The KE Report

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

Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, and author of the book “Gold & Silver – The Greatest Bull Market Has Begun – A Once In A Lifetime Investment Opportunity”, joins me for an in-depth technical and fundamental look at both the medium-term risks and long-term opportunities in the precious metals space, and why he favors being positioned in growth-oriented junior PM producers and quality developers over the senior producers as this precious metals bull market continues to evolve.
 
  Key topics discussed:
 
The shorter-term to medium technical pattern in gold is a bit murky, on whether it has the energy to punch up through $3,500 and make a run towards $4,000 or if it needs to keep consolidating for another month or two. Longer-term, this gold bull market has much further to run.
 
Jordan is more animated by the technical outlook for silver, after the decisive move above $35 resistance, where it ran north of $39 and now has consolidated solidly in the $37’s. He discusses a few potential paths for silver as it eventually approaches upcoming resistance at $41-$42 level.
 
We discuss the nature of silver stocks to front run higher prices in advance and discount those moves higher in the underlying metals price before they occur. We review if he feels silver stocks have already started discounting the moves past the $42 resistance or $50 silver, or if they are more fairly valued after their corrective move over the last few weeks.
 
With regards to the gold stocks, Jordan lays out the historic precedence for gold juniors to outperform gold seniors as bull markets evolve into the mid to later stages. Jordan also highlights the advantages that retail investors have to become experts in junior mining stocks and get an edge in investing due to lack of coverage and liquidity, compared to trying to compete with all the analysts covering the larger senior producers.
 
Jordan wraps up explaining why he prefers to be positioned in the growth-oriented gold and silver junior producers and quality developers that have the additional kicker of meaningful exploration programs, that are building value to existing known projects. Those types of companies are more like the “holy grail” of investing in more advanced juniors, versus the inherent risks of gambling on the make-it or break-it initial drill hole programs with earlier-stage exploration stocks.
 
Click here for exclusive stock picks and Jordan’s deeper analysis at The Daily Gold.

Jeff Phillips, President of Global Market Development, and an activist investor in the junior resource space, joins me for a behind-the-scenes look at how he evaluates opportunities in mining stocks and the types of management teams and share structure that he likes to see to participate in their financings.
 
In this conversation we cover a lot of ground from gold, silver, and copper explorers and prospect generators, to reviewing past wins and current cycles with rare earths, lithium, and PGM companies. Jeff states that we have left the “lazy river” stages of the resource sector and have been entering into the more exciting ride of a larger commodities bull market.
 
Jeff has been involved in the natural resource space for the last three decades, and is a large strategic shareholder of over a dozen junior companies, and still a significant shareholder in a number of other mining stocks. Jeff also serves as a technical consultant and advisor to several companies in the junior resource space, working on improving their messaging to the marketplace, roster of investors, and liquidity. Even though he doesn’t do many public-facing interviews or write in widely followed publications, Jeff is one of the most influential and well-respected people in the business. You’ll often see him hard at work at mining conferences, doing his due diligence and connecting people to one another.
 
The companies we discuss in this interview are: Regulus Resources (TSX-V: REG) (OTCQX: RGLSF), Aldebaran Resources (TSX-V: ALDE) (OTCQX: ADBRF), Patriot Battery Metals (TSX: PMET) (OTCQX: PMETF), Bravo Mining (TSXV: BRVO) (OTCQX: BRVMF), GreenLight Metals (TSXV: GRL) (OTC: GRLMF), Kincora Copper (ASX: KCC) (TSXV: KCC), Almadex Minerals (TSX-V: DEX) (OTC: AAMMF), Headwater Gold (CSE: HWG) (OTCQB: HWAUF), and Kingsmen Resources (TSXV: KNG) (OTCQB: KNGRF).
 

