The KE Report

Sitka Gold - RC Drill Program Update: Visible Gold at Rhosgobel and Saddle Zones

I’m joined by Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), for an update on the 30,000-meter drill program at the RC Gold Project in Yukon, following the July 10th news release.
Key highlights from the interview:
All 9 holes at the Rhosgobel target have intersected visible gold, with mineralization confirmed across 250 meters of strike and to 350 meters depth. Positioning Rhosgobel as a strong candidate for Sitka’s third gold deposit.
The Saddle zone, situated between the Blackjack and Eiger deposits, is also returning visible gold. Drilling here could add ounces within existing conceptual pit limits, enhancing project economics by lowering the strip ratio.
Assays are pending, with initial results from Blackjack and Eiger expected in the coming weeks and Rhosgobel assays to follow shortly after.
The program is ahead of schedule and under budget, with drilling costs at ~$350/m.
A potential resource update is targeted for Q1 2026, depending on assay results and drill density at new zones.
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
Click here visit the Sitka Gold website to learn more about the Company.

Erik Wetterling - Silver Surge, Junior Miners Rally: Sector Sentiment and Stock Selection

In this KE Report Daily Editorial, I’m joined by Erik Wetterling, founder and editor of The Hedgeless Horseman, for a deep dive into the silver market’s breakout and the explosive rally in junior metals stocks.
 
Silver has been the standout performer in 2025, climbing over 30% YTD to a 14-year high near $40. Erik breaks down why junior silver equities, especially the smallest and riskiest names, have seen outsized gains, often disconnected from fundamental improvements. He explains how rising sentiment and a risk-on attitude are driving momentum, leading to sharp rallies in names with little more than leverage to the silver price.
 
We discuss:
The shift from gold leadership to silver, and how the gold-silver ratio dropping from 107 to 85 reflects this change.
Why microcap silver juniors are seeing the most aggressive moves - and how sentiment, not fundamentals, is often the driver.
Erik’s strategy: focus on undervalued names with upside but avoid speculative trades based only on “greater fool” theory.
Stocks on Erik’s radar: With commentary on project quality, valuation, and risk.
As Erik puts it, the junior silver space may be “the worst sector long-term,” but in the current bull market, it’s showing some of the best short-term returns. Sentiment is surging, but caution is warranted. 
Click here to visit Erik’s site - The Hedgeless Horseman.  

Jeff Christian & Josef Schachter - Gold and Energy Catalysts: Debt, Deficits, and Drill Baby Drill

A wide-ranging macro breakdown on gold, oil, natural gas, and the looming catalysts for volatility with Jeff Christian (CPM Group) and Josef Schachter (Schachter Energy Report)
If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!
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Segment 1 & 2 - Jeff Christian, Managing Partner at CPM Group, joins the show to discuss how the recently passed U.S. tax bill could significantly increase deficits and economic uncertainty, reinforcing long-term support for gold. He highlights strong global investment demand, particularly through gold ETFs, even as the metal trades sideways near record highs. Christian notes rising institutional short positions and the potential for physical market tightness around the August futures contract. Geopolitical risks and a surge in global money supply remain key catalysts that could drive gold and silver higher in the second half of the year.
Click here to visit the CPM Group website to learn more about the firm. 
 
Segment 3 & 4 - Josef Schachter, founder of the Schachter Energy Report and Eye on Energy Substack, joined us to share his latest insights on the oil and natural gas sectors. He discussed why U.S. production remains strong despite falling rig counts, how efficiency gains like pad drilling and polymer floods are reshaping conventional oil, and why LNG demand and Alberta power needs may drive a natural gas rebound—especially for Canadian producers. He also highlighted key contrarian opportunities in beaten-down Canadian gas stocks, select dividend-paying oil equities, and ETFs like XLE and OIH if markets pull back to April levels.
lick here to learn more about The Schachter Energy Report
 

Talisker Resources – Mustang Mine Development Ore Now Being Milled At Nicola Mining’s Craigmont Mill For Ramp Up Into Gold Production

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to highlight the key milestone of the first development ore being milled at  Nicola Mining’s Craigmont Mill located in Merritt, British Columbia.  Talisker announced on July 7th that the Company has commenced milling and processing of run of mine material from the Mustang Mine vein material extracted from the 1060 and 1075 development levels.  We unpacked this major positive milestone for the Company, and what the ramp up in to production will look like for the second half of this year.
 
