The KE Report

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

Joel Elconin, co-host of the PreMarket Prep Show and founder of the Stock Trader Network, joins the KE Report to discuss how markets shrugged off a hotter-than-expected Producer Price Index (PPI) print and why big tech continues to lead the charge.
We break down:
Inflation surprise: PPI’s sharp jump and why the market still expects Fed rate cuts.
Sector divergence: Big tech strength vs. small-cap struggles as rates rise.
IPO and crypto surge: What the frothy IPO market and Bitcoin highs signal about investor sentiment.
Defensive assets: Why gold remains rangebound despite macro uncertainty.
Market psychology: Momentum dominance, risk-on sentiment, and whether anything can derail this rally.
Follow Joel: PreMarket Prep Show  - Stock Trader Network

Bob Archer, President & CEO of Pinnacle Silver & Gold (TSX.V:PINN - OTC:PSGCF - FSE:P9J) joins us to discuss the oversubscribed ~C$1.7M financing and how it will accelerate work at the El Potrero Project in Mexico.
Bob outlines the immediate plans for these funds, including:
Advancing underground and surface mapping/sampling along a 1.6 km structure with historic high-grade production.
LiDAR survey to refine structural targeting and guide drilling plans.
Preparing for an underground drill program aimed at defining ore shoots for potential small-scale production.
We also discuss the company’s strategy to generate cash flow quickly, leverage existing processing infrastructure, and pursue additional acquisitions to grow into a multi-mine operator. Bob highlights the balance between minimizing shareholder dilution and advancing toward production in a challenging financing market.
 
Please email me with any follow up questions you have for Bob - Fleck@kereport.com.
Click here to visit the Pinnacle Silver and Gold website to learn more about the company and read over the recent news.

In this KE Report update, Tara Christie, President & CEO, and Duncan MacKay, VP of Exploration at Banyan Gold, provide a deep dive into the company’s newly developed geological model for the AurMac Gold Project. This technical discussion highlights how the updated model is reshaping Banyan’s resource definition, exploration strategy, and potential investor appeal.
Key Discussion Points:
Why geological models matter - from defining resources to attracting institutional interest.
How the new lithology-constrained model improved confidence, resulting in a high inferred-to-indicated conversion rate in the July resource update.
Identifying and expanding high-grade cores, including recent standout intercepts such as 38m @ 3.95 g/t Au.
Converting waste rock to mineable material and unlocking new ounces within the pit shell.
Exploration potential beyond the current resource footprint, with 10% of the drill budget dedicated to pure exploration in 2025.
With over 100 holes drilled this year and only a fraction of results released, Banyan anticipates a news-rich fall season. The combination of high-grade growth, strong financial positioning, and proximity to producing mines could position AurMac as a key asset in potential M&A activity.
 
Questions for Tara or Duncan? Email fleck@kereport.com and we may address them in an upcoming follow-up.
Click here to visit the Banyan Gold website.

Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to review the news released this morning announcing the preliminary results from its 2025 Summer Exploration Program on the prospective Northern Veins, located 2 kilometers North of the historic El Tigre Mine.  This news also outlines the initial exploration plans to test several undrilled greenfield areas on the Southern Veins on its 100% owned, silver-gold El Tigre Project located in Sonora, Mexico.
 
The Northern Vein Area has over 10 kilometers of combined strike length confirmed by surface mapping and sampling, drilling and the presence of underground workings mainly on the Fundadora, Protectora and Caleigh Veins. This area is considered brownfields with 15% of the mapped strike of veins being drilled. These veins are the faulted offset of the El Tigre Mine Veins and exhibit the same structure, mineralogy, grades, orientations, strike length and width (1-2 metres) as the well-defined El Tigre Mine Veins that account for bulk of the Corporation's Mineral Resource Estimate. Current exploration work on the Northern Veins, consists of mapping and sampling both surface and historic underground workings to define drill ready targets for Q4-2025.
 
The Southern Veins which includes Lluvia de Oro, La Mancha and El Toro is considered greenfields with veins striking for over 10 kilometers and no drilling ever conducted on this area. This prospective area is evidenced by historic workings and high-grade channel sampling. The El Toro, Lluvia de Oro and La Mancha Veins are hosted in the El Tigre Formation, a permissive formation that is the host for the Stockwork Zone, which is the basis of the Company's PFS.  There is ongoing mapping and sampling at these Southern Veins, with drilling slated to begin in early 2026.
 
We wrap up recapping all the exploration, development, and derisking work that is going into the upcoming imminent Preliminary Economic Assessment (PEA) for the underground mine. The team at Silver Tiger has been compiling the last 5 years of work delineating the 113 million ounces of silver equivalent resources in the high-grade veins, shale, and sulphide zones underground portion of El Tigre, the metallurgical studies, and engineering work to be able to release the PEA by month’s end. This report will center around the already permitted underground scenario utilizing an 800 tonnes-per-day (tpd) mill, and focusing on the initial first 10 years of mine life.
 
 
If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Silver Tiger 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 Silver Tiger Metals

In this KE Report interview, I speak with Greg McCunn, President & CEO of Great Pacific Gold (TSX.V:GPAC - OTCQX:FSXLF - FRA:V3H), for an in-depth introduction to the company, its flagship assets, and upcoming catalysts.
Key Highlights:
Flagship Wild Dog Project - High-grade epithermal gold-copper system with a 15 km strike length and adjacent porphyry target. Current drilling is focused on a 1.5 km zone, delivering near-surface intercepts such as 7m @ 11.3 g/t AuEq and 3.5m @ 4.9 g/t Au + 4.9% Cu.
Strategic Land Near K92 Mining (TSX: KNT) - The Kesar property sits along strike from K92’s ultra-profitable Kainantu Gold Mine.
Strong Treasury & Institutional Backing - Recently closed a C$16.9M private placement, attracting major institutional investors including Franklin Templeton.
Australian Spin-Out - Shareholders to receive a 1:1 share distribution in a new explorer Co holding the Walhalla Project.
If you have any follow up questions for Greg please me at Fleck@kereport.com. 
Click here to visit the Great Pacific Gold website.

