The KE Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 3 more advanced junior gold exploration and development stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.
 
The companies we discussed in the interview are:
 
Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) - On July 16, 2026 the Company announced that it has received approval from the Bureau of Land Management for the fifth and most extensive modification to its Plan of Operations at its 100% owned 130km2 Atlanta Gold Mine Project in eastern Nevada.
The modification approves 78 additional reverse circulation ("RC") drill sites and 404 rotary air blast ("RAB") drill sites, enabling the Company to aggressively follow up on key mineralized targets and test extensions across the property.
With approximately C$18.1 million in cash and equivalents, Nevada King remains fully funded to complete its 40,000 metre Phase 4 RC drill program, of which approximately 12,000 metres have been drilled to date.
 
Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) – On July 9, 2026 the Company  provided a construction and commissioning update regarding its Phase 1 gold-in-oxide heap leach project at the Cuiú Cuiú Gold District, Brazil.
Construction of the dry circuit for the Phase 1 gold-in-oxide heap leach project is now complete, with total project construction and commissioning now approximately 85% complete, and +90% of project costs committed under contract
Mining of gold-in-oxide ore has commenced, with ore being successfully processed by the sizer, agglomerated, and transported by conveyor systems to the heap leach pads
 
Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) (WKN: A40QYC) – On June 19, 2026, the Company announced the filing of a Preliminary Economic Assessment for the Auld Creek Gold Antimony Project located in the Reefton Goldfield on the West Coast of New Zealand.
Abraham Whaanga, BSc, MAusIMM (CP) of RSC has reviewed and verified the resource-related information disclosed herein.
Gary Davison, FAusIMM, Principal Mining Engineer and Director of Mining One Consultants, has reviewed the mining methods, mining capital and operating costs and is responsible for Economic Analysis.
Marius Phillips, NHD Ex Met, MAusIMM (CP), RPEQ and Technical Director of Pitch Black Group is responsible for information relating to plant capital and operating costs, mineral processing and metallurgical testing and recovery methods.
 
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 
* 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.
 
 
 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.
 

In today’s Daily Editorial, we sit down with Craig Hemke, Founder and Editor of TF Metals Report. Craig breaks down the quiet start to the trading week amidst broader geopolitical tension, steadying US Dollar strength, and key upcoming macroeconomic catalysts. We explore expectations surrounding the upcoming Federal Reserve meeting, projected interest rate movements, and incoming PCE inflation data. Additionally, we analyze the precious metals space, focusing on earnings expectations, valuation disparities, and market sentiment surrounding major producers like Newmont and Agnico Eagle Mines.
Key Discussion Points
Summer Trading Dynamics & Geopolitics: Exploring the market’s muted reaction to global conflict headlines, crude oil price fluctuations, and key technical levels in the US Dollar index.
Fed Quiet Period & Rate Outlook: Analyzing market expectations for the upcoming Federal Reserve policy meeting, potential rate hike scenarios, and the timing of a potential policy pivot.
Inflation Trends & PCE Preview: Evaluating incoming PCE data and how energy costs impact broad economic forecasts.
Precious Metals & Mining Earnings Sector Preview: Unpacking cost structures, profit margins, and overall market sentiment ahead of key quarterly reporting from major producers and mid-tier miners.
 
Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/
 
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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 episode, I sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | Frankfurt: 6MR1), to discuss the latest operational advancements at the Bethania Silver Project in Peru. David provides a comprehensive update on production scaling, corporate financial health, and the expanded exploration plans set to unfold throughout this year.
Key Discussion Points:
Bethania Operational Ramp-Up: How underground development, contractor additions, and operational momentum are setting the stage for a significant production increase by year-end.
Silver Price Sensitivity & Financial Outlook: Hear how Kuya Silver’s robust cash position insulates the company against market fluctuations and supports their path toward positive cash flow.
Underground & Surface Drill Program: Learn about the expansion to a multi-rig drilling strategy designed to extend vein systems, build high-grade resources, and test new district targets.
Pipeline Project Value Catalysts: Get an update on potential news flow and upcoming developments surrounding the Silver Kings project in Ontario and the Umm Hadid joint venture in Saudi Arabia.
 
