The KE Report

Ewan Webster, President and CEO of Thesis Gold Inc. (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF), joins us for a comprehensive overview of the Pre-Feasibility Study (PFS) announced on December 1st, at the combined Lawyers-Ranch Project, in the Toodoggone Mining District of British Columbia.
 
This Lawyers-Ranch project hosts a resource of 4.7 million gold equivalent ounces, with a substantial silver contribution, but the PFS economics are based solely on the Proven & Probable Reserves of 3.2 Moz AuEq.
 
PFS highlights are summarized below:
Strong Economics at US$2,900 per ounce of gold (oz Au) and US$35 per ounce of silver (oz Ag):
Pre-tax: 73.5%, internal rate of return ("IRR") and $3.73 billion net present value at a 5% discount rate ("NPV5%")
After-tax: IRR of 54.4% and an NPV5% of $2.37 billion
At US$4,100/oz Au and US$51/oz Ag:
Pre-tax: 117.4% IRR and $6.86 billion NPV5%
After-tax: 87.8% IRR and $4.36 billion NPV5%
Strong Early Production: Strong gold-equivalent ("AuEq")* annual production rates for the first three years averaging 266,000 ounces**, and 187,000 ounces** over the Life of Mine.
Increased Tonnes Processed, Increased Throughput Rates and Extended Mine Life: Despite the removal of Inferred Resources from the mine plan, total tonnes processed rose by 18% (relative to the 2024 Preliminary Economic Assessment). Process plant throughput increased by 9% to 13,700 tonnes per day (t/d) and the mine life increased to 15-years, based solely on Measured and Indicated Resources.
Mineral Reserve: Maiden Mineral Reserve statement with 76.16 million tonnes of ore grading 0.97 g/t Au and 28 g/t Ag for a total AuEq grade of 1.33 g/t.
Low All-in Sustaining Costs ("AISC"): Average AISC of US$1,185 per AuEq ounce.
Silver: Silver production accounts for approximately 23% of revenue.
Quick Payback: The Project offers an after-tax payback period of 1.1 years at US$2,900 Au and US$35 Ag.
Capex: Initial capital expenditure is estimated at $736.2 million, with a compelling after-tax NPV5%:initial capital ratio of 3.2:1. The initial capital estimate does not consider a potential revenue of $91.1 million in pre-production revenue from processing stockpiles as part of the initial commissioning and ramp-up plan.
Project Upside: Significant project upside exists both in the potential to further optimize engineering design through a Feasibility Study, and in the project-wide exploration potential that remains untapped.
The PFS did not include recovery of the crown pillar between the open pit and underground workings. With further study there is an opportunity to increase the mineable ore from underground without impacting the open pits.
Inferred mineral resources from both Ranch and Lawyers are not captured within the PFS mine plan. Upgrading the classification of these Inferred ounces through additional drilling presents an opportunity to potentially expand the mineable materials.
Numerous early-stage and undrilled targets exist across the entirety of the Lawyers-Ranch tenure, and Thesis is focused on a comprehensive, systems-based approach to unlocking additional exploration potential in an emerging porphyry district.
 
 
 
If you have any questions for Ewan regarding Thesis Gold, then please email them into us at Fleck@kereport.com or Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Thesis Gold at the time of this recording and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Thesis Gold
 
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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 KE Report update, we speak with Rick Van Nieuwenhuyse, President & CEO of Contango ORE (NYSE American: CTGO), and Shawn Khunkhun, President & CEO of Dolly Varden Silver (NYSE American: DVS, TSX-V: DV), to outline the strategic merger creating a new high-grade gold–silver producer.
Why the merger works Contango brings strong cash flow (≈US$100M/yr) from the Mahn Choh DSO operation with Kinross, while Dolly Varden contributes a high-grade silver–gold portfolio in BC’s Golden Triangle. 
Development pipeline Lucky Shot remains next in line for production using the DSO model, followed by the high-grade Johnson Tract project. Dolly Varden’s Wolf, Homestake, and broader Kitsault Valley assets gain funding and technical depth to accelerate exploration.
DSO strategy advantages High grade, small footprint, no mill or tailings required, and access to existing underutilized processing facilities support a scalable, low-capex production approach.
Valuation opportunity The combined entity is expected to begin around 0.5x NAV, with potential re-rating as size, liquidity, cash flow, and index inclusion improve.
Also please share your thoughts on the merger in the comments or email Shad and I at Fleck@kereport.com and Shad@kereport.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. 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.

