The KE Report

Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update covering ongoing field activities, 3 types of drilling, and various derisking work initiatives and development work streams all building towards their updated Resource Estimate and Pre-Feasibility Study (PFS), at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.
 
We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) that was released in June 2023. The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category.  Leif reviewed some of the results from their substantial metallurgical testing program, where a bulk concentrate has been successfully separated into a copper concentrate containing the precious metals and a high-value molybdenum concentrate.
 
Next we shifted over to the 3 different types of drilling that have been ongoing or are still underway at the Berg Project.
Leif highlights that there has a been a fair bit of infill drilling completed over the last 2 years, including the recent 1,500 meter 5-hole program from this summer’s program, where more ounces will be moving from the inferred category into the measured and indicated category when it gets updated along with the coming PFS.
In addition to this infill and definition drilling, there has been a fair bit of geo-technical drilling to characterize ground conditions at proposed infrastructure areas of the project footprint, including the first-ever uphill-angle drilling at Berg.
Lastly there in ongoing ARD drilling using an underground drill, testing the outer margins of Berg mineralization to evaluate acid rock drainage potential within the conceptual pit’s waste rock zone.
 
Additional workstreams remain active across the site, including geophysical surveys, environmental baseline studies, and logistical field preparations such as pad construction and line cutting. The Berg camp is currently a hub of coordinated technical activity, with drill contractors, field geologists, environmental and geotechnical engineers, helicopter crew, line cutters, pad builders, geophysical crews, and camp support staff all contributing to the program. Collectively, these efforts are generating the critical datasets required to support robust design parameters and reduce risk ahead of the upcoming pre-feasibility study.
 
Wrapping up we discussed a number of factors from what the permitting process will look like for EA readiness, the value in the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of how the size and scale of the Berg stacks up to other large copper development assets in Canada.
 
 
If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Surge Copper 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 Surge Copper

Taj Singh, CEO of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) (FNSE: FNMC SDB) (FRA: HEG0), joins us to review the first set of 14 drill assays returned from the Aida Target at the Paubäcken Project, and what they’ve learned as they have substantially expanded the strike length of the mineralized trend.  We also discuss the summer drilling finishing up soon at the Nippas Target at the Storjuktan Project, and then the drilling set to commence soon at the Harpsund Target at Paubäcken. All of these targets and projects are located on their 100% owned property along the Gold Line Belt of Sweden.
 
Key Highlights:
 
Multiple strong gold intercepts returned, including: 1.94 g/t Au over 21.5 m (2025-AID-038), 5.45 g/t Au over 4.6 m (2025-AID-030), and 1.17 g/t Au over 17.5 m (2025-AID-027)
Gold-mineralized strike of Aida corridor extended from 0.5 km to over 2.1 km, remaining open in all directions
Several new gold bearing structures identified, including the blind to surface Pharao Zone and the Northern Mafic Zone
Gold bearing structures intercepted in 12 of 14 drill holes to date with visible gold identified in 5 drill holes
Follow up drill program being planned for 4Q25
 
Beyond these first 14 drill holes released, there are an additional 25 holed drilled that are still at the lab pending future release from around this high-priority Aida Target.   We also touch upon the drill rig being moved over next to the Harpsund target, which has shown promising Base-of-Till (BOT) drilling, surface till sampling, and geophysics.  The exploration team is gearing up for the maiden drill program Harpsund next in this summer’s program, along with further ongoing targeting work at the adjacent Brokojan target.
 
Pivoting over to their Storjuktan Project, the 5,000 meter drill program is just finishing up at   Nippas, which is still the most derisked target at Storjuktan.  There are 5 other high priority targets (3 large targets in the south and 2 key targets in the north), across the Storjuktan Project, so this will be an ongoing area of focus for future targeting and drilling.
 
 
If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them in to us at Fleck@kereport.com or Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of First Nordic Metals 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 First Nordic Metals

We’re joined by Wendell Zerb, Chairman & CEO of Red Canyon Resources (CSE: REDC | OTCQB: REDRF), for an in-depth update following the company’s August 20th news release. The update highlights results from a Mobile MT geophysical survey at the Kendal Project in British Columbia, which outlined a large-scale conductive target that the company is preparing to drill.
Discussion highlights include:
What a Mobile MT survey is and what the Kendal results reveal
How geophysics, mapping, and geochemistry are being combined to vector into higher-grade drill targets
Focus on the Kendal Ridge area, a potential porphyry center within a much larger 4 x 3 km system
Comparisons of Kendal’s geophysical signature to other large-scale copper porphyry deposits worldwide
Upcoming drill program details: scope, timing, and budget
Broader strategy for Red Canyon’s copper portfolio and potential for future partnerships
For more information, visit Red Canyon Resources Website
If you have any follow up questions you can email us at Fleck@kereport.com and Shad@kereport.com.

