The KE Report

Joel Elconin - Markets Near Highs, But Is It Time To Sell Into Strength?

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, joins us to break down what’s driving the current market sentiment as the S&P 500 hovers just below all-time highs.
 
In this wide-ranging conversation, Joel shares a contrarian view on the recent rally, questioning the sustainability of momentum and highlighting the growing disconnect between valuation metrics and investor behavior. From tariff confusion to the diminishing importance of economic data, Joel outlines why this market feels “overpriced” and why now may be a smart time to consider rebalancing portfolios.
 
We also dive into:
The fading impact of CPI, PPI, and Federal Reserve policy on markets
Why momentum, not fundamentals, continues to dominate
Sector rotation ideas - including a closer look at healthcare and tech
Bitcoin’s surge and the role of political sentiment in crypto markets
What Nvidia’s earnings and price action reveal about broader tech sentiment
Follow Joel and the PreMarket Prep team here:🔗 https://www.premarketprep.com/ 🔗 https://www.stocktradernetwork.com

Founders Metals - Drill Results Recap: Expanding Gold Zones and Defining New Potential at the Antino Property

We’re joined by Colin Padget, President and CEO of Founders Metals (TSX.V:FDR - OTC: FDMIF - FRA:9DL0), to discuss the latest drill results and ongoing exploration at the Antino Gold Project in Suriname. This update focuses on the Upper Antino Zone, where a step-out hole 125 meters north returned gold mineralization, and the headline result of 33 meters grading 3.5 g/t gold was located to the east of the main Froyo Zone, revealing expansion potential both along strike and to depth.
 
Key topics covered: – New drill results confirming continuity and high-grade intercepts – Potential to connect the Froyo and Donut zones across a 1km strike – Update on saprolite vs. hard rock mineralization and its impact on economics – Deeper drilling underway to test down to 500+ meters vertical depth – Regional upside with work at Lower Antino, Buese, and early-stage targets like Maria Geralda
Colin also outlines where the company is within the 60,000-meter drill program, current rig activity, and what news is expected in the coming months.
Visit https://foundersmetals.com for more company information. Have questions for Colin? Send them in, and we’ll include them in future updates. Fleck@kereport.com and Shad@kereport.com.

Guanajuato Silver – Solid Q1 2025 Financials And US$4.8M In Positive Mine Operating Income Demonstrate That The Company Is At A Strong Inflection Point

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review the solid Q1 2025 financials and operational metrics, demonstrating that the Company has reached a strong inflection point.  We also discuss the growth plans for the company through operational efficiencies at their 4 producing mines in Mexico, ongoing exploration initiatives, and the potential future development at Pinguico to augment throughput at their El Cubo mill.
 
Selected Q1 2025 Highlights:
 
Record mine operating income of $4,845,773 was up 82% over the previous quarter; the Company's mining operations have now successfully generated four consecutive quarters of positive mine operating income.
Record revenue for the quarter of $21,330,483 was up 12% over the previous quarter. Guanajuato Silver is a primary precious metals producer with over 90% of the Company's revenue derived from the production and sale of silver and gold.
Operating costs continued to improve over the quarter; cash cost of $19.19 per AgEq ounce was 3% lower than the previous quarter; All-In Sustaining Cost ("AISC")* was $23.41 per AgEq ounce - a 6% improvement over Q4, 2024.
Production for the quarter was 738,006 silver equivalent ounces ("AgEq"), which was a 1% increase over the previous quarter. Production consisted of 380,406 ounces of silver, 3,347 ounces of gold, 699,294 pounds of lead, and 909,029 pounds of zinc.
Adjusted EBITDA was up 135% over the previous quarter to $4,104,669.
 
James reviewed the out-sized leverage that Guanajuato has to the price of precious metals, and the operations returned record income and the highest quarterly revenue in the last quarter, as working efficiencies continue to show marked improvements at all four of their producing assets in Mexico.
 
 
Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato, which has an established 480-year mining history. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. The operations team is also augmenting material at the Cata processing facility in Guanajuato with ore from both the historic Horcon Mine project, located in the state of Jalisco, and from stockpiles at the Pinguico mine.  James outlines that the company is working to get a permit to be able to extract more ore from the Pinguico underground mine, and is looking to launch a more comprehensive exploration and development work program at the Horcon Mine.
 
 
If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Guanajuato 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 Guanajuato Silver

Jordan Roy-Byrne - Gold & Silver Consolidation, Equity Strength, and Secular Bull Market Outlook

In this KE Report Daily Editorial, we’re joined by Jordan Roy-Byrne, Editor of The Daily Gold, to dive into the current technical setup for gold, silver, and the mining equities. Gold is consolidating after a sharp rally, but the real story may be in the miners.
 
