The KE Report

Craig Hemke - Markets Drop, Precious Metals Follow: What Comes Next?

 
Craig Hemke, editor of TF Metals Report, to dissect last week's sharp market selloff and its impact on precious metals. While gold and silver had been climbing steadily through Q1 - gold even up nearly 20% - they were not immune to the broad pullback, with both metals reversing sharply alongside global equity markets.
 
Key topics discussed:
 
The market-wide selloff and its ripple effect on gold and silver. Craig explains how liquidity needs and portfolio rebalancing by large funds contributed to the drop - even as fundamentals for precious metals remain intact.
Historic parallels and sentiment shifts. Craig outlines similarities to past corrections and why this could be another consolidation before a rebound.
Q1 earnings vs. market reaction. Despite record-high margins and profitability for gold producers, investors remain hesitant. Craig shares why generalist interest hasn't stuck - and whether this quarter's blowout numbers will matter.
The frustrating disconnect in gold stocks. Gold is up over almost 100% since 2022 lows, yet many miners are still well below 2020 peaks. We explore what’s holding them back: lack of growth, muted capital returns, and sector-wide neglect.
Commitment of Traders (COT) report insights. Craig gives a preview of what the upcoming COT report may reveal about speculative positioning - why we might be nearing a reset point for the next leg higher.
 
Long-term outlook for miners and strategy moving forward. With major producers sitting on strong balance sheets, M&A could heat up. Craig encourages a stock-picking approach: identify well-positioned juniors near large players rather than broad ETF exposure.
 
Click here to visit Craig’s website - TF Metals Report

AbraSilver – Another Batch Of High-Grade Silver Intercepts From Phase 4 Drilling, Extending JAC Mineralization at Diablillos; Including 63.5 Metres Grading 190 g/t Ag

John Miniotis, President and CEO and David O’Connor, Chief Geologist of AbraSilver Resource Corp (TSX: ABRA) (OTCQX: ABBRF), join me to review the next batch of drill assays returned from step-out drilling at the JAC Extension and Oculto Northeast zones, at their wholly-owned Diablillos property in Salta Province, Argentina.    
 
These 11 holes that had assays released on April 2nd are part of the recently completed Phase IV exploration program comprised a total of 21,172 meters drilled across 106 holes, and they returned multiple high-grade silver intercepts beyond the current conceptual open pit margins. two of the holes highlighted were Hole DDH 24-084 which intersected 63.5 meters (m) at 190 g/t Ag, from 80 m depth, including 9.0 m at 341 g/t Ag , and then Hole DDH 24-088 which intersected 70.0 m at 147 g/t Ag, from 61 m depth, including 9.0 m at 331 g/t Ag. The Company is currently awaiting assay results from the final holes from this program, which are expected to be received over the next several weeks.
 
John points out that these results are expected to contribute to a meaningful increase in the upcoming Mineral Resource estimate, scheduled for release in mid-2025, which will form the basis for the Definitive Feasibility Study that is currently underway. 
 
Dave outlines these holes demonstrate the continuity and consistency of the near-surface silver mineralization at the south and southwest border of the JAC open pit, and even stepping outside of the known area, which is continuing to expand the mineralization and will be incorporated into the updated mineral resource. He also highlights some of the addition growth areas at the Oculto Northeast extension and new Oculto East target, (previously referred to as Cerro Bayo), and how the intercepts are starting to encounter more gold along with the silver in this area.
 
We also get an update on the financial health of the company with the recent $58.5 million capital raise which will fund future work programs including the Phase 5 drill program, a resource update, permitting initiatives, and an upcoming Definitive Feasibility Study (DFS) next year taking things to a construction decision in 2026.
 
 
If you have any follow up questions for John or Dave regarding at AbraSilver, then please email me at Shad@kereport.com.
 
 
In full disclosure, Shad is a shareholder of AbraSilver at the time of this recording.
 
Click here to visit the AbraSilver website and read over the most recent news releases.

Novo Resources - Exploration Update Across Key Australian Gold Projects

A busy drill season is underway for Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO), with programs spanning multiple high-potential gold projects across Australia.
 
Mike Spreadborough, Executive Co-Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources, join me for a comprehensive update on the company’s exploration strategy, with programs spanning multiple gold projects across Australia.
 
