The KE Report

Glenn Jessome, President and CEO of Silver Tiger Metals (TSX.V:SLVR – OTCQX:SLVTF), joins me to outline the importance of the imminent Preliminary Economic Assessment (PEA) on the underground mine at their 100% owned, silver-gold El Tigre Project in Mexico. We then expand the conversation to highlight some upcoming blue-sky regional drilling that the exploration team will commence this fall around the La Protectora historic mine on trend with El Tigre. Wrapping up we also have Glenn separate the facts from the media hyperbole as it relates to mining and permitting in Mexico.
 
With the open-pit Pre-Feasibility Study (PFS) solidly in place at El Tigre, and the operations team ready to hit the ground running just as soon as the final permits are received, the focus then shifted to building towards the upcoming PEA on the underground mine. The team 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.
 
Glenn points out that during the PFS study on their open pit at El Tigre, that the 3rd-party qualified contractor noted when also reviewing their underground resources that they could add between 73-100 million more ounces simply by tightening up the drilling density in a number of areas.  We discuss the clear expansion potential beyond what will be highlighted in these initial economics.
 
Next we widened the vision of the company to their large district scale land position and how El Tigre is focused on just 2.5kms of a 20+ kilometer trend, peppered with a number of historically producing mines to both the south and the north.  The board has decided the time is right to step out and start doing regional exploration at the next key target of interest; around the La Protectora mine, located to the north of El Tigre.  Glenn mentioned that their exploration team has been on site there for the last couple months, mapping, sampling, and doing some targeting work to be able to start drilling there this Fall.
 
Wrapping up we focus on the misunderstandings from investors and the media with regards to the operational and permitting environment in Mexico, how the positive meetings between the government and mining companies have been ignored, and why the hyperbolic statements from some market commentators and the media have made a big deal about the “no new concessions” will be granted, not understanding the most mining concessions have already been granted for tens or hundreds of years now, so that won’t really matter, and doesn’t have anything to do with permitting on existing concessions.
 
 
 
If you have any follow up questions for Glenn about Silver Tiger, then please email 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
 

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out July 7th  that announced the re-logging of drill hole GD-24-280 assayed 8.31 g/t Au over 23.00 meters, including 15.69 g/t Au over 11 meters, including 37.45 g/t Au or 1.20 oz/T over 4 meters in a third rock package within the high-grade gold Bonanza Zone and Surebet Discovery on the Golddigger Property located in the Golden Triangle of British Columbia. This leads to a larger discussion about prior press releases related to the overall 75 hole relogging program, and then the early visual results from the ongoing, 60,000 meters of new drilling, which will be the largest exploration program to date.
 
The increase to this year’s early exploration focus on relogging these holes is in light of the newly discovered widespread abundant visible gold seen with the naked eye in multiple reduced intrusion related gold (RIRG) dykes, as well as in the calc-silicate altered breccia which now means there is gold in 3 distinct rock pages on the property.  Roger describes the news release from back on June 23rd as really being the roadmap of what to expect as anticipated previously drill holes of interest and highlights a number of holes that are pending assays back from the lab. This re-logging initiative of core drilled between 2021 – 2024 is significantly expanding the area of strong gold potential, and takes the number of holes that have now intercepted ‘visible gold’ up to 94%.
 
Then we shifted over to the larger 60,000 meter drill program that is currently underway and still at the early stages, but Roger highlights the press release from July 2nd, where dill hole# GD-25-302 intersected 6 occurrences of gold visible to the naked eye within a 96.50 meter mineralized interval from 89.50 meters to 186.00 meters within sulphide rich calc-silicate veins in altered andesite with high density veining. This hole is still in progress and is the first deep hole drilled on Surebet designed to go to a depth of 1,000 meters to test the area believed to have strong potential to contain the Motherlode magmatic source responsible for the 1.8 km2 area of high-grade gold mineralization that remains wide open at the Surebet Discovery; assays are pending for drill hole GD-25-302.
 
There will be a flood of assays coming in from both the relogging initiative, as well as the new holes being drilled this season, so click on the link down below to follow along with all the news from the Company as it hits the newswires.
 
