The KE Report

In this Daily Editorial, we welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, for his technical and fundamental outlook on the gold and silver prices up near record levels, and then the recent rebound in the precious metals stocks.  While the PM stocks have done quite well this year, they’ve still not come close to factoring in the huge economic implications of these higher underlying metals prices into their current valuations.
 
 Key takeaways from Dave in this interview:
 
Gold and Silver Price Strength Continues – With gold up near $4,200 and silver up in the $52-$53 area, after having hit $54 again earlier this week, it is now trying to make $50 the floor instead of a 45-year ceiling.
 
Miners’ Rebound After A 2-Week Correction – GDX and GDXJ have clawed their way higher since the end of last week, but they’ve not performed as well as some of the quality junior mining stocks have on a percentage basis in this recent recovery.
 
Chart and Cycle Patterns – After gold hit $3,500 in April, it consolidated for 5 months before resuming its uptrend. When gold recently hit an all-time high near $4,400 in October, it only waited a couple weeks before resuming its uptrend.  This may bode well for this correction not being as drawn out in time.  Dave would prefer to see the PM sector correct in time versus price, in more of a sideways consolidation to build the strength for the next move higher.
 
Company Valuations Are Still Cheap In Relation To Current Metals Prices – We are now half way through Q4 at substantially higher metals prices than in Q3, and yet the market caps and gains in the stocks have not even come close to reflecting the higher gold and silver producer margins, nor the improved economics of development-stage projects.
 
Merger and Acquisition Transactions Continue – After IAMGOLD’s (IMG.TO) recent twin acquisitions, and Coeur Mining’s (CDE) takeover of New Gold (NGD), we’ve also seen news that Probe Gold (TSX: PRB) (OTCQB: PROBF) is being acquired by Fresnillo Plc. (FRES.L) (FNLPF).   Dave highlights why he feels that the takeover premium for Probe is on the low side at US$56 per ounce of gold in the ground, and that he and his subscribers are waiting to see if Probe gets a counter-offer from a larger producer like Agnico Eagle or Kinross Gold.  He goes on to highlight why a higher valued takeover offer would be good for the whole sector; with regards to what quality ounces in the ground in a top tier jurisdiction are being valued at.
 
Silver Tiger's Receipt Of A New Open-Pit Permit A Boon To Mexican PM Stocks - We discuss how in addition to the nice pop we saw in Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) after receipt of their open-pit mining permit at El Tigre, that other Mexican companies like GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) and Discovery Silver Corp. (TSX: DSV) (OTCQX: DSVSF) also moved higher in reaction to this permitting milestone achieved.
 
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 
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, Steve Barley introduces Magma Silver (TSX.V:MGMA - OTCQB:MAGMF - FSE:BC21) and its flagship Niñobamba Silver-Gold Project in Peru. Steve discusses the project’s extensive history, recent exploration, and next steps toward resource definition.
Key Discussion Points:
Project Background: First time the entire Niñobamba land package has been consolidated under one company; over 65 historic drill holes and US$10M in prior exploration by major miners.
Strong Discovery Potential: Magma’s work has exceeded past results, including 10m @ 2 g/t gold and 5m @ 4 oz/t silver, confirming high-grade continuity.
Drill Program Funded & Permitted: Drill permits secured at the Jorimina zone; a $5M financing (led by Research Capital) - including investment from Eric Sprott - supports a Q1 2026 drill campaign.
Community & Surface Work: Negotiating community access agreements for the Niñobamba Main area to allow trenching, sampling, and future drilling.
Experienced Team: Leadership includes Steve Barley (CEO), Jeff Reeder (Technical Advisor) with 30+ years in Peru, and a seasoned local geological team.
Tight Share Structure: ~37M shares outstanding.
Please email us with any follow up questions for Steve - Fleck@kereport.com and shad@kereport.com 
 
Click here to visit the Magma Silver 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.