Key Discussion Highlights:
The first exploration at the newest gold projects in New South Wales and when drilling will start
Details on a new drill program targeting high-grade structures - including why the team is especially excited about one specific trend
Updates from the ongoing Aircore campaign in the Pilbara and how early results could shape the next phase of work
A clear view on how Novo is managing its exploration budget and staying fully funded through a busy 2025
Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  
 
Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.

Temas Resources - ASX Listing and Major Raise to Fund La Blache and Innovative Processing Tech

Kyler Hardy, Executive Chairman at Temas Resources (CSE:TMAS - OTCQB:TMASF - FRA:26P0) joins me to discuss the company’s growth strategy, including a planned listing on the Australian Securities Exchange (ASX) as well as updates on its critical minerals projects and proprietary metallurgical technology.
 
Key Highlights:
 
Why the ASX? Kyler explains the reasoning behind the move, noting the ASX's stronger performance in resource and tech markets and its more attentive investor base. The dual listing aims to unlock valuation upside by aligning Temas with peers trading at higher multiples and by leveraging the reach of PAC Partners, who are backing the financing.
Financing Structure and Use of Capital The proposed raise of between A$6-15 million, priced at a minimum of A$0.20/share. When completed at the high end, proceeds will fund:
Infill drilling (up to 10,000m) at the flagship La Blache Titanium Dioxide Project in Québec, targeting a resource upgrade
Advanced metallurgical testing to validate and refine the company’s proprietary hydrometallurgical recovery process
Further work at the Lac Brûlé Project, including drilling and a PEA to advance this smaller, higher-grade titanium asset
Expansion and potential commercialization of Temas’ technology and patent portfolio
Technology with Transformational Potential Temas owns 50% of a portfolio of patents that enable low-emission, closed-loop metal recovery using a hydrochloric acid-based hydromet process.
Proven effective in pilot testing for titanium, vanadium, and iron
Broad application across cobalt, nickel, copper, rare earths, and more
Please keep emailing me your questions for Kyler. My email address is Fleck@kereport.com.
 
Click here to visit the Temas Resources website to learn more about the Company.

Weekend Show - Dana Lyons & Jordan Roy-Byrne - Focusing On The Charts: Markets, Gold & Silver

Welcome to the KE Report Weekend Show! 
 
After a wild week driven by geopolitical volatility, it's a perfect time to tune out the headlines and focus on the charts. This weekend’s show is all about technical analysis. Both of our guests share valuable insights on how to trade and invest through uncertain market conditions.  
 
If you enjoy the show, be sure to explore our website (kereport.com), 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!
 
Segment 1 & 2 - Dana Lyons, fund manager and editor of The Lyons Share Pro, kicks off the show by outlining his disciplined, chart-driven strategy in navigating extreme market volatility driven by tariffs and geopolitics. He emphasizes sticking with bearish positioning based on his quant models, highlights sentiment extremes as a potential setup for a bounce, and notes strength in defensive sectors like utilities, consumer staples, and gold, which remains in a strong uptrend.
 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. 
 
Segment 3 & 4 - Jordan Roy-Byrne, CMT, MFTA, editor of The Daily Gold, wraps up the show by providing a technical deep dive on gold, silver, and mining stocks, emphasizing that gold is in the early stages of a new secular bull market following key breakouts. He outlines short-term signs of a potential interim top, but sees this as a setup for a healthy correction before another leg higher, with $4,000 as a long-term target and historically strong miner margins supported by a breakout in inflation-adjusted gold.
 
Click here to visit Jordan’s site - The Daily Gold
 

Joel Elconin - Market Gaps Down, Is There Anywhere To Hide?

Joel Elconin, co-host of PreMarket Prep, joins us to break down another brutal day for markets across the board. 
 
Following last week’s warning signs, Joel returns to assess what now feels like a full-blown market unwind. Stocks are down sharply, volatility is surging, and investors are scrambling for safety - yet even traditional defensive sectors are cracking under pressure.
 
Key Theme: With equity markets collapsing, safe havens weakening, and algorithmic selling accelerating, we could be witnessing a structural shift in how investors interact with markets.
 
