The KE Report

Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive development update on all the derisking work going on with detailed engineering, the power has been secured with Hydro Quebec, the Company has been selected by Quebec for the New Filon Initiative which will expedite permitting, and an update on near-mine and regional exploration at the Troilus Copper-Gold Project located in northcentral Quebec, Canada. 
 
Project Execution Progress Highlights
 
Detailed Engineering fully mobilized across process plant, infrastructure, site layout, 3D modelling and procurement support.
More than 40 bid packages have been issued for tender or are under technical and commercial evaluation, covering major process equipment, infrastructure, site services and enabling works.
Initial enabling infrastructure selections made for key water treatment and site support systems.
Major process equipment package progressing through final selection, representing an important upcoming milestone for Detailed Engineering and construction planning.
Geotechnical field drilling program completed, supporting foundation design, site layout, infrastructure planning and earthworks.
Independent third-party reviews of process plant design, Basic Engineering assumptions and capital cost methodology completed, with no material issues identified.
On June 10, 2026, Troilus Mining announced that it recently welcomed representatives from the Government of Québec to the Troilus Copper-Gold Project in north-central Québec for the official announcement of the allocation of 70 megawatts (“MW”) of hydroelectric power to the Project.
 
On July 27th, it was announced that the Troilus Project has been selected by Québec's Minister of Natural Resources and Forests, the Honourable Kateri Champagne Jourdain, as one of the first projects to benefit from Filon, a specialized support service established by the Government of Québec to enhance government coordination and support the advancement of strategic mining projects through the provincial permitting process.
 
Announced as part of Québec's 2025-2031 Strategy for the Development of Critical and Strategic Minerals, Filon is designed to strengthen coordination among government ministries and agencies involved in the authorization process for qualifying projects. The specialized support provided through the Filon initiative comes amid broader efforts by the Governments of Québec and Canada to improve the efficiency, clarity and predictability of regulatory processes for major projects through a dedicated team of mining specialists, the specialized support facilitates communication between project proponents and the government ministries and agencies responsible for issuing permits and authorizations, while maintaining Québec's rigorous environmental review framework.
  
Wrapping up we discussed the ongoing 40,000 meter drill program that has been focused on near-mine resource growth, high-grade target definition, and regional exploration across its 435 km² land package. Drilling is progressing on a combination of mine-plan optimization targets and previously identified regional opportunities.
 
 
If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Troilus Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow along with the latest news from Troilus Gold
 
 
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.

We are joined by Michael Rowley, President & CEO and Dr. Danie Grobler, Vice President of Exploration of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), live in the core shack at site, to provide a visual update of the key exploration work completed to date, the primary initiatives on tap for 2026, and the value proposition at the Stillwater West Ni-PGE-Cu-Co + Au project in Montana.
 
Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, copper, cobalt, chromium, and gold. Overall, Stillwater West is uniquely positioned to become a primary source of 10 commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.
 
Danie shares an overview of the structural controls of the geological environment that hosts the mineralization, using the South African Bushveld Igneous Complex as analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.   He goes on to outline why their 2025 exploration initiatives were successful and shows how there are several mineralized events in the sulfides bringing in pockets of higher-grade polymetallic zones within the overall bulk tonnage type of deposit
 
Danie highlights what they are learning from the geophysical surveys over their district-scale land package, and why their team has high-confidence in the ongoing 2026 drill program, to keep stepping out along the parameters and character of this mineralized trend.
 
Highlights and upcoming catalysts:
 
The updated MRE due out in Q3 will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus about a dozen select historic holes not included in the current estimate.
The update will build upon the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments.
The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.
Assays are pending from fresh drill core coming off the mountain in the 2026 program. Thus far the anticipated structural controls are holding up as expected.
 
 
 
If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at Shad@kereport.com.
 
 * In full disclosure, Shad is a shareholder of Stillwater Critical Minerals 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 Stillwater Critical Minerals
 
 
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 Daily Editorial, Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins the show to provide an insider's view from the trading desk on the latest developments across the global commodity space. Darrell breaks down key dynamic shifts in major commodity markets, including crude oil, natural gas, base metals, and precious metals:
Energy Volatility & Crude Oil: A look at why crude oil prices are swinging sharply, how geopolitical news continues to dominate the headlines, and the underlying fundamental factors shaping current risk premiums.
SPR Inventories & Supply Realities: Analysis of the persistent drawdown in Strategic Petroleum Reserves and what prolonged inventory declines could mean for long-term supply stability.
Natural Gas & Global LNG Flows: Discussion surrounding current Henry Hub pricing, seasonal demand patterns, and how maintenance schedules are impacting North American LNG export capacity.
Copper & Base Metal Fundamentals: An evaluation of copper’s steady floor, domestic inventory movements, and the potential implications of impending Department of Commerce decisions on copper tariffs.
Precious Metals & Macro Sentiment: Insight into gold and silver’s historic price swings, current support levels, and how institutional desk positioning is adapting to broader global economic uncertainty.
 
