The KE Report
The KE Report provides exclusive interviews with private money managers and sub $10 billion market cap stocks. Interviews are published daily to help investors navigate the markets.
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6 days ago
6 days ago
In this daily editorial for Thursday, February 12, 2026, we are joined by Dana Lyons, Fund Manager and Editor of The Lyons Share Pro. With market volatility on the rise and significant red across major indices, Dana provides a deep dive into what his proprietary risk models are signaling for the broad market versus the heavy-capped indices.
Key Discussion Points:
Broad Market Resilience: Why the risk models remain positive despite the struggles of the major cap-weighted indices, highlighting a breakout in mid-cap and equal-weight averages.
Sector Rotations: Analysis of the emerging relative strength in Consumer Staples (XLP), Utilities (XLU), and Industrials (XLI).
Energy Sector Breakout: A look at the Energy Select Sector SPDR Fund (XLE) and why its four-year basing pattern suggests a sustainable long-term move.
Precious Metals Outlook: Differentiating the "parabolic" and "frothy" action in Silver (SLV) from the more measured, constructive moves in Gold (GLD) and the Gold Miners (GDX).
Fixed Income and Crypto: Technical levels to watch for the 10-Year Yield, Emerging Market Bonds (EMB), and a short-term trading perspective on Bitcoin (BTC).
Click here to visit the Lyons Share Pro website take advantage of the 33% discount! - https://lyonssharepro.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.
6 days ago
6 days ago
In this KE Report Daily Editorial, we chat with Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network, to dissect a volatile day of trading that saw a mid-morning "waterfall decline" across the broad averages.
Joel provides a deep dive into the shifting market internals, moving beyond the headlines of the recent jobs report to explain the structural changes currently driving price action. From the disruption of the software sector to the sudden resurgence of traditional value plays, we cover the critical trends every investor needs to watch.
Discussion Highlights:
The Catalyst for the Sell-Off: Joel identifies the existing home sales data, which came in significantly lower than expected, as the primary trigger for the mid-morning market reversal.
The AI Software vs. Hardware Divide: A look at why software giants like Oracle (ORCL) and Shopify (SHOP) are facing intense pressure, while hardware and chip makers like Micron (MU) and Seagate (STX) continue to find support.
The Great Rotation into Value: Analysis of the flight to safety as investors move capital into "tried and true" consumer staples such as Coca-Cola (KO), Walmart (WMT), and Costco (COST).
Real Estate and Paper Wealth: A sobering look at the housing market, specifically the decline in Toronto's median sales prices to pre-pandemic levels and the resulting evaporation of "paper wealth."
Technical Outlook for the Bottom: Joel shares his strategy for identifying a market floor, emphasizing the need for consolidation and a clear catalyst before "taking a poke" at new positions.
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/
Stocks Mentioned (Symbols): ORCL, SHOP, MU, STX, KO, MCD, WMT, CP, COST, BRK.B, T, VZ, SCHW, LPLA, F, GM, BTC.
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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.
6 days ago
6 days ago
In this company update, we are joined by Brian Miller, CEO of Astra Exploration (TSX.V: ASTR | OTCQB: ATEPF), to discuss the ongoing progress at the La Manchuria gold-silver project in Argentina. Following a strategic shift in focus last year, the company is currently executing a 10,000-meter Phase 2 drilling campaign designed to test the scale and depth of the system.
Key Discussion Points:
Exploration Strategy and Program Allocation: Brian explains the allocation of the 10,000-meter program, highlighting the shift from near-surface "bulk tonnage" targets to the search for high-grade "feeder zones" at depth.
High-Grade Assay Results: We review the February 10th results, which included intercepts such as 1,300 g/t silver and 9 g/t gold over 3.1 meters, confirming high-grade at the West Feeder zone.
Comparisons to Cerro Negro: Brian draws parallels between the current evolution of La Manchuria and the famous Cerro Negro discovery, where the high-grade "Eureka" zone was discovered only after drilling beneath the initial near-surface resource.
Financial Position and Next Steps: The company remains well-funded for its upcoming 5,000-meter program starting in March, with an all-in drilling cost of approximately $350 USD per meter.
Please email me any follow up questions for Brian - fleck@kereport.com.
Click here to visit the Astra Exploration website.
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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.
7 days ago
7 days ago
Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to provide his outlook on the valuations of gold, silver, antimony, and tungsten stocks when contrasted against the volatility we’ve seen in the metals over the last couple weeks and months.
