The KE Report
The KE Report provides exclusive interviews with private money managers and sub $10 billion market cap stocks. Interviews are published daily to help investors navigate the markets.
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Episodes
Monday Dec 01, 2025
Monday Dec 01, 2025
In this daily editorial, Craig Hemke, Founder and Editor of TF Metals Report, breaks down the historic acceleration in precious metals, with Silver surging over 15% in November and now approaching $60/oz.
Craig argues this sustained move is fundamentally different from past spikes and serves as a "front run" to major bullish developments anticipated in 2026. We analyze the glaring valuation disconnect in mining shares - despite record metal prices - and the imminent catch-up trade, which is part of a broader "hard asset" boom that includes Copper and Gold.
Key Discussion Points:
Silver's New Analog: Why the current market action is a sustained breakout, similar to Gold's 2024 move, rather than a fleeting spike.
The Valuation Disconnect: Analysis of the historic lag in GDX and silver miners (SIL), signaling a massive catch-up trade is imminent based on Q4 margin expansion.
Macro Drivers: Discussion on the weakening US Dollar and massive US Treasury deficits fueling the need for hard assets.
The Hard Asset Trade: Simultaneous monthly high closes across Gold, Silver, Copper, GDX, and COPX signaling a major, sustained commodity trend.
Click here to visit Craig’s website - TF Metals Report
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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.
Monday Dec 01, 2025
Monday Dec 01, 2025
In this editorial, we are joined by Richard "Doc" Postma to discuss the massive move in precious metals, with Silver surging over 15% in November.
Doc breaks down the technical indicators suggesting we are in an "acceleration phase" similar to 2011. We discuss the glaring valuation disconnect between soaring metal prices and lagging mining equities, explaining why developers using conservative price assumptions offer deep value. Doc also shares his macro thesis on the "Great Reset" favoring hard assets and why he views recent pullbacks in names like Coeur Mining as buying opportunities.
Key Discussion Points:
Silver Breakout: Analyzing the potential for 8 straight months of gains and bullish momentum indicators.
Valuation Gap: Why miners haven't kept pace with spot prices and the specific opportunity in juniors.
Stock Specifics: Thoughts on the pullback in Coeur Mining and the technical strength of Silvercorp.
Macro Outlook: The Dow/Gold ratio heading lower and the global shift toward hard assets.
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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.
Monday Dec 01, 2025
Monday Dec 01, 2025
In this company introduction, we sit down with Joaquin Marias, President and CEO of Argenta Silver (TSX.V:AGAG | OTCQB:AGAGF | FRA:T1K).
Joaquin shares the story behind acquiring the El Quevar project in Salta Province, Argentina - a high-grade, pure silver asset that sat dormant for nearly a decade. We discuss the nature of the deposit, which boasts an indicated resource of over 45 million ounces at nearly 500 g/t silver, and the infrastructure already in place. Joaquin also outlines the fully funded 15,000-meter drill program currently underway to expand the resource and test new exploration targets.
Key Discussion Points:
The El Quevar Asset: A pure silver deposit with ~45M oz Indicated resources at 482 g/t Ag.
Infrastructure Advantage: Significant existing value including a 100-person camp, rail, gas, and power access.
Exploration Strategy: Details on the active 15,000-meter drill campaign targeting resource expansion and new discoveries.
Argentina Jurisdiction: Insight into the pro-mining shift under the Milei administration and the favorable environment in Salta.
Financial Strength: A strong treasury (~$22.5M CAD) backed by strategic investors Frank Giustra.
Please send us any follow up questions you have for Joaquin. Our email addresses are Fleck@kereport.com and Shad@kereport.com.
Click here to visit the Argenta website to learn more about the company
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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.
Monday Dec 01, 2025
Monday Dec 01, 2025
In this update, Brian Martin, SVP at OceanaGold (TSX:OGC - OTCQX:OCANF), breaks down the company's record Q3 financial results and strong free cash flow generation.
