The KE Report

Sean Brodrick, Editor of Wealth Megatrends, Supercycle Investor, Resource Trader, and contributing analyst to Weiss Ratings Daily, joins us to outline strategies for portfolio management during the pullbacks in gold, silver, antimony, rare earths, and energy stocks.  
 
Gold and silver are now retesting lower levels, in a corrective move that has been anticipated by many for some time. 
If $4,000 support is tested and breaks, then Sean makes a case for solid technical support at $3850 and $3,700, and believes it is unlikely we’ll see a move below those in the medium-term.
Sean had been advising his subscribers to take partial profits in a number of precious metals stocks since October 14th.
He was happy to have raised the cash to be able to redeploy it into meaningful pullbacks, which have begun since the Friday of last week and then accelerated down further on Tuesday’s trading session.
 
He is quite interested to see how Q3 earnings season may trend starting with Newmont Corp’s (NYSE: NEM, ASX: NEM) report afterhours this coming Thursday, and then filtering out into the rest of the senior and mid-tier PM producers.
We discuss whether gold and silver need to keep hitting new all-time highs in the near-term to keep the momentum going in the PM stocks, or whether these stocks can actually keep making progress just based on rerating more in alignment with these higher underlying metals prices.
 
 
Next we got into the blistering rally higher that we’ve seen in some of the critical minerals stocks like antimony and rare earth stocks on the back of Chinese export bans sending prices skyrocketing.  
He’s got some exposure through United States Antimony Corp (NYSE:UAMY), and discussed their recent acquisition of another company to further grow their antimony and gold resources.
Sean is also positioned in USA Rare Earth, Inc. (Nasdaq: USAR), because they have a compelling development project and domestic mine-to-magnet supply chain approach that may be able to attract some of those government funds earmarked for this sector.
 
Wrapping up Sean shifted over briefly to how traditional energy with the oil and gas stocks, and solar have remained in a slump, but that they may become a sector to follow, along with his ongoing interest in the next-gen defense stocks consider whether this could be a contrarian area to follow more closely in the commodities sector.
 
Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends
 
Click here to learn more about Resource Trader
 
 
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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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a candid discussion to review how different stages of the precious metals stocks are responding to the outsized corrections today and at the end of last week in gold and silver prices.
 
We start off noting the deeper pullbacks are occurring in the producers due to their tighter correlation with PM prices.  These stocks had attracted a lot of attention from momentum investors, that often were piling in without much thought as to the specific fundamentals or longer-term investing case for these companies.
 
In contrast, the alpha-driven gold or silver explorers are much more driven by newsflow, and so the metals prices are less germane.  As a result, they’ve actually been more resilient to this sector correction, and were some of the only stocks in the green on a turbulent day in a sea of red.  Erik points out though, that they also didn’t have as much upside torque as the metals prices were climbing, because again they are driven by their own micro catalysts and fundamentals.
 
Erik is becoming more animated by the second wave of the Lassonde Curve, where the developers have the leverage and optionality to rising metals prices, but there remains a large delta in where the ounces in the ground are being valued versus the margins that the producers are making for each ounce of gold or silver they pull out of the ground and process.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 
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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 Daily Editorial, we welcome back Dave Erfle, Founder and Editor of The Junior Miner Junky, for his thoughts on the gold and silver selloff. After massive rallies that pushed gold to nearly $4,400/oz and silver up $3.50/oz, both metals are now retracing hard, leaving investors questioning whether this is an interim top or something more significant.
Dave breaks down the technical and psychological dynamics driving the pullback, including:
Gold and Silver Volatility - CME margin hikes triggered a massive washout following weeks of overextension, with gold reversing nearly $300 from its peak. • Miners’ Correction - GDX and GDXJ up 65–75% since August now face a natural 20–25% retracement, with key support levels at 67 (GDX) and 85 (GDXJ). • Chart and Cycle Patterns - After achieving long-term “cup-and-handle” breakout targets, gold may consolidate between $3,500–$4,000 before resuming its uptrend. • Earnings Season Setup - Despite volatility, Q3 earnings for producers like Newmont (NEM) should showcase record margins thanks to sustained high gold and silver prices. • Sector Leadership and Accumulation - Miners and silver often lead both tops and bottoms; investors should prepare to accumulate “fishing lines” after “rhino horn” spikes. • M&A Momentum - IAMGOLD’s (IMG.TO) twin acquisitions underscore growing consolidation interest in large, high-quality land packages across Tier-1 jurisdictions.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 
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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.

