The KE Report

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:

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.

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:

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:

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 [email protected].

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 [email protected].

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:

* 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:

On the mining equities side:

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.

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 [email protected]. 

Click here to visit the Volt Lithium website.

In this KE Report company update, I’m joined by Mike Spreadborough, Executive Co-Chairman, and Kas De Luca, General Manager of Exploration at Novo Resources (TSXV: NVO - OTCQX: NSRPF), to unpack the June 19th news release focused on exploration in the Pilbara region of Western Australia.

Key themes discussed:

Expect further news on follow-up drilling and new target prioritization by the end of Q3.

Click here to visit the Novo Resources website to learn more about all the projects and exploration programs. 

📩 Send your questions for the Novo team to be addressed in future updates! Email me at [email protected].

In this KE Report company introduction, I welcome Matt Roma, CEO of Golden Cross Resources (TSX.V:AUX - OTC:ZCRMD). The company is advancing the Reedy Creek Gold Project in Victoria, Australia, strategically located next to Southern Cross Gold’s world-class Sunday Creek discovery.

Key topics covered in this interview include:

Catalysts Ahead:

Visit the company’s website to learn more: https://goldencrossresources.com/

Send me your questions for Matt, and we’ll follow up in a future interview - [email protected]

On this Weekend’s Show Rick Bensignor breaks down the Fed’s gridlock, bond market uncertainty, and why industrials are quietly outperforming. Then Dan Steffens dives into energy market disruptions - from Middle East conflict to LNG trends - and outlines why Canadian natural gas producers may be the most overlooked contrarian trade of the summer.

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