The KE Report

Chris Temple – Base Metals, Gold, and Uranium Resource Stocks In The US To Benefit From The Trump Executive Order Focused On Sourcing Domestic Critical Minerals

Chris Temple, Editor and Publisher of the National Investor, joins us to delve into the renewed interest in base metals, gold, uranium, and other critical minerals and the implications and potential benefits to the US as a mining jurisdiction on the back of the new executive order from Trump issued on March 20th titled “Immediate Measures to Increase American Mineral Production.”
 
This executive order will utilize the Defense Production Act (DPA) to focus on sourcing more domestically mined, processed, or refined critical minerals and strategic mineral as a matter of national security.  There appears to be a joint effort between the U.S. International Development Finance Corporation and the Department of Defense to provide investment support, loans, and possibly grant for mining projects.  There is also an expedited priority on reviewing the permitting on projects seeking development from usual base metals like nickel aluminum and copper, but also includes rare earths, gold, and uranium.
 
Chris outlines what impact these initiatives may have on permitting timelines and regulations around developing new mines, as well as how this could affect opening up more funds, loans, and grants to bring in the necessary capital for moving these projects forward.  However, while there are many positives, Chris points to how many hurtles are still in place at various levels of government and from legal actions from NGOs; in addition to how much more real work is needed to earnestly impact the extractive industries in the United States.  We also layer on how this executive order squares with other policy initiatives like tariffs on many metals and countries, and a reduction in government workers and cost cutting measures.
 
This leads into a nuanced discussion of the spotlight and investor interest back on many of the large advanced projects that have been stalled for decades like Northern Dynasty’s Pebble, Trilogy’s Rambler road access to the Upper Kobuk mineral project, Rio Tinto’s Resolution Mine in Arizona, and the Teck-Glencore JV at NorthMet in Minnesota.  Chris reminds listeners that with all those projects, if they do ever get approved, they would still be many years from producing more of these critical minerals. 
 
He also highlights examples of how the government and manufacturers have a poor track record of acting in on these kinds of initiatives in a timely manner. Chris points to the disconnect in the long permitting process where the Bureau of Land Management (BLM) finally approved Lithium Americas Thacker Pass Lithium Project, and then automotive giant General Motors announced it would invest $650M in the mine project, giving GM exclusive access to the first phase of production.  When everything did finally start lining up for project development, the lithium prices which had been high for years reversed course and cratered in price, with an oversupply of lithium flooding the market and expectations being lowered for EV adoption rates and future demand.
 
We wrap up with Chris sharing why his top 3 commodities areas for this year are still gold, uranium, and traditional energy with oil and gas companies.   He is encouraged by the record all-time high prices in gold during the first quarter of 2025, but feels the biggest opportunity for resource investors at present is in the deeply discounted uranium equities, which he stated “are a gift at these levels.”
 
Click here to follow along with Chris at the National Investor website.

Gold Hunter Resources - Advancing the Great Northern Gold Project in Newfoundland, 2025 Exploration Plans

Sean Kingsley, President and CEO of Gold Hunter Resources (CSE:HUNT - OTCQB:HNTRF - FRA:6RH), joins me for a corporate update and outlook on upcoming exploration work at the Great Northern Gold Project in Newfoundland.
 
Since our last conversation in October, Gold Hunter has made progress, including completing an oversubscribed private placement of C$1.7 million, setting the stage to start fieldwork for this year.
 
Key Topics Covered:
 
Corporate Update & Funding:Sean details how the funds will be used to complete an airborne geophysical (VTEM) survey over the entire project area, helping define high-priority drill targets for summer.
Geological Setting & Resource Potential:The Great Northern Project includes a mix of current and historic resources, with geology comparable to the Valentine Gold Deposit currently being developed by Calibre Mining. The area hosts 18 mineralized zones, a past-producing mine, and widespread gold showings.
Strategic Vision for 2025:
Geophysical survey completion as a key early catalyst
Planning for a large-scale, aggressive drill program. Potentially up to 20,000 meters this summer
Newfoundland Advantage:Exceptional infrastructure with road access, nearby mill, hydroelectric facilities, a deep-sea port, and strong local support. Drilling logistics and rig availability are well in place.
Gold Market & Valuation Opportunity:Despite strong gold prices, juniors remain undervalued. Gold Hunter is aiming to capitalize on this disconnect with an initial exploration program this year of up to 20,000 meters.
To learn more, visit Gold Hunter Resources’ website
Have questions for Sean or the team? Drop them in the comments or reach out directly to schedule a call.