Click here to learn more about Bannockburn Capital Markets  - https://www.bannockburnglobal.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, we sit down with Alicia Milne, President and CEO of Q2 Metals (TSXV: QTWO | OTCQB: QUEXF | FSE: 458). Alicia breaks down the latest news out of the Cisco Lithium Project, coming off the final batch of winter drill assays and the kickoff of the 20,000-meter summer campaign. We dive into how the team plans to upgrade the maiden resource and what to expect from upcoming economic studies.
Winter Drill Results: Final assays wrap up the 10,000m winter program with high-grade spodumene hits over wide intercepts.
Summer Drill Strategy: What the team is targeting with 20,000 meters of drilling now underway, focusing on infill, resource conversion, and expansion targets.
Next Major Milestones: The setup for the upcoming Preliminary Economic Assessment (PEA), drill results and an updated resource.
Financial Runway: A look at the company’s ~$75M treasury and how it fully funds the current work program through key catalysts.
 
If you have any follow up questions for Alicia or would like more information on any aspect of the Company please email me at Fleck@kereport.com. 
 
Click here to visit the Q2 Metals website - https://www.q2metals.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 edition of The KE Report Weekend Show, we dive deep into two critical resource sectors facing profound shifts: Platinum Group Metals (PGMs) and global energy. PGM expert Jeff Christian breaks down the extreme price volatility in platinum and palladium, separating speculative hype from true industrial fundamentals. Meanwhile, energy analyst Dan Steffens analyzes escalating Middle East conflicts, tight physical refine product inventories, and why the real global oil supply shock may hit harder in late summer. 
 
Segment 1 & 2 - Jeff Christian, Managing Partner at CPM Group, discusses the platinum group metals (PGM) sector following the release of their annual PGM yearbook. During the interview, he breaks down the six noble metals that comprise the PGMs, analyzes the driver behind recent price spikes and corrections, and provides insight into market fundamentals, industrial applications, and long-term investment potential. 
Click here to visit the CPM Group website to learn more about the firm - https://cpmgroup.com/
 
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, discusses the energy and oil sector amid geopolitical conflicts, shifting market expectations, and the depletion of the US Strategic Petroleum Reserve. He highlights key market drivers, including broken supply chains, low refined product inventories, and high crack spreads, while outlining investment opportunities in high-dividend energy companies. 
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.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.

In today’s Daily Editorial, we are joined by Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website. We dive into the key macro forces shaping global markets, including rising Treasury yields, rising US Dollar, energy price volatility, and central bank expectations ahead of upcoming central bank meetings. Mark breaks down the broader implications for currency trends and international capital flows.
Key Discussion Points:
Surging Treasury Yields: A look into the sharp rise in the US 10-year yield and how global bond markets are reacting to shifting duration risks.
US Dollar Momentum: An analysis of the greenback’s continued strength, driven by rate differentials and foreign equity inflows.
Oil Price Escalation: How the recent spike in crude contracts is reshaping inflation expectations and putting pressure on short-term rates.
Federal Reserve Outlook: Insights into market-implied probabilities for upcoming Fed meetings and the central bank's delicate balancing act.
 
Click here to visit Marc’s site - Marc To Market - https://www.marctomarket.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.

Robert Vallis, President, CEO, and Director of Tiger Gold Corp. (TSXV: TIGR) (OTCQB: TGRGF) (FSE: D150), joins me for an exploration update on the assay results returned for three drillholes from its Ceibal target at its Quinchía Gold Project in Colombia’s prolific Mid-Cauca gold belt.   We review how results like this at Ceibal will be expanding the known 2 million ounces of gold resources, in all categories, already delineated from the Miraflores and Tesorito deposit areas. Additionally we discuss the blue-sky upside in a number of other regional targets across their district-scale land package.
 
