The KE Report

Precious metals surge while generalists stay on the sidelines, copper sets up for a supply crunch, and oil investors await a “table-pounding” buy opportunity.
 
This KE Report Weekend Show dives into the dual bull markets in precious and industrial metals with Rick Rule, and the near-term downside but long-term upside in oil and gas with Joseph Schachter. From gold’s re-rating to Canadian energy yields, the insights are packed with actionable takeaways for active resource investors.
 
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Segment 1 & 2 - Rick Rule, founder of Rule Investment Media and Battle Bank, discusses the dual nature of today’s commodities bull market - precious metals driven by fears over U.S. dollar purchasing power and broader commodities challenged by underinvestment and economic risk - along with insights on gold producers, silver opportunities, copper outlook, and the role of M&A and prospect generators in the sector.
Click here to visit the Rule Investment Media website and have Rick grade your portfolio. 
Segment 3 & 4 - Joseph Schachter, founder and editor of the Schachter Energy Report and writer of the Eye on Energy Substack, shares his outlook for oil and natural gas - calling for near-term weakness below $60 as a “table-pounding buy” opportunity, a rebound toward $75–80 into winter, and longer-term multi-bagger potential in Canadian energy equities as LNG growth, infrastructure, and global demand drive the next upcycle.
Click here to learn more about The Schachter Energy Report and Josef’s upcoming conference on October 18th.
 

James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to review their Q2 2025 financials, an operations and exploration update at their 4 producing mines in Mexico, the permitting approval for future development at Pinguico, and the strategy for growth in H2 2025 and beyond.
 
Selected Q2 2025 Highlights:
Mine operating income of $3.38M was the fifth consecutive positive quarter; mine operating income totaled US$8.2M for H1 2025.
Adjusted EBITDA of $1.89M was also positive for the fifth consecutive quarter.
Working capital deficiency improved by 56% or $8.7M during H1, 2025; down from -$15.4M to -$6.7M.
The average realized silver price for the quarter was $33.58 per ounce, up 5.2% from Q1. 
The average realized gold price for the quarter was $3,278 per ounce.
Guanajuato Silver is a primary precious metals producer with over 90% of the Company's revenue derived from the production and sale of silver and gold.
Production for the quarter was 659,237 silver equivalent ("AgEq") ounces. Production consisted of 321,990 ounces of silver, 2,913 ounces of gold, 683,163 pounds of lead, and 853,646 pounds of zinc.
 
James reviewed a number of equipment purchases and underground operational initiatives implemented in the quarter, that will improve future working efficiencies at all four of their producing assets in Mexico.  Guanajuato Silver produces silver and gold concentrates from the El Cubo Mine Complex, Valenciana Mines Complex, and the San Ignacio mine; all three mining centers are located within the state of Guanajuato. In addition, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango.
 
Next we discussed that the past-producing Pinguico Mine, an epithermal gold-silver vein project, and a satellite project to the nearby El Cubo Mines Complex, received a key development permit on August 6th that allows the Company to advance this wholly owned project. Receipt of a General Use Explosives Permit, issued by the Ministry of Defense, allows for restart of development work at Pinguico. Drifting along the mineralized San Jose vein structure towards the Pinguico underground stockpile is expected to recommence in Q4, 2025.
 
We then got a comprehensive exploration update at Pinguico, the El Horcon Mine, and reviewed some of the recent drill intercepts at the new high-grade zone at the San Ignacio Mine.  Wrapping up James summarizes the various growth initiatives across the Company’s portfolio of projects, and why he anticipates improving metrics over the balance of 2025.  
 
 
If you have any follow up questions for James on Guanajuato Silver, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Guanajuato Silver 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 Guanajuato Silver

Dr. Rebecca Hunter, CEO of Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF), joins me to discuss the news released today that the merger with Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is official, after the completion of the plan of arrangement under the Business Corporations Act, as previously disclosed on June 24, 2025. The pro-forma Company is well capitalized with over $12 million in cash and having multiple high-potential projects within its asset base, including the flagship Aberdeen Project in Nunavut and the Hook-ACKIO Project in Saskatchewan, in addition to another dozen secondary exploration projects. 
 