In this update, Mike Burke, Director and VP of Corporate Development at Sitka Gold, joins me to share the latest drill results from the Rhosgobel area of the RC Gold Project. Following last week’s discussion, Sitka has released two more standout holes, including:
166m of 1.14 g/t gold from surface
239m of 0.6 g/t gold from surface
Mike details how drilling has now traced over 900m of strike length, intersected visible gold in 16 holes, and continues to expand east-west, with future potential to step out north-south. He explains how soil geochemistry, oriented drill core, and geophysics are layered together for targeting, and why Rhosgobel could add significant ounces to the overall resource base alongside the Blackjack and Eiger deposits.
We also touch on:
The scale and potential of intrusion-related gold systems in the Yukon and Alaska
Upcoming drill plans for other targets, including the Contact and Pukelman zones
The possibility of building a multi-million-ounce gold camp entirely within Sitka’s claims
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.

Sean Brodrick, Editor of Wealth Megatrends and contributing analyst to Weiss Ratings Daily, joins me to continue on with our prior discussion reviewing the macroeconomic implications of tariffs and geopolitics on the markets.  He reiterates why he still remains bullish and holding positions in gold, silver, copper, and lithium stocks, but that he is also constructive on defense stocks in drones and rockets, and also accumulating energy efficiency companies.
 
We start off reviewing the shifting market sentiment and wild swings in both copper and gold as they react to on-again/off-again tariff news. He points out that most of these temporary pricing fluctuations in copper and gold are just noise, and he remains focused on the larger developing bull market trends in both metals, and opportunities in the related mining stocks.   We also discuss the very positive Q2 earnings newsflow from both the gold and silver producers, and opine on when they become so constructive that generalist investors can no longer ignore them and come into position with some exposure to the sector.  Higher metals prices and more participation from market participants is keeping the party going in the metals space.
 
Next we got into the rally we’ve seen in some of the lithium stocks coming off the lows of a few months ago, and Sean highlights Sigma Lithium Corp (TSX-V:SGML) (NASDAQ:SGML) as a company they’ve been scaling into to position for a move higher across the lithium sector.  This leads us into a discussion on ways to position in the energy sector by way of the utility companies and he mentions both Dominion Energy (NYSE:D) and Vistra Corp. (NYSE: VST) as 2 stocks that have his interest in this sector.
 
Wrapping up, Sean outlines why outside of the resource investing space, he remains constructive on defense stocks focused on drones and rockets, and he also highlights AMSC (Nasdaq: AMSC) as a company straddling both the defense sector and the energy sector coming up with solutions for both military applications and the hyper-scalers.
 
Click here to follow along with Sean’s work at Weiss Ratings Daily and Wealth Megatrends
 
Click here to learn more about Resource Trader
 
 

Jim Tassoni, CEO of Armor Wealth Strategies and Momentum Trader, joins the KE Report for his monthly market update, sharing the sectors, commodities, and trades currently driving his strategy.
Jim explains why he remains fully invested in this “lower left to upper right” market, detailing the cyclical and high-beta sectors leading the rally and the defensive areas he’s avoiding. He also outlines his position sizing approach, stop-loss discipline, and trailing-stop method that allows him to capture upside while managing downside risk.
Key discussion points:
Equities: Staying long S&P and NASDAQ leaders, focusing on tech, communications, materials, and industrials.
Metals: Bullish trends in gold and silver, with miners breaking out after months of consolidation.
Copper: Resetting after tariff-driven volatility, now trading within a new range.
Crude Oil: Short position despite low conviction, sticking to systematic signals.
Bitcoin: Long both as a trade and a small long-term allocation, watching for a decisive breakout.
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading.

I’m joined by Scott Berdahl, CEO of Snowline Gold (TSX.V:SGD - OTCQB:SNWGF), for a deep dive into the company’s recent milestones, led by the release of the Preliminary Economic Assessment (PEA) for the Valley deposit and ongoing 2025 exploration.
Key discussion points:
PEA Highlights:
6.8M ounces payable gold over a 20+ year mine life
Average annual production of ~544,000 oz gold in first 5 years
All-in sustaining costs (AISC) under US$600/oz in early years
Post-tax NPV of C$3.37B at $2,150/oz gold, rising to over C$6B at $3,150/oz gold
Strong operational efficiency with a strip ratio of 0.14:1
Project Financing & M&A Potential: High early cash flow profile makes the project financeable through multiple pathways.
Pre-Feasibility Study (PFS) Work: Engineering, permitting baseline studies, and stakeholder engagement underway to keep development timelines tight.
Exploration Updates:
30,000m drill program in 2025 - 20,000m focused on infill and step-outs at Valley, with notable new zones identified.
Regional drilling on 7 targets within the district, with visible gold found across multiple reduced intrusion-related systems.
Strategic approach to district-scale discovery without sacrificing Valley’s development pace.
If you have any follow up questions for Scott please email me at Fleck@kereport.com.
 
Click here to visit the Snowline Gold website to read over the recent news and learn more about the Company.