Charles Funk, President and CEO of Heliostar Metals (TSX.V:HSTR – OTCQX:HSTXF – FSE:RGG1), joins me to discuss a series of key updates across the company’s portfolio in Mexico. We focus on the new La Colorada Technical Report, high-grade drill results from Ana Paula, and the expanding development and production pipeline.
Key Discussion Highlights:
La Colorada Technical Report:
Upside case based on $3,500/oz gold delivers a post-tax NPV of US$243M and 168% IRR.
Base case uses $2,300/oz gold with a $1,626/oz AISC and a 6-year mine life producing ~286,000 ounces of gold.
Fully funded development plan utilizing internal cash flow from San Antonio and stockpile production - no dilution required.
Expansion & Exploration Potential:
Drilling at Veta Madre Plus could add ~28,000 ounces and ~$30M in cash flow through a larger pit shell.
Additional upside from high-grade zones at depth and near-mine exploration around Creston and other targets.
Ana Paula Drill Results:
Standout intercept: 88m grading 8.8 g/t gold from 88m downhole.
15,000m infill and conversion program underway; expanding to three rigs.
Upcoming PEA this quarter to outline underground economics, followed by a feasibility study targeting construction decision for 2028 production.
Resource: 710,000 oz M&I and 450,000 oz inferred with goal to convert total to M&I.
Strong Financial Position:
~$30M cash (end of Q2) with increasing Q3 balance expected.
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. 
 
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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.

In this KE Report Company Update, we welcome back Caleb Stroup, President & CEO of Headwater Gold (CSE:HWG - OTCQB:HWAUF), for a deep dive into a flurry of recent developments across the company’s Nevada and Idaho exploration portfolio.
 
Key Highlights:
Spring Peak – Newmont Stage 2 Earn-In: Newmont to spend US$40M over 3 years to earn up to 65%. The project is now part of the U.S. FAST-41 program, expediting permitting for a 266-site drill program.
Loadstar – Drilling Underway: Maiden 3,500m (10–15 hole) drill program testing the Zodiac-Sinister Ridge target for high-grade epithermal veins, modeled after the Spring Peak discovery.
OceanaGold Partnership: Signed definitive deal covering TJ, Jake Creek & Hot Creek projects. OceanaGold can earn up to 75% by spending US$65M and completing PFS studies. Drilling underway at TJ.
Crane Creek (Idaho): 100%-owned; newly permitted and drill-ready. Evaluating self-funding vs. partner option.
Strong Backing: Recent C$1M raise led by Rick Rule, Jeff Phillips, and Centerra Gold; year-end cash estimated at C$2.5–3M.
Please email your questions for Caleb to us at Fleck@kereport.com and Shad@kereport.com. 
Click here to visit the Headwater Gold website to read over the recent news.
 
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For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ 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.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to focus on the growth strategy at the development-stage Soracaya Project, as well as the exploration upside and expansion potential around the Bolivar, Porco, and Zimapan Mines. Santacruz Silver operates 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, along with 1 mine in Mexico, as an emerging mid-tier silver and base metals producer.
 
We kick things off with a review of the news out October 7th which announced the initiation of development activities and the pursuit of full production permitting at their wholly-owned Soracaya Project; located in the Potosí Department, Bolivia. These activities mark a key step toward advancing the Project to a production decision. With the preliminary mine plan in place and the permitting process underway, Soracaya is emerging as a cornerstone growth project for Santacruz Silver in Bolivia.
 
