The KE Report

By KE ReportBusiness Investing

The KE Report episodes

August 25Dave Erfle - Why the Precious Metals Bull Market Is Resuming and Where Value Remains
In this Daily Editorial, we welcome back Dave Erfle, founder and editor of The Junior Miner Junky, to analyze the historic momentum this month across the precious metals complex and what lies ahead for resource investors.
Historic Price Action & Sector Rebound: A look at the sharp recovery across gold, silver, and major mining equities following multi-month corrections.
Producer Fundamentals & Cash Flows: How record earnings, expanded profit margins, and robust Q2 financial performance are attracting generalist capital.
Lagging Silver & Junior Valuation Discounts: The technical setup for silver and why high-risk juniors on the TSX Venture offer substantial relative value.
Portfolio Strategy & Capital Rotation: Tactical perspectives on taking profits in outperforming developers and rotating into under-the-radar opportunities.
Critical Minerals & Base Metals Exposure: Assessing the market's growing appetite for strategic assets, government-backed critical minerals, and copper fundamentals.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
19 min
August 25iMetal Resources – Exploration Strategy At Their Flagship Gowganda West Project In Ontario, And New Strategic Partner
Saf Dhillon, President & CEO of iMetal Resources, Inc. (TSXV: IMR) (OTCQB: IMRFF) (FSE: A7VA), joins me to introduce the company, infrastructure advantages, prior drill results, and the exploration strategy moving forward at their flagship Gowganda West Project in Ontario, Canada.

Gowganda West borders the Juby Deposit, operated by McFarlane Lake Mining, and it is located within the Shining Tree Camp area in the southern part of the Abitibi Greenstone Gold Belt about 100 km south-southeast of the Timmins Gold Camp.

This greater geological trend is famous for gold mineralization and meaningful deposits, and the company has already made a gold discovery. Future drilling will be focused along trend of the 2023 discovery drill hole # IMGW23-04, that returned 48.5m of 0.85 g/t Au starting at 316.5m.

2025 Drilling Highlights:
A total of 2,640 metres were completed in 6 holes to expand the mineralized footprint of IMGW23-04 along strike and up and down dip.
McFarlane Lake Mining Limited, contiguous to the northwest has identifed a parallel zone to it’s Juby Zone within the regional Ridout-Tyrrell Deformation Zone, the 826 Zone, which appears to trend into the area of the 2025 drilling.

On August 18 the Company confirmed that its previously announced non-brokered private placement closed and issued 30,000,000 Units, at a price of $0.10 per Unit, for gross proceeds of $3,000,000. The Offering included participation by McFarlane Lake Mining Limited (CSE: MLM) in the amount of 14,200,852 Units. As a result, MLM now holds approximately 19.9% of the outstanding common shares of the Company.

In connection with the Investment, the Company and MLM have entered into an investor rights agreement pursuant to which MLM is entitled to nominate one member of the board of directors of the Company and to advise the Company on exploration activities at the Company's Gowganda West property.

The two companies are currently in the process of sharing data, and in conjunction with outside technical advisors, are developing the plan for this year’s drill program.

If you have any further questions for Saf about iMetal Resources, then please email those in to me at [email protected].

Click here to follow the latest news from iMetal Resources Inc

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
17 min
August 24Palamina - Peru’s New Political Shift & Colt Silver Spin-Out Update
In this Company Update, Andrew Thomson, President and CEO of Palamina Corp. (TSX.V: PA | OTCQB: PLMNF), joins me to discuss the broader political and regulatory landscape evolving across Peru and the upcoming spin-out of Colt Silver.
Peru’s Shift in Mining Sentiment: A look at how the latest presidential administration is stabilizing regulatory frameworks, reducing bureaucratic bottlenecks, and restoring confidence for foreign resource investment.
Colt Silver Spin-Out Mechanics: An overview of the path toward completing the transaction, key shareholder meeting timelines, post-transaction capital structure, and planned maiden drill programs.
Palamina’s Core Exploration Assets: Updates on the Usicayos gold project, surface work progress, and upcoming drill priorities.

