The KE Report

Dave Erfle - Gold Correction, Juniors Outperforming, $2.1B M&A Deal

Dave Erfle, founder and editor of The Junior Miner Junky, joins me to break down the latest moves in the precious metals markets and what they could mean for investors.
 
We begin with Monday’s sharp correction in gold and major mining stocks, driven by trade deal optimism between the U.S. and China. Dave explains why silver held up surprisingly well and what the resilience in juniors might signal about sector rotation.
 
Key topics include:
A closer look at Pan American Silver's $2.1B acquisition of MAG Silver - one of the biggest silver M&A deals in years.
The disconnect between strong ETF gold inflows and weak fund flows into GDX and senior miners.
How Newmont's Q1 free cash flow surge and broad-based earnings strength are attracting generalist investors.
Why a potential 15% gold price correction to $2,950-$3,000 could be healthy for the ongoing bull market.
Outlook for continued silver M&A, with majors hunting for growth through acquisition.
We also touch on the macro backdrop, including the latest CPI data and the stagflation risk narrative building in U.S. markets. Dave highlights what he’s watching next, and why juniors with strong bases could be the next big winners in this cycle.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

Jim Tassoni - Momentum Trading: Gold, GDX, Oil, S&P, USD, The Great Rotation Theme

Jim Tassoni, CEO of Armor Wealth Strategies, joins me for his monthly market insights, focusing on short to mid-term momentum trading strategies.
 
We begin by revisiting the gold trade, where Jim explains how he capitalized on the rally up to $3,500 before rotating from the metal into GDX. While the gold trade proved successful, miners have yet to deliver. Jim outlines the technical levels he's watching for GDX and shares how sentiment among clients is rising sharply for gold, potentially signaling a shift in long-term allocations.
 
The conversation then broadens to the U.S. equity markets. Although his short at SPY $550 initially worked, he was stopped out on the reversal. He now takes a more cautious stance, waiting for a breakout above SPY $600 to re-engage.
 
We also cover:
Sector outlooks: Tech surging, healthcare struggling, financials breaking out
Oil breakdown: Why Jim has favored short positions and the key resistance to watch
U.S. dollar bounce: A contrarian long trade off April lows targeting DXY 104–105
Reduced position sizing: With momentum fading, Jim is sitting on more cash and focusing on selective entries
 
For ongoing updates from Jim Tassoni, click here.

Cosa Resources - Airborne Geophysical Surveying at the Astro Uranium Project, Upcoming Summer Drilling at Murphy Lake North

Keith Bodnarchuk, President and CEO of Cosa Resources Corp (TSX-V: COSA) (OTCQB: COSAF), joins us to review the news released on April 30th, 2025 announce that airborne geophysical surveying has commenced at the Astro Uranium Project.  We also discuss the upcoming summer drilling planned at the high-priority Murphy Lake North JV Project in the Athabasca Basin of Saskatchewan.
 
The geophysical survey work is being fully funded by Cosa's partner company, Global Uranium Corporation as per the option agreement, which gives Global the right to earn up to an 80% interest in the Astro project over five exploration stages.  Keith discusses this project’s proximity to their Ursa Uranium Project, which the Company did a lot of work on last year, and he reviews the prolific uranium mineralization trend this is part of.
 
Next we shifted over to the upcoming summer drilling at the Murphy Lake North Uranium Project, following up on the 4 holes drilled in the winter program.  Murphy Lake North contains up to 2 kilometres strike length of the extension of geology underpinning the Hurricane deposit. Murphy Lake North is a joint venture between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located in the eastern Athabasca Basin, Saskatchewan. The other high priority target in the joint venture is the Darby Project. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.
 
If you have any questions for Keith regarding Cosa Resources, then please email them in to me at Shad@kereport.com.
 
 
Click here to follow the most recent news from Cosa Resources

Sitka Gold - Expanding High-Grade Gold at Depth from the Blackjack Zone, Yukon

In this company update, I reconnect with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), to discuss the latest drill results from the RC Gold Project in Yukon.
 
