The KE Report

Craig Hemke - 2025 Predictions: Gold and Gold Stocks

Craig Hemke, Editor of TF Metals Report joins us to discuss his 2025 Macrocast where he outlines the factors that will drive gold and gold stocks this year. 
 
We start with the meaning of Craig’s Macrocast title, 'Inversion Reversion', with respect to the yield curve, recession signals, and the impact on precious metals. Craig also discusses the unexpected strength in gold last year driven by central bank buying, particularly from eastern countries. Additional subjects include the challenges posed by increasing U.S. debt and deficits, the Fed's role in providing liquidity, and the intricacies of reverse repurchase agreements. 
 
On the gold stock front, Craig emphasizes the importance of careful stock picking, advising against relying solely on major indices like the GDX.
 
Click here to visit Craig’s website - TF Metals Report

TG Watkins - Technical Analysis & Trading Strategies: Market Pullback, Bitcoin Miners, Nat Gas, Uranium

TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins us to share his outlook for this current market pullback, as well as individual sectors like Bitcoin mining stocks, natural gas and uranium.  We delve into the persistent market weakness over the past six to seven weeks, analyze the potential for a market bounce, and touch on key economic reports like PPI and CPI. TG shares insights on managing current market positions, profit-taking strategies, and key levels in the crypto space, including Bitcoin and crypto miners. We also explore trends in nat gas and uranium, emphasizing the significance of moving averages in TG's trading strategy. We kick off with an analysis of the persistent pullback in the broad markets, touching on the daily fluctuations and the six to seven weeks of market weakness. TG explains his expectations for a potential market bounce and highlights key economic indicators like PPI and CPI that could influence market trends. We also dive into TG's strategy for managing current positions, discussing profit-taking on stocks like Tesla and using stop-loss orders effectively.  The discussion then shifts to cryptocurrencies, with a focus on Bitcoin and various crypto miners. TG shares his observations on key levels for Bitcoin and names like MSTR.  We also examine the volatile Nat Gas market, noting trends influenced by weather and key moving averages. TG outlines his cautious but optimistic stance on Nat Gas as it shows signs of potential upward movement.  Next up is the uranium sector, comparing it to the trends seen in Bitcoin and crypto miners.
 
Click here to visit TG’s site - Profit Pilot

Weekend Show - Dave Erfle & Dana Lyons - 2025 Outlook For Metals Investors, Equities and Technical Analysis

Welcome to the KE Report Weekend Show! This Weekend Show is all about investing in resource sector equities, from majors to juniors to the ETFs.
 
Looking past just the GDX or GDXJ, there are a lot of resource stocks, mostly miners but some more advanced developers as well, that are at or near all time highs. The juniors are still lagging and volumes are still relatively low. What does this mean for 2025? It’s a question we focus on a lot this weekend. 
 
We hope you all have a great weekend. If you are in Vancouver next weekend for any of the conferences please reach out and we can meet up at the conference or for a drink. 
 
Segment 1 & 2 - Dave Erfle, Editor of the Junior Miner Junky kicks off the Weekend Show outlining his outlook for resource stocks (mostly precious metals equites) for 2025. We start by discussing the current challenges and opportunities within the resource stocks, particularly the impact of Western investment demand, market corrections, and sector rotations from AI and crypto to undervalued resource stocks. Dave also talks about the importance of company catalysis in investment decisions and the potential for exciting M&A in 2025. The discussion covers themes such as constructing a personalized GDXJ-style portfolio, the expected performance of gold and silver stocks, and the broader economic factors influencing these investments.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.
 
Segment 3 & 4 - Dana Lyons, Fund Manager and Editor of The Lyons Share Pro wraps up the show sharing his technical analysis of the major commodities; gold, silver, copper, il and natural gas. Dana also shares insights into the U.S. equity markets, providing both short-term and long-term outlooks based on internal models and historic trends. We also discuss interest rates, the U.S. Dollar, and Bitcoin.
Dana is extending his holiday sale at The Lyons Share Pro. For 20% off please email me at Fleck@kereport.com or Dana directly at dlyons@jlfmi.com. For all you traders it’ll be worth your time to test out his subscription service.