Drilling at Ceibal has outlined a northwest to north-northwest trending mineralized corridor with an apparent strike length of at least 300 metres and an apparent width of approximately 375 metres. Mineralization has been traced to approximately 800 metres vertically below surface and remains open at depth. The geometry, true thickness, extent, and continuity of mineralization have not been defined at this early stage of exploration, and the corridor remains open to the northwest, southeast, and southwest.
 
Highlights:
CEDDH-011 intersected 685.35 m @ 0.6 g/t Au from surface and ended in mineralization
including 7 m @ 1.0 g/t Au from 7 m downhole
including 8 m @ 1.1 g/t Au from 42 m downhole
including 12 m @ 1.5 g/t Au from 66 m downhole
including 20 m @ 1.2 g/t Au from 86 m downhole
including 16 m @ 1.2 g/t Au from 438 m downhole
including 6 m @ 1.8 g/t Au from 660 m downhole
CEDDH-012 intersected 568.4 m @ 0.6 g/t Au from 309.5 m downhole, extending mineralization to approximately 800 m below surface
including 5 m @ 1.0 g/t Au from 485 m downhole
including 16.75 m @ 1.0 g/t Au from 784 m downhole
including 12 m @ 1.2 g/t Au from 845 m downhole
including 12 m @ 1.2 g/t Au from 864 m downhole
CEDDH-013 intersected 536 m @ 0.4 g/t Au from surface
including 6 m @ 1.2 g/t Au from 6 m downhole
including 6 m @ 1.2 g/t Au from 90 m downhole
including 10 m @ 1.2 g/t Au from 102 m downhole
including 6 m @ 1.1 g/t Au from 118m downhole
 
Drillholes CEDDH-014 and CEDDH-016 were collared approximately 165 metres and 220 metres northwest of CEDDH-013, along the interpreted apparent trend of the corridor, and were designed to test the northwesterly extent of the mineralized corridor beyond the area drilled to date. Drillhole CEDDH-015 was collared approximately 210 metres southeast of CEDDH-003 and was designed to test the southeasterly extent of the apparent mineralized corridor. Assays for all three holes are pending and will be reported in a subsequent news release. 
 
 
Robert then highlights its broader 20,000-metre drill program with three diamond drill rigs, including one rig doing infill drilling at Tesorito and two rigs at Ceibal will support the continued definition and expansion of the project into an updated Mineral Resource Estimate in Q1 of 2027, which will then update the 2025 Preliminary Economic Assessment (PEA) with enhanced economics.
 
Wrapping up we touch up the even further bluesky exploration potential at depth under Tesorito and Ceibal, and the near-surface drill targets their team has been refining at the nearby Chuscal gold-copper target, and the untested corridor along the faults up into the Northeastern regional targets. There is also the 500,000 ounces of historic gold resources at Dos Quebradas to the Northwest.
 
 
 
If you have any follow up questions for Robert regarding Tiger Gold then please email those to me at  Shad@kereport.com.
 
 
Click here to follow the latest news at Tiger Gold Corp
 
 
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 today’s Daily Editorial, we chat with Dana Lyons, Fund Manager and Editor of Lyons Share Pro, to dissect the shifting dynamics across global financial markets. As traditional tech leaders lose momentum, the conversation centers on internal market health, rotational trends, and technical setups driving major asset classes.
Key discussion points include:
Equity Market Rotation and Breadth: An analysis of shifting momentum within US equity broad averages, exploring how underlying breadth is supporting indices like the S&P 500 and Russell 2000 despite weakness in mega-cap technology.
Growth vs. Value Dynamics: A look at key index comparisons, such as RSP, IWM, IWD, and VTV, evaluating whether current market trends signal a temporary consolidation or a longer-term structural transition from growth into value sectors.
Bond Yields and the US Dollar: Technical insights into fixed income pressure, including the 10-year Treasury yield and TLT, along with the recent safe-haven bid and strength in the US Dollar Index (DXY).
Precious Metals Consolidation: A detailed chart review of gold (GLD) and silver (SLV), outlining key technical levels to watch after months of sideways action following early-year highs.
Commodity Trends in Energy and Copper: An overview of copper, copper miners (COPX), oil, and energy equities (XLE, XOI, OIH), highlighting technical divergences and long-term setup opportunities across critical minerals (REMX, LIT).
 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services - 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.

