The KE Report

We’re joined by Jordan Roy-Byrne, CMT, MFTA, Editor and Publisher of The Daily Gold, for an in-depth look at short-term risks and long-term opportunities in the precious metals space.
Jordan kicks off with a cautionary technical read: major ETFs like GDX, GDXJ, and HUI are flashing overbought signals across all key moving averages. Despite this, he points out that not all stocks are stretched, especially among select juniors, which are just beginning to move.
We then dive into:
Rotation into juniors and silver stocks, with Jordan’s proprietary junior silver index up 83% in just two months
Silver’s breakout above $35 and upside targets toward $41, including key resistance and closing levels to watch
A historical analog of gold bull markets, comparing today’s setup to the explosive 1970s and the slower 2005 cycle
Why Jordan believes $4,500+ gold is possible, and how to manage the cyclical corrections likely to occur along the way
The importance of individual stock selection and timely trimming as volatility increases in a true bull market
Jordan also highlights a critical takeaway: bull markets reward active management, and identifying which stocks still offer value will be key as momentum rotates.
For exclusive stock picks and deeper analysis, visit TheDailyGold.com.

Jim McDonald, President and CEO of Kootenay Silver (TSX.V:KTN – OTCQX: KOOYF), joins me to unpack the news out June 17th announcing the completion of the high-grade maiden Mineral Resource Estimate on its 100%-owned Columba Silver Project, located in Chihuahua, Mexico.
 
Key takeaways from this Maiden Mineral Resource Estimate at the Columba Project:
 
54.1 Moz of silver, 25.2 Mlbs of lead, and 65.6 Mlbs of zinc (Inferred category)
5.92 Mt grading 284 gpt silver, 0.19% lead, and 0.50% zinc
All the mineralized veins remain wide open to expansion along strike, to depth or both.
Vein continuity is excellent
5 to 6 meters Vein width average across all zones
Silver grades are excellent across the mineralized structures
 
 We discuss the benefit of the 54 million ounce resource being in pure silver, but also still having extra lead and zinc mineralization above the headline number. Jim mentions that some areas of mineralization at depth may lend to higher pockets of base metals and will be explored with future drilling.   With regards to the silver mineralization having the average grade of 284 grams per tonne (gpt), Jim puts this in context with other silver mines in Mexico and globally that are in production at much lower levels, and this is why the company used a 150 gpt economic mining cutoff grade for this resource.
 
The Company will continue with step out drilling of several kilometers of undrilled veins, as well as selective infill on wide-spaced intervals on the known D, B, F, I, and Lupe veins. Jim highlights that their exploration team has designed an additional 50,000 meters of drilling planned at Columba, with the first 20,000 to 30,000 meters focused on expanding the known resource.
 
Jim also compares Columba’s wide, high-grade intercepts to the other more bulk-tonnage  resources that the Company has in their portfolio of other projects, outlining  this being Kootenay’s most promising project to date; but also pointing out that Kootenay Silver’s combined resources at all projects is well over 300 million ounces of silver equivalent, and should have good leverage to rising underlying metals prices.
 
If you have any follow up questions for Jim please comment below or email us at Fleck@kereport.com or Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Kootenay 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 Kootenay Silver

In this Daily Editorial, I’m joined by Mike Larson, Editor-in-Chief at MoneyShow, to dissect what’s moving the markets. With oil spiking back into its multi-year price range and gold consolidating near record highs, Mike walks us through the interplay of geopolitical risk, central bank policy, and investor sentiment.
 
Key discussion topics:
Oil rebounds on Israel-Iran conflict: Crude jumps from $67 to $75 as tensions escalate. Mike explains why the market remains balanced, not overheated, thanks to U.S. supply strength and strategic OPEC+ maneuvering.
Gold’s leadership and the broadening metals rally: Gold remains strong, but silver, platinum, and copper are joining the move. Mike outlines why the rotation across metals is a sign of deeper institutional interest, not just safe-haven buying.
Macro market limbo: With the S&P 500 hovering around 6,000 and little Fed action expected until fall, Mike explains why investors are still stuck in a “wait and see” mode watching for real policy movement from DC or further global catalysts.
Trade deals and tariff noise: Despite headlines, Mike argues that many recent "deals" are more political theater than substance, leaving global markets largely unchanged.
Plus, Mike shares how new investors, many coming from crypto and tech, are starting to show interest in metals and miners, marking a possible shift in capital allocation.
 
