The KE Report

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:
 
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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.

[Webinar Replay from December 4th, 2025]  Trey Wasser, CEO, and Maura Kolb, President, of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), join us for an exclusive Webinar recapping the key takeaways from the 2025 exploration program in this comprehensive visual update with management. We touch upon all the various work programs that were completed this year at the 3 regional areas:  Gold Rock Camp, Sherridon, and Hyndman across their Dryden Gold District, in Northwestern Ontario, Canada.
 
We kick things off with Trey outlining the strength of the management team and board of directors, as well as the very strong list of high profile shareholders like Eric Sprott, Rob McEwen, Bob Quartermain, a number of key funds and institutions, and their 2 key strategic shareholders in Centerra Gold and Alamos Gold.
 
Next Maura dove into an expanded review of some the key targets drilled this season’s 15,000 meter program along both the Big Master and Elora Gold trends at the Gold Rock Camp,  incorporating the data sets from the D1, D2, and new understanding of the D3 structural faulting trends.  Maura highlights the drill results from around the Elora-Jubilee Target, Pearl Target, and Laurentian Mine Target, and the recent results at the drilling done testing the gap areas between those targets.  We also discuss the significance of the broader bulk tonnage mineralization that is then being upgraded by the multiple high-grade intercepts along the hanging wall and foot wall trends.
 
We then shifted up to the initial drilling done this year at the Mud Lake target area, and how these same 3 geological deformation faults and folds are present here as well, further northeast along the Gold Rock Camp trend.  There are 4 drill holes here awaiting assays to come back from the lab in the near-term.  Maura highlights that there is a periodicity to this larger system along the 20kms of strike length, which demonstrate similar geological properties to the Elora Gold Shear Zone, and they’ll be following up to exploration work and targeting on more areas of interest in the year to come.
 
Pivoting out to the regional targets, we discussed the 3rd area of focus from this year’s program at Hyndman, following up on the detailed mapping from 2024, and the channel sampling program along existing outcrop exposures.  Maura outlines where the first drill holes will be drilled at Hyndman in the 2026 season.
 
Next we reviewed the first 3 drill holes put in at the Sherridon regional area, which is hosted within a large geophysical anomaly with a strike length of five kilometers. Testing to date has focused on a small portion of that trend leaving the Sherridon target open in all directions. Additional drill targets for next year will be designed based on this seasons drill results and geological interpretations from expanded mineral assays, geochemistry and re-logging of historic core.
 
Wrapping up Trey discussed the financial health of the company and that when the strong cash position of the company is combined with the recent exercise of in-the-money warrants, that the company is fully funded for exploration initiatives heading into 2026.
 
 
If you have any questions for Trey or Maura regarding Dryden Gold, then please email them into us at Fleck@kereport.com or Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Dryden 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 Dryden 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.
 
 
 

This KE Report Weekend Show kicks off with Brian Leni laying out a contrarian roadmap for investors caught up in silver’s explosive move above $50, then shifts to fund manager and technician Dana Lyons for a data-driven tour through silver, copper, crypto, and the major equity indices. Together, they map out how to avoid chasing hype, position in quality juniors, and respect what the charts are actually saying into year-end and 2026.
Segment 1 & 2 - Brian Leni, founder and editor of the Junior Stock Review, joins us to break down the surging silver market - urging selectivity despite the bullish sentiment - and to highlight undervalued opportunities in quality projects, including polymetallic stories like Group 11. He also outlines why he remains strongly bullish on copper, emphasizing simple, well-located, near-development deposits and strong management as the metal holds above $5 and sets up for a potentially standout 2026.
Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in.
 
Segment 3 & 4 - Dana Lyons, fund manager and editor of the Lyons’ Share Pro website, joins the show to deliver a technical read on the markets, highlighting silver’s breakout and likely consolidation, bullish long-term setups in precious metals, copper’s strength near all-time highs, crypto’s fragile footing, and improving - but not yet bullish - signals in his market risk models.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services
 
 
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!
 
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 may own shares in companies mentioned.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ), joins me to reiterate their decision to uplist onto the Nasdaq exchange in the US in early 2026, and to delve into the details of Q3 2025 financial and operational results across their portfolio of producing mines in Bolivia and Mexico.
 