If you have any follow up questions for Andrew please email me at [email protected].

Click here to visit the Palamina website to learn more about the Company.

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
16 min
August 22Weekend Show - Mike Larson & Dan Steffens - Are Gold and Silver Out of Purgatory? Plus High-Upside Energy Stocks
This week’s show connects the dots between global macro shifts and high-conviction commodity opportunities. From the Treasury’s bond market interventions and the resurgence of precious metals to the geopolitical supply crunch fueling under-the-radar oil equities, guests Mike Larson and Dan Steffens unpack where capital is rotating and how investors can position ahead of the curve.
Segment 1 & 2 - Mike Larson, Editor-in-Chief at MoneyShow, discusses how the recent rebound in precious metals and copper signals a lasting turn in an ongoing bull market driven by global debt trends, Treasury bond interventions, and supply-chain pressures. He also emphasizes that the broader market remains healthy due to strong rotation into sectors like energy, financials, and industrials as tech cools off.
Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.com/
Segment 3 & 4 - Dan Steffens, President of the Energy Prospectus Group, breaks down current dynamics in the oil and gas sector amid global supply risks and refinery disruptions. He emphasizes compelling growth and valuation upsides across a range of energy equities, from undervalued small caps like Riley Exploration Permian, ROK Resources, and Kolibri Global Energy to larger mid-cap players like Baytex, Crescent Energy, and Devon Energy.
Click here to visit the Energy Prospectus Group website for more energy market and stock analysis - http://www.energyprospectus.com/

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!

For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
53 min
August 22Chris Temple – Fiscal and Monetary Policy, Interest Rates, Inflation, Gold, Silver, Copper, Critical Minerals, and Oil
Chris Temple, Editor and Publisher of the National Investor, joins us to review the macroeconomic trends that are moving the markets, and his outlook on gold, silver, copper, critical minerals, oil, and the related resource equities.

We start off discussing recent fiscal and monetary policy in the US and abroad.
Treasury Secretary, Scott Bessent, recently intervened in the Japanese Yen, but it was largely ineffectual, as was the fiscal policy to try and control the long-end of the yield curve. Both initiatives were quickly reversed by the bond vigilantes.
New Fed head, Kevin Warsh has lost some of his political capital by failing to hike rates, as inflation has crept higher, and the tone in the market is shifting slightly from shrugging all this off, to considering the challenges ahead.
Chris outlines that while the Fed maintains it is an independent organization, there is going to be increased coordination and alliance between the US Treasury Department and theUS central bank.

Shifting over to commodities, we discuss the strong rally throughout the month of August in gold, silver, and precious metals equities in response to those macro forces.
Chris had warned subscribers earlier in the year that things had become overbought and gotten ahead of themselves and to fade that rally, anticipating a medium-term sector pullback.
He pointed out the corrective move in the PM sector, was then exacerbated by the war in Iran, when many felt that would be a bullish driver for gold and silver.
One positive he highlights is that now gold and silver have started to ignore the higher interest rates and war, and focus more on the sovereign debt loads of nations around the world that are running out of options, desperate to stem the selling of bonds, and likely going to try and inflate their way out of the stagflation.

Next we shifted over to trends within copper, and the broad basket of Critical Minerals, where Chris makes the point that one can’t paint them all with a broad brush, as some have unique fundamental or macro drivers.
With regards to copper, he outlines that beyond the AI data center build out mania, EVs, and many popular narratives, that copper is still mostly needed for basic infrastructure build out, real estate construction, and the electrification of the developing world.
Chris flags a few copper companies, preferring the opportunities in the advanced explorers and developers like Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF), Abitibi Metals Corp.(CSE: AMQ) (OTCQB: AMQFF), and Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF)
As far as the smaller niche’ critical minerals sector, he reiterates that a lot of the reality is still around Chinese export controls, and the lack of viable alternatives for supply and processing in the west.
We discuss this administration’s policy initiatives, executive orders, and funding support to help advance some domestic projects. While he concedes this is the best tailwind for extractive industries in our lifetime, he also points out that it is not nearly enough money, support, or urgency, and much of what has been announced may very well get reversed if there are sweeping changes in congress for the upcoming mid-term elections.