Vizsla Silver just released its Feasibility Study for the Panuco Project (Nov 12). Mike Konnert, President & CEO of Vizsla Silver (TSX:VZLA, NYSE:VZLA),  walks through the headline economics, funding, growth runway, and permitting path.
Feasibility Results: After-tax NPV US$1.8B, IRR 111%, AISC ~US$10.61/oz, and payback in ~7 months. Driven by low upfront capital and strong margins.
Capital & Funding: Capex US$238M (net ~US$173M). Fully funded with US$200M cash, US$220M Macquarie facility, and ~US$40M in equities.
Mine Plan & Upside: Only 12.8Mt of the ~25Mt global resource used in reserves. Large potential for conversion and expansion near Napoleon, Copala, and La Luisa.
District Growth: Ongoing drilling with four rigs targeting Animas, Santa Fe, and additional veins for long-term expansion.
Sensitivity & Strength: Even at US$17 Ag and US$1,550 Au, NPV US$460M, IRR 42%.
Permitting & Build: Fully engineered, test mining underway, and permits expected mid-2026. Ready to build once granted.
Valuation & Outlook: Trading near 0.5× NAV with potential re-rating as it advances to production. Targeting 50Moz AgEq/yr within 10 years.
If you have any follow up questions for Mike please email me at Fleck@kereport.com.
 
Vizsla Silver will be hosting a webcast to discuss the Panuco Project Feasibility Study at 10:00 am PT (1:00 pm ET) on November 24th.  To register, please click here
 
----------
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.

Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins us for his outlook on the precious metals, base metals, and energy sector and how he is positioned in select stocks within his portfolio.
 
We start off getting the key macroeconomic factors that him more muted on outsized upside in both gold and silver, after such a big run in the precious metals related stocks so far this year, and really over the last few years.  He points out that over the last 3 years that many of the quality PM producers are up 5x-10x or more, and that he had some developers up as much as 15x, so it was prudent to start harvesting gains and raising cash to deploy in other commodities and opportunities that hadn’t run as much.
 
With regards to the base metals companies, Doc Jones points out that a lot of the polymetallic deposits still have considerable exposure to gold, silver, platinum, and palladium as valuable co-credits.  He mentions the rationale for his long-standing interest and key portfolio positions in Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF) and Magna Mining (TSX.V: NICU) (OTCQB: MGMNF); which both have exposure and leverage to a blend of critical minerals and precious metals. He also highlights a new portfolio position, Canadian Copper (CSE: CCI), which also has a solid mix of exposure to both industrial metals and PMs.
 
Wrapping up we shifted over to traditional energy getting his outlook on both oil and natural gas, but why he is favoring investing in Canadian heavy oil sands projects and natural gas projects.  He goes on to extol the benefits of picking up quality energy stocks that pay investors good dividends while they are waiting for fundamental company catalysts and higher future energy prices.  Doc Jones highlights Cardinal Energy Ltd. (TSX: CJ) as one example of such a company that he is positioned in.
 
*In full disclosure, Doc Jones holds a position in these companies discussed at the time of this recording, but is not compensated by any company to market them.  These are simply his views and opinions as to why he likes investing in them, but this is not investment advice.
 
Click here to follow Doc Jones on Ceo.ca
 
Click here to follow Doc Jones on X/Twitter
 
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 decision

In this KE Report company update, I chat with Mike Spreadborough, Executive Co‑Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO ) for an in-depth exploration overview from three key Australian projects - Teichman, Sherlock Crossing, and Tibooburra - highlighting strong gold and antimony results and outlining next steps for 2026 fieldwork.
Key Discussion Points:
Teichman Project - High-Grade Surface Gold: First-ever systematic exploration at Teichman, located near the 13Moz Hemi Project, returned standout surface samples up to 77.5 g/t and 51.4 g/t gold. Two major mineralized trends have been defined over 1.3 to 2.5 km, with drilling planned as soon as weather conditions allow.
Sherlock Crossing - Gold-Antimony System: Scout drilling confirmed strong mineralization including 3 meters grading 2.9 g/t gold with 1.8% Sb, and peak sample results of 7.7 g/t gold and 4.77% Sb. Novo plans follow-up work leveraging Western Australia’s EIS grant program to offset drilling costs.
Tibooburra Project, New South Wales - Expanding Mineralized Trends: Continued success at Pioneer North and South with gold samples up to 40 g/t. Systematic fieldwork and land expansion have outlined several parallel gold-bearing trends extending up to 22 km, positioning Tibooburra for more extensive drilling next year.
Strategic Outlook: Novo plans to balance high-priority drill targets with permitting timelines across projects while maintaining its strong cash position following recent divestments. Flagship John Bull remains the top near-term drill target, complemented by upcoming work at Teichman, Sherlock, and Tibooburra.
Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is Fleck@kereport.com.  
 
Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 
 
-----------------
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.

Terry Lynch, CEO of Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), joins us for a comprehensive exploration update from their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We discuss some of the key acquisitions made earlier this year expanding the land package around the NISK Project, as well as their new Jabal Baudan claims over in Saudi Arabia.
 
Key Highlights from the Interview:
 
Exploration Strategy: A six-rig program focused on expanding the mineralized around the Lion Zone and at depth, the Tiger Zone, new polymetallic targets from surveys, and still drilling to connect the 5.5km corridor between Lion and NISK Main.
High Grade Assays From Summer Drilling:
22.66 meters of 4.57% CuEq, including 6.05 meters of 9.70% CuEq in Hole 020
28.0 meters of 4.28% CuEq, including 3.4 meters of 15.45% CuEq in Hole 015
5.35 Meters of 11.97% Cu (16.35% CuEqRec) in Hole 022
Resource Growth Path: Early-stage modeling efforts are enabling analysts and investors to build their own interpretations of scale, while metallurgical studies are underway to confirm high recovery rates.
Acquisition of Li-FT Power land:  Back on July 14, 2025 the Company announced that it closed a definitive agreement dated June 9, 2025 to acquire a 100% interest in 313 mineral claims totalling 167 km² from Li-FT Power Ltd. (TSXV: LIFT) (OTCQX: LIFFF). The claims adjoin the Company's 45.86km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Copper-Nickel-Platinum-Palladium-Gold-Cobalt deposit.   Terry explains how there are 8 very high priority drill targets that the exploration team is following up on across this newly acquired land.
Phase 1 Metallurgical Testing of Lion Deposit:  On Oct. 16th, Power Metallic announced that preliminary metallurgical studies are underway being performed by SGS Canada Ltd at its laboratories based in Quebec City, QC, and Lakefield, ON. Work to date has shown that the copper mineralization is contained within coarse grained chalcopyrite and cubanite, both which should respond well to conventional sulphide concentration methods. Overall, the character of the mineralization suggests good recoveries of copper sulphides, and these initial metallurgical tests will determine the recovery potential of the PGEs, Au, Ag, and Ni., which are expected to report within a conventional sulphide concentrate.
Awarded Jabal Baudan Exploration License in Saudi Arabia: Power Metallic announced on June 16th that it was awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process.
Key Strategic Stakeholders:   Terry highlights that there are high profile backers of the company like Robert Friedland, Rob McEwen, The Stern Family, Palos Capital, and also Terry’s family that are keeping a large percentage of the shares in strong hands interested in seeing the longer-term expansion of the mineralization for the company.
 * In full disclosure, Shad is a shareholder of Power Metallic Mines 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 Power Metallic Mines
 
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 Veteran’s Day/Remembrance Day edition of the KE Report, we’re joined by Jim Tassoni, CEO of Armor Wealth Strategies, to discuss current market momentum, tactical trading strategies, and where he’s seeing opportunity amid a broad market pause.
Key Discussion Highlights:
Consolidation phase: Markets remain near highs; current weakness looks more like a pause than a correction.
Trading discipline: “Know your out” - define stops, trim profits, and reenter when trends resume.
GDX setup: Reentered at $73.65, watching $81 as key resistance for next upside move.
Volume profile tools: Uses volume and market profile data to pinpoint support, resistance, and pivots.
Metals bias: Long gold, silver, platinum, palladium, and copper; short crude oil.
Equity stance: Long tech and healthcare (XLV); short consumer staples (XLP).
Year-end view: Staying consistent - trade process over predictions or timing.
Stock & ETF Mentions: GDX, SIL, COPX, XLV, XLP, SPX, crude oil futures.
 
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading
 
---------------
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, I chat with Mike Burke, Director and VP of Corporate Development at Sitka Gold Corp. (TSX.V:SIG - OTCQB:SITKF - FSE:1RF) to discuss the latest drill results from the Rhosgobel Zone and the company’s recent >$30 million financing to accelerate growth at the RC Gold Project in Yukon.
Key Discussion Highlights:
Strong Drill Results: 108m of 1.01 g/t gold from surface - Sixteen of the first seventeen drill holes received to date have intersected greater than 100 g/t*m gold intersections.
Large Mineralized Footprint: Gold mineralization traced over 575m strike; visible gold along 1.1 km with soil anomalies covering 2 km x 1.5 km.
Next Phase Funded: >$30M financing supports 50–60k m of drilling in 2026, targeting Rhosgobel resource definition and depth potential.
Building a Gold Camp: Rhosgobel resource will add to the existing 2.8Moz resources (1.3Moz Indicated and 1.5Moz Inferred) at Blackjack and Eiger, adding another major deposit to RC Gold.
More Results to Come: Assays pending from Rhosgobel and new areas; Contact Zone, Pukelman, May-Qu and Bear Paw Breccia Zone.
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
 
