The KE Report

By KE ReportBusiness Investing

The KE Report episodes

June 29Marc Chandler – Macroeconomic Movers In Oil, Bonds, Currencies, Central Bank Policy, US Equities, and International Markets
In this Sunday special edition of The KE Report, I sat down with Marc Chandler, Chief Market Strategist at Bannockburn Capital Markets and Editor of the Marc to Market website, to unpack a whirlwind week for global macroeconomics, geopolitics effects on the oil sector, central bank policy and how that factors into interest rates and currencies, and international markets.

Key Discussion Points:
Strait of Hormuz Geopolitics and The Oil Price Response: We discuss the significant drop in crude oil prices over the last couple of weeks as a market response to the MOU signed between the US and Iran, but counterbalance the conversation with the renewed tensions to end the week and heading into the weekend.
Inflation Expectations and Fed Policy: Two weeks after Fed Chair Warsh’s debut meeting, the market is pricing in a hawkish trajectory for the end of the year, which is affecting the short-end of the yield curve, while the longer-dated treasury yields are flattening. Mark weighs in on the key takeaways in the trends.
The Surging US Dollar Index: Why the dollar is breaking out of its year-long range, achieving new highs against the Japanese Yen and Canadian Dollar, and defying widespread expectations of a decline.
MAG-7 Leadership Rolls Over: We’ve seen many of the megacap tech stocks rolling over the last couple of weeks, and dissect whether this is healthy rotation into other sectors, or a more worrisome sign.
SpaceX IPO Fallout For The Space Stocks: We review the potential frothy market sentiment read of high profile IPOs like SpaceX and Anthropic, and what this means for the space sector valuations dropping most of this year. Mark points out that the increased issuance of shares overall in the market data means that the same money is chasing even more paper, and causing selling in some sectors to rotate into the new trending stories.
International Market Movers: We discuss interest rates, currencies, and stock markets abroad from Europe to Asia, and the trends and moves by specific countries that have Marc’s attention.

Click here to visit Marc’s site – Marc To Market – https://www.marctomarket.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.
21 min
June 27Weekend Show - Rick Bensignor & Josef Schachter - Is Tech Exhausted? Gold Bottoms? And Top Canadian Oil Picks
As mega-cap tech giants experience sharp rotations and growing pains over artificial intelligence expenditures, savvy investors are looking toward the broader macro picture for stability and alpha. In this KE Report Weekend Edition Rick Bensignor and Josef Schachter break down the underlying forces shifting today's markets, tracing the path from volatile tech stocks and cooling precious metals to the quiet accumulation phase developing within the global energy sector.
Segment 1 & 2 - Rick Bensignor, the President of Bensignor Investment Strategies and founder of the In The Know Trader website. Rick discusses the current broad-based market pullback, emphasizing that while the tech sector has driven recent momentum, massive rotation and specific stock movements are creating complex dynamics. He also shares thoughts on the precious metals pullback and copper market.
Click here to visit the In The Know Trader website - https://intheknowtrader.com/
Segment 3 & 4 - Josef Schachter, founder and editor of the Schachter Energy Report and the Eye on Energy newsletter (on Substack), discusses the current sharp decline in oil prices and previews key indicators like the bullish percentage index to identify potential buying windows for energy stocks. Josef also lays out his long-term bullish thesis for commodities and outlines top natural gas and oil stock picks that are approaching bargain levels.
Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/
Click here to follow Josef on Substack at his Eye One Energy Report. - https://josefschachter.substack.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.
1 hr 6 min
June 27Dana Lyons – Capital Rotation In The US Equity Markets, Commodities and Resource Stocks, Bitcoin, and International Markets
Dana Lyons, fund manager and editor of the Lyons Share Pro website, joins me for an in-depth discussion around a number of market sectors and provides his technical insights and trading strategies around general US equity markets, some specific sector ETFS, and then commodities and resources stocks as it relates to oil, gold, silver, copper, rare earths, lithium, bitcoin, international markets, and emerging markets.

He makes the point that many sectors are working, even as mega-cap tech leadership has been rolling over. We discuss portfolio trading strategies, monitoring relative strength, where to sell the rips, and where to buy the dips.

