The KE Report

Tara Christie, President & CEO, Banyan Gold (TSX.V:BYN - OTCQB:BYAGF), joins us to discuss Banyan Gold’s new Hyland Gold Project resource update and strong drill results from the Powerline Deposit at the flagship AurMac Project in the Yukon.
Key Discussion Points
Hyland Gold Resource Update - New estimate: 496,000 oz AuEq (368,000 indicated @ 1.02 g/t AuEq) over 1g/t AuEq; first update since 2018.
Project Potential - Large 186 km² land package with multiple untested zones along a 16 km trend.
Strategic Options - Banyan evaluating self-funding vs. spinout to unlock value for shareholders.
Powerline High-Grade Results - Hits up to 16.7 g/t Au; confirms new structural model and starter pit potential.
Ongoing Drilling - Fully funded 40,000+ m program targeting higher-grade zones and deposit expansion at Powerline and Airstrip.
If you have any follow up questions for Tara please email me at Fleck@kereport.com. 
Click here to visit the Banyan Gold website
 
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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.

Recorded Monday October 27th:  Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us for a nuanced discussion on how company valuations can shift more due to investor sentiment than on actual fundamentals and newsflow during precious metals pullbacks. These are opportunities for resource investors to exploit these market disconnects. 
 
We start off looking at how companies releasing positive news are still being sold off indiscriminately, due to the overall shift in sector sentiment, as we’ve seen the gold and silver prices continue retreating from their highs of 2 weeks ago.
 
We start off noting the deeper pullbacks are occurring in the stock that conversely went up the most on the recent runs to new highs.   It makes sense to see the pullbacks in the  PM producers due to their tighter correlation with PM prices.  Erik points out that metals prices are much less relevant to junior exploration companies or even early-stage developers still many years away from metals prices affecting future production.
 
This type of environment where banked success is selling down in tandem with companies that may not even have any defined gold or silver ounces in the ground has Erik animated by the 2nd wave of the Lassonde Curve, where developers go on a run as the market rerates their projects and leverage to higher metals prices down the road.
 
Erik highlights how he disregards fluctuations in valuations based on sentiment, focusing on longer-term value investing principles and companies that have catalysts on the horizon.
He outlines the strategy for making peer comparisons on valuation changes, that may differ on fundamental news drivers, even though there are comparative percentage drops in share price or market caps; making one group of companies more attractive.
We also discuss how Erik is fully deployed, so he uses a “value shuffling” approach to high-grading his portfolio with the companies that have the most upside potential based on fundamental catalysts.
 
 
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.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website

Patrick Highsmith, Chairman & Co-Founder of Firefox Gold (TSX.V:FFOX - OTCQB:FFOXF - FSE:FIY), joins me to discuss strong initial results from the company’s 10,000m drill program at the Mustajärvi Project in Finland’s Lapland Greenstone Belt.
Key Points • First Hole High-Grade - 9.5m of 9.1 g/t Au and 11.2m of 7.2 g/t Au from the furthest step-out (280m SW), expanding the East Zone. • Consistent Success Rate - All four holes in this release hit significant gold mineralization, continuing the project’s impressive 79% hit rate. • Geophysics-Driven Growth - Fixed loop electro-magnetic (FLEM) geophysical survey highlights new conductive targets linked to gold-bearing pyrite. • Next Steps - Over half the program remains, with drilling expanding to the northeast and southwest before shifting toward resource definition in 2026.
 
Figure 1. Locations of first drill holes reported from 2025 drilling at the East Zone, Mustajärvi Project.
 
Any further questions for Patrick? Email me at Fleck@kereport.com.
Click here to visit the FireFox Gold website to learn more about the Company.
 
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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.

Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, joins us to unpack key insights from LME Week, the ripple effects of backwardation across metals, and how he’s positioning clients amid a “healthy” precious-metals correction and a mixed energy tape.
Key Discussion Points
LME Week sentiment: Big crowds and a notably upbeat tone for base metals; consensus poll favored copper #1, aluminum #2, tin #3 for upside potential.
Backwardation watch: Recent spikes in silver and zinc (cash > 3-month) point to near-term physical tightness; copper’s curve flattening with hints of front-end firmness.
Precious metals reset: Gold down ~8% from highs and silver off ~10% in a sharp but “healthy” bull-market shakeout; year-to-date gains remain substantial.
Base metals leadership: Copper acting as bellwether; aluminum and zinc following; tin up ~23% YTD - underinvestment and broad asset inflation cited as tailwinds.
Energy check-in: Crude bounced on Russian sanctions headlines but remains range-to-lower on surplus outlook; U.S. natgas swings driven by front-month positioning and weather.
Data gap risk: Four weeks without COT reports adds uncertainty to quant/models - potentially tempers risk-taking in WTI and Henry Hub.
Click here to learn more about Bannockburn Capital Markets
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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.

Michael Rowley, President & CEO, of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), joins us to review the news out today announcing the completion of the 2025 exploration program, that the Company has engaged Mine Technical Services (“MTS”) to complete an updated NI 43-101-compliant Mineral Resource Estimate (“MRE”) for the Company’s 100%-owned Stillwater West critical minerals project in Montana, USA.  Stillwater West hosts nickel, copper, cobalt, chromium, platinum, palladium, rhodium, ruthenium, iridium, gold, and osmium – a unique mix of battery, alloy, and platinum group metals essential to clean energy, defense, and technology supply chains.
 
Mike explains that this new geological model and understanding of the Stillwater West Project through the lens of the South African Bushveld Complex as a parallel is so crucial to unlocking the value proposition of the Project and for future exploration targeting.  It is also quite constructive have  Dr. Danie Grobler, Vice President of Exploration, Albie Brits, Senior Geologist, provide different layers of input and collaboration with Tim Kuhl and the MTS team on the updated Stillwater resource estimate. Their extensive experience in Platreef-type geology and resource estimation is expected to provide significant value to the Project.
 
Highlights and upcoming catalysts:
 
The 2025 drill campaign is now complete, totaling 3,471m in eight holes, with all assays pending.
The updated MRE will incorporate 14 drill holes totaling 5,781 meters (“m”) from the 2023 and 2025 programs, plus select historic holes not included in the current estimate.
The updated Mineral Resource Estimate is expected in H1 2026 and will mark the next step in advancing Stillwater West as a potential large-scale source of ten minerals listed as critical in the U.S.
The update will build on the January 25, 2023, Inferred Mineral Resource and results will support further technical studies and economic assessments.
MTS has completed a site visit and is updating deposit models to incorporate new data, improved geologic domaining, geostatistics, and structural controls – leveraging insights from the Platreef district in South Africa.
The work is being led by Mr. Timothy Kuhl (MTS) and Dr. Danie Grobler (Stillwater) who together previously worked with the late Dr. Harry Parker on the resource estimation and technical reports for Ivanhoe Mines’ Platreef Mine.
 
We go on to discuss with Mike the challenges and opportunities in defining the large-scale polymetallic and critical mineral resources at Stillwater West; and why it has the attention of large major producers, like their strategic partner Glencore, along with attention from the US and Montana government. We discuss how the nickel, copper, and cobalt tie into the growing industry demands for battery metals, energy metals, and defense metals. Additionally, with platinum, palladium, rhodium, and gold all demonstrating strong recent market performance, Stillwater West offers significant leverage to these precious metals.
 
 
If you have any questions for Mike or the team at Stillwater Critical Minerals, then please email them into us at Fleck@kereport.com or Shad@kereport.com.
 
Click here to follow the latest news from Stillwater Critical Minerals
 
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.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a Q3 operations review, along with an exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack by year end, with the plan to then put out a mine restart plan in early 2026.
 
Q3 Operational Highlights
 
During the quarter, McCreedy West produced 75,173 tons of ore at an average grade of 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold and 10.78 g/t silver.
Underground development during the quarter totaled 1,796 feet, an increase of approximately 24% over Q2 of 2025.
Diamond drilling at McCreedy West during the quarter totaled 15,361 feet.
Quarterly production of 75,173 tons of ore represents an increase of 7.3% over Q2, despite the compressed air system failure and the power related delays which resulted in the loss of 6% of available operating time during the quarter.
These events delayed access to higher-grade stopes, which are now expected to be mined in Q4.
 
