The KE Report

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The KE Report episodes

August 06Excellon Resources – First Concentrate Production At The Mallay Silver-Lead-Zinc Mine Operating In Central Peru
Shawn Howarth, President and CEO of Excellon Resources (TSXV:EXN) (OTC:EXNRF)(FRA:E4X2), joins me to celebrate the key company milestone of first concentrate production at their flagship 100%-owned Mallay Silver-Lead-Zinc Mine, located in central Peru. He outlines all the continued development work building towards the commissioning of the mill, and the steady ramp-up into production growth over the next few quarters. We also review the big exploration focus for infilling mineralization, testing at deeper levels of the mine that have been dewatered, and exploration at near-mine targets.

Highlights:
First Concentrate Production: Since restarting on a pre-commissioning basis on July 2, 2026, the Mallay concentrator has operated consistently, processing approximately 12,000 tonnes of material and producing concentrates containing approximately 29,200 ounces of silver, 319,000 pounds of lead and 456,000 pounds of zinc. Initial concentrate shipments are expected in August 2026 with payment to be received during the quarter.
Mill Throughput: The Company is targeting a controlled rate of approximately 400 tonnes per day during the pre-commissioning period, providing a sustained operating window for metallurgical optimization during ramp-up.
400 Ramp: The main accessway below the 4090 Level is now dewatered to the point where rehabilitation can begin. Rehabilitation of the 400 Ramp is the next step toward providing access to areas of the Mine below the 4090 Level.
Drilling Underway: Three drill rigs are active, targeting confirmation drilling at depth and near-mine exploration. Results will be reported separately.
Mine Ramp-Up Underway: Mine activities are advancing through 2026, prioritizing access below the 4090 Level where mineralization is expected to widen. Updated mine planning and scheduling is underway.

We then briefly review the value proposition and optionality across their other 3 projects: Tres Cerros, Kilgore, and Silver City. Shawn points out there will be a lot of news to announce over the second half of this year and into early next year from exploration to operations at Mallay, the spin-out of Silver City, and exploration targeting at Tres Cerros and Kilgore.

Click here to follow the latest news from Excellon 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.
21 min
August 05Craig Hemke - Fundamental and Technical Drivers Behind the Precious Metals Surge
In this Daily Editorial, we are joined by Craig Hemke, Founder and Editor of TF Metals Report, to examine the strong rebound across the precious metals sector.
Interview Highlights:
Precious Metals Rebound: Craig breaks down the technical and fundamental forces behind the recent strength in gold and silver as key support levels hold firm.
Macro Catalysts & Currency Moves: An analysis of recent joint Treasury and Bank of Japan interventions, their impact on the US Dollar Index, and shifting interest rate expectations.
Technical Breakouts & Mining Equities: A look at crucial short- and long-term moving averages across metals and major mining ETFs that are shifting algorithmic trading and sentiment back to the buy side.
Key Economic Data to Watch: A preview of upcoming economic reports, central bank policy gatherings, and macro factors that could influence market direction through the second half of the year.

Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.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.
22 min
August 05Erik Wetterling – Value Proposition In Revival Gold, Westward Gold, Miata Metals, and Red Canyon Resources
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to review the value proposition that has his attention in 4 more advanced junior gold and copper exploration and development stocks, that have put out compelling news in the recent past and that have key alpha growth catalysts on tap in the medium-term.

The companies we discussed in the interview are:
Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF) – On August 4, the Company reported one of the highest-grade-thickness drill intercepts to date from the Joss area at the Company's Beartrack-Arnett located in Idaho, U.S.A. This year's 5,500-meter drilling program at Beartrack-Arnett targeted the potential expansion of high-grade underground sulphide Mineral Resources, last drilled in 2022.