Sean remains bullish for medium-term and longer-term in the precious metals, because all the fundamental macroeconomic and geopolitical factors are still in place and haven’t changed.
However, after the wild price volatility in both directions for gold and silver in January and early February, he believes that we are likely now going to trend sideways in a price range for the near-term; basing for a while before the next move to the upside.
He’s recently taken some solid profits in silver stocks, since he expects further sector consolidation.
Sean noted how the Chinese policy and trends in physical precious metals markets have had an outsized effect, sending prices in the precious metals first higher, and then were a big catalyst for the corrective moves lower in the metal, leading the pricing moves that the western exchanges then followed.
Despite harvesting gains in other silver stocks, he is considering getting back into First Majestic Silver Corp. (NYSE: AG) (TSX: AG) for their production profile and strong anticipated revenues and free cash flows from Q4 heading into Q1.
With regards to critical minerals, Sean remains quite interested in the metals of strategic importance to the US and the world at large, like rare earths, uranium, antimony, and tungsten.
We reviewed the big news out this week that Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) announced it has entered into a joint venture with United States Antimony (NYSE American: UAMY) to build a new antimony processing facility at the Galena Silver Mine in Idaho. He likes this partnership since these companies are actually producing and processing antimony and have the US government as potential partner to sell to.
Sean is not really interested in the many other exploration stocks that now claim they have exposure to antimony too, because their projects are simply not close to producing this defense metal anywhere in the near-term. The one exception would be the quality and advanced stage of the project that Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) has recently gotten permitted, and that a fellow contributor at Weiss Ratings has provided a research report on.
With regards to tungsten, Sean has had his subscribers positioned in Almonty Industries Inc. (NASDAQ: ALM) (TSX: AII) (ASX: AII) for exposure to this defense metal, in a Canadian company, operating in Asia, but listed on the big board on the US Nasdaq exchange.
Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends
Click here to learn more about Resource Trader
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.
7 days ago
7 days ago
José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me for a comprehensive video overview their aggressive growth plan to increase throughput levels from the Tangana Mine silver production and via increases to the plant capacity of the Recuperada Plant. In tandem to those workstreams, their team has ongoing development and exploration work programs at both the Plata Mine and Red Silver Mine areas for new production to begin about a year out which will augment the consolidated production at their Nueva Recuperada Project, located in central Peru.
We start off by having José outline some of the step changes in the current focus on growing the production throughput at Tangana from the current 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720 tpd. Then they are seeking permits in the middle of this year to expand the plant throughput to 1,000 tpd by the end of 2026.
Then looking ahead 2-3 years, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025, they will increase the Recuperada Plant capacity up to 1,500 tpd, and also build a new Tangana Plant also with 1,500 tpd capacity, taking throughput up to 3,000 tpd by 2029.
The vision is to increase mining, development, and grade from the Tangana unit to eventually feed the new plant, with higher grade material from both the Plata Mining Unit and Red Silver Mining Unit eventually feeding the Recuperada Plant. When both plants are running at full capacity with 3,000 tpd the projected output would be over 6 million silver equivalent ounces of production per annum.
We spend the balance of the interview unpacking the ongoing 40,000 meter drill program, and aggressive exploration initiatives across their district-scale land package. There are multiple goals for this largest drill program to date focused on further delineating the higher-grade areas of each area, updating the confidence in the continuity of known resources with infill drilling, while still looking to make new discoveries along strike and at depth.
Wrapping up with discuss the fiscal health of the company, reviewing the news out January 27th regarding the private placement offering by the Company of up to C$60 million aggregate principal amount of secured convertible debentures, potential exercise of in the money warrants, and organic revenue generation from mining. These elements coming together will fund the company’s initiatives to be able to keep growing the operations organically for the years ahead.
If you have any questions for José regarding Silver X Mining, then please email those into me at Shad@kereport.com.
In full disclosure, Shad is a shareholder of Silver X Mining 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 Silver X Mining
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.
7 days ago
7 days ago
In this company update, we are joined by Steve Barley, Chairman and CEO of Magma Silver (TSX.V:MGMA - OTCQB:MAGMF - FSE:BC21), to discuss the upcoming drill program at the Niñobamba silver and gold Project in Peru. Following our initial introduction to the story in November, the company is now moving into a two-phase, 4,000-meter drilling campaign aimed at confirming historical results and testing new geological theories.
