The KE Report

Novo Resources – Drilling Plans at John Bull Project Following Gold Anomaly Extension

Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO) is ramping up exploration at the John Bull Project in New South Wales, with a 1,500-meter RC drill program planned for June.
 
Executive Co-Chairman Mike Spreadborough and General Manager of Exploration Kas De Luca join us for a detailed update on Novo’s growing pipeline of exploration activity across Australia. The conversation centers on the John Bull Project, where a recently extended gold-in-soil anomaly now spans 1.5 kilometers and includes multiple rock chip samples grading up to 67.9 g/t gold.
 
Key topics covered:
Overview of the John Bull Project: Background on the asset, the significance of the soil and rock chip sampling, and how recent work has confirmed and expanded a robust gold anomaly.
Upcoming drill program: A 1,500m RC program will test newly defined quartz vein arrays and multiple fault zones. Only ~300m of the anomaly has seen previous drilling.
Four priority targets: John Bull Main, John Bull South, Hills Creek West, and Digger's North - all within a 1.5 km trend.
Updates on other projects: Drilling has just been completed at Balla Balla (Pilbara) with results expected in 3 weeks, and drilling is underway at Tibooburra (New South Wales), also acquired in late 2024.
Cash position and funding: Novo holds approximately A$9 million in cash, along with marketable securities, giving it the flexibility to continue executing across multiple projects.
Visit the Novo Resources website for full project detail.

Erik Wetterling – Value Proposition In Altamira Gold, Goliath Resources, And K2 Gold

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to discuss three junior gold exploration companies that have put out recent newsflow to the market; where he is attracted to their current value proposition.
 
Altamira Gold Corp. (TSXV: ALTA) (OTC Pink: EQTRF) announced May 5th the results of an independently assessed, maiden mineral resource estimate for the Maria Bonita porphyry gold deposit within the Cajueiro Project. Maria Bonita is a separate discovery, located 7km to the west of, and additional to, the Cajueiro Central Mineral Resource (previously reported under NI 43-101). The maiden open-pit resource consists of total Indicated Resources of 24.19Mt @ 0.46g/t gold (for a total of 357,800oz) and Total Inferred Resources of 25.64Mt @ 0.44g/t gold (for a total of 362,400oz). These resources include near-surface saprolite Indicated Resources of 2,02Mt @ 0.59g/t gold (for a total of 38,000oz) and Inferred Resources of 0.68t @ 0.40g/t gold (for a total of 8,700oz).
 
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) announced May 5th that the world renowned JDS Energy & Mining Inc. has been engaged to assess the viability, permitting and development of an underground exploration adit at Surebet, at its 100% controlled Golddigger property, Golden Triangle, British Columbia. The Company has tasked JDS with an exploration adit to access a broad expanse of the gently-dipping, high-grade gold lode called the Bonanza Zone that sits approximately 200 meters above the valley floor. This adit will enable underground drilling of extensive parts of the overall Surebet lode system thus lowering drill meters required for advanced resource work, and potentially enable a longer drill season at the project.
 
K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) announced May 5th that the United States Bureau of Land Management (BLM) has released the Draft Environmental Impact Statement (DEIS) for K2's Mojave Exploration Drilling Project in Inyo County, CA. The BLM has also published a Notice of Availability in the Federal Register, opening the final 45-day comment period on the project. This is a key milestone for the company as they approach the end of the permitting process to commence drilling, and comes on the back of years of diligent environmental studies, community engagement, and collaboration with regulatory agencies.
 
* In full disclosure, the companies mentioned by Erik in this interview, are positions held in his personal portfolio, and also may be site sponsors of The Hedgeless Horseman website at the time of this recording.  Additionally, Shad is also a shareholder of Goliath Resources at the time of this recording.
 
Click here to visit Erik’s site – The Hedgeless Horseman

Craig Hemke - Gold Price Forecasts Skyrocketing Higher

Craig Hemke, founder and editor of TF Metals Report, returns to break down gold’s continued strength above $3,300 and the growing institutional acceptance of structurally higher prices.
"The gold narrative has officially changed - and the big banks are finally catching up."
 
We discuss:
Why Wall Street firms like Goldman Sachs are now forecasting $3,700–$4,500 gold
What the Commitment of Traders (COT) data reveals about the repositioning of banks and hedge funds
Why silver and mining stocks are still lagging despite strong bullion prices
The psychological hurdle for long-time gold investors and why this time might be different
Whether central bank demand, economic uncertainty, or market fragmentation is truly driving the gold rally
 
Craig also explains why silver may soon “catch up”, but only once momentum kicks in, and unpacks what structural changes in the market could be signaling a longer-term shift in how precious metals behave.
 
