The KE Report

In this KE Report company update, I speak with Nick Appleyard, President & CEO of Tristar Gold (TSX-V: TSG - OTCQB: TSGZF). We revisit TriStar’s flagship Castelo de Sonhos (CDS) gold project in Brazil, which hosts a 2.5 million-ounce resource (1.8Moz Indicated + 0.7Moz Inferred) and a completed Pre-Feasibility Study.
Nick provides an update on:
Permitting progress: The status of the environmental license, the recent civil public action, and strong support from the State of Pará.
Next steps: Advancing toward the construction permit within 12 months, positioning CDS as a shovel-ready project.
Economics: Updated project economics at higher gold prices.
Valuation disconnect: Why market cap lags asset value and how resolving the permitting challenge could unlock $100M+ in shareholder value.
Strategic options: Financing outlook, potential partnerships, and how TriStar is managing cash reserves (~US$5M) to advance the project.
Click here to visit the TriStar Gold website to learn more about the Company and Project. 
 
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 Pre-Market Daily Editorial, we welcome back Dave Erfle, Founder and Editor of Junior Miner Junky. Fresh off the Beaver Creek Precious Metals Summit, Dave shares his key takeaways from over 20 company meetings and his perspective on the sector’s strong bullish momentum.
Discussion highlights:
Why sentiment has shifted with juniors now in a full-blown bull market.
The growing importance of U.S. big board listings (NYSE/AMEX/NASDAQ) for attracting both retail and institutional investors.
Signs of an imminent correction after six straight weeks of gains in GDX/GDXJ - and how Dave is preparing to deploy cash.
Ongoing M&A activity, from mega-mergers (Teck + Anglo American) to billion-dollar private deals, and what this means for mid-tiers and developers.
Where Dave still sees potential 3–10x upside opportunities - and the risks tied to chasing them.
Dave also weighs in on investor sentiment, whispers from behind-the-scenes meetings, and the long-term outlook for gold miners relative to rising gold price floors.
 
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 
-----------
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.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review his key takeaways from the Precious Metals Summit in Beaver Creek, and the best opportunities he sees presenting themselves in the resource sector.  Additionally, we get to hear Erik’s reaction to the news that broke this Monday reporting on the merger of First Nordic Metals with Mawson Finland, to produce a larger Scandinavian exploration and development vehicle.
 
Coming into the PM Summit in Beaver Creek, gold, silver, and the precious metals stocks were continuing to make new highs, giving a much improved sentiment to the conference as the bull market raged on. We also got into the nuances of how one may need to adjust company valuations in a dynamic way based on how their newsflow compliments or is at odds with the underlying macro conditions and gold and silver price action.
 
Erik points out that many of the PM producers and developers, that looked grossly undervalued a year ago and seemed to be ignoring the surging metals prices, are now finally up multiple-fold.  Even the optionality “beta” plays, with sunk costs and banked success via ounces in the ground, have continued to rerate higher at this point; making them less attractive from his vantage point.   In contrast, many of the exploration stocks have only started to move recently, and some explorers or early-stage discovery stocks haven’t even moved that much in contrast to the rest of the sector. Erik remains more encouraged by these “alpha” plays, that have clear catalysts on the horizons from their ongoing work programs.
 
We then shifted over to the news that broke early this week on September 15th, announcing the merger of First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQX: FNMCF) (FSE: HEG0) and Mawson Finland Limited ("Mawson") (TSXV: MFL) (FSE: PM6).   Erik unpacks the synergies that he sees in this transaction between the 2 companies, the value proposition of their combined projects, management teams, and board of directors, and how this may provide a better cost of capital, more liquidity, and the ability to negotiate with Agnico Eagle from more of a position of strength.
 
This transaction will consolidate a large and prospective gold development and exploration portfolio in Sweden and Finland, including First Nordic's Barsele Joint Venture Project and Gold Line Belt projects in northern Sweden and Oijärvi Project in northern Finland, and Mawson's Rajapalot Project and surrounding Rompas-Rajapalot Property in northern Finland.
 
In full disclosure, both Erik and Shad are shareholders of First Nordic Metals.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
 
 
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 Garrett Ainsworth, President & CEO of District Metals (TSX-V: DMX - OTCQB: DMXCF - NASDAQ First North: DMXSE-SDB).
We cover:
Recent UAV (drone) survey results at the Sågtjärn and Nianfors projects in Sweden, and how the data led to expanded land positions.
Background on these projects, which host historical uranium resources, high-grade uranium boulders, and rare earth element potential.
Exploration strategy across District’s five uranium projects, including the flagship Viken Project, one of the world’s largest undeveloped uranium deposits.
The latest developments on Sweden’s uranium mining moratorium, the timeline for a potential repeal, and how this impacts District’s plans.
Recent share price volatility following government announcements and investor sentiment shifts.
If you have any follow up questions for Garrett please email me at Fleck@kereport.com. 
 
Click here to visit the District Metals website to learn more about the Company. 
 
