The KE Report

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.

In this KE Report Daily Editorial, we welcome back Brien Lundin, Editor of the Gold Newsletter and host of the upcoming New Orleans Investment Conference (Nov 2–5).
We dive into the current precious metals environment, where gold and silver are holding near the upper end of their ranges and investor interest is rising as the Fed edges toward its next rate-cutting cycle.
Discussion highlights:
Why Powell’s Jackson Hole speech may have fired the starting gun for the next rate-cut cycle
How rate cuts, debt levels, and dollar weakness set the stage for a bullish backdrop in gold and silver
Valuations: why major and mid-tier miners remain historically undervalued despite strong earnings
Juniors’ surge: what it means when majority of the sector has moved higher and where the hidden laggard opportunities may lie
Key catalysts ahead: fall drilling updates, Beaver Creek/Denver Gold Forum news flow, and M&A potential
Which stocks Brien is watching - from large gold producers to torque-heavy silver juniors
Click here to learn more about the New Orleans Investment Conference on November 2-5.

Valkea Resources (TSX-V: OZ | OTCQB: OZBKF | FSE: S600) has launched its fall drill program at the Paana Project in Finland. President & CEO Chris Donaldson joins the KE Report to outline the strategy, starting with step-outs at the Koivu Zone, new target generation, and the company’s broader exploration plans in this Tier-1 district.
Key points: 
Fall Drill Program (~2,000m): Step-outs at the Koivu Zone following encouraging intercepts from the last campaign (e.g., ~55m @ ~1.6 g/t Au; ~36m @ ~1.5 g/t Au), plus ongoing target generation.
Geologic Model & Strategy: Koivu Zone shows disseminated “Ikkari/Rupert-style” gold; Honka Zone is “Kittilä-style” high-grade. Team will test if Koivu and Honka zones connect.
Target Pipeline: Base-of-till drilling across multiple anomalies and work advancing the northern Rova project.
Core Re-logging & Structural Work: Refining structure and controls on mineralization using historic holes to tighten targeting.
Team & Operations: New Exploration Manager, Jens Rönnqvist, on the ground in Finland to coordinate fieldwork and community engagement.
Jurisdiction & Neighbors: Paana sits in a Tier-1 district alongside Agnico Eagle’s Kittilä Mine, B2Gold/Aurion, and Rupert Resources. Finland ranked #1 by the Fraser Institute for mining attractiveness; recent financings underscore capital flowing into the belt.
Near-Term Catalysts: Drills now turning; a ~2-month program with assays expected to begin in the fall (lab timing dependent). Step-outs at Koivu are the headline driver.
Any follow up questions for Chris can be emailed to me directly at Fleck@kereport.com. 
Click here to visit the Valkea Resources website to learn more about the Company.

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins me for a longer-format discussion on and the macroeconomic themes and fundamental drivers that that are continuing to push the purchasing power of the US dollar down and most other asset classes higher.  Nick shares how he has been successfully “buying the dip” in gold, silver, copper, rare earths, uranium, and lithium stocks.
 
We start off reviewing how the US fiscal policy and the Fed’s upcoming monetary policy is leading to a weaker US dollar, which has been a key tailwind to US equities, cryptos, and the commodities sectors. Nick points out that the “Fed is not your friend,” and that the coming rate cuts will be further debasing the dollar’s purchasing power, which is going to send real assets higher in response.
 
We review the impacts of the back-to-back Biden and Trump administration large fiscal policy bills, that increased the national debt burden, which has been a boon to the precious metals sector, as a hedge against fiscal malfeasance and as a way to protect purchasing power. 
 
Many of the government fiscal bills passed the last few years have had provisions in them for accelerating the development of nuclear power infrastructure and uranium mining, and they have provisions included to fund boosting domestic supplies and refinement of critical minerals like rare earths, antimony, tungsten, copper,  lithium, and many other strategic critical minerals. We discuss how all this attention at the federal level in the US and in many nations abroad is bringing in new investors to resource investing.
 
