The KE Report

In this company update, we sit down with Colin Padget, President and CEO of Founders Metals (TSX.V:FDR - OTC:FDMIF - FSE:9DL0), to review the latest drill results and the monumental land expansion at the Antino Gold Project in Suriname. Following the recent news release, Colin breaks down the high-grade hits at Lower Antino and explains the strategic significance of growing the project footprint to a staggering 100,000 hectares.
Discussion Highlights:
High-Grade Consistency at Lower Antino: Colin discusses the recent drill results, including a headline intercept of 90 meters at 1.02 g/t Au, and the importance of high-grade "kicks" within broad mineralized zones.
Massive District Land Expansion: An exploration of why the company expanded its land package to 100,000 hectares and how this consolidates an entire greenstone belt region.
Prioritizing the 2026 Drill Program: Insights into how the company is balancing exploration across Upper Antino, Lower Antino, and new regional targets like the 5km auger anomaly in the north.
Fully Funded for Aggressive Growth: A look at the company’s robust treasury of $55 million and a planned $35–$37 million spend for 2026 to unlock first-order discoveries.
 
If you have any follow up questions or topic you would like Colin to address please email me at Fleck@kereport.com. 
 
Click here to visit the Founders Metals website - https://www.fdrmetals.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 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 and nuanced discussion around fundamental drivers, macro catalysts, and technical momentum factors that are leading to volatility in precious metals like silver, gold, and platinum, and the related PM stocks.  We also review initiatives from industry and governments to secure supplies of domestic critical minerals like copper, nickel, zinc, uranium, and rare earths.
 
We start off reviewing the run in silver, gold, and platinum to new all-time highs just in January, followed by a sharp reversal lower the last day of the month and over the handful of trading sessions to kick off February. 
 
John touches upon the series of potential catalysts that led to the swift correction in metals process from investors “with large profits that needed to be protected,” the Trump appointment of Kevin Warsh to the Fed, both US and Chinese commodities exchanges raising margin requirements to trade the metals, and corrective trends pressuring a number of equity market sectors and the crypto space lower in sympathy.
He contrasts those headwinds with the longer-term positive tailwind catalysts for the precious metals; arising from central bank buying of gold, geopolitical uncertainties, concerns about the growing national debt, and the desire to cut interest rates and run the economy hot to try and grow the US out of the economic challenges it faces, which will end up being even more inflationary.
 
John reviews the investing strategies he is utilizing in his own portfolio of resource stocks; where he is dollar cost averaging into quality producers and developers across a range of key metals stocks using low-ball bids to accumulate positions on pricing pullbacks.
 
When discussing the growing demand for critical minerals globally for defense and industry, John highlights the recent US initiative to build a strategic minerals stockpile dubbed “Project Vault.”  The discussion is also taking place about the government setting pricing floors in many critical minerals to encourage development of domestic mineral deposits or with trading partners, getting around the artificially low prices set by China.  We also discuss the large capex spends from tech and AI companies and how commodity intensive that physical buildout will be in combination with the energy needs. 
 
We discuss merger & acquisitions from precious metals companies into copper and critical minerals deposits may be the right kind of diversification taking advantage of the larger macro themes in the commodities sector.   John stresses the importance of investors continuing to get educated on the specific uses and demand factors in some of the more niche’ critical minerals and energy metals, to better understand the individual companies they are investing in.
 
Click here to follow John’s analysis and articles over at Substack
 
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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.
 

Steve Penny, Founder and Publisher of The SilverChartist Report is back! Steve joins me to rapid-fire through a number of charts and key technical analysis takeaways on the Silver monthly and daily charts, the Amplify Junior Silver Miners ETF (SILJ), the SILJ:Silver ratio chart, the Gold monthly & daily charts, the VanEck Gold Miners ETF (GDX), the Gold:Silver Ratio chart, the Sprott Physical Uranium Trust (SRUUF), the Sprott Uranium Miners ETF (URNM), and the Uranium:Gold ratio chart.
 
 
Click below to learn more about Steve’s Silver Chartist analysis & community:
https://silverchartist.com/plans
 
 
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.
 

David Wolfin, President and CEO, and Nathan Harte, CFO of Avino Silver and Gold Mines (TSX:ASM – NYSE:ASM), both join me for a video review of the key metrics and takeaways from the Q4 operations at both the Avino Mine and now with first production contributions from the La Preciosa Mine, both located in Durango, Mexico.  We also discuss the 30,000 meter drill program, with exploration divided equally across both project areas to increase resources, and outline the future growth initiatives and value proposition for the company.
 
