The KE Report

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. 

Craig Hemke, founder and editor of TF Metals Report, joins us to break down the recent volatility in precious metals following last week’s gold tariff headlines - and the immediate backtrack. While daily swings grab headlines, Craig points out that gold remains in a strong long-term uptrend, recently posting its highest weekly close ever above $3,400.
We discuss:
Why gold’s fundamentals remain bullish despite short-term noise and political headlines.
The standout performance of gold and silver mining stocks, with GDX hitting highs not seen since 2011.
How recent earnings reports reveal producers are far more profitable than many investors expected.
Silver’s breakout above $37–$38, its best levels in over a decade, and what it means for margins in Q3.
The macro backdrop - weak economic data, Fed policy expectations, and the impact on the US dollar and metals prices.
Craig also shares insights on positioning from the CoT reports, the potential for further upside in both metals, and why institutional sentiment could be shifting in favor of gold and silver producers.
 
Click here to visit Craig’s website - TF Metals Report

Oliver Friesen, CEO of Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), joins me for an exploration and development update at their 2 key projects focused on tungsten and critical minerals in Nevada, USA.  We also review that the US government, through the Department of Defense (DoD) has awarded the Company $6.2Million in funds under Title III of the Defense Production Act of 1950 ("DPA Title III") to support the rapid advancement and pre-feasibility study for the Pilot Mountain Tungsten Project.
 
We start off discussing how these incoming DoD funds through DPA Title III, in concert with the recent capital raise of approximately US$21.0 million, will be utilized at their 100% owned Pilot Mountain Tungsten Project.  This is a skarn-type deposit which hosts a Mineral Resource Estimate (MRE) of 12.53Mt at 0.27% tungsten with significant copper, silver, zinc, and gallium credits.  This project is located on BLM Land, which is advantageous for expedited permitting and development work.   The next key milestone will be incorporating some of their recent engineering and geotechnical drilling work into a coming Pre-Feasibility Study (PFS) later this year.  Additionally, the exploration team will be drilling a satellite target and other regional targets, which could expand and compliment the known resources in a meaningful way.
 
Next we discuss the other dual-flagship Tempiute Tungsten Project, which is a past-producing skarn-type tungsten-zinc-copper-silver mine and processing center, with valuable existing infrastructure in place.   In addition to more drilling underway this year to produce and updated Resource Estimate by early 2026, the company has been sampling and drilling the historic tailings and at surface stockpiles with an eye towards getting those processed in a nearby toll-milling scenario to expedite domestic production of tungsten in the US.
 
 
If you have questions for Oliver regarding Guardian Metal Resources, then please email those into me at Shad@kereport.com.
 
Click here to follow the latest news from Guardian Metal Resources

Justin Reid, President and CEO of Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive update on exploration success at the Southwest Zone, the advancement of basic and detailed engineering studies, permitting progress, and offtake agreements in place at the Gold-Copper Troilus Project located in northcentral Quebec, Canada.
 
We start off noting that at present there are already 13 million gold equivalent ounces in all categories in place at the deposit, but that infill and expansion drilling at the Southwest Zone has continued to hit increased grades over broad intercepts, which is raising the grade profile of this key area to the first 5 years of mining in the development scenario.
 
Hole SW-25-678 intersected 78.38 g/t gold equivalent (“AuEq”) (78.21 g/t Au, 5.95 g/t Ag, 0.06 % Cu) over 2 meters, including 153.73 g/t AuEq (153.50 g/t Au, 11.00 g/t Ag, 0.06 % Cu) over 1 meter
Hole SW-25-681 intersected 1.79 g/t gold AuEq (1.40 g/t Au, 1.23 g/t Ag, 0.22 % Cu) over 36 meters including 2.44 g/t AuEq (1.93 g/t Au, 1.85 g/t Ag, 0.29 % Cu) over 23 meters
 
Moving over to all the development and derisking work underway, Justin provides an update to the news released on June 10th,  reporting on the progress of basic and detailed engineering at its copper-gold Troilus Project led by engineering partner BBA Inc. based in Montreal, Quebec. Since being awarded the mandate earlier this year, a dedicated team of approximately 45 full-time engineers and specialists has been advancing key workstreams on schedule as the project moves forward on the path to construction readiness.
 