In this Company Update on The KE Report, Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX - OTCQX:DMXCF - Nasdaq First North: DMXSE SDB) joins me to unpack the results of the recently published Economic Impact Study (EIS) for the Viken Energy Metals Deposit in Sweden. Garrett outlines how the conceptual 13-year Phase 1 mine operation presents substantial economic, social, and strategic benefits for local communities, regional governments, and the Swedish state.
Key discussion points include:
Understanding Economic Impact Studies: Learn why conducting a third-party economic assessment is vital for quantifying local and state benefits beyond standard technical mine metrics.
Breakdown of Financial & Social Benefits: Discover how the projected US$7.66 billion headline economic contribution translates into corporate taxes, regional employment opportunities, and direct payouts to landowners.
Sweden's Mining Infrastructure & Labor: Gain insight into Sweden's deep mining heritage, skilled labor availability, and how local community connection impacts long-term operations.
Exploration Strategy & Near-Term Drilling: Hear about upcoming diamond drilling plans, high-priority geophysical targets, and the exploration timeline across the broader alum shale property portfolio.
 
If you have any follow up questions for Garrett please email me at Fleck@kereport.com.
 
Click here to visit the District Metals website to learn more about the Company - https://www.districtmetals.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.

John Rubino, {Substack https://rubino.substack.com/}, joins us for another wide-ranging discussion around the strong financial health of the gold and silver producers and royalty companies as we head into Q2 earnings season later this week.   We also discuss his outlook on the potential for more mergers and acquisitions, what stage of developer he is animated by, his outlook on royalty stocks, and the copper sector.
 
While Q2 earnings are not going to be as big as the record underlying metals prices seen in Q1,  John believes the gold and silver producers will still report very solid revenues, because the average metals prices were the 2nd highest of any other quarter in history. 
The caveat is that with the overall sector trend having been lower for the last 6 months in the underlying gold and silver prices, that this is what ultimately affects investor sentiment and stock price direction. The metals price direction is seemingly more germane than strong fundamentals, earnings, or value creation.
We debate whether the valuations in PM producers, which are now down closer to where they were back in Q3 and Q4 2025 are at a mismatch, considering the margins were still much larger in Q2 than those quarters. Many PM producers crashed down 40%-60% during the exact same time that they still generated near-record revenues and cashflows on their balance sheets.
We discuss where all that cash piling up has been going over the last few quarters as a return of capital to shareholders in share buybacks, new or increasing dividends, and why we aren’t seeing even more merger and acquisition transactions in this kind of environment.
 
John then distinguishes between the boring versus the opportune time to accumulate quality PM developers, to maximize the 2nd leg of the Lassonde Curve. 
There is a typical lull in quality exploration stocks once they put out a resource estimate and put early-stage PEA economics on a project. Early-stage developers then face years of permitting, metallurgical and engineering studies, definition drilling, and the boring “orphan phase” of the Lassonde Curve; when speculators lose interest and rotate out to go chase other short-term catalysts.
John likes to focus on companies once they already have a compelling Feasibility Study in place and are closer to the construction decision, increasing their likelihood to become a takeover target by a larger company.
In general, John is more skeptical of explorers that become developers having the skillsets to build mines on their own, but he stresses that it really comes down to analyzing the management teams for their past track records, and the capabilities of their board and team.
Some select smaller to mid-tier producers, that bought divested mines from the majors, can also use those cashflows from operations at these higher metals prices to fuel and fund the progress on key flagship development projects.
 
 
Next, we point out how the royalty companies, that don’t have cost creep due to rising energy expenses or large labor costs, have still been chopped down by 30%-40% along with the rest of the PM sector; which makes little sense from a valuation standpoint.
John feels this is a prime example of an inefficient market where the fall in share prices and market caps creates a growing value proposition.
He’ll be using low-ball bids and weakness in the royalty stocks to keep accumulating.
His outlook is that we will continue to see a number of potential M&A deals in the royalty stocks, and this gives him comfort to go down the food chain into the mid-tier and smaller stocks, as they likely will be acquired by large companies with a better valuation multiple in the fullness of time.
 
Wrapping up we review the continued strength in the copper price, holding up near all-time highs, and why he remains longer-term bullish due to supply/demand fundamentals.
The caveat John mentions is that if there is a softening in AI data center buildouts, or if the Chinese AI platforms compete with domestic AI platforms, or if we see the lofty valuations in US equities roll over hard, in the near to medium-term, then this could also pressure copper and copper stocks to the downside.
 
Click here to follow John’s analysis and articles over at Substack
 
 
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.