During Baselode's Annual General and Special Meeting to be held on September 16, 2025 Baselode will seek shareholder approval to change its name to Geiger Energy Corporation and is to be traded under the ticker (TSX.V:  BEEP). Geiger Energy will be led by Rebecca Hunter, PhD as CEO, Stephen Stewart as Chairman, and will be backed by the Ore Group team. James Sykes, prior CEO of Baselode Energy, will remain on as Director and Special Advisor given his experience and track record of discoveries in the Uranium space.
 
Rebecca outlines the big picture vision of the new combined company, and the synergies between the geological and exploration approaches between both teams and portfolios of projects.  She points to the ongoing 2025 exploration program their 100% owned Aberdeen Project in the Thelon Basin of Nunavut, Canada; where drills are currently turning at multiple unconformity-style and basement-hosted uranium targets across Aberdeen for a roughly 4,000 meter 15-20 exploration program. The key four targets for this year’s program are Loki, Bjorn, Tarzan, and Lobster; but we remind listeners of the many other targets across the project like Thor, Lightning, Squiggly River, Ned, Ayra, Nymeria, Willow, Apollo, and Starbuck.  Additionally there are 2 known basement-hosted uranium deposits that have received expansionary exploration work the last 2 seasons at both Tatiggaq and Qavvik, which will be the focus of future drill campaigns.
 
In additions to the Aberdeen Project, Forum brings into Baselode Energy 9 other projects in the Athabasca Basin, of Saskatchewan; with some projects having existing joint venture (JV) agreements in place, and some projects that are available to option out to other partners.  Most notably, the Northwest Athabasca JV Project with Global Uranium, will have upcoming winter exploration work.
 
Then shifting over the Baselode portfolio folio of projects, there will be a winter drill program slated for  the Hook – ACKIO Project that will be following up on exploration work the past couple of seasons at the various pods and clay alteration zones.  Other projects of note are the Catharsis and Bear projects along the Key Lake Trend, as well as Shadow in  Northern Saskatchewan along the Virgin River Shear Zone.
 
 
If you have any follow up questions for Rebecca or the team at Baselode Energy, then please email them into me at Shad@kereport.com.
 
Click here to follow the latest news from Baselode Energy

I’m joined by Anthony Margarit, President & CEO of K2 Gold (TSX.V:KTO - OTCQB: KTGDF - FSE:23K), for a detailed update on the company’s flagship Mojave Project in California. With the permitting process nearing its final stage, Anthony outlines the next steps and what shareholders can expect.
Key Discussion Points:
Permitting Progress: Final EIS submitted to the BLM; permit decision expected soon.
Planned Drill Program: 120 holes from 30 pads (~30,000 meters) focused on building continuity across major target zones.
High-Grade Discoveries: New surface samples including assays up to 375 g/t gold, expanding the potential well beyond known zones.
Multiple Targets: 5 gold, 4 copper, and 4 silver-lead-zinc areas across the property, including proximity to the historic Cerro Gordo mine.
Strong Treasury & Warrants: $3.5M in the bank with potential for ~$9M more from warrant exercises this fall.
The Mojave Project has been years in the making, and with permitting near completion, K2 is positioned to launch its largest drill program yet.
 
If you have any follow up questions for Anthony please comment below or email me at Fleck@kereport.com. 
Click here to visit the K2 Gold website.

HelioStar Metals (TSX.V:HSTR - OTCQX:HSTXF - FRA: RGG1) is accelerating exploration at the Ana Paula Project with the launch of a 15,000-meter drill program focused on converting high-grade inferred ounces into the measured & indicated category. This work is a key step toward a feasibility study and potential mine development.
In this interview, Charles Funk, President and CEO outlines:
The first drill results, including 30m grading 6.29 g/t gold and new high-grade zones.
The company’s ambitious 40,000–50,000 meters of drilling through 2025, fully funded from mine cash flow.
How HelioStar aims to lift Ana Paula’s resource to 1.5 million ounces M&I in the shallow high-grade core.
Upcoming catalysts: continuous drill results, updated technical reports, feasibility study milestones, and quarterly production updates.
A healthy cash balance of ~$30M and reinvestment strategy with minimal dilution.
With multiple projects advancing in parallel and consistent news flow expected, HelioStar is positioning itself for significant growth in both resources and production.
 
Send follow-up questions to fleck@kereport.com. 
Click here to visit the Heliostar Metals website to learn more about the Company.

