The KE Report

In this KE Report update, we’re joined by Brett Heath, CEO of Metalla Royalty & Streaming (TSX.V:MTA & NYSE:MTA), to review the company’s Q2 2025 financial results and discuss where the next phase of growth will come from.
Key Topics Covered:
Strong Q2 performance: Royalty revenue up 208% YoY to $2.7M, driven by 840 attributable gold equivalent ounces at realized prices of ~$3,289/oz.
Near-term growth: Royalty revenue set to climb with the Endeavor Mine restart, Amalgamated Kirkland ramp-up, and La Parrilla restart plans.
Medium-term catalysts: Integration of Goslin at IAMGOLD’s Côté Mine expected to significantly boost value by 2026–2027.
Long-term optionality: Large-scale development assets such as Equinox’s Castle Mountain, Hudbay’s Copper World, and G Mining’s Gurupi Project advancing toward production later this decade.
M&A landscape: How rising cash flows across the sector are reshaping opportunities for growth-focused royalty companies.
Strategic outlook: Balancing use of credit facilities vs. equity to pursue larger, cash-flowing acquisitions and aiming for $100M+ in annual revenue by the end of the decade.
 
Click here to visit the Metalla Royalty & Streaming website to learn more about the Company and portfolio of royalty and stream assets.

In this company update I welcome back Garrett Ainsworth, President & CEO of District Metals (TSX.V:DMX - OTCQB:DMXCF - Nasdaq First North: DMXSE SDB), to discuss the company’s latest news and strategy in Sweden.
🔹 Key Updates Covered in This Interview:
Boliden’s decision to terminate the earn-in JV on the Tomtebo and Stollberg base metal projects in Sweden, with District retaining 100% ownership of Tomtebo.
Why the share price surged on heavy volume despite the JV termination - short squeeze dynamics and renewed focus on uranium.
Insights into Sweden’s pending uranium moratorium lift, including the August 27th government briefing and expected legislative timeline.
Upcoming news flow from geophysical surveys across District’s uranium properties, including the Viken Project, the world’s largest undeveloped uranium deposit.
District’s strong financial position (~C$9M cash) and strategy heading into 2026.
 
If you have any follow up questions for Garrett please email me at Fleck@kereport.com. 
Click here to visit the District Metals website to learn more about the Company.

Fred Earnest, President and CEO of Vista Gold Corp. (NYSE American and TSX: VGZ), joins us for comprehensive update on the revised Resource Estimate, and the new optimized Feasibility Study announced July 29th at their Mt Todd Gold Project.  Mt Todd is a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia.
 
Fred reviews the 10.6 million ounces of gold resources in all categories, and the infrastructure and jurisdiction advantages to the working in this area of Australia. We then shifted over to lower capex and key efficiencies outline in the updated 2025 Feasibility Study (“2025 FS”). This new 2025 FS provides a favorable development alternative to Vista’s previous feasibility study completed in 2024 at 50,000 tpd, as it now envisions a 15,000 tonnes per day (“tpd”) mining scenario.  This smaller initial project has a much lower capex, and prioritizes higher grade ore being sent to the processing plant, significantly reducing development capital required and operational risks.
 
 FEASIBILITY STUDY HIGHLIGHTS
 
Average annual gold production of 153,000 ounces during years 1-15 and 146,000 over the 30-year life of mine
Average ore grade of 1.04 grams gold per tonne (“g Au/t”) over the first 15 years of operations and 0.97 g Au/t over the life of mine
Life of mine average gold recovery of 88.5% from 3-stage crush, single-stage sort, 2-stage grind, and carbon-in-leach (“CIL”) recovery circuit
Contract mining and third-party power generation reduce capital costs and operational risks
Future expansion opportunities not evaluated in the Study, but considered in designs and layouts
 
ROBUST PROJECT ECONOMICS
 
After-tax NPV5% of $1.1 billion, IRR of 27.8% and 2.7 year payback at a $2,500 per ounce gold price
After-tax NPV5% of $2.2 billion, IRR of 44.7% and 1.7 year payback at spot gold price ($3,300 per ounce)
After-tax free cash flow at a $2,500 gold price of $1.6 billion for first 15 years of commercial operations
Initial capital requirements of $425 million, a 59% reduction from the 2024 FS
Capital Efficiency: $93 per ounce (initial capital : total ounces of gold produced)
All-in Sustaining Cost of $1,449 per oz years 1-15 and $1,499 per oz years 1-30
 
If you have questions for Fred regarding Vista Gold, then please email those into us at Fleck@kereport.com or Shad@kereport.com.
 