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a comprehensive exploration and operations update at their producing McCreedy West copper mine in Sudbury, Canada.  We also review the ongoing exploration and development work at the Levack Mine, working towards and updated resource estimate in Q3 and mine restart plan by year-end for potential production in 2026.
 
We start off discussing 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. Mineralization in this area contains high PGE grades hosted in copper and nickel rich veins. Intersections include 17.9% Cu, 0.6% Ni, 28.1 g/t Pt + Pd + Au over 1.8 metres in drillhole MMW-25-119 and 10.5% Cu, 8.3% Ni, 42.6 g/t Pt + Pd + Au over 0.3 metres in drillhole MMW-25-133. The underground diamond drilling program at the McCreedy West mine is supported by two drills and is currently focused on definition and expansion drilling in the 700 Zone.
 
Next we transitioned over to all the ongoing exploration focus at the past-producing Levack Mine, and we reviewed the initial assays from the near surface portion of the No.1 nickel-copper ("Ni-Cu") zone, supporting the Levack Mine restart study.
 
Highlights from the new assay results include:
 
MLV-25-21 - 2.3% Ni, 0.7% Cu, 0.3 g/t Pt + Pd + Au over 28.0 metres, including 6.6% Ni, 0.7% Cu, 0.6 g/t Pt + Pd + Au over 2.4 metres, and 3.3% Ni, 1.0% Cu, 0.5 g/t Pt + Pd + Au over 12.4 metres
MLV-25-22 - 2.4% Ni, 0.8% Cu, 0.3 g/t Pt + Pd + Au over 15.5 metres, and 3.2% Ni, 2.2% Cu, 1.4 g/t Pt + Pd + Au over 1.9 metres
 
Jason outlined that in addition to the Keel Copper-PGE zone, initial mining from this zone could be accessed via a new ramp from surface which is being studied. The intersections reported are shallow at approximately 135-155 metres from surface and confirm Magna's belief that there are significant areas of wide, high grade nickel mineralization at shallow depths remaining at the Levack Mine. There are currently two surface diamond drills operating at the Levack Mine, one completing near surface infill and metallurgical drillholes on the No. 1 and No. 2 and Main zones, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Cu-PGE deposit.
 
In addition to the surface diamond drills, an underground diamond drill will begin drilling at the Levack Mine within the current quarter, and a second underground diamond drill is expected to begin drilling in Q4. These drills will be focused on testing the area further downdip and on strike of the area below the No. 3 zone, as well as following up on the east side of the Fecunis fault, where historical hole FNX21200 intersected 33.4% Cu, 0.9% Ni & 23.9 g/t Pt + Pd + Au over 0.2 metres. This area is interpreted as potentially having a vertical vein system, subparallel to the Fecunis fault.
 
 
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

I’m joined again by Mike Burke, Director & VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), for an update on the ongoing 30,000-meter drill program at the RC Gold Project in Yukon’s Tombstone Gold Belt.
This discussion focuses on the Pukelman area, a target that has seen limited attention compared to Blackjack and Eiger. Sitka is now reporting visible gold in multiple drill holes from the Pukelman Contact Zone, marking it as a potential new deposit area. Mike provides background on the historic drilling (2010-2011) and explains how Sitka’s oriented core drilling is advancing the geological understanding of both the Pukelman intrusion and the surrounding contact zone.
Key topics include:
The significance of visible gold at the Pukelman contact zone.
Goals for the 5,000 meters of drilling allocated to Pukelman within the 30,000-meter program.
Structural controls linking Pukelman with Sitka’s known deposits at Eiger and Blackjack.
Potential to outline another deposit area alongside Rhosgobel.
Upcoming assays from 52 holes pending at the lab.
First drilling underway at the Bear Paw target.
If you have any follow up questions for Mike please email me at Fleck@kereport.com. 
Click here visit the Sitka Gold website to learn more about the Company.

We’re joined by Alistair Waddell, President & CEO of Inflection Resources (CSE:AUCU - OTCQB: AUCUF), to discuss the latest drill results from the Trangie Project in New South Wales, Australia. This project is one of four being advanced under Inflection’s exploration agreement with AngloGold Ashanti, alongside the Duck Creek, Crooked Creek, and Nyngan projects.
Key discussion points include:
Recent drill intercepts at Trangie confirming porphyry-style gold mineralization and the systematic follow-up program.
The staged earn-in structure with AngloGold Ashanti, including funding commitments and technical collaboration.
Ongoing drill programs at Crooked Creek and Nyngan, plus upcoming work across satellite targets.
The acquisition of a copper-gold project portfolio from Newmont in the Northern Territory and New South Wales, and how these assets fit into Inflection’s strategy.
The benefits of being partner-funded, including exploration budgets, technical expertise, and reduced shareholder dilution.
 