🔻 Market Breakdown:
S&P down nearly 6%, Nasdaq and small caps also getting crushed — a continuation of the post-Liberation Day selloff.
Circuit breakers in focus: Markets approached the 7% intraday decline threshold, reminiscent of March 2020.
Joel’s technical take: Watching the S&P Cash Index closely - with a potential downside target of 4,150 - 4,200 based on long-term retracement levels.
No signs of capitulation (yet): Joel stresses the selloff remains “orderly,” not panic-driven - but warns that real capitulation could trigger deeper damage.
Gaps aren’t the focus: Unlike previous pullbacks, Joel isn’t seeing actionable gaps in the futures market and cautions against assuming they'll be filled quickly.
A generational investor shift: The meme-stock era and rise of zero-day options have created a “casino-like” market dynamic, distorting fundamentals..
Cash is king right now - and Joel, like Warren Buffett, is comfortable sitting in yield-bearing instruments..
Safety trades showing cracks: Bonds and the dollar are catching bids, but even those trades aren’t bulletproof in this environment.
💬 Big Picture Insights:
“The past 100 years of U.S. free trade policy was just overturned in a week — the markets are reacting accordingly.”
“We're not seeing capitulation - yet. But volatility is feeding on itself.”
“There’s nowhere to hide. Even defensive names and dividend plays are getting hit.”
 
Click here to visit Joel’s PreMarket Prep website.
 
Click here to visit the Stock Trader Network.

Marc Chandler - Market Meltdown and Currency Chaos

It’s a sea of red across global markets. Equities are plunging, volatility is surging, and only a few safe havens are in the green: the US dollar, bonds, and volatility indices.
 
Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website. Marc joins us to unpack the major market moves, including how currencies are reacting amid surging volatility, global trade tensions, and a growing fear of a longer-term downturn.
 
Key Theme: Global markets are rattled as trade war fears and volatility spark widespread selling, prompting concerns over central bank responses and capital flight.
 
Highlights from the discussion:
 
Major equity indices plunge: S&P 500 down 8%, Nasdaq down 9%, and IWM (small caps) down 10% - just four days into April.
Currency market reactions: Despite expectations of dollar strength post-tariffs, the USD sold off sharply, with the yen strengthening as US rates dropped. But then the dollar bounced back today.
Volatility spikes: The VIX surges 34% to hit 40, marking a significant shift in sentiment and a surge in hedging activity.
Gap theory in focus: Marc discusses technical "gap" patterns in equity markets and how they could hint at potential snapback or further downside.
Commodity selloff: Gold drops $200 in days (though still over $3,000), silver plunges from $35 to $29, copper dropped huge from record highs, and oil falls below $62.
Central bank watch: Powell signaled patience after a strong jobs report, but growing calls for emergency rate cuts suggest market stress could force action.
Click here to visit Marc’s site - Marc To Market. 

Midnight Sun Mining - Major 2025 Exploration Plans At The Solwezi Project: 3 Target Areas All To Be Drilled

 
Adrian O’Brien, VP of Business Development and Communications at Midnight Sun Mining (TSX.V:MMA - OTC:MDNGF), provides an update on the company’s progress at the Slowezi Project in Zambia, where active exploration is underway across three key targets: Dumbwa, Kazhiba, and Mitu.
 
Dumbwa - Flagship Target Now 100% Owned
Midnight Sun has regained full control after KoBold Metals Midnight Sun has regained full control after KoBold Metals and Midnight Sun mutually agree to terminate the earn-in.
The project is being advanced under the technical leadership of Kevin Bonnell, PhD, who played a key role in expanding Barrick’s Lumwana project.
A dipole-dipole IP survey is underway to define drill targets along a 20-kilometer soil anomaly.
A 7,000 to 10,000-meter drill program will follow in mid-2025.
Kazhiba - High-Grade Oxide and Sulfide Targets
Previous drilling returned 21 meters of 10.69% copper and 26 meters of 5.6% copper.
4,000 meters of RC drilling planned.
Mitu - Advancing to Drill Stage
Large-scale geochemical survey underway; drilling expected in 2025.
Includes a previously drilled intercept of 12 meters of 4% copper.
Budget and Funding
Fully funded with C$10.5 million in the treasury.
Total 2025 exploration program estimated at C$3 to C$4 million.
Initial work across all targets is highly cost-efficient, with a C$500,000 budget for the first phase of geophysics and RC drilling.
 
Click here to visit the Midnight Sun Mining website to read over the recent news. 

