The KE Report

By KE ReportBusiness Investing

The KE Report episodes

July 21, 2025Magna Mining – H2 2025 Guidance At Producing McCreedy West Mine, Exploration and Development At The Levack Mine, Acquisition Closed Of Portfolio Of Projects From NorthX Nickel
Jason Jessup, CEO and Director of Magna Mining (TSX.V: NICU) (OTCQX: MGMNF), joins me for a review of H2 2025 guidance and an operations update at their 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 for potential production in 2026. We also review the news out today about the closing of the acquisition of a package of development and exploration projects from NorthX Nickel Corp.

We kick off the conversation with a review of production and cost guidance for the second half of 2025 a their McCreedy West Mine.

Highlights (in USD unless otherwise stated):
Quarterly ore sales from the 700 Copper Zone are expected to be between 80,000 and 92,000 tons in the second half of 2025.
Contained copper equivalent grade expected to be between 2.9% to 3.4% in Q3 2025, and 3.8% to 4.4% in Q4 2025.
Cash costs (per copper equivalent pound) expected to be $3.85 to $4.40 in Q3 2025, reducing to $3.11 to $3.66 in Q4 2025.
AISC (per copper equivalent pound) expected to be $4.95 to $5.49 in Q3 2025 and $3.85 to $4.47 in Q4 2025.

Jason discusses the primary focus at McCreedy West for this year is really getting all the development work completed to be able to really ramp up production in a big way in 2026. The company has invested capital into underground equipment and additional development, hired additional people to support a 24-7 operation at the mine, and they are seeing the benefits of this plan materialize. The mine plan for this year is evolving, where a 3rd party contractor has been brought in to get in front of 6+ months of extra underground development, with the plan to get access to mining areas that have better grades like the area to the west of the 700 Copper Zone. Jason explains that they expect all-in sustaining costs to decrease in 2026 after concluding their accelerated capital development program and achieve our optimization goals.

There will still be ore processed each quarter, but the operations teams wants to get enough stopes opened up through development for the balance of this year to have options in accessing mineralization from different parts of the mine. We also reviewed how in addition to the high-grade copper area of the mine in the 700 Copper Zone, that there is the Intermain Nickel Zone and a Precious Metals Zone, with platinum, palladium, and gold that can be accessed down the road at the right metals prices and margins.

Next we transitioned over to all the exploration focus at the past-producing Levack mine and Jason outlines the Company strategy to keep aggressively drilling and delineating mineralization with a targeted Resource Estimate for Q3, while also continuing with engineering work to then put out a Mine Restart Plan by year end or the beginning of next year. This is all leading towards the pathway for bringing the Levack Mine back into production in 2026. Additionally, the team is still advancing similar derisking and development work at their Crean Hill Project where, depending on financial market conditions, it could be on a dual track for production in late 2026 or early 2027.

Wrapping up we reviewed a few of the exploration and development properties included in their acquisition which closed today with portfolio of properties located in the Sudbury Basin from NorthX Nickel Corp. (CSE: NIX). The NorthX properties being acquired represent 304 km2 of mineral claims, leases and patents in the Sudbury area. The acquisition of the NorthX property portfolio brings Magna's aggregate holdings in the Sudbury area to 584 km2. Several properties host known exploration targets within Sudbury Breccia units in the footwall of the Sudbury Igneous Complex (SIC), including the Wisner, Blezard, Frost Lake and Creighton South properties. The Wisner property historically produced 295,000 tonnes grading 0.9% Cu and 4.1 g/t Pt + Pd + Au from the surface Broken Hammer Zone (Technical Report on Wallbridge's Sudbury Area Properties, Ontario (Canada), 2017). The Blezard and Creighton South properties cover portions of the footwall environment near the known Blezard and Creighton contact deposits, which have measured and indicated resources of 7.9 million tonnes grading 1.0% Ni, 0.7% Cu and 6.2 million tonnes grading 4.5% Ni, 3.3% Cu, respectively.

If you have questions for Jason regarding Magna Mining, then please email me at [email protected].
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
24 min
July 21, 2025Sitka Gold - Expanding the RC Gold Project in the Yukon: Saddle Zone Delivers Strong Grades, Eiger Deposit Expanding
In this company update, I reconnect with Mike Burke, Director & VP of Corporate Development at Sitka Gold (TSX.V:SIG - OTCQB:SITKF - FRE:1RF), to discuss the latest drill results from the RC Gold Project in the Tombstone Gold Belt, Yukon.

On July 17th, Sitka reported new results from the Saddle Zone, an area within the conceptual pit boundary of the Blackjack deposit. These intersections are demonstrating near-surface, multi-gram gold mineralization roughly 300 meters east of the current resource outline - effectively converting previously classified waste into potentially economic material.

Key discussion points:
Saddle Zone Expansion: Intersections grading ~2 g/t gold, double the Blackjack resource average, with implications for future economics.

Eiger Step-Outs: New drilling on the western margin intersecting broad widths of Iger-style mineralization, linking deposits.