Following up on hole 75, which returned the deepest and highest-grade intercept to date, Mike walks us through the results from hole 76, drilled from the same pad but at a steeper angle. This hole intercepted two key zones of mineralization, including:
 
94m of 1.15 g/t gold, including 12.2m of 4.55 g/t
86m of 1.65 g/t gold, including 25m of 5.04 g/t
The company is targeting deeper underground potential at the Blackjack zone, stepping out systematically to define the high-grade core. Mike explains how hole 76 supports the idea of continuity and depth potential, even as the geology shifts between intrusive and metasedimentary zones.
 
Mike also outlines Sitka's fully funded 30,000-meter drill program, including:
 
Active drilling underway with one rig deepening hole 76
Three more rigs coming online through May
15,000 meters focused on Blackjack, Saddle, and Eiger zones
Additional follow-up at earlier-stage Pukelman and Rhosgobel targets
$25M in the treasury providing a clear runway for exploration
 
Click here to review the full news release and cross-sections, and leave your questions for Mike in the comments or email us directly. My email address is Fleck@kereport.com.

Craig Hemke - Trade Deal Optimism, What’s The Trade War Premium In Gold Now?

In today’s Daily Editorial, we welcome back Craig Hemke, Founder and Editor of TF Metals Report, to break down the sharp pullback in gold and mining stocks amid renewed strength in the U.S. dollar and equity markets.
We explore the implications of a shifting trade policy narrative - moving from escalating tariff tensions to a tone of reconciliation - and ask: Is the "trade war premium" in gold now gone?
Craig dissects:
The timeline of gold’s April rally and sharp reversal tied to tariff headlines
Today’s triple-whammy: rising energy prices, weaker gold, and post-earnings positioning pressure on miners
How short-term technicals, like the dollar index and gold’s 50-day moving average, may drive the next move
Whether generalist investors are rotating out of gold stocks and back into risk-on trades
We also look ahead to key catalysts this week: CPI, PPI, and Jerome Powell’s Thursday speech… will inflation expectations and rate cut narratives shift again?
Click here to visit Craig’s website - TF Metals Report

Weekend Show - Peter Boockvar & Marc Chandler - Is the U.S. Losing Its Edge? Why Global Markets Are Repricing U.S. Risk

This weekend we step back from the day-to-day market noise to look at the bigger picture shaping global markets and investment trends. From shifting supply chains to capital flight and tariff uncertainty, our guests break down the forces investors need to watch.
 
With economic risks rising and U.S. leadership being challenged, we explore where money is moving, what that means for commodities, and why diversification beyond U.S. equities is becoming more important than ever.
 
Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and editor of The Boock Report on Substack, shares his broad macro outlook on U.S. markets, global supply chains, and shifting investment flows. He warns of growing economic risks driven by tariff uncertainty, weakening tech leadership, and fading foreign investment in U.S. assets, while highlighting gold’s rising safe haven status and broader opportunities emerging in undervalued commodities.
Click here to follow Peter at The Boock Report. 
 
Segment 3 & 4 - Mark Chandler, Managing Partner at Bannockburn Global Forex and editor of the Mark to Market site, shares a macro outlook on deglobalization, capital flows, and the shifting role of the U.S. in the global economy. He outlines how reshoring and tariff policies are reshaping supply chains with limited job growth, warns of growing U.S. economic isolation, and explains why he remains bearish on the U.S. dollar despite near-term strength, while urging investors to diversify beyond U.S. equities.
Click here to visit Marc’s site - Marc To Market.
 
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!
Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

Commodity Compass - New Weekly Commodity Price Podcast

Commodity Compass - New weekly commodity price podcast. 
Here is a replay of a new weekly podcast I am helping out with, focused entirely on commodities. Each Monday, the show recaps price action across metals, energy, and agricultural markets, and highlights the key factors driving these moves.
Click here to visit the Clear Commodity Network website to listen to the latest episode and explore the full lineup of shows.
 