If you have any follow-up questions for David, please email me at Fleck@kereport.com. 
Click here to visit the Kuya Silver website – https://kuyasilver.com/
 
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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, I sit down with Tim Clark, President & CEO, and Valerie Doyon, Senior Geologist and VP of Geology (Quebec) of Fury Gold Mines (TSX: FURY | NYSE American: FURY). The team shares updates on their fully funded 2026 exploration programs, major drill campaigns, and the path toward developer status.
Key Discussion Points:
Eau Claire Exploration and Best-Ever Drill Results: Tim and Valérie dive into the Phase 2 drill results at the Eau Claire gold project in Quebec, highlighted by the best ever drill result on the project, and discuss the recent mobilization of a third drill rig.
The Path to an Updated Resource & Pre-Feasibility Study (PFS): Management outlines how conversion drilling is setting up an upgraded resource estimate by year-end, why historical modeling at $1,900 gold leaves massive untapped upside at current market prices, and what to expect from the upcoming Pre-Feasibility Study.
Committee Bay Program Kickoff: Tim details the start of the summer drilling campaign in Nunavut, exploring high-priority step-out targets.
High-Grade Lithium Upside: An overview of drill results from their Quebec lithium assets and how the company plan to eventually monetize this valuable non-core resource.
 
If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com. 
 
Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news - https://furygoldmines.com/ 
 
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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.

This weekend edition of The KE Report explores the contrasting dynamics within the commodities sector. In the first segment, Brien Lundin, editor of the Gold Newsletter, breaks down the current correction in the precious metals market. In the second segment, energy experts Josef Schachter and Nathan Richie analyze recent volatility in crude oil and natural gas. 
 
Segment 1 & 2 - Brien Lundin, editor of the Gold Newsletter, discusses the recent downward correction and volatility in the precious metals market. Drawing from investor sentiment at the recent Rick Rule conference, Brien highlights that despite near-term headwinds from a strong U.S. dollar and Federal Reserve policies, fundamental macroeconomic drivers like national debt and deficits will ultimately sustain a long-term bull market. 
Click here to learn more about the Gold Newsletter. - https://goldnewsletter.com/
 
Segment 3 & 4 - Introducing Nathan Ritchie, VP of Energy Research and founder Josef Schachter of the Schachter Energy Report to discuss corporate modeling, price forecasting, and current stock opportunities within the oil and gas sectors. The duo highlighted critical growth catalysts, supply and demand metrics, and the strategic balance between shareholder returns and long-term capital reinvestment. 
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
Click here to follow Josef on Substack at his Eye One Energy Report. - https://josefschachter.substack.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!
 
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.
 

Dave Cole, CEO, and Fred Bell, President and COO, of Elemental Royalty Corporation (TSX: ELE) (Nasdaq: ELE), both join me for a visual tour through their key producing and development royalty and streaming assets.
 
We start off reviewing the key cornerstone gold and copper assets within their royalty portfolio of 18 cash-flowing royalties, 28 advanced development assets, and ~250 total mineral royalties globally; diversified across multiple jurisdictions and across precious metals, critical minerals, and battery metals.
 
In the process of going over key assets we touched upon the key news out yesterday on July 15th, regarding their strategic US$25 million investment package with Quilla Resources Inc. and its subsidiary Minera Pampa de Cobre S.A.C. (“MPC”) to expand Elemental’s royalty exposure to the producing Chapi Copper Project in Peru and support Quilla’s next phase of growth.  Elemental acquired an additional perpetual, uncapped 1.0% NSR royalty over Quilla’s Pampa Negra and Candelaria concessions, increasing Elemental’s royalty interest to a total of 3.0% NSR
 
We also unpack the rationale and risk/reward proposition from their news out on May 14th announcing the definitive agreement to acquire all of the issued and outstanding common shares of Vizsla Royalties Corp. (TSX-V: VROY; OTCQX: VROY) by way of a court-approved plan of arrangement. 
 
The new dividend has highlighted, which provides investors the option of being paid in either cash or Tether Gold tokens, (which are backed by physical gold); and the corresponding value of having Tether Investments S.A. de C.V as their key stakeholder.   Their board of directors believes that Elemental Royalty Corp is currently positioned on the cutting edge of marrying the value of hard assets anchored in commodities and royalty instruments, with the interest from investors in the utility of digital assets.
 
Click to follow the latest news from Elemental Royalty Corp
 
 
To see a comprehensive list of all Elemental Royalty Corp assets:
https://www.elementalroyalty.com/our-assets/
 
 
2026 Asset Royalty Handbook now available:
https://wp-elemental-royalty-2026.s3.eu-west-2.amazonaws.com/media/2026/06/ELE-Royalty-Asset-Handbook-2026.pdf
 
If you have any follow up questions for Dave or Fred at Elemental Royalty Corp, then please email those to me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.
 
 
 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.