----------------
For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/  
Shad’s Resource Market Commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer:This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

In this Daily Editorial, we are joined by Jim Tassoni, CEO of Armor Wealth Strategies, for his monthly trader’s perspective. Jim is a momentum trader, and in today’s conversation he shares how he’s navigating what feels like a “buy anything” market where both risk-on and risk-off assets are moving higher.
We cover:
Momentum in equity markets - the S&P and NASDAQ hitting new all-time highs, and how Jim manages positions with tactical trims and adds.
Trading around news events - using volatility from Fed decisions, inflation, and jobs data to adjust exposure without breaking trend.
Sector opportunities - broadening exposure with ETFs like QQQ, RSP, and XLF; increasing interest in healthcare as a potential catch-up sector.
Commodity momentum - strong moves in gold, silver, platinum, and steel via ETFs (GLD, SLV, GDX, PLTM, SLX), and how Jim manages entries and trims.
Precious metals outlook - GDX breaking above its 2011 peak, silver pushing toward $50, and why Jim prefers to let momentum dictate exits rather than trying to call a top.
Market psychology - parallels to the late-1990s “buy anything” market, and why discipline and exit levels matter in case of a downturn.
Stock & ETF Symbols Mentioned: SPY, QQQ, RSP, XLF, GDX, GLD, SLV, PLTM, SLX, UFO
 
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading. 
------------
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 company update, Cory Fleck is joined by Tim Clark, President & CEO of Fury Gold Mines  (TSX:FURY - NYSE:FURY), and Bryan Atkinson, SVP Exploration, to provide a comprehensive update on the company’s projects and recent milestones.
Discussion Highlights:
Eau Claire Project (PEA Released Sept 2, 2025):
Three development scenarios: standalone operation, hybrid toll milling, and full toll milling.
Strong economics, including an after-tax IRR of 41% (base case) and up to 84% (toll milling case).
Path toward a Pre-Feasibility Study (PFS) supported by 76% of ounces already in M&I categories.
Exploration upside with mineralization open in all directions.
Sakami Project (Drill Results - Aug & Sept 2025):
Wide gold intercepts with higher-grade cores.
Discovery of a silver zone grading 546 g/t Ag over 1.5m.
Large-scale 23 km mineralized trend with multiple targets still to be tested.
Committee Bay (2025 Drill Program):
First drilling in years following Agnico Eagle’s investment.
Testing new shear-hosted targets at Three Bluffs and Raven.
Results coming soon.
With strong economics at Eau Claire, ongoing discovery at Sakami, and strategic exploration at Committee Bay, Fury is positioning itself for near- and long-term growth.
For follow-up questions, email Cory at fleck@kereport.com. 
--------------
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.

Justin Huhn, Founder and Publisher of the Uranium Insider, joins me for yet another very comprehensive macro update on the supply and demand fundamentals for uranium and the nuclear fuel sector.   After just getting back from the World Nuclear Symposium in London, Justin provides some boots-on-the-ground feedback as to the longer-term contracting cycle is setting up with utility companies, different bottlenecks in the nuclear fuel cycle that he is watching, and how he is positioning in the uranium equities to feed the front end of that supply chain.This is a longer-format discussion building upon our prior conversations in 2024 and early 2025, because even more key macro news and company developments have been announced in the nuclear and uranium sector.
 
We start off reviewing the series of right-tail risks that are propelling the sector and supply/demand fundamentals to the upside.   In addition to the global reactor builds, pinch points in enrichment, buying in the spot markets from the Yellowcake fund and Sprott Physical Uranium Trust, and the 4 executive orders out of the Trump Administration in May that focused on the nuclear and uranium industries; we’ve continued to see even more factors stacking up for the bullish longer-term thesis.  Justin highlights that just this afternoon we saw the Trump administration announce that it was researching building up a strategic uranium reserve, which sent many uranium stocks up double-digits on the day.
 
Transitioning over the supply environment from the uranium mining companies, we’ve seen a flurry of news all year out of producers across the board struggling to ramp up production.  Justin unpacks the news out of Kazatomprom, the largest uranium swing producer in Kazakhstan, lowering expected guidance, as well as Canadian senior uranium producer Cameco (CCO.V) (CCJ) discussing the difficulty they are having in sourcing skilled labor to expand their operations.
 
Next we point out that large development projects in the Athabasca Basin of Canada, like the Phoenix Project held by Denison Mines (TSX: DML) (NYSE: DNN), Paladin Energy’s (ASX: PDN) (OTCQX: PALAF) Triple R/Patterson Lake Project, and in specific the importance of the Arrow Project from NexGen Energy (TSX: NXE) (NYSE: NXE), seeing timelines get pushed back to 2030 or later. There is very little new supply coming online globally, with the exception of some smaller production out of the US and Australian producers. All of this points to a much more constrained output from global uranium producers, even in face of growing uranium demand.   Justin highlights the opportunity he sees for growth in the smaller US producers and developers, and that he expects to see merger and acquisition transactions in this jurisdiction in the years to come.
 