Click here to visit Craig’s website - TF Metals Report

Marc Chandler – Parsing The Macroeconomic Data, The Odds Of A Recession, Levels To Watch In The US Dollar and Interest Rates, Fed Policy, and International Markets

Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market website, joins us to unpack another turbulent week in the markets, a look into better than anticipated economic data, whether or not we are heading towards a recession in the US, global trade tensions between the US and China, key factors for the US dollar and interest rates, the propensity of the Fed to cut rates this year, and international markets tempered by falling oil prices.
 
Key Insights discussed:
 
Tariff concerns ended up fueling buying into late Q1, potentially pulling demand forward from the future.  Mark described this as:  “We are eating our corn seed, and bringing forward economic activity that may have been a Q2 or Q3 event.”
 
Survey data, which is considered soft economic data, continues to be weak; but the real sector hard data, so far, has been holding up fairly well.  There was a good inflation reading and a solid jobs number, so hard data holding up better than soft data.
 
Several weeks ago, in mid-April, all we read or heard about in financial media were calls for an imminent recession or even another depression.   Now after a few weeks of the markets rallying, and stronger than expected economic data, those proclamations for an immediate contraction have become more muted. So are all those concerns now off the table?
 
 Mark doesn’t believe a recession is imminent, but notes “We did have one quarter now of negative growth, and then you look a what the Atlanta Fed says, tracking a 1.1% annualized pace for Q2…  but I’m still in the camp that there is a shadow crossing America around now.  We are only in the early stages of it, like a slow moving trainwreck.”
 
There are the drying up of container shipment from China to the US ports, and that activity is slowing down. 
“It’s possible that we see through all this – that this is just noise, but I think something fundamental is going on when the worlds two largest economies have an embargo against one another. And that’s what these high tariffs mean.  It doesn’t make sense really to trade with each other.”
 
“You’ve got the ports and then you have the trucks… the logistics companies. This all doesn’t even take into account yet all the layoffs in the US government or the restrictions in immigration…and, the consumer boycott in Europe and Canada against US brands, and the drying up of tourism from foreign bookings.”
 
Marc is concerned that we are at the edge of an economic contraction and notes that some analyst point to certain segments of the economy that appear to already be in a recession.
 
The US dollar has moved down to either side of that 100 level of support.  Marc points out that “the dollar index peaked about a week before President Trump’s inauguration, and it has been sliding ever since.  He noted that it was significant that the dollar index got back up above that 100 level, because he sees an inverse head and shoulders bottom with a neckline at 100.20.  If we can get some closes above that level, then it projects up to 102.40 or so.”
 
Marc goes on to note the better-than-expected jobs data, the rise in interest rates, and the dollar momentum indicators that were oversold as more reasons he is expecting a bounce in the greenback.
 
With regards to Fed policy, the market moved from pricing in 4 rate cuts to 3 rate cuts this year, but that is still more dovish than the central bank’s messaging of 2 expected rate cuts in 2025.
 
In addition to the bounce in the US equity markets and US dollar, we’ve also seen a bounce in international markets. Marc remains skeptical of the health of the global economy, and points to the sell down in oil prices as the markets looking forward to less growth globally.
 
Click here to visit Marc’s site – Marc To Market. 

Weekend Show - Dana Lyons & Josef Schachter - Volatility Playbook: Gold, Oil, and the Next Big Market Move

Markets are bouncing, but is the worst really behind us? This weekend’s show looks at the rebound in U.S. equities, gold, and energy, while questioning whether it’s a temporary pause or the start of a new trend. We also dig into the latest moves in oil prices and where value may be emerging for long-term investors.
 
With volatility still driving market action, our guests provide insights on how to navigate the current environment and what sectors may offer the best risk-reward setups right now.
 
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.
 
Segment 1 & 2 - Dana Lyons, fund manager and editor of The Lyons Share Pro, returns to share his model-driven analysis of U.S. and global markets, cautioning that the recent rebound may be a temporary B-wave ahead of another leg down. He highlights relative strength in international equities and value sectors like utilities and defense, outlines key technical buy levels for gold (GLD), GDX, and GDXJ, and explains why he's still short oil with further downside potential despite already significant price declines.
Dana is offering a 50% off 2 day flash sale right now! Click here to take advantage of the best deal of the year!
 
Segment 3 & 4 - Josef Schachter, founder of the Schachter Energy Report, wraps up the show discussing the recent breakdown in oil prices and how it could set up a major buying opportunity in energy stocks. He outlines why he expects a short-term bottom around $55 oil, forecasts a rebound to $80 by year-end, and explains why dividend-paying energy stocks with strong balance sheets and low payout ratios could outperform amid broader market weakness.
Click here to learn more about The Schachter Energy Report
 

Cerrado Gold – Full-Year 2024 Financials and Operations at Minera Don Nicolas, Value Proposition of Lagoa Salgada, and Optionality At Mont Sorcier

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review the Q4 and full-year 2024 operations and financials at Minera Don Nicolas in Argentina, the transformative acquisition underway of Ascendant Resources and the value proposition at the Lagoa Salgada VMS Project in Portugal, along with the further value and optionality at the Mont Sorcier Iron-Vanadium project in Quebec.
 