Sectors and ETFs specifically addressed in this conversation:
(RSP) Invesco S&P 500 Equal Weight ETF
(RZG) Invesco S&P SmallCap 600 Pure Growth ETF
(RFG) Invesco S&P MidCap 400 Pure Growth ETF
(FBT) First Trust NYSE Arca Biotech ETF
(FXH) First Trust Health Care AlphaDEX ETF
(JETS) US Global Jets ETF
(XLE) State Street Energy Select SPDR ETF
(OIH) VanEck Oil Services ETF
(GLD) SPDR Gold Shares
(GDX) VanEck Gold Miners ETF
(SLV) iShares Silver Trust
(CPER) United States Copper Index
(COPJ) Sprott Junior Copper Miners ETF
(COPX) Global X Copper Miners ETF
(REMX) VanEck Rare Earth/Strategic Metals ETF
(LIT) Global X Lithium & Battery Tech ETF
(BTC/USD) Bitcoin
(EWY) iShares MSCI South Korea ETF
(EWT) iShares MSCI Taiwan ETF
(EEM) iShares MSCI Emerging Markets ETF
(IEMG) iShares Core MSCI Emerging Markets ETF

Click here to visit the Lyons Share Pro website and learn more about Dana’s investment services – https://lyonssharepro.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.
35 min
June 26Kingfisher Metals – Drills Are Turning at The HYW 37 Project – Kicking Off This 15,000 Metre Drill Program Testing Multiple Copper-Gold Targets
Dustin Perry, Founder and CEO of Kingfisher Metals Corp. (TSXV:KFR) (OTCQB:KGFMF) (FSE:970), joins me to highlight the commencement of their fully-funded 15,000 metre drill program; in a three-pronged approach to various copper-gold targets in the Hank-Mary district of the Hwy 37 Project, in the Golden Triangle, British Columbia.

2026 Drill Program Update

The first diamond drill has re-entered the 2025 Hank Porphyry discovery hole (HW-25-011) with the goal of extending mineralization beyond the previously reported intercept of 425 m of 0.15% Cu, 0.21 g/t Au, and 2.2 g/t Ag (0.40% CuEq).1,2,3 The original intercept bottoms in increasing Cu grades at 959 m depth where potassic alteration is identified and becoming more prevalent. The second drill will collar in the Hank Porphyry Target area, stepping out over 300 metres, and complementing the first drill. The 3rd drill is set to arrive to site in early July and drill pads are being planned and set up.

2026 Field Program Underway

Reconnaissance prospecting and regional stream sediment sampling are also scheduled to begin shortly across the HWY 37 Project, with geological mapping and soil sampling scheduled to begin during the second week of July. Ground IP geophysics and the airborne Mobile Magnetotelluric (MMT) and magnetic surveys remain on track to commence around mid-July.

Hank Porphyry Cu-Au Discovery – Expansion and Delineation
The Hank porphyry Cu-Au discovery represents a well-defined, large-scale copper-gold target supported by multiple converging lines of geological and geophysical evidence:
Kilometre-scale geophysical anomalies: IP geophysics, magnetics, and magnetotellurics (MMT) anomalies all converging on the same broad target.
Compelling emplacement timing: Porphyry mineralization at Hank, Williams & Mary (~190–186 Ma) overlaps in time with the nearby Mitchell deposit (~196–189 Ma)⁴ the largest undeveloped Cu-Au deposit in Canada.

Hank Au Targets – Bulk Tonnage Gold Targets

At-surface bulk-tonnage gold targets proximal to the Hank Porphyry Target offer significant opportunities for expansion with untested wide-spaced gaps (up to 500 m) between historical drill holes despite evidence of strong gold endowment in historical drilling.
Historical results include:
55.8 m of 1.38 g/t Au (DDH84-4)
42.0 m of 2.52 g/t Au (DDH85-32)
63.0 m of 1.86 g/t Au (DDH85-45)
Several historical holes terminate in mineralization including DDH88-16 with 74 m of 0.43 g/t Au including 0.92 g/t in the last assay.

Structural High-Grade Au Targets

Updated LiDAR, geological interpretation, and 3D modelling are being used to identify higher-grade structural gold zones. Previous workers explored with a single NW-SE azimuth to drill holes, this created a strong bias on ore geometry. New interpretations indicate multiple and complex structural patterns would have been poorly tested by previous holes. Revised interpretations will test projections of identified structures and ore shoot concepts as well.

