The KE Report

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:
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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 may own shares in companies mentioned.

We welcome back Mike Konnert, President & CEO of Vizsla Silver (TSX: VZLA, NYSE: VZLA), to discuss the company’s latest milestone: a US$200 million project financing package with Macquarie to fund development of the Panuco Project in Mexico.
This deal is a key step toward making Vizsla Silver one of the world’s largest single-asset primary silver producers. Mike outlines:
Details of the Macquarie financing and why it’s one of the cleanest project finance deals in the silver sector.
Updated capital position – nearly half a billion US dollars in liquidity.
Development milestones ahead, including the feasibility study (expected later this year) and permitting.
How the test mine and early development work are expediting timelines toward production.
Ongoing exploration at multiple high-potential targets across the Panuco district and new properties like Santa Fe and Santa Enrique.
If you have any follow up questions for Mike please email me at Fleck@kereport.com.
Click here to visit the Vizsla 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

We’re joined by Luke Alexander, President & CEO of Newcore Gold (TSX.V:NCAU - OTCQX:NCAUF), to discuss the latest results from the company’s ongoing 35,000m drill program at the Enchi Gold Project in Ghana. With recent highlights including 184 g/t gold over 1m and 3.1 g/t over 13m at the Kojina Hill target, the company is balancing resource expansion drilling with advancing toward a PFS.
Key Topics Covered:
Drill results at Kojina Hill, including one of the highest-grade intercepts to date and the potential for future resource inclusion.
The importance of deeper drilling to test high-grade feeder zones at the Sewum and Boin deposits.
Funding position and upcoming warrant exercises that could add ~$13M to the treasury.
Strategy for converting resources from Inferred to Indicated while growing beyond the current 1.71Moz resource base.
Outlook for an updated resource estimate and upcoming PFS as catalysts.
If you have any follow up questions for Luke please email me at Fleck@kereport.com.
Click here to visit the Newcore Gold 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.

Gold surges, juniors revalue, and traders eye sector rotations – insights from Axel Merk (Merk Investments) and Dana Lyons (Lyons Share Pro).
 
This weekend’s KE Report show dives deep into the accelerating precious metals bull market and broad market setups. In the first half, Axel Merk breaks down gold’s breakout, the financing wave in juniors, and what signals to watch for a market top. In the second half, Dana Lyons shares model-driven strategies across equities, tech, small caps, bonds, and crypto, plus his take on how to trade stretched metals markets.
Segment 1 & 2 - Axel Merk, President & CIO of Merk Investments and manager of the ASA fund, joins to unpack gold’s breakout after a five-month consolidation, the rare risk-off mix of falling bonds and rising gold, and how Fed-cut expectations, stronger miner margins, and improving junior financing/M&A could keep the move running. He also flags what would signal a top—overpaying deals, loosening discipline, and valuation models chasing higher gold assumptions.
Click here to learn more about Merk Investments
Segment 3 & 4 - Dana Lyons, fund manager and editor of Lyons Share Pro, joins to discuss why his risk models remain broadly bullish since late April while advocating short-term “digestion,” highlighting rotation among high-RS sectors (tech consolidating; utilities/staples and miners in focus), small-cap and dividend setups, standout international plays (notably China), sideways bonds, overbought but intact trends in gold/silver, strength in platinum and copper miners, constructive uranium consolidation, and buy-the-dip levels in Bitcoin/Ethereum. He outlines taking profits into strength and redeploying on support as the seasonally weak Sept–early Oct window plays out.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.
To take advantage of Dana’s extended sale please email either dlyons@jlfmi.com or Fleck@kereport.com. 
 
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!
 
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.
 

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q2 2025 financials and operations, along with the dual-pronged 20,000 meter expansionary exploration program at the producing Minera Don Nicolas gold mine in Argentina, and the value proposition key upcoming development catalysts at the Lagoa Salgada VMS Project in Portugal and the Mont Sorcier Iron-Vanadium project in Quebec.
 
 Q2/25 MDN Operating Highlights:
 
Q2/25 production of 11,437 GEO and AISC of $1,779/oz
Unit costs expected to continue to decline as production increases in H2/2025
Q2/25 Adjusted EBITDA of $7.4 million
Record heap leach production of 7,864 GEO during the Quarter
Underground development at Paloma started with three access portals
CIL plant receiving initial contribution from underground development; production expected to ramp up over H2/2025
20,000m Exploration Program underway at MDN targeting potential significant resource growth opportunities
 
Mark and I review their Minera Don Nicolas producing gold project in Argentina, and the record heap leach gold equivalent ounce production for the quarter. There is expanded and improved crushing capacity at the heap leach, from the newly installed secondary crusher, and this will continue to be impactful on a move-forward basis in Q3 and beyond, with the quantity of ore being placed on the pad having increased, and with it helping to reduce down unit costs into H2.
The production profile will also keep growing with the underground mining having now commenced.  With higher gold prices, the CIL plant continued to process lower-grade stockpiles in Q2/25, but new high-grade material from the underground mining operations will start being blended with it moving forward, and this will increase the average grade throughput at the mill.
 