In this KE Report company update, we speak with Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V: SIG - OTCQB: SITKF - Frankfurt: 1RF), to recap the latest drill results from the Rhosgobel zone, part of the company’s large-scale RC Gold Project in Yukon.
Key Interview Highlights:
Strong early results from Rhosgobel:
Holes 3 and 5 returned up to 152m of 1.0 g/t Au (hole 3), including higher-grade intervals - all starting near surface.
Expansion underway:
18 holes drilled at Rhosgobel to date; ~4,000m of 10,000m planned now completed.
Strike length now extends 900m based on step-out drilling.
Open at depth:
Mineralization traced from surface to 200m depth, with visible gold in deeper intervals still awaiting assays.
Interpreted as steeply dipping, east-west trending vein system.
How it compares:
Rhosgobel could rival the Blackjack and Eiger zones (2.8Moz combined) in tonnage, with comparable or better grades.
What’s next:
Two rigs remain active at Rhosgobel; two more now drilling at the Pukelman-Contact zone.
Potential to deliver an initial Rhosgobel resource by Q1 2026.
Sitka is advancing four key zones across the RC Gold Project in 2025, targeting both resource growth and new discoveries.
 
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.

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins us to review the record Q2 2025 financials and operations results from the San Albino Mine in Nicaragua, along with some ongoing residual leaching during the period from the recently acquired Moss Mine in Arizona.  We also unpack the anticipated mining to begin this quarter at the Moss Mine, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for permitting and development work at the Eagle Mountain Gold Project in Guyana; set to be in construction in 2026 and production by H2 of 2027.   This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.
 
Q2 2025 San Albino Operational Highlights
54,354 tonnes mined, containing 10,911 ounces ("oz") of gold ("Au") at an average grade of 6.24 grams per tonne ("g/t") Au and 12,491 oz of silver ("Ag") at 7.15 g/t Ag
52,705 tonnes milled containing 11,153 oz Au and 12,847 oz Ag grading 6.58 g/t Au and 7.58 g/t Ag
41% and 59% from diluted vein and historical dump and other, respectively
595tonnes per day ("tpd") milled at 97% availability, with a mill recovery of 80.3% for gold
 
Q2 2025 Mako Financial Highlights
 
Mako total gold sales of 11,476 oz Au for total revenue of $38.1 million in Q2 2025
San Albino Mine sales of 10,104 oz Au at $3,323 per ounce
Moss Mine sales of 1,372 oz Au from residual leaching activities at $3,321 per ounce
Delivered final 13,500 oz silver payment to Sailfish Silver Loan for a total of $0.4 million in Q2 2025
$1.5 million release of collateral at Moss Mine from Trisura Guarantee Insurance Company
Cash Balance of $28.6 million as of June 30th, 2025
 
 
There is also a substantial exploration program underway all around the San Albino Project in Nicaragua, around the San Albino Mine, as the Las Conchitas concessions, and of particular interest at the El Golfo concessions.  
 
Akiba points out that the Moss mine has been producing gold the last few month through residual leaching at its beneficiation facilities, but their team is going to start mining again this quarter, and then it will take several months for new materials moved onto the leach pads to charge up increased production again. A technical report and Pre-Feasibility Study is slated to be put out later in the year around October, after a few months of ramping up mining and assessing the resources in place. When the Moss Mine has been debottlenecked over time from a mining and permitting perspective and is producing at the grade and rate they believe is possible,  it could almost double their current production profile with approximately another 40,000 ounces of gold production per year out of Arizona.
 
Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable of an agreement between the government and local stakeholders, and doing all the background environmental and engineering work to being the process for their EIA permit.  Once it is received back and a construction decision is made, there will be roughly a 1 year build, and then production is slated for Q2 of 2027 at an estimated 60,000 -65,000 ounces per year.  When this added to the production out of Nicaragua and Arizona there is clear line of sight to growing into a mid-tier gold producer.
 
 
If you have any further questions for Akiba regarding Mako Mining, then please email them into us at either Fleck@kereport.com or  Shad@kereport.com.
 
 
In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording and may choose to buy or sell more shares at any time.
 
Click here for a summary of the recent news out of Mako Mining.

