The KE Report

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. 
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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.

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
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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.

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

In this KE Report company introduction, I speak with Alain Lambert, CEO of Prismo Metals (CSE:PRIZ - OTCQB:PMOMF - FSE:7KU), about the company’s expanding project portfolio across Arizona and Mexico.
Key Discussion Points:
Silver King Mine (Arizona): Historic high-grade silver producer. Surface sampling underway, drill permits pending, and a Phase 1 drill program planned before year-end.
Ripsey Mine (Arizona): Another past-producing silver mine with strong gold grades, set for mapping and evaluation as Silver King drilling progresses.
Hot Breccia (Arizona Copper Belt): Large copper prospect adjacent to Rio Tinto & BHP’s Resolution Copper. A potential partnership with majors is being considered due to deep drilling requirements.
Palos Verde (Mexico): Surrounded by Vizsla Silver (NYSE/TSX: VZLA), which is also Prismo’s largest shareholder. Potential long-term value once Vizsla advances its exploration in the district.
Corporate Overview: Management, directors, and advisors own 26%+, with Vizsla as a cornerstone investor. 
.Click here to visit the Prismo Metals website
 
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.

OceanaGold is a mid-tier gold–copper producer with four operating centers, a strong balance sheet, and a clear growth path. The company is generating record cash flow at current gold prices while reinvesting in expansion, advancing exploration, and returning capital to shareholders.
Brian Martin, Senior Vice President of Business Development & Investor Relations joins us to provide a high level overview of the company. 
Key Discussion Highlights
Operational Overview: Four producing assets - Haile (USA), Macraes & Waihi (New Zealand), and Didipio (Philippines) - delivering 450k–520k oz gold in 2025, with production set to rise toward 600k oz next year.
Haile Growth Engine: Largest contributor (≈40% of production). Grade-driven expansion with Horseshoe Underground in place and new underground targets advancing.
New Zealand Upside: Macraes reserve extensions underway; Waihi hosts a higher-grade resource with potential to scale annual output to 200–250 koz.
Didipio Advantage: Lowest-cost operation with significant copper credits, providing strong margins and diversification.
Financial Momentum: Record revenue and net income in Q2 2025. Capital allocation balances growth investment, record exploration budgets, dividends, and a US$100M buyback (≈US$70M deployed YTD).
Exploration Focus: High-grade drilling success NZ, plus underground targets at Haile, regional drilling at Didipio, and reserve extension work at Macraes.
Valuation & Listings: Management sees OGC trading at a discount to peers such as Alamos, Eldorado, B2Gold, and Lundin Gold. Plans are underway for a NYSE listing in H1-2026.
Click here to visit the OceanaGold website and learn more about all the operations. 
 
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

In this KE Report company update, we speak with Colin Padget, President & CEO of Founders Metals (TSX.V: FDR - OTC: FDMIF - Frankfurt: 9DL0), about the latest developments from the company’s 60,000-meter drill program at the Antino Gold Project in Suriname.
We focus on:
High-grade results at depth - including 18m of 6.14 g/t gold from 450m and confirmation of continuity in the Upper Antino zone.
Open-pit to underground potential - how the deeper drilling supports long-term underground mining scenarios.
Pipeline of new targets - progress at Maria Geralda, Van Gogh, Da Vinci, Parbo, and Lawa, and how auger/trenching work is defining future drill-ready zones.
District-scale potential - three parallel mineralized trends and the possibility of multiple “Upper Antino-type” discoveries.
Program status - ~40,000 meters completed, with ~20,000 meters to go before year-end.
Colin also shares insights on how the company in balancing exploration drilling vs. resource definition.
 
If you have any follow up questions or topic you would like Colin to address please email me at Fleck@kereport.com. 
Click here to visit the Founders Metals website
 
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.

Brad Rourke, CEO of Scottie Resources (TSX.V:SCOT – OTCQB:SCTSF), joins me to review a number of key ongoing initiatives and newsflow including the best ever drill hole assay returned to kick off the largest ever drill program, further derisking work building towards an upcoming Preliminary Economic Assessment (PEA), a bulk sample in progress, and an ore sorting study underway at the Scottie Gold Mine Project; located in the Golden Triangle of British Columbia.
 
We start off reviewing the initial high-grade drill results returned from the ongoing planned 25,000-30,000 meters exploration program at the Blueberry Contact Zone.
 