On October 28th, the Company announced that it has applied to list its common shares on the Nasdaq Capital Market (NASDAQ); as a significant milestone in Santacruz’s growth strategy. We discussed how a big board US listing will increase transparency and liquidity to an expanded American shareholder base, and he explains the rationale for going with the NASDAQ over the NYSE. Santacruz Silver paid off their loan to Glencore in September, and is generating record revenues at current metals prices; so they are in a totally different financial position than a pre-revenue junior resource stock that goes through a share consolidation. The only real change will be a higher share price and a reduced number of outstanding shares post-consolidation, simply to meet the NASDAQ listing requirements.
 
Q3 2025 Highlights (noted in US dollars)
 
Revenues of $79.99 million, a 2% increase year-over-year.
Gross Profit of $20.17 million, a 28% increase year-over-year.
Net Income of $16.34 million, a 7% decrease year-over-year.
Adjusted EBITDA of $19.51 million, a 67% increase year-over-year.
Cash & Marketable securities of $59.23 million, a 225% increase year-over-year.
Working Capital of $69.20 million, a 186% increase year-over-year.
AISC per silver equivalent ounce sold of $35.62, a 30% increase year-over-year.  This increased AISC was temporary for this quarter due to brief change currency FX exchange rates, Bolivar dewatering initiatives and reduces production in the quarter, and the development investment at the 960 level at Zimapan.
Silver Equivalent Ounces produced of 3,424,817, a 30% increase year-over-year.
 
Arturo guides us through a comprehensive review of all their producing operations starting off addressing how Q3 captured the largest impacts of the water inflow event that first occurred at the Bolívar Mine in May 2025. Since then, their operations team has strengthened the pumping system at Bolívar, with the fourth line commissioned in September and then the installation of a fifth submersible line in Q4; which together have increased total pumping capacity to 340 liters per second (l/s). These improvements are facilitating the gradual dewatering and recovery of the affected zones in the Bolívar mine and production is ongoing. The Company expects production from the high-grade Pomabamba and Nané vein areas at Bolívar to resume in February 2026 and ramp up steadily through the remainder of the year.
 
Next we reviewed the strategic importance of the small but high-margin Porco Mine, giving the company a foothold and good visibility to the Potosi mining district.  Then rounding out the review of Bolivian assets, we moved over to the low-cost Caballo Blanco Group of mines and the high-margin San Lucas Group Lucas feed sourcing business (which now includes ore blended from the Reserva Mine). Arturo highlights how the San Lucas metals sales helped offset the lower silver production at the Bolívar Mine in Q3, and will do so again in Q4, providing a great defensive and growing asset inside their portfolio.
 
In Mexico, Zimapán continued to deliver stable production, reflecting consistent plant throughput and recoveries. Part of the reason for higher costs in Q2 and Q3 have been all the equipment and development work invested this year into accessing the higher-grade 960 Level at the Zimapan Mine.   This 960 Level is starting to contribute more in the latter part of the Q4 production profile from Zimapan, but will be more significant in Q1 of 2026 and beyond, with capital investment coming down, and grade and metal recoveries going up. 
 
Wrapping up we looked ahead to 2026 and discussed future growth through exploration around current mines, the development of the Soracaya Project, and the potential for future accretive acquisitions in the Americas.
 
If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me Shad@kereport.com.
 
 
In full disclosure, Shad is a shareholder of Santacruz Silver 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 Santacruz Silver
 
 
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.
 
 

We’re joined by Caleb Stroup, President & CEO of Headwater Gold (CSE:HWG | OTCQB:HWAUF), to discuss the newly announced $25 million earn-in agreement with Centerra Gold on the Crane Creek Project in Idaho.
Key Highlights
Centerra Earn-In Overview A three-stage structure allowing Centerra to earn up to 70% of Crane Creek: • Stage 1: $10M over four years (including $2.5M guaranteed) to earn 51% • Stage 2: Additional $15M to reach 60% • Stage 3: Completion of a PEA with a 1Moz gold resource to reach 70% The deal also includes a 1–2% royalty back to Headwater.
Geological Potential Crane Creek hosts both bulk-tonnage epithermal mineralization and outcropping high-grade veins, offering strong discovery upside.
Initial Work Plans Early work will target the Consolidated Vein Zone while testing step-outs to better define the system’s scale.
Additional Drilling Underway Active programs with OceanaGold and Newmont continue, with results expected into early 2026.
Please email your questions for Caleb to us at Fleck@kereport.com and Shad@kereport.com. 
 
