The KE Report

Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Hodge Family Office, joins us for a longer-format discussion on and the macro and micro themes that are continuing to create volatility in the general equities, bonds, and commodities market, and how he has been using these moves to position in oil, copper, nuclear, uranium, and rare earths stocks.
 
We start off reviewing themes touched upon in our prior discussion where Nick reiterated his stance that general US equity markets would rebound, and that we are not seeing macroeconomic data that is signaling a dive into an immediate recession or depression.  He outlines how there has been improved GDP estimates for Q2 over Q1 and expects that trend to continue.  We’ve seen inflation ticking up modestly on the back of stronger commodities prices and when that has been paired with the outperformance of the industrials sector, these foreshadow more economic expansion and growth on tap for later in this year, albeit, after a potential summer slowdown.  We talk how the markets so overreacted in the tariff tantrums a couple of months ago, and that despite the pause in the reciprocal tariffs coming off in 2 weeks, that the market is not being as reactionary and has had steady progress to the upside.  
 
Nick remains bullish on oil & gas, copper, nuclear, uranium, and rare earth stocks because is anticipated a continued reflationary trade across the commodities complex.  for fundamental reasons as well as recent pricing strength momentum.  He noted again playing domestic copper and base metals production through companies like Freeport-McMoRan Inc. (NYSE: FCX); he was also active last year and early this year putting capital to work in junior copper exploration companies.
 
Shifting over to all the macro tailwinds in the nuclear and uranium sector, we discuss the 4 new Trump administration executive orders on the nuclear industry, the new reactor builds announced in New York, Great Britain, the capital being raised by SMR companies including Bill Gates TerraPower, and the further announcements from large technology companies like Meta that is going to partner with Constellation to source more nuclear power to fuel their digital futures.  Nick outlines that while small modular reactor stocks like NuScale Power Corporation (NYSE: SMR), Nano Nuclear Energy Inc (NYSE: NNE), and Oklo Inc (NYSE: OKLO) have surged, that he believes it will be the companies that can supply the market with the necessary nuclear fuel, uranium, that he is most constructive on for future value appreciation. 
 
He mentioned using the sector pullback a couple of months back to add to his position in the junior uranium mining ETF (URNJ) and that he is maintaining positions in Energy Fuels Inc. (TSX: EFR) (NYSE American: UUUU) and Denison Mines Corp. (TSX: DML) (NYSE American: DNN), while researching companies like IsoEnergy Ltd. (NYSE American: ISOU) (TSX: ISO) and Homeland Uranium Corp. (TSXV: HLU) (OTCQB: HLUCF) as domestic North American companies that can benefit from the coming price response to the clear supply/demand imbalances in the market.
 
The discussion on Energy Fuels, also brings in their exposure to producing rare earths, and how this is still a part of the commodities sector that he remains bullish on moving forward.  Nick reminds listeners of one of the ways he has been playing rare earths recycling through a position in CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF), and how this position has been performing quite well over the last few months.
 
Click here to follow Nick’s analysis and publications over at Digest Publishing

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the news out today on June 25th  that announced the Company had increased its largest drill program to date, now totaling 60,000 meters with 9 rigs, that is 100% focused on the extensive Surebet high-grade gold discovery on the Golddigger Property located in the Golden Triangle of British Columbia. 
 
The increase to this year’s exploration focus 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 during the re-logging initiative of core drilled between 2021 – 2024 that significantly expands the area of strong gold potential. We discussed that the bigger drill program is also focused on following up on the positive results from the 2024 drill season, that tapped into even more higher-grade sheer zones at depth, and which has greatly improved the understanding of this large mineralized system that remains open for expansion in all directions.
 
Over the last 2 months the exploration team went through the process of relogging prior year’s drill core, based on the conclusions from the Colorado School Of Mines geological study which confirmed a common causative Reduced Intrusion Related Gold (RIRG) source at the Surebet discovery. On June 23rd, the Company announced Drill hole GD-22-64, which assayed 6.31 g/t AuEq Over 14.35 meters, including 11.36 g/t AuEq Over 7.85 meters from a gold-rich intrusive feeder dyke and this was the first result of 75 drill holes relogged, many of which contain gold visible to the naked eye over broad intervals identified in 2025 so far.
 
 Armed with this understanding that dykes found on the Project have the potential to be mineralized with this intrusive style of gold, this changes how to interpret prior drilling, and how to move forward now drilling through those dykes into other mineralized horizons instead of avoiding them. Roger highlights the tremendous untapped discovery potential at the Golddigger Project in the Golden Triangle of British Columbia.
 
Wrapping up we discussed the news released on June 18th, which announced that in addition to the bought deal financing that closed earlier in the month of 7,256,500 common shares of the Company at a price of C$3.17 per Charity Flow-Through Share for gross proceeds of C$23,003,103, that it has also closed a concurrent non-brokered financing of 1,281,545 Charity Flow-Through Shares priced at C$3.17 for gross proceeds of C$4,062,500 for a combined total of C$27,065,605 raised for the Company.
 
 
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

Dave Erfle, founder and editor of Junior Miner Junky, joins us for a discussion on the precious metals sector amid intense geopolitical volatility and Q2 market positioning.
 