Click here to find out about the upcoming MoneyShow conferences. 

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU), both join me to review the news released on June 17th, announcing a 3,000-meter summer drilling program targeting the Hurricane and Cyclone trends on the Murphy Lake North, which contains up to 2 kilometers strike length of the extension of geology underpinning the Hurricane deposit.
 
Murphy Lake North is a joint venture between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest, and Denison will fund its portion of this upcoming program to retain a 30% interest in the Murphy Lake North Joint Venture..
 
Highlights of summer exploration program:
 
Largest drill program to date on the Project with a planned 3,000m in 7-8 drill holes
Drilling at the Hurricane trend will follow up significant sandstone alteration and structure intersected during the winter 2025 drill program. The final drill hole from that program intersected a significant zone of sandstone-hosted alteration and structure, overshooting optimal target by 25 metres; zone is open along strike in both directions.
Drilling at the sub-parallel Cyclone trend to the south will follow up sandstone alteration and continue evaluation of the eastern extension of over 5 kilometres of untested conductive strike
 
Andy walks us through the extension of the Hurricane Trend, where the historic exploration holes were drilled, and where the 4 drill holes from the winter drill program were located. Not only did they find the right faulting and geological structure, but they also found the alteration zone in the sandstone that tells them they are vectoring in on the right areas. He went on to highlight that with the increase in exploration along the Larocque Lake corridor post-2018, the parallel Cyclone trend has quickly become one of the most prospective and underexplored conductive trends in the eastern Athabasca.
 
The Company is also pleased to provide an update on its 70% owned Darby project, also in a JV with Denison, located 10 kilometres west of Cameco’s Cigar Lake uranium mine.
Cosa’s reinterpretation of historical data has flagged the 95B, 96D, and 4A conductive trends as initial high-priority exploration targets within the Darby Project.
Relogging historical core at Darby to confirm and identify compelling drill ready targets developed from desktop interpretations of historical work
 
We also had Andy touch upon the recent news from May 28th which reported results from the ambient noise tomography (“ANT”) surveys at the Company’s 100% owned Ursa and Orion uranium projects in the Athabasca Basin, Saskatchewan. Target areas characterized by kilometre-scale ANT velocity anomalies that span the unconformity have been identified at Ursa and Orion and may reflect significant uranium bearing hydrothermal systems. Drilling on trend with all target areas has intersected weak uranium mineralization, altered and geochemically enriched structural zones, and graphitic basement rocks; features consistently found near all tier-1 deposits in the eastern Athabasca Basin
 
Keith wraps us up covering the fundamental strength of their larger portfolio of projects, along with the financial strength of the company, which is well-funded to proceed with their summer drill program and initiatives on other properties.
 
 
If you have any questions for Keith or Andy regarding Cosa Resources, then please email them in to me at Shad@kereport.com.
 
Click here to follow the most recent news from Cosa Resources

Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update on all derisking work and development work that is building towards a Pre-Feasibility Study (PFS), including the excellent metallurgical results released today at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.
 
We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) released in June 2023.
 
The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category.   Leif highlights that there has a been a fair bit of infill drilling completed over the last 2 years where more ounces will be moving from the inferred category and into the measured and indicated category when it gets updated along with the coming PFS.
 
The 2023 PEA outlined a base case after-tax NPV8% of C$2.1 billion and IRR of 20% based on long-term commodity price assumptions of US$4.00/lb copper, US$15.00/lb molybdenum, US$23/oz silver, and US$1,800/oz gold plus foreign exchange of 0.77 USDCAD.  There is a projected 30-year mine life with total payable production of 5.8 billion pounds (2.6 million tonnes) of copper equivalent (CuEq), including 3.7 billion pounds (1.7 million tonnes) of copper. 
 