A comprehensive review of the May 2024 Feasibility Study was completed earlier this year.
Key trade-off studies were conducted, resulting in design improvements to support scalability, operational robustness, and energy efficiency, with minimal impact to CAPEX.
The optimized main process flowsheet was finalized on schedule, supporting the broader detailed engineering timeline.
 
Switching over to the permitting progress, on June 25th the Company announced that it has officially filed the Environmental and Social Impact Assessment (“ESIA”) with both the Government of Québec and the Government of Canada. The submission of the ESIA marks a major milestone in the development of the Troilus Project, representing the culmination of over five years of comprehensive baseline studies, robust technical evaluations, and meaningful engagement with Indigenous and local communities. As one of the largest undeveloped gold and copper projects in North America, this filing is a key step in advancing Troilus along its path towards construction.
 
Wrapping up we reviewed then news out in June and July that announced Troilus has agreed to indicative commercial offtake terms with Aurubis AG  and Boliden Commercial AB for the offtake of copper-gold concentrate expected to be produced from the Company’s Troilus Project.   We reviewed that the rest of the capital stack was coming together through negotiations with royalty and streaming companies, and other financial institutions.
 
If you have any questions for Justin regarding Troilus Gold, then please email them over to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Troilus Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to follow along with the latest news from Troilus Gold

This KE Report Weekend Show dives deep into the growing crosscurrents hitting the U.S. economy and commodity markets. In the first half, Marc Chandler (Bannockburn Global Forex) unpacks how weak job data and rising tariff risks are driving rate cut expectations and reshaping the dollar outlook. In the back half, Darrell Fletcher (Bannockburn Capital Markets) gives us a trader’s eye view on the violent copper repricing, where energy markets may head next, and why metals like platinum and tin are gaining momentum.
Segment 1 & 2 - Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market site, joins the KE Report to break down the shifting macro landscape as weaker U.S. jobs data and tariff volatility drive expectations for multiple Fed rate cuts this year. He discusses the dollar's cyclical downtrend, the inflationary impact of tariffs, confusion around gold and copper duties, and whether U.S. economic dominance may erode amid rising debt, diverging trade alliances, and a weakening labor market.
Click here to visit Marc’s site - Marc To Market. 
 
Segment 3 & 4 - Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, returns to share trader insights on copper’s sharp price collapse following tariff exemptions, the persistent structural supply challenges in refining, and why copper remains in a long-term uptrend. He also discusses bearish trends in oil and natural gas, ongoing strength in precious metals led by investor demand and central bank buying, and how government support for refining capacity is reshaping the outlook for critical minerals.
Click here to learn more about Bannockburn Capital Markets. 
 
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Jason Kosec, the new Chairman of Minera Alamos (TSX.V:MAI) (OTCQX:MAIFF), joins me to unpack the key takeaways from news announced on July 7th about their acquisition of Calibre USA Holdings Ltd from Equinox Gold Corp. for total consideration of US$115 million, subject to adjustment.  Calibre USA holds a 100% economic interest in the producing Pan Gold Mine, development-stage Gold Rock Project, and exploration-stage Illipah Project in Nevada, USA. 
 
We start off discussing how this is a truly transformational transaction for the Company, in that it brings in the producing Pan Gold Mine, doing about 35,000-40,000 ounces of gold production annually at the heap leach operations.  This mine is generating strong cash flows given the current record gold price environment, and Jason outlines how these revenues can be used to organically grow and develop the other pipeline of low-capital intensity, quick-build, high-return, gold development projects like the past-producing Copperstone Mine in Arizona,  the Cerro De Oro Project in Zacatecas, Mexico, the Gold Rock Project in Nevada, and the Fortuna Project in Mexico.
 
Jason also reiterates that this is not the company loosing interest or pivoting away from Mexico, but making an acquisition that brings in revenues and changes the valuation metrics while they await the permits in Mexico that the team still believes they will receive from the new administration. 
This transaction immediately strengthens their production profile, beyond just the residual leaching at the Santa operations.
More importantly, bringing in a larger production profile should improve their valuation multiple with a likely rerating over time that is more in alignment with junior producing peers.
Operating a solid production asset in Nevada will also lower their future cost of capital for advancing their other development assets, without as much equity dilution moving forward.
There is also the benefit of minimizing future risk by diversifying their assets into one of the strongest jurisdictions there is in Nevada.
We also discuss how the recent financing has attracted a much stronger institutional investor base that wants to see the pathway to multiple mines in multiple jurisdictions.
 