We start off having David highlight the Company’s 5-year production growth plan, to become a larger Mexican intermediate silver producer.  With the ramping up of development and first production at the La Preciosa Project in late 2025, this will lead to meaningful production growth in 2026 and beyond along side the Avino Mine. Then starting in 2028, the Tailings Project will further augment production and lower costs.
 
Fourth quarter 2025 production was 345,298 silver oz, 1,687 gold oz, 1,295,244 copper pounds (“lbs”), , for consolidated production of 671,583 silver equivalent (AgEq) ounces (oz), with over 50% of AgEq production coming from silver.
 
Full year 2025 production results of 1,157,828 silver oz, 7,621 gold oz and 5,667,996 of copper lbs for a total of 2.6 million AgEq oz. Full year production results were within thier production estimated guidance of 2.5 to 2.8 million silver equivalent ounces.
 
OPERATIONAL HIGHLIGHTS – Q4 2025
 
Commenced Processing of La Preciosa Development Material: Avino commenced extraction, haulage and processing of mineralized development material from the La Preciosa Mine during the quarter at an average rate of 200 tonnes per day. In total, 11,995 tonnes of mineralized material were processed at the Avino milling and processing facility, which is located 19 kilometres away from the entrance to the La Preciosa Mine.
Silver Production Increased 22%: Avino produced 345,298 silver equivalent ounces in Q4 2025, representing a strong increase from Q4 of 2024. The increase was driven by development production from La Preciosa, which contributed 48,244 silver ounces, as well as 6% higher silver production from the Avino Mine.
Continued Elevated Mill Throughput: In Q4 2025, Avino achieved 4% higher mill throughput versus Q4 2024, totalling 189,338 tonnes of material. These throughput levels have been consistent throughout 2025 and were a result of upgrades and automation enhancements made by our operations and maintenance teams, resulting in significant improvements in mill availability.
Rapid progress at La Preciosa: Avino announced the commencement of underground development at La Preciosa on January 15, 2025, and has been able to extract, haul, process and sell mineralized material from the mine in less than 1 year. Over 24,000 tonnes of material have been mined from La Preciosa in 2025.
The Gloria and Abundancia veins have been intercepted on the San Fernando ramp that has been driven from surface to Level 3. Development mining is taking place in both directions, south and north of the ramp on each vein for a total of 4 working development faces.
Avino had approximately US$100 million in cash as of December 31, 2025, as their balance sheet continues to strengthen in this high underlying metals price environment and in line with the company growth initiatives.
 
 
If you have any follow up questions for David regarding Avino Silver and Gold then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.
 
Click here to follow the latest news from Avino Silver and Gold Mines
 
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.
 
 
 

In this daily editorial, we are joined by Joel Elconin, co-host of the Pre-Market Prep show and founder of the Stock Trader Network. As earnings season continues to put a spotlight on heavy capital expenditures in the tech sector, Joel breaks down the noticeable shift in market sentiment and what it means for the broader indices.
The conversation explores the growing tension between AI-driven growth and high valuations, contrasting the recent tech sell-off with the steady performance of value-oriented sectors. Joel shares his seasoned perspective on why diversification and cash-flow-positive companies are becoming the primary focus for institutional investors in the current environment.
Key Discussion Points:
The AI Spending Pivot: Why the market is no longer rewarding massive CapEx on AI, even when companies like Google (GOOGL) report strong revenue growth.
Software Sector Vulnerability: A look at how AI tools are allowing users to rewrite code, potentially wounding traditional software models and forcing a "sea change" in tech.
The Return to Value: Why "companies that sell things" like Kroger (KR) and Walmart (WMT) are gaining favor as investors seek safety in cash flow and dividends.
Risk Management & The "YOLO" Trade: A deep dive into the reversal of fortune for retail favorites like Bitcoin, Robinhood (HOOD), and Coinbase (COIN), and why cost-basis perspective is critical.
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/
 