Leif outlines that these economic metrics will see marked improvements in the upcoming PFS, based on a few different factors.  The larger amount of resources in the indicated category will be a factor, as will the the geotechnical drilling showing the potential for steeper pit walls, and the inclusion of mineralization previously below the pit shell from that 2023 study.  The conversation then shifted to the recent successful metallurgical tests that demonstrated improved recoveries for copper and molybdenum into the bulk concentrate, as well as the separation into the separate copper and moly concentrates.
 
Highlights of the metallurgical testing:
 
27 variability composites tested, covering all major rock and alteration types spatially distributed across all areas and depths of the proposed open pit
Over 60 flotation tests conducted to optimize parameters and improve recoveries
Locked cycle testing achieved up to 90.7% Cu and 93.0% Mo recovery to bulk concentrate grading 29.7% Cu
Excellent copper-molybdenum separation confirmed, with Mo recoveries of 94.6% and 95.6% from bulk concentrates across the main hypogene and supergene composites respectively
 
Wrapping up we discussed a number of factors from what the permitting process will look like, the potential for government funding for critical minerals projects in British Columbia and Canada, the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of, and how the size and scale of the Berg stacks up to other large copper development assets in Canada.
 
If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at Shad@kereport.com.
 
In full disclosure, Shad is a shareholder of Surge Copper 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 Surge Copper

In this episode of the KE Report, we reconnect with Jim Tassoni, CEO of Armor Wealth Strategies, for a comprehensive momentum-focused outlook across key markets - including silver, gold, U.S. equities, bonds, and energy. As an active trader, Jim shares what he's trading now, where he's raising stops, and how he's navigating risk in these markets.
 
Discussion highlights:
Silver momentum builds: Entry points in futures and SIL; targeting a potential move to $39–$40.
Gold stalls: Recent long position and what’s needed for upside continuation.
Equity market strength: After being “too bearish,” Jim’s now long futures and letting momentum lead.
Small caps and IWM: Half-sized position with a tight stop—cautiously optimistic.
Bond positioning: Short TLT, long shorter durations; why he avoids long-term treasuries.
Crude oil breakout: A recent win trading the spike driven by geopolitical risk.
Dollar breakdown risk: Holding a profitable USD short unless trend reverses.
Sell strategy: Why he lets the trend lead and stops manage the exit.
 
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading. 
 

Inflection Resources (CSE:AUCU - OTCQB: AUCUF) significantly expands its copper-gold exploration footprint with the acquisition of 12 early-stage projects from Newmont, spanning New South Wales and the Northern Territory.
President and CEO Alistair Waddell joins me to discuss the strategic fit of this acquisition, which includes:
11 IOCG targets in the Northern Territory - large-scale, shallow cover projects originally generated by Newcrest and lightly explored before the Newmont merger.
Bell River Project in the prolific Macquarie Arc, adjacent to some of Australia’s largest copper-gold operations.
Alistair explains why these projects align with Inflection’s focus on tier-one scale discoveries, how the company will integrate them alongside the ongoing AngloGold Ashanti exploration earn-in partnership, and what early exploration data suggests about future drill targets.
We also get an update on current drill work at the Trangie Project, where recent drilling intercepted porphyry-style mineralization, and what's ahead for other projects within and outside the AngloGold earn-in.
Key themes covered:
Strategic rationale behind acquiring Newmont’s Australian projects
Integration with existing exploration portfolio
Ongoing exploration with AngloGold Ashanti
Newsflow expectations for H2 2025
Have questions for Alistair? Send them my way, I’ll include them in future interviews - Fleck@kereport.com. 
Click here to visit the Inflection Resources website to learn more about the Company.

Craig Hemke, Founder & Editor TF Metals Report, joins us for his weekly editorial to break down the latest moves in the U.S. Dollar, the precious metals sector, and positioning in the silver market.
 