Q4/24 and Annual Minera Don Nicholas Financial and Operating Highlights:
 
Production of 10,431 GEO in Q4 and Annual production of 54,494 GEO
Adjusted EBITDA of $4.5 million in Q4 and US$24.4 million for the year excluding assets sales and Option payment proceeds.
Received $34 million in Asset sale and Option payment proceeds in Q4: Received $49 million for the full year with up to $25 million ($15 million guaranteed) due in the coming years.
AISC of $1,953 during Q4 vs $1,594 in Q4/23 due to lower production levels and ongoing inflationary pressures in Argentina
Received Asset Sale and Option payments totaling $34 MM during the quarter, significantly strengthening the balance sheet.
Focus remains on ramping up heap leach production to 4,000 - 4,500 GEO per month
 
Mark and I review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as finding more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets.
Operational results for the fourth quarter demonstrated a decrease in production relative to Q4/23 as high-grade ore to the CIL plant declined as mining from the Calandrias Norte pit was completed, and as the operation transitioned to focus on heap leach production. With higher gold prices, the CIL plant is expected to continue processing low grade stockpiles through Q2/25 when it will be blended with new high-grade material from initial underground mining feed from Q3/25 onward. The ramp up of heap leach operations continues to improve as crushing capacity continued to climb with production of 5,956 GEO during the quarter.
 
Next we unpack the ongoing transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. The vote is next week and this Project adds both substantial precious metals resources along with critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile. Project economics studies anticipate lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.
 
We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   Recent metallurgical test work, announced on May 1st has reaffirmed the potential to produce high grade and high purity iron concentrate grading in excess of 67% iron with silica and alumina content below 2.3%. More ongoing test work and improvements to the overall process design will be at the core of the NI 43-101 Bankable Feasibility Study ("BFS") which is targeted to be completed by the end of Q1 2026.
 
 
If you have questions for Mark regarding Cerrado Gold, then please email those to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Cerrado Gold at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to see the latest news from Cerrado Gold.

Joel Elconin - Market Volatility, Tariffs, and Earnings Season

Joel Elconin, co-host of Pre-Market Prep, breaks down the rebound in U.S. and global markets, and whether the rally has real legs.
 
Markets continue to recover, but is it a sustainable move or just another bear market bounce? In this Daily Editorial, Joel discusses:
Why he sees a “Goldilocks” setup in play for short-term traders
The self-inflicted damage from tariff uncertainty, and how a pause may be lifting markets
What recent earnings, especially from Apple, Amazon, and Microsoft, reveal about investor expectations
Why small caps and value plays still lag despite broader market strength
Key technical resistance levels for the S&P 500 futures and why international ETFs are catching his eye
Joel also shares why stable interest rates may be the most bullish backdrop, and what to watch as the 90-day tariff clock ticks down.
 
Click here to visit Joel’s PreMarket Prep website.
 
Click here to visit the Stock Trader Network.

Mako Mining – Full-Year 2024 and Q1 2025 Financials And Operations At San Albino, Mining To Commence In May At The Moss Mine, and Key Development Work At Eagle Mountain Project

Akiba Leisman, President and CEO of Mako Mining (TSX.V:MKO – OTCQX:MAKOF), joins me to review the Q4 and full-year 2024 financial metrics and Q1 operations results from the San Albino Mine in Nicaragua, along with some residual leaching from the recently acquired Moss Mine in Arizona.  We also unpack the anticipated mining to begin at the Moss Mine in late May, and what to anticipate for the several months of ramp up of increased production.  Additionally, we delve into the next key steps for derisking and development work at the Eagle Mountain Gold Project in Guyana to be in production there about 2 years out.   This is a longer-format interview where we get into many nuances of operations in all 3 jurisdictions.
 
 The Company's financial results for Q4 2024 reflect record gold sales of $28.9 million, which generated $14.7 million in Mine Operating Cash Flow (1) (4), and $4.7 million in Net Income after accruing a non-current deferred tax liability of $3.2 million due to greater than expected operating income consuming a greater than expected portion of the Company's deferred tax assets. The Company sold 10,888 oz of gold at an average price of $2,670 per oz with a $1,352 All-In Sustaining Cost ("AISC") ($/oz sold).  Full-year 2024 adjusted EBITDA was US$42.2 million and earnings per share of US$0.27 from 39,001 ounces of gold sold at an average price of US$2,397/oz.
 