Joel Elconin - Markets Continue To Correct, Earnings Season Kicks Off, Oil & Nat Gas Breaking Out

Joel Elconin, Co-Host of the PreMarket Prep Show joins us to share his outlook on the now 1 month long market correction. Joel makes the comment that the highs from December could not be touched again for a while. 
 
We delve into the recent choppy market actions, highlighting the drop in broad averages since December and the mixed reactions to economic indicators such as the strong job numbers and sticky/rising inflation. He discusses the implications of limited rate cuts and the potential for long-term stable interest rates. 
 
We cover recent earnings results from Walgreens and Delta Airlines, and the potential re-emergence of value stocks. 
 
Commentary on commodities such as crude oil, natural gas, and metals rounds out the discussion, offering insights into their roles as hedges against market volatility. Finally, Joel emphasizes cautious trading strategies and the significance of upcoming earnings reports and guidance as January is historically the time when companies downgrade guidance.
 
Click here to visit Joel’s PreMarket Prep website.

Marc Chandler - Jobs Data Impresses, Rate Cut Expectations Crashing, USD, Yields & Commodities All Outperforming

Marc Chandler, Managing Partner at Bannockburn Global ForEx and Editor of Marc To Market to discuss today’s strong US jobs data, rate cut expectations falling and the broad strength in the Dollar and commodities. 
 
We delve into how the unexpectedly strong jobs report impacts the Fed’s rate cut expectations, including the potential delay of cuts to the second half of the year. We also touch on the strength and dominance of the U.S. dollar, and rising yields globally. Marc provides his insights on the higher commodity prices amidst a higher U.S. dollar and yields. We conclude with discussions on projections for the upcoming economic data, more on Fed's actions, and the broader implications for the U.S. and global economies through 2025.
 
Click here to visit Marc’s site - Marc To Market.

Jay Martin – The Key Benefits Of Attending The Vancouver Resource Investment Conference January 19-20

Jay Martin, CEO, Cambridge House & Host of the Vancouver Resource Investment Conference, joins us to break down the key benefits of resource investors that will be attending VRIC from January 19-20, 2025 at the Vancouver Convention Centre West.  
 
Jay describes the 3 general major themes of the key note addresses and panels:   Geopolitics, Macroeconomics, and Capital Allocations To The Resource Companies.
 
There will be a number of workshops, panels, and lectures on stage from 85 different economic and geopolitical thought leaders, as well as fund managers and company executives.  Additionally there will be around 250 companies, mostly focused on gold, silver, copper, and uranium exhibiting on the conference floor, for investors to engage directly with management teams and better understand their unique value propositions.
 
Both Cory and I will be attending the VRIC event once again, so shoot us an email if you are going to attend or just find us walking around the conference floor or attending the discussions.
 
This is Your Chance to Get Ahead! Don't miss out on the opportunity to learn, connect, and invest smarter. Seats are filling up fast—secure your spot now and make sure you're on the winning side of the commodities boom!https://cambridgehouse.com/vancouver-resource-investment-conference
 
https://www.eventbrite.com/e/vancouver-resource-investment-conference-2025-tickets-877548389857
 

Goliath Resources – Multiple High-Grade Gold Assays Returned From The Surebet And Bonanza Zones

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the latest batch of 5 more high-grade gold assay results returned from the Surebet and Bonanza Zones at the Surebet Discovery in the Golden Triangle of British Columbia.  
 
We discuss what the team is learning by continuing to expand both areas, of high-grade mineralization, the importance of the mineable average widths and grades, and that the 2024 drill program has essentially doubled the mineralized area of the Bonanza High-Grade Gold Zone from an area 180,000 m2 (720 x 612 x 410 meters) to 341,000 m2 (835 x 685 x 612 x 410 meters) that remains wide open.
 
