The KE Report

In this KE Report Daily Editorial, Dana Lyons, fund manager and editor of Lyons Share Pro, joins me to discuss the recent correction and rising volatility in gold, silver, and mining stocks (GDX, GDXJ, SIL). Dana explains how traders should adapt as the metals shift from a parabolic uptrend into a more volatile consolidation phase.
Key Topics
Risk Management in a Correction - Why trimming positions into strength and rebalancing exposure helps preserve gains.
Volatility Signals - The spike in the Gold Volatility Index (GVZ) warns of a turbulent trading environment ahead.
Technical Roadmap - Using retracement levels and patience to identify when the correction may end.
Market Outlook - Despite metals volatility, Dana’s models remain bullish on equities, led by semiconductors, biotech, and select international markets.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. 
 
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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 on Wednesday October 22nd, 2025:   John Rubino, [Substack https://rubino.substack.com/ ], joins us for a nuanced discussion on portfolio trading strategies at this interesting point where gold, silver, and PM stocks have pulled back some after big moves to new all-time highs; but also as the market anticipates strong record Q3 earnings reports from the producers and royalty companies.
 
We start off reviewing huge runs higher all year long in most gold and silver equities, but that sentiment has shifted slightly more negative since the end of last week, as gold, silver, and the related equities have had swift downside corrections.   While most were anticipating a consolidation of the recent gains, the big drops in PM stocks starting last Friday and accelerating on Tuesday and part of Wednesday morning when this episode was recorded, caught some investors wishing they’d taken more gains.
 
John outlines that holding through any market consolidations is the best policy for longer-term investors, and that for shorter-term investors that there are a few different strategies one can deploy.   We discuss trimming back outsized portfolio positions to redeploy into other names that haven’t moved as much, but John also highlights different strategies investors can utilize with options trading to hedge bets in either direction, and smooth out risk in more volatile price action.
 
Looking ahead to Q3 earnings, and the expected record revenues that will have been generated we touch upon a few aspects that may animate investors moving forward.
Will investors keep bidding up revenue-generating stocks, expecting that the pattern of multiple consecutive quarters of earnings growth will inevitably attract new entrants into the space?
Will investors sell this news, possibly expecting the recent corrective moves we’ve seen to keep accelerating to the downside and putting an end to margin expansion?
 
Even if gold and silver prices were to stay around similar levels or even head lower, John outlines that we’ll still see the mining stocks improve and strengthen their businesses by using their growing revenues and cash flows to pay down any debt, buy back shares of their stock, increase their dividends, or make accretive acquisitions.
We consider that, thus far in Q4, the average gold or silver price being realized is still quite a bit higher than they were in Q3, and so even if there was a further correction, it would still likely mean higher average prices for the last quarter of this banner year in the precious metals sector.
It would take a massive correction in November and December to see lower average quarterly PM prices in Q4 than the prior quarters.
 
In addition to gold and silver producers, we review that the precious metals royalty companies have been seeing consecutive quarters of record revenues and cash flows and they have also been continuing their multi-year trend to higher valuations.
 
Wrapping up we pivot over to the big runups we’ve seen this year in other metals and critical minerals sectors from rare earths and antimony to uranium and copper.
John is still very exposed in his own portfolio to uranium equities, and while he wished he’d have trimmed some back a bit more, he also makes the point of how the bullish sector fundamentals for nuclear power will likely still provide more running room in these stocks.
He brings up the potential disruptive threat of thorium-based reactors to the sector, that they are experimenting with in China, and what that could mean down the road.
John also highlights the strong fundamentals for the copper sector and how important that is for the electrification narrative, and why this trend still has legs.
He also mentions that if solar gains ground on nuclear and nat gas power plants, that it would be a continued boon to the silver industry, and is worth keeping tabs on developments there.
 