 
If you have any questions for Roger about Goliath Resources, then please email me at Shad@kereport.com and then we’ll get those answered or covered in a future interviews.
 
In full disclosure, Shad is a shareholder of Goliath Resources 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 Goliath Resources

President and CEO of Banyan Gold (TSX.V:BY - OTCQB:BYAGF), Tara Christie returns to discuss the updated Mineral Resource Estimate at the AurMac Project in the Yukon.
Key Milestone: Over 2.27 million ounces of gold converted to the Indicated category at 0.63 g/t Au, marking a major step forward in project de-risking ahead of a planned PEA in Q4.
Tara breaks down:
The significance of the conversion from Inferred to Indicated resources
Higher-grade zones emerging at both the Powerline and Airstrip deposits
The strategic 30,000-meter drill program underway, with ~60 holes still to report
Exploration upside, starter pit potential, and progress on metallurgical test work
Cash position ($18M) and funding through the PEA and winter drilling
For follow-up questions for Tara, leave a comment or contact us directly. My email address is Fleck@kereport.com. 
Click here to visit the Banyan Gold website.

Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the final set of assay results released from its Resource Expansion Program showing significant width and high-grade silver and gold drill intercepts in step-out drilling at its 100% owned Tonopah West Project in Nevada, United States.  
 
Blackrock's resource expansion program at Tonopah West, which commenced in September 2024, consisted of 18 drillholes totalling 10,802 meters (35,438 feet) of drilling, targeted expansion potential along a one-kilometer northwest trend between the Denver-Paymaster and Bermuda-Merten vein groups ("DPB") south resource area and the Northwest (NW) Step Out resource area.
 
HIGHLIGHTS:
 
TXC25-144 cut 10.12 metres grading 467 grams per tonne (g/t) silver equivalent (AgEq) (283 g/t silver (Ag) & 2 g/t gold (Au)), including 3.51 metres of 1,020 g/t AgEq (620 g/t Ag & 4.43 g/t Au);
TXC25-145 encountered multiple zones of high-grade mineralization which included 0.67 metres of 3,264 g/t AgEq (2,008 g/t Ag & 13.93 g/t Au) within 11.58 metres grading 327 g/t AgEq (186 g/t Ag & 1.56 g/t Au) and 2.32 metres grading 401 g/t AgEq (242 g/t Ag & 1.76 g/t Au);
TXC25-153 drilled 0.7 metres of 724 g/t AgEq (437 g/t Ag & 3.18 g/t Au) within 5.73 metres of 156 g/t AgEq (96 g/t Ag & 0.67 g/t Au);
Step-out drilling has established continuity of high-grade gold & silver mineralization over significant widths that runs 500 metres along drill-defined strike from the existing DPB resource shell to the northwest; and
Targeting is now underway to bridge mineralization on remaining 500 metres of vein corridor to NW Step Out resource area.
 
We review that in addition to higher confidence ounces, where there is now tighter drill spacing and ounces are going to be moving into the measured and indicated categories from inferred, that the resources will be growing in size, raising the overall high-grade deposit to even higher average grades, and there is more up-dip mineralization that will be factoring into the early year economics of the Project.  
 
These various data points will be incorporated into the upcoming updated resource estimate incorporating the M&I drilling due out by September, and then there will be a second resource update early next year that incorporates all the expansion drilling towards the NorthWest Step Out, and the Eastern Expansion area off DPB South towards the Ohio mine area.   After both resources have been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA.
 
We wrap up discussing the larger vision to get permitted to go underground and start working a trial mining study, where the bulk sample should be sizeable, and will verify assumptions on geology, ground conditions, recovery rates, and will be a payable event from the processed mineralized material.  These various catalysts are all opportunities for the company to rerate higher, in addition to just rerating more in alignment with the metrics the handful of other high-grade silver peers are receiving at present.
 
 
If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at Shad@kereport.com.
 
In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.
 
Click here to visit the Blackrock Silver website to read over the recent news we discussed.

Ken MacLeod, President and CEO of Sonoro Gold Corp (TSXV: SGO) (OTCQB: SMOFF), joins me to review the value proposition for their flagship Cerro Caliche Gold Project, and the exploration and development initiatives to move it into open-pit gold and silver production within ~12 months of receiving their final permit in Mexico.
 
