time highs.
Key Discussion Points:
The Post-Earnings Rotation: Why the S&P 500 and Nasdaq leaders might be due for "backing and filling" while the rest of the market catches fire.
Software’s AI Redemption: A look at how Wall Street’s fear of AI disrupting software companies may have been overblown, creating a massive "double bottom" buying opportunity.
Crypto and Bitcoin Support: Analyzing the major historical levels that suggest Bitcoin and Ethereum have found a definitive floor.
The Energy-AI Nexus: Exploring the shift from Bitcoin mining to AI data center power generation and its impact on energy stocks.
Critical Minerals and Uranium Momentum: Why technical flags in Uranium and Lithium suggest the commodity super-cycle is far from over.
Precious Metals Outlook: Determining if the current pullback in Gold and Silver is a healthy consolidation or the start of a deeper trend change.
 
Stocks & Symbols Mentioned: S&P 500 (SPX), Nasdaq (IXIC), S&P 500 Equal Weight (RSP), Russell 2000 (IWM), Semiconductors (SMH), Bloom Energy (BE), Coinbase (COIN), Tesla (TSLA), Uvance (UAMY), USA Rare Earth (USAR), Critical Metals (CRML), Software ETF (IGV), ServiceNow (NOW), B. Riley Financial (RILY), Microsoft (MSFT), MicroStrategy (MSTR), Bitfarms (BITF), Cipher Mining (CIFR), Hut 8 (HUT), TeraWulf (WULF), Uranium ETF (URA), Albemarle (ALB), Sigma Lithium (SGML), Gold ETF (GLD), Silver ETF (SLV), Gold Miners (GDX), Junior Gold Miners (GDXJ).
 
Click here to visit the Simpler Trading website - https://www.simplertrading.com/
 
Click here to visit TG’s site - Profit Pilot - https://www.profit-pilot.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.

In this Weekend Show, we dive deep into the current forces shaping the precious metals sector and the global macro economy. From the "hawkish hold" of central banks to the surprising resilience of the US economy and earnings growth, our guests break down what investors need to know to navigate the current volatility. 
Segment 1 & 2 - Dave Erfle, the founder and editor of the Junior Miner Junky, evaluates the current downturn in precious metals markets as a technically sound correction and encourages strategic accumulation in high-quality junior mining stocks. Dave specifically discusses the strength of central bank gold buying, the impact of high energy costs on major miners, and recent M&A activity involving companies like Agnico Eagle and G2 Goldfields. 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
 
Segment 3 & 4 - Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, analyzes the shift among global central banks toward a "hawkish hold" policy. He highlights how this stance, driven by persistent inflation and supply shocks from Middle Eastern instability, contributes to a "K-shaped" economic recovery where strong corporate earnings contrast sharply with record-low consumer sentiment. 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.com/
 
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!
 
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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.