Scottie Resources – Ore Sorting Results, Direct Ship Ore Strategy, Upcoming Maiden Resource Estimate, Exploration Update

Dr. Thomas Mumford, Vice President of Exploration at Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review some results from the recent study on utilizing ore sorting, their research into pursuing a Direct-Shipping Ore (DSO) development strategy, the upcoming Maiden Resource Estimate, and an overall exploration review from 2024 and look ahead to the 2025 season at the Scottie Gold Mine Project, located in the Golden Triangle of British Columbia.
 
Thomas reviewed the advancements in ore sorting and how it paired well with their mineralization, with both XRF and XRT. This correlates well with the proposed DSO strategy, because of the ability to substantially increase grade while reducing the volume of material to be shipped and the resulting positive economic implications. Using XRF ore sorting technology, the operation will eliminate the need for a gold processing plant and tailings facility, thereby significantly reducing the capital required and resulting in a minimal environmental footprint.
 
When reviewing their direct-ship ore strategy, Thomas highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America's cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.
 
Thomas then provides a solid recap of last year’s exploration program and key drill targets and milestones at the Blueberry Contact Zone and Scottie Gold Mine area. This year’s program will be working on doing some infill drilling to convert categories from inferred to measured and indicated, but also following up on the discovery of the new Wolf discovery, the C&D veins, and some other new targets.  All the prior years drill results are being compiled at present building towards a Maiden Resource Estimate that is targeted to be out to the market in a few weeks as the next key company milestone.
 
If you have any questions for Thomas regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Scottie Resources at the time of this recording, but may choose to buy or sell any stock at any point in time.
 
Click here to follow the latest news from Scottie Resources

Snowline Gold - Q1 Recap: Drill Results, Upcoming Resource Update, Over $63 Million in The Treasury

Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF) joins me to recap key developments from Q1 and outline what’s ahead for this Yukon-focused gold explorer.
 
The company drilled 35,000 meters in 2024, including 25,000 meters at the Valley deposit, on the Rogue Project, which already hosts a 7.3 million ounces of gold resource. Recent results include 617 meters of 1.7 g/t gold from surface, with 202 meters at over 3 g/t. All the drilling from last year will factor into an updated resource estimate coming in the near term. 
 
Scott also discusses Valley’s high-grade starter zone, the potential for additional high-grade pockets within the system, and progress on the Preliminary Economic Assessment (PEA). With over $63 million in the treasury following a $20M financing, Snowline is fully funded through 2026.
 
Looking ahead, five rigs will return in May for a similarly sized drill program focused on advancing Valley and testing regional targets. Scott shares how early discoveries and consistent geology continue to support the district-scale opportunity Snowline is targeting.
 
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.

Blackrock Silver – 1.2km Step Out Scout Drilling To The Southeast Of DPM Area Hits New High-Grade Silver And Gold Zone at Tonopah West

Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss some of the recent high-grade silver and gold assays returned from the reverse circulation Scout Drilling Program completed on the southeastern side of the DPB M&I Conversion area on its 100% owned Tonopah West project located in Nye and Esmeralda Counties, Nevada, United States.
 
We start off reviewing all the exploration work completed in last year’s phase of the program with the 20,000 meters of M&I conversion drilling, and then focused on the additional 15,000 meters of drilling that has been added to this phase of the program.  In tandem with improving the continuity of mineralization, and converting resources from inferred to measured and indicated, there is also a fair amount of expansion drilling underway.
 