Resource Growth Potential: Blackjack & Eiger already host 2.8M ounces (Inferred and Indicated) combined; ongoing drilling continues to grow these cornerstone deposits.

Steady News Flow: Over half of the 30,000m drill program completed with results expected through year-end and into early 2026.
Shareholder Interest: Insights from recent Yukon site tours, showcasing the proximity of multiple targets and the project’s scale.

If you have any follow up questions for Mike please email me at [email protected].
Click here visit the Sitka Gold website to learn more about the Company.
14 min
July 20, 2025Marc Chandler - Fed Policy, Inflation Trends, and Global Market Risks
Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market website, joins us for this special Sunday editorial on the KE Report.
Key topics discussed:
Inflation Data: A closer look at why headline inflation remains above the 2% target and why base effects suggest future readings may edge higher.

Fed Policy Outlook: Despite political noise, the Fed remains patient. Marc explains why some members (like Waller) are pushing for earlier cuts and how labor market weakness - not just inflation - may drive the next move.

Market Reaction: Are potential Fed cuts already priced in? Why retail buying and FOMO are fueling equity highs, and what that means for risk ahead.

Tariffs & Earnings: How shifting tariffs could pressure margins, stoke inflation, and impact upcoming earnings season.

Global Events: What to watch this week: flash PMIs, the ECB meeting, Tokyo CPI - and why Japan’s political backdrop is worth noting.

Click here to visit Marc’s site - Marc To Market.
21 min
July 19, 2025Weekend Show - Peter Boockvar & Matt Geiger - From Wall Street to Gold Stocks: Markets and Resources in Focus
This weekend’s show dives into what’s really driving markets amid tariff tensions and why global money is quietly rotating into commodities and resource stocks.
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.
Show Segments
Segment 1 & 2 - Peter Boockvar, Chief Investment Officer at Bleakley Financial Group and editor of The Boock Report on Substack, joined the show to share his views on a market rally driven by AI enthusiasm despite uneven economic data, a global rise in long‑term rates, and shifting foreign capital flows. He also highlighted opportunities in international equities, a sustained bull case for commodities like gold, silver, and oil, and the need for patience with resource stocks as sentiment slowly rebuilds.
Click here to follow Peter at The Boock Report.
Segment 3 & 4 - Matt Geiger, Managing Partner at MJG Capital, joined the show to discuss his resource‑focused fund’s strong first half of 2025, driven largely by precious metals and standout positions like Bravo Mining and Neo Performance Materials, while highlighting his portfolio’s heavy weighting in copper and growing exposure to prospect generators. He also shared insights on shifting global capital flows, U.S. rare earth policy moves like the MP Materials deal, and Tether’s investment in Elemental Altus Royalties as early signs of new outside capital entering the mining sector.
Click here to visit the MJG Capital website and read over Matt’s investor letter.
55 min
July 18, 2025Aztec Minerals - Tombstone Project Drilling Update & Ownership Increase
In this KE Report company update, I’m joined by Simon Dyakowski, President and CEO of Aztec Minerals (TSX.V:AZT - OTCQB:AZZTF), to discuss the July 17th news release on the drill program and ownership at the Tombstone Project in Arizona.
Key Highlights:
First seven holes completed in the current drill program, totaling just over 1,200 meters, focused on the Southern Extension Zone along the Contention structure.

Follow-up drilling around last year’s high-grade silver discovery (highlight: 569 g/t silver equivalent over 26 meters).

Ownership increased to 85% after JV partners partially participated in recent work, moving Aztec closer to potential full control.

Overview of the 5,000-meter blended RC and diamond drill program, including plans for deeper core holes targeting CRD-style mineralization.

Expected assay turnaround in approximately four weeks, with updates anticipated in early August.

Simon also explains the joint venture structure, dilution process, and the exploration strategy as the team advances this largest drill program to date at Tombstone.
Please email me any questions you have for Simon. My email address is [email protected].
Click here to visit the Aztec Minerals website.
8 min
July 18, 2025Dave Erfle - Junior Mining Bull Market Trends: Financings, Earnings Season, and Gold & Silver Momentum
Dave Erfle, Founder and Editor of Junior Miner Junky, joins me to share insights on the accelerating momentum in the precious metals sector.
In this discussion we cover:
Financing trends: A surge in capital flowing into PEA‑stage juniors, with major strategic partners taking large stakes in recent $30M+ financings.
Sector strength: Miners and juniors showing relative strength as gold consolidates near $3,300 and silver breaks out, with the gold:silver ratio trending lower.
Earnings season outlook: Why companies like Newmont could deliver significantly higher cash flow with gold ~$400/oz above Q1 levels.
Copper market dynamics: Tariff-driven moves, record backwardation between U.S. and LME markets, and the potential for explorers to catch renewed investor interest.
Dave also shares portfolio management insights, noting when he takes profits on big winners and where he’s looking for new opportunities - particularly in copper juniors.
Watch for:
Signs of a sustainable bull market as financings are bought, not sold.
A rotation of capital further down the food chain to riskier juniors.
Key support levels: gold $3,300/$3,200 and silver $37.50, setting up for potential runs toward $4,000 gold and $50 silver later this year.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.
21 min
July 17, 2025Novo Resources - Tipperborough Project Drill Update: Near Surface High Grade Gold Results
In this KE Report company update, I chat with Mike Spreadborough, Executive Co‑Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources (TSX: NVO - OTCQB: NSRPF - ASX:NVO ), to recap the latest results from the Tipperborough Project in New South Wales - part of their growing greenfields exploration portfolio.
Key Highlights from the Interview:
Strong maiden drill results from the Clone target, including 12m @ 5.9g/t Au and 17m @ 2.4g/t Au, all near surface.