New Discovery Drilling – Turquoise, Rainbow, & Regional Porphyry Targets

Beyond the Hank Porphyry Target, the Company will conduct first-pass discovery drilling at the Turquoise and Rainbow targets, along with additional regional prospects. This initiative is focused on identifying large-tonnage porphyry systems across the full breadth of the Company’s multi-district-scale land package — providing multiple opportunities for new discovery.
If you have questions for Dustin regarding Kingfisher Metals, then please email us at either [email protected] or [email protected].

Click here to follow the latest news from Kingfisher 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.
25 min
June 26Magna Mining – Review of Q1 Operations and Financials, More High-Grade Results Returned From R2 Zone, Levack and Crean Hill Development Pathway
Jason Jessup, CEO and Director of Magna Mining (TSX: NICU) (OTCQX: MGMNF), joins me for a review of Q1 operations and financials at the McCreedy West Mine located in Sudbury, Ontario, Canada. Then we dive into an overall exploration and development update at the prior-producing Levack Mine, and a development update at Crean Hill to map out what the pathway to restarting production would entail at both mines.

We start off noting the graduation from the TSX Venture Exchange (“TSXV”) to the Toronto Stock Exchange (“TSX”). The Common Shares just began trading on the TSX at market earlier this week on Tuesday, June 23, 2026, and will continue to trade under the current stock symbol, (“NICU”). Jason highlights the extra liquidity and potential for passive fund inclusion that this will present in the fullness of time.

Q1 Operations and Financial Highlights:
Positive cash margin of $6.0 million at the McCreedy West copper-precious metals-nickel Mine.
In Q1 2026, 82,296 tons of ore was processed from the 700 Footwall Copper Zone at McCreedy West at a grade of 3.38% copper equivalent (“CuEq”) based on realized metal prices in the quarter.
The Company produced 4.1 million CuEq payable pounds (“lbs”) in Q1 2026. With both tonnage and grades forecast to increase from Q1, the Company continues to expect to achieve full year production guidance of 16-18 million CuEq payable lbs.
Quarterly cash costs of US$3.48 per CuEq lb, and All-in sustaining costs (“AISC”) of US$4.21 per CuEq lb, respectively. Production costs per ton processed in Q1 2026 declined by 5.3% quarter over quarter to $214 per ton.
Ended Q1 2026 with cash and cash equivalents of $35.8 million and a working capital balance of $53.7 million.
Exploration and evaluation expenses in Q1 2026 of $2.8 million, including $2.3 million at Levack Mine as focus transitioned to infrastructure readiness to support early ore sources and new underground exploration platforms to test the R2 Footwall Zone, with completion of a Preliminary Economic Assessment (“PEA”) expected in Q3.
During Q1 2026, the Company announced initial Mining Reserves for the 700/PM copper-precious metals Zones at McCreedy West which demonstrate an initial three-year production profile, assuming forecasted mining rates which are in line with the current operation and 2026 guidance.

We reviewed the continued high-grade drill results across copper, nickel, platinum, palladium, gold, and silver in more recent assays returned from the ongoing exploration and development work at the Levack Mine.

Highlights from the new assay results include:
MLV-26-14A W2 – intercepted 9.4% Cu, 2.3% Ni, 28.7 g/t Pt+Pd+Au, 52.9 g/t Ag (29.7% CuEq) over 3.4 metres,
Including 18.7% Cu, 0.7% Ni, 60.2 g/t Pt+Pd+Au, 103.8 g/t Ag (57.0% CuEq) over 1.5 metres,
And 21.4% Cu, 0.4% Ni, 40.8 g/t Pt+Pd+Au, 152.0 g/t Ag (34.0% CuEq) over 0.4 metres,
MLV-26-14A W3 - intercepted 22.5% Cu, 1.4% Ni, 49.9 g/t Pt+Pd+Au, 135.0 g/t Ag (43.9% CuEq) over 1.1 metres;
And 14.0% Cu, 1.9% Ni, 47.2 g/t Pt+Pd+Au, 96.0 g/t Ag (36.2% CuEq) over 1.5 metres,

The Company is planning to release a Preliminary Economic Assessment (“PEA”) for the Levack Mine in parallel with work to re-establish ore and waste hoisting capabilities during 2026. At present those economics will not include the high-grade drilling completed to date at the R2 Footwall Zone. Jason highlights that a development drift is being implemented to support ongoing underground exploration of this area, for the potential of future implementation into development plans.