Click here to follow John’s analysis and articles over at Substack
 
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 KE Report company update, I speak with Nick Appleyard, President & CEO of TriStar Gold (TSX.V:TSG - OTCQB:TSGZF), for a detailed overview of the company’s flagship Castelo de Sonhos Gold Project in Pará State, Brazil. The discussion revisits the May 2025 Pre-Feasibility Study (PFS) and outlines why TriStar’s 2.5 million ounces of gold (1.4 million in reserves) represent an undervalued asset.
Key Discussion Highlights:
Robust Resource & Reserves: The project hosts 2.5Moz total gold, including 1.4Moz of reserves, supported by over 75,000m of drilling. The deposit remains open and continuous, with mineralization starting at surface.
Project Economics: The May 2025 PFS outlined an AISC of $1,111/oz and an initial CAPEX of ~US$300M (including 20% contingency). Even at $1,500 gold, the project remains profitable.
Favorable Geology: The Esperança South zone anchors the project’s economics - hosting a 6km-long, shallowly dipping orebody averaging ~1.3 g/t Au with 98% metallurgical recovery.
Permitting & Legal Update: TriStar’s key LP environmental permit remains in full standing. A pending court clarification expected in November 2025 should resolve current legal challenges, followed by advancement toward the construction permit by late 2026.
Strong Downside Protection: At current valuations (~C$60M market cap), TriStar trades below 0.1x NAV.
Click here to visit the TriStar Gold website to learn more about the Company and Project. 
Email me any follow up questions for Nick - Fleck@kereport.com.
 
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For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Chris Gerteisen, CEO of Nova Minerals (ASX:NVA - NASDAQ:NVA - FSE:QM3), joins us to discuss the company’s recent US$43.4 million U.S. government grant to fast-track antimony trisulfide production, a key component in munitions and clean-tech manufacturing, along with ongoing exploration and development at the Estelle Gold and Critical Minerals Project in Alaska.
Key Discussion Points:
$43.4M Government Grant: Funding supports Phase 1 antimony production and the development of an initial refinery in Alaska. Nova is already purchasing mining and processing equipment, with a target to begin production by mid-to-late next year.
Two-Phase Development Plan:
Phase 1 – Focused on surface extraction and smaller-scale production (hundreds of tons).
Phase 2 – Expansion into a large-scale refinery at Port MacKenzie, scaling up to 5,000–10,000 tonnes of refined product annually.
Strategic Infrastructure: 42-acre site at Port MacKenzie, a deep-water, year-round port with road and rail access, designed as a modular hub for future critical mineral refining.
Drilling & Resource Definition: Antimony resource drilling underway with a second rig planned. Results will feed a mine plan and internal resource model to maintain the project’s accelerated schedule.
Gold Resource Strength: Estelle hosts a ~9.9Moz JORC resource (with ~5.2Moz SK-1300 pit-constrained at US$2,000/oz). Ongoing drilling at the RPM deposit is aimed at upgrading inferred ounces and completing an updated economic study in 2026.
Dual Commodity Advantage: Parallel development of both gold and antimony provides diversification, strong leverage to current prices, and greater financial resilience.
Near-Term News Flow: Antimony drill results, equipment procurement updates, processing plant construction milestones, and new gold assay results from Estelle and RPM.
Please email me with any follow up questions for Chris - Fleck@kereport.com 
Click here to visit the Nova Minerals website.
 
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For more market commentary & interview summaries, subscribe to our Substacks: https://kereport.substack.com/ https://excelsiorprosperity.substack.com/
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins us to review his medium-term technical outlook for gold, silver, and the PM stocks, the cartoonish cashflow being generated by precious metals producers, and the search for “holy grail” and “unicorn” resource stocks with catalysts for value creation. 
 
 Key topics discussed:
 
After completing the logarithmic extension of the longer-term 13-year cup and handle pattern breakout in gold, and making it all they way up to $4,398 gold has corrected some this week pulling back down near the $4,000-$4,100 level.
 
We ask Jordan if this the beginning of a more meaningful corrective move, or if there are still higher levels in store for the yellow metal in the near future?
Jordan sees first support at $3,950, and more meaningful support down in the $3,600-$3,700 range.
 
