The KE Report

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ), joins me unpack the decision to uplist onto the Nasdaq exchange in the US, and to delve into the details of Q3 2025 operational results across their portfolio of producing mines.
 
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.  In connection with the proposed listing, the Company will seek shareholder approval at the upcoming AGSM for, among other things, a consolidation of its common shares to meet Nasdaq's initial listing requirements, which include a minimum bid price of US$4 per share. 
 
We discussed that the share consolidation is for a positive reason and for listing requirements, which is much different than when cash-starved juniors typically roll back their shares to initiate further series of dilutive financings.  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. Their motivation for the share consolidation is merely to meet the NASDAQ listing requirements.
 
We also get into a comprehensive review of all producing operations, as well as discussing future growth through exploration around current mines, development of Soracaya, and the potential for accretive acquisitions. Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.
On November 3rd, Santacruz Silver reported its Q3 2025 production results from its Bolívar mine, Porco mine, Caballo Blanco Group of mines and the San Lucas Group (which includes the Reserva Mina) and the San Lucas feed sourcing business, all located in Bolivia, and the Zimapan mine located in Mexico.
 
Q3 2025 Production Highlights:
Silver Equivalent Production: 3,424,817 silver equivalent ounces
Silver Production: 1,241,929 ounces
Zinc Production: 21,581 tonnes
Lead Production: 2,603 tonnes
Copper Production: 331 tonnes
 
During Q3 2025, Santacruz maintained steady consolidated production, supported by strong operational performance from Caballo Blanco and San Lucas, which helped offset the lower silver production at the Bolívar mine. This third quarter 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 been actively working on strengthening the pumping system at Bolívar, with the fourth line commissioned in September and the installation of a fifth submersible line underway, which together will increase 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.  The Company expects production from the high-grade Pomabamba and Nané areas at Bolívar to resume in February 2026 and ramp up steadily through the remainder of the year.
 
In Mexico, Zimapán continued to deliver stable production, reflecting consistent plant throughput and recoveries. we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this will continue growing in the Q3 and Q4 production profile from Zimapan for the balance of this year and for many years into the future.
 
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.

In this KE Report Company Update, Garrett Ainsworth, President and CEO of District Metals (TSX-V:DMX - OTCQB:DMXCF - Nasdaq First North:DMXSE SDB), joins us to discuss the historic repeal of Sweden’s uranium exploration and mining moratorium - a transformative move opening major opportunities across the company’s Swedish portfolio.
Key Discussion Highlights:
Moratorium Repealed: Sweden officially ends its uranium ban, with new laws effective January 1, 2026.
Major Boost for District Metals: The change allows full advancement of uranium-rich projects, including Viken and the portfolio of uranium projects.
Next Steps: 2026 plans include drilling key targets, a PEA on Viken, and expanded field programs.
Well-Funded: C$9M in cash plus C$2.7M in potential warrant proceeds.
Strategic Optionality: Open to partnerships on non-core assets while advancing Viken 100%.
Sector Momentum: Strong industry interest as new players move into Sweden’s uranium sector.
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
 
--------------------
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.

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF) (FSE: X7W), joins me for a comprehensive exploration update outlining some of the key takeaways from the 2025 exploration season at the 3 different regional areas: Gold Rock Camp, Sherridon and Hyndman; within their Dryden Gold District in Northwestern Ontario.
 
With kick things off with a review of some the key targets drilled this season’s 15,000 meter drill 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.  Trey highlights the drill results from the Elora-Jubilee Target, Pearl Target, and Laurentian Mine Target, and mentions that assays that about 10 assays are still pending from the drilling done into the gap testing the areas between these targets.  We also discuss significance of the broader bulk tonnage  0.75 g/t – 2.0 g/t, that is then being upgraded by the high-grade intercepts on the hanging wall and foot wall trends, that compliment and raise the overall grade profile of the larger deposit that is developing.
 
Next we shifted up to the initial drilling done this year at 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.  Trey highlights that there is a periodicity to this larger system which demonstrate similar geological properties.  We touch upon the many other targets that are being mapped, sampled, and advanced towards targeting for future drill programs; both to the northeast and southwest along the 20km strike length.
 