If you have any follow up questions for Alistair please email us at Fleck@kereport.com and Shad@kereport.com. 
Click here to visit the Inflection Resources website to learn more about the Company.

In this company update, I introduce Homeland Uranium (TSX.V:HLU - OTCQB:HLUCF - FSE:D3U), a newly listed U.S.-focused uranium–vanadium explorer. President & CEO Roger Lemaitre (uranium executive with past roles at Cameco and UEX) walks us through the company’s portfolio, strategy, and near-term catalysts.
Key Discussion Points:
Colorado Plateau Projects - 100%-owned Coyote Basin (flagship) and Red Wash properties in Colorado.
Historic Resource & Potential - Past work by Western Mining (1970s) outlined significant mineralization; Homeland’s summer fieldwork confirmed 14 km of uranium strike potential.
Upcoming Drill Program - Fully funded, 50–70 holes planned starting in September, targeting near-surface, open-pittable uranium with vanadium credits.
Growth Strategy - $12M cash in the treasury, well-structured share base, and strong backers including Sprott and Rick Rule.
Team Expertise - Veteran uranium team with a track record of discoveries, development, and M&A success.
For follow-up questions, contact Cory at fleck@kereport.com
 
Click here to visit the Homeland Uranium website to learn more about the Company.

In this exclusive video roundtable with management, we have 4 officers of Stillwater Critical Minerals (TSX.V: PGE – OTCQB: PGEZF), review the evolving geological understanding, key exploration initiatives, and value proposition at the Stillwater West Ni-PGE-Cu-Co + Au project in Montana. Michael Rowley, President & CEO, Dr. Danie Grobler, Vice President of Exploration, Albie Brits, Senior Geologist, and Justin Modroo, Project Geophysicist, all provide different layers of input to this roundtable discussion.
 
Mike outlines that their Stillwater West Project is a very large polymetallic resource with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, chromium, cobalt, and gold; plus as yet unquantified amounts of ruthenium and iridium. Overall, Stillwater West is uniquely positioned to become a primary source of nine commodities now listed as critical, given their location immediately adjacent to Sibanye-Stillwater’s operating mine complex in Montana.
 
Albie shares an overview of the structural controls of the geological environment that hosts the mineralization, and why their exploration initiatives will have high-confidence through this understanding of the parameters and character of the mineralized trend.  This understanding ties into the approach taken to exploring and understanding it as a Bushveld analog, and how their five “Platreef-style” (or contact-type) Ni-Cu-Co-PGE+Au deposits may tie together in a larger sense.
 
Danie then gets into the different data sets being utilized for the testing of multiple large-scale magmatic sulphide targets generated from a property-wide MobileMTm magneto-telluric (“MMT”) geophysical survey that were completed in late 2024. Data from the 2024 MMT survey was processed and incorporated into the Company’s 3D geological model of the lower Stillwater Igneous Complex to prioritize targets with a focus on expanding current mid-grade and high-grade mineral resources.  He also shares how there are several mineralized events in the sulphides bringing in pockets of higher-grade polymetallic zones within the overall bulk tonnage type of deposit.
 
Justin highlights the deeper holes (over 2,000 feet deep) being drilled at the both Iron Mountain and Chrome Mountain in this year’s program, and how the exploration team will be utilizing downhole borehole EM to look for the footwall basal sulphide mineralization and look for off-hole anomalies that may become future targets for follow-up drilling.
 
1,500 meters and 4 holed have been drilled thus far in this year’s program, where there are thousand of meters of drilling planned focused on those higher-grade targets.  After drill is completed, there will be an update to the resources that will include both 2023’s drilling and 2025’s drilling. Then this updated resource will be combined with other #development studies to move towards a Preliminary Economic Assessment in 2026.
 
 
If you have any questions for the team at Stillwater Critical Minerals, then please email them into me at  Shad@kereport.com.
 
Click here to follow the latest news from Stillwater Critical Minerals

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us for a wide-ranging discussion on various operational and exploration updates around their 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.   We also review the key metrics and takeaways from the Rowan Project Preliminary Economic Assessment (PEA).
 
In July 2025, three gold pours were made at Madsen, producing a total of 3,800 ounces of gold. Of that, 3,595 ounces were sold at an average price of US$3,320 per oz, which generated CND $16.4 million in revenue.  In July the Madsen mine operations team completed sill development and mining in eight (8) areas spread across McVeigh, South Austin, and Austin. Mined material carried an average grade of 8.9 grams per tonne gold.
 
Gwen outlines that the Company currently has a dual focus during the Madsen Mine ramp-up for the balance of 2025.
 
Achieving targeted ramp-up gold ounce production.
Instituting new operational efficiencies.
 