This 1,400-hectare property confirms a broadly mineralized low-sulphidation epithermal vein structure and over 25 northwest-trending gold mineralized zones along trend and near surface. With only 30% of the property’s identified mineralized zones drilled and assayed, the Company filed an updated Mineral Resource Estimate (MRE) in March 2023 based on a total 55,360 meters of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.
 
In October 2023, the Company filed a new Preliminary Economic Assessment (PEA) demonstrating the potential viability for a 9-year open pit, heap leach mining operation. Using a gold price of US $1,800 per ounce, the project has an after-tax net present value discounted at 5% (“NPV5”) of US $47.7M and an Internal Rate of Return (“IRR”) of 45%. Using a gold price of US $2,000 per ounce, the project has an after-tax NPV5 of US $77M and an IRR of 63%.  We discussed that with precious metals prices so much higher that the project has grown in value considerably, and the Company is working on an updated PEA for Q3 of this year, factoring in the ability to bring in material previously sterilized, and the cost efficiencies of the higher gold and silver prices.
 
Ken reviews the potential for resource expansion once the mine is in production, funded through organic revenue generation.  We also discussed the bench strength and experience of the management team and board, the strong inside ownership and separate the signal from all the media noise as it relates to permitting in Mexico and their anticipated receipt of their MIA for environmental impact later this year.
 
 
If you have questions for Ken regarding Sonoro Gold, then please email those into to me at Shad@kereport.com.
 
Click here to follow the latest news on Sonoro Gold

Craig Hemke, founder and editor of TF Metals Report, joins us for a timely discussion ahead of the July 9th tariff deadline. We open with expectations around the expiration of the 90-day tariff pause and examine whether a renewed trade war could trigger short-term volatility, or present another "buy the dip" opportunity for metals.
Gold and silver may have more room to run, but will a falling dollar and global demand keep fueling this bull market?
Topics covered include:
The fading impact of geopolitical risks on gold
Institutional momentum and quarterly breakout trends in gold and silver
Why silver’s recent breakout above $35 could be the start of a bigger move
The role of the falling U.S. dollar and surging M2 money supply
What sideways gold prices mean for miners, M&A, and re-rated project economics
Differentiating between long-term secular trends and short-term policy noise
Could we be entering a broader reflationary environment, with capital finally flowing into commodity equities?
Click here to visit Craig’s website - TF Metals Report

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that has his attention in the corporate news and strategies from 4 gold and silver exploration companies that have also seen participation from large strategic investors in their most recent financings.
 
  >> The companies we discussed in the interview are:
 
 
Goliath Resources Ltd (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)
Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0)
Valkea Resources Corp. (TSXV: OZ) (OTCQB: OZBKF)
First Nordic Metals Corp. (TSXV: FNM) (FNSE: FNMC SDB) (OTCQB: FNMCF) (FRA: HEG0)
 
 
* In full disclosure, some 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.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website

With the first half of 2025 now in the books, on this Weekend’s Show we conduct a mid-year review of the resource sector. Joe Mazumdar of Exploration Insights and Dave Erfle of Junior Miner Junky break down what’s driving metals prices, why equities are outperforming, and whether the junior rally has legs. From gold’s momentum to copper’s supply crunch, this episode maps the capital rotation underway.
 
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 - Joe Mazumdar, editor of Exploration Insights, joins the KE Report to recap a strong first half of 2025 for the resource sector, led by gold equities, platinum, uranium, and copper. He discusses how rising metal prices and widening margins boosted performance, while juniors ramped up drilling thanks to renewed financing. Despite this strength, developers remain undervalued, with M&A activity slowly returning, driven mainly by intermediates seeking near-term production.
Click here to visit the Exploration Insights website to follow along with Joe. 
 