Wrapping up, we get into the ongoing war with Iran, continued chokepoint in the Strait of Hormuz, longer-term damage to infrastructure, and what it all means to the energy sector.
Chris explains what has kept the oil prices more subdued than many would have anticipated considering the supply shock hitting the world, but the highlights the very wide crack spreads between oil and refined products like diesel.
The higher prices at the gas pumps, and record diesel prices are going to pressure consumers and businesses as this year progresses, and that inflation is going to impact Fed monetary policy and interest rates in a sustained way.
Chris remains animated by the energy stocks and is holding on to them in his portfolio.

Click here to follow along with Chris at the National Investor website.

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
31 min
August 21Kingsmen Resources – More Drill Assays Returned 1.40 Metres of 433 g/t AgEq From The Main Mine Area Expanding Mineralization At Las Coloradas
Scott Emerson, President and CEO of Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) (FSE: TUY), joins me for another exploration update where the company reported on August 20th assay results from two additional diamond drill holes, LC-26-014 and LC-26-015, at the Company's 100%-held Las Coloradas silver project in the Parral mining district of the Central Mexican Silver Belt, Chihuahua, Mexico.

Drilling has now intersected the Mine zone mineralization across a minimum strike length of 106 meters, in three drill fences spaced 50 meters apart, to a vertical depth of 155 meters. The mineralization is open at depth and along strike, and includes:
LC-26-014 — an aggressive step-out drilled to a planned 100-metre undercut beneath LC-25-007, intersecting the mineralized system 90 metres down-dip of historic workings:
1.40 meters @ 433 g/t Ag Eq (239 g/t Ag) from 190.0 – 191.4m (drilled core length; true width not yet determined), including 787 g/t Ag Eq (435 g/t Ag) over 0.75m (190.4 – 191.5m)
LC-26-015 — an aggressive step-out drilled to a planned 100-metre undercut beneath LC-25-006, intersecting the mineralized system 96 metres down-dip of historic workings:
1.70 meters @ 185 g/t Ag Eq (139 g/t Ag) from 201.65 - 203.35m (drilled core length; true width not yet determined), including 438 g/t Ag Eq (336 g/t Ag) over 0.68m (202.17 – 202.85m)

We go on to discuss some of the key exploration targets at Las Coloradas, based on the various data sets from mapping, sampling, historic data, and surveys flown that their team has compiled in the prioritized targets for this season. The initial follow-up drilling has been testing deeper and stepping out around the historic Mine Target and drilling continued along trend at the DBD Target and then further along trend at Aguilar.

Additionally, other regional targets like Leona, Saddle, Silvia, and La Plata areas will be tested, to look at tying together the mineralization from the larger system. Then later this year the company will transition over to drilling a number of targets at their Almoloya Project.

If you have any questions for Scott regarding Kingsmen Resources, then please email those in at [email protected].

Click here to follow the latest news from Kingsmen Resources

For more market commentary & interview summaries, subscribe to our Substacks:

The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
17 min
August 21Founders Metals - 100% Antino Ownership, Gold Fields Investment, High-Grade Drill Results
In this Company Update, we speak with Katie MacKenzie, Vice President of Corporate Development at Founders Metals Inc. (TSX-V: FDR | OTCQX: FDMIF | FRA: 9DL0). Katie provides an in-depth breakdown of the ongoing 70,000-meter exploration campaign at the flagship Antino Gold Project, recent high-grade drill results across multiple target areas, and the consolidation of 100% ownership alongside strategic investment from Gold Fields.
Consolidating 100% Project Ownership: Key details behind acquiring full, royalty-free control over the Antino Gold Project and strengthening ties with local partners.
Gold Fields Increases Strategic Stake: What the increased 19.9% equity position signals regarding long-term confidence in the asset and team.
High-Grade Expansion at Upper Antino & Antino West: How recent deep and step-out drilling is confirming mineralization well below previous boundaries.
Unlocking Scale Across Antino North & Northeast: Insights into new target discoveries and parallel structural corridors across the property package.