Key Themes Covered:
U.S. Dollar Breakdown: With the DXY falling below 98, approaching multi-year lows, Craig discusses how this weakness acts as a tailwind for precious metals and broader commodities. He outlines the inverse tick-for-tick trading patterns between the dollar and gold, especially during key Fed events.
Silver COT Warning Signs: Despite silver pushing above $36, Craig flags caution based on the CoT (Commitment of Traders) report positioning. Speculative interest may be topping out, creating the potential for a pullback tied to July contract expirations and positioning rollovers.
Gold/Silver Ratio Outlook: While some traders use the gold-silver ratio to toggle exposure, Craig remains focused on fundamental and technical price action. He wouldn't be surprised to see the ratio revisit 100 before silver regains momentum.
Silver Stocks Divergence: We analyze the recent disconnect between silver prices and the underperformance of silver equities like SIL and SILJ, even amid record volume. Craig discusses how shallow market depth and investor skepticism may still be suppressing upside despite stronger silver pricing.
Gold’s Long-Term Drivers: With central banks continuing to add to gold reserves and global debt exploding (e.g., $116,000/second added to U.S. debt in May alone), Craig emphasizes that fiat devaluation remains the core bullish case for gold in the years ahead.
Visit https://www.tfmetalsreport.com for more of Craig’s insightsDrop your questions in the comments and subscribe for future updates.

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 and copper 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:
 
Inflection Resources Ltd. (CSE: AUCU / OTCQB: AUCUF / FSE: 5VJ)
Westward Gold Inc. (CSE: WG, OTCQB: WGLIF, FSE: IM50)
Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) (OTCQB: KBXFF)
 
* 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.  Additionally, Shad is a shareholder of all 3 companies at the time of this recording.
 
Click here to follow Erik’s analysis over at The Hedgeless Horseman website

Doc Jones, private activist resource investor and influencer on Ceo.ca and X/Twitter, joins us for his outlook on the precious metals, critical minerals, and energy sector and the related resource stocks he is heavily positioned in his portfolio, that have had significant newsflow in the recent past towards development of their projects.
 
We start off getting the key macroeconomic factors that have him bullish on both gold and silver, and why he believes their pricing moves to the upside over this year can be maintained and continue to reach higher levels.
 
We review the newsflow and recent milestones from Omai Gold Mines (TSXV: OMG) (OTCQB: OMGGF), and the anticipated value drivers for 2025 in this gold exploration and development company operating in Guyana. He focuses in on drilling at both Wenot and Gilt Creek, and the updated resource estimate and combined economic study as coming catalysts. With regards to silver and gold exposure, he has gotten positioned in Excellon Resources Inc. (TSXV: EXN) (OTC: EXNRF) due to their recent acquisition of the past producing Mallay Silver Mine in Peru, to move it back into production. The Company is also advancing a portfolio of gold, silver and base metals assets including the Kilgore Project, an advanced gold exploration project in Idaho that has compelling economics at today’s PM prices.
 
Shifting over to critical minerals, Doc Jones highlights his long-standing interest and key portfolio position in Magna Mining (TSX.V: NICU) (OTCQB: MGMNF), which has now moved into copper production, with solid nickel and PGM co-credits at their McCreedy West Mine in Sudbury, Ontario.  Another key portfolio position in the critical minerals with copper, zinc, gold, and silver is Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF).  The company has had continued encouraging polymetallic metallurgical results and successful exploration expanding in mineralization in multiple areas at their flagship IBW Project. He also outlined that the pending legal proceedings on the Aznalcollar zinc-lead-silver Project as another potential value driver.
 
Wrapping up we shifted over to traditional energy getting his outlook on both oil and natural gas, but why he is favoring investing in Canadian nat gas companies like Peyto Exploration & Development Corp. (TSX: PEY) and Birchcliff Energy Ltd. (TSX: BIR) due to the uptick in underlying natural gas prices he is anticipating in the year to come.   He goes on to highlight the benefits of picking up energy stocks that pay investors good dividends while they are waiting for higher eventual equity prices.
 
 
*In full disclosure, Doc Jones holds a position in these companies discussed at the time of this recording, but is not compensated by any company to market them.  These are simply his views and opinions as to why he likes investing in them, but this is not investment advice. 
 
 
Click here to follow Doc Jones on Ceo.ca
 
Click here to follow Doc Jones on X/Twitter