Summary of Stocks & Symbols Mentioned: Google (GOOGL), Microsoft (MSFT), Walmart (WMT), Kroger (KR), Bitcoin (BTC), Robinhood (HOOD), Coinbase (COIN), Palantir (PLTR), MicroStrategy (MSTR).
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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 Rob Bergmann, CEO of Relevant Gold (TSX.V:RGC - OTCQB:RGCCF), to discuss the company’s systematic transition from "proof of concept" to aggressive discovery drilling this year. Relevant Gold is a North American gold explorer focused on the district-scale potential of the Bradley Peak and Southern Pass camps in Wyoming. 
Key Discussion Points:
Bradley Peak and the Apex Target: Rob recaps the 2025, 5,102-meter drill program at Apex, which confirmed a large-scale orogenic system extending to depth. The discussion highlights the identification of a parallel mineralized structure that significantly expands the project's scale.
Southern Pass and the Lewiston Project: A review of high-grade surface results at Lewiston, where recent work extended the primary Burr trend by 2.5 km. Rob explains how geophysical data and rock chip samples - grading up to 25.4 g/t gold, 2,203 g/t silver, and 12.7% copper - are guiding the upcoming drill holes.
The 20,000-Meter 2026 Strategy: An inside look at the plan for the upcoming season, aiming for a minimum of 20,000 meters of drilling. 
 
Click here to visit the Relevant Gold website to learn more about the company. - https://relevantgoldcorp.com/
 
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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 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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that caught his attention from post conference meetings and based on recent news from 1 gold developer/explorer and 1 earlier-stage gold exploration company; both going after drill targets on large potential Tier-1 deposits that would be of interest to senior producers if discoveries are made.
 
 >> The companies we discussed in the interview are:
 
Goldsky Resources Corp (TSXV: GSKR) (FNSE: GSKR SDB) (OTCQX: GSKRF) (FRA: HEG0)
On January 28th, 2026 the Company announced that it entered into a definitive agreement with Agnico Eagle Sweden AB, a wholly-owned subsidiary of Agnico Eagle Mines Limited, pursuant to which Goldsky has agreed to acquire the remaining 55% interest in the Barsele Gold Project in Sweden from Agnico, resulting in Goldsky consolidating 100% ownership of Barsele.
On February 3rd, 2026 the Company announced commencement of the 2026 winter drilling season at its 100% owned Rajapalot property in Northern Finland. Four diamond drill-rigs have been mobilized to site over the past weeks and have begun a 10,000 meter drilling program.
 
Kirkland Lake Discoveries Corp. (TSXV: KLDC) (OTCID: KLKLF) 
On January 22nd, 2026 the Company announced an update on its ongoing, fully funded 25,000-m diamond drilling program at its KL West Property in the Kirkland Lake region of Ontario. Recent drilling and associated geochemical results have confirmed altered syenite intrusions as a primary control on gold mineralization at the Wolverine Bend target. These results validate the Company's exploration model and significantly expand the interpreted scale and style of intrusion-related gold mineralization along the Winnie Lake Stock ("WLS") contact corridor.
ON December 18th, 2026 the Company announced that it has entered into a definitive agreement with Orecap Invest Corp. providing for the acquisition of the Mirado Gold Project, a 2,500-hectare property hosting an inferred historical resource of 10.6 Mt at 1.29 g/t for ~442,000 oz Au with strong opportunities for near-resource expansion and regional discovery.
 
* 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 website
 
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 KER Market QuickTake episode, hosts Cory Fleck and Shad Marquitz provide a post-mortem analysis of the recent Metals Investor Forum (MIF) and Vancouver Resource Investment Conference (VRIC). After a week of historic volatility in the precious metals sector, the team breaks down the shift in investor sentiment from extreme euphoria to the "gut-wrenching" price action seen at the end of January 2026.
Discussion Highlights:
Conference Euphoria and Market Sentiment: Shad and Cory recount the high-fives and hugs seen in Vancouver as Silver briefly touched triple digits and Gold approached $5,000, signaling a level of retail excitement not seen in over a decade.
The Historic Reversal: A deep dive into the massive price drop on January 30th, where Silver fell over 30% from its intraday highs, and whether this represents a healthy correction or a definitive blow-off top.
The Rise of the Generalist Investor: Observations on the return of family offices and promoters from other sectors, highlighting a significant increase in liquidity and financing sizes for junior miners.
Strategic Resource Rotation: Why smart money is currently rotating profits out of precious metals and into "energy metals" like Copper, Lithium, and Uranium, as well as traditional Oil and Gas.
Government Intervention & Policy: Discussion on the impact of "Project Vault" - the U.S. government’s new $12 billion mineral stockpile initiative - and its implications for critical mineral supply chains.
 