Talisker continues to develop on the 1060, 1075, 1105 and 1120 levels with in-vein development active on the BK vein on the 1075 level and both the BK and BK9870 veins on the 1105 level. Long-hole drilling in preparation for the mining and extraction of the first stope is underway targeting the 3264 stope from the Alhambra vein located between the 1060 and 1075 levels. Blasting and extraction of the first stope is expected to occur later this week.
 
We review that main area of focus for the development declines and work up until this point in time has been in the unmined area, between the historically mined Bralorne  and King mines, now referred to as the Mustang Mine. We shift over to the measured ramp-up of throughput from mined ore at the Mustang Mine with throughput now above 200 tonnes per day (tpd) and the goal to get that up to 250 tpd by year-end.  Moving into next year it is anticipated that throughput can rise from 300 tpd, up to 500 tpd, and then eventually 750 tpd in the years thereafter.  That will involve pulling in material from the unmined areas between the historic Bralorne and Pioneer mines as a second eventual area of focus.
 
In addition to being amenable to toll milling at nearby processing centers with spare capacity, there is a second study underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the key milestones and news on tap for the balance of this year.
 
If you have any follow up questions for Terry then please email me at Shad@kereport.com.
 
Click here to follow the latest news from Talisker Resources

Jordan Roy-Byrne – Medium-term Risks and Longer-term Opportunities In Gold, Silver, and Precious Metals Stocks – Technical Outlook, When To Trim, and What Types Of Juniors To Consider

Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins me for an in-depth technical and fundamental look at both the medium-term risks and long-term opportunities in the precious metals space, how he approaches trimming back winning trades, and 2 type of earlier-stage PM stocks that he'd consider rotating some capital down into. 
 
 Key topics discussed:
 
Longer-term technical pattern in gold has been very bullish, especially after having put in the highest quarterly close on record in Q2 at $3307. 
 
Despite the strength in gold, Jordan is looking for where we’ll see a corrective move in gold, and what the percentage depth may be, though the lens of analogs to the 1972 and 2005 breakouts in gold. We discuss what a corrective move in gold would look like based on what pricing does leading up to that point, and Jordan could see a scenario where gold makes it up to near $4,500 before starting a more meaningful 20-30% corrective move. He also clarifies the nuances between a periodic correction and the eventual cyclical bear market within a multi-year secular bull market.
 
This leads to a discussion on trimming small amounts off winners along the way versus the types of signals that it may be time to sell larger portions of a position or the entire position.  He puts some context around 3 key criteria for consideration when trimming or selling:  1) how overbought the whole sector is as a macro theme, 2) the percentage weighting of a stock that has run inside one’s portfolio (preferring that no position gets above 10%), and 3) the value calculation of a company and it’s potential upside at a given point, relative to other stocks that may have more potential upside.
 
Next we shift over to the technical outlook for silver, the importance of the 2nd strongest silver close on a quarterly basis ever to $36.10, the decisive move above $35 resistance, where we are now solidly in the $37’s, and the upcoming resistance at $41-$42.  
 
We discuss the nature of silver stocks in particular to front run higher prices in advance and discount those moves higher in the underlying metals price before they occur.  This can lead to more muted moves when the higher prices are actually achieved, and there can be a slowdown in momentum, because the valuations have already priced those moves when the pricing breakouts first start happening.
 
While discussing the anticipated strong revenues and earnings in Q2, Jordan feels the forward-looking market has mostly priced those in for both gold and silver producers overall.  He does make the point that individual select cases may still surprise some to the upside, but those will be more isolated cases where those particular companies overachieved in the quarter.
 
When looking at the intermarket analysis of gold to US general equities, the picture in Q1 was much more constructive in Q1 where many breakouts in ratio charts were confirmed, but the strong action in Q2 of US equities blasting up to new highs does have Jordan watchful to make sure that trend doesn’t accelerate over a longer period.  He reiterated that we want to see money rotating out of weaker general equities and making its way to gold if the accelerated move to $4,500 gold is to come to fruition. 
 
He also points out that in addition to US equities advancing on gold in Q2, that we also saw silver, and precious metals stocks advancing on gold last quarter, so in some ways that was a constructive catchup trade.
 