We discuss the operational setup for a robust fourth quarter, growth at the Haile Gold Mine, and the significance of the recent draft approval for the Waihi North project in New Zealand. Brian also outlines the compelling valuation case and details the confirmed plan to list on the NYSE in April.
Key Discussion Points:
Financials: Record Q3 revenue ($450M) and outlook for a high-production, lower-cost Q4.
Haile Operations: Production growth driven by Ledbetter Phase 3 and new underground targets.
Waihi North: Draft approval received under the Fast Track Act; construction slated for 2026.
Valuation & Catalysts: Attractive free cash flow yield relative to peers and the upcoming US listing.
Capital Allocation: Strong balance sheet ($335M cash) supporting dividends and share buybacks.
Click here to visit the OceanaGold website and learn more about all the operations
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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.
Sunday Nov 30, 2025
Sunday Nov 30, 2025
James Anderson, CEO of Guanajuato Silver (TSX.V:GSVR – OTCQX:GSVRF), joins me to highlight their recently announced transformational acquisition of the Bolanitos Gold-Silver Mine from Endeavour Silver, and to review the key takeaways from Q3 2025 operations and financials. We also end the discussion getting his technical outlook on the recent price action, and supply/demand fundamentals for silver.
On November 24th Guanajuato Silver announced that it had entered into a definitive agreement to acquire the Bolanitos gold-silver located in Guanajuato, Mexico, from Endeavour Silver Corp. (TSX:EDR) for total consideration of up to US$50 million, consisting of (i) upfront consideration at closing of US$40, which is comprised of US$30 million in cash and US$10 million of Guanajuato Silver common at a deemed price of US$0.2709413 (Cdn$0.3815) per share. (ii) In addition to the Upfront Consideration, Guanajuato Silver will make two contingent payments to Endeavour, each being US$5 million, upon achieving production of two million ounces of silver-equivalent and four million ounces of silver-equivalent, respectively. Each Contingent Payment will be satisfied 50% in cash and 50% in Guanajuato Shares.
Bolanitos Acquisition Highlights
Bolanitos will be Guanajuato Silver's 5th producing precious metals mine in Mexico. Upon the completion of the Transaction, the Company will operate three primary silver mines (Topia, Valenciana, and El Cubo) and two primary gold mines (Bolanitos and San Ignacio).
2024 Production at Bolanitos totaled 2,471,027 silver-equivalent (AgEq) ounces from 427,646 tonnes grading 39 g/t silver and 1.98 g/t gold for 452,627 ounces of silver and 25,230 ounces of gold. Silver and gold recoveries were 84.4% and 92.7% respectively. AgEq calculated at 80:1 silver to gold ratio (see Endeavour MD&A for the year ended December 31, 2024).
The acquisition of Bolanitos significantly increases Guanajuato Silver's resource base, adding in approximately 25 million silver equivalent ounces.
The incorporation of the San Ignacio Mine into the Bolanitos Mines Complex is expected to rapidly generate improved economics and expanded mine life; mineralized material mined at San Ignacio will now be transported to the nearby 1,600 tonnes per day Bolanitos flotation plant; as Bolanitos and San Ignacio are contiguous to one another, this is expected to dramatically reduce transportation costs and increase utilization at the Bolanitos mill.
The Transaction also includes the acquisition of the historic Cebada mine, which is located contiguous and to the north of theCompany's Valenciana Mines Complex (VMC). The Company intends to reactivate Cebada, which is currently on care and maintenance, as an important exploration and development project.
Selected Q3 2025 Operational and Financial Highlights:
Working capital improved over the quarter by $11.3M or 168% compared to Q2; working capital for Q3 2025 was $4.6M compared to negative $6.7M in Q2 2025.
The Company reported positive operating cash flows of $3,065,567 for the first nine months of 2025; in Q3 the Company generated positive cash flow from mining operations of $712,271 with realized metal prices of $39.03 for Silver and $3,441 for gold.
Production for the quarter of 457,525 silver-equivalent ounces (AgEq) comprising 245,369 ounces of silver, 2,025 ounces of gold, 597,269 pounds of lead and 741,595 pounds of zinc. Silver equivalents are calculated using an 87.70:1 (Ag/Au), 0.02:1 (Ag/Pb) and 0.03:1 (Ag/Zn) ratio for Q3 2025.
