The KE Report

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.  

Silver47 Exploration - Insights On The Merger With Summa Silver

In this Company Update, we welcome Gary Thompson, CEO of Silver47 Exploration (TSX.V:AGA - OTCQB:AAGAF - FRA:QP2), to discuss the recently announced merger between Silver47 and Summa Silver. Following the merger, Gary will step into the role of Executive Chairman of the combined company. Gary explains the strategy behind building a larger, year-round silver explorer.
 
Key topics covered:
Merger rationale: Accelerating growth by combining inferred and indicated silver-equivalent resources from projects in Alaska, Nevada, and New Mexico, totaling over 236 million oz AgEq inferred and 10 million oz AgEq indicated.
Red Mountain (Alaska): The flagship asset, now with added critical minerals (antimony & gallium). Plans for up to $8M in exploration and a potential PEA in 2025.
Hughes & Mogollon Projects: Two high-grade silver projects in the American Southwest from Summa Silver, offering year-round exploration flexibility.
Capital strategy: How the team plans to grow without excessive dilution, using focused drilling and potential future M&A to drive scale.
Leadership & vision: Gary Thompson and Summa CEO Galen McNamara aim to build a premier U.S. silver name, with ambitions to list on a major U.S. exchange.
📩 Have questions for Gary or the team? Send them in and we’ll get them answered! Fleck@kereport.com and Shad@kereport.com 
 
Click here to read over the corporate presentation outlining the merger.

Snowline Gold - Resource Update Now Almost 9Mil Oz Au, & 30,000m Drill Program Underway

I’m joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for a comprehensive update on the updated resource and this year’s drilling now underway at the company’s flagship Rogue Project.
 
Key Highlights:
The updated resource at Valley now totals 8.83 million ounces of gold (M&I + Inferred), including 7.94Moz in the Measured and Indicated categories.
Consistency and high-grade near-surface mineralization are proving pivotal, with exceptional conversion from Inferred to Measured & Indicated.
A 30,000-meter 2025 drill program is now underway, including:
20,000m focused on Valley (infill, step-outs, geotechnical work)
10,000m targeting 5+ regional targets across Rogue, Cynthia, and Einarson projects
First-ever PEA expected in the coming weeks, putting hard economics around this world-class open-pit system.
Scott also discusses:
Why the Valley system's high-grade consistency is game-changing for development and future studies
The exploration potential for new “hotspots” within the broader intrusive complex
Strategic positioning as a globally significant gold asset with strong institutional interest
Send your questions for Scott to be addressed in upcoming interviews! My email address is Fleck@kereport.com.
 
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company. 

Weekend Show - Mike Larson & Axel Merk - Navigating Volatility, Tariffs, Fiscal Cracks, and the Precious Metals Bull Run

This weekend's show dives into the critical crosscurrents shaping markets today - from the whipsawing S&P to bond market tremors, US fiscal recklessness, and the resurgent gold and silver trade. Mike Larson (MoneyShow) and Axel Merk (Merk Investments) unpack the volatility, dissect the macro trends, and spotlight where savvy investors should be focusing their firepower.
 
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!
 
Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.
 
Segment 1 & 2 - Mike Larson, Editor-in-Chief at Money Show, shares a big-picture market outlook amid rising volatility, U.S. fiscal concerns, and shifting sector opportunities. He explains how fading tariff fears have given way to deeper worries over deficits and bond market stress, outlines selective bullishness in gold, defense, and energy, and discusses why precious metals and Bitcoin may outperform in a fractured financial landscape.
Click here to find out about the upcoming MoneyShow conferences. 
 
Segment 3 & 4 - Axel Merk, President and CIO of Merk Investments, joins the show to discuss global market volatility, U.S. monetary and fiscal shifts, and the rising appeal of gold. He outlines how trade disruptions, rising interest rates, and fragmentation in global capital flows are reshaping the financial landscape, explains why gold is regaining institutional interest while miners remain under-owned, and highlights how improved margins and financing activity suggest we’re still in the early stages of a precious metals bull market.
Click here to learn more about Merk Investments.
 