Jordan outlines the bullish price action in select gold and silver stocks, despite metals pulling back. We also explore why silver’s breakout level at $35 is crucial and how the current move compares historically.
 
Interview highlights include:
Gold's technical consolidation around $3,300 and why this may still be a bullish setup despite no imminent breakout
Strength in gold equities, especially high-quality juniors, and why this divergence from gold could signal a healthy rotation
Silver’s potential breakout at $35, and the significance of a weekly close above that level
ETF flows and sentiment indicators, including the surprising outflows from gold ETFs despite ongoing strength in equities
Historical comparisons and bull market timelines, projecting this secular metals bull could run well into the 2030s
Jordan also discusses the idea of silver eventually reaching $96 in this cycle and why the best-performing silver stocks may front-run the metal itself.
 
 🔗 Visit The Daily Gold and check out Jordan’s YouTube channel for more in-depth insights

Thesis Gold - 4.7 Million Ounces Of Gold Equivalent Resources At PEA-Stage Economics In Northern British Columbia

Ewan Webster, President and CEO of Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF), joins me for a comprehensive overview of the combined Lawyers-Ranch Project, which hosts 4.7 million ounce of gold equivalent resources at the Preliminary Economic Assessment (PEA) stage of economics in the Toodoggone Mining District of British Columbia.
 
We start off discussing how this company came together, initially exploring and developing the Ranch Project, and then acquiring Benchmark Metals in 2023 to bring in the Lawyers Project.   Then in May of 2024 the combined resource estimate of the Lawyers-Ranch Project was announced with 4.0 Moz AuEq Measured & Indicated (M&I) at 1.51 g/t AuEq, and 727,000 oz AuEq Inferred at 1.82 g/t AuEq.    The deposit is primarily gold, but has a significant silver component (with 84 Moz in M+I category), as well as copper credit.
 
In September of 2024 the Company announced the Preliminary Economic Assessment, using metals price assumptions of $1930 gold and $24 silver, which projected an After-Tax NPV (5%) of $1.27Billion, and after-tax Internal Rate of Return (IRR) of 35%, and a payback period of 2 years, with All-In Sustaining Costs (AISC) of US $1,013 / Au oz (net byproduct credits) and over a 14 year life of mine.   Ewan makes the point that at current spot metals prices of gold near $3,200-$3,300 and silver at $32-$33, that the project economics are significantly expanded.   The company is doing a great deal of derisking work at present to build towards a Pre-Feasibility Study (PFS) by the 4th quarter of 2025. 
 
The company is gearing up to kick off a summer drilling program focused on making new discoveries across their district-scale land package, seeking out other areas of potential expansion of mineralization.   Additionally, more work will go into moving the permitting process along and initiating work on key permits as the year progresses. Ewan spends some time to unpack the infrastructure advantages in place with easy road access, an airstrip, and access to cheap hydro power.
 
Wrapping up we discuss some of the multiple institutions in place as shareholders along with senior gold producer Centerra Gold as a new strategic investor with a 9.9% stake, and expertise in the area. Centerra Gold owns the Gold/Copper Kemess Mine located in the Toodoggone District, ~45 km south of Lawyers-Ranch and Mt Milligan Mine ~270 km to the southeast.   The company is cashed up with CAD $35Million in the treasury and plenty of capital to carry them through the various work programs for the balance of 2025 and into 2026.
 
If you have any questions for Ewan regarding Thesis Gold, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Thesis Gold at the time of this recording and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Thesis Gold

Darrell Fletcher - From Tariffs to Trade Flows, What’s Driving Commodity Prices Now?

In this Daily Editorial I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, to get a behind-the-scenes view of what's really happening across the commodity complex. Darrell shares key insights from the trading desk on oil, natural gas, copper, and gold - highlighting what’s changed since our last chat on April 30th.
 
Key themes covered:
Choppy, range-bound commodity trading across oil, nat gas, copper, and gold
Post-COVID repricing: Why copper, gold, and gas remain elevated while oil struggles
China’s uncertain demand and the impact of global trade tensions on CapEx
Forward curves as leading indicators: What they reveal about natural gas and crude
The long-term impact of permitting reforms and capital constraints in mining
Why gold remains a safe haven in an unstable fiscal and geopolitical environment
Darrell also offers perspective on summer trading trends, positioning shifts from COT reports, and whether oil can hold the critical $60–$65 range.
 
Click here to learn more about Bannockburn Capital Markets. 
 
🛢️ For real-time commodity quotes and more commodity-focused podcasts, visit ClearCommodity.net

Erik Wetterling - Value Proposition In Heliostar Metals, Amex Exploration, and Blackrock Silver

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the key investing themes and takeaways from the Atlantic One Investment Summit 2025 in Mallorca, Spain that he attended last week.
 