In this KE Report company update, Scorpio Gold CEO Zayn Kalyan outlines the company’s strategic transformation: divesting the Mineral Ridge Project for US$7.5 million and ramping up exploration at the Manhattan District in Nevada.
Key Interview Highlights:
Sale of Mineral Ridge Project:
Total consideration of US$7.5M, paid in stages:
$700K deposit (due immediately)
$4.3M at closing (expected by August 25)
$2.5M in deferred payments over 12 months
Decision driven by high holding costs and limited near-term value without significant mill investment
Drilling Focus at Manhattan:
Phase 1: 6,300 meters nearly complete
New goal: 15,000 meters by year-end
Second rig arriving in September, potential for a third
Focused on the “gap zone” between Goldwedge and West Pit
Targeting 200,000–300,000 ounces from this core zone
Catalysts on Deck:
Initial NI 43-101 Resource Estimate coming soon
Drill results imminent
Targeting >2 million ounces within 12–18 months
Resource will incorporate 140,000 meters of historic drilling across 1,800+ holes
Team Strengthening:
Leo Hathaway, of Lumina Group fame, joins as Director and on the technical team
Helping guide technical strategy and long-term development
Click here to visit the Scorpio Gold website to learn more about the Company.

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me for a longer-format more candid ‘fire-side chat’ type of discussion, where we review the different trends in price performance, sentiment, and momentum across various stages of gold, silver, and copper stocks.
 
We start off contrasting the pricing reactions in the gold producers and higher quality developers to the moves higher in gold to record all-time highs.  Erik points out economic studies have had difficulty even keeping up with the rising metals prices over the last year, and how while of the quality gold stocks tracked the moves higher in gold, very few of the gold juniors had the type of outperformance and leverage that one would have anticipated in such a bullish backdrop in the underlying metals price environment.
 
Next we discussed how those same dynamics in compared to how the silver producers reacted to the rising silver price over the last year, and how the upside torque, and also the outsized moves down during silver corrections also filtered down more into the related silver junior stocks.  Erik points out that the narratives and trading psychology and sentiment around silver equities tends to be more extreme, but that the extremes in volatility is not really suited for most investors.
 
Then the discussion switched over the strange behavior so far this year in the copper equities -- where they seemed to be shrugging off both explosive moves up to new all-time highs as well as the extreme corrective moves with regards to the underlying copper pricing.    Over the last few years we have seen the copper producers get the bid first, and move more in synch with underlying metals pricing trends and sentiment. Erik outlines that copper juniors have acted more similar to gold juniors between 2020 and 2024 where gold kept making a run up towards $2,000 over and over and getting rejected back lower.  We’ve seen that play out the last few years with copper approaching and briefly eclipsing the $5 per lb level a few times, where the stocks quit believing that level would stick and build a higher pricing base. In a similar pattern the copper juniors have not participated as much until much higher copper prices finally got them moving.
 
Since we’ve seen the producers fair better overall thus far in the multi-year rallies in gold, silver, and copper sectors, compared to overall trends in wide swath of juniors, the question is posed to Erik regarding if people should even invest in junior resource stocks. Erik goes on to highlight some nuances around cheap and undervalued subsectors within resource juniors versus seniors, and why he remains constructive on how things will unfold moving forward in these evolving bull markets in the metals.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website

Craig Hemke, Founder and Editor of TF Metals Report, joins me for a wide-ranging discussion on the macroeconomic market movers over the last few weeks and looking ahead to a potential cattle call into gold, silver, and the precious metals equities.  We also dig into the whipsaw copper pricing as a result of the Trump tariff policies and where things may settle out.
 
 Topics we discuss:
 
Craig walks us through the macroeconomics forces at work between US fiscal policy and Fed monetary policy, and how interest rates trends, and the potential for yield curve controls will likely push the US dollar lower, and the precious metals sector higher.
 
