The KE Report

In this KE Report company update, we reconnect with Scott Berdahl, President & CEO of Snowline Gold, for a detailed discussion on the company’s transition from a strong PEA into a newly commenced Pre-Feasibility Study (PFS) at the flagship Valley Gold Deposit in Yukon.
This conversation focuses on what changes investors could see moving from the PEA to the PFS, how recent drilling may impact the resource and mine plan, and the extensive engineering and de-risking work already underway.
Scott also outlines what drill results remain pending from Valley and regional targets, Snowline’s broader exploration strategy alongside development, and why advancing Valley remains the core value driver for shareholders.
If you have any follow up questions for Scott please email me at Fleck@kereport.com.
 
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company - https://snowlinegold.com/
 
------------------------
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 KE Report daily editorial, we wrap up the year with Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network. Joel shares his high-level takeaways from a volatile but ultimately constructive market year, breaking down what worked, what faded, and which themes may carry into 2026.
Key discussion points include:
2025 Market Recap & Broadening Participation - A look at index performance, the shift away from mega-cap dominance, and why broader sector participation has been a healthy development.
Small Caps, Rates & Rotation - How easing rate expectations supported small caps and value, and why rotation beneath the surface matters more than headlines.
AI Trade: Winners, Losers & Reality Checks - From overheated valuations to infrastructure “picks and shovels,” Joel outlines where AI enthusiasm cooled and where fundamentals are reasserting control.
Macro Wildcards: Fed, Inflation & Politics - Tariffs, inflation data, rate cuts, and political noise - what markets are watching and what investors may be underestimating.
Sentiment, Risk & Positioning - Why this bull market continues to climb a wall of worry, plus practical thoughts on portfolio positioning based on time horizon and risk tolerance.
 
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/
 
----------------
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 update, Bob Archer, CEO of Pinnacle Silver & Gold (TSX-V:PINN | OTCQB:PSGCF), outlines the roadmap for the company's first-ever drill program at the El Potrero project in Mexico.
Following extensive sampling that averaged 8.5 g/t AuEq, the company is now moving into site preparation. This initial campaign is unique, as it focuses on delineation drilling - defining the size and shape of known high-grade shoots from within existing mine workings rather than speculative exploration.
Exploration & Development Roadmap
Underground Preparation: January is dedicated to enlarging drill stations and site safety (scaling/bolting).
The Drill Program: A 112-hole campaign (2,600m) consisting of short, 20–25m holes designed to define grade distribution and vein thickness every 12.5 meters.
Surface Targets: Following the underground work, drilling will move to surface to test the 500m gap between historic mines and additional veins like El Capulin.
Fully Funded: The company is currently closing a C$2.52M financing to cover both the underground and surface programs through 2026.
 
Please email me with any follow up questions you have for Bob - Fleck@kereport.com.
 
Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news 
 
----------------------
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 KE Report update, I’m joined by Tim Clark, President & CEO of Fury Gold Mines (NYSE/TSX:FURY), along with Bryan Atkinson, Senior Vice President of Exploration, to discuss the company’s growing gold resource portfolio and 2026 shift toward development in Québec’s James Bay region.
Key discussion points include:
Sakami Project - Inferred Resource Update - A newly outlined ~825,000-ounce inferred gold resource at 1.07 g/t Au, with upside potential from limited drilling and multiple open extensions.
Exploration Upside in James Bay - Multiple targets along a 23+ km gold-bearing structure, supported by solid infrastructure and low discovery costs.
Strategic Focus for 2026 -  Fury is shifting capital and attention toward advancing its most de-risked asset, Eau Claire, while maintaining optionality across its broader land package.
Eau Claire - Moving Toward Production - Ongoing drilling focused on resource conversion, continuity, and improving the production profile as the project advances from PEA toward Feasibility Study.
If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com. 
 
Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news.
----------------
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.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks higher in 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, despite the big moves higher already seen this year.  Will the silver price keep moving higher in a catchup trade to incentivize new production or development, or could we instead see a sharp pricing correction in the near future?
 
We start off reviewing silver’s continued breakout up above $66 on both the spot and futures charts, as we spoke on Wednesday morning.
John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.
We review the slightly different monetary drivers for gold versus silver’s industrial component, but then discuss it is really the large investment demand that is flowing into the whole sector via metals, ETFs, and individual equities which is moving the pricing up in the most dramatic legs higher.
Next we consider how much technical pricing momentum may be fueling more speculation where buying simply begets more buying.
While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.
We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.
We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board.
Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from copper, platinum, and palladium, to zinc, antimony, tungsten, rare earths, lithium, and uranium throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.
 
Click here to follow John’s analysis and articles over at Substack
 
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.

Trent Mell, President, CEO, and Founder of Electra Battery Materials Corporation (NASDAQ: ELBM) (TSX-V: ELBM), joins me for a comprehensive overview the value proposition for the Company, as a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries and for the defense industry.
 
Electra’s primary focus is constructing North America’s only hydrometallurgical facility capable of refining  cobalt sulfate, and it has an operating history of previously producing cobalt carbonate and nickel carbonate. This is part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. Electra’s cobalt sulfate refinery is located in Ontario, Canada, near some of the largest auto manufacturing centers in North America.
 
Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials like lithium and graphite.
 
Trent reviewed their strategic government-backed infrastructure with support from U.S. Department of War, the Government of Canada, and the Invest Ontario program. The Company has in place 2 key feedstock contracts with Glencore and Eurasian Resources Group (ERG), as well as commercial offtake agreements with LG Energy Solution and off-book government and manufacturing organizations.
 