In this Company Update, I welcome back Mike Burke, Director and Vice President of Corporate Development at Sitka Gold Corp. (TSX-V: SIG | OTCQB: SITKF | FSE: 1RF), to discuss the recent drill results from the RC Gold Project in the Yukon.
Key Discussion Points:
The Blackjack Drill Results: A deep dive into the geological significance of Hole 128, which delivered a 348 meter intercept of 1.12g/t gold.
The Depth Component: Why escalating grades at depth are reshaping the exploration model, shifting focus toward economic transitions from open-pit to underground operations.
Rhosgobel Expansion: An analysis of the first seven holes of the season and how they are expanding the known footprint of this key target area.
The Tungsten Advantage: The metallurgical potential of tungsten as a high-value byproduct to smooth out grades and boost overall project economics.
What Lies Ahead: A comprehensive look at the progress of the aggressive 60,000-meter program and upcoming catalysts from high-priority targets like the Saddle zone and Pukelman contact.
 
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/
 
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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.

Shane Williams, President and CEO Of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to review the key metrics from Q2 operations which demonstrated substantially higher mined ounces and gold produced at their flagship Madsen Gold Project, in the Red Lake district of Ontario, Canada. 
 
Q2 Operating Highlights
 
Mined tonnage increased 46% to 75,524 tonnes in Q2 from 51,616 tonnes in Q1, while mined ounces increased 73% to 10,459 ounces from 6,033 ounces in the first quarter, reflecting both higher mining rates and an increase in average mined grade.
Gold production totaled 8,576 ounces during Q2 2026, representing a 51% increase from the 5,667 ounces produced in Q1 2026.
Due to increased mine productivity a surface stockpile of approximately 10,768 tonnes had been generated by the end of Q2 representing approximately 1,500 contained ounces of gold based on estimated grades.
The mill achieved average processing rates of approximately 842 tonnes per day (“tpd”). Over the second half of 2026, processing rates are expected to increase to approximately 1,000 tpd.
 
 
Shane reviewed that the development-focused strategy implemented during the first half of 2026 is now translating into measurable operating improvements as mine sequencing advanced to unlock multiple stoping fronts and operational flexibility continued to improve.  Additionally, all the exploration success had at the 4447 Zone is now factoring into mining and production here in H2, and he points to all the recent success at the 904 Zone having a similar trajectory with first mining anticipated in H2 of 2027.
 
Next we discussed the higher All-In Sustaining Costs (AISC) in Q4 and Q1 and how the ongoing ramp-up in production will steadily lower the costs over the next few quarters.  Shane highlighted that in the second half of this year that the shaft will be rehabilitated and begin hoisting ore, and this will further drive down costs over the next few quarters. The steady nameplate run-of-mine production and costs will likely be achieved in 2027 and beyond.  We also discussed that the higher oil and diesel prices were not a major cost input and have very muted effect on their underground mining operations where the site mostly runs on cheap hydroelectric power.
 
We then discussed the next phase of growth which will see satellite deposits like Fork, Starratt-Olsen, and eventually Rowan augment the production at Lower Austin and Austin South at Madsen.   The Company will be putting out a Pre-Feasibility Study in September wrapping updated economics around Madsen and factoring in how future production from Rowan would increase production growth and take the company to the next level of producer.
 
Wrapping up we discussed the many areas of focus for exploration and resource expansion, including greenfield surface targets, past producing brownfield areas like Starratt-Olsen and Mt Jamie, and underground targets as the company continues to dewater areas of Madsen that haven’t been touched by modern exploration or mining; with last mining occurring back in the 1960s and 1970s.
 
 
If you have any follow up questions for the team over at West Red Lake Gold please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.
 
 
Click here to visit the West Red Lake Gold website and read over the recent news we discussed.
 
 
 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.
 

Roger Rosmus, Founder, CEO, & Director of Goliath Resources Ltd (TSX-V: GOT) (OTCQX: GOTRF) (FSE: B4IF), joins me for an exploration update reviewing the visual takeaways and geological interpretation from the first 10 holes from the 2026 drill program at the Surebet Discovery on the Golddigger Property; located in the Golden Triangle, B.C. Multiple step-out intercepts of gold-bearing mineralization have expanded the Bonanza Zone by 750 meters to the southwest, the Golden Gate Zone by 400 meters to the south and 200 meters to the north.
 
The Company is in a strong financial position with a fully funded large 50,000 meter expansion drill program lined up in 2026, that will be testing the limits of the mineralization, as well as pushing the geological thesis and their understanding of the multiple types of gold mineralization.
 
