The KE Report

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.

Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins us to review his medium-term technical outlook for the precious metals space, the potential paths towards an interim top and corrective move in the gold and silver stocks, and the bigger-picture intermarket analysis themes that complicate this path forwards.
 
 Key topics discussed:
 
The shorter-term to medium-term technical pattern in gold is a bit murky, on whether:
 
it will just make a $200-$300 run higher and then top out, or…
if it has the energy to blast up past $4,000-$4,200, completing the logarithmic extension of the longer-term 13 year cup and handle pattern breakout, before putting in a more meaningful corrective move, or…
if what we are seeing now is really more of a false breakout that is already hitting buying exhaustion and is going to run out of steam in these overbought readings.
 
When looking at the gold stocks, via GDX and GDXJ, the breadth signals that 75% of stocks inside these ETFS have been making new 52-week highs over the last week, coupled with overbought readings on the longer duration charts, has him watching for the conditions where the gold stocks may quit advancing as aggressively, and top out and turn down before gold does.  He notes that we are definitely not in the early stages of this move, but rather we are much closer to the end of this current move up in gold stocks, before reaching an area where pricing will roll over and consolidate to the downside for a period of time.
 
What complicates this outlook is that the gold stocks in the GDX and GDXJ just broke out against the 60/40 portfolio of US general equities and bonds, and that there is a lot of institutional capital still very underweight this sector that wants to come in and get into position.  This may mean that pullbacks are immediately bought up, and that corrective targets are not hit.  He mentions that the recent corrective move in gold didn’t even reach the 200-day moving average as an example before ramping back higher again.   This is all symptomatic of a larger bull market process underway.
 
With regards to silver, the pricing has approached overhead resistance at the $41-$42 level as anticipated, and he is watching here to see if this is where the metal may pause and regroup at a lower level, before building the energy to make it definitively through the $42 resistance zone in the move to test the all-time high at $50 at a later date.
 
He points out that a lot of the silver stocks have been going through the roof with rhino-horn moves, and that many of these stocks should be “rented but not owned for the longer-term.”   There is a lack of quality silver-focused projects and companies of size, and many “base metals companies parading around as silver stocks,” and that investors should be careful in this space and know what they own and what the value drivers are.
 
Click here for exclusive stock picks and Jordan’s deeper analysis at The Daily Gold.
 
 
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 us or a discussion on the psychological part of investing as sector sentiment improves in this ongoing precious metals bull market. We also get 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.
 
We start off contrasting the upward pricing of gold and silver metals prices to record prices has been allowed many of the producers and higher quality developers to revalue, but that few of the gold juniors have had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop and remain quite cheap still.  Erik makes the point that many of them, even after having moved up 100%-200% may actually look even cheaper than they did 1-2 years ago, in light of their newsflow, catalysts achieved, and married with the higher metals prices.
 
Erik addresses how he views different valuations scenarios that can befall junior resource stocks, and that not every portfolio laggard is an indication that something is wrong or that the position needs to be abandoned.     He also reviews some of the pitfalls that investors fall into rotating out of lagging stocks to chase stocks that are consistently running higher, only to see those same trends reverse and for people to be out of position and doubting their investing thesis at precisely the wrong times in the cyclicality of this volatile sector.
 
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.

Coal remains central to both power demand (AI data centers, baseload needs) and steelmaking (met coal). Matt Warder, Publisher of The Coal Trader, outlines where the market sits in its cycle and how equities are positioning for the next leg higher.
Key Points:
Thermal vs met coal: distinct demand drivers (power vs steel).
AI data centers + global power needs may keep coal in the mix.
China still dominant near-term; India a key long-term growth driver.
Coal cycles run ~5 years - next peak expected by 2026–27.
Company catalysts: cost curves, production growth, buybacks, and dividends.
Stocks discussed: AMR, HCC, METC, NRP, BTU, ARLP, CNR
 
Click the following links to keep up to date on the coal market and coal stocks 
Substack - https://thecoaltrader.substack.com/
Podcast - https://clearcommodity.net/podcasts/the-coal-trader
 
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.
 