Jordan believes we may have seen an interim top in the precious metals equities, as many of them and their ETFs have “rhino-horned” in steep inclines higher in share price on the charts. 
 
Despite these recent big down days in the gold and silver stocks, he is still looking at acquiring the best quality stocks with the most torque into any pullbacks.
We discuss the "cartoonish cashflow" being generated by gold and silver producers at current metals prices, and look ahead to what should be record revenues in Q3 earnings reports.
Investors need to look at things on a company by company basis, analyzing for quality projects and management teams that can add value in any price scenario.
 
With regards to silver, it just had a very strong breakout move to new all-time highs in the $53-$54 region. While it has come off these recent highs down to around $48,  he still sees a scenario where silver could essentially double in the next 6-10 months to triple digits.
 
Initial support for silver is down at $46, with next support at $42-$43, and deep support at $41.
Jordan is watching to see how silver interacts with the 150 day moving average, which has been significant in past cycles.
 
Overall, Jordan does not believe this is the top or end of the precious metals bull market. 
 
We have not seen a rollover in general US equities where all the capital floods into the PM sector.
We have not seen gold or gold equities get to a high enough multiple of US equities like the S&P 500 or Dow, as they have in all prior cycles.
If anything this is simply the end of the beginning of the cyclical bull, within the larger secular bull.
 
Jordan expands on the PM stocks that he likes most, and why he’s positioned in developers and producers in his portfolio that have catalyst driven growth and value creation.
 
We discussed “holy grail” gold and silver producers that can both grow their production profile operationally at the same time as agressively growing resources through exploration.
We discussed “unicorn” PM stocks, which are either developers or producers that can either finance and build a new mine that still has expansion potential, (and that expansion pays off part of the capex); or companies that can actually build multiple mines in a cycle.
He is seeing big value in the developers with defined ounces in the ground and improving economic studies based on the higher metals prices; but that also have management teams and boards that can actually raise the capital and build the mine.
 
Click here for exclusive stock picks and Jordan’s analysis at The Daily 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.
 
 

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macroeconomic themes and fundamental value drivers that that are presenting catalyst-driven opportunities in select gold, silver, antimony, rare earths, lithium, and uranium stocks.
 
We start off reviewing the macroeconomic landscape, delving into inflation, GDP growth, effects of tariffs, coming Fed rate cuts, the prospects of stagflation versus reflation, and why the precious metals and critical minerals have continued to receive a bid all year long in this kind of backdrop.
 
We discuss the large rally this year and in particular the last few months in gold, silver, and the precious metals stocks, but why Nick wrote to his subscribers mid-October recommending that they trim back some of their exposure to the PM sector.   He outlined that trimming is always a nuanced discussion, and does not mean at all that he’s putting a sell out on the sector or that he is no longer bullish.   It just came down to practice, procedure, and prudence for reducing down the asset allocations as they had swelled to become too large of positions in their portfolio and it was time to harvest some gains to be able to redeploy them, fitting in with his “pruning and planting” approach.  
 
Many investors and analysts will now shift their gaze to the Q3 earnings that come in over the next few weeks, and this could be a constructive catalyst for the PM stocks overall, and bring in more generalist interest.
 
Next we shift over to the outsized moves to both the upside and downside in the critical minerals space.  Nick highlights how the fast-tracking of permitting using the US Fast 41 initiatives, and the government funding and partnerships with many critical minerals companies is creating its own momentum and speculation in antimony, rare earths, lithium, and uranium stocks.   This goes into many fundamental policies and initiatives from both government and industry that have been lifting the names in these sectors. He is holding onto positions through any of the current volatility, and believe that more names will pop as a flood of capital pours into such a tiny investing space.
 
We discuss a range of different companies used as examples of how the critical minerals have really been active including:
 
Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA), CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU), MP Materials Corp. (NYSE: MP), United States Antimony Corporation (NYSE:UAMY), Trilogy Metals Inc. (NYSE American: TMQ) (TSX: TMQ), Lithium Americas Corp. (TSX: LAC) (NYSE: LAC), PMET Resources Inc. (TSX: PMET) (OTCQX: PMETF), and Critical Elements Lithium Corporation (TSXV:CRE)(OTCQX:CRECF).
 