Click the links below to subscribe to the podcast. 
Spotify
Apple Podcasts
 

Dryden Gold – Bonanza-Grade Gold Intercepted In New Hanging Wall Discovery At The Elora Gold System Intercepting 301.67 g/t over 3.90 Meters Including 1,930 g/t over 0.60 meters

Trey Wasser, CEO and Director of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), joins me to outline the recent drill assay that intersected bonanza-grade gold in the new hanging wall discovery from deeper drilling at the Elora Gold System.  In addition to all the targets along the Elora trend, we also discuss new geological understanding and work initiatives at the Big Master, Mud Lake, and Mosher Bay Areas of the Gold Rock Camp at the onset of this year’s 15,000 meter drill program. We also discuss exploration programs for later in the year at both the Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.
 
Drill assays for this newly intercepted hanging wall gold mineralization in hole KW-25-003 Assays have now confirmed results of 301.67 g/t gold over 3.90 meters including 1,930 g/t gold over 0.60 meters with folded quartz stringer veins hosted in sheared basalts. This hanging wall zone is approximately 80 meters from the main Jubilee high-grade zone at a true depth of 250 meters.
 
We discuss the exploration plans for multiple targets at Elora for this year like around the historic Laurentian Mine and the Intersection target.  Trey also outlines how a new interpretation of a 3rd deformation structure (D3) with folding in the geological structure creates a good trap for the gold fluids. This new understanding will assist with going back and drilling the hanging wall structure, and also the historic high-grade mineralization over at Big Master, in addition to at Mud Lake. This complex geological data is further evidence that the Dryden District hosts a strong Archean lode gold system like the Red Lake, Kirkland Lake, and Timmins Districts.
 
Wrapping up we look ahead to the more drilling coming from across the Gold Rock Camp, plus ongoing work programs at both the Sherridon, and Hyndman areas across their Dryden Gold District, in Northwestern Ontario, Canada.
 
 
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.
 
Click here to follow the latest news from Dryden Gold

TriStar Gold - Updated Pre-Feasibility Study at Castelo de Sonhos Project; 40% After-Tax IRR & $603M NPV at $2,200 Gold

Nick Appleyard, President and CEO of Tristar Gold (TSX.V:TSG & OTCQB:TSGZF), joins me to discuss the newly released pre-feasibility study (PFS) on the Castelo de Sonhos Gold Project in Brazil. The study highlights robust project economics with NPV doubling to $1.3B at $3,200 gold, even after factoring in cost inflation.
 
Key topics discussed:
Breakdown of the updated PFS and project economics
Managing inflation and FX tailwinds in Brazil
Permitting progress and the latest legal opinion addressing environmental concerns
Why Castelo de Sonhos may attract M&A interest in the current gold market
Upcoming drill plans targeting high-grade extensions to boost the overall 2.5mil oz resource, mine life and shareholder value
Nick also shares the company’s strategy for unlocking more shareholder value ahead of any potential takeover activity.
 
Click here to visit the TriStar Gold website to learn more about the Company and Project. 

Kuya Silver - Q1 Production Ramp-Up and Operational Update from Bethania Silver Project

David Stein, President and CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1), joins us to discuss the latest operational update and production ramp-up at the Bethania Silver Project in Peru, following the company’s May 5th news release.
 
David provides a full Q1 recap, highlighting improved head grades, higher recoveries, and a significant ramp-up in daily production throughput. The company achieved steady daily mining and blasting operations in Q1, with silver equivalent grades rising to 385 g/t, a notable increase from 2024’s average due to a shift away from processing low-grade stockpiles.
 
Key topics covered:
Transition to higher-grade, fresh feed material and its impact on grades and recoveries
April throughput doubled vs Q1 average, ramp up continues in May
Targeting 100 tpd in Q3 and operational break-even in Q4
No plans for new equity financing, with recent capital raise already accelerating development
Optionality to self-fund further ramp-up or initiate exploration, including planned underground drilling
Kuya Silver is focused on becoming a profitable, high-grade silver producer, with near-term plans to scale toward 350 tpd while preparing to expand both mining and exploration efforts.
 
If you have any follow up questions for David please email me at Fleck@kereport.com.
 
Click here to visit the Kuya Silver website.