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive operations and exploration update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the bonanza grades in multiple metals encountered in recent assays returned from the ongoing exploration and development work at the Levack Mine. The team is working towards and updated resource estimate at Levack in Q3 and then putting out a mine restart plan by year-end for potential production to commence by the end of 2026.
 
Q2 Operational Highlights
 
April-June 2025 (“Q2”) was the first full quarter of production from the McCreedy West copper mine under Magna’s operation.
Total ore processed in Q2 was 59,100 tons from the 700 Footwall Copper Zone and 10,945 tons from the Intermain Nickel Zone, for a combined total of 70,045 tons.
Combined ore grade for the quarter was 3.26% Copper Equivalent (“Cu Eq”).
McCreedy West produced 3.05 million pounds of copper equivalent payable in the quarter at an average grade of 3.26% Cu Eq.
Underground development increased from 14.4 feet per day in April to 17.0 feet per day in June.
End of period cash balance of $27 million.
 
 
Since acquiring the McCreedy West Mine on February 28, 2025, the team at Magna Mining has implemented multiple mine optimization initiatives and invested substantial capital in equipment and underground development to improve the operation. April production was affected by a lack of operating and capital development completed in the preceding quarters while the mine was under prior ownership.  Production in April also included tonnage from the Intermain Nickel Zone that was previously developed by the prior operators.   We talked about the optionality of having these different mineralized zones.
During the quarter they increased their staff and workforce, made management changes and realized a material increase in the amount of daily development completed at the mine. Throughout Q2, there was month over month increases in the amount of payable copper-equivalent pounds as well as improved grades produced at the operation.
 
Next we discussed some of the recent exploration results returning high-grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone and within 150 metres of surface. The reported holes were drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied.
 
Then we transitioned over to recent bonanza-grade assay results from the ongoing exploration at the past-producing Levack Mine, located in the North Range of the Sudbury Basin, northeastern Ontario, Canada (Figure 1). Drillhole FNX6083-W1 was drilled to test an area 140 metres below drill hole MLV-25-14A. Jason points to the high-grade gold platinum and palladium values along with the bonanza grade copper grade intercepts.
 
Highlights from the new assay results include:
 
FNX6083-W1  - 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres
Including 2% Cu, 0.9% Ni, 53.0 g/t Pt+Pd+Au over 1.0 metres
And 5% Cu, 1.8% Ni, 26.3 g/t Pt+Pd+Au over 0.5 metres
 
There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit,
 
 
If you have questions for Jason regarding Magna Mining, then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Magna Mining at the time of this recording, and may choose to buy or sell shares at any time.
 
 
Click here to follow along with the news at Magna Mining

We kick off September with decisive breakouts in gold, silver, and mining equities. Joining us is Dave Erfle, founder and editor of Junior Miner Junky, to discuss the powerful setup unfolding across the precious metals sector.
Key Topics Covered:
Why the latest gold breakout above $3,500 signals momentum toward $3,850-$4,000.
Silver and junior miners surging, with SILJ nearing all-time highs on strong volume.
The technical significance of multi-timeframe breakouts (daily, weekly, monthly).
Why even financings, consolidations, and neutral news are pushing junior miners higher.
Dave’s disciplined sell strategy: trimming at 3x upside and managing portfolio weightings.
What he’s looking for in earlier-stage juniors and the role of Beaver Creek & Denver Gold Forum in setting the tone for M&A activity this fall.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 
For more market commentary & summaries, subscribe to our Substacks:
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In this KE Report Daily Editorial (Tuesday, September 2nd), we welcome back TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot.
We start with the weak opening for September as the S&P 500, Nasdaq, and Dow all pull back while the VIX spikes higher. TG shares his perspective on:
Why August and September are historically weak months for equities.
The impact of institutional book-squaring and seasonality (including the "Sell Rosh Hashanah, Buy Yom Kippur" effect).
Whether shallow pullbacks remain buying opportunities - or if a deeper correction is needed.
We also dive into precious metals, with gold nearing $3,600 and silver pushing above $41. TG breaks down the technical setups in GLD, GDX, and SIL, explaining how sideways consolidation and moving averages have set the stage for today’s breakout.
Finally, TG highlights opportunities he’s tracking in crypto and COIN, which appear to be stabilizing after recent weakness.
 