FireFox Gold (TSX.V: FFOX - OTCQB: FFOXF) has just launched its largest drill campaign ever at the Mustajärvi Project in Finland’s Lapland Greenstone Belt, supported by a recent $7M financing and share consolidation.
Patrick Highsmith, President and CEO of FireFox joins me to discuss:
The scale and strategy of the 10,000+ meter drill program, focused on the East, Northeast, and Central Zones. See Figure 1 from the news release below.
Historic high-grade results, including intercepts of 14m @ 29 g/t gold and surface trenching of 7m @ 59 g/t gold.
Plans to test deeper targets (300–500m) for potential underground extensions.
Exploration upside at the Jeesiö and Sarvi Projects, located near Rupert’s Ikkari discovery.
The role of strategic shareholders, including Agnico Eagle and Crescat Capital.
With the strongest treasury in its history, FireFox Gold is advancing its Finnish gold portfolio through 2025 into 2026.
 
Figure 1. Mustajärvi Gold Project mineralized zones and untested target areas.
 
Any further questions for Patrick? Email me at Fleck@kereport.com.
Click here to visit the FireFox Gold website to learn more about the Company. 
https://www.firefoxgold.com/

In today’s KE Report Daily Editorial (Friday, August 29), we welcome back Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network.
Joel breaks down the current market environment, where:
Broad indexes continue a “melt-up” rally, with leadership rotating between mega-cap tech, value, and small caps.
Interest rate expectations remain the key driver, fueling strength in rate-sensitive sectors like small caps and biotech.
Earnings season takeaways, including reactions to Nvidia, Intel, and big tech guidance.
The impact of government investments in equities and what it could mean for long-term competitiveness.
Why small caps and financials could still have significant room to run if rate cuts arrive in September.
Joel also shares his candid take on risk management in this environment - why cash is “trash,” how to think about hedging, and why sometimes investors simply need to “trade for the moment.”
 
Click here to visit Joel’s PreMarket Prep website.
Click here to visit the Stock Trader Network.

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), both join me to review the news released today on August 25th  highlighting that the summer exploration drilling has successfully identified two kilometres of highly prospective strike length characterized by strong sandstone alteration and graphitic faulting at the Cyclone Trend on the Murphy Lake North Project (“MLN”).   MLN is a joint venture between Cosa and Denison Mines Corp. $DML $DNN.US and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.
 
Summer Drilling Highlights:
 
Two kilometres of strong sandstone structure and alteration identified at the Cyclone trend underlain by large scale graphitic faulting
Up to 30 metres of unconformity relief identified at Cyclone
Alteration and structure at Cyclone remain open in both directions and follow up drill targets exist along multiple trends
Cosa has met its sole-fund obligation and now owns an irrevocable 70% interest in Murphy Lake North
 
Keith outlines why these results of the Murphy Lake North summer drill program, specifically those at the Cyclone trend, are the most significant to date for Cosa, and further support their thesis and the follow up drill program slated to begin in early 2026.
 
Andy visually walks us through where the 3,323 metres in eight holes were completed, with one hole being put into the Hurricane trend to follow up winter 2025 drilling results, and then the balance of 7 holes being drilled as the initial reconnaissance of the Cyclone trend.  These results identified over two kilometres of highly prospective strike length and potentially identified an additional unexplored parallel trend to the south. The intensity and continuity of sandstone alteration and structure, both vertically and along strike, is an encouraging indicator of the trend’s prospectivity. Basement structures intersected two kilometres apart are textbook examples of major graphitic faults critical to the formation of eastern Athabasca uranium deposits. With an average depth to the unconformity of roughly 250 metres, the Cyclone trend is incredibly well situated for the discovery of relatively shallow mineralization.   Andy showcased photos of the drill core, and that they’ll be awaiting the geochemical results, to then vector into to the future follow up drill targets.
 
Wrapping up we looked ahead to the follow up program for early 2026, where Cosa and Denison elected to leave much of the drill equipment on site to minimize the time and cost to resume early next year.  Additionally, Keith mentioned that Darby project, another key property in the Cosa/Denison JV agreement will be getting its first drilling at high-priority targets in 2026.
 
 
If you have any questions for Keith or Andy regarding Cosa Resources, then please email them in to me at Shad@kereport.com.
 
 
Click here to follow the most recent news from Cosa Resources

Elaine Ellingham, President and CEO of Omai Gold Mines (TSX.V: OMG) (OTCQB: OMGGF), joins me to unpack the key metrics and takeaways from the updated Resource Estimate of 6.5 million ounce of gold in all categories at the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America.
 