With regards to the precious metals, Nick has continued building up positions in quality explorers through private placements, as well as buying larger companies with exposure to rising gold and silver prices on pullbacks.  He noted the example of picking up a position in Royal Gold, Inc. (NASDAQ: RGLD), during the corrective move that played out after their announcement of the acquisition of Sandstorm Gold.
 
Next we got into the longer-term structural supply demand fundamentals underlying the copper market, and that it has been in an upward trajectory for the last handful of years.  When the recent volatility from the initial reaction to the copper tariffs to the reversal back down once there was more clarity around what precisely would get tariffs, Nick took the opportunity to exit his domestic copper producer position in Freeport-McMoRan Inc. (NYSE: FCX). He chose instead to then position back outside of the US via buying the dip in Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), after it pulled down on some short-duration challenges.  He also flagged his recent private placement into the earlier-stage prospect generator, Kincora Copper Limited (TSXV: KCC) (ASX: KCC), with exploration properties looking for copper and gold porphyries in Australia. 
 
The conversation then turns to growing generalist interest in the rare earths sector in particular, especially after the recent Department of Defense investment into MP Materials Corp. (NYSE: MP) as a key stakeholder, but also providing them a floor on their Neodymium products, and agreeing to be a buyer future magnet production.   Then, shortly thereafter, Apple Inc. (NASDAQ: AAPL) made a $500M investment into MP Materials to accelerate and help fund the future development of a permanent magnet recycling plant in Texas.   Nick points to CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), as another company poised to start recycling permanent magnets, also in Texas. Additionally, he highlights the heavy rare earth production capacity increasing from Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU). We reviewed the news out this week of the MOU between Energy Fuels and Vulcan Elements, focused on ex-China high-purity "light" and "heavy" rare earth oxides for production of rare earth permanent magnets in the United States, using high-purity NdPr and Dy oxides refined in Utah.
 
This transitioned the discussion to the volatile year, to the upside and downside, in the nuclear and uranium stocks, and Nick pointed out the good opportunities to buy the dip in the sector throughout this year on pullbacks. In addition to the positive response from the multiple executive orders and fiscal bills passed surrounding nuclear power and the nuclear fuel cycle, Nick highlights that companies like Uranium Energy Corp (NYSE American: UEC) and Anfield Energy Inc. (TSX.V: AEC) (OTCQB: ANLDF) were both approved for federal fast-track permitting.   Nick also highlights his recent participation in the private placement financing for North Shore Uranium Ltd. (TSXV:NSU), and how he’s done well with this management team in the past on other companies, why he finds the current project fundamentals compelling.
 
Wrapping up we got into how even the lithium space has presented a “buy the dip” moment recently, and that both the underlying metals price and the related equities have bounced and started a trajectory higher. Nick revisits the case for a company he’s done quite well in during the prior cycle, Patriot Battery Metals Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF), as well as the value proposition for a new private placement he just participated in with Lion Rock Resources Inc. (TSXV: ROAR) (OTCQB: LRRIF).
 
Click here to follow Nick’s analysis and publications over at Digest Publishing

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQB: SCZMF), joins me to recap the key record Q2 2025 financial results along with a comprehensive review of all operations.  Santacruz Silver operates 1 mine in Mexico, and 5 mines, 3 mills, and an ore feed-sourcing and metals trading business in Bolivia, as an emerging mid-tier silver and base metals producer.
 
 
Q2  2025 Highlights
 
Revenues of $73.3 million, a 4% increase year-over-year.
Gross Profit of $25.3 million, a 59% increase year-over-year.
Net Income of $21.0 million, a 1,348% increase year-over-year.
Adjusted EBITDA of $26.8 million, a 68% increase year-over-year.
Cash and short- and long-term investments of $57.8 million, a 691% increase year-over-year.
Working Capital of $60.3 million, a 303% increase year-over-year.
Cash cost per silver equivalent ounce sold ($/oz) of $19.48, a 10% decrease year-over-year.
AISC per silver equivalent ounce sold of $22.95, a 8% decrease year-over-year.
Silver Equivalent Ounces produced of 3,547,054, a 15% decrease year-over-year1.
 