Elemental Altus Royalties – Record Annual Q1 2025 Revenue And Operating Cash Flows, With More Growth On Tap

Fred Bell, CEO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review the key takeaways from news out on May 20th on their Q1 2025 financials, including record quarterly revenues, EBITDA, and cash flows. We also discuss the financial and development growth on tap for 2025, with updates at key royalty partner operations.
 
Q1 2025 Highlights
 
Royalty revenue of US$11.6 million and adjusted revenue1 of US$13.3 million, up 179% on Q1 2024
Attributable Gold Equivalent Ounces1 ("GEOs") of 4,606 ounces, up 102% on Q1 2024
Adjusted EBITDA1 of US$11.5 million, up 259% on Q1 2024
Operating Cash Flow plus Caserones dividends of US$3.3 million, up 182% on Q1 2024 with the majority of royalty revenue received post quarter end
Final US$3 million of the Company's Revolving Credit Facility ("RCF") fully paid down in the quarter
Over US$22 million cash on hand as of May 20, 2025 alongside the Company's US$50 million undrawn RCF2025 Outlook
 
2025 Outlook
Company remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to record adjusted revenue of US$30.1 million to US$34.3 million, based on a gold price of US$2,600/oz and a copper price of US$4.00/lb. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty
This guidance represents a 38% increase in GEOs and 50% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
Elemental Altus is in a net cash position, with flexibility for new acquisitions utilising the $50 million RCF and the strong free cash flow being generated
Elemental Altus has a Normal Course Issuer Bid ("NCIB") in place to purchase up to 12,288,129 common shares in the capital of the Company
 
Fred breaks down the financial strength of the company, and the leverage of it’s balance sheet to rising production and revenues in a higher metals price environment. He also highlighted with the roughly $20 million in cash on hand, the expected revenues over $30 million this year, a number of additional incoming $15 million in one-off payments, and the $50 million credit facility on hand, that the company is in a great position to keep reviewing acquisition transactions in the year to come.
 
Wrapping up we cover some of the anticipated growth of the projects at their key cornerstone royalty assets: Caserones, Karlawinda, Korali-Sud, Bonikro, and Wahgnion, the value in their one-off portfolio payments this year, and what types of assets are under consider for future acquisitions.
 
 
If you have any follow up questions for Fred regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to view recent news on the Elemental Altus Royalties website

Marc Chandler - Return of Tariff Volatility, Currency Shifts, and the Rise of the "Sell America" Trade

In this KE Report daily editorial, we welcome back Marc Chandler,  Managing Partner at Bannockburn Global Forex  and Editor of Marc to Market, to unpack the market-shaking announcement from President Trump: a potential 50% tariff on European Union goods. This policy shift has reignited global trade tensions and is already sending shockwaves through equity, bond, and currency markets.
 
Marc provides a wide-ranging macro breakdown, covering:
The market reaction to renewed tariff threats, including the sharp sell-off in European equities and rally in bonds.
A detailed look at currency market trends, including strength in the euro, pound, Canadian dollar, and Chinese yuan… and a weakening U.S. dollar index.
Why the dollar's recent weakness is more about the U.S. itself than foreign currency strength.
How global capital flows are evolving, including surprising Q1 U.S. inflows and a nuanced view on the so-called "Sell America" narrative.
An emerging trend: the U.S. dollar as a new global carry trade - a role once dominated by the Japanese yen.
Big-picture risks in bond markets and the potential geopolitical realignment between the EU and China, as Europe grapples with economic and strategic pressure from both the U.S. and Russia.
 Visit Marc to Market for more of Marc's analysis.

Blue Lagoon Resources - Near-Term Gold Production In BC and Exploration Growth Strategy

 
In this KE Report company introduction, we speak with Rana Vig, President and CEO of Blue Lagoon Resources (CSE:BLLG - OTCQB:BLAGF), a company on the verge of near-term gold production in British Columbia. With production expected to begin as early as July, the company is focused on generating cash flow through a toll milling agreement with Nicola Mining and using those proceeds to fund exploration across its land package.
 