Segment 3 & 4 - Dave Erfle, founder and editor of The Junior Miner Junky, joins us for a mid-year recap focused on precious metals, highlighting the drivers behind gold’s 25% surge in the first half of 2025 and the growing investor rotation into silver and junior mining stocks. He emphasizes the weakening U.S. dollar, sovereign debt concerns, and strong central bank gold buying as catalysts, while noting gold equities' outperformance, rising silver momentum, and even renewed investor interest in copper amid a potential stagflationary environment.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 
 

In this KE Report daily editorial, Marc Chandler, Managing Partner at Bannockburn Global Forex and Editor of the Marc to Market blog joins to dive into the surprising U.S. jobs data and what it means for Fed policy, the U.S. dollar, and global markets.
Jobs Report Surprise: The June nonfarm payrolls rose by 147,000, defying expectations of a weaker print. While headline numbers were stronger, falling labor force participation and softer hourly earnings point to a gradually slowing labor market.
Fed Rate Cut Outlook: The data pushed back market confidence in a July rate cut and weakened expectations for a September move. Marc still sees a September cut as most likely - especially with slowing economic growth and tariff policy uncertainty on the horizon.
Tariffs, Tax Cuts & the Deficit: We discuss the looming July 9th tariff deadline, the new tax bill’s impact on deficits, and the long-term consequences of structurally high U.S. spending. Marc flags growing concerns over who will fund future U.S. debt and how markets may eventually react.
Dollar Under Pressure: The dollar’s downtrend may continue as the Fed lags behind other central banks in easing. With most global central banks front-loading rate cuts, U.S. divergence could weigh on the greenback.
Trickle-Down Tensions: Can Reagan-era tax cut logic still hold in today’s economy? Marc challenges the trickle-down narrative, pointing to rising inequality and persistent fiscal imbalances.
Click here to visit Marc’s site - Marc To Market. 

Ali Haji, CEO of American Tungsten Corp. (CSE:TUNG) (OTCQB:DEMRF) (FSE:RK9), joins me to introduce the exploration and development company focused on bringing onshore tungsten mining and production capabilities to the United States through its derisked past-producing IMA Mine in Idaho.
 
We start off discussing the dynamics around this strategic defense metal, where the majority of tungsten supply is controlled by China, and is a necessary component in a wide array of defense applications, including but not limited to the production of ammunition, armored equipment, artillery, and space exploration. Today, tungsten is a classified critical metal by the U.S Department of Defense due to its strategic military importance, lack of domestic production capabilities, and growing tensions with China; in November 2024, China announced a global ban on all of its tungsten exports
 
Next we shifted over to the tungsten, molybdenum, and silver resources in place and the infrastructure advantages of the IMA Mine as an advanced, past producing brownfields site, located on patented mining claims in Idaho. There has been a substantial amount of capital has spent over many years to advance and build the project by various mining companies, including the Bradley Mining Company, Inspiration Development Co. (subsidiary of Anglo American PLC), and American Metal Climax. There is solid infrastructure including roads, tier-1 low-cost power supply, water rights, and a mining-oriented labor force nearby, which can help fast-track this project back into production, with a low capex anticipated to be ~$20 Million.
 
There is planned 6,000 foot drilling program for this summer, to expand the  tungsten, molybdenum, and silver mineral resources, and this will be utilized for an updated Resource Estimate, and the upcoming Preliminary Economic Assessment (PEA) due out later this year. The company will also be conducting a trial mining and bulk sample exercise where mineralized material will be shipped to 2 different smelters for processing, and will also bring in non-dilutive capital to the company.  Ali highlights that all these factors demonstrate the potential for a readily permittable short-term, small scale tungsten production operation of around 500 tonnes-per-day to start with as soon as 12 months out.
 
Wrapping up, we focused on Ali’s professional background, and the experience of members of the management team and board, as well as the financial health of the company. The company has a financing in place to fund the immediate financial needs for this year’s exploration and derisking work, and is pursuing the debt package for the capex needed to rehabilitate the mine and move it back into production.  Additionally, there is the opportunity to secure key strategic partnerships and non-dilutive financing with the U.S. Department of Defense,  Department of Energy, and Defense Advanced Research Projects Agency and those discussions have begun and applications are being filed.
 
If you have any questions for Ali regarding American Tungsten, then please email those in to me at Shad@kereport.com.
 
Click here to follow the latest news from American Tungsten