The KE Report

Heliostar Metals - San Agustín Restart & La Colorada Permitting Milestone

In this KE Report company update, we’re joined by Stephen Soock, Vice President of Investor Relations and Development at Heliostar Metals (TSX-V:HSTR - OTCQX:HSTXF - FSE:R0G1), to discuss the restart of production at San Agustin and continued permitting progress at La Colorada as the company advances multiple gold assets in Mexico.
Interview Highlights
San Agustín:
Restart Success: Formal mining operations resumed in December 2025. Fresh ore is now being stacked on the leach pad.
2026 Production: Technical Study outlines 45k oz over 14 months of production.
Profitability: Targeted to generate $40M–$65M in free cash flow at current gold prices over the 14-month mine life.
La Colorada:
Expansion Permit: The SEMARNAT review period passed without requests, activating the "positiva ficta" process (effectively granting the permit).
Q1 2026 Strategy: Open-pit mining at the Veta Madre pit is slated for a Q1 restart, beginning with waste stripping.
 
Please email me at Fleck@kereport.com with any follow up questions for the team at Heliostar Metals. 
 
Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.com/
 
-------------------
For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Dave Erfle - Are PM Stocks Underperforming This Breakout In Price?

In this year-end daily editorial, Dave Erfle, Founder and Editor of Junior Miner Junky, recaps a historic week that saw gold hit an intraday all-time high of $4,400 and silver surge to $67 per ounce.
Despite these parabolic moves in the metals, the junior mining equities have shown a lackluster response, leading to a "broken reaction" in the sector. Dave analyzes why investors are booking profits despite massive expansion in producer margins and explains why he believes the current physical silver squeeze, driven by five years of structural deficits, is far more resilient than the paper-driven speculation seen in 2011.
2025 Precious Metals Recap
Record-Breaking Prices: Gold ends the year testing $4,400, while silver hit $67 this week—a 130% year-to-date gain for the white metal.
The Stock Disconnect: While majors remain near highs, juniors are lagging. Dave notes they are technically overbought but remain "under-owned" and undervalued relative to their Net Asset Value (NAV) and NPV economics.
Physical Squeeze vs. Margin Hikes: Unlike the speculative peak in 2011, this rally is driven by a physical silver deficit. Recent 50% margin hikes failed to cool the price, signaling a fundamental shift in market mechanics.
Safe Haven Shift: Gold has officially surpassed Treasuries as the preferred safe-haven asset for central banks and institutional portfolios (shifting the traditional 60/40 to a 60/20/20 gold-heavy allocation).
2026 Outlook: As miners prepare to report record-breaking Q4 financials in February, Dave expects a continued rerate, specifically for high-risk juniors in jurisdictions like Bolivia where political shifts are unlocking deep value.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
 
--------------------
For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.

Erik Wetterling – Value Proposition Updates In Amex Exploration, First Nordic Metals, and Firefox Gold

[Recorded December 17th, 2025]:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to update us on the value proposition he see in 3 gold exploration stocks, based around recent press releases and milestones.
 
He sees this newsflow and fundamental catalysts as much more relevant for any changes to the company’s valuation (either up or down), rather than the improving sentiment within the backdrop of rising underlying precious metals price environment.
 
 
 The companies we discuss in this interview are:
 
 
Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) – On December 16th announced the closing of its acquisition of a 100% undivided interest in the 324 non-contiguous mining claims comprising 8,392.92 hectares in the Abbotsford and Hepburn Townships in the province of Ontario. These adjacent Abbotsford and Hepburn Projects will compliment their land concessions at their flagship Perron Gold Project in Quebec.
Additionally, on December 17th, Eric Sprott announced that, 2176423 Ontario Ltd., a corporation beneficially owned by him, sold 14,868,200 common shares of Amex Exploration Inc., through a private agreement, at $4.00 per Share for total consideration of $59,472,800.   On the same day, Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) acquired ownership of 14,868,200 common shares of Amex Exploration Inc. at a price per Share of C$4.00, for total consideration of C$59,472,800, pursuant to a private agreement with a third party (which were Eric Sprott’s shares). 
 
 
First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) and Mawson Finland Limited (TSXV: MFL) (FRA: PM6) – On Dec. 16, 2025 announced the successful closing of the previously announced acquisition by First Nordic of all of the issued and outstanding common shares of Mawson by way of a court-approved plan of arrangement.
The Transaction consolidates a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Project, a joint venture with Agnico Eagle Mines Limited and its Gold Line Belt projects in northern Sweden and Oijärvi Project in Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland. In connection with the Transaction, the Company will change its name to Goldsky Resources Corp., subject to receipt of the approval of the TSX Venture Exchange.
 