 
Q2 2025 Production Highlights:
Silver Equivalent Production: 3,547,054 silver equivalent ounces
Silver Production: 1,423,081 ounces
Zinc Production: 21,148 tonnes
Lead Production: 2,773 tonnes
Copper Production: 229 tonnes
 
Arturo discussed the very strong revenues, gross profit, net income, adjusted EBITDA, cash and cash equivalents,  and working capital all up substantially in year-over-year metrics. In addition their cash costs and All-In Sustaining Costs (AISC) numbers came down in a meaningful way due to a combination of factors from mine optimization work paying off, to favorable currency exchange rates, and the positive impact of paying down the Glencore loan early, which will save the Company US$40 million. The Company plans to successfully complete the final 2 payments to Glencore by October 31, 2025, and will likely pay off both installments in the month of September.  The company also announced a sale of 70 million Bolivian Bolivianos Promissory Note at 7.00% interest rate, a maturity date of June 15, 2026, just to give them treasury efficiencies for working capital in country.
 
Switching over to the operations for the quarter, there was better revenues from their San Lucas ore-feeding business, which is now absorbing the Reserva Mine ore to then blend it with ore from the small-scale miners.   This leaves the ore from both the Tres Amigos and Colquechaquita mines to report to Caballo Blanco, making all operations much more efficient with better metals recoveries.   The San Lucas production and revenues largely offset the lagging effects in the quarter from the water issues at Bolivar, which have now been mostly resolved, and those high-grade veins will be a bigger contributor to production again for H2 of 2025.
 
Transitioning over to Mexico, we discussed the higher-grade 960 Level at the Zimapan Mine starting to contribute, and how this will continue growing in the Q3 and Q4 production profile from Zimapan for the balance of this year and for many years into the future.
 
Arturo also highlighted that with the strength of the balance sheet, the coming elimination of the Glencore debt, and robust incoming revenues, that the Company is now currently ramping up more exploration and development work at their Soracaya Project, to put it on the pathway to primary silver production about a year and a half out. An internal study was completed by Glencore with an estimated capex of ~US$40MM for construction of a processing plant and tailings facility. Mine plan envisions a 7 year mine life with average annual payable production of ~4.5MM oz AgEq (based on consensus prices). Development is subject to permitting.
 
 
If you have any follow up questions for Arturo regarding Santacruz Silver, then please email them to me Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Santacruz 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 Santacruz Silver

In this KE Report Pre-Market Daily Editorial (Aug 27), I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who runs the firm’s commodities trading desk.
Darrell shares his monthly insights on trading flows, hedging activity, and price trends across energy, base metals, and precious metals.
Discussion highlights:
Summer slowdown: Why trading has been unusually flat in oil, natural gas, copper, and gold - and why Q4 could bring sharp moves.
US dollar weakness: How a softer dollar continues to support commodities, particularly gold.
Copper’s outlook: Stability in the $4.50/lb range, with healthy positioning and supportive fundamentals.
Equities vs. metals: Gold and copper stocks finally catching up to metal prices, signaling possible renewed investor interest in commodities.
Energy markets: Oil remains rangebound with weak positioning, while natural gas looks more balanced after a sharp selloff.
Gold consolidation: Sideways trading may be setting up for another leg higher as macro risks and central bank demand remain strong.
Darrell also outlines the key macro risks - tariffs, Fed rate cuts, and geopolitical uncertainty - that could spark volatility into year-end.
 
Click here to learn more about Bannockburn Capital Markets.

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins me to outline why he still remains bullish and holding positions in gold, silver, rare earths, uranium, utilities, and defense stocks.
 
We start off reviewing the positive trends in gold and silver producers after the market digested Q2 earnings newsflow, and how his portfolio of PM stocks shared with his subscribers has outperformed.
 