We highlight a few companies presenting at the conference where their value proposition caught his attention in light of their current assets and newsflow:
Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF)
Amex Exploration Inc. (TSXV: AMX) (OTCQX: AMXEF)
Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF).*
 
* In full disclosure, some companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.
 
Click here to follow Erik's analysis over at The Hedgeless Horseman
 

Guardian Metal Resources – Exploring And Developing 2 Tungsten And Critical Minerals Projects In Nevada

Oliver Friesen, CEO of Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), joins me for an introduction into this exploration and development company with 2 key projects focused on tungsten and critical minerals in Nevada, USA.  We unpack some of the nuances around this lessor known strategic metal, the keen interest from the US government in fast-tracking domestic sources of supply, and how the Company’s 2 projects can play a role in this developing sector.
 
We start off discussing the 100% owned Pilot Mountain Tungsten Project, which is a Skarn-type Project which hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten with significant copper, silver, zinc, and gallium credits.  This project is located on BLM Land, which is advantageous for expedited permitting and development work.   The next key milestone will be incorporating some of their recent engineering and geotechnical drilling work into a coming Pre-Feasibility Study (PFS) later this year.  Additionally, the exploration team will drilling a satellite target which could expand to compliment the known resources in a meaningful way.
 
Next we discuss the other flagship Tempiute Tungsten Project, which is a past-producing skarn-type tungsten-zinc-copper-silver mine and processing center, with valuable existing infrastructure in place.   In addition to more drilling this year to produce and updated Resource Estimate, the company has been sampling and drilling the historic tailings and at surface stockpiles with an eye towards getting those processed on-site or in a toll-milling scenario nearby in Nevada.
 
 We then review Oliver’s background in the industry, the team behind Guardian Metal Resources, and Company financials and key stakeholders.
 
If you have questions for Oliver regarding Guardian Metal Resources, then please email those into me at Shad@kereport.com.
 
Click here to follow the latest news from Guardian Metal Resources

Dave Erfle - Gold, Silver, and Junior Miners Continue to Lead, Even as Metals Pull Back

In this KE Report Daily Editorial, we’re joined by Dave Erfle, founder and editor of the Junior Miner Junky, to assess the current setup in the precious metals sector and junior mining stocks as we kick off a shortened U.S. trading week.
 
Despite gold pulling back as much as $75 intraday, Dave notes that junior gold and silver stocks are showing strong resilience and outperformance, with many breaking out from long-term bases. GDX and GDXJ are down modestly, while the TSX Venture Exchange continues to hit 52-week highs,  a bullish divergence that Dave believes signals the next leg of the bull market.
 
Key topics discussed include:
Rotation from producers and royalty companies into higher-risk juniors
Why this bull market in precious metals equities could be more sustained and structured than past cycles
Ongoing M&A activity in the silver sector and signs of more to come
The case for continued consolidation in gold around $3,300 as miners and developers play catch-up
A focus on copper developers, and why quality, economics, and access to capital are driving outperformance
Risks of “too much money” chasing “too many companies” and how to stay selective in a frothy market
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Newcore Gold - Enchi Gold Project: 35,000m Drill Program Advancing Resource Growth, Expansion Potential, Upcoming PFS

Newcore Gold continues to deliver wide mineralized zones and shallow high-grade intercepts at its Enchi Gold Project in Ghana, while now pivoting to aggressive resource expansion drilling.
 
In this company update, Luke Alexander, President and CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), joins us to discuss progress on the company’s ongoing 35,000-meter drill program. Since our last interview in March, four drill result press releases have been issued, showcasing consistent gold mineralization, wide intercepts, and signs of resource expansion beyond existing pit shells.
 
Luke outlines:
Over 20,000 meters of drilling results released to date, with highlights including 2.25 g/t over 56m and 4.4 g/t over 24m at the Boin deposit.
Ongoing conversion-focused drilling, now largely completed, is expected to significantly improve the upcoming resource update and PFS.
The remaining 15,000 meters are targeting step-out and deeper holes, testing strike extensions and high-grade feeder zones that could further scale the project.
Drilling is now extending mineralization beyond existing pit boundaries, potentially widening and deepening the resource base.
The company is fully funded through the current drill program and PFS, with up to $30 million in projected cash including in-the-money warrant proceeds.
We also touch on investor sentiment and strategic direction. With 55% institutional ownership, Newcore is focused on delivering a construction-ready project while advancing exploration upside across a district-scale gold trend.
 
Have follow-up questions for Luke? Send them in and we’ll include them in future interviews. Fleck@kereport.com
 Click here to visit the Newcore Gold website.