Click here to learn more about the upcoming MoneyShow in Las Vegas on February 23-25. Shad and I will be on stage and on the floor for all 3 days. We would love to see you there!
 
Let us know your thoughts on the KER Market QuickTakes - Fleck@kereport.com and Shad@kereport.com.
Please share with friends and associates! 
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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, Darrell Rader, President and CEO of Minaurum Silver (TSXV: MGG | OTCQX: MMRGF | Frankfurt: 78M) joins us to discuss the roadmap that led to the initial 55 million ounce AgEq resource and outlines the aggressive 50,000-meter expansion program currently underway at the Alamos Silver Project in Sonora Mexico. With a treasury backed by a recent $25M financing and a focus on high-grade targets, the company is aiming to elevate Alamos into a 100-million-ounce silver district in Mexico.
Key Discussion Highlights:
Initial Resource & Strategic Evolution: How the transition from Minaurum Gold to Minaurum Silver reflects the company's focus on the Alamos Project, which recently debuted an initial resource of 55 Moz AgEq at 320 g/t AgEq.
The 50,000-Meter Expansion Goal: Insights into the current drill program - the largest in company history - designed specifically to push the global resource beyond the 100-million-ounce threshold.
Targeting High-Grade Vein Systems: A breakdown of the primary drill targets, including Europa, Promontorio, and Travesia, and the potential for depth and strike extensions across 26 identified vein zones..
Strong Financial Position: Details on the company’s $25M treasury, ensuring full funding for the current exploration phase and upcoming resource updates.
 
Click here to visit the Minaurum Silver website and read over the recent news - https://minaurum.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.

Graham Richardson, CFO of Faraday Copper (TSX:FDY – OTCQX:CPPKF), joins me to provide a comprehensive #exploration overview of the key objectives and targets of the ongoing 40,000 meter Phase 4 drill program, at their 100% owned Copper Creek Project in Arizona. This drilling will be factoring into an updated copper Resource Estimate, and will be combined with other data-collection and metallurgical studies which are all feeding into more advanced project economics.
 
Half of this Phase 4 drill program will continue to be focused on defining, expanding, and testing new targets all around the American Eagle Area of the Project. Graham and I discuss the follow up plan for a number of key targets at the recently discovered Banjo Breccia and Winchester Breccia, Giuseppe, and Prada.  In addition, 10,000 meters will be allocated on true exploration by putting some holes into earlier-stage exploration targets at the Sunrise Trend and Bunker Hill area (which may indicate the presence of a new porphyry system).
 
Highlights from the first batch of drill holes from Phase 4:
 
Five drill holes in the American Eagle area intersected near-surface mineralization above open pit cutoff grade and further the potential for an open pit resource to be defined above the existing American Eagle underground resource. 
Drill hole FCD-25-134 intersected several mineralized intervals for a combined 177 metres (“m”) greater than 0.30% copper, expanding the known extent of the Winchester breccia to within 100 m from surface. Copper intercepts include:
17.58 m at 0.44% copper from 109.42 m;
16.46 m at 0.57% copper from 184.54 m; and
45.25 m at 0.42% copper from 256.28 m. 
North of the Banjo breccia, drill hole FCD-25-129 intersected 56.00 m at 0.41% copper from 160.00 m (approximately 100 m below surface), including 24.00 m at 0.64% from 164.00 m.
The drill holes reported herein further increased confidence of the near-surface mineralization in the American Eagle area and geotechnical holes confirmed the rock competency is consistent with the current resource, and is suitable for efficient open pit mining.
 
 
About 10,000 meters of the Phase 4 campaign will be following up on results from Phase 3 that targeted near-surface supergene copper mineralization with the goal of better understanding the distribution of oxide mineralization. This near-surface oxide mineralization would be leachable and important in the early years of a development scenario of the Copper Creek Project.
 
In addition to expanding mineralization, testing new breccia targets, and infilling the American Eagle area in the upcoming Phase 4 drilling, there still will be some further definition holes drilled down into the deeper porphyry targets at the American Eagle and Keel deposits to better understand the geological controls, hydrology, and structural mineralization.
 
The company is well cashed up to complete all these work programs in 2026.  Graham highlights the strong roster of shareholders, including the Lundin Family and Murray Edwards, as well as a number of institutional investment firms.  We wrap up discussing the infrastructure advantages and positives of operating in Arizona as a jurisdiction. 
 
If you have any questions for Graham regarding Faraday Copper, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Faraday Copper at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to view the latest news from Faraday Copper
 
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.