Increased capital expenditures over the quarter are expected to generate improved efficiencies into 2026. Capital expenditures were 97% higher in Q3 over Q2. The investments included additions to the mining fleet, relining of Mill 3 at El Cubo, continued work to install a Falcon gravity concentrator at the Topia plant designed to further increase gold recoveries in concentrates, pre-development work at Pinguico, and dewatering programs at both Valenciana and El Cubo.
Wrapping up James and I discuss the continued bullish technical setup in the silver price, closing this last Friday at an all-time high, and breaking well above long-term resistance at $50, and even more intermediate-term resistance around $54. James lays out the fundamental supply/demand environment for silver, and why the framework is there to keep seeing elevated silver prices moving forward. James also gives listeners an update on the gold:silver ratio, putting current pricing in the context of historical patterns.
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
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.
Saturday Nov 29, 2025
Saturday Nov 29, 2025
In this Thanksgiving weekend edition of The KE Report, we first sit down with Dave Erfle to dig into the current consolidation in gold and silver, the surge in quality juniors, and what could still go wrong. In the second half, Josef Schachter breaks down why natural gas looks fundamentally stronger than oil, how LNG, data centers, and storage trends are reshaping the market, and where dividend and growth investors can find value in beaten-up energy names.
Segment 1 & 2 - Dave Erfle, founder and editor of Junior Miner Junky, discussing gold’s consolidation around a new floor near $4,000, silver’s leadership as it builds support near $50, and the resulting strength and takeover activity among quality precious-metal miners. He also highlights sector risks, the impact of recent financings and dilution, limited tax-loss selling pressures, and how he’s managing and rotating junior mining positions into year-end.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/
Segment 3 & 4 - Wrapping up the show is Josef Schachter, founder and editor of the Schachter Energy Report and the Eye on Energy report on Substack, who outlines a bullish case for natural gas driven by LNG exports, data-center demand, and tightening storage, while maintaining a cautious but opportunity-focused outlook on oil. He also highlights where investors can find value in dividend-paying and growth-oriented energy equities ahead of a potential multi-year sector uptrend.
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/. And check back in December to take advantage of his upcoming special.
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.
Friday Nov 28, 2025
Friday Nov 28, 2025
Shane Williams, President and CEO at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to field a wide array of questions and detailed discussion with updates on the mid-Q4 underground operations, mining, and milling, capital allocation projects, and exploration updates during the ongoing ramp-up towards commercial production at their 100% owned Madsen Mine. Madsen is located in the Red Lake Gold District of Northwestern Ontario, Canada.
We start off having Shane break down some of the key takeaways from the news out on November 18th outlining the Mid-Q4 Madsen Mine Update.
In the first half of Q4 the Madsen Mine made steady progress towards full scale operations. Importantly, in October mined ore production increased 24% compared to the month prior.
Rolling stock deliveries are now almost complete and the maintenance shop has been delivered. Site management has also been notably strengthened.
Improvement in the underground waste rock storage program has been a key de-bottlenecking effort recently, and is directly supporting the mine’s ability to move ore tonnes in advancing towards commercial production
The team is motivated to get the shaft operational and take receipt of the final haul truck to complete this list.
We also discussed how the Company has attracted strong candidates to key site leadership positions over the last few months.
At this point commercial production is targeted for Q1 2026. Shane reiterates that when the management team and board have the confidence to announce everything is working as it should at the mine and mill at close to targeted levels, that the move into commercial production should also mean the Company is comfortably generating revenues at that point.
Next, we discussed fully funded 3,000 meter infill drilling program at its 100% owned Fork Deposit located approximately 250 meters southwest from its Madsen Mine. This drilling will further define the core pod of mineralization at Fork, which has been re-envisioned as a high-grade near-mine resource expansion target that is a priority for immediate advancement.