Wrapping up, Justin weighs in on the importance of seeing more developers and explorers move projects forward, and that the exploration stocks in particular have been left for dead by investors and represent compelling value propositions in this current environment.
 
Click here to visit the Uranium Insider website.

Fresh off the Beaver Creek Precious Metals Summit, Cory and Shad break down what they saw and heard across meetings with companies, funds, family offices, and active investors.
Key topics
Conference vibe & flows: One of the busiest Beaver Creeks in years; more meetings with investors (not just corporates). Sentiment broadly bullish.
Producers vs. juniors: Developers and producers pushing larger programs and timelines; many juniors still lagging due to thin newsflow, warrant overhangs, or unclear work plans.
“Early innings?”: Why calling this the start of the cycle is misleading - majors and ETFs have been trending for years; juniors are now playing catch-up.
Timelines that matter: PEA → FS fast-tracks, bulk samples, and small-scale production - where that can work and where it can go wrong.
Warrants everywhere: In-the-money warrants fueling treasuries and rotation; how investors are exercising, clipping, and reallocating.
Rotation watch: While gold leads, eyes are turning to copper, uranium, and critical minerals for the next leg.
Stocks / symbols mentioned NEM (Newmont), AEM (Agnico Eagle), GDX, GDXJ Macro & rotation talk (no recommendations): uranium, copper, 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.

Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), joins me for an update on the company’s latest drill results from the RC Gold Project in the Yukon. We discuss the most recent assays from the Rhosgobel discovery, which continues to deliver standout results.
Key highlights from the update:
Latest results: 162m of 1.02 g/t Au from surface, including 71m of 1.57 g/t Au.
All 8 holes drilled to date exceed 100 gram-meters, with one exceeding 200.
Strong continuity over ~300m strike length and mineralization observed down to 400m depth.
Current program expanded from 10,000m to ~12,000m of drilling, with two rigs turning and ~41 holes completed so far.
Geologists report visible gold in 31 of the first 34 holes logged.
Potential resource estimate considered for early 2026, with comparisons drawn to major deposits in the Tombstone Gold Belt (Fort Knox, Valley, Eagle).
Growing footprint of the Rhosgobel discovery suggests potential to host a multi-million-ounce deposit.
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
Click here visit the Sitka Gold website to learn more about the Company. 
 
 
For more market commentary & interview summaries, subscribe to our Substacks: 
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer:This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.

Terry Harbort, President and CEO of Talisker Resources (TSX: TSK) (OTCQX:TSKFF), joins us to highlight the September 8th news announcing the successful completion of their first gold sale from the Mustang Mine, at their 100% owned Bralorne Gold Project in British Columbia. The Company had previously starting trucking over the first development ore from the Mustang Mine to Nicola Mining’s Craigmont Mill located in Merritt, British Columbia; and sold 707 ounces of gold in August, generating gross proceeds of approximately US$2.3 million.
 
Terry outlines that this milestone confirms the category shift of Talisker resources from an advanced-stage developer to an active gold producer and the successful completion of early-stage commissioning activities at Bralorne.  Talisker has been implementing a phased ramp-up development strategy to optimize resource extraction, reduce operational risks, and generate near-term cash flow.   He reviews the areas of focus within the underground mine to continue with accessing ore from the high-grade 1060, 1075, 1105 and 1120 levels along the Alhambra and BK veins, increasing future mine output, gold production, and revenues.
 
We also reviewed some of the exploration success at the 1075 and 1060 levels:
 
Key Highlights:
 
220.0 g/t over 0.50m within 40.44 g/t over 2.76m from Alhambra Vein, West Face No. 8 (sample X000816)
43.3 g/t over 0.85m within 13.0 g/t over 2.93m from Alhambra Vein, West Face No. 2 (sample X000443)
37.0 g/t over 0.85m within 11.0 g/t over 2.86m from Alhambra Vein, West Face No. 4 (sample X000507)
60.5 g/t over 0.57m within 8.8 g/t over 4.01m from Alhambra Vein, West Face No. 23 (sample X000831)
46.4 g/t over 0.46m and 45.2 g/t over 0.49m within 17.2 g/t over 2.64m from Alhambra Vein, East Face No. 2 (samples X000388, X000389)
44.7 g/t over 0.66m within 10.7 g/t over 3.08m from Alhambra Vein, West Face No. 22 (sample X000822)
 
 
In addition to being amenable to toll milling at nearby processing centers with spare capacity, there is a second study underway looking at upgrading the ore on site using ore-sorting technology, so that higher-grade material, with less associated waste would make it more economical to be shipped to additional processing centers. An economic study is slated for later this year that will explore some of these concepts in more detail. Wrapping up we discuss the key milestones and news on tap for the balance of this year.
 
 
If you have any follow up questions for Terry then please email us at Fleck@kereport.com or Shad@kereport.com.
 
Click here to follow the latest news from Talisker Resources