Click here to visit the Headwater Gold website to read over the recent news
 
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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
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Investment disclaimer:This content is for informational and educational purposes only and does not constitute investment advice. Investing involves risk, including loss of principal. Consult a licensed financial advisor before making investment decisions. Guests and hosts may hold positions in mentioned companies.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me for a review of Q3 operations and financials from the ramp-up of silver and gold production from the La Guitarra, Coloso, and Nazareno mines.  We also unpack the planned two-stage expansion at their La Guitarra processing plant located in Estado de Mexico, Mexico. 
 
Alex discussed how the ongoing purchase of additional milling and processing equipment along with rolling fleet equipment will allow for the implementation of increased production in incremental stages over the next 2 years.
 
These planned expansions would increase the site’s nameplate processing capacity by 50% from the current 500 dry tonnes per day (tpd) to a range of 750 - 800 tpd by Q2 2026.
This first expansion would involve the construction of a paste fill and thickener plant, the addition of a fourth ball mill and second cone crusher as well as an increase in the conveyor circuit’s material handling capacity.
Subsequently, construction of a new, fully permitted, Dry Stack Tailings Storage Facility and addition of a second crushing circuit would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027.
The Company currently has access to the capital to complete these expansions, which we anticipate funding from the Company’s treasury and cash flow, eliminating the need for further near-term capital raises.
 
In addition to throughput growth, there will also be grade-driven growth at the La Guitarra complex. This higher-grade ore which will continue be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, in addition to development work at La Guitarra reaching higher grad material. As production and operations continue ramping up this blended material will raise the grades and recoveries of gold and silver, as well as start lowering costs over the next few quarters.
 
 
 
Wrapping up we discuss the preparations and early targeting work underway to engage in a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines. 
 
 
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.
 
Click here to follow along with the latest news from Sierra Madre Gold & Silver
 
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, we welcome Joel Elconin, co-host of PreMarket Prep and founder of the Stock Trader Network, to break down the market’s steady rebound, shifting sector leadership, and what to watch as we approach year-end.
Key Discussion Highlights
Market Grind Higher The S&P and Nasdaq continue a slow climb toward all-time highs, with day-to-day rotation across tech, value, and retail.
AI Trade Reset META cost cuts, Oracle’s struggles, and Google’s new TPU chips highlight a more competitive, and more selective, AI environment.
Seasonality & Fed Expectations Santa Claus rally patterns, tax-loss selling, and shifting rate-cut odds are shaping year-end behavior.
2026 Themes Guests on Joel’s shows continue to flag healthcare strength, selective value opportunities, and resilient retail trends.
Stocks Mentioned: META, ORCL, GOOGL, CRM, BRK.A/B, AMZN
 
Click here to visit Joel’s PreMarket Prep website
Click here to visit the Stock Trader Network
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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
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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 update, Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX | OTCQX:DMXDF | Nasdaq First North:DMXSE SDB), addresses the recent stock sell-off and multiple new large and high priority targets across their Swedish uranium assets.
Key Discussion Points:
New Target Generation - Large Mobile MT surveys across Alum Shale properties highlighting large drill targets.
2026 Exploration Path - Permit timing, priority zones, and shallow/scalable drill programs.
Share-Price Volatility - Garrett addresses the ~50% stock pullback, confirming the Company holds $9M CAD in cash and has no need for short-term financing, despite market rumors.
Valuation Disconnect - DMX trades at $0.08/lb (Inferred U3O8) versus the peer average of $3.44/lb.
 
If you have any follow up questions for Garrett please email me at Fleck@kereport.com.
 
Click here to visit the District Metals website to learn more about the Company.
 