Wrapping up Jordan unpacks the 2 types of scenarios that would have him looking to move some capital out of the quality growth-oriented producers and best-in-class developers down into the more speculative junior resource stocks.  One group would be companies that have smaller resources that aren’t getting noticed, but have a legitimate pathway to moving their resources over critical thresholds like 100 million ounces of silver or over 2-2.5 million ounces of gold.  The second group would be advanced explorers and developers that are trading at a discount due to perceived flaws, but that these flaws are able to be overcome and thus a rerating to a better valuation is possible.
 
Click here for exclusive stock picks and Jordan’s deeper analysis at The Daily Gold.

Joel Elconin – Risk-On Markets Surge To All-Time Highs, Growth Stocks Are Back In Vogue With Some Volatile Individual Stock Trades

Joel Elconin, Co-Host of the PreMarket Prep Show and Co-Founder of the Stock Trader Network, joins me for a wild trading session as the general US stock indexes blast to new all-time highs, and many tech and growth stocks have some very volatile trading in this risk-on environment.
 
Key topics include:
 
The S&P 500 and Nasdaq blasted up to new all-time highs in Thursday’s trading session. We talk about what a different week we are having compared to what many projected we’d have, initially thinking the Trump reciprocal tariffs were coming off this week.  Instead they were pushed back and the TACO trade is alive and well.
 
Travel and leisure stocks surged, with notable moves higher this week from Delta Airlines and Royal Caribbean. This brings up the concept of “digital nomads” and how as many as 50 million individuals are taking their digital work with them to travel more and work in multiple destinations.
 
Growth stock are in and value stocks are out. Berkshire Hathaway, one of the preeminent value stocks has been in a downtrend since May, coinciding both with the markets breaking higher, and Warren Buffett stepping down from the company he built over multiple decades.
 
Tesla remains resilient, no matter how many tangents Elon Musk goes on publicly. Joel reviews technical levels in (TLSA), but points out that it is somewhat of a cult stock, and there always ends up being a bid come in for this “love stock.”
 
There has been an unusual opportunity developing in the trading arbitrage since the new market darling CoreWeave, Inc (CRWV) announced its intention to acquire Core Scientific (CORZ). Joel breaks down how the pair trade evolved with a “buy the rumor sell the news” effect, and how there wasn’t a good way to borrow short against CoreWeave, so the arbitrage got wider, but there was uncertainty on if the deal will go through keep some investors from buying Core Scientific.  The gap is starting to narrow more, but it could still be a compelling arb-trade for those traders with the right risk tolerance temperament.
 
MP Materials (MP) skyrocketed up roughly 50% on Thursday’s session after the US government became their largest shareholder. US Defense Department just announced becoming MP Materials' biggest shareholder in a multibillion-dollar deal to boost output of rare earth magnets and help loosen China's grip on the materials used to build weapons, electric vehicles and many electronics.
 
Click here to visit Joel’s PreMarket Prep website.
 
Click here to visit the Stock Trader Network.

Excellon Resources - Overview Of 4 PM Projects, Moving Flagship Mallay Silver Mine From Development Towards Production

Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins me to overview their 4 precious metals projects, with an emphasis on the recent closing in May of the acquisition of the past-producing Mallay Silver Mine, with plans to move this mine back into production by Q2 of 2026.  We then review the large exploration potential across their other 3 projects:  Tres Cerros, Kilgore, and Silver City. 
 
We kick things off having Shawn highlight why the company updated their project profile to focus on the jurisdiction of the Cerro de Pasco area of Peru, when acquiring both the Mallay Silver Mine and Tres Cerros exploration projects in the transaction announced in October of 2024, and closed on in May of this year.  Excellon has been a producing silver company in the past, and the management team and board had solid in-county experience in Peru, this transaction seemed like a perfect fit for taking the company to the next level.
 
 Mallay was built and operated by Buenaventura from 2012 to 2018, with US$115 million of historical investment.  The mine went into care and maintenance in 2018 due to low silver prices (~US$16.00 per ounce) and a change in strategic priorities at Buenaventura.  Annual production by Buenaventura (2013 to 2017) averaged 1.3 million ounces of silver, 9,100 tonnes of zinc and 6,500 tonnes of lead. 
 