Click here to follow the latest news from Vista Gold Corp

Today, Craig Hemke, founder and editor of the TF Metals Report, joins me for his regular Monday commentary on the precious metals markets. We start with a recap of last week’s market action following Jerome Powell’s remarks at Jackson Hole, which signaled that the Fed may be preparing for a September rate cut. The result: strength across equities, bonds, and precious metals, with the U.S. dollar the lone laggard.
Key Discussion Points:
Powell’s Jackson Hole speech and why a rate cut now looks all but certain.
Market reaction: broad rallies across assets, dollar weakness, and implications for gold and silver.
Insights from the latest Commitment of Traders (COT) report showing bullish positioning for both gold and silver.
Gold’s ongoing five-month consolidation and what could spark the next breakout.
The revaluation of junior mining stocks and what’s needed for the sector to continue higher.
Silver’s inertia and potential for a sharp move once momentum returns.
The seasonal setup heading into September and how upcoming jobs data could influence Fed policy.
Follow Craig’s work at TF Metals Report.

In this KE Report company update, I speak with Simon Ridgway, Founder & CEO of Rackla Metals (TSX.V:RAK - FSE:RLH1), for a detailed look at the ongoing drill program at the Grad Property in the Northwest Territories, an extension of the Tombstone Gold Belt.
Key topics covered:
The expansion of the drill program from 4,000m to 5,000m on the back of encouraging visuals.
Observations of sheeted veining and bismuth mineralization, a strong indicator for potential gold.
The scale of the initial target: a 500m x 300m x 550m area within a much larger mineralized system.
The broader vision of unlocking a multi-million-ounce discovery to match the remote location, drawing comparisons to Snowline’s success.
Rackla’s strategic land position expansion and plans for a new camp and potential airstrip to reduce costs.
Financial position: over $5M in the treasury, with potential to raise additional funds depending on upcoming results.
While assay results are still pending, investor interest remains strong as Rackla continues to drill through late summer. Simon also provides insights into how bismuth content could prove to be a reliable proxy for gold mineralization in this emerging discovery.
 
Visit Rackla Metals Website for the latest news releases.Send your questions for Simon to: fleck@kereport.com

Rick Bensignor, President of Bensignor Investment Strategies and editor of Supposedly Irrelevant Factors, joins the KE Report for a deep dive into today’s market environment. Rick’s institutional insights are followed by some of the most successful hedge funds worldwide, and he also shares strategies through his Tactical Trader and Daily Tip Sheet reports at the In the Know Trader website.
Discussion Highlights:
Bull market momentum: Why shallow pullbacks continue to be bought and Rick’s next upside targets for the S&P 500 (SPY).
Sector rotation & small caps: How falling rate expectations are fueling Russell 2000 outperformance and broadening market strength beyond mega-cap tech.
Valuations & risk management: Why “valuations don’t matter until they do” is a dangerous mindset, and how Rick applies behavioral finance and timing models to identify exhaustion points.
Is the 60/40 portfolio dead? Why Rick believes bonds are no longer the safe anchor they once were, and why stocks, gold, and alternatives should play a bigger role in modern portfolios.
Investor psychology: The disconnect between market headlines and underlying economic risks, from U.S. debt to consumer leverage.
Rick shares decades of experience as a trader, strategist, and fund manager—offering tools to navigate a bull market that looks unstoppable on the surface but carries hidden risks below.
 
Click here to visit the In The Know Trader website.

Market rotation broadens beyond big tech, gold equities attract generalist capital, and energy stocks set up for future revaluations.
This weekend’s KE Report brings two perspectives - Mike Larson of MoneyShow breaks down equity rotation, Fed uncertainty, and precious metals momentum, while Dan Steffens of Energy Prospectus Group highlights natural gas fundamentals, oil market geopolitics, and M&A-driven opportunities in energy equities.
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!
Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.
 
Segment 1 & 2 - Mike Larson, Editor-in-Chief at Money Show, joins to discuss the current market rotation out of hot tech and AI stocks into more defensive sectors, the Fed’s upcoming rate decision, and the mixed economic data shaping sentiment. He also shares his bullish outlook on gold and mining equities, cautious but constructive views on copper and energy, the long-term promise of LNG and nuclear, Ethereum’s relative strength versus Bitcoin, and why the U.S. dollar looks structurally weak compared to commodities and foreign equities.
Click here to find out about the upcoming MoneyShow conferences.
 
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, discusses the continued weakness in natural gas due to high storage levels and mild weather, the political and geopolitical pressures keeping oil prices rangebound, and why he remains bullish long-term given LNG export growth, AI-driven electricity demand, and infrastructure constraints, while also highlighting opportunities in companies like Inplay Oil, Riley Exploration Permian, and Viper Energy following transformative acquisitions.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis
 

Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market, joins us to discuss the market reactions to Jerome Powell’s dovish comments from his speech today in Jackson Hole Wyoming.   The market signal was that there is now a high-probability of a rate cut at the upcoming September FOMC meeting; and this was like throwing gasoline on the bull market fire.
 