Key Discussion Points:
Phase 1 Drill Strategy: Steve outlines the initial 2,000-meter program at the Jorimina Zone, which focuses on confirming historical results from Newmont.
Targeting District Scale: The conversation covers the distinct mineralization across the 8km x 2km system, including the silver-dominant Niñobamba Main zone and the 2-kilometer silver anomaly identified at the Randypata Zone.
A Pure Precious Metals Play: Magma Silver remains focused on primary silver and gold.
Strong Financial Position: With approximately $5 million in the bank and recent warrant exercises, the company is fully funded for its 2026 exploration goals.
Please email me with any follow up questions for Steve - Fleck@kereport.com.
Click here to visit the Magma Silver website to learn more about the company - https://magmasilver.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.
Wednesday Feb 11, 2026
Wednesday Feb 11, 2026
Paul Huet, CEO and Chairman of Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS), joins me for an exclusive video interview to unpack the big news out today announcing the formation of the new joint venture with United States Antimony (NYSE American: UAMY) to build a new antimony processing facility at the Galena Silver Mine.
We also weave in a comprehensive review of the several key optimization initiatives ongoing at their silver-copper-gold-antimony-lead producing Galena Complex, located in Idaho, USA; as well as at the EC120 mine at their Cosalá Operations, located in Sinaloa, Mexico. Additionally, we reviewed the development plan into first production this year after closing the acquisition of the Crescent Silver Mine, located just 9 miles away from their Galena Complex in Idaho.
Highlights of The Joint Venture Between Americas Gold & Silver and US Antimony
The JV, which will be 51% owned by Americas and 49% by US Antimony, will provide a mine-to-finished antimony #production solution to secure the supply chain for this critical mineral within the United States.
U.S.-Based Vertical Integration: The JV will construct a new antimony processing plant in Idaho’s Silver Valley. This construction and processing business will be overseen by representatives of each company.
Americas-Controlled Feedstock and Site: Americas will contribute the site under existing operating permits for the JV Facility at its Galena Complex in Idaho and will sell antimony feed material mined from the Galena Complex to the JV on market terms. While Americas material will have priority, the JV Facility will also have the potential to process material from other mines.
Operational and Market Expertise: US Antimony will contribute its knowledge and technical expertise in constructing and operating these types of facilities and will provide the JV with access to its extensive antimony marketing network including the U.S. Government.
We start off with Paul outlining the multifaceted approach to optimizing their Galena mining complex this year, comprised of 3 shafts and 2 mills currently being underutilized, but setting up for a marked incremental increase in production growth over the next few years. The company invested big in 2025 in a new fleet of mobile equipment to improve efficiencies and uptime, and in a 2-phase upgrade initiative for the hoist at the No. 3 Shaft, where the motor was upgraded to a larger more powerful one, increasing the amount of tonnes that can be raised each day.
Paul reviewed the increased silver production growth on tap from the Company after a key shift at Galena from the ‘Cut and Fill’ mining method using handheld jacklegs, to a mechanized Long Hole Stoping mining method, which is far more efficient and still quite precise and able to mine at narrow widths down to 1 meter wide. There is capacity at their 2 mills to accept larger amounts of throughput as mining capacity expands
Next we talked about the initiatives to grow resources through exploration and grade-driven growth, building upon future mine sequencing following up on the successful exploration at the 034 vein at the 5200 level and the 149 vein at the 4300 level. There will also be aggressive drilling ongoing at the recently acquired nearby Crescent Mine as well as in the Cosala operations in Mexico; with the goal to go from 7 mines turning at present across the portfolio of projects with a target of getting up to 20 drill rigs turning by early next year.
Paul laid out the development and exploration work slated at the Crescent, located just 9 miles from the Galena Complex, after the acquisition of this fully permitted past-producing mine which will be advanced for a restart here in 2026. The Crescent Mine will provide a supplementary high-grade source of feed to their 2 mills at Galena, further utilizing processing capacity. The mineralized material at Crescent is very similar to the tetrahedrite material at Galena which contains high grade Silver and significant by-product potential from antimony and copper, which meshes perfectly with their strategy to maximize the production value across all metals.