Oil prices spiked and reversed sharply on Middle East tensions, but gold remained impressively resilient near all-time highs. Dave shares his technical outlook on gold, silver, and the miners (GDX & GDXJ), along with insights on broader market sentiment as Q2 comes to a close.
 
Key themes covered:
How markets are pricing in the war premium in oil and gold
Gold holding strong above $3,300 with limited geopolitical spikes
GDX and GDXJ gap fills and why buyers stepped in fast
Silver’s breakout retest and the importance of the $35 level
Why Newmont’s leadership could signal growing generalist interest
Looking ahead to Q2 earnings: are bullish surprises still possible?
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

Dave Erfle, founder and editor of Junior Miner Junky, joins us for a discussion on the precious metals sector amid intense geopolitical volatility and Q2 market positioning.
 
Oil prices spiked and reversed sharply on Middle East tensions, but gold remained impressively resilient near all-time highs. Dave shares his technical outlook on gold, silver, and the miners (GDX & GDXJ), along with insights on broader market sentiment as Q2 comes to a close.
 
Key themes covered:
How markets are pricing in the war premium in oil and gold
Gold holding strong above $3,300 with limited geopolitical spikes
GDX and GDXJ gap fills and why buyers stepped in fast
Silver’s breakout retest and the importance of the $35 level
Why Newmont’s leadership could signal growing generalist interest
Looking ahead to Q2 earnings: are bullish surprises still possible?
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter. 

In this KE Report daily editorial, I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who provides a trading desk perspective on the latest price action, positioning, and macro signals across the energy, copper, and precious metals markets.
- Energy volatility dominates June - from geopolitical spikes to bearish fundamentals.- Copper holds firm above $4 with physical market dislocations and tariff pricing.- Gold consolidates near record highs as silver plays catch-up.
Key Discussion Highlights:
Energy Markets: Oil spiked on Middle East tensions but quickly reversed on news of a ceasefire. Darrell highlights that despite short-term risk premiums, the WTI forward curve remains anchored around $62, reflecting ongoing bearish fundamentals like rising global inventories and weakening demand. US rig counts are at multi-year lows, but no supply shock is expected yet.
Natural Gas: A short-lived surge on heatwave-driven demand brought prices above $4, but markets have now converged back toward $3.50. Darrell notes a balanced setup, supported by increasing LNG flows and long-term support from Calendar 2026 pricing around $4.40.
Copper: The metal continues to trade strongly just below $5/lb. Physical flows into COMEX are pushing spreads higher, with LME inventories falling and tariff expectations leading to a 10-15% price premium. Large copper miners like Freeport and BHP are rebounding, but still lag copper’s year-to-date performance.
Precious Metals: Gold is flat for the month but remains near record highs, while silver is up 7% in June and closing the performance gap. Darrell maintains a bullish view on gold due to debt concerns, a weakening USD, and potential Fed rate cuts. Silver, while less of a pure monetary asset, shows strong industrial demand and momentum.
US Dollar & Macro Impact: A falling USD (down ~10% YTD) is generally supportive of commodities, but Darrell points out the correlation is looser than in the past. He sees continued pressure on the greenback from fiscal concerns and rate cut expectations.

In this KE Report company update, we welcome back David Stein, President and CEO of Kuya Silver, to discuss the company’s recently announced $5 million Letter of Intent (LOI) with the newly launched royalty company, Silver Crown Royalties.
This deal brings in $3 million USD in cash and $2 million in Silver Crown shares, structured around a sliding-scale silver royalty at Kuya's flagship Bethania Silver Project in Peru:
Initial 4.5% royalty on 475,000 ounces of silver
Reduces to 1% royalty on silver production for the life of mine
David explains why this is a strategic, non-dilutive financing that provides significant near-term and long-term value. The cash infusion could accelerate ramp-up plans beyond the current 100 tpd target, support earlier-stage exploration, and strengthen the company’s position in the silver development space.
 
Key highlights from the interview:
No cap on silver upside: Only silver is subject to the royalty, leaving byproduct revenue untouched, and the royalty steps down after initial ounces delivered
Operational ramp-up underway: Strong May production points to Q2 improvements, with operational updates to be issued quarterly
Exploration upside: Focus remains on expanding known veins at depth from underground drilling, with low-cost/high-impact targets prioritized
David also shares why Kuya chose to take an equity stake in Silver Crown, gaining early exposure to a pure-play silver royalty company.
 
If you have any follow up questions for David please email me at Fleck@kereport.com.
Click here to visit the Kuya Silver website.

Paul Huet, CEO and Chairman of Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS), joined me for a comprehensive overview of their producing Galena Complex, located in Idaho, USA; and the Cosalá Operations, located in Sinaloa, Mexico.  We got into their plans for growth in both areas operationally and through exploration, the ability to add in antimony, copper, and gold credits to their primary silver production, new investments in equipment at site, and new members of the management team and board.
 