Andrew outlined that the assays from their reverse circulation scout drill program have returned significant gold & silver values in 7 drillholes that have successfully expanded the footprint of mineralization up to 1,200 meters to the east of the existing DPB resource toward the historic Ohio mine. These intercepts cover a new zone of mineralization not included in the 2024 resource that may impact the upcoming DPB South resource update (Q3, 2025);
 
Hole TW25-128 returned 9.6 grams per tonne (g/t) gold and 1,198 g/t silver over 1.52-metres (2,063 g/t silver equivalent (AgEq)) from 292 meters in the Ohio area;
 
Hole TW25-133 returned multiple thick zones of mineralization including 10.46 g/t gold and 10.6 g/t silver over 4.57-metres (952 g/t AgEq) including 1.52 meters grading 21.45 g/t gold and 15.7 g/t silver (1,948 g/t AgEq) from 309 meters
 
Next we reviewed the rising grade profile and shallow nature of some of the new mineralized zones that have been tested in the Measured and Indicated portion of the drill program from late last year and slated to complete next month.  Results continue to exceed expectations at the Merten-Bermuda vein group in the DPB South area, confirming high-grade silver and gold connects across significant length at higher-than-average grades. These results should positively impact the front end of the mine plan by adding higher confidence, higher grade mineralization at more shallow depths, and will be featured in the M&I resource update due out in September of Q3. The expansion drill results will keep being released through this year to be able to update that portion with a second resource update slated for Q1 2026, and then an updated PEA incorporating all that data is planned for Q2 of 2026.
 
We wrap up discussing the permitting progress underway on this patented land in Nevada, and how the new executive order from the Trump administration could positively affect the funding and development process for the Tonopah West Project.
 
 
If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.
 
 * In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording.
 
Click here to visit the Blackrock Silver website to read over the recent news we discussed.

Arizona Sonoran Copper – Derisking Work Building Towards A PFS On The Cactus Project, Update On Exploration, Envisioned Mine Plan, Permitting, And Strategic Stakeholders

George Ogilvie, President and CEO of Arizona Sonoran Copper (TSX:ASCU – OTCQX:ASCUF), joins us to outline all the ongoing derisking work building towards a Pre-Feasibility Study (PFS) on the Cactus Project in Arizona, as the next key company milestone. The overall Cactus Project now contains over 11 billion pounds (“lbs”)  of copper in all categories – 7.3 billion lbs of copper in measured and indicated, and 3.8 billion lbs in the inferred category.
 
We start off having George share how the incorporation of the MainSpring area into the larger Parks-Salyer deposit, has allowed for a shift from underground mining over to an open-pit mining method.  They are reviewing moving the center of the open pit more towards the high-grade portion of the  Park-Salyer deposit, and infill drilling is showing it expanding towards that direction, which should present better economics and a faster payback period in the upcoming PFS.
 
We discuss that there was no royalty on the Mainspring property area, and that in January the Company has bought back 1% of the of the Bronco Creek Exploration net smelter royalty (“NSR”) for a cash payment of US$500,000, reducing the NSR from 1.5% to a remaining 0.5% NSR near the high-grade area of the Parks-Salyer deposit.  This gives investors more upside to the project at present, but also presents an area that can be renegotiated with companies when assembling the capital stack down the road. In February a subsidiary of Royal Gold Inc. (RLGD:NASDAQ) has purchased an existing 2.5% NSR on a portion of the Cactus Project for cash consideration of US$55 million from Tembo Capital. ASCU has the right to buy back 0.5% of Royal Gold’s aggregate 2.5% NSR for US$7 million, by July 10, 2025.  This demonstrates the value that Royal Gold sees in the project.
 
Additionally, on January 31st Arizona Sonoran announced that it closed its private placement with Hudbay Minerals Inc. of 11,955,270 common shares at a price of C$1.68 for gross proceeds to the Company of C$20,084,853 million. Additionally, Nuton LLC, a Rio Tinto Venture, exercised its pre-emptive rights in respect of the Hudbay Placement, pursuant to the terms of its investor rights agreement, to maintain its 7.2% equity interest in the Company for gross proceeds of C$1,562,210.   Seeing strategic shareholders like Royal Gold, Hudbay Minerals, and Rio Tinto involved demonstrates a strong vetting process and validation of the importance of the Cactus Project.
 
The Cactus PEA released last year envisages an average 86k short ton (172 million pound) per annum open pit copper heap leaching operation over a 31-year mine life (“LOM”). In total, 5.3 billion lbs or 2.7 million short tons of LME Grade A copper cathodes is detailed for production directly onsite via solvent extraction and electrowinning hydrometallurgical processing. We discuss how the plan to produce high-purity copper cathodes domestically, presents distinct advantages in light of the new US copper tariffs.  There will be more challenging effects on other companies that need to send copper concentrates over to Asian smelters and then will be subject to those tariffs.
 