3 of the Highlight Holes Summary:
 
GD-24-262 collared from Goldsmith Pad intercepted four separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both remain open.
Surebet Zone: 32.67 g/t AuEq or 1.05 oz/t AuEq (32.56 g/t Au and 8.92 g/t Ag) over 4.00 meters including 130.14 g/t Au or 4.18 oz/t AuEq (129.77 g/t Au and 30.25 g/t Ag) over 1.00 meter.
Bonanza Zone 1: 13.34 g/t AuEq (13.11 g/t Au and 18.97 g/t Ag) over 6.00 meters including 15.99 g/t AuEq (15.71 g/t Au and 22.71 g/t Ag) over 5.00 meters and 39.34 g/t AuEq or 1.26 oz/t AuEq (38.67 g/t Au and 54.72 g/t Ag) over 2 meters.
Bonanza Zone 2: 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters including 33.80 g/t AuEq or 1.09 oz/t AuEq (33.70 g/t Au and 8.21 g/t Ag) over 3.10 meters.
Bonanza Zone 3: 3.15 g/t AuEq (3.08 g/t Au and 5.65g/t Au) over 3.20 meters
 
GD-24-273 collared from Haymaker Pad in the most eastern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain open.
Surebet Zone: 5.97 g/t AuEq (5.46 g/t Au and 41.43 g/t Ag) over 5.15 meters including 8.77 g/t AuEq (8.06 g/t Au and 57.41 g/t Ag) over 3.45 meters.
Bonanza Zone: 4.85 g/t AuEq (4.64 g/t Au and 17.26 g/t Ag) over 8.90 meters including 6.66 g/t AuEq (6.38 g/t Au and 23.23 g/t Ag) over 5.90 meters and 32.65 g/t Au or 1.0 oz/t AuEq (31.39 g/t Au and 102.45 g/t Ag) over 1.05 meters.
 
GD-24-272 collared from Postman Pad in the most northern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain open.
 
Surebet Zone: 4.70 g/t AuEq (1.53 g/t Au and 258.15 g/t Ag) over 4.00 meters including 6.20 g/t AuEq (2.02 g/t Au and 340.88 g/t Ag) over 3.00 meters.
Bonanza Zone: 2.22 g/t AuEq (0.8 g/t Au and 116.46 g/t Ag) over 8.00 meters including 5.64 g/t AuEq (2.03 g/t Au and 294.14 g/t Ag) over 3.00 meters.
 
Roger and I also discuss all the upcoming drill holes still set to release from the Surebet Discovery area with 10 stacked veins, the nearby Jackpot Zone, the regional Treasure Island target up in the Cambria Icefields, and then nearly 3 dozen holes that are getting relogged from prior years drill programs.
 
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.
 
Click here to follow the latest news from Goliath Resources

Nick Hodge – Macroeconomic Themes In 2025, Opportunities In Gold, Uranium, And Copper Stocks - More Technological Innovations In The Mining Sector

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins for a longer-format discussion on and the macroeconomic themes and geopolitics impacts on global trade and the US economy, along with investing opportunities that he sees in select gold, uranium, and copper resource stocks. We also revisit emerging trends on how technology is being implemented within the mining sector.
 
First off we get Nick’s outlook for 2025 on that broader US equity market with regards to the Trump administration anticipated policy initiatives. It’s a nuanced discussion on macroeconomics that briefly touches up on the health of the economy, and trends in the projected data around GDP, jobs, inflation, the US dollar, tariffs, tax cuts, and what sectors of the broad US equities have his attention with the emerging backdrop.
 
We then shift over the commodities space and bounce around from gold and silver fundamentals to the opportunities in precious metals stocks, then to uranium stocks, copper stocks, and eventually touch briefly upon other niche metals like nickel, rare earths, and antimony.  We talk again about the US and Canadian involvement in helping to fund certain critical minerals projects, technology that will be tracking the supply chain and emissions around extractive companies, and some of the other ways that technology is being deployed from a data mining, equipment, tailings, or processing standpoint within the mining sector.
 
Click here to follow Nick’s analysis and publications over at Digest Publishing

West Red Lake Gold Mines – Diving Into The Details Of The Pre-Feasibility Study At The Madsen Mine

Shane Williams, President and CEO of West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins me to dive under the hood at the key metrics and takeaways from Pre-Feasibility Study (PFS) announced to the market January 7th,  working to support the restart of gold production by end of Q2 at the Madsen Mine, in the Red Lake district of Ontario, Canada.
 