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.
 
 

Ali Haji, CEO of American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9), joins me to for a financial and operations update on all the exploration, development, and rehabilitation initiatives underway; focused on bringing onshore tungsten mining and production capabilities to the United States through its derisked past-producing IMA Mine in Idaho.
 
Today on October 22,  American Tungsten announced that, further to its press releases dated October 14, 2025, October 15, 2025, and October 20, 2025, it completed the first tranche of its non-brokered private placement for gross proceeds of C$16,770,510 from the sale of 6,500,198 common shares of the Company at a price of C$2.58 per Share (the "LIFE Offering") under the Listed Issuer Financing Exemption.
 
We start off discussing this financing, the rationale for both the timing of it, and the subsequent repricing of it lower to gain better traction and confidence with incoming institutional investors. Most importantly, we get into what these funds will enable in terms of future value creation through the ongoing rehabilitation and development work at the IMA Mine.
 
Next, we discussed the Letter of Intent (“LOI”) signed back on September 20th with a prominent U.S-based offtake partner, Global Tungsten & Powders (“GTP”). Ali highlights that their agreement with GTP marks a pivotal milestone in their emergence as a leading domestic supplier of high-grade tungsten, now vetted by one of the largest tungsten processors in the world. This LOI not only affirms the robust market demand for more domestic supplies of tungsten, but also reflects the deep confidence their partners have in their technical capabilities and long-term vision to move from development into near-term production.
 
Then Ali expanded the ongoing IMA Mine Rehabilitation Progress:
 
A total of 115 feet of the Zero Level access tunnel has now been successfully rehabilitated, measured from the portal entrance; with anticipated work on the zero level tunnel approximately 80% complete.
Rehabilitation efforts are now within the heart of the main collapsed zone, currently estimated to span approximately 50 feet.
At a September site visit the management team reviewed the Zero Level rehab work, the D Level underground workings, the historic tailings area across the road from the canyon, and the broader site area.
The MSHA inspector expressed confidence in the site’s progress and praised the quality of work completed. A Radon measurement taken within the tunnel yielded a zero reading, affirming a safe working environment.
 
 
Zooming back to the project level, we shifted over to the tungsten, molybdenum, and silver resources in place and the infrastructure advantages of the IMA Mine as an advanced, past producing brownfields site, located on patented mining claims in Idaho. There has been a substantial amount of capital spent over many years to advance and build the project by various mining companies, including the Bradley Mining Company, Inspiration Development Co. (subsidiary of Anglo American PLC), and American Metal Climax. There is solid infrastructure including roads, tier-1 low-cost power supply, water rights, and a mining-oriented labor force nearby, which can help fast-track this project back into production, with a low capex anticipated to be ~$20 Million.
 
Ali reiterated that they are continuing to work closely with government agencies to build partnerships seeking to secure funding.  He believes there is the opportunity to secure key strategic partnerships and non-dilutive financing with the U.S. Department of Defense,  Department of Energy, and Defense Advanced Research Projects Agency, and mentioned that those discussions are underway and applications were previously filed.
 
This brought up the critical and strategic nature of tungsten as a defense metal, where the majority of tungsten supply is controlled by China, and why the US government is keen to develop supply chains outside of China which has placed export controls on this metal, and many other critical minerals.  Tungsten is a necessary component in a wide array of defense applications, including but not limited to the production of ammunition, armored equipment, artillery, and space exploration.
 
 
There is planned drill program to expand the known tungsten, molybdenum, and silver mineral resources, and this will be utilized for an updated Resource Estimate, and the upcoming Preliminary Economic Assessment (PEA). The company will also be conducting a trial mining and bulk sample exercise, more metallurgical tests, and the company is now working towards the construction decision on a processing plant on-site, which is a change and upgrade to the previously envisioned direct ship ore (DSO) business model.
 