Soracaya is a high-grade, silver-rich project, featuring mineralization along reactivated faults with replacement and brecciated sulphides, geological characteristics typical of some of the world's most productive silver deposits. Since 1999, more than 29.6 km of drilling across 90+ holes has provided extensive geological data, supporting robust resource modeling and preliminary mine planning.  
 
Additionally, Glencore already put in the decline to access the high-grade veins, so there are some distinct brownfield site infrastructure advantages already in place. An internal study was completed by Glencore with an estimated capex of ~US$40MM for construction of a processing plant and tailings facility. Mine plan today envisions a roughly 12-year mine life with the idea to process about 850-1000 tonnes per day of material through the proposed mill.  Arturo outlined that Soracaya’s high-grade resource, strategic location in Potosí, and synergies with existing operations and the teams experience as underground miners give them confidence in its ability to deliver long-term value for shareholders and stakeholders alike.
 
We also discuss the permitting process, along with the regional Potosí District and mining history, as well as the national election and constructive political developments inside of Bolivia.
 
Their team is now currently increasing exploration and development work around the Bolivar and Porco Mines in Bolivia, to expand resources and extend mine life. Arturo reiterated their philosophy of constantly exploring at each mine to reinvest in the future growth of the company.
 
Transitioning over to Mexico, we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this well-endowed mineralized zone will continue growing in their Q4 production profile from Zimapan for the balance of this year and for many years into the future.
 
Arturo also highlighted that with the strength of the balance sheet, with the final 2 payments to Glencore completed in September, and robust incoming revenues at these higher underlying metals prices.   This gives them the optionality to review potential merger or acquisition assets if they are accretive and if their team can add value to those projects.
 
 
If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them 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 may own shares in companies mentioned.
 

Gold and silver remain in strong uptrends despite last week’s sharp pullback. Gold is still up ~50% YTD, silver over 60%, and miners (GDX, GDXJ, SIL, SILJ) continue to surge. 
Craig Hemke, founder and editor of TF Metals Report, joins us to explain why last week’s volatility was typical bull-market action - not the end of the move.
Key Topics Options expiry shakeout: Expiring calls triggered forced selling and sharp, short-term pressure. Silver above $50: After decades, silver’s sustained breakout signals a new phase; holding that level could ignite more CTA and fund buying. Backwardation insight: Spot silver trading above futures reflects institutional supply tightness in London, not a retail shortage. Miners’ earnings torque: With record prices and lower costs, producers and developers remain undervalued heading into Q3 results. Investor roadmap: Expect a brief consolidation after earnings before the next leg higher.
 
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.

In this KE Report interview, I speak with Greg McCunn, President & CEO of Great Pacific Gold (TSX.V:GPAC - OTCQX:FSXLF - FRA:V3H), for an in-depth introduction to the company, its flagship assets, and upcoming catalysts.
What we cover:
Standout intercept: 8.4m @ ~50 g/t AuEq (incl. ~46 g/t Au + 1.7% Cu) from the northern sulfide zone at the Sinivit target.
Consistent near-surface hits: hole 9 returned ~5m @ just under 5 g/t AuEq; 11 holes completed, hole 12 in progress; mineralization encountered in every hole to date.
Surface confirmation: 0.8m @ 127 g/t AuEq from outcropping vein supports the evolving structural model.
Program scale & step-outs: blanket drilling across the 1.5 km Sinivit target with ~28 holes / ~5,000m; stepping north to Kavasuki, expanding coverage from ~10% to ~20% of the 15-km epithermal corridor.
Second rig incoming: contract signed; mobilization targeted mid-November to accelerate work.
Deeper potential: Mobile MT highlights a robust feeder target at depth to be tested after near-surface orientation drilling.
Spin-out details: Walhalla Gold (Victoria, Australia) to be spun out 100% to GPAC shareholders. Special meeting Nov 27.
Balance sheet & valuation: ~$15M+ cash (post-July raise of ~$16.9M).
If you have any follow up questions for Greg please me at Fleck@kereport.com. 
 