News was announced on October 9th, (and closed in December) of 2024, that the Company acquired 100% ownership at the Galena Complex, in a transaction with Sprott and a new Paul Huet-led management team was put in place, further strengthening its position as a leading silver producer. Sprott is now the largest shareholder in the company, holding a ~20% interest.  
 
We started off unpacking how this was a key transformation for the company giving it the full torque to higher silver prices, now that it has 100% ownership at Galena.  The company has many ongoing initiatives to ramp up production here investing in a fleet of new mobile equipment, an upcoming project to upgrade the hoist at the No. 3 shaft in Q4, the move to Long Hole Stoping as a mining method, the capacity at their 2 mill to accept larger amounts of throughput as mining expands, and the incorporation of new management and operational personnel.  On May 15th the Company also announced promising results from recent metallurgical testing, confirming high recoveries of antimony alongside strong silver and copper recoveries from ore currently being processed.  Until recently the company was not getting paid for antimony or copper, but that will be changing based on a new off-take agreement recently signed.
 
This transitioned the conversation over to the news out on June 3rd, which announced the arrangement of a US$100 million of senior secured debt facility to be provided by a third party to be used primarily to fund growth and development capital spending at the Galena Complex. The US$100 million Term Loan Facility consists of three tranches: a term loan with proceeds of US$50 million that will be advanced at closing, and two additional tranches of US$25 million.  In tandem with this news, Americas Gold and Silver also announced it had entered into an offtake agreement with Ocean Partners USA Inc. for treatment of up to 100% of the concentrates from the Company’s Galena Complex at Teck Resources Limited’s Trail Operations in Trail British Columbia, one of the world’s largest fully-integrated zinc, lead and critical metals complexes. Paul outlined how this will allow the Company to both aggressively pursue their aforementioned capital development spending at the Galena Complex and further strengthen their balance sheet.
 
Next we shifted down to the Cosalá Operations in Mexico, with the operating San Rafael and El Cajon mines, which has been critical to getting the company through tougher markets over the years.   The Company is investing in exploration to extend the San Rafael mine, and importantly tunneling over into a new area of the El Cajon mine called the EC120 mine, which will now see increased silver production in the years to come. This brought up the point that this company is one of the few North American silver-focused producers with the objective of over 80% of its revenue generated from silver by the end of 2025.
 
We wrapped up reviewing a number of other key management and board members backgrounds, many of which having been part of the successful turn-around and expansion of Klondex Mines and Karora Resource before they were taken over by senior producers.  We also touched upon the new financial strength of their balance sheet, the influx of strong institutional support, and the key catalysts on tap for the balance of this year and moving into next year.
 
If you have any questions for Paul regarding Americas Gold and Silver, then please email those to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Americas Gold and Silver 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 Americas Gold and Silver

Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that caught his attention in the news from 3 earlier-stage gold, silver, and base metals exploration companies.  These explorers are going after drill targets on large potential Tier-1 deposits that would be of interest to senior producers if discoveries are made.
 
 >> The companies we discussed in the interview are:
 
FinEx Metals Ltd. (TSX-V: FINX)
Rackla Metals Inc. (TSX-V: RAK) (OTC: RMETF)
Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF)
 
 
* 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

In this KE Report Daily Editorial, we’re joined by Craig Hemke, founder and editor of TFMetalsReport.com, for a timely and wide-ranging discussion on the intersection of geopolitics, precious metals, the US dollar, and mining equities.
 
We kick things off with the surprising market reaction to US missile strikes in Iran - including the sharp reversal in oil prices and the perception that escalation may be de-escalating. Craig explains why weekend geopolitical events often produce less market volatility by the time trading resumes, and how this specific event might mirror the short-lived Israel-Iran tensions from late 2024.
 
We then shift focus to the precious metals markets, where:
The US Dollar Index hovering at 98 is acting as a pivotal level. A breakdown toward 96 could serve as a tailwind for both gold and silver, with gold already consolidating around $3,400.
Craig sees signs of a summer rally for precious metals, especially if the dollar weakens further.
Silver backwardation and contract rollovers are creating short-term volatility, particularly with July contracts nearing expiration.
A strong monthly and quarterly close for silver could set the stage for a technical breakout.
On the mining equities side:
Craig notes Newmont (NEM) is up ~50% YTD but still lagging more efficient operators.
He expects a positive Q2 earnings season for miners, driven by significantly higher average gold and silver prices.
However, not all equities will benefit equally. Craig emphasizes focusing on companies with low all-in sustaining costs, wide margins, and disciplined cost controls.
He also sees last week’s weakness in GDX as potentially related to NYSE options expiration and short-term oil price fears—not a broader trend reversal.
We also preview Fed Chair Powell’s congressional testimony and the mixed signals from the FOMC dot plot, as well as the uncertainty created by potential tariff reinstatements under Trump.
Follow Craig’s work at TFMetalsReport.com

This webinar was recorded live on June 19th. Alex Wylie, President and CEO of Volt Lithium (TSX.V:VLT - OTCQB: VLTLF), soon to be Liberty Stream Infrastructure Partners, joined me to field your questions. 
 
If you have any follow up questions for Alex please email me at Fleck@kereport.com. 
 
Click here to visit the Volt Lithium website.