Santacruz Silver Mining – Successful Bolivian Promissory Note Offering, Early Repayment Plan To Glencore, Strong Q4 Production Metrics

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap key financial and operational updates for the company from newsflow during the first quarter.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.
 
We start off on the financial side of the business, reviewing the news out on February 27th where its wholly owned subsidiary in Bolivia, San Lucas S.A., successfully completed the first offering of promissory notes, named “Pagarés Bursátiles San Lucas – Emisión 1,” under its San Lucas Promissory Notes Issuance Program. The offering was oversubscribed and sold out in a matter of 15 minutes, for gross proceeds of 70 million Bolivian Boliviano. The notes have a 6.25% interest rate, a maturity date of February 15th, 2026 and are unsecured.  It was encouraging to Arturo to see the support from in-country stakeholders in Bolivia.
 
Next, we reviewed the news out on March 20, that the Company has structured and implemented a plan to exercise its Acceleration Option to satisfy the Base Purchase Price owed to Glencore, by making payments on a schedule that aligns the accelerated timing whilst meeting the Company’s commitment to financial discipline and a strong balance sheet. The plan’s primary objective is to save the Company US$40 million.The Company successfully completed the first component of this plan, an initial payment to Glencore of USD$10 million, on March 20, 2025. Moving forward under the plan, Santacruz will make bi-monthly payments of USD$7.5 million commencing in May 2025 until reaching a total of USD$40 million, with all payments scheduled to be completed by October 31, 2025. This structured plan reflects the Company’s commitment to fulfilling its obligations and achieving cost savings while maintaining financial discipline and strong cash reserves over time.
 
Then Arturo takes us through the Q4 2024 operational results where 4,710,013 silver equivalent ounces were produced from its Bolivar mine, Porco mine, Caballo Blanco Group of mines and the San Lucas ore sourcing business all located in Bolivia, and the Zimapan mine located in Mexico. Silver production rose by 3% compared to the previous quarter, reaching 1,761,686 ounces.
 
Q4 2024 Production Highlights:
 
Silver Equivalent Production: 4,710,013 silver equivalent ounces
Silver Production: 1,761,686 ounces
Zinc Production: 23,357 tonnes
Lead Production: 2,932 tonnes
Copper Production: 248 tonnes
 
 
If you have any follow up questions for Arturo regarding Santacruz Silver,  then please email them in to me Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Santacruz Silver at the time of this recording.
 
Click here to follow the latest news from Santacruz Silver Mining

FPX Nickel - Scoping Study For Nickel Refinery Plan & 2025 Work at Baptiste Nickel Project

 
Martin Turenne, President and CEO of FPX Nickel (TSX-V: FPX - OTCQB: FPOCF), joins me to discuss the company’s latest developments, including a scoping study for North America’s first large-scale nickel sulfate refinery, and the 2025 roadmap for the Baptiste Nickel Project, in central BC, one of the world’s largest undeveloped nickel deposits.
 
Key Interview Highlights:
Scoping Study – A Made-in-Canada Nickel Sulfate Refinery: FPX released a scoping study evaluating a standalone refinery to process Baptiste’s concentrate into battery-grade nickel sulfate, creating a vertically integrated EV supply chain solution in Canada.
Strategic Positioning in Critical Minerals: Martin outlines how FPX is leading peers with clear, actionable steps toward domestic refining capacity—an essential piece of North America's EV supply chain strategy.
2025 Work Plans for the Baptiste Project:
Entry into the Environmental Assessment (EA) process expected in Q4 2025
Ongoing environmental baseline work, engineering studies, and geotechnical drilling
FPX is the first company accepted into BC’s new Critical Minerals Office (CMO), helping streamline EA permitting
Government Policy & Industry Tailwinds: Martin shares insights from ongoing provincial and federal discussions. While government capital may be limited, support for faster permitting and critical mineral policy is the focus.
Global Nickel Outlook & Indonesia's Dominance: Despite nickel prices remaining subdued around $7/lb, nearly 50% of global production is unprofitable at this level, especially in Indonesia.
Strong Balance Sheet in a Challenging Market: FPX remains well-capitalized with ~C$30 million in cash, setting it apart from other junior nickel peers.
Global Generative JV with Japan's JOGMEC: Exploration efforts are ongoing to identify additional awaruite-hosted nickel deposits globally. More news expected in the coming weeks.
Visit FPX Nickel’s website for full technical details and recent news releases.