 
FireFox Gold Corp. (TSX.V:FFOX) (OTCQB:FFOXF) – On December 8, 2025 reported results from an additional four holes of its 2025/26 diamond drilling program at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill hole 25MJ005 is among the best holes yet drilled on the property, extending both shallow and deeper high-grade gold zones well to the west from previous drilling at the East Zone. 
 
We went on to speculate on how Agnico Eagle may be willing to negotiate turning over their JV interest on  Barsele in Sweden with First Nordic, to focus on a regional consolidation in Finland of Firefox, Rupert, and Aurion into a district camp.   Agnico already has a strategic position in both Rupert and Firefox.
 
* In full disclosure, the 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 visit Erik’s site – The Hedgeless Horseman
 
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.
 
 
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/
 

BP Silver – An Emerging Silver and Polymetallic Exploration Company Drilling The Cosuño Silver Project In Bolivia

Tim Shearcroft,  CEO and Co-Founder of BP Silver Corp. (TSXV: BPAG), joins me for a comprehensive introduction to this newly listed silver and polymetallic exploration company focused on exploration of their flagship asset, the Cosuño Project; which is strategically located in the prolific Bolivian silver belt. Additionally, the Company is working on finalizing the title at their Titiri Project, located in a major under-explored silver belt with Tier 1 discovery potential.
 
We start off getting an overview of how the Company, projects, and team came together privately and then it was just publicly listed on September 29th of this year.  We discuss the prospectivity of Bolivia for mineral exploration and exploitation, the handful of companies that have made solid advancements on their projects in country, and how the political administration has recently changed to become more amenable to foreign business investment and mineral extraction. 
 
Next we get into the details announced on December 17th, highlighting the successful completion of its Phase 1 diamond drilling program at the Cosuño Silver Project, located in the Department of Potosí, Bolivia. A total of 11 diamond drill holes totaling 906 meters were completed, testing four high-priority targets in the lithocap that may host an epithermal silver deposit. Samples from the first two drill holes have been submitted to an independent geochemical laboratory for analysis. Final core logging, sample preparation, and shipment of the remaining samples will be completed prior to the conclusion of the program later in December, with initial assay results expected in early January 2026.
 
Additionally, their team is working with the government to finalize obtaining the title to begin exploration on their Titiri Project.   Titiri was staked over a large land concession containing outcropping mineralization historically explored by ASARCO.  This Project contains a 2.5km-long silver-lead-zinc zone, with excellent historical trench results, that was never drilled. Titiri is a very High Priority structural setting at the intersection of several major crustal-scale faults, along which multiple deposits occur.  There is a MOU in place with local communities, and they’d like to get on the ground for exploration in mid-2026.
 
Wrapping up, Tim shared his background and the experience of their strong technical team and with a substantial experience exploring and operating in Bolivia and Latin America. We covered the financial health of the company, share structure and warrants, and envisioned work strategy and plan moving into next year.
 
If you have any questions for Tim regarding BP Silver, then please email those into me at Shad@kereport.com.
 
Click here to follow the latest news for BP 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.
 

Snowline Gold - Advancing Valley: From PEA to Pre-Feasibility Study

In this KE Report company update, we reconnect with Scott Berdahl, President & CEO of Snowline Gold, for a detailed discussion on the company’s transition from a strong PEA into a newly commenced Pre-Feasibility Study (PFS) at the flagship Valley Gold Deposit in Yukon.
This conversation focuses on what changes investors could see moving from the PEA to the PFS, how recent drilling may impact the resource and mine plan, and the extensive engineering and de-risking work already underway.
Scott also outlines what drill results remain pending from Valley and regional targets, Snowline’s broader exploration strategy alongside development, and why advancing Valley remains the core value driver for shareholders.
If you have any follow up questions for Scott please email me at Fleck@kereport.com.
 
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company - https://snowlinegold.com/
 
------------------------
For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Joel Elconin - Market Year in Review: Broadening Rally, AI Reality Check & 2026 Outlook

In this KE Report daily editorial, we wrap up the year with Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network. Joel shares his high-level takeaways from a volatile but ultimately constructive market year, breaking down what worked, what faded, and which themes may carry into 2026.
Key discussion points include:
2025 Market Recap & Broadening Participation - A look at index performance, the shift away from mega-cap dominance, and why broader sector participation has been a healthy development.
Small Caps, Rates & Rotation - How easing rate expectations supported small caps and value, and why rotation beneath the surface matters more than headlines.
AI Trade: Winners, Losers & Reality Checks - From overheated valuations to infrastructure “picks and shovels,” Joel outlines where AI enthusiasm cooled and where fundamentals are reasserting control.
Macro Wildcards: Fed, Inflation & Politics - Tariffs, inflation data, rate cuts, and political noise - what markets are watching and what investors may be underestimating.
Sentiment, Risk & Positioning - Why this bull market continues to climb a wall of worry, plus practical thoughts on portfolio positioning based on time horizon and risk tolerance.
 