Key topics covered:
Roadmap to production and the significance of the recently granted permit - one of only seven hard rock mining permits issued in B.C. in the past decade.
Toll milling strategy to avoid heavy CapEx and environmental liability.
Initial production forecast of 15,000 oz gold in year one, ramping up to 20,000 oz annually.
The company’s 218,000 oz M&I gold resource and why a PEA has been deferred until production cash flow validates the asset.
Exploration potential from over 50,000m of recent drilling, new high-grade hits below the current resource, and several untested veins across a 22,000-hectare property.
A look at the insider ownership and key strategic shareholders, including Crescat Capital and Nicola Mining.
Visit the company website: https://bluelagoonresources.com/
 
Have questions? Leave a comment or email us (Fleck@kereport.com). I will follow up directly with Rana.

Talisker Resources – Ore From The Mustang Mine Is Being Trucked Over To Nicola Mining’s Craigmont Mill For Processing And Ramp Up Into Gold Production

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins me to review the renewed the milling agreement with Nicola Mining Inc. in connection with processing run of mine material from the Mustang Mine, at the Bralorne Gold Project, over to Nicola’s Craigmont Mill located in Merritt, British Columbia.  The company announced on May 15th that as of Sunday, May 11th, Talisker initiated the trucking of run of 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.
 
To date, a total of 640 tonnes of run of mine material from along the Alhambra Vein has been transported to the Craigmont Mill. A processing stockpile will be developed at the Craigmont Mill over the next month to allow operational continuity. Milling is expected to proceed soon thereafter. We discuss the development work underway on the pathway to near-term gold production at the Mustang Mine over the next few months.
 
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. To date, a total of 286.6 metres of development has been completed at the Mustang Mine including waste development on the 1090, 1085, 1100, 1105 and 1120 levels and development on mineralized vein material on both east and west fronts on the 1060 and 1075 levels.
 
We shift over to the measured ramp-up of throughput from mined ore at the Mustang Mine with throughput starting at 100 tonnes per day (tpd) in the next 2 months, then moving up to 175 tpd after that, and then 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 have been studies 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

Brien Lundin - Junior Gold & Silver Stocks Outperforming, Drill Plays Of Interest

In this KE Report Daily Editorial, we reconnect with Brien Lundin, Editor of the Gold Newsletter and Host of the New Orleans Investment Conference (Nov 2–5), to break down the shifting dynamics in the precious metals equity sector, especially the rising tide lifting junior mining stocks. A wave of capital is moving down the food chain, from majors to juniors.
 
Topics covered include:
A broad rotation into juniors, with many financings being upsized or quickly closed.
The psychological impact of gold’s price stability and its role in driving resource stock revaluations.
The divergence in valuations for ounces in the ground - and why some juniors are still deeply undervalued.
Why silver stocks are suddenly attracting attention, despite higher prices earlier this year.
Brien’s top silver picks: Vizsla Silver, Aftermath Silver, Hawthorne Resources, Silver Tiger.
Exploration-focused drill stories Brien is following this summer: Prospector Metals, K2 Gold, Dryden Gold.
Plus, a reminder to join us at the New Orleans Investment Conference in November. Click here to follow Brien’s Gold Newsletter and learn more about this year’s conference. 

Power Metallic Mines - Fully Funded 100,000m Drill Program Underway at NISK Project

In this KE Report Company Update, we’re joined by Terry Lynch, CEO of Power Nickel Mines (TSX.V:PNPN - OTC:PNPNF - FRA:1VV), to discuss the company’s aggressive and fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec. 
 
Key Highlights from the Interview:
Exploration Strategy: A six-rig program focused on expanding the Lion Zone at depth, exploring new polymetallic targets, and connecting a 5+ km corridor between Lion and NISK East.
Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway to confirm high recovery rates.
Financing & Market Volatility: Terry explains the timing behind the capital raise, recent market headwinds triggered by tariff fears, and how investor sentiment impacted the stock despite strong news flow.
Name Change Rationale: Rebranding from Power Nickel to Power Metallic better reflects the polymetallic nature of the discovery, which includes high grades of copper, nickel, PGEs, gold, and silver.
Click here to visit the Power Metallic website for more information on the company.
📬 Send in your questions - we’ll follow up with Terry as more drill results come in. Fleck@kereport.com and Shad@kereport.com