Excellon announced a few months back that it has secured off-take agreements with Glencore for their concentrates, and is working to put a NI 43-101 economic study in place this year, to outline specific metrics for the move back into production. Shawn outlined that their internal studies project a run-rate of 600 tonnes per day of production, producing approximately 2-2.5 million silver equivalent ounces per year, and with a target All-In Sustaining Cost (AISC) of US$17 per AgEq ounce.   Shawn points out that they will also be engaging in an aggressive exploration program to demonstrate the resources can be grown and the mine life extended in a substantial way. 
 
The Tres Cerros Project is a highly prospective gold-silver exploration project approximately five kilometers northwest of the Mallay Mine. The project’s prime area of interest is a 2.5 kilometer by 500 meter corridor of gold-silver mineralization and coincident IP/resistivity anomalies, indicative of a bulk tonnage, high sulfidation epithermal system.  Numerous historical grab samples were taken across the 2.5 kilometer fault, which are being analyzed to determine further follow-up exploration work.
 
Kilgore, is an advanced gold project in Idaho with over 1 million ounces of gold delineated in all categories, and the Company is considering bringing in a JV partner to assist with moving this project forward in exploration and further derisking. Silver City, a high-grade epithermal silver district in Saxony, Germany, with a long history of almost 800 years of silver production.  Shawn has stated publicly that they are looking at various options, but are entertaining the idea of spinning out this asset into a new European-focused exploration vehicle. 
 
Wrapping up we reviewed the industry experience the Excellon management team and board has in both moving projects into production as well as a pedigree of exploration success.  We discussed that the company is cashed up after their financing and off-take agreement, to conduct the key work and studies on tap over the next 6-9 months as the company moves toward a production decision.
 
If you have questions for Shawn regarding Excellon Resources, then please email those in to me at Shad@kereport.com.
 
Click here to follow the latest news from Excellon Resources

Jayant Bhandari – Value Arbitrage Opportunities Trading Junior Resource Stocks And The Upcoming Capitalism and Morality Conference

Jayant Bhandari, a private strategic resource investor that consults many high-net-worth investors and institutions, joins me to share his outlook on both gold and copper demand, as well as 3 different arbitrage trade opportunities in resource stock mergers, and the value proposition he sees in 2 gold exploration companies.
 
We start off in a general discussion about the macroeconomic and geopolitical tensions underlying the consistent bid in the gold price to higher levels.  At these higher prices he is not adding to his gold positions, but he is holding his positions bought at lower levels and anticipates pricing to keep advancing higher in most global currencies for medium to longer term.  
 
We also discussed the higher average pricing we’ve seen in copper (and this interview was recorded on Monday before Trump floated the plan to place a 50% tariff on copper coming into the US).  Jayant focused on the economic health in China being more robust that often covered in Western media outlets, and that despites the US/China tariff war, he still anticipates their internal growth will underpin consistent demand for copper and many other commodities.
 
The balance of the discussion focuses on value arbitrage setups in 3 resource stocks being acquired, and opportunities in 2 gold explorers that he holds in his own portfolio. The companies that we reviewed are:
 
Arbitrage trade in the merger of Mandalay Resources Corp (TSX: MND, OTCQB: MNDJF) and Alkane Resources Limited (ASX: ALK)
Arbitrage trade in the merger of Granite Creek Copper Ltd. (TSX-V:GCX) (OTCQB: GCXXF) and Cascadia Minerals Ltd. (TSX-V:CAM) (OTCQB:CAMNF)
Arbitrage trade in the merger of Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) and Premier American Uranium Inc. (TSXV: PUR, OTCQB: PAUIF)
Value proposition in the exploration strategy for Aztec Minerals Corp. (TSX-V: AZT), (OTCQB: AZZTF).
Value proposition in the exploration strategy for Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF).
 
Wrapping up, Jayant shares more information about why listeners may want to attend his Capitalism and Morality conference on August 22-23rd this year in Vancouver.  KER listeners can use coupon code KEReport25 for 10% off admission.*
 
https://jayantbhandari.com/capitalism-morality-2025/

Silver Tiger – The Underground PEA At El Tigre Is Imminent, Regional Drilling To Commence This Fall At La Protectora, and Mexican Permitting Is On-Track

Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to outline the importance of the imminent Preliminary Economic Assessment (PEA) on the underground mine at their 100% owned, silver-gold El Tigre Project in Mexico. We then expand the conversation to highlight some upcoming blue-sky regional drilling that the exploration team will commence this fall around the La Protectora historic mine on trend with El Tigre. Wrapping up we also have Glenn separate the facts from the media hyperbole as it relates to mining and permitting in Mexico.
 