Visit TG’s Profit Pilot website here: https://www.profit-pilot.com/
 
For more analysis, check out our Substacks:
The KE Report – daily market commentary and summaries.
Shad’s Substack – resource sector insights and trading setups.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review multiple drill assays, both new and relogged, within the high-grade gold Bonanza Zone and Surebet Discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This leads to a larger discussion about prior press releases related to the overall 75 hole relogging program in tandem with some of the early assay results from the ongoing 60,000 meters of new drilling, which will be the largest exploration program to date.
 
Drill hole GD-25-337 intersected 10.60 g/t Au over 22.82 meters (a 242 grams*meters hole), including 15.19 g/t Au over 15.71 meters, including two separate intervals consisting of 37.28 g/t Au or 1.20 oz/t Au over 3.36 meters and 36.11 or 1.16 oz/t Au over 3.08 meters. From the andesite unit below the Bonanza Zone which contains multiple occurrences of widespread VG-NE between 113.00 meters and 135.82 meters, hosted within a zone of dense calc-silicate veins with moderate amounts of sphalerite, pyrrhotite and pyrite. The intercept is approximately true width, and these assays reflect gold only (AuEq value in the interval will be adjusted accordingly once Ag, Cu, Pb and Zn are received).
 
65 drill holes have been completed for a total of 45,000 meters in 2025, with only 50 holes remaining totaling 15,000 meters. With roughly 1 month remaining, Goliath is on target to complete its planned up to 60,000 meter drill program with 9 rigs actively turning. Assays are pending for 55 drill holes completed to date
 
100% of the drill holes completed to date on Surebet have intersected substantial quartz-sulphide mineralization and 95% of drill holes completed thus far in 2025 contain gold visible to the naked eye (“VG-NE”). This clearly demonstrates the continuity and predictability of this expansive gold-rich system.
 
Drilling at the Surebet Discovery has hit VG-NE in three distinct rock packages (quartz-sulphide breccias/stock work, RIRG Eocene-aged dykes and calc-silicate altered breccia) showing the untapped discovery potential at this remarkable high-grade gold system that remains open.
 
The Company also still awaits more assays from this year’s early exploration focus on relogging prior year holes is in light of the newly discovered widespread abundant visible gold seen with the naked eye in multiple reduced intrusion related gold (RIRG) dykes, as well as in the calc-silicate altered breccia, reflecting the testing of gold in those 3 distinct rock pages on the property. 
 
There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season for many months into the future, so click on the link down below to follow along with all the news from the Company as it hits the newswires.
 
 
If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.
 
Click here to follow the latest news from Goliath Resources

In this company introduction, we speak with David Elsley, President & CEO of Cardiol Therapeutics (NASDAQ/TSX: CRDL), a clinical-stage life sciences company focused on developing therapies to address inflammation-driven cardiovascular diseases.
Cardiol’s lead asset, CardiolRx™, is currently in:
A Phase 3 trial (Maverick Study) for recurrent pericarditis, enrolling patients at world-leading centers including the Cleveland Clinic, Mayo Clinic, and Mass General.
A Phase 2 trial (ARCHER Study) for acute myocarditis, where recently released top-line results showed promising impacts on heart size and function.
We also cover:
The company’s orphan drug designation from the FDA and its implications for market exclusivity.
Development of CRD-38, a next-generation therapy designed for heart failure - a market with multi-billion-dollar potential.
Cardiol’s capital position, with funding secured well into 2026.
Key upcoming milestones for investors, including full data presentations, trial updates, and potential pharma partnerships.
 
Please email me any further questions you have for David. My email address is Fleck@kereport.com. 
Click here to learn more about Cardiol Therapeutics.