Another area of future growth will be the 20,000 meter drill program will be a combination of  underground exploration work targeting new areas of mineralization and growing the mine life, in addition to surface drilling that is exploring around the open pit resources, as well as identifying additional satellite open-pits at surface.  
 
Next we unpacked the growing value proposition at the Lagoa Salgada VMS Project  in Portugal, with a Post-tax NPV of US$147 million and a 39% IRR in the current Feasibility Study. This Project adds both substantial precious metals resources along with critical minerals exposure (42 % Gold & Silver, 24% zinc, 14% copper, and 5% tin) to the future production profile.  We also discuss the various work streams leading to optimized Feasibility Study in Q4, a construction decision by Q1 2026.  Construction is targeted for H2 of 2026, with first production slated for early 2028.
 
We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards a Bankable Feasibility Study in Q1 of 2026 at the Mont Sorcier Iron-Vanadium in Quebec. Recent metallurgical test work, has reaffirmed the potential to produce high-grade and high-purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%.
 
 
If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.
 
* In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to see the latest news from Cerrado Gold.

The U.S. labor market just flashed its weakest signal since the pandemic. Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of Marc to Market, joins us to recap the jobs data and look ahead to next week’s inflation data, and the Fed meeting the following week. Will it be 25 bps… or could the market force a bigger cut?
Marc breaks down:
Why the Fed is stuck balancing weak jobs with sticky inflation
How QT and the yield curve complicate the picture
The near-term risk of a U.S. dollar bounce despite the bigger downtrend
Global ripple effects - from Canada’s fragile data to Europe’s political pressure
Click here to visit Marc’s site - Marc To Market. 
 
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.

I’m joined by David Stein, President & CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1), for a detailed update following several key announcements. The company recently raised over $9 million in August, providing its strongest balance sheet since its 2020 RTO. With this capital, Kuya is accelerating both mining development and exploration at the Bethania Silver Project in Peru.
Discussion Highlights:
Acceleration of Mining at Bethania - Funds will fast-track underground development, including construction of an internal ramp to boost efficiency and support long-term expansion.
Production Ramp-Up - Targeting ~100 tpd by September with further growth into 2026. Even at modest throughput, Kuya expects strong cash flow potential relative to peers.
Exploration Strategy - USD$1.5M allocated to drilling, with near-term programs focused on depth extensions below current mine workings and step-outs to the east.
Resource Growth Potential - Management believes Bethania and its satellite zones hold significant upside, with the aim of adding tens of millions of silver ounces.
Q2 Review - Output doubled at Bethania, with a one-time concentrate sale from the Silver Kings Project boosting revenue. Development remains on track.
If you have any follow up questions for David please email me at Fleck@kereport.com.  
Click here to visit the Kuya Silver website 
 
For more market commentary & 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.

We’re joined by Brian Leni of Junior Stock Review to break down where the best opportunities are now in the raging precious metals bull market, and where contrarian investors should be looking next.
Key themes:
Gold & Silver Surge - Why the bull market is already well underway, how stocks have outperformed, and where value still exists in the space.
Contrarian Copper & Nickel - Developers trading at less than 2% of NAV in some cases, with re‐rating potential even if commodity prices stay flat.
Catalyst-Driven Picks - A couple stocks Brian sees as good value at current copper prices. 
Managing Risk & Psychology - Modeling financing costs properly, anticipating dilution, and maintaining discipline with profit-taking to avoid “round-tripping” winners.
Why Developers Shine - How Brian has delivered outsized returns focusing on this “boring” but high-value part of the mining cycle.
Stocks Mentioned: Hot Chili (TSXV: HCH; ASX: HCH; OTCQX: HHLKF) • Surge Copper (TSXV: SURG; OTCQB: SRGXF)
Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in. 
Follow up on Substack
For summaries & notes on our market commentary, subscribe to The KE Report Substack: https://kereport.substack.com/
For resource market insights & trading opportunities, check out Shad’s Substack: 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.

Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins us to review the Q2 2025 operations and financials showing profitability as the operations team continues fine-tuning the mining and milling processes at the site, at the La Guitarra Mine and processing plant, in Mexico.  Additionally, production is ramping up at the higher-grade Coloso mining center, where dewatering and underground development are underway. We also discuss how the recent $19.5Million financing announced on July 31st, funds the future development and exploration value drivers for the Company across their district-scale land package.
 