With the open-pit Pre-Feasibility Study (PFS) solidly in place at El Tigre, and the operations team ready to hit the ground running just as soon as the final permits are received, the focus then shifted to building towards the upcoming PEA on the underground mine. The team has been compiling the last 5 years of work delineating the 113 million ounces of silver equivalent resources in the high-grade veins, shale, and sulphide zones underground portion of El Tigre, the metallurgical studies, and engineering work to be able to release the PEA by month’s end.  This report will center around the already permitted underground scenario utilizing an 800 tonnes-per-day (tpd) mill, and focusing on the initial first 10 years of mine life.
 
Glenn points out that during the PFS study on their open pit at El Tigre, that the 3rd-party qualified contractor noted when also reviewing their underground resources that they could add between 73-100 million more ounces simply by tightening up the drilling density in a number of areas.  We discuss the clear expansion potential beyond what will be highlighted in these initial economics.
 
Next we widened the vision of the company to their large district scale land position and how El Tigre is focused on just 2.5kms of a 20+ kilometer trend, peppered with a number of historically producing mines to both the south and the north.  The board has decided the time is right to step out and start doing regional exploration at the next key target of interest; around the La Protectora mine, located to the north of El Tigre.  Glenn mentioned that their exploration team has been on site there for the last couple months, mapping, sampling, and doing some targeting work to be able to start drilling there this Fall.
 
Wrapping up we focus on the misunderstandings from investors and the media with regards to the operational and permitting environment in Mexico, how the positive meetings between the government and mining companies have been ignored, and why the hyperbolic statements from some market commentators and the media have made a big deal about the “no new concessions” will be granted, not understanding the most mining concessions have already been granted for tens or hundreds of years now, so that won’t really matter, and doesn’t have anything to do with permitting on existing concessions.
 
 
 
If you have any follow up questions for Glenn about Silver Tiger, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Silver Tiger Metals 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 Tiger Metals
 

Goliath Resources – Relogged Hole 280, In 3rd Type of Rock Package At The Bonanza Zone, Returns 8.31 g/t Au Over 23 Meters – Roadmap For Future Exploration

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out July 7th  that announced the re-logging of drill hole GD-24-280 assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters in a third rock package within the high-grade gold Bonanza Zone and Surebet Discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This leads to a larger discussion about prior press releases related to the overall 75 hole relogging program, and then the early visual results from the ongoing, 60,000 meters of new drilling, which will be the largest exploration program to date.
 
The increase to this year’s early exploration focus on relogging these holes is in light of the newly discovered widespread abundant visible gold seen with the naked eye in multiple reduced intrusion related gold (RIRG) dykes, as well as in the calc-silicate altered breccia which now means there is gold in 3 distinct rock pages on the property.  Roger describes the news release from back on June 23rd as really being the roadmap of what to expect as anticipated previously drill holes of interest and highlights a number of holes that are pending assays back from the lab. This re-logging initiative of core drilled between 2021 – 2024 is significantly expanding the area of strong gold potential, and takes the number of holes that have now intercepted ‘visible gold’ up to 94%.
 
Then we shifted over to the larger 60,000 meter drill program that is currently underway and still at the early stages, but Roger highlights the press release from July 2nd, where dill hole# GD-25-302 intersected 6 occurrences of gold visible to the naked eye within a 96.50 meter mineralized interval from 89.50 meters to 186.00 meters within sulphide rich calc-silicate veins in altered andesite with high density veining. This hole is still in progress and is the first deep hole drilled on Surebet designed to go to a depth of 1,000 meters to test the area believed to have strong potential to contain the Motherlode magmatic source responsible for the 1.8 km2 area of high-grade gold mineralization that remains wide open at the Surebet Discovery; assays are pending for drill hole GD-25-302.
 
There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season, so click on the link down below to follow along with all the news from the Company as it hits the newswires.
 
 
If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.
 
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