Next we review the ongoing workstreams for Crean Hill that will be feeding into the upcoming PFS later this year. He notes that the significantly higher precious metals today compared to back in 2022 will be a factor that plays into the updated economics, and maps out that the ramp-up into production could commence as early as H2 2027.

We wrap up discussing that the prior-producing Poldosky Mine and the development-stage Shakespeare Project are still both permitted assets of merit and will feed the development cue as mines number 4 and 5 further down the road.

Click here to follow along with the news at Magna Mining

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, and may choose to buy or sell shares at any time.

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.
28 min
June 26Heliostar Metals - Ana Paula and La Colorada Drill Results, Including 99.8 Metres of 10.9 g/t Gold, La Colorada Permitting News
In this Company Update, I am joined by Charles Funk, President and CEO of Heliostar Metals (TSXV: HSTR | OTCQX: HSTXF), for an in-depth corporate update reviewing spectacular new drill assays at Ana Paula and La Colorada, upcoming feasibility milestones, and newly secured permits at La Colorada.
Key Discussion Points:
The Ana Paula High-Grade Panel: Charles breaks down the continuity and width of the recent infill drilling results, highlighting why Ana Paula is tracking to become one of the most profitable, lowest-cost gold mines in the industry.
Unlocking the Deep Expansion Zone: We explore the geological upside sitting underneath the core high-grade resource, where step-out drilling that could significantly extend the mine's longevity.
The "North Zone Linkage" Discovery: Charles introduces a brand-new structural trend connecting separate mineralized zones, adding a fresh layer of exploration potential.
La Colorada's "Veta Madre Plus" Pit Expansion: We discuss the newly granted environmental permits and the strategic shift toward a larger pit design slated to add significant near-term production ounces by mid-2027.
Insulated Growth and Insider Alignment: Learn how the company's conservative budgets and low all-in sustaining costs protect shareholders from equity dilution, plus nearly $1 million in recent insider buying.

Please email me at [email protected] with any follow up questions for the team at Heliostar Metals.

Click here to visit the Heliostar Metals website to learn more about the Company - https://www.heliostarmetals.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 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
June 26Joel Elconin – An Unsatisfied Bid Underneath A Very Mixed Market
In this Daily Editorial on The KE Report, I chat with Joel Elconin, co-founder of the Pre-Market Prep Show and founder of the Stock Trader Network, to discuss a mixed week in US equities, where he highlights an “unsatisfied bid underneath the market.”

On the positive side of the market:
Micron Technology (MU) had an amazing day up over 15% after a solid earnings report and estimate beat, and this caused sympathetic buying in SanDisk (SNDK) up almost 22% on the day. It was a big day for hardware stocks.
The financial stocks, consumer staples, mixed retail, utilities, biotech (XBI), Caterpillar (CAT) and Deere (DE) all have had constructive moves higher lately.
Airline stocks and cruise stocks have been benefitting from the pullback in oil prices.

On the negative side of the market:
The MAG-7 megacap tech stock leadership has been rolling over lately, with Apple (AAPL), Nvidia (NVDA) , Meta (META), and Microsoft (MSFT) leading the charge down this week.
The SpaceX (SPCX) IPO highlights excessive market speculation and after a very big launch, it has now crashed back down to Earth, with pricing very near now to where it initially came to market; creating a lot of new bagholders.
Oil prices have collapsed since the MOU was signed between the US and Iran, but there was a slight lift today in oil and energy stocks on the news that projectiles were shot at a tanker by Iran in the Strait or Hormuz.

We debate how the wider market breadth rotating out of the megacap tech stocks into more areas of the market could show a healthier market, but Joel points out with the MAG-7 having a disproportionately high weighting in the S&P and Nasdaq, and with many institutions so heavily weighted to concentrated positions, that it has him leaning more neutral to bearish coming into the summer.