Today we welcome Dave Erfle, founder and editor of Junior Miner Junky, to break down a big week in the resource sector. Two major M&A deals hit the tape while silver powered above $60/oz, adding fuel to an already strong precious-metals bull market.
Key Discussion Points
Dolly Varden Silver + Contango Ore Merger A cash-flowing US gold producer (CTGO) joins a high-grade silver explorer (DVS/DV.V). Dave explains why this de-risks Dolly Varden and brings retail strength and silver exposure to Contango.
How to Value the New Company With production, exploration, and sizeable free cash flow combined, Dave outlines why valuation becomes more complex.
Silver Over $60/oz Dave highlights technical targets, a falling gold–silver ratio, and why silver equities remain highly leveraged to the move.
Rio2 Acquires Producing Copper Mine Rio2 (RIO/RIO.V/RIOFF) adds immediate cash flow through a US$217M purchase in Peru, supporting its Phoenix Gold Project as it nears first pour.
Trend: Juniors Bolting On Production Dave notes this strategy - seen with Integra, Discovery Silver, and Heliostar - is becoming the go-to model for developers to avoid heavy dilution.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.
 
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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 KE Report update, I speak with Simon Dyakowski, President & CEO of Aztec Minerals (TSX.V:AZT | OTCQB:AZZTF) about the company’s decision to expand the Tombstone drill program to 8,500 meters, progress to date, and what investors can expect next.
Key Discussion Points:
Program Expansion: Why the RC portion was increased and how stronger-than-expected drilling performance supports the updated plan.
Assay Delays & Timing: Lab repairs, new staffing, and when outstanding results from late summer and fall are expected.
New Drill Targets: Additional holes focused on the South Extension and moving west toward areas historically viewed as more silver-rich.
Core Drilling Update: A new rig and crew have significantly improved performance, with the first deep hole completed and CRD-focused targets now underway.
Potential Resource: With growing drill density along the Contention trend, Aztec will assess whether a maiden resource is feasible after this program.
Strong Treasury: ~$9M cash supports completion of the program and ongoing work without additional financing.
Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 
 
Click here to visit the Aztec Minerals website.
 
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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.

Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive update on their recent name change from Troilus Gold due to them having a project of scale with a substantial copper component, at the Gold-Copper Troilus Project located in northcentral Quebec, Canada. 
 
The potential for large future copper production, in concert with the gold and silver, has been integral in building out the capital stack with ECAs and MCAs, getting offtake agreements in place, and in bringing in key investors into the most recent capital raise.  In addition, we discuss the advancement of basic and detailed engineering studies, get an update on the permitting progress, review peer comparisons on valuations, and discuss the exploration success at the Southwest Zone and the upcoming regional drill program,
 
We start off noting that at present there are already 13 million gold equivalent ounces in all categories in place at the deposit; but that the 22 year projected mine life and robust economics are only factored on roughly half of these resources at present.
 
On November 19, 2025,Troilus Mining announced that it has increased its previously announced debt financing mandate from US$700 million to up to US$1 billion. The upsizing of the mandate reflects the strength of current commodity markets and the material uplift in project economics relative to the conservative assumptions used in the Feasibility Study. It also underscores the continued confidence of the Company’s lending partners and Troilus’ growing strategic importance as one of North America’s next major copper-gold mines.
 
On November 14, 2025, Troilus Mining announced that it has closed its previously announced bought deal public offering, including exercise of the over allotment option issuing 133,722,000 common shares of the Company at a price of $1.29 per Common Share for aggregate gross proceeds of $172,501,380. The net proceeds from the sale of the Offered Shares will be used by the Company to fund ongoing pre-development activities, debt repayment, and for working capital and general corporate purposes.
 
Basic engineering of the Project led by engineering partner BBA Inc has now mostly been completed, and is moving on to detailed engineering.  Following the completion of trade-off studies and process flowsheet definition earlier this year, the focus shifted to cost estimation, procurement, and execution planning. Major deliverables - including capital cost estimates, vendor evaluations, and project execution plans - are now well advanced, supporting a targeted construction decision in 2026. Key trade-off studies were conducted, resulting in design improvements to support scalability, operational robustness, and energy efficiency, with minimal impact to capex.
 
Construction Readiness and Commissioning Preparation
 
Layouts of construction facilities have been developed to optimize logistics and cost planning.
Review of 3D models for the Project’s process plant, dry comminution circuit, and site infrastructure is over 30% complete.
Commissioning systems have been identified and sequenced to ensure a structured transition from construction to operations.
 