Key topics discussed:
 
This speech seemed to nail down an anticipated rate cut in September, even though there may be some dissenting members of the Fed that would prefer to stand pat.
 
Powell seems more concerned with the deterioration of the labor market statistics than he is with the mild uptick in inflation data.   Despite that some Fed governors and presidents have voiced concerns that we do not yet know the full extent of how the tariffs may affect inflation on a move forward basis.
 
Marc expects that we’ll have 3 key takeaways from the upcoming September Federal Open Market Committee meeting:
At least a 25 basis point cut to the Fed funds rate
A new dot plot going from 3 to now 4 targeted rate cuts for 2026
Announcement of the slowing or stopping of Quantitative Tightening (QT)
 
Despite the 6-day pullback in US equities over the last 2 weeks, with market expectations of a more hawkish tone, the market launched up to new all-time highs to end the week.
Has the market already priced in the upcoming September rate cut after todays bullish close to the end the week?
Is the Fed signaling a series of upcoming rate hikes?
Are the market moving towards the blow-off top phase?
If not what will the drivers be for a continued move higher in the US equities?
 
Marc outlines that he believes the US dollar has more downside ahead of it, with the potential of a pullback below 90 in the high 80s.
 
When asked if that kind of a move lower in the dollar would hurt consumers Marc highlights why it may be more impactful to foreign dollar holders than domestic, since most goods are priced in dollars once entering the country.  He feels it is more germane to watch the trends in interest rates for a signal as to how the dollar and other currencies may behave.
 
Click here to visit Marc’s site – Marc To Market.

On today’s KE Report Daily Editorial (Friday, August 22), we’re joined by Dave Erfle, Founder and Editor of Junior Miner Junky. After a month away, Dave shares his outlook on precious metals and mining equities as the sector continues its bullish momentum.
Key Themes:
Gold & Silver Price Action - Gold consolidating near highs, silver pushing above $39.
Mining Equities Outperform - GDX up 12% since July, with majors grinding higher while juniors show mixed strength.
Profitability & Fundamentals - Producers reporting record profits, healthier balance sheets, and strong margins.
Market Sentiment & Risks - Bullish Percent Gold Miners Index at 100%; signals short-term correction risk but still strong long-term setup.
M&A Potential - Expectations for acquisitions and strategic deals at Beaver Creek and Denver Gold Forum.
Dave explains why this bull market still has room to run, what levels to watch for potential corrections, and where he’s seeing the most compelling opportunities across majors, mid-tiers, and juniors.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me for a comprehensive exploration update at their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.  The IBW Project includes three Volcanogenic Massive Sulfide (VMS) deposits: La Romanera, El Cura and La Infanta. We also get another update on the legal proceedings at the Aznalcóllar Project later in the conversation.
 
We start off reviewing the assay results from the latest batch of drill results at the El Cura deposit, announced on August 20th.
 
Recent results from the ongoing drilling campaign at El Cura include:
 
Drill hole EC057: 3.1m grading 2.3% copper, 1.8% lead, 4.7% zinc, 2.21 g/t gold and 78.71 g/t silver, including a 1.9m interval grading 3.3% copper, 2.5% lead, 6.2% zinc, 3.13 g/t gold and 110.58 g/t silver.
Drill hole EC062: 7.2m grading 1.0% copper, 1.4% lead, 1.9% zinc, 1.31 g/t gold and 60.10 g/t silver.
Drill hole EC067: 16.9m grading 1.4% copper, 1.0% lead, 2.1% zinc, 0.93 g/t gold and 42.66 g/t silver, including a 3.1m interval grading 1.1% copper, 1.5% lead, 3.5% zinc, 1.46 g/t gold and 59.69 g/t silver.
Drill hole EC068: 2.7m grading 1.3% copper, 1.0% lead, 3.2% zinc, 1.58 g/t gold and 46.59 g/t silver.
 
David outlines that the El Cura deposit has potential to significantly increase IBW resource tonnes with additional high-grade gold and copper mineralization. The Company has approved an additional 10,000 meters of diamond drilling at El Cura due to the results of the program to date which demonstrate the deposit remains open for possible expansion at modest depth. This drilling will focus on converting the previously delineated Inferred Mineral Resource Estimate to an Indicated Mineral Resource Estimate in support of economic studies, as well as extending the lower and western regions of the known resource.
 
El Cura is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Infanta can now drift through El Cura on the way to the development of La Romanera, bringing in El Cura in as a future economic driver much earlier in the mining sequence.  We discuss all the derisking work going on in the background building toward the Pre-Feasibility Study (PFS) later this year, as well as an update on the environmental permits anticipated to come in over the next couple months.
 
We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.
 
If you have any follow up questions for David regarding Emerita Resources, then email those in to me at  Shad@kereport.com.
 
Click here to follow the latest news from Emerita Resources