George outlines how 40,000 meters of drilling will mainly be infilling areas in the MainSpring property from inferred to measured and indicated, as well as further defining and expanding the resources at the Park-Salyer main area.  There is also more metallurgical work to prepare for incorporating these areas into the upcoming PFS, projected to come out in the Fall of 2025.  
The company is also looking at acquiring more adjacent private land that will assist with optimizing the site layout for development. George highlights the strength of the infrastructure in place, the access to power, and the
 
George also provides some updates on permitting for the project, and the importance of it being on private land to help expedite the process, and that they should be submitting their applications later this year for administrative acceptance by early 2026, and then approval 6 months later.  This will time out well with their Bankable Feasibility Study and the capital stack coming together for a construction decision late next year.
 
If you have any follow up questions for George about Arizona Sonoran, then please email us at Fleck@kereport.com or  Shad@kereport.com and we’ll get those reviewed by the company.
 
In full disclosure, Shad has a position in Arizona Sonoran Copper at the time of this recording and may chose to buy or sell shares at any time. 
 
Click here to visit the Arizona Sonoran website to read over all the recent news.

Dave Erfle - Q1 Gold Surge, Miner Margins, Why Have Stocks Lagged For 20 Years?

Dave Erfle, Editor of the Junior Miner Junky joins us to break down a remarkable Q1 for the precious metals sector - and what it could signal for the quarters ahead.
 
Key discussion highlights:
Gold’s record-breaking quarter: Gold posted its best quarterly performance in 39 years, closing Q1 up ~17%, while major mining ETFs like GDX surged ~35%, far outpacing broader market indices that struggled through their worst Q1 since 2022.
Profit margins hit historic highs: Gold producers saw margin expansion with some like Agnico Eagle achieving all-in sustaining costs below $1,300/oz vs. gold prices nearing $2,900/oz.
Investor capital still favoring gold ETFs over miners: Despite strong performance, Dave notes generalist investors are still hesitant to rotate into mining stocks, preferring the simplicity and perceived safety of gold ETFs. Low volumes in GDX/GDXJ reinforce that this trend hasn't fully shifted.
Structural issues in gold equity performance: The launch of ETFs like GDX and GDXJ coincided with the sector’s long-term underperformance vs. the gold price. Outside of short bursts in 2008, 2016, and 2020, gold stocks have lagged behind, prompting the question: can the trend reverse?
Outlook for retail interest and sector rotation: Dave emphasizes that a return of retail investors and increased fund allocation are key to sustaining the rally in miners. With the broader market weakening, he sees a growing opportunity for rotation — but it hasn't materialized in full force yet.
Silver’s critical level and broader sector leverage: Silver needs to break and hold above $35/oz to ignite the next leg up, particularly for silver equities and high-beta junior miners. Until then, performance will likely remain selective and stock-specific.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Fury Gold Mines - Strategic Acquisition of Quebec Precious Metals and Exploration Outlook For Quebec Projects

In this KE Report company update, I feature a deep-dive discussion on Fury Gold Mines (NYSE:FURY - TSX:FURY) recently announced all-share acquisition of Quebec Precious Metals (TSX.V:QPM - OTCQB:CJCFF) valued at just over C$4 million. This strategic acquisition will significantly expand Fury’s land position in Quebec’s James Bay region to over 157,000 hectares, pending deal completion in late April.
Joining me to break down the transaction and exploration plans are:
Tim Clark, President & CEO of Fury Gold Mines
Bryan Atkinson, SVP of Exploration at Fury
Normand Champigny, CEO of Quebec Precious Metals
Key Highlights from the Interview:
Deal Rationale & Strategic Fit:Tim Clark explains how the deal came together after ongoing conversations with Normand Champigny. The consolidation provides operational efficiencies, expands Fury’s footprint in a highly prospective district, and positions the company for long-term growth in Quebec.
Expanding James Bay Exposure:The acquisition nearly doubles Fury’s land package in James Bay, placing it in proximity to the Éléonore Mine, now owned by private Indonesian firm Delmar. The region is seeing rising M&A interest with recent ~$7.5B in M&A activity.
Project Overview – Quebec Precious Metals:Normand provides insight into QPM’s key assets, especially the flagship Sakami Project, with over 50,000 meters of historical drilling and strong gold potential. The project also includes lithium targets (notably Elmer East, next to Rio Tinto’s Galaxy project) and the advanced-stage Kipawa Rare Earths Project, jointly held with Investissement Québec.
Exploration Plans & Priorities:Brian Atkinson outlines Fury’s next steps:
Potential near-term maiden resource at Sakami through confirmation and extension drilling.
Review and prioritization of newly acquired properties in June through field visits.
Upcoming results from Éléonore South will help define 2025 drill plans, including possible follow-ups at Committee Bay and Eau Claire.
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