These objectives will be reached by continuing to adding new equipment and haul trucks, developing more underground access to high-priority mining areas and stopes, and getting the first phase of Madsen Shaft rehabilitation operational.  Additionally, their operations team is working to get the Cemented Rock Fill (CRF) Project in place to convert waste rock into cement to be filled into historic underground voids, which are ideal repositories for this waste rock.    Once those objects have been achieved, then the Company will feel confident in declaring commercial production; with an internal target to reach this by year-end.
 
Next, we discussed the exploration strategy moving forward for expanding high-confidence ounces in the South Austin Zone of Madsen, which have seen some bonanza-grade intercepts from drilling throughout this year:
 
SOUTH AUSTIN ZONE EXPLORATION HIGHLIGHTS:
 
Hole MM24D-08-4447-069 - Intersected 6 meters (m) @ 114.26 g/t gold (Au), from 122.0m to 132.6m, Including 0.7m @ 1,609.26 g/t Au, from 130.5m to 131.2m, within a broader high-grade interval of 4.25m @ 282.00 g/t Au
Hole MM25D-12-4669-011 - Intersected 5m @ 52.86 g/t Au, from 25.0m to 29.5m, Including 1m @ 213.62 g/t Au, from 26.5m to 27.5m
Hole MM25D-12-4669-024 - Intersected 7m @ 48.97 g/t Au, from 5.3m to 24.0m, Including 2m @ 428.83 g/t Au, from 20.5m to 22.5m
Hole MM25D-08-4380-011 -Intersected 1m @ 61.51 g/t Au, from 11.0m to 23.1m, Including 1m @ 725.00 g/t Au, from 12m to 13m,
Hole MM25D-11-4420-024 Intersected 6.9m @ 36.85 g/t Au, from 79.1m to 86.0m
 
In addition to growing the known areas, there will also be a renewed focus on making new discoveries and following up on the promising earlier-stage drill targets tested in last year’s program like the high-grade shoot at Upper 8, the MJ/Wedge area, North Venus, and North Shore.  Gwen also highlights how the Fork Deposit will get some more drilling to further define the higher-grade zone and move it up the matrix of areas to potentially come into the mine sequencing in the medium-term.
 
Wrapping up we reviewed NI 43-101 PEA prepared on June 30th, 2025, for a toll milling mine operation at its 100%-owned Rowan project in the Red Lake Gold District of northwestern Ontario, Canada.
 
Rowan PEA Highlights:
 
High-Grade Efficient Mine: Underground mine via long hole retreat method, delivering an average diluted head grade of 8.0 grams per tonne (“g/t”) gold (“Au”), accentuated by 10.4 g/t Au average grade in Year 1.
Notable Production: 35,230 oz. average annual Au production over the 5-year mine life from an average mining rate of 385 tonnes per day (“tpd”).
Strong Value: $125.3M post-tax Net Present Value (“NPV”) at US$2,500 per oz Au. Post-tax NPV rises to $239M at US$3,250 per oz Au.
Low Costs and Strong Returns: US$1,408/oz all-in sustaining cost (“AISC”) and 41.9% post-tax internal rate of return (“IRR”), underscoring the viability of the Company’s second potential mine in the region. IRR increases to 81.7% at a US$3,250/oz gold price.
Modest Initial Capital: Multiple mills in the area with excess capacity create the opportunity to develop Rowan as a toll milling operation with initial capital of just over $70 million.
High Confidence Inventory: PEA mine design includes 63% of mined tonnes and 72% of mined ounces from the Indicated category – provides solid base for transition into prefeasibility study (“PFS”) level assessment.
 
 
If you have any follow up questions for Gwen 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

We welcome back Doug Bartole, President & CEO of InPlay Oil (TSX:IPO - OTCQX:IPOOF), to discuss the company’s transformational acquisition of assets in the Pembina area of Alberta from Obsidian Energy, closed earlier this year.
This deal more than doubled production and positioned InPlay as a much larger, more efficient operator. With Q2 results now in, Doug walks us through how the new assets are performing, what it means for free cash flow, and how the company plans to balance debt reduction, dividends, and future growth.
Key topics include:
Overview of the $305M Pembina acquisition and its impact on production (Q2 reported +20,000 BOE/d).
Q2 highlights: stronger-than-expected funds flow, reduced debt, and well outperformance.
Debt reduction strategy and sensitivity to oil price scenarios ($60–$90 WTI).
Synergies from the new assets and Cardium drilling economics with 10-15 years of tier-one inventory.
Long-term growth potential through disciplined M&A and drilling, with the goal of scaling to 40-60,000 BOE/d.
The role of new strategic shareholder Delek Group (32.7% ownership) and the advantages it brings.
If you have follow-up questions for Doug or specific topics you’d like us to cover in future updates, email us - Fleck@kereport.com or Shad@kereport.com. 
 
Click here to visit the InPlay Oil website to learn more about the Company. 
https://www.inplayoil.com/