If you have any follow up questions or topic you would like Colin to address please email me at [email protected].

Click here to visit the Founders Metals website - https://www.fdrmetals.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
15 min
August 21Kuya Silver - Q2 Financial Results and Growth Outlook
In this Company Update, we sit down with David Stein, President and CEO of Kuya Silver (CSE: KUYA | OTCQB: KUYAF | FRA: 6MR1), to break down the company’s Q2 financial results and operational progress at the Bethania Mine. David outlines where capital is being deployed as mine ramp-up continues, how revenue from concentrate sales is beginning to offset development costs, and what investors can expect in the second half of the year across both mine development and exploration drilling.
Key discussion topics include:
Q2 Financial Overview: An inside look at how operating expenses and mine development costs aligned with expectations during the ongoing Bethania ramp-up.
Revenue vs. Concentrate Inventory: Understanding the dynamics behind Q2 revenue figures and how the timing of concentrate sales impacts quarter-over-quarter comparisons.
Treasury Strength and H2 Budgeting: How Kuya Silver plans to deploy its cash position between underground mine development and exploration drilling.
Timeline to Free Cash Flow: A discussion on the projected timeline for achieving positive cash flow and the long-term potential for expansion at Bethania.

If you have any follow-up questions for David, please email me at [email protected].

Click here to visit the Kuya Silver website – https://kuyasilver.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
9 min
August 21K2 Gold - High-Grade Initial Drill Results at the Mojave Project & Exploration Road Map
In this Company Update, I chat with Anthony Margarit, President and CEO of K2 Gold (TSX-V: KTO | OTCQB: KTGDF | FRA: 23K), to unpack the high-grade initial results from the fully funded 14,000-meter drill program at the Mojave Project in California.
Initial High-Grade Assay Results: Anthony walks through the high-grade intercepts from the Dragonfly zone, explaining how these early holes confirm substantial near-surface grades and strong continuous mineralization across the structure.
Stepping Out Across the East Side Trend: Discussion on current drilling shifts southward toward the Newmont target, expanding strike length, and testing under-explored corridor gaps.
District-Scale Regional Targets: The exploration blueprint for untested property-wide zones, including the high-grade polymetallic Morningstar target and the prospective historic trenching at Flores.
Corporate Balance Sheet & News Flow: An update on the company’s well-funded treasury, turnaround times for remaining assays, and upcoming operational milestones.

If you have any follow up questions for Anthony please comment below or email me at [email protected].

Click here to visit the K2 Gold website.

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/

Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
16 min
August 21Q2 Metals - Key Leadership Hires, 50,000m Drilled, and the Upcoming PEA At The Cisco Lithium Project
Alicia Milne, President and CEO of Q2 Metals Corp. (TSXV: QTWO | OTCQB: QUEXF | FSE: 458), joins us to discuss the company’s evolution from an early-stage exploration outfit to advancing its flagship Cisco Lithium Project in the Eeyou Istchee James Bay region of Quebec.
Strategic Leadership Expansion: Alicia discusses the rationale behind key executive appointments, including a new VP of Technical Services and VP of Environment & Regulatory Affairs, and how this strengthens in-house engineering and de-risking capabilities.
Aggressive Drilling Milestones: An update on crossing the 50,000-meter total drilling milestone at Cisco, operating four active rigs, and executing the current 20,000-meter campaign.
Resource Upgrades and PEA Timeline: The planned strategy for converting Inferred mineral resources into the Indicated category to pave the way for an updated MRE, a Preliminary Economic Assessment (PEA), and subsequent feasibility work.
Treasury Strength and Flow-Through Catalyst: Insight into the company’s robust ~$70M cash balance, upcoming assay flow, and drilling plans extending through the fall and winter seasons.

If you have any follow up questions for Alicia or would like more information on any aspect of the Company please email us at [email protected].and [email protected].

Click here to visit the Q2 Metals website - https://www.q2metals.com/

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For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
8 min

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