Hole BT26-255D intercepted: 3.43 grams per tonne ("g/T") gold over 131.7 meters drilled width at 543 meters downhole; including a high-grade interval of 6.56 g/T gold over 42.5 meters drilled width at 632 meters downhole, including 11.58 g/T gold over 12.1 meters drilled width1 at 639 meters downhole.
Westward Gold Inc. (CSE: WG, OTCQB: WGLIF) - On August 4, the Company announced assay results and mapping interpretations for the first of three trenches completed over the SSD Target (“SSD”) at the Company’s Toiyabe Hills Property in Lander County, NV. The 177-metre trench – part of Westward’s 468-metre program in advance of drilling – was completed near the Roberts Mountains Thrust and five gold zones were identified in the trench (using a cut-off of 0.14 g Au/t); including a significant sub-interval of 13.4 metres of 6.55 g Au/t, within 34.8 metres of 2.84 g Au/t. The ability to produce high-grade gold is a notable characteristic of major systems in the Cortez District.
Miata Metals Corp. (TSXV: MMET) (FSE: 8NQ) (OTCQX: MMETF) – On July 29, the Company announced that La Mancha Resource Fund SCSp, a fund advised by La Mancha Resource Capital LLP, has via its subsidiary agreed to upsize its previously announced strategic investment in Miata accordingly. La Mancha will purchase, through a non-brokered private placement, 32,390,229 Shares at a price of C$0.41 per Share for aggregate gross proceeds to the Company of approximately C$13,279,994, to maintain its pro forma strategic investment of 19.9% of the Company.
Red Canyon Resources Ltd. (CSE: REDC | OTCQB: REDRF | Frankfurt: I91) On July 30, the Company announced the completion of the initial phase of its planned 2,500 metre diamond drill program at its 100% owned Osiris copper–gold project in central British Columbia, originally announced on June 8, 2026. Follow-up plans include testing additional, recently upgraded drill targets.

The Company has completed eight drill holes totalling 2,079 m at the Camp target within the Osiris Project. Based on this initial drilling, the Company interprets the Camp target to host an alkalic copper-gold mineral system with geological similarities to the Mount Polley and Mount Milligan mines in British Columbia.

Click here to follow Erik’s analysis over at The Hedgeless Horseman website

* 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.

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.
25 min
August 05Dave Erfle – Technical Outlook On Precious Metals Complex, 3 New Gold Positions In Retirement Account, Lessons Learned From 3 JMJ Portfolio Winners
Dave Erfle, Founder of the Junior Miner Junky, joins me to review the latest price action in the precious metals sector, his technical outlook, major support thresholds, and the historical cycles keeping long-term investors grounded. We also delve into why he recently added 3 new gold names to his retirement account, and key lessons learned from 3 heavily-weighted JMJ portfolio positions.

Key discussion points:

Precious Metals Could Be Building A Base For The Next Leg Higher: Gold, silver, and the PM stocks have essentially held at key support, and quit going down, with selling exhaustion showing up in the summer doldrums. It could be that the PM sector is just beginning to emerge from a multi-month correction within a larger secular bull market.

Technical Levels To Watch On The Gold Sector ETFs: An analysis of key weekly support and resistance levels on both GDX and GDXJ. Dave also points to the longer-term historical peaks for consideration, and even what price levels he considers the “all clear” threshold on if they are obtained.

Rotating Oil Profits Into 3 New Gold Positions: Dave shares that a few weeks back he cashed out some well-earned oil stock profits, and rotated them into 3 stocks within his personal retirement account (not the same as the Junior Mining Junk Portfolio). We review the fundamental reasons, and importance of having a solid watchlist to pull from.
Alamos Gold Inc. (TSX:AGI; NYSE:AGI)
Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA)
New Pacific Metals Corp. (TSX: NUAG) (NYSE-A: NEWP)

Learning Lessons From 3 Key JMJ Portfolio Positions: We discuss how his due diligence evolved on the projects, key recent catalysts, quality management teams, key stakeholders, jurisdiction diversification, share structure, and more on these heavily weighted portfolio positions.
Montage Gold Corp. (TSX: MAU) (OTCQX: MAUTF)
AbraSilver Resource Corp. (TSX: ABRA) (OTCQX: ABBRF)
GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF)

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

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.
30 min
August 04 Axo Metals – The Pathway Towards Production At The San Antonio Gold Project, After Securing The Major Environmental Permit
Jonathan Egilo, President and CEO of Axo Metals Corp. (TSXV: AXO), joins us for a comprehensive re-introduction to this gold, silver, and copper exploration and development company, focused on advancing and developing their San Antonio project, located in the state of Sonora, Mexico, down the pathway towards production.

We start of discussing the acquisition of the San Antonio Gold Project from Osisko Development Corp back on January 27th, which was transformational for the company. The total resources at San Antonio stand at 576koz gold (Au) and 1.37moz silver (Ag) grading 1.20 g/t Au and 2.9g/t Ag in the Indicated category, with 544koz Au and 1.76moz Ag grading 1.02 g/t Au and 3.3g/t Ag in the Inferred category across all deposit types (oxide, transition and sulphide).

