The KE Report

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/

Craig Hemke, founder and editor of the TF Metals Report, joins us for his regular Monday discussion to recap the latest in the gold and silver markets and preview what’s ahead this week.
Key Topics Covered:
Jackson Hole Preview: Jerome Powell’s upcoming speech on Friday is expected to set the tone for gold, the U.S. dollar, and broader markets heading into September.
Fed Policy & Rate Cuts: Market expectations remain high for a September cut, but will Powell hint at more aggressive easing?
Gold & Dollar Correlation: Why the recent sideways action could give way to the next breakout move depending on Fed signals.
Central Bank Demand & Bull Market Longevity: How sustained buying continues to underpin gold’s strength, limiting major sell-offs.
Gold Stocks & ETFs: With producers showing strong balance sheets what does that mean for investors?
Craig also shares insights on the revaluation of gold miners - from majors to juniors - and what could fuel the next leg higher in this ongoing bull market.
 
Click here to visit Craig’s website - TF Metals Report
https://www.tfmetalsreport.com/

In this company introduction, I welcome Marc Levy, Chairman & CEO of Northmont Mining, for a first in-depth discussion on the company’s flagship Choquelimpie Gold-Silver-Copper Project in Chile.
Northmont is advancing a past-producing mine with existing infrastructure, including a mill, power, water, and extensive historic drilling. The project already hosts over 2.7Moz gold equivalent in resources (2.18Moz Indicated + 557koz inferred), with immediate potential to expand.
Key discussion points:
Financing & Strategic Investors - Recent oversubscribed financing, including participation from Rob McEwen and other notable industry names.
Three-Phase Growth Plan - Advancing stockpile production, expanding the high-grade oxide resource, and testing a large copper porphyry target.
Drill Program Launch - $3.5M allocated to near-term drilling: shallow oxide holes, deeper step-outs on high-grade zones, and initial porphyry testing.
Timeline to Production - Pathway to restart operations within ~2 years, supported by existing infrastructure and ongoing permitting.
Team Strength - Backed by a proven leadership group with multiple successful mining exits and Chilean mine-build experience.
Near-term catalysts include final financing close, drill program commencement, and steady news flow from exploration, metallurgy, and engineering.
 
Follow up questions for Marc? Email me at Fleck@kereport.com
Click here to visit the Norsemont Mining website.

This weekend’s KE Report dives deep into the resource sector — from transformative North American mining deals to the investment forces driving gold, silver, and PGMs. Matt Geiger of MJG Capital breaks down the implications of headline M&A transactions and royalty sales, while Jeff Christian of CPM Group examines precious metals price drivers, demand trends, and market myths.
 
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Segments:
Segment 1 & 2 - Matt Geiger, Managing Partner at MJG Capital, joins to discuss a series of major resource sector deals, including Minera Alamos’ acquisition of the Pan Mine and Gold Rock from Equinox, Altius Minerals selling part of its Arthur Project royalty to Franco-Nevada, and Hudbay bringing Mitsubishi in as a partner on its Copper World project in Arizona, sharing insights on valuation, permitting risk, jurisdiction diversification, and the broader implications for M&A in mining and royalty companies.
Click here to visit the MJG Capital website to learn more about Matt’s fund
 
Segment 3 & 4 - Jeff Christian, Managing Partner at CPM Group, discusses how heightened political and economic uncertainty is driving investment demand in gold and silver, with both metals trading near record levels despite volatility. He outlines ETF inflows, futures positioning, and moderating central bank purchases, dispels misconceptions about silver supply deficits, and shares CPM’s outlook for higher silver prices and potential pullbacks in platinum and palladium as recent speculative surges unwind.
Click here to visit the CPM Group website to learn more about the firm. 
 

TG Watkins, Director of Stocks at Simpler Trading and editor of the Profit Pilot service, returns to share his latest short-term trading insights. We cover:
Market Seasonality & Breadth - Why August’s expected weakness hasn’t derailed the rally and how breadth has improved post-CPI.
Sector Rotation - Where capital is flowing now, from mega-cap tech to small caps and overlooked niches.
Crypto Strength - Ethereum’s breakout, Bitcoin miners with energy advantages, and standout altcoin plays.
Cannabis Resurgence - What’s driving multi-week rallies and when to look for a pullback.
Tesla’s Resilience - Technical setup after withstanding months of negative headlines.
TG also highlights trading tactics, key support levels, and where he’s seeing the most compelling opportunities right now.
 