Click here to visit the Great Pacific 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.

Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FSE:1RF), joins me for an update on the company’s latest drill results and financing news from the RC Gold Project in the Yukon. We discuss the standout assays from the Rhosgobel discovery, ongoing exploration progress, and the recently announced $25 million bought-deal flow-through financing that positions Sitka for an expanded 2026 drill program.
Key highlights from the update:
Best hole to date at Rhosgobel: 235m of 1.11 g/t Au from surface, including 40m of 2.0 g/t and 10m of over 5 g/t Au.
Exceptional consistency: All first 10 holes returned over 100m grading above 1 g/t Au from surface.
Growing scale: ~1.2km of strike drilled to date with visible gold logged down to ~300m depth; 42 holes (12,000m) completed with 32 assays pending.
Tungsten potential: Scheelite mineralization (tungsten) observed throughout drill core; gravity recovery tests underway to evaluate by-product potential.
2026 fully funded: $25M flow-through financing (no warrants) supports 50,000–60,000m of drilling next year at ~C$350/m, including continued expansion at Rhosgobel and updates to Blackjack and Eiger resources.
Resource growth: Existing resource at Blackjack and Eiger totals ~2.8Moz Au (1.3Moz Indicated + 1.5Moz Inferred), with an initial Rhosgobel resource targeted for early 2026.
If you have any follow-up questions for Mike, please email me at Fleck@kereport.com.
Click here to visit the Sitka Gold website to learn more about the Company: https://sitkagoldcorp.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 may own shares in companies mentioned.

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), both join me to review the news released on October 14th which announced the identification of multiple high priority follow up drill targets at the Darby Project.  Darby is a joint venture (JV) between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located 10 kilometres west of Cameco’s Cigar Lake Mine in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.
 
Keith starts us up highlighting the prospective geology and historic work that made the Darby Project a vital component of the JV transaction with Denison. The recent identification of new drill targets as a results further analysis from the exploration team supports Cosa’s thesis that Darby is a mature, discovery-ready project that will receive drilling in the year to come.
 
The identification of highly prospective drill ready targets came as a result of extensive historical drill core and data review at the Delta and Charlie trends by Cosa’s Chairman Steve Blower and VP Exploration Andy Carmichael, as they relogged all historical Darby drill holes in June of this year. Their work confirmed desktop interpretations and generated immediate follow up targets.
 
When the team at Cosa reviewed the historic work by prior operators, it interpreted that of 31 drill holes on the Property targeting conductive anomalies only 13 (42%) explained their target and only six (19%) were effective evaluations of the targeted area, leaving over 80% of the Projects’ 40 kilometres of conductive strike length untested. Multiple historical drill holes intersected features suggesting proximity to uranium mineralization – warranting direct follow-up drilling in the future.
 
Andy mentioned that with a more experienced scientific understanding and framework today, and by applying the same target identification approach that led them to discover the Hurricane Deposit in 2018, that they are very encouraged by the historical data and drill core. Coincident alteration, illite, and chlorite plus broad zones of anomalous uranium in the lower sandstone are strong indicators of a uranium bearing system in the eastern Athabasca including at the nearby Cigar Lake mine.
 
The Company will begin the approaching 2026 drilling season with highly prospective follow up targets at both Darby and Murphy Lake North. Keith mentioned that they are looking forward to finalizing drilling plans and budgets their joint venture partner and largest shareholder, Denison Mines, and discussed the benefit of their continued guidance and support on these exploration initiatives.
 
 
If you have any questions for Keith or Andy regarding Cosa Resources, then please email them to me at Shad@kereport.com.
 
 
Click here to follow the most recent news from Cosa Resources
 
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.