He points out the jobs report numbers, and downward revisions of the prior 2 months jobs metrics. Craig highlights the potential policy error that Jerome Powell and the Fed have made in delaying cutting the Fed funds rate by pointing to strong jobs figures the last few months as proof of a robust economy. Now it is clear they were not nearly as strong as reported.
 
Craig feels the pathway forward from the Trump administration is to either remove Powell early, or replace him as soon as possible next year with a dovish Fed chairman that will move to quickly cut interest rates and work in concert with the US Treasury Department.  The plan will be to lower rates to reduce down the burden of debt repayment, but then also to keep spending with fiscal policy to try and grow (and by default inflate) our way out of the current situation.
 
The US dollar’s recent rally may ending up having been a head-fake, which caught some market participants off-sides, as the greenback has already started rolling over lower once again.   This dollar weakness and worse-than-anticipated jobs data has boosted the precious metals sector at the end of last week and we are seeing follow through strength in gold and silver to kick off this week.
 
We also discussed how copper pricing went on a wild ride building up to the proposed 50% copper tariffs, but then reversed down sharply when it turned out the tariffs were only on finished copper products, but not copper concentrates or refined copper itself.   Craig outlined how silver, platinum, and palladium got caught up in that move higher in copper, and did reverse down initially with copper’s crash lower, but have since stabilized and started trekking back higher again with gold.
 
We wrap up discussing the moves we’ve seen lately in PM producers on the back of strong Q2 numbers, noting Agnico Eagle’s recent barn-burner quarter, and that we are already one third of the way through Q3 with even higher average metals prices.  If people get a sense that these macro forces and higher underlying gold and silver prices are going to stay elevated, then there could be a cattle-call and stampede into the precious metals equities.
 
Click here to visit Craig’s website – TF Metals Report

 
As equity markets continue to grind higher amid political noise, and commodity prices react violently to shifting trade headlines, investors are searching for clarity. This weekend’s KE Report dives deep into both - the big-picture market signals and the underlying resource stock trends - with technical analyst Dana Lyons and metals market veteran Brien Lundin.
 
Segments:
Segment 1 & 2 - Dana Lyons, fund manager and editor of the Lyons Share Pro website, joined us to discuss the ongoing market melt-up, where his models remain bullish despite soft red flags in sentiment, seasonality, and market breadth. He also outlined tactical trades in copper and silver following tariff-driven volatility, sees gold’s consolidation as constructive, and maintains high conviction in further upside for U.S. equities, led by large-cap growth and industrials.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. 
 
Segment 3 & 4 - Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, joined the show to share his outlook on gold, silver, and copper markets, as well as the junior mining sector. He discussed gold’s summer bottoming process, silver’s bullish breakout above $35, copper’s pullback after tariff news, and why he sees current conditions as a strong buying opportunity across producers, developers, and juniors.
Click here to learn more about the New Orleans Investment Conference on November 2-5.
 
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.
 
As equity markets continue to grind higher amid political noise, and commodity prices react violently to shifting trade headlines, investors are searching for clarity. This weekend’s KE Report dives deep into both - the big-picture market signals and the underlying resource stock trends - with technical analyst Dana Lyons and metals market veteran Brien Lundin.
 
Segments:
Segment 1 & 2 - Dana Lyons, fund manager and editor of the Lyons Share Pro website, joined us to discuss the ongoing market melt-up, where his models remain bullish despite soft red flags in sentiment, seasonality, and market breadth. He also outlined tactical trades in copper and silver following tariff-driven volatility, sees gold’s consolidation as constructive, and maintains high conviction in further upside for U.S. equities, led by large-cap growth and industrials.
Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services. 
 
Segment 3 & 4 - Brien Lundin, editor of The Gold Newsletter and host of the New Orleans Investment Conference, joined the show to share his outlook on gold, silver, and copper markets, as well as the junior mining sector. He discussed gold’s summer bottoming process, silver’s bullish breakout above $35, copper’s pullback after tariff news, and why he sees current conditions as a strong buying opportunity across producers, developers, and juniors.
Click here to learn more about the New Orleans Investment Conference on November 2-5.
 
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.