Switching over to the permitting progress, on June 25th the Company announced that it had officially filed the Environmental and Social Impact Assessment (“ESIA”) with both the Government of Québec and the Government of Canada. The submission of the ESIA marks a major milestone in the development of the Troilus Project, representing the culmination of over five years of comprehensive baseline studies, robust technical evaluations, and meaningful engagement with Indigenous and local communities. Permitting should time out with remaining economic studies and engineering for a construction decision in 2026.
 
Wrapping up we discussed all the infill and expansion drilling at the Southwest Zone this year that will continue into next year, which has continued to hit increased grades over broad intercepts.  Raising the grade profile of this key area positively impacts the first 5 years of mining in the development scenario.  Justin also highlights regional drilling opportunities that the exploration team will pursue in 2026.
 
 
If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Troilus Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow along with the latest news from Troilus Gold
 
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.
 

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the most recent batches of high-grade gold drill assay results reported over the last month from the 64,000 meter 9-rig 2025 drill program; at the Surebet Discovery on its 100% controlled Golddigger Property, located in the Golden Triangle, British Columbia.
 
Select highlights outlined in the news released on December 2nd:
 
Headline drill hole # GD-25-383 intersected 7.28 g/t Au over 8.00 meters, within 5.85 g/t Au over 10.00 meters in the Eocene-aged Reduced Intrusion Related Gold (RIRG) dyke that remains open.
Drill hole # GD-25-311 intersected two gold-rich veins, including 15.13 g/t Au over 3 meters from a section of quartz-sulphide veining with multiple occurrences of VG-NE corresponding to the Bonanza Zone that remains open.
Drill hole # GD-25-370 intersected three gold-rich veins in the Bonanza Zone that remains open assayed up to 5.66 g/t Au over 5.05 meters, including 9.24 g/t Au over 3.05 meters from a zone of strong quartz sulphide veining and breccia with numerous occurrences of VG-NE.
 
Select highlights outlined in the news released on November 17th, 2025:
 
Headline Drill hole # GD-25-377 intersected three separate intervals. The first being 10.25 g/t Au over 7.02 meters, within 7.16 g/t Au over 10.84 meters, within 5.20 g/t Au over 15.00 meters containing multiple occurrences of VG-NE within a zone of strong quartz-sulphide veining hosted in the Bonanza Zone that remains open.
Drill hole # GD-25-332 intersected 13.38 g/t Au over 5.75 meters, including 15.83 g/t Au over 4.86 meters, including 19.87 g/t Au over 3.87 meters part of a zone of quartz-sulphide veining containing multiple occurrences of VG-NE hosted in in the Goldzilla Vein that remains open.
Drill hole # GD-25-380 intersected 6.61 g/t Au over 5.80 meters, within 4.83 g/t Au over 8.00 meters from an interval corresponding to the Goldzilla Vein containing VG-NE in quartz-sulphide veins.
 
Roger outlines that the high-grade gold-mineralization seen in in the Reduced Intrusion Related Gold (RIRG) dyke in hole #383 is right between prior holes #237 and #226 drilled in 2023, showing the broad mineralization and good odd of continuity in the Eocene-aged mineralization.   It adds to the thesis to continue testing and drilling the many other RIRG dykes in the system.
 
He also points out that the high-grade gold intercepts coming from drillholes into the Bonanza Zone, (a series of stacked veins dipping to the southeast, where the sediment rock packages contact the volcanic rock packages), has been expanded this mineralization to 1.25 km along its east-west orientation. The mineralized trend still remains open for expansion to the northwest where Bonanza extends for 580 meters.  He notes that there are plenty of holes still pending to report from this year’s program, and many targets to keep going after in the Bonanza Zone in next year’s fully funded drill program.
 
Assays are still pending for 70 holes from this year’s exploration campaign, of which 55 (representing 79% of the total pending) contain up to 12 occurrences of visible gold to the naked eye (VG-NE); see images in the press release from December 2nd. The intercepts reported thus far are approximately true width and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn multi-element assays are returned from the lab in the weeks and months to come).
 