Click here visit the Sitka Gold 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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the news out today about Silver Tiger Metals receiving their open-pit permit from Mexico and what that may now unlock as far as valuation and what it means to other developers in Mexico.  We also review an interesting value arbitrage between the fundamental exploration news and the warrant expiration effect in the share price of Altamira Gold.
 
Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) announced on November 7th that it has secured all of the required approvals and permits from the Mexican Federal Environmental Department ("SEMARNAT") to construct the El Tigre Stockwork Silver-Gold Project in Sonora, Mexico. With all approvals for the Project now granted, Silver Tiger is now ready to advance the Project towards construction.
 
We discussed how other precious metals development projects in Mexico like Sonoro Gold Corp. (TSXV: SGO) (OTCQB: SMOFF) and GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) that were also moving higher today in sympathy on this permitting news.  Additionally, we outlined how important it is to have a solid team with the proper experience building mines like these teams have to move their projects forward after they get the permit approvals.
 
On November 3, 2025, Altamira Gold Corp. (TSXV: ALTA) (OTCQB: EQTRF) announced the mobilization of a second diamond drill rig to its Cajueiro gold district, Brazil. The additional drill rig will focus on the Central Resource Area and several of the porphyry targets defined in the last 12 months within the broader Cajueiro district, complementing ongoing drilling at the Maria Bonita gold resource.  
Then on November 7th Altamira Gold announced announced that the Company had raised $6,284,820 since September 1, 2025 as a result of the exercise of 31,292,400 share purchase warrants and 131,700 broker's warrants (the "Warrants"). The Warrants each had an exercise price of $0.20, and were issued on November 6, 2023 in connection with the Company's non-brokered private placement. The Warrants expired on November 6, 2025.
 
* 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
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.
 

Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joined me live at the New Orleans Investment Conference last week on November 4th, for a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.
 
The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:
2,121,000 ounces of gold (Indicated MRE),  averaging 2.07 g/t Au in 31.9Mt &
4,382,000 ounces of gold (Inferred MRE), averaging 1.95 g/t Au in 69.6Mt
 
Multiple drills are still turning with 64 drill holes that have been completed to date this year on the Omai property; totaling 30,297 meters of the targeted 40,000 meters from the current exploration program.  All these coming drill assays will then factor into updated  project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q1 of 2026.  
 
This updated Preliminary Economic Assessment will be building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.  That prior PEA did not yet include rest of the resources there at Wenot, nor did it include the underground project economics Gilt Creek.  The updated PEA slated for early next year will be much more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.
 
Elaine also highlighted some recent regional drilling completed at two near-surface exploration targets that were identified from trenching, geophysics and historical data. Assays are reported for 11 drill holes totalling 2,615m with 6 holes on the BBH target and 5 holes from the Camp Zone.
 
Highlights from the recent exploration holes include:
 
BBH Target
Hole 25ODD-131 - intercepted 20.33 g/t Au over 5.30m, including 35.61 g/t Au over 3m
 
Camp Zone Target
Hole 25ODD-135 – intercepted 2.72 g/t Au over 16.30m, including 9.05 g/t Au over 4m
Hole 25ODD-136 – intercepted 2.05 g/t Au over 7.50m, including 11.32 g/t Au over 1m
Hole 25ODD-138 – intercepted 0.85 g/t Au over 12.70m, including 1.32 g/t Au over 6m
 
Next we reviewed the status on the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit, where the geological thesis is that there could also be deep sheer resources well below the known mineralization.  We discuss how this hole did finally encounter ~260 meters of sheer mineralization at depth, proving the thesis, but that the hole was still being processed at the assay lab.
 
 Wrapping up we discussed the metallurgical testing, permitting process, and other derisking work on the Project, gathering data to be utilized in the upcoming PEA.
 
If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at Shad@kereport.com.
 
Click here to see the latest news from Omai Gold Mines.
 
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.