All drill holes completed thus far during the 2026 drill campaign have intersected quartz-sulphide mineralization which generally corresponds to high-grade gold mineralization.
10 out of 107 planned drill holes have been completed with a total of 4,983 m drilled in 2026.
Visible gold to the naked eye (VG-NE) has been intersected in multiple veins and shear zones from 6 out of 10 holes drilled in 2026, continuing to confirm the consistency of the mineralization within the Surebet system that remains wide open in multiple directions
Assays are pending on all 2026 drill holes completed to date.
5 drill rigs are turning at present, and 2 more rigs are on-site and will start up in a week.
 
This year’s program will be mainly focused on expanding their 5 Main Mineralized Zones at the Surebet Discovery. Much of the focus on these initial holes was stepping out and expanding the Bonanza Zone and Golden Gate Zone.  Data compilation and interpretation is underway which will be used to potentially vector in on the indicated Motherlode causative intrusive source to this extensive high grade gold system with widespread VG-NE.
 
 
If you have any questions for Roger about Goliath Resources, then please email them to me at Shad@kereport.com .
 
In full disclosure, Shad is a shareholder of Goliath Resources 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 Goliath Resources
 
 
 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.
 

Jack Henris, President and COO, and Shawn Campbell, CFO of Dakota Gold (NYSE American: DC), both join me for a visual exploration and development update on their Richmond Hill Oxide Heap Leach Gold Project; located in the historic Homestake District of South Dakota, near existing mining infrastructure. We review all the drill results from 2025 and 2026 that will be incorporated into the upcoming resource estimate and Pre-Feasibility Study (PFS) in Q4, and the timeline of key development studies that will feed into updated Feasibility Study economics in 2027. We also highlight the upcoming drill program at their Maitland Gold Project, which will lead into a maiden resource estimate.
 
We start off with Shawn reviewing the existing site and regional infrastructure advantages along with the resources at Richmond Hill that were defined in prior years drilling, while Jack outlined the key economic metrics as outlined in the existing SK-1300 Internal Assessment of Cash Flow (IACF).  Richmond Hill is one of the largest undeveloped oxide gold resources in the United States being advanced by a junior mining company, with over 6 million ounces of gold and over 60 million ounces of silver moving along the pathway of development into heap leach production as soon as 2029.
 
The 2026 Drill Campaign is now complete, and it totaled 17,273 meters of infill, expansion, and geotechnical drilling across 112 holes. Results from the 2025 and 2026 drill campaigns at Richmond Hill are being incorporated into a Pre-Feasibility Study (“PFS”) in the fourth quarter of 2026.
The exploration team has been encouraged by the series of solid results from the northeast expansion drilling, which continues to identify higher-grade zones that complement the large heap-leachable resource at Richmond Hill.
This data will support an updated mineral resource estimate, refine the geo-metallurgical model, and deliver a single optimized mine plan with sequencing.
Jack highlighted that the results being intercepted in the Northeast Project area contain much higher grades than the average overall resource grade. These results have encouraged their team to consider trade-off studies for the upcoming Pre-Feasibility Study (PFS), to potentially access these higher-grade areas in the first several years of mining.
These trade-off studies that will factor into the upcoming PFS will be analyzing the fine-tuning of the project economics around the grade optimization, mine optimization, amount of material processed, and run-of-mine streamlining.
 
Supported by their $107 million cash position as of March 31, 2026, Shawn pointed out that this strong capital position has allowed the Company to announce that they’ve secured the electrical substation build slot and are advancing engineering, site layout, and operational readiness along the project’s critical path. These workstreams will go above and beyond reporting reserves in 2026 PFS, and metallurgical test results and engineering studies will then inform the Feasibility Study to be completed in the first half of 2027.
 
Shawn reviews the maps of where the key site build-out will go on the private land, but also highlighted the potential to expand the Richmond Hill Project out beyond into the forest service lands in the fullness of time.  There was information shared that there is also opportunities in the future for the sulphide material underneath the oxide material at Richmond Hill.
 
Wrapping up, Jack shares that the drill program for this year just got underway at the Maitland Gold Project, with 5,578 meters (18,300 feet) planned over 44 holes.
The goal of this infill drilling, when combined with historic drill results, will be to define a maiden resource for the Tertiary-aged Unionville gold Zone.
There may be some additional work into the JB Gold Zone which has iron formation mineralization similar to the Homestake Mine style of gold mineralization.  
 
 
If you have any questions for Jack or Shawn regarding Dakota Gold, then please email those to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Dakota Gold 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 Dakota Gold
 
Click here to view the YouTube Version of this interview:
 
 
 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.