Note - District Metals is now traded on the OTCQX. The uplisting from the OTQB was announced on November 12.
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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.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for a longer-format discussion with macroeconomic factors, veteran stock tips and opportunities in select silver, gold, lithium, and copper stocks.
 
We start off discussing the break in silver to all-time highs, coming out of the mid-October through mid-November corrective move in the precious metals sector.  Nick points out that in light of this sector resurgence in silver, gold, and also copper over the last few weeks, that we’ve continued to witness large, outsized financings in companies like Vizsla Silver and Arizona Sonoran Copper; that were aggressively taken up in very short periods of time.  This underscores the large pools of money on the sidelines that are still quite interested in getting positioned with the highest quality projects as the metals bull market continues to unfold.
 
We review how the recent moves in both gold and silver to record levels have become too big to ignore for generalist investors and analysts, that will now shift their gaze to the expanded margins playing out in Q4 and continue to push PM producers to higher levels.  
He flagged the capital flows and stock performance in royalty companies like Royal Gold and Empress Royalties as evidence that more generalists and institutional funds were being drawn into the precious metals sector.
This led to a discussion about the substantial positioning of Tether Investments recently into a handful of royalty and streaming companies; which may pave the way for more rotation of funds from the crypto space into the PM stocks.
 
Additionally, Nick sees the most undervalued opportunities in the brownfield developers with defined ounces in the ground, compelling economics, and that are moving down the pathway towards production.
He pointed to companies like Perpetua Resources and Revival Gold as good examples of developers up near 52 weeks highs, garnering interest from investors, but that still had more runway to keep appreciating in price to NAV metrics.
 
Even the exploration stocks focused on new discoveries are getting a stronger bid in this environment, and Nick points to the move up this year in Kingsmen Resources, including the move today on the back of a silver/gold discovery in Mexico.
 
Next we shift over to the uptick in both the lithium carbonate pricing on the global markets, as well as a renewed interest in many lithium stocks.
Nick unpacked his investing journey and strategy utilizing early positioning in private placements to experience multi-fold returns in lithium stocks like Q2 Metals, and Lion Rock Resources, both with compelling recent exploration results.
 
Wrapping up we touched about the continued favorable supply/demand fundamentals in the copper sector, the improving pricing strength in copper itself, and the recent surge in copper producers in several ETFs.
Nick mentioned positions in the (PICK) iShares MSCI Global Metals & Mining Producers ETF, the positive market reaction in Ivanhoe Mines despite reduced production forecasts, and the M&A positioning for Teck Resources from AngloAmerican and BHP as evidence of a pickup in interest in copper and base metals producers.
 
Click here to follow Nick’s analysis and publications over at Digest Publishing
 
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 introduction, we chat with Michael Dehn, Executive Chairman of Total Metals (TSX.V:TT | OTCQB:TTTMF | Frankfurt:04N).
Michael introduces the newly listed company and its portfolio of high-grade gold and VMS projects in the prolific Red Lake District. We discuss the upcoming $9 million financing designed to launch an aggressive 2026 drill program, starting in January at the Electrolode VMS project, and accelerating exploration on the newly acquired High Lake and West Hawk Lake gold assets.
Multi-Asset Exploration Strategy
Electrolode Project (VMS): Located strategically between Kinross's Great Bear and First Mining's Springpole. The project hosts an Inferred resource with a high-grade core of 0.5M tonnes @ 17.87% Zinc (plus Au, Ag, Cu). Drilling to test the Arrow Zone and new targets is planned to start in January 2026.
High Lake / West Hawk Lake (Gold): Two high-grade gold assets recently acquired. The strategy is to leverage shallow historic drilling and high-grade resources.
Operational Advantage: The projects benefit from low operating risk due to their proximity to major mining centers (Red Lake, Winnipeg) and existing infrastructure, with six mills within trucking distance for potential toll milling.
Financials & Corporate Goals
Financing: The Company is set to close a total financing of up to $9 million (flow-through and hard dollar) to fund the exploration budget of at least $5.5 million for 2026.
Corporate Plan: Plans are in place to move to the TSX Main Board and pursue a potential dual listing on the ASX in 2026.
 
Click here to visit the Total Metals website to learn more about the Company. 
 
-----------------
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.