We started off digging into the some of the specific numbers noting the very high Internal Rate of Return (IRR) and low capex as positives for the Project. Shane also put more color around why the All-In Sustaining Costs (AISC) had moved higher, due to all the ongoing development work underground; but also highlighted ongoing initiatives that could bring that number down over time.  Another key point we kept coming back to was that the PFS was simply a snapshot in time to show that the project is quite economically viable, but that it isn’t factoring in 1.1 million ounces of gold in the indicated category or all the other resources still in the inferred categories; not to mention the ability to bring in known deposits at Fork, or Rowan, or the new Upper 8 area. There are a number of levers the company can and will pull over time to show the upside and to optimize bringing in more higher-grade ore earlier in the mine plan.
 
 
 Madsen Mine PFS Highlights:
 
Post-tax net present value (“NPV”) (5%) of $315 million at a long-term gold price of US$2,200 per oz. IRR (post-tax) 255% with a Discounted Payback Period less than 1 year.
High Grade Mine: Diluted head grade averages 8.2 g/t gold
Average Annual Production: 67,600 oz. gold per year over 6 years of full production, within a 7.2-year mine life
Strong Free Cash Flows: $69.5 million average annual free cash flow from an operation with average total operating cost of US$919 per oz. and average all-in sustaining cost (“AISC”) of US$1681 per oz.
These metrics and strong value reinforces the rationale to restart the Madsen Mine imminently based on this initial mine plan; with a production start date of Q2 2025. There is also potential for Madsen to grow beyond this initial plan with further definition and exploration drilling strengthens the rationale
Construction and Capital Investment to Mine Startup Substantially Complete.
Bulk sample currently being mined; mill startup to process bulk sample planned in March; 21 km of modern underground development (since 2019) provides good mining access and represents significant time and cost savings
Actual Costs: The Company has been operating underground for 16 months and the mill operated in 2022, which enabled a PFS based on realized costs for most operating metrics.
 
Wrapping up we also touched upon the strong endorsement and key milestone announced on January 2nd, that the Company has entered into a completed credit agreement with Nebari Natural Resources Credit Fund II LP pursuant to which the Company will borrow up to a maximum principal amount of US$35 million to be issued in three tranches of : (i) US$15 million (“Tranche 1”), (ii) US $15 million (“Tranche 2”), and (iii) US$5 million (“Tranche 3”). Tranche 1 was drawn down on December 31, 2024.  Shane shared the level of due diligence that Nebari had conducted and how this was simply another layer of professional vetting that the Madsen Mine restart plan has checked off successfully.
 
If you have any follow up questions for the team over at West Red Lake Gold please email me at  Shad@kereport.com.
 
In full disclosure, Shad is shareholder of West Red Lake Gold Mines at the time of this recording.
 
Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

Aclara Resources - 2024 Recap & 2025 Catalysts

Francois Motte, CFO of Aclara Resources (TSX:ACA) joins me to discuss a plethora of updates and advancements the Company achieved in 2024 and their outlook for 2025. 
 
Francois begins by detailing the strategic investments and financial milestones of 2024, where the Company raised $54 million USD. These funds are directed towards development projects in Chile and Brazil. 
 
He also explains the Company's evolution from a pure mining firm to a vertically integrated entity. We discuss the vertical integration strategy, outlining three key components: rare earth mining, separation, and production of metals and alloys. Francois provides an in-depth look at their efforts in advancing these areas through partnerships, pilot plants, and scoping studies aimed at refining their capabilities and production efficiencies.
 
We also get updates on individual projects in Brazil and Chile, the Carina and Penco Modules respectively. Francois shares insights into permitting and feasibility studies, as well as government and local community relations. 
 
Additionally, the Company’s efforts to incorporate AI technology into exploration and the creation of digital twins for operations are discussed. Francois elaborates on the transformative potential of AI in improving efficiency and reducing costs in exploration and mining processes. 
 
We conclude with a summary of key catalysts for 2025. These include advancing environmental permits, completing technical studies, executing pilot plant operations, and continuing to seek strategic investments.
 
Please email me any follow up questions you have for Francois. My email address is Fleck@kereport.com. 
 
Click here to visit the Aclara website to learn more about the Company.