Wrapping up we discussed the blue sky exploration potential in many areas around Madsen, particularly at South Austin and the lower part of Austin Main. We also discussed further ongoing drilling over at the nearby Rowan Project, which will supplement the future mine plan in years to come.
If you have any follow up questions for Shane, or the team over at West Red Lake Gold, then please email us at either Fleck@kereport.com or Shad@kereport.com.
In full disclosure, Shad is shareholder of West Red Lake Gold Mines 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 West Red Lake Gold Mines
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.
Friday Nov 28, 2025
Friday Nov 28, 2025
In this Daily Editorial, we are joined by Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website.
Marc breaks down the massive moves in the precious metals market to end the month, with Silver surging over 7% to break $57/oz and significantly outperforming Gold. We discuss the macro drivers behind this rally, primarily the shift in market sentiment which is now pricing in an ~80% chance of a Federal Reserve rate cut in December. Marc provides his analysis on the weakening US Dollar, the tightening spreads between US and German debt, and the potential for a Bank of Japan rate hike next month.
Key Discussion Points:
Silver's Historic Breakout: Analyzing the $5+ move in Silver futures to over $57/oz. Is this the legendary "short squeeze" driven by dislocations in China, or a fundamental repricing?
The Fed Pivot: US 10-Year yields are falling as the market aggressively prices in rate cuts for December and into 2026.
Currency Markets: The US Dollar softens while the Yen strengthens on expectations of a BOJ hike. Marc also highlights the Australian Dollar as a standout.
Equity Resilience: Despite valuation concerns, the S&P 500 continues to grind higher, fueled by liquidity and rate cut hopes.
Sector Watch: A look at the Rare Earths sector, which remains in a downtrend despite the broader commodity boom.
Click here to visit Marc’s site - Marc To Market
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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.
Friday Nov 28, 2025
Friday Nov 28, 2025
In this update, Tim Clark (CEO) and Bryan Atkinson (SVP Exploration) of Fury Gold Mines (NYSE/TSX:FURY) discuss the company's aggressive 10,000-meter drill program at Eau Claire and recent exploration success at the Sakami Project.
The team provides a roadmap for resource expansion and addresses the current valuation disconnect, highlighting the significant underlying value of their equity position in Dolly Varden Silver relative to the company's market cap.
Key Discussion Points:
Eau Claire Drilling: Overview of the active 10,000m program focused on resource expansion and filling the "Gap Zone."
Sakami Discovery: Highlights from the maiden drill program, including a standout intercept of 59m at 1.6 g/t gold.
Committee Bay: Recap of the summer program expanding mineralization at Three Bluffs and testing the Raven target.
Valuation: Analysis of the current enterprise value (~$19/oz) when factoring in the ~$65M stake in Dolly Varden Silver.
If you have any follow up questions for Tim or Bryan please email me at Fleck@kereport.com.
Click here to visit the Fury Gold Mines website to learn more about the Company and read over the recent news.
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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.
Friday Nov 28, 2025
Friday Nov 28, 2025
In this company update, we sit down with Greg McCunn, President and CEO of Great Pacific Gold (TSX.V:GPAC - OTCQX:GPGCF - Frankfurt:V3H). Greg breaks down the latest high-grade drill results from the Wild Dog property in Papua New Guinea and outlines the company’s multi-asset value creation strategy. We discuss the ongoing drill program, the strategic potential of the Kesar project next to K92 Mining, and the upcoming key dates for the spin-out of the Australian Walhalla asset.
Key Discussion Points:
Wild Dog Drill Results: Breakdown of recent high-grade intercepts at the Sinivit target and confirmation of parallel vein structures.
Exploration Roadmap: Updates on the current drill campaign and the transition to testing deeper feeder zones with a second rig in 2026.
Kesar Project: The strategic importance of the land package adjacent to K92 Mining and plans to unlock value following a new technical report.
Walhalla Spin-Out: Important details and expected record dates regarding the distribution of shares for the Australian asset spin-out.
If you have any follow up questions for Greg please me at Fleck@kereport.com.
Click here to visit the Great Pacific Gold website
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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.