Insight into the broader 500m strike length tested by 14 RC holes and how these results stack up as some of Novo’s best since pivoting back to exploration.

Discussion on other prospective targets (New Bendigo, Pioneer, Phoenix) and how these results help prioritize future drilling.

Updates on upcoming field programs at Tipperborough, John Bull, Grafton, and Pilbara antimony/gold projects, with active mapping and sampling underway across the portfolio.

Commentary on Novo’s exploration strategy, logistics, and near‑term news flow and funding position.
Please email me with any follow up questions for Mike and the team at Novo Resources. My email address is [email protected].
Click here to visit the Novo Resources website to learn more about all the projects and exploration programs.
15 min
July 17, 2025Brien Lundin - Gold’s Summer Pause, Silver Momentum, and Junior Financing Boom
In this episode, I welcome back Brien Lundin to break down the latest trends in the precious metals markets and what investors should be watching heading into the fall. Brien, well known as the editor of Gold Newsletter and the long‑time host of the New Orleans Investment Conference, shares why he believes this bull market is still in its early innings.
Key Discussion Points
Gold’s sideways consolidation around $3,325 and why low volatility often signals a powerful move ahead.

Rotation into mining stocks and juniors: Rising financings, improved valuations, and new interest from generalist investors.

Silver’s breakout momentum: The gold–silver ratio narrowing, resilience through pullbacks, and why silver juniors offer leverage on top of leverage.

Upcoming opportunities: Brien highlights companies with significant news flow ahead, including Banyan Gold, Prospector Metals, Blackrock Silver, Vizsla Silver, and Relevant Gold.

Capital flow and M&A potential: Why larger financings and institutional interest could reshape the sector.

Brien explains why the current market action feels like a coiled spring, and why the summer doldrums often set the stage for strong fall rallies.
Mark your calendar for the New Orleans Investment Conference – November 2–5, 2025. Hope to see you there! Click here to learn more about the conference.
Click here to learn more about the Gold Newsletter.
19 min
July 17, 2025Kuya Silver - Bethania Mine, Peru: Q2 Production Growth & Path to 100 TPD
I’m joined by David Stein, President & CEO of Kuya Silver (CSE:KUYA - OTCQB: KUYAF - FRA:6MR1), for a detailed update following the July 15th news release reporting Q2 2025 production growth at the Bethania Mine in central Peru.
We break down:
Production up 87% quarter-over-quarter – and what’s driving this growth.
Progress toward the 100 tonnes per day milestone and the development work still underway.
How working faces are managed to sustain and expand production.
Updates on toll milling, stockpiled material, and near‑term cash flow.
A one‑time revenue boost from the Silver Kings project in Ontario.
David also explains the balance between development and mining activity, future catalysts to watch in upcoming news releases, and how Kuya’s financial position and recent royalty deal set the stage for further growth.

If you have any follow up questions for David please email me at [email protected].
Click here to visit the Kuya Silver website.
18 min
July 16, 2025Versamet Royalties - A New Royalty Company Bridging the Gap Between Junior Royalty Players and Multi‑Billion‑Dollar Majors
In this interview, I chat with Dan O’Flaherty, CEO of Versamet Royalties, a newly listed royalty company already making waves in the royalty and streaming space. Dan previously led Mavericks Metals, which sold to Triple Flag in 2023, and now he’s building Versamet to fill a gap between junior royalty players and the multi‑billion‑dollar majors.

Key Highlights from Our Discussion:
Rapid portfolio growth: Nearly US$300M in acquisitions since 2022, growing Versamet’s market cap to ~$500M.
Cash‑flow focus: From 5,000 GEOs in 2024 to 14–16,000 GEOs by 2026, translating to over $50M in annual revenue at current gold prices.
Strategic partners: B2Gold (33%), Sandstorm (25%), and Equinox Gold (13%) as cornerstone shareholders, providing technical strength and deal flow.
Balanced growth plan: Blend of near‑term organic growth and ongoing acquisitions.
Capital markets strategy: TSX Venture listing in May 2025, with plans to graduate to the TSX and pursue a U.S. listing for broader investor access.
Dan also explains:
Why Versamet stayed private until cash flow was established

How their credit facility and equity strategy are funding growth

Why this “mid‑tier gap” in the royalty space creates a unique investment opportunity
Please email me with any follow up questions for Dan. My email address is [email protected]

Click here to visit the Versamet Royalties website.
20 min

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