 Q2 2025 Highlights
 
Net Revenues: Silver revenues for the quarter totalled $2.18 million ($33.20 per ounce) and gold revenues totalled $3.59 million ($3,271 per ounce).
Net revenues for Q2 2025 increased by 10.7% to $5.36 million or $30.87 per AgEq ounce sold as compared to $4.84 million or $29.32 per AgEq ounce in the quarter ended March 31, 2025.
Sales: In Q2, the Company sold 65,683 ounces of silver ("Ag") and 1,096 ounces of gold ("Au") or 173,562 silver equivalent ("AgEq") ounces.
Cost of sales was $4.07 million for Q2 2025, or approximately $23.45 per AgEq ounce sold as compared to $3.60 million, or $21.84 per AgEq ounce sold for Q1 2025.
Adjusted EBITDA increased by 37.5% to $1.46 million for Q2 2025, compared to $1.07 million for Q1 2025.
All-in-sustaining costs per AgEq ounce sold of $30.10 per ounce, compared to $28.98 in Q1 2025. In Q2 2025, production unit costs were impacted by the effects of an early onset of the Mexico rainy season and related power outages on production volumes, wage increases, increased depreciation and depletion.
Gross Profit was $1.29 million for Q2 2025 ($1.23 million in Q1 2025).
Cash provided by operating activities was $1.00 million for the six months ended June 30, 2025 ("H1 2025") and includes $535,000 generated in Q1 2025.
Current assets, including cash, totaled $5.93 million at June 30, 2025 ($4.33 million at March 31, 2025).
Closed C$19.5M Private Placement: On July 24th and July 31st, 2025 in two tranches.
First Majestic Loan Extension: On May 30, 2025, the Company and First Majestic Silver Corp. agreed to extend the $5 million senior secured project financing loan for an additional twelve months to mature on May 8, 2027. All other terms of the agreement remain unchanged.
 
Additional Operational Details
 
Mine Operations: Milled 41,235 tonnes of material, with silver recoveries averaging 76.62% and gold recoveries averaging 77.95%.
Production: Produced 66,011 ounces of silver and 1,048 ounces of gold (vs. production of 70,176 ounces of silver and 1,001 ounces of gold in Q1 2025).
Coloso Mining: On April 29th, mining at the high-grade Coloso Mine restarted within the Guitarra Complex with the first stope being brought into production.
Equipment Purchases: In H1 2025, spent $764,000 to acquire mining and mobile equipment and refurbish underground equipment (including $378,000 spent in Q1 2025).
Development: $113,000 spent on mine development in H1 2025.
Exploration: spent $362,000 on exploration and evaluation activities in H1 2025, which includes capitalized concession fees.
 
 
 
Alex discussed how the  C$19.5 million financing, supported by high-quality institutional shareholders, will be deployed in part to purchase additional equipment and implement improvements at the mine to reduce costs and increase production grades and volumes in the near-term. They are finalizing plans for a plant expansion to increase capacity up from the current 500 t/d run rate, and preparing for a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters.
 
The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   Additionally, there is a non-compliant 17 million ounce historic resource at the Nazareno Mine, and also solid underground infrastructure connecting to the nearby high-grade Coloso Mine, that First Majestic had put quite a bit of sunk cost into already.
 
 
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either Shad@kereport.com.
 
Click here to follow along with the latest news from Sierra Madre Gold & Silver
 
In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.
 
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. 

Joel Elconin, co-host of the Pre-Market Prep Show and founder of the Stock Trader Network, joins us to break down the latest action in U.S. equity markets.
September opened with a quick dip across the S&P, Dow, and Nasdaq, but as Joel highlights, the buy-the-dip mentality remains firmly in place - driven by mega-cap tech, broadening participation across sectors, and ongoing retail interest in equities.
Key Topics Discussed:
Mega-Cap Tech Leadership - Google, Apple, Amazon, and Meta continue to drive indexes, with court rulings and AI expansion acting as catalysts.
Broadening Rally - Equal-weight indexes, small caps (IWM), and biotech show strength alongside value plays like healthcare and dividend stocks.
Retail Sector Resilience - Strong reports from Macy’s (M) and American Eagle Outfitters (AEO) highlight consumer demand, even as IPO speculation unwinds.
Precious Metals & Inflation - Gold and silver rising as investors hedge against inflation concerns, with Fed rate cuts looming despite strong markets.
Risk Factors Ahead - The potential for stagflation if growth slows while inflation persists.
Click here to visit Joel’s PreMarket Prep website
Click here to visit the Stock Trader Network
 
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.