HIGHLIGHTS:
 
The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit (Figure 1), with a combined updated MRE (over the February 2024 MRE) of:
2,121,000 ounces of gold (Indicated MRE), a 7% increase, averaging 2.07 g/t Au in 31.9Mt &
4,382,000 ounces of gold (Inferred MRE), a 92% increase, averaging 1.95 g/t Au in 69.6Mt
 
Wenot Deposit (a constrained pit and underground approach is applied)
 
970,000 oz of gold in 20.7Mt (Indicated), a 16% increase in ounces over the Feb 2024 MRE
3,717,000 oz of gold in 63.4Mt (Inferred), a 130% increase in ounces
1.46 g/t Au grade of Indicated MRE, a 1.4% decrease*
1.82 g/t Au grade of Inferred MRE, an 8.5% decrease*
Increased gold price assumption to $2,500/oz from $1,850/oz allowed cutoff lower to 0.30 g/t Au from 0.35 g/t Au, resulting in lower average grades however increased ounces
~60% above 350m depth from surface 
~30% of Wenot MRE is west of the historical open pit, an area considered to be well suited to initial mining
Expansion potential is evident along a minimum 2.5 km length of the host Wenot shear corridor, including within, adjacent to, below, and along strike
 
Gilt Creek Deposit (an underground mining approach is applied)
 
1,151,000 ounces of gold (Indicated) averaging 3.22 g/t Au, in 11.1Mt (Feb 2024 MRE)
665,000 ounces of gold (Inferred) averaging 3.35 g/t Au, in 6.2Mt (Feb 2024 MRE)
Hosted within a 500m by 300m quartz diorite intrusive "Omai stock" that produced 2.4 million ounces of gold (1993 to 2005) from the upper 250m
Located 500m north of the Wenot Deposit and below the past-producing Fennel open pit
Characterized by very wide sub-horizontal zones of gold mineralization (Figure 5)
Open to depth and holds demonstrated potential for lateral expansion
 
 
These updated resources will be incorporated into the upcoming Preliminary Economic Assessment (PEA), building upon the prior PEA that was released in 2024, but that was only on 45% of the mineral inventory.  That prior study was only on the open pit Wenot Project, and did not yet incorporate the Gilt Creek underground project economics.  The new PEA slated for year-end or possibly early 2026 will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek.
 
Elaine highlights that the company is still going to be active in exploration with multiple drill rigs turning for the balance of this year and into next year. They will continue to explore the area at East Wenot, and a number of other nearby targets looking for shallow higher-grade mineralization that could potentially feed into the front-end of the mine development plan. Also, as part of their ongoing 15,000 meter drill program, we reviewed the progress on the very long hole that is currently being drilled through the underground deposit at Gilt Creek over to the area where the geological thesis is that there could also be deep resources well below the known mineralization at Wenot.  We discuss how this is the fun discovery part of exploration, with good scientific models behind it, and that if they do hit that far down at Wenot, it could be a real game changer adding on large potential underground opportunities below Wenot and even further mine life extension.
 
 
If you have any questions for Elaine regarding Omai Gold Mines, then please email me at Shad@kereport.com.
 
Click here to see the latest news from Omai Gold Mines.

In this KE Report company update, we welcome back Craig Nicol, Founder & CEO of Graphene Manufacturing Group, to answer a wide range of investor questions. Over the past month, GMG has seen strong shareholder interest around its multiple business divisions and the broader graphene market.
Discussion highlights include:
Graphene market trends - differentiation between GMG’s product-focused approach and competitors focused on raw production.
Business divisions update - Batteries, THERMAL-XR®, G® Lubricant, and growing services business.
Production outlook - Progress on Gen 2 graphene unit, scalability, and supply for large OEM orders.
Battery development - Upcoming data release on energy density and charge rates; collaboration with BIC and Rio Tinto.
THERMAL-XR® - Transition to palletized distribution, EPA progress, and near-term revenue expectations.
G® Lubricant - Sales ramp-up, customer feedback, and patent process.
Corporate strategy - Uplisting plans to a U.S. exchange, government grant opportunities, and the rationale behind the recently upsized $8M bought deal financing.
Keep sending in your questions for Craig Nicol - I’ll continue bringing your topics directly to management in upcoming interviews. Email me at Fleck@kereport.com.
 
Click here to visit the GMG website to learn more about the Company.