If you have any questions for Ali regarding American Tungsten, then please email those into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of American Tungsten 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 American Tungsten

In this KE Report daily editorial, we welcome back Dan Steffens, President of the Energy Prospectus Group, to break down the latest developments across the oil and natural gas markets. With crude prices recently dipping below $57/bbl and natural gas showing relative strength, Dan shares his insights on market fundamentals, storage levels, and the outlook for key producers and income plays.
Key Discussion Points:
Oil Market Outlook - Despite headlines of oversupply, U.S. crude and product inventories remain below seasonal averages, with Cushing storage levels near record lows. Dan believes strong support around $57 and possible SPR refilling could stabilize prices.
Natural Gas Demand Drivers - U.S. LNG exports are expanding rapidly, projected to reach ~20 Bcf/day in Q1 2026. Rising AI data center power needs are emerging as a major new demand source, with multiple gas-fired plants being developed to support this growth.
Top Natural Gas Producers - Companies positioned to benefit from rising demand include EQT Corp (EQT), Antero Resources (AR), and Range Resources (RRC).
Balanced Oil-Gas Plays – For diversified exposure, Dan highlights Ovintiv (OVV), Devon Energy (DVN), and Coterra Energy (CTRA), each with substantial natural gas and NGL production alongside oil output.
High-Yield Midstream & Income Ideas – The safest dividends lie in midstream operators such as Plains All American (PAA) (≈9% yield, tax-advantaged), Enbridge (ENB), and Oneok (OKE) - all benefiting from steady volume-based cash flows. Dan also notes Black Stone Minerals (BSM) and Kimbell Royalty Partners (KRP) as strong royalty-income opportunities.
Hedging & Cash Flow Stability - Many of these firms are well-hedged, ensuring consistent dividends even amid commodity price swings. With gas futures near $4, Dan expects renewed investor rotation into gas-weighted producers through year-end.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis.
 
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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.

I’m joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA – OTCQB: KUYAF – FRA: 6MR1), for an operational update on the Bethania Silver Mine in Peru, following the October 17th news of record Q3 concentrate sales, infrastructure upgrades, and new management appointments.
Discussion Highlights:
Record Q3 Results - Best quarter to date for concentrate sales and recoveries (~92%), despite a temporary equipment outage.
Operational Upgrades - New high-capacity air compressor plus backups now in place to ensure stable production and reduced downtime.
Ramp-Up Progress - On track to reach ~100 tpd by mid-November, with a path toward 350 tpd in 2026. Breakeven estimated at 80–100 tpd under current silver prices.
New Ramp Development - Construction underway to improve haulage, support expansion, and access deeper levels for future mining.
Exploration Growth - A 5,000m underground drill program is starting to extend mineralization at depth and upgrade resources.
 
If you have any follow-up questions for David, please email me at Fleck@kereport.com
Click here to visit the Kuya Silver website – https://kuyasilver.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.

In this KE Report company update, Ross McElroy, President & CEO of Apollo Silver (TSX.V:APGO – OTCQB:APGOF – FRA:6ZF0), joins us for his first interview since taking over in May. Ross brings nearly 40 years of experience, including leading Fission Uranium’s $1.14B sale to Paladin Energy.
Key Highlights:
Updated Resource: 125Moz Ag (M&I) and 57.5Moz Ag (Inferred) at the Calico Silver Project in California - a 14% increase in ounces.
Broader Metal Profile: First inclusion of zinc, barite, and gold, enhancing project value.
Project Breakdown: Waterloo hosts ~⅔ of total silver (all M&I); Langtry adds 57.5Moz Inferred with upgrade potential.
Path Forward: Targeting a PEA in early 2026 followed by a Pre-Feasibility Study in 2027.
Jurisdictional Advantage: Located in pro-mining San Bernardino County on 99% private land with vested mining rights.
$26M Financing: Expected to close Oct. 22; funds operations and studies for roughly two years.
Cinco de Mayo (Mexico): High-grade CRD system (385 g/t AgEq) with plans to reestablish local access and complete 20,000m of drilling under option with Pan American Silver.
Click here to visit the Apollo Silver 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.