Q1 2025 San Albino Operational Highlights
 
48,813 tonnes mined, containing 11,495 ounces ("oz") of gold ("Au") at an average grade of 7.32 grams per tonne ("g/t") Au and 12,036 oz of silver ("Ag") at 7.67 g/t Ag
53,551 tonnes milled containing 12,228 oz Au and 12,740 oz Ag grading 7.10 g/t Au and 7.40 g/t Ag.
 
Q1 2025 Mako Financial Highlights
 
Mako total gold sales of 10,817 oz Au for total revenue of $31.5 million in Q1 2025
San Albino Mine sales of 9,881 oz at $2,898 per ounce
Moss Mine sales of 936 oz Au from residual leaching activities at $2,997 per ounce (this doesn't include 605 oz Au sold in 2025 prior to the acquisition of Moss Mine)
Delivered 40,500 oz of silver as part of Sailfish Silver loan for a total of $1.3 million in Q1 2025
Interest payment of $0.3 million to Wexford under the Wexford loan
Tax payment of $4.0 million in cash which was already accrued in Q4 2024
 
Akiba points out that the Moss mine has been producing gold throughout the Bankruptcy Process through its beneficiation facilities, but their team is going to start mining again starting at the end of May and it will take several months to charge up the leach pads once again. When the Moss Mine has been debottlenecked over time 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 in Arizona.
 
 Mako is also currently derisking their Eagle Mountain project in Guyana, and working on the next key deliverable having started 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 65,000 ounces per year.  When this added to the production out of Nicaragua and Arizona there is a pathway to growing into a mid-tier gold producer.
 
If you have any further questions for Akiba regarding Mako Mining, then please email me at  Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Mako Mining at the time of this recording.
 
Click here for a summary of the recent news out of Mako Mining.

Brian Leni - A Deep Dive Into Hot Chili: Copper-Gold Development Potential with a Strategic Water Advantage

Brian Leni, Founder and Editor of Junior Stock Review, joins us to share his investment thesis on Hot Chili (ASX:HCH, TSX.V:HCH, OTCQX:HHLKF), a copper-gold developer in Chile with a unique value proposition.
 
While the Costa Fuego project alone justifies a higher valuation, it’s Hot Chili’s water rights that could be the game-changer according to Brian. Brian also discusses why he believes investors are overlooking Hot Chili’s optionality, and what catalysts might force the market to take notice.
 
In this interview, we cover:
The scale and economics of the Costa Fuego project (PFS outlines ~$1.2B NPV at 8%)
Why the company’s rare maritime water concession may be the most valuable asset - especially for nearby major copper assets.
The Huasco Water business, its potential IRR, and how future offtake deals could re-rate the company
Exploration upside at the La Verde Porphyry Target, where near-surface higher-grade mineralization could enhance project economics
Market valuation disconnect, share price weakness, and strategic positioning in the Atacama region of Chile
Click here to visit the Hot Chili website, and please send us your thoughts and any questions you have on the company.
 
Click here to visit the Junior Stock Review website to keep up to date on what Brian is investing in. 
 

Magna Mining – High-Grade Copper – Nickel – PGM Drill Intercepts Returned At The McCreedy West and Levack Mines

Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), joins me for an operations and exploration update at the 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.  There are currently 5 drill rigs turning between the 2 properties.
 
We kick off the conversation with a review of how production and development has been going over the last 2 months at their McCreedy West copper mine, since the company took over the operations.  We also highlight some of the recent high-grade copper – nickel – PGM assays returned from drilling at McCreedy West, announced on April 30th, that focused on the 700 Footwall Cu-PGE zone resource expansion and definition in support of mid-term production planning, and targeted areas near historical mining.
 
Highlights from the new assay results McCreedy West Mine include:
 
FNX33354: 6.8% Cu, 0.2% Ni, 7.1 g/t Pt + Pd + Au over 11.1 metres (m), including 19.5% Cu, 0.2% Ni, 16.0 g/t Pt + Pd + Au over 2.9 m
FNX33370: 3.9% Cu, 0.9% Ni, 9.4 g/t Pt + Pd + Au over 9.1 m And 3.5% Cu, 0.5% Ni, 14.6 g/t Pt + Pd + Au over 25.6 m, including 5.9% Cu, 0.7% Ni, 21.4 g/t Pt + Pd + Au over 10.2 m
 
Next we transitioned over to all the exploration focus at the past-producing Levack mine. Jason outlines the Company strategy to put out a Mine Restart Plan later this year, that will detail the development pathway for bringing the Levack Mine back into production in 2026. 
 
 Highlights from the new assay results Levack Mine include:
 
MLV-25-01-W1: 5 % Cu, 1.0% Ni, 8.4 g/t Pt + Pd + Au over 1.9 metres
MLV-25-04: 0 % Cu, 1.2% Ni, 6.7 g/t Pt + Pd + Au over 2.0 metres
 
 
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.
 
Click here to follow along with the news at Magna Mining