Pivoting out to the regional targets, we discussed the 3rd area of focus from this year’s program at Sherridon; where 3 drill holes were put in following up on the detailed mapping from 2024. Sherridon 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 we discussed the 4th area of focus this season from the channel sampling program at the Hyndman regional area, which targeted existing outcrop exposures. High-grade gold was assayed where the exposed rock hosted veining and shear hosted gold mineralization. These channel sample results have resulted in a positive drill decision and the Team is currently planning its first-pass drill targets for the 2026 Program. Trey points out that geophysics anomalies show a potential strike length of approximately four kilometers target at Hyndman, and its geological setting and mineralization is quite similar to NexGold’s Goldlund deposit at their Goliath Gold Complex.
 
If you have any questions for Trey regarding Dryden Gold, then please email me at 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.
 
 
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 - recorded live from the floor of the New Orleans Investment Conference - I speak with Stephen Soock, VP of Investor Relations and Development at Heliostar Metals (TSX.V:HSTR - OTCQX:HSTXF - FSE:RG1). A former mining analyst turned executive, Stephen shares his perspective on valuing and growing a junior producer now generating cash flow.
Key Discussion Highlights:
Career Shift: From mining engineer and Bay Street analyst to VP at Heliostar.
Company Transition: Now producing in Mexico and advancing the Ana Paula Gold Project toward ~100k oz/year by 2028.
Valuation View: Sees Heliostar as an organically funded developer, using cash flow to de-risk growth.
NAV & Gold Prices: Balancing realistic discount rates with conservative long-term pricing.
Mexico Operations: Positive experience under the current administration with continued permitting progress.
Growth Plans: Targeting 500k oz/year by decade’s end through internal growth and selective acquisitions.
M&A Landscape: Industry consolidation creating space for new mid-tier producers like Heliostar.
Please email me at Fleck@kereport.com with any follow up questions for Charles. 
 
Click here to visit the Heliostar 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.

Recorded live from the New Orleans Investment Conference, Bob Archer, President & CEO of Pinnacle Silver & Gold (TSX.V:PINN - OTC:PSGCF - FSE:P9J) shares updates on Pinnacle’s metallurgical results, new management team hires, and plans to move toward production.
Key Discussion Highlights:
Strong Metallurgy: 95% gold recovery in first tests; silver up to 76%.
Plant Restart: Existing mill could be refurbished in ~6 months.
Expanded Team: New project and exploration leaders from Great Panther.
Next Steps: Permitting, underground drilling, and surface exploration.
Please email me with any follow up questions you have for Bob - Fleck@kereport.com.
 
Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news
 
--------------
For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
 
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in c

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joined me to review the next batch of high-grade drill assay results from its 64,000 meter 9-rig 2025 drill program; as outlined in the news released on October 27th, 2025.  Headline drill hole # GD-25-372 intersected 10.72 g/t Au over 7.83 meters, including 20.37 g/t Au over 4.10 meters at the Surebet Discovery on its 100% controlled Golddigger Property, located in the Golden Triangle, British Columbia.
 
100% of the drill holes completed to date into Surebet have intersected substantial quartz-sulphide mineralization, highlighting the effectiveness of the geological model that the team incorporated coming into this year’s exploration program.  Approximately 76%, or 83 of the 110 drill holes from 2025, contain gold visible to the naked eye (VG-NE); clearly demonstrating the discovery potential remaining on the property. The intercepts reported in the are approximately true width and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn are received). Assays are still pending for 84 holes from this years drilling, of which 66 representing 79% contain VG-NE.
 
Roger provides more detail on the drill density and continuity of the high-grade zone that is coming into focus in the Bonanza Shear Zone, where the sediment rock packages contact the volcanic rock packages, and the better overall geological understanding that is emerging at the Surebet discovery. There are now gold results coming in from three distinct rock packages (quartz-sulphide breccias/stockwork, RIRG Eocene-aged dykes, and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open in this mineralized system.
 
Next we reviewed the news released on October 23, 2025 which announced the Company has closed its previously announced "bought deal" private placement offering for aggregate gross proceeds of approximately C$26.3 million with no warrants at a higher share price than where things are trading at present. The Offering was comprised of the issue and sale of: (i) 1,977,157 common shares at a price of C$4.20 per National Flow-Through Share for gross proceeds of approximately C$8.3 million; and (ii) 4,054,054 common shares of the Company at a price of C$4.44 per BC Flow-Through Share for gross proceeds of approximately C$18 million.  This has the company in a strong financial position and fully-funded for its 2026 exploration program
 
Assays are still pending for 84 holes from this years drilling, of which 66 representing 79% contain VG-NE, so there will be a flood of assays that continue to come in from this year’s exploration season for several more months into the future; without a financing overhang.
 