Highlights:
Blueberry Contact drillhole SR24-364 intersected 30.1 grams per tonne (g/t) gold over 23.65 metres (m), including 83.3 g/t gold over 4.4 m at the Fifi vein.
Blueberry Contact drillhole SR24-362 intersected 9.18 g/t gold over 21.00 m and 5.19 g/t gold over 6.00 m at the Blueberry vein zone.
Blueberry Contact drillhole SR24-360 intersected 23.1 g/t gold over 2.00 m at the Fifi vein zone.
3 of the 5 reported holes have discreet intercepts of greater than 5 g/t gold in the siltstone host rock, including 29.8 g/t gold over 1.05 m in SR25-364.
 
Brad highlights that 4 diamond drill rigs have been turned across the property at the high-priority Blueberry Contact Zone, around the past-producing Scottie Gold Mine, including at the Wolf Zone discovered last season, and at the C & D veins. Brad points out that about 14,000 meters has been drilled thus far, and that a big percentage of the will be focused on upgrading the resources from inferred to indicated categories as well as targeting resource growth at the Blueberry Contact Zone, with a focus on the open pit and upper portions of the underground resources at both Blueberry and Scottie, and detailed testing of the siltstone side of the contact zone. We also review follow-up step-out drilling on the Wolf Zone target discovered in 2024 at the Scottie Gold Mine area.
 
Ongoing geotechnical and hydrogeology drilling will also provide data to inform mine design and assist efforts with the recent initiation of Baseline Environmental Studies. With all this exploration and fieldwork now underway, the Company remains on track to deliver a low-capex PEA based on a Direct Shipment Ore (DSO) scenario in October.  Brad reiterates that the management team and board believes this coming economics study will clearly highlight the significant, untapped value of the Scottie Gold Mine Project.  The company then plans to springboard over the Pre-Feasibility Study and head straight into work streams for a Feasibility Study (FS) with actual cost estimates and more detailed economics as the next major economic study to be undertaken.
 
Next we touched on the ongoing 10,000-tonne surface bulk sampling program where they have been blasting and mucking mineralized material from the road-accessable outcropping Bend Vein located on the north end of the Scottie Gold Mine Project.  This will be a nice opportunity to learn more about a number of metrics and provide a nice proof of concept, as well as generating some non-dilutive capital for the Company in the process.
 
When reviewing their direct-ship ore strategy, Brad highlighted that Scottie has one of the closest gold projects to a deep-sea shipping terminal, which based on its location is positioned in one of North America’s cheapest commercial shipping lanes to Asia. In addition to the ease of a proposed open-pit mine, which already has an existing mine permit, there is also key external infrastructure in place, such as power lines and hauling roads right to site.  Ocean Partners recently participated in a financing for the company this summer, and has expressed interest in the offtake of this material in a development scenario.
 
Wrapping up we discussed the ongoing Phase 2 ore-sorting study underway, that will be a more advanced Feasibility Study level test of upgrading the ore, with the strategy to reduce the amount of waste rock before shipping.  Ore sorting could significantly enhance the efficiencies of the overall DSO strategy, and those results are due out in Q4.
 
 
If you have any questions for Brad regarding Scottie Resources, then please email them in to me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Scottie Resources 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 Scottie Resources

Gold and silver have broken out to new cycle highs after a 5-month consolidation. Craig Hemke, founder and editor of the TF Metals Report, joins me to map the pattern driving the move, where it could go next, and how equity inflows and central-bank dynamics are reshaping the precious metals landscape.
Key Topics
Breakout mechanics & roadmap: Four repeated cycles over the last ~2 years … 3–4 months of sideways consolidation followed by 15-20% surges. With the latest breakout confirmed in late August, Craig outlines upside scenarios into Q4.
Miners vs. metals: Why strong metal prices plus widening margins can still mean more catch-up ahead for producers and developers; how valuation frameworks (P/E, price/book) may evolve if capital rotates into the sector.
ETF flows & breadth: Rising inflows into GDX/GDXJ as broad participation improves across large caps and juniors; how equity strength and metal strength reinforce each other.
Macro drivers: Slowing U.S. data, rate-cut expectations into the upcoming Fed meeting, and the prospect of yield-curve management; how global de-dollarization and central-bank buying since 2022 continue to underpin gold demand.
Then vs. now: Lessons from the 2009–2011 bull market compared to today’s debt math, policy backdrop, and global currency dynamics.
Positioning mindset: Why “buy-the-dip” may persist in a structurally supportive backdrop, and what traders should watch as liquidity returns post-summer.
Click here to visit Craig’s website - TF Metals Report
 
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.