Click here to visit TG’s site - Profit Pilot
https://www.profit-pilot.com/

Inflation is rising, but the Fed’s next moves hinge more on the labor market than the latest price prints. Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market, joins us to discuss:
Inflation check: CPI roughly in line but trending higher; PPI surprised to the upside. Mark notes this likely points to a firmer core PCE later this month - but the question is persistence, not just direction.
Fed priorities: Despite hotter inflation data, Powell has linked policy to labor-market balance (unemployment rate over payroll headlines). Markets overshot on cut odds after weak jobs data; expectations have since drifted back toward the Fed’s guidance.
Cuts & QT: Baseline view is ~50 bps of easing this year, with potential messaging around slowing/ending QT as part of reducing overall restrictiveness.
Markets vs. data: Equities keep shrugging off noise (tariffs/geopolitics). Retail sales resilience underscores still-solid demand, tempering the case for aggressive cuts.
U.S. dollar: The downtrend has resumed after a brief short-covering rally. For a big-picture read, watch U.S. rates more than cross-country differentials.
Near-term catalysts: Expect a quieter macro week - flash PMIs and Jackson Hole (labor focus) ahead; the next jobs report is the true potential game-changer for September policy odds.
Click here to visit Marc’s site - Marc To Market.

In this KE Report company update, Simon Dyakowski, President & CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF), provides the latest results from the ongoing drill program at the Tombstone Property in Arizona. The discussion covers:
Initial RC drill results from the southern extension zone, including standout intercepts such as 50.3m of 87.9g/t AgEq and a high-grade 6.08m of 456.6g/t AgEq.
The strategy for step-out drilling to expand the known mineralized footprint and test new targets.
Progress on deep core holes aimed at a CRD target beneath the Contention system - a first for Aztec Minerals.
Project growth potential, upcoming assays at the lab, and the ramp-up in southern extension drilling.
Share price action following the news and the removal of a selling overhang from a large shareholder.
With two rigs on site and drilling continuing through the fall, investors can expect steady news flow as Aztec targets both shallow oxide and deeper sulfide mineralization.
 
Please email me any questions you have for Simon. My email address is Fleck@kereport.com. 
Click here to visit the Aztec Minerals website.
 
Figure 1: Tombstone 2025 RC Drilling Plan Completed to Date

Markets continue to grind higher despite negative headlines, weak breadth in certain areas, and seasonal headwinds. Dana Lyons, Fund Manager & Editor, The Lyons Share Pro joins us to discuss what his models are signaling, why sentiment is flashing short-term caution, and where he still sees strong opportunities.
Key Discussion Points:
U.S. Markets: Overheated sentiment among “dumb money” investors, seasonal patterns suggesting potential near-term chop, but core models remain bullish.
Breadth & Leadership: Mega-cap tech dominance vs. recent small-cap strength; NYSE advance-decline line hitting new highs.
Commodities: Gold & silver miners breaking out to multi-year highs with orderly pullbacks offering buying opportunities. Copper and silver juniors also showing strength.
Bitcoin: Price action mirrors precious metals—orderly rallies, shallow pullbacks, and strong technical support.
Global Markets: Japan, Italy, UK, and Peru showing sustained breakouts with minimal giveback - long-term bullish setups.
Takeaway: Multiple bull markets - stocks, commodities, cryptos, and select global markets—are in play. The trend is your friend, but sentiment and seasonality suggest tactical patience before adding aggressively.
 
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services.

David Wolfin, President and CEO, and Nathan Harte, CFO of Avino Silver and Gold Mines (TSX:ASM – NYSE:ASM), both join me for a video review of the key metrics and takeaways from the record Q2 2025 financials and operations.  Then we take a deeper dive into the future grade-driven growth from the development of the La Preciosa Mine, slated to have initial production begin ramping up in Q4 of this year. 
 
Second Quarter 2025 Financial Highlights (compared to Q2 2024)
 
Robust Revenues: Avino realized revenues of $21.8 million, representing a 47% increase from $14.8 million, primarily as a result of increased metal prices and consistent production.
Quarterly Profits: Net income after taxes was $2.9 million, or $0.02 per share, an increase from $1.2 million, or $0.01 per share.
Operating Margins Remain Elevated: Gross profit, or mine operating income, was $10.2 million and represented an increase of 118% from $4.8 million.
Strong EBITDA and Adjusted Earnings: The Company realized earnings before interest, taxes, depreciation and amortization, or EBITDA, of $7.4 million, up 118% from $3.4 million. Adjusted earnings3 was $8.8 million, or $0.06 per share, an increase of 103% from $4.3 million and $0.03 per share.
Improved Costs per Ounce Metrics: Cash costs per silver equivalent payable ounce sold1,2,3 was $15.11, and all-in sustaining cash costs per silver equivalent payable ounce sold1,2,3 was $20.93, a reduction of 7% and 8%, respectively.
Increased Working Capital from Cash Flow: The Company’s balance sheet continued to strengthen with working capital1 increasing to $40.6 million, up $9.2 million, or 30% from $31.3 million at the end of Q1 2025, as a result of another quarter of cash generation.
Index Inclusion in Q2 2025: Early July, Avino was included in the S&P/TSX Global Mining Index having been officially recognized as part of a global benchmark for the mining sector. In addition, as announced on May 1, 2025, Avino received inclusion into the Solactive Global Silver Miners Index, further solidifying Avino as an established silver producer with a growing production profile. Avino expects further index inclusion in the coming months, which should provide additional liquidity and opportunities for increasing institutional ownership.
 