Jon points out that higher gold and silver prices today will allow for a lower cut-off grade, which will grow the resources. Additionally the company has been conducting infill drilling, but is now stepping out with drilling to expand the know resources. The company will be updating and releasing a Mineral Resource Estimate along with a Preliminary Economic Assessment (PEA) later in the year.

Axo Metals announced on July 27th that the Mexican Federal Environmental Department (“SEMARNAT”) has issued a positive decision approving the Environmental Impact Statement (“Manifestos de Impacto Ambiental” or “MIA”) for the San Antonio gold project located in the State of Sonora. This landmark environmental permit approval validates the merits of the San Antonio project, and grants the primary authorization required for the construction and operation of the mine.

Jon highlights that the team is hard at work on metallurgical testing, engineering work, and assessing what will equipment will need to be added to expand the heap leach pads and get back into production next year. After the resource update and PEA is out later this year, it will help crystallize the detailed engineering and capex needed, which is modest, considering all the brownfield infrastructure already in place from prior operations.

Axo’s second project is the La Huerta property, a new copper discovery in Jalisco, Mexico. Initial exploration has yielded high-grade copper both at surface through sampling programs, and at depth through initial drilling. The Company is focused on continuing to define near-surface mineralization along the La Huerta Trend, expanding mineralization at depth, and targeting new discoveries in an underexplored district.

If you have any questions for Jon regarding AXO Copper, then please email me at [email protected].

Click here to follow the latest news from AXO Copper

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.
18 min
August 04Banyan Gold - Two New Gold Discoveries At The Nitra Project
Tara Christie, CEO of Banyan Gold (TSXV: BYN / OTCQB: BYAGF) breaks down initial drill results from the company’s Nitra Project, where first-pass drilling has uncovered two brand-new gold discoveries. With visible gold logged at both Roaring Fork and Seattle Creek, the team is seeing early proof of district-scale potential across their 830-square-kilometer land position.
Key Discussion Points:
Initial Nitra Drill Hits: What the first-ever drill holes at Roaring Fork and Seattle Creek tell us about these new target zones.
Ramping Up Rigs: Why Banyan is adding a third drill rig to expand the Nitra program toward 10,000 meters.
Big-Picture Geology: How these new discoveries tie back to the main AurMac deposit and surrounding regional trends.
Upcoming Catalysts: Timelines for ongoing assay flow from the 70,000-meter campaign and work toward the Q4 Preliminary Economic Assessment (PEA).

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

Click here to visit the Banyan Gold website - https://banyangold.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.
11 min
August 03Silver Tiger Metals – Visual Construction Update At El Tigre – First Gold-Silver Pour Is Targeted For December 2027
Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR) (OTCQX:SLVTF), joins me for a visual construction update of the surface heap-leach mine; with commissioning and first pour targeted for December, 2027; at the El Tigre Silver-Gold Project in Sonora, Mexico. We review the work already completed, the work yet to come, the future advancement of the underground mine at El Tigre, and the exploration program around the historic North Tigre Mine that is underway.

Key construction updates at El Tigre:
Build out of Mexican engineering and construction team is nearing completion with a total of 166 persons on site and 100,000-man hours logged since start of construction
Detailed engineering by Kappes, Cassiday & Associates (“KCA”) and Kappes, Cassiday del Norte S de RL de CV (“KCN) pursuant to the Engineering Procurement and Construction Management Contract (“EPCM”) for the Project is proceeding on schedule
Procurement on long lead items is complete, including crusher plant, conveyer and stacking system, and the Merrill-Crowe plant and refinery
Land clearing, and flora/fauna management for the total construction area is 60% complete
Installation of construction offices has been completed
Engineering for improvements to the 46 km road built from Colonia Morelos to El Tigre is complete. The contract to improve this road has been awarded and work has begun, with 25% of road improvements complete
The major earthworks contract has been awarded for the heap leach, ponds and crusher platforms and these earthworks have commenced
Comision Federal de Electricidad (“CFE”) have granted access to grid electrical power for the El Tigre Project
Long lead items such as crusher, conveyor, stacking and Merrill-Crowe have been ordered.
Mine commissioning and first pour on track to commence in December 2027.

We discussed the larger growth plan to keep advancing the derisking and development of the underground mine at El Tigre, moving the economics from the current Preliminary Economic Assessment (PEA) to a PFS, and some of the synergistic advantages of having a large build team and engineers on site for the surface heap-leach mine, that can then transition over to working on the underground, reducing down some of the assumed upfront capex in the PEA.