In addition to the main opportunity and contracts in place to feed the refinery, Electra holds a significant land package in Idaho’s Cobalt Belt, including its Iron Creek project and surrounding properties, positioning the Company as a potential cornerstone for North American cobalt and copper production. The potential exists to add future Idaho feedstock to supplement the Ontario refining, to add in the processing of nickel sulfate, in addition to the battery recycling expansion opportunity.
 
If you have any further questions for Trent regarding Electra Battery Materials Corp, then please email them into me at  Shad@kereport.com.
 
Click here to follow the latest news from Electra Battery Materials Corp
 
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 KE Report company update, we’re joined by Colin Padget, President & CEO of Founders Metals, for a concise, big-picture look at the rapidly expanding Antino Gold Project in Suriname. With the land package nearly tripled and multiple drill-ready targets, the focus is on how the company is prioritizing growth heading into 2026.
Key discussion points:
District-Scale Expansion - Founders has expanded Antino from ~20,000 to ~56,000 hectares, unlocking new high-priority targets adjacent to known mineralization.
Upper Antino - High-Grade Core - ~75,000 meters drilled to date, with continued strike and depth expansion supporting a multi-million-ounce potential.
Lower Antino & Buese - Scale and Optionality - Broad, consistent mineralization from surface at Lower Antino and a mix of bulk-tonnage and higher-grade zones at Buese add meaningful upside.
2026 Exploration Strategy - Systematic drilling, geophysics, and auger sampling across the expanded land package, including first-pass drilling on large, previously untested anomalies.
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/
 
----------------
For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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 company introduction, Alex Black, Executive Chairman of Rio2 (TSX:RIO | OTCQX:RIOFF), discusses the company’s transition from developer to producer.
Rio2 is nearing first gold production at its Fenix Gold Project in Chile, while simultaneously acquiring the Condestable Copper Mine in Peru to provide immediate cash flow.
Project Highlights
Fenix Gold Project (Chile):
First Production: Construction is nearly complete; first gold pour is scheduled for January 2026.
Initial Scale: Phase 1 targets 100,000 oz/year via run-of-mine heap leaching.
Growth: A massive 5-million-ounce resource supports expansion to 300,000 oz/year by 2030.
Condestable Copper Mine (Peru):
Strategic Acquisition: Rio2 is acquiring this producing mine for $241M USD, returning to the jurisdiction where the team previously built and sold Rio Alto Mining for $1.2B.
Financial Strength: Projected to generate $145M USD annual EBITDA at spot prices, funding gold expansions with minimal dilution.
Stability: Features over 10 years of reserves and a 45,000-hectare underexplored land package.
Key Financials & Team
Fully Funded: Closed an upsized C$191 million bought deal in December 2025 to fund the copper acquisition and general growth.
Proven Team: Led by Alex Black and President and CEO Andrew Cox, a management group with a history of successful multi-billion dollar exits in Latin America.
 
If you have any follow up questions for Ian or want more information on any of the projects please email me at Fleck@kereport.com.
 
Click here to visit the Rio2 website - https://www.rio2.com/
 
------------------
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 company update, Zach Flood, President and CEO of Kenorland Minerals (TSX-V:KLD | OTCQX:KLDCF), discusses the maiden resource at the Regnault gold deposit within the Frotet Project, Quebec.
 
Zach recaps the path from a 2020 grassroots discovery to a 2.55 million ounce Inferred resource at 5.47 g/t gold. We dive into the valuation of Kenorland’s unique 4% NSR royalty on the project, now 100% owned and operated by Sumitomo Metal Mining. Zach also outlines the expansion potential remaining at Regnault and provides an outlook for Kenorland’s extensive 2026 exploration pipeline.
Key Highlights: Regnault & Beyond
Maiden Resource Milestone: The inaugural estimate outlines 14.5 million tonnes at 5.47 g/t Au for 2.55 Moz of gold. This was achieved in under five years with a discovery cost of roughly $20 per ounce.
High-Value Royalty: Kenorland holds a 4% NSR royalty (with a 3.25% uncapped floor if buy-downs are exercised), considering the company’s sub-$200M CAD market cap.
Exploration Blue Sky: The system remains open in multiple directions, with 19 high-grade vein models currently excluded from the resource due to drill spacing.
Sumitomo Operatorship: With Sumitomo now at the helm, baseline engineering is underway for a potential underground exploration decline to facilitate future bulk sampling.
Aggressive 2026 Pipeline: Beyond Frotet, Kenorland is preparing for major partner-funded programs at South Uchi (with Auranova) and the Western Wabigoon and Flora projects (with Centerra Gold).
 
If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at Fleck@kereport.com.
 
Click here to visit the Kenorland website - https://www.kenorlandminerals.com/
 
---------------------
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 KE Report Daily Editorial, we’re joined by Jim Tassoni, CEO of Armor Wealth Strategies, for a momentum-focused look at equities, metals, energy, and cryptocurrencies. Jim outlines where trends are strengthening, where momentum is fading, and the key technical levels guiding his trades as markets head into year-end.
Key discussion points include:
Equity Index Momentum & Year-End Positioning - Small caps continue to lead while the S&P 500 and NASDAQ struggle to regain upside momentum. Jim explains how year-end hedging and profit protection may be driving choppy price action and why January could be decisive.
Silver’s Breakout & Gold’s Steady Trend - Silver’s explosive move into the $60+ range remains a strong momentum trade, though short-term exhaustion is showing. Gold continues to grind higher with longer-term momentum intact.
Dollar, Bonds, Oil, and Bitcoin Trends - The U.S. dollar has turned lower, bonds suggest a potential yield-curve steepening, oil remains under pressure, and Bitcoin continues to trade with bearish momentum after a sharp pullback.
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading - https://armorwealthstrategies.com/
 
---------------
For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ 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.