Next we shifted over the news released on October 23, which provided an update on drill  assay results from ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin.
Drillhole FNX6083-W2 was targeted approximately 40 metres to the north of drill hole FNX6083-W1 and below drill hole MLV-25-14A, which intersected 2.6% copper, 8.1% nickel and 17.8 g/t platinum + palladium + gold over 0.6 metres.
Drillhole FNX6083-W2 intersected multiple mineralized intervals including copper rich chalcopyrite veins grading up to 19.3% copper and 26.1 g/t platinum + palladium + gold, as well as nickel rich pyrrhotite-pentlandite veins grading up to 12.4% nickel and 24.2 g/t platinum + palladium + gold.
 
Jason shares more context on why the exploration and engineering teams are getting quite excited about this R2 Target at the Levack Mine, and after more drilling, it may change the anticipated sequence of the mine restart plan that the team is still working on.  The team is also reviewing the potential for bringing hoisting back to Levack in a development scenario. He mentioned that the upcoming resource estimate at Levack would be instructive for how they approach the mine restart plan moving into next year.
 
Wrapping up we discussed how the company announced on September 19th raising gross proceeds of approximately $50 million, and how that puts the company on very strong financial footing to continue exploring and developing Levack, as well as doing some additional upcoming work to advance their Crean Hill Project.
 
While these funds raised are going into the ground at their projects, Jason acknowledges that the company is still continuing to look at accretive acquisitions around the Sudbury Basin, that may be non-core to large companies but project that they believe their team can add value to moving forward.
 
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow along with the news at Magna Mining
 
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.
 
 

Gold and silver have pulled back sharply from recent highs, but Craig Hemke, founder and editor of TF Metals Report, says this is classic bull-market behavior - not the start of a bear phase. Gold remains up roughly 40–50% YTD, silver over 50%, and despite short-term pain, the structural uptrend remains intact.
Key Topics Recurring 10% pullbacks: Craig outlines how each gold rally since 2023 has followed a rhythm — 90-day consolidations, 10% corrections, and ~20% surges higher. He sees the current move as another leg in that pattern.
Silver’s consolidation band: After reaching $54, silver’s drop below $47 mirrors prior shakeouts. Hemke expects a 20% range to hold before the next breakout attempt toward new highs.
Earnings strength & sentiment lag: Even at $3,800–$4,000 gold, miners like Newmont (NYSE: NEM) and Agnico Eagle (TSX/NYSE: AEM) are printing record margins. Investor sentiment, however, hasn’t caught up.
M&A and cash hoards: Majors are flush with cash, minimal debt, and strong cash flow. Hemke expects consolidation in the sector to spark fresh M&A activity as producers replace reserves.
Macro triggers to watch: A Fed rate cut cycle, potential dollar weakness, and re-emerging risk appetite could all act as catalysts for the next leg up across precious and base metals.
Visit Craig’s website – TF Metals Report: https://www.tfmetalsreport.com/
 
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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.

Brendan Yurik joins the KE Report to discuss Electric Royalties (TSX.V:ELEC - OTC:ELECF) expanding portfolio and path to sustainable cash flow. The company now holds 43 royalties focused on key electrification metals across top-tier jurisdictions.
Discussion Highlights
First Cash-Flowing Asset: Copper-gold royalty at the Punitaqui Copper Mine (Chile) ramping up - expected to cover annual G&A.
Next in Line: Four royalties could begin paying within 12 months.
Advancing Projects: Feasibility and PFS updates coming from multiple assets.
Diversified Exposure: Balanced across copper, lithium, graphite, manganese, nickel, zinc, tin, and vanadium; no single asset >15% of NAV.
Growth Outlook: Targeting one or two near-term, revenue-generating royalties backed by private equity to boost cash flow with minimal dilution.
Click here to visit the Electric Royalties website to learn more about the Company
 
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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.

This Weekend Show dives deep into one of the most volatile stretches for gold and silver in decades. With massive intraday swings and investor sentiment whipsawing, Cory and Shad bring on Mike Larson and Rick Bensignor to dissect what’s really happening - from retail speculation and momentum exhaustion to technical triggers and institutional behavior. Both guests share practical frameworks for investors navigating the chaos, and insights into what comes next for metals, equities, and the broader market.
 