 
If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Goliath Resources at the time of this recording and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Goliath Resources
 
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 speak with Craig Hemke, founder of TF Metals Report, about silver’s surge toward $60/oz, strong copper performance, and how this week’s Fed meeting may drive the next move in metals and miners.
Key discussion points:
Silver strength - Breaking above $54, triggering momentum buying and short covering.
Gold’s unusual back-to-back gains - Markets front-running future rate cuts and negative real yields.
Copper vs. oil - What the divergence may signal for global growth.
Fed expectations - High odds of a year-end cut and how a new Fed chair could shift policy.
Seasonality - Light tax-loss selling this year but strong Q4 metals prices supporting miner earnings.
Click here to visit Craig’s website - TF Metals Report
 
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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. 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 episode, Greg McKenzie, President & CEO of Silver Storm Mining (TSX.V:SVRS | OTCQB:SVRSF | FSE:SVR), outlines the company’s near-term production restart at the La Parrilla Mine in Mexico and the scale of the San Diego silver project.
Key Discussion Points
La Parrilla Restart Background on the mine acquired from First Majestic, its 34 Moz historic output, and the path to a Q2-2026 restart with plant rehab already underway.
Costs & Production Historical sub-$10/oz cash costs; modern AISC expected in the industry-standard range. Target output: ~3 Moz/year with a fast ramp to cash-flow positivity.
Current Resources & Mine Life ~31 Moz AgEq across categories → supports 10+ years at planned run rate; exploration drilling planned to extend life and potentially increase production.
Samsung Offtake Two-year offtake/prepay structure providing additional support for restart capital.
San Diego Project Historic 210 Moz AgEq resource with large-scale upside and long-term development potential comparable to major Mexican skarn systems.
Team & Shareholders Strong technical leadership, full permitting in place, and key shareholders including First Majestic (19%) and Eric Sprott (11%).
 
Click here to visit the Silver Storm Mining website to learn more about the Company
 
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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 Update, Nick Appleyard, President & CEO of Tristar Gold (TSX.V:TSG | OTCQB:TSGZF), breaks down the positive court ruling tied to the LP environmental permit for the Castelo de Sonhos project. The judge declined an injunction and advanced the case into the evidentiary phase, giving the company clearer timelines as it works toward final permit resolution.
Nick reviews expected next steps, costs so far, and Tristar’s ~US$5M cash balance. He also highlights the strong fundamentals behind the 2.5Moz resource, including 1.4Moz reserve, and outlines the feasibility and drilling work that can restart once the legal process concludes.
 
Click here to visit the TriStar Gold website to learn more about the Company and Project. 
Email me any follow up questions for Nick - Fleck@kereport.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. 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.

Dave Cole, CEO of Elemental Royalty Corporation (TSXV: ELE) (Nasdaq: ELE) joins me to outline the value proposition of the proforma combination of Elemental Altus Royalties with EMX Royalty Corporation, to form an emerging intermediate royalty company. In addition to circling the globe to highlight various partner projects and operators inside their portfolio of royalties, we also discuss the value of having Tether Investments S.A. de C.V as a key stakeholder.
 
We start reminding investors of the big-picture rationale for this merger; creating a larger royalty company of scale, graduating up to the intermediate category.  The new combined Company will have more analyst coverage and liquidity, a better cost of capital, the financial strength from the backing of the key strategic shareholder Tether Investments; and the potential to rerate in the future to a better price to net asset value multiple more in alignment with larger royalty peers.
 
Dave then takes us through a global tour of their diversified portfolio of royalties across precious metals, critical minerals, and battery metals. He touched upon their key cornerstone royalty partner projects like Caserones, Timok, Karlawinda, and Laverton, as well as a number of other solid producing royalties on Leeville, Gediktepe, Balya, and the suite of West African royalties (Korali-Sud, Wahgnion, and Bonikro).  Dave also flagged a few key large development projects with compelling royalty upside as those projects move towards development, like the Cactus and Peak projects in Arizona, Diablillos in Argentina, Viscaria & Vittangi in Sweden, and Laverton in Australia.
 
In addition to growing royalties year over year, there are also a number of one-off incoming payments on pre-production royalties that are still generating revenues via lease-option payments, stage-gate payments to advance properties, advanced minimum royalty payments, and that come in by way of cash and often times shares in partner companies.
 
Dave points to the organic development growth still on tap in their portfolio of royalties, the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and royalty financings to create new royalties, and that further down the road they’ll keep their eyes out for accretive M&A opportunities.
 
 
Wrapping up Dave highlights the importance of having Tether Investments as their key strategic shareholder, and they financially backstop the kinds of accretive acquisitions that they can now go after. He also explains a bit more background on the use case for Tether stablecoins, how their company generates revenues holding treasuries, and why they are storing so much of their profits in gold, farmland, and royalty company equities.
 
 
If you have any follow up questions for Dave or the team ate Elemental Royalty Corp, then please email them to me at Shad@kereport.com.
 
 
In full disclosure, Shad is a shareholder of both Elemental Royalty Corp at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow the latest news from Elemental Royalty 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.