Wrapping up, we shifted down to the Cosalá Operations in Mexico, where the Company has been investing in exploration to extend the San Rafael mine, and most importantly it has been tunneling over into a new area of the El Cajon mine called the EC120 mine, which will now see increased silver production in the years to come. This brought up the point that this company is one of the few North American silver-focused producers with the objective of having 87% of its revenue generated from silver in the year to come.
If you have any questions for Paul regarding Americas Gold and Silver, then please email those to me at Shad@kereport.com.
In full disclosure, Shad is a shareholder of Americas Gold and 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 Americas Gold and 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.
Tuesday Feb 10, 2026
Tuesday Feb 10, 2026
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to reflect on the continued disconnect we are seeing in valuation that many of the gold and silver stocks are receiving in their market caps, compared to what the value of their ‘banked success’ of defined resources in the ground are worth; or in light of the expanding net present values of their economic studies when analyzed at today’s spot prices.
We review the many investors are getting worried that they’ve already missed the moves in most companies, simply because they’ve run up multiple-fold. However, those investors are not really considering that the big moves higher on the charts are coming off incredibly oversold valuations that were not reflective of the value created even at much lower metals prices. Now that gold and silver have run up so much higher, many of the stocks are actually just as undervalued now as they were before they put in big 3x or 5x moves to the upside.
“Some of the highest margin of safety I’ve ever seen in this sector is still present despite some of these juniors having gone up X multiples.”
At anywhere near today’s spot prices most projects should actually be fetching far higher valuations, even using conservative multipliers for resources or using the advanced economic studies in place. We contrast this current undervaluation seen across most of the sector PM stocks against other more richly valued periods, like back at the peak of the sector surge back in 2016. Back at that point in time, even though metals had started moving up sharply, there were many stocks that were still subeconomic and yet were pricing in future higher metals price values that far exceeded their economic studies or value of their resources. This is why things topped and took years to consolidate afterwards, which is a very different converse situation than what we are seeing play out in today’s market.Erik points out that there seems to be a general disbelief of current metals prices and reluctance to even value companies somewhere between base case assumptions and current prices. This disbelief is keeping the sector ripe with opportunities and climbing the proverbial “wall of worry;” which is not one one typically sees at or near market tops.
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.
Tuesday Feb 10, 2026
Tuesday Feb 10, 2026
In this daily editorial for Tuesday, February 10, 2026, we are joined by Dave Erfle, the founder and editor of the Junior Miner Junky. As precious metals navigate a volatile range, with gold holding near $5,000 and silver around $80, Dave shares his tactical approach to portfolio management, risk mitigation, and the shifting dynamics between majors and juniors.
Key Discussion Points
Strategic Profit Taking: Dave explains his recent decision to alert subscribers to sell portions of their holdings during the parabolic spikes in gold and silver, emphasizing the importance of turning paper gains into risk-free positions.
Market Rotation: A look at how retail interest is shifting from the AI sector into the gold sector as investors seek value in miners that remain relatively cheap compared to record-high metal prices.
The Vizsla Silver Crisis: A sobering discussion on the tragic events surrounding Vizsla Silver (VZLA) in Mexico, the implications for jurisdictional risk, and how such events impact the likelihood of major buyouts in the region.
Due Diligence & Risk Management: Insights into Dave’s criteria for selecting high-risk junior plays, focusing on share structure, management longevity, and the necessity of diversification to protect against unforeseen sector shocks.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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.
Tuesday Feb 10, 2026
Tuesday Feb 10, 2026
In this company update, we sit down with Mike Spreadborough, Executive Co-Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF). We dive into the latest project update from the Wyloo Project, situated in the Southern Pilbara region of Western Australia, where the company has identified significant new high-grade targets. The discussion focuses on the emergence of the Wyloo SE and Wyloo SW targets, a 5-kilometer trend that has shifted Wyloo to a high-priority status within Novo’s portfolio.
Key Discussion Points:
The Evolution of Wyloo: Mike Spreadborough explains how the Wyloo Project moved up the priority list following successful land access and the rising global demand for critical metals like antimony.
Discovery of High-Grade Trends: Kas De Luca details the results from systematic sampling, highlighting a 5-kilometer trend with rock chip samples peaking at 482 g/t silver and significant gold-antimony mineralization.
Maiden Drill Program: The team outlines plans for a 1,500-meter maiden drill program set for April 2026, designed to test the depth, width, and metal zonation of the vein system.
Strategic 2026 Outlook: A look at the broader exploration strategy across the company’s portfolio of projects in Australia.
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.