We go on to discuss the exploration upside both around the Pan Mine and at the Gold Rock Project, not to mention across their whole portfolio of projects.  Now there will larger incoming revenues to truly intensify exploration efforts at multiple projects.
 
One can also see the pathway to future production growth and into a mid-tier producer with the Copperstone Mine slated to produce roughly 40,000 ounces of gold per year, and with both Cerro De Oro and Gold Rock each estimated to produce ~60,000 ounces of gold per year.  After those 3 mines have ramped up to commercial production, alongside of the Pan Mine, then there is also the development-stage Fortuna Mine in Mexico that will move into position as mine number 5.
 
 
If you have any follow-up questions for Jason regarding Minera Alamos, then please email them into me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Minera Alamos at the time of this recording.
 
Click here to follow the latest news from Minera Alamos

Joel Elconin, co-host of the PreMarket Prep show and founder of the Stock Trader Network, returns to analyze the latest surge in market volatility and the increasing role politics is playing in market direction.
We explore how former President Trump’s offhand comments continue to spark major market swings - boosting or crushing stocks based on a single tweet. Joel discusses the impact of these politically charged moves on tech giants, small caps, healthcare, and even retail names like American Eagle Outfitters.
Key topics include:
Market manipulation via Trump tweets - from chip tariffs to pharma crackdowns
Healthcare sector selloff despite earnings beats (Eli Lilly, UNH)
IWM vs. QQQ divergence and what it says about small caps
Earnings season reactions - why guidance still matters and who’s crushing expectations (Palantir, Shopify, Celsius)
Gold and silver’s breakout - is it a new uptrend or topping pattern?
We wrap with his outlook on where markets head into Friday.
 
Click here to visit Joel’s PreMarket Prep website.
https://www.premarketprep.com/
Click here to visit the Stock Trader Network.
https://www.stocktradernetwork.com/

Graham Richardson, CFO of Faraday Copper (TSX:FDY – OTCQX:CPPKF), joins me to provide a comprehensive exploration update recapping the key milestones and discoveries from the 30,000 meter Phase 3 drill program, that is building into an updated Resource Estimate and more advanced update to the Preliminary Economic Assessment (PEA) due out in September.  Then we dive into the strategy and objectives for the upcoming 40,000 meter Phase 4 drill program, with a continued focus on defining, expanding, and testing new target all around the American Eagle Area at their 100% owned Copper Creek Project in Arizona. 
 
The Copper Creek Project already has a 4.2 billion pound copper resource, and will be expanding as the drill results from the prior Phase 3 program are incorporated into the updated Resource Estimate, where it is anticipated to have a healthy portion in the indicated category.  With regard to the updated PEA, Graham highlights how much geotechnical and metallurgical work will be incorporated, making it a much more advanced PEA, and this is why the work programs after it is released will springboard over the PFS and go right into the Feasibility Study for 2026.
 
Graham and I discuss a number of the new discoveries made in Phase 3 at the new Banjo Breccia discovery, and recently discovered Winchester breccia, in addition to putting some holes into earlier-stage exploration targets at Old Reliable, the Sunrise Trend (which may indicate the presence of a new porphyry system),  and at Horsecamp. There were some holes in Phase 3 that targeted near-surface supergene copper mineralization with the goal of better understanding the distribution of oxide mineralization. Five holes were drilled near the Globe breccia and two near the Copper Giant breccia.  There will be more follow-up on this near-surface oxide mineralization as part of Phase 4.
 
In addition to expanding mineralization, testing new breccia targets, and infilling the American Eagle area in the upcoming Phase 4 drilling, there still will be some further definition holes drilled down into the deeper porphyry targets at the American Eagle and Keel deposits to better understand the geological controls and mineralization.
 
The company is well cashed up to complete all these work programs after announcing the closing of the CAD $49Million financing on July 29, 2025.  Graham also unpacks the strong roster of shareholders including the Lundin Family and Murray Edwards, as well as a number of institutional investment firms.  We wrap up discussing the infrastructure advantages and positives of operating in Arizona as a jurisdiction. 
 
 If you have any questions for Graham regarding Faraday Copper, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Faraday Copper at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to view the latest news from Faraday Copper