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/
 
----------------
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.

Pinnacle Silver & Gold - Advancing Toward Underground Drilling at El Potrero

In this update, Bob Archer, CEO of Pinnacle Silver & Gold (TSX-V:PINN | OTCQB:PSGCF), outlines the roadmap for the company's first-ever drill program at the El Potrero project in Mexico.
Following extensive sampling that averaged 8.5 g/t AuEq, the company is now moving into site preparation. This initial campaign is unique, as it focuses on delineation drilling - defining the size and shape of known high-grade shoots from within existing mine workings rather than speculative exploration.
Exploration & Development Roadmap
Underground Preparation: January is dedicated to enlarging drill stations and site safety (scaling/bolting).
The Drill Program: A 112-hole campaign (2,600m) consisting of short, 20–25m holes designed to define grade distribution and vein thickness every 12.5 meters.
Surface Targets: Following the underground work, drilling will move to surface to test the 500m gap between historic mines and additional veins like El Capulin.
Fully Funded: The company is currently closing a C$2.52M financing to cover both the underground and surface programs through 2026.
 
Please email me with any follow up questions you have for Bob - Fleck@kereport.com.
 
Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news 
 
----------------------
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.

Fury Gold Mines – Building Scale in James Bay Quebec & Advancing Eau Claire Toward Production

In this KE Report update, I’m joined by Tim Clark, President & CEO of Fury Gold Mines (NYSE/TSX:FURY), along with Bryan Atkinson, Senior Vice President of Exploration, to discuss the company’s growing gold resource portfolio and 2026 shift toward development in Québec’s James Bay region.
Key discussion points include:
Sakami Project - Inferred Resource Update - A newly outlined ~825,000-ounce inferred gold resource at 1.07 g/t Au, with upside potential from limited drilling and multiple open extensions.
Exploration Upside in James Bay - Multiple targets along a 23+ km gold-bearing structure, supported by solid infrastructure and low discovery costs.
Strategic Focus for 2026 -  Fury is shifting capital and attention toward advancing its most de-risked asset, Eau Claire, while maintaining optionality across its broader land package.
Eau Claire - Moving Toward Production - Ongoing drilling focused on resource conversion, continuity, and improving the production profile as the project advances from PEA toward Feasibility Study.
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.
----------------
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.

John Rubino – Have Silver And The PM Stocks Entered Into Their Long-Awaited Catchup Rallies?

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks higher in 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, despite the big moves higher already seen this year.  Will the silver price keep moving higher in a catchup trade to incentivize new production or development, or could we instead see a sharp pricing correction in the near future?
 
We start off reviewing silver’s continued breakout up above $66 on both the spot and futures charts, as we spoke on Wednesday morning.
John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.
We review the slightly different monetary drivers for gold versus silver’s industrial component, but then discuss it is really the large investment demand that is flowing into the whole sector via metals, ETFs, and individual equities which is moving the pricing up in the most dramatic legs higher.
Next we consider how much technical pricing momentum may be fueling more speculation where buying simply begets more buying.
While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.
We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.
We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board.
Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from copper, platinum, and palladium, to zinc, antimony, tungsten, rare earths, lithium, and uranium throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.
 
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.

Electra Battery Materials Corp – Advancing North America’s Only Cobalt Sulfate Refinery To Onshore Domestic Critical Minerals Production

Trent Mell, President, CEO, and Founder of Electra Battery Materials Corporation (NASDAQ: ELBM) (TSX-V: ELBM), joins me for a comprehensive overview the value proposition for the Company, as a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries and for the defense industry.
 
Electra’s primary focus is constructing North America’s only hydrometallurgical facility capable of refining  cobalt sulfate, and it has an operating history of previously producing cobalt carbonate and nickel carbonate. This is part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. Electra’s cobalt sulfate refinery is located in Ontario, Canada, near some of the largest auto manufacturing centers in North America.
 
Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials like lithium and graphite.
 
Trent reviewed their strategic government-backed infrastructure with support from U.S. Department of War, the Government of Canada, and the Invest Ontario program. The Company has in place 2 key feedstock contracts with Glencore and Eurasian Resources Group (ERG), as well as commercial offtake agreements with LG Energy Solution and off-book government and manufacturing organizations.
 
In addition to the main opportunity and contracts in place to feed the refinery, Electra holds a significant land package in Idaho’s Cobalt Belt, including its Iron Creek project and surrounding properties, positioning the Company as a potential cornerstone for North American cobalt and copper production. The potential exists to add future Idaho feedstock to supplement the Ontario refining, to add in the processing of nickel sulfate, in addition to the battery recycling expansion opportunity.
 
If you have any further questions for Trent regarding Electra Battery Materials Corp, then please email them into me at  Shad@kereport.com.
 
Click here to follow the latest news from Electra Battery Materials 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.