Erik Wetterling – Value Proposition In Inflection Resources, Magna Mining, and District Metals

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss the attractive value proposition he sees in 3 different gold – copper – critical minerals junior resource stocks. These companies have all released important exploration news over the last week, which sets up future news releases to build upon their current work programs.
 
Inflection Resources Ltd. (CSE: AUCU / OTCQB: AUCUF) announced on March 25th that AngloGold Ashanti Australia Limited (NYSE: AU / JSE: ANG) has completed Phase I of the Exploration Earn-in Agreement announced on June 14, 2023 by investing AUD$10,000,000 in the Company’s portfolio of copper-gold projects in New South Wales, Australia.  AngloGold Ashanti has designated a total of four copper-gold, Duck Creek, Trangie, Crooked Creek and Nynganto, proceed to Phase II of the Earn-In Agreement.
 
Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) announced on March 31st a batch of assay results from the producing McCreedy West Mine and the adjacent Levack Mine. Drilling at McCreedy West was focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining. Drilling at Levack was targeting the near surface Keel Footwall Cu zone.
 
District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) announced on March 26th drill assay results for five drill holes (GRAGR-151 to -155) completed during the Fall 2024 drill program at the base metal polymetallic Stollberg Property located in the Bergslagen Mining District in south-central Sweden.
 
* In full disclosure, the 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.  Additionally, Shad holds a position in Magna Mining at the time of this recording.
 
Click here to visit Erik’s site – The Hedgeless Horseman
 

Stillwater Critical Minerals – White House Executive Order On Critical Minerals Puts The Stillwater West Project Into Focus - Survey Targets Setting Up For 2025 Drill Season

Michael Rowley, President and CEO of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins me to review the recent news from last week’s Executive Order on critical minerals from the white house putting their flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana into focus for domestic development.
 
This Executive Order signed by United States President Donald J. Trump on March 20, 2025, titled "Immediate Measures to Increase American Mineral Production," invokes emergency powers to prioritize and accelerate domestic production of minerals listed as critical to the United States, with the objective of reducing reliance on imports. This Executive Order is the government's strongest action yet towards restoring America's domestic mining industry and is intended to counter the overwhelming control that other countries have over the supply of a number of minerals listed as critical to the economic and national security interests of the United States.  The order describes funding initiatives for domestic mining projects and calls for accelerated permitting and clarifications to the Mining Act, among other actions.
 
Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, chromium, cobalt, and gold plus as yet unquantified amounts of ruthenium and iridium. Overall, Stillwater West is uniquely positioned to become a primary source of nine commodities now listed as critical given our location immediately adjacent to Sibanye-Stillwater's operating mine complex in a historic American mining district where the production of critical minerals dates back to the 1880s.
 
With regards to this year’s exploration focus, Mike shares that multiple large-scale magmatic sulphide targets generated from a property-wide MobileMTm magneto-telluric ("MMT") geophysical survey were completed in late 2024 by Expert Geophysics Limited at Stillwater West. Data from the 2024 MMT survey was processed and incorporated into the Company's 3D geological model of the lower Stillwater Igneous Complex to prioritize targets with a focus on expanding current mid-grade and high-grade mineral resources.  There will be about 6,000 meters of drilling this year focused on those higher-grade targets, with plans to still update the resources from last year’s drilling in 2025, and then further update the resource again with 2025’s drilling and move towards a Preliminary Economic Assessment in early 2026.
 
 
If you have any questions for Mike regarding Stillwater Critical Minerals, then please email me at  Shad@kereport.com.
 
 
Click here to follow the latest news from Stillwater Critical Minerals