Next we got into the rally we’ve seen in some of the rare earth stocks on the back of Chinese export bans, and bringing more attention to the downstream processors.  We noted the incoming US Department of Defense funds and Apple strategic investment into MP Materials Corp. (NYSE: MP), which really ignited a further boom in the sector. Next Sean highlighted  the recent Memorandum of Understanding (MOU) between Energy Fuels Inc. (NYSE American: UUUU); (TSX: EFR), a U.S. producer of rare earth element oxides from their mineral sands projects, and Vulcan Elements, a U.S. manufacturer of rare earth permanent magnets. These companies have agreed to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China.
 
The trends higher in nuclear, uranium, and utilities stocks have been another sector that Sean has been exposed to across those different stages of companies.  The small modular reactor stocks, utilities exposed to nuclear power, and the uranium stocks have gained more traction with a wider audience of generalist investors, and Sean believes they can run much higher from here due to the longer-term bullish macro fundamentals for electricity demand and the advantages of nuclear power. 
 
We discuss the potential for merger and acquisition deals between the handful of smaller US uranium producers, and that while small, the can outperform based on meaningful incremental improvements in their operations. We go on to discuss the large group of junior uranium developers and explorers in Canada, pointing out that Denison Mines Corp. (TSX: DML)(NYSE AMERICAN: DNN) is the closest company to new uranium production, but that is all the way out in 2028.  Sean mentions the strategy of waiting to position in some of the smaller Canadian juniors until after dilutive financing news has been announced, and once clear catalysts and work programs are established and already funded for better entry points.
 
Wrapping up we discuss the opportunities still present in many defense stocks, from drones and counter-drones to hypersonic rockets and next generation smaller defense software, hardware, and energy stocks. This leads into the conflicting forces investors deal with not liking government intervention in the markets, but also being cognizant of the flow of funds and contracts into certain sectors, and why this presents opportunities for positioning alongside those trends.
 
Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends
 
Click here to learn more about Resource Trader

David Baker CFO of Elemental Altus Royalties (TSX.V:ELE) (OTCQX:ELEMF), joins me to review Q2 2025 financials, record operating cashflows, and outsized year so far of one-off payments. We also dive into a variety of royalty partner project updates, the development growth still on tap in their portfolio of royalties, and look ahead to future acquisitions.
 
Financial Highlights
 
Royalty revenue of US$9.1 million and adjusted revenue1 of US$10.5 million, up 102% on Q2 2024
Record Operating Cash Flow plus Caserones dividends of US$14.4 million, up +900% on Q2 2024
Attributable Gold Equivalent Ounces ("GEOs") of 3,184 ounces, up 73% on Q2 2024 and adjusted EBITDA of US$8.8 million, up 155% on Q2 2024
Revenue guidance increased to US$35 million to US$40 million, based on an updated US$3,000/oz gold price for 2025
US$19.7 million increase in cash in Q2 2025
 
Outlook
 
Elemental Altus remains on track to meet record guidance of 11,600 to 13,200 GEOs, translating to increased record adjusted revenue of US$35 million to US$40 million, based on a gold price of US$3,000/oz. Production is anticipated to be weighted towards the first half of the year, driven by first gold sales from the Korali-Sud royalty
This guidance represents a 38% increase in GEOs and 74% year-on-year increase in adjusted revenue at the mid-point of guidance, with full exposure to higher gold prices
Elemental Altus has a Normal Course Issuer Bid ("NCIB") in place to purchase up to 12,288,129 common shares in the capital of the Company
 
Dave and I then do a rapid-fire review of a number of royalty partner updates at Karlawinda, Caserones Korali-Sud (Diba), Bonikro, Wahgnion, Laverton, Cactus, and Mactung;  each with compelling advancement and growth opportunities.
 
 
Turning to the financial strength of Elemental Altus, Dave highlights the US$27 million in cash on hand at quarter’s end, the increased revenue guidance of over US$35 million this year, upwards of US$20 million in one-off payments coming in over 2025, the $50 million credit facility on hand, and the solid strategic investor and financial backing from Tether Investments.  All of these factors position the company to review making accretive future acquisition transactions this year and moving forward.
 
 
If you have any follow up questions for Dave regarding Elemental Altus Royalties, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Elemental Altus Royalties at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to view recent news on the Elemental Altus Royalties website