Additionally, the Company is now expanding the scope across their district-scale land package, and has been conducting exploration drilling targeting the high-potential vein systems north of the main El Tigre area, near the historic North Tigre Mine. This priority zone aligns directly with the El Tigre North Mine Design outlined in Section 24 of the Company’s recently filed PEA (dated January 20, 2026). First results will start being released to the market in the months to come.

If you have any follow up questions for Glenn regarding Silver Tiger Metals, then please email them into me at [email protected].
In full disclosure, Shad is a shareholder of Silver Tiger Metals 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 Silver Tiger Metals

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.
40 min
August 01Weekend Show - KER Market QuickTake & Rick Bensignor - Precious Metals & Market Trends: Gold Bottom? Copper Strength? Oil & Market Volatility
In this Weekend Show on The KE Report, Shad and I set the stage with a KER QuickTake on commodity movements, central bank policy, and precious metals price action following recent Fed developments. We then feature Rick Bensignor to provide a technical breakdown of gold, silver, copper, and crude oil, alongside actionable insights into equity sector rotations and key price levels for investors.
Segment 1 & 2 - A replay of our KER Market QuickTake, posted Wednesday. We review the commodities market on the KER Market Quick Take, discussing key trends in precious metals, copper, oil, and critical minerals. We highlight how elevated interest rates, a strengthening US dollar, and geopolitical tensions in the Middle East continue to weigh on the metals and mining equities amid the traditional summer doldrums.
Segment 3 & 4 - Rick Bensignor, President of Bensignor Investment Strategies, wraps up the show by analyzing technical market trends across metals, energy, and U.S. equities. Rick breaks down key support and resistance levels for gold, copper, and oil while evaluating market breadth and the ongoing sector rotation from tech into value sectors like healthcare and financials.
Click here to visit the In The Know Trader website - https://intheknowtrader.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!

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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.
1 hr 6 min
July 31Novo Resources - Phase 2 Drilling Plan At Tibooburra & JV Earn-In Strategy in Western Australia
In this Company Update, I chat with Mike Spreadborough, Executive Co-Chairman, and Rohan Williams, General Manager of Exploration at Novo Resources (TSX: NVO | ASX: NVO | OTCQX: NSRPF) to discuss upcoming exploration activities at the Tibooburra Gold Project in Western Australia.
Phase 2 Drilling Campaign Overview: The guys detail a 2,700-meter reverse circulation (RC) drilling program targeting high-priority prospects to build on previous high-grade intercepts.
Clone Prospect Expansion Strategy: Insights into step-out plans designed to test down-plunge extensions and define structural controls of near-surface gold mineralization.
Pioneer South Target Potential: An inside look at initial drill plans for a 600-meter continuous trend of outcropping gold quartz reefs returning significant rock chip assays.
Earn-In Joint Venture Milestones: A breakdown of project expenditure progress, operational control transitions, and broader regional exploration initiatives.
Portfolio-Wide Exploration Roadmap: Highlights from the updated corporate presentation, including near-term catalysts, regional soil programs, and active partner-led work across Australia.

Please email me with any follow up questions for Mike, Rohan, 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.

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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.
13 min
July 31Silver Storm Mining - Operations Restart & First Concentrate Shipments at La Parrilla, Exploration Update
Greg McKenzie, President and CEO of Silver Storm Mining (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR), joins us for an update on the La Parrilla Silver Mine in Mexico. Greg breaks down where operations currently stand following their first concentrate shipments, what the ramp-up schedule looks like heading into next year, and how their ongoing drill program fits into the broader plan.
Key Discussion Points
Operational Ramp-Up at La Parrilla: What it took to get the plant and mine back online and the timeline to hit steady-state production.
Cost Structure and Cash Flow: Expected all-in sustaining costs (AISC), projected margins, and the path toward the target 3-million-ounce per year silver-equivalent run-rate.
The 15,000-Meter Drill Strategy: Where the surface and underground rigs are focusing to replace mined ounces and test fresh targets across their land package.
Offtake and Financial Support: How the multi-year deal with Samsung and backing from major shareholders like First Majestic and Eric Sprott help backstop operations.

Click here to listen to the introduction interview with Greg.

Click here to visit the Silver Storm Mining 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.
18 min

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