2nd Quarter Operating Highlights (Compared to Q2 2024)
 
Silver Equivalent Production Increased 5%:Avino produced 645,602 silver equivalent ounces in Q2 2025, representing a 5% increase from Q2 of 2024. This increase was driven by significantly improved mill availability, with the highest quarterly mill throughput in history.
Record Mill Throughput: In Q2 2025, Avino achieved 36% higher mill throughput versus Q2 2024, totalling a quarterly record of 190,987 tonnes of material.
Gold Production Increased 17%: Q2 2025 production of 1,774 gold ounces represented a 17% increase compared to Q2 2024. This improved production resulted from the increased tonnes processed, alongside significant improvements in gold recoveries to 74% from 70% in Q2 of 2024.
Copper Production Increased 12%: Avino produced 1.5 million pounds of copper in Q2 2025, a 12% increase compared to Q2 2024.
Silver Production decreased 3%:Silver production for Q2 2025 was 283,619 ounces, representing a 3% decrease compared to Q2 2024.
 
La Preciosa Update
 
Blasting and construction of the relatively short 360 meter San Fernando main access decline is underway, and equipment mobilization has been swift, allowing development to advance on plan. The new jumbo drill is working on this ramp as it progresses toward intercepting the Gloria and Abundancia veins.
 
Wrapping up we cover the Company’s 5-year production growth plan, to become a Mexican intermediate silver producer, with the development of both the La Preciosa Project in 2025 leading to meaningful production growth in 2026 and 2027, and then the Tailings Project augmenting production and costs starting in 2028.
 
If you have any follow up questions for David regarding Avino Silver and Gold then please email me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Avino Silver & Gold at the time of this recording.
 
Click here to follow the latest news from Avino Silver and Gold Mines

John Rubino, [Substack https://rubino.substack.com/ ], joins us for a wide-ranging discussion on the macroeconomic factors driving the hard assets higher, but then we vector in specifically on opportunities in the gold, silver, PM producers, and royalties stocks, and the moves higher on the back of strong earnings reports.
 
We start off reviewing the big pops higher in the shareprice reactions to many gold and silver producers after reporting their Q2 earnings. Despite the accepted narrative about the efficient markets having already priced in the higher metals PM prices to the producers’ valuations, we still saw the market get an upside surprise from how lucrative the past quarter was, sending many stock prices up higher in the high single-digits or double-digits in percentage terms.   John points out that this is because so many generalists are still not really paying that close of attention to this sector, and thus were caught off-guard by the earnings, and business improvements being made by these producers with growing cashflows.
 
One of the challenges, while also being a potential opportunity to attract future momentum investors is that generalists have remained distracted the last few months by continuing to pile into the mega-cap tech stocks, like Nvidia, or speculating in the recent mania that pushed Bitcoin and the cryptocurrencies to higher levels. If those generalist sectors seeing the capital flows should start to top out and roll over, then that would open up a larger audience of generalist investors looking to rotate money into other sectors, and the continued revenues in the PM mining stocks would gain wider appeal. 
 
He also reviews that even though we’ve seen more interest from generalists in accumulating the gold and silver physical-based ETFs, that we still won’t see the larger accompanying influx of momentum traders into the mining stocks until we see more continuous quarters of solid revenue generation; making the sector too hard to ignore.  That pattern of multiple consecutive quarters of earnings growth will inevitably show up on more and more scans for market sectors showing outperformance, and this will attract new entrants into the space.
 
Even if gold and silver prices were to stay around similar levels and keep channeling sideways, John outlines that we’ll still see the mining stocks improve and strengthen their businesses by using their growing revenues and cash flows to pay down any debt, buy back shares of their stock, increase their dividends, or make accretive acquisitions.
 
 In addition to gold and silver producers, we review that the precious metals royalty companies have been seeing consecutive quarters of record revenues and cash flows and they have also been continuing their multi-year trend to higher valuations. John discusses the strengths of the royalty and streaming business model, and discusses some of the recent M&A transactions within the sector.
 
Wrapping up we pivot over into the fundamentals of industrial and investor demand behind the upward pricing trajectory of silver the last couple years, and that it appears to be a trend that will have higher to go.  John highlights how this is such a small sector compared to most other market sectors, and that it won’t take much capital coming into silver or the silver equities to move them up in a significant way.
 
Click here to follow John’s analysis and articles over at Substack