Segment 1 & 2 - Mike Larson, Editor in Chief at MoneyShow, joins us to dissect the wild swings in gold and silver. He sees a likely short-to-intermediate consolidation rather than a bull-market top, and lays out how to navigate momentum—separating traders from long-term investors, using risk controls and staged exits, watching key support levels, and tracking the dollar, rates, and policy-driven critical-minerals news.
Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.com/
 
Segment 3 & 4 - Rick Bensignor, president of Bensignor Investment Strategies and writer of the institutional newsletter Supposedly Irrelevant Factors (and In The Know Trader products) wraps up the show discussing buying silver and palladium on the recent pullback while remaining bullish on precious metals, explains silver’s breakout and backwardation dynamics, anticipates a short-term 5-8% equity market correction before another rally fueled by money-market outflows, and analyzes the growing retail influence and shift toward 60/20/20 portfolios favoring alternative assets like gold, crypto, and PGMs.
Click here to visit the In The Know Trader website - https://intheknowtrader.com/
 
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!
 
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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 may own shares in companies mentioned.

Jon Gilligan, President and CEO of Liberty Gold (TSX:LGD; OTCQX:LGDTF), joins me for a comprehensive update on their exploration, development, and derisking work leading to an upcoming Feasibility Study, engineering work streams, permitting, and other future value drivers; with a move towards a construction decision in 2 years at the open-pit, heap leach Black Pine Gold Project in the Great Basin in southeastern Idaho.
 
We start off reviewing the key metrics from the Pre-Feasibility Study announced on October 10, 2024, but using a $2,000 gold price assumption.
 
Open pit, run-of-mine (no crushing) heap leach operation with a one-year construction period and initial capital expenditure of $327 million
Average annual production of 183 thousand ounces of gold in years 1 to 5 with Life-of-Mine average annual production of 135 thousand ounces of gold
All-In Sustaining Cost for years 1 to 5 of $1,205 per ounce of gold and LOM AISC of $1,380 per ounce of gold
$552 million After-Tax Net Present Value (5%) with a 32% After-Tax Internal Rate of Return and a 3.3 year payback at a base case gold price of $2,000 per ounce
$1.296 billion After-Tax Net Present Value (NPV 5%) with a 62% After-Tax Internal Rate of Return (IRR) and a 1.5 year payback at spot gold prices of $2,600 per ounce
 
The economic metrics are obviously much better at current gold prices near $4,000 per ounce, the NPV swells well over $2billion and the IRR goes to triple digits.
The Company is working towards a Feasibility Study as a next key catalyst, but has multiple development and derisking workstreams underway.
 
Additionally, there is still a lot of room for exploration expansion at the Black Pine Gold Project, where there have been recent news reports announcing additional strong results at the expanding Rangefront Zone, from the ongoing 40,000 meter (“m”) feasibility reverse circulation (“RC”) drill program. 
 
This exploration program is designed for resource infill and conversion, as well as technical compliance for feasibility and expansion of the resource. There is also some true discovery drilling exploring areas for near-surface mineralization and looking for more potential satellite pits.
Jon outlines how Rangefront has expanded so much through the focused drilling that it is likely to move up into where the initial few years of mining happen, being strategically located further down the mountain and near the new leach pads.
 
Jon also provides a detailed roadmap of the timeline of permitting milestones and derisking initiatives in front of the Company over the next 2-3 years through targeted construction and first gold pour.   Many of the engineering and permitting workstreams coalesce in late 2027, in tandem with initiatives to execute on the funding package, and these should lead to the construction decision later that year, and then breaking ground in 2028.
 
Jon outlined the specific factors that lead to the strong current financial health of the company. After a successful capital raise back in April of C$23 million, this was followed by a strategic 9.9% investment by Centerra Gold in September for C$28 million, another $2.2million payment received in October from the sale of the non-core TV Tower copper gold project, and then additional early exercise of warrants. This gives Liberty Gold a solid treasury, and they are now fully funded to advance forward with all the ongoing exploration, development, and derisking work programs at Black Pine moving towards a construction decision in late 2027.
 
We wrap up having Jon reiterate the Company’s genuine interest in building this project, and highlighting a number of key promotions and additions to their board of directors and management team, boosting both their technical and permitting teams.
 
If you have any questions for Jon regarding Liberty Gold, the please email me at Shad@kereport.com.
 
Click here to follow the latest news from Liberty 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.