 
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 Company Update, Alistair Waddell, President & CEO of Inflection Resources (CSE:AUCU - OTCQB:AUCUF), discusses the company’s new Endurance Projects in Australia’s Northern Territory, a major step forward in its copper-gold exploration strategy.
Key Discussion Highlights:
Endurance Projects Acquisition: Acquired from Newmont in June, covering 12 exploration licenses with 16 IOCG targets first outlined by Newcrest.
World-Class Potential: Targets comparable to Olympic Dam and Ernest Henry, large-scale copper-gold systems with strong magnetic signatures.
Next Steps: Land and community agreements underway; air core drilling planned for Q2 2026 to test priority targets.
Strategic Optionality: Open to partnering with major miners while advancing work independently.
Broader Portfolio: Ongoing AngloGold Ashanti JV drilling in New South Wales.
If you have any follow up questions for Alistair please email us at Fleck@kereport.com and Shad@kereport.com. 
 
Click here to visit the Inflection Resources 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.

Silver Viper Minerals (TSX.V:VIPR - OTCQB:VIPRF) is scaling up exploration in Mexico with aggressive drill programs after a couple strategic project acquisitions. CEO Steve Cope joins us to discuss how the company is positioning itself for major discoveries and resource growth across multiple assets.
Key Discussion Highlights:
Flagship Focus – La Virginia Project (Sonora):
20,000-30,000m drill campaign over the next 12 months, advancing new El Molino discovery and expanding El Rubi.
Current resource: ~700,000 gold eq. oz. (60% Au / 40% Ag).
Over 75,000m drilled to date.
High-Impact Expansion – Coneto Silver-Gold Project (Durango):
New acquisition announced October 28th.
40 known veins, only seven tested; 10,000m drill program set for early 2026.
Existing 500,000 gold eq. oz. resource.
Emerging Opportunity – Cimarron Gold-Copper Project (Sinaloa):
Near Vizsla Silver’s Panuco project in a prolific district.
Early mapping and sampling ahead of late-2026 drilling.
Gold-copper porphyry with high-grade vein potential.
Growth Outlook & Strategy:
Targeting Q2 2026 resource update at La Virginia.
Multi-rig, multi-asset approach to accelerate discovery and scale.
Goal: establish Silver Viper as Mexico’s most active silver explorer.
Click here to visit the Silver Viper website 
 
---------------
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.

On The KE Report Weekend Show this weekend we discuss what’s really driving the metal-stock resilience, copper’s setup, and the next table-pounding entry in oil & gas
 
Segment 1 & 2 - Kicking off the show is Dave Erfle, founder and editor of Junior Miner Junky, who discusses gold’s sharp but healthy correction alongside resilient ETF inflows, record October financings signaling strong institutional demand, how to identify quality junior miners through management alignment and project scale, and why $5+ copper could make 2025 the “gold-2024” moment for copper stocks as juniors begin to catch up to the majors.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
 
Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report (and the Eye On Energy Report on Substack), analyzes oil’s brief rebound within a broader downtrend, citing sanction impacts, sluggish demand, and key buy signals to watch. He also highlights near-term upside for natural gas tied to winter demand, LNG expansion, and AI data-center power needs, while discussing energy producers and consolidators such as Whitecap, Freehold Royalties, Birchcliff, and others poised to benefit from ongoing M&A across the Canadian oil and gas sector.
Josef is extended a special offer from his recent conference. You get $150 off the subscription price that will give you access to his analysis of Q3/25 company results and be informed when the next “table pounding BUY signal” is. - at checkout use promo code BGA2 - https://schachterenergyreport.ca/
 
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.
 

In this KE Report company update, Tara Christie, President & CEO of Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), discusses the company’s re-evaluation of a high-grade silver discovery at the AurMac Project in Yukon. Originally drilled in 2021, new geological modeling now shows a silver-rich structure cutting across the Powerline gold deposit.
Key Discussion Highlights
Silver rediscovery: 2021 hole returned 1,800 g/t silver over 16.9m - now confirmed as part of a continuous structural trend.
Revised geological model: New team identifies a crosscutting silver vein distinct from the gold mineralization.
Local processing potential: Nearby Hecla Keno Hill mill offers toll milling or partnership options.
Added project value: Opens new funding and offtake opportunities while enhancing Banyan’s gold story.
Ongoing drilling: Over 40,000m program advancing, with lots of news flow ahead.
If you have any follow up questions for Tara please email me at Fleck@kereport.com. 
Click here to visit the Banyan Gold website
 
--------------
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.