Click here to visit Joel’s PreMarket Prep website – https://www.premarketprep.com/

Click here to visit the Stock Trader Network – https://www.stocktradernetwork.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.
16 min
June 26Omai Gold Mines – Visual Exploration and Development Update At Wenot and Gilt Creek Deposits – Updated MRE, Met Work, High-Grade Gold Drill Intercepts
Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSX.V: OMG) (OTCQB: OMGGF), joins me for a special video presentation and visual exploration update, with mineralization expanding in the updated Resource Estimate to ~8 million ounces of gold in all categories, from the combined Wenot and Gilt Creek Projects at the Company’s 100%-owned Omai Gold Project in Guyana, South America. We also discuss the dual path of the company now, split between exploration, and all the project derisking being factored into development and the upcoming updated economic study.

The Omai Gold Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent, intrusion-hosted Gilt Deposit (Figure 1), with a combined updated MRE (over the August 2025 MRE) of:
2,495,000 ounces of gold (Indicated MRE), a 17.6% increase, averaging 2.04 g/t Au in 38.1 Mt and
5,465,000 ounces of gold (Inferred MRE), a 24.7% increase, averaging 1.59 g/t Au in 106.6 Mt

That updated model will then be incorporated into the upcoming Preliminary Economic Assessment (PEA), slated for Q3 of 2026; building upon the prior PEA that was released in 2024, which was only on 45% of the mineral inventory focused on the open-pit at Wenot.
That prior PEA did not yet include rest of the resources at Wenot or the expanded profile in the updated MRE, nor did it include the underground project economics from the Gilt Creek deposit.
The updated PEA slated for next quarter will be more advanced and will factor in the combined economics of the open-pit at Wenot, and the underground at Gilt Creek, representing the value proposition of the total project more accurately.

Multiple zones of gold mineralization were intersected in each of the recent assays from the ongoing 50,000-metre diamond drill program.

*Highlights from the recent drilling include:
Hole 26ODD-169 – 2.90 g/t Au over 22.9m o Including 9.13 g/t Au over 4.1m o 2.64 g/t Au over 19.2m o Including 4.90 g/t Au over 8.9m
Hole 26ODD-173 – 3.49 g/t Au over 16.9m o Including 13.21 g/t Au over 1.5m o Including 46.68 g/t Au over 0.6m o 3.86 g/t Au over 23.8m o Including 66.21 g/t Au over 0.8m o Including 28.33 g/t Au over 0.9m
Hole 26ODD-173W – 2.63 g/t Au over 11.5m o 3.68 g/t Au over 8.1m o 2.62 g/t Au over 13.1m o 5.79 g/t Au over 7.7m
Hole 26ODD-180 – 8.54 g/t Au over 20.6m o Including 25.89 g/t Au over 2.5m o Including 13.42 g/t Au over 5.8m o 3.43 g/t Au over 12.3m o Including 5.57 g/t Au over 5.4m
Hole 26ODD-183 – 2.96 g/t Au over 14.3m o 1.57 g/t Au over 22.5m o Including 3.94 g/t Au over 5.5m
Hole 26ODD-185 – 7.26 g/t Au over 34.8m o Including 19.94 g/t Au over 2.5m o Including 54.05 g/t Au over 1.5m o Including 9.83 g/t Au over 3.0m o 15.89 g/t Au over 1.9m o 1.71 g/t Au over 14.0m o 2.10 g/t Au over 10.9m o 7.22 g/t Au over 2.4m o 2.28 g/t Au over 6.9m

Next we discussed the favorable results from this first phase of metallurgical testing, and that both Wenot and Gilt are orogenic gold deposits that are responsive to reliable, industrially proven processing technologies and consistent with the historical production results.
High gold extraction was achieved from testwork with 93% gold (“Au”) extraction at 1.0 g/t Au to 95% Au extraction at 3.2 g/t Au, from a material grind size of 80% passing 75 microns

Wrapping up we discussed the company valuation compared to peers on a P/NAV basis and price per ounce basis, some of the recent high-profile M&A deals in the sector includingG2 Goldfields in Guyana, the ongoing permitting process work towards the EIA, and other derisking work on the Project, gathering all this data to be utilized in the upcoming PEA.

If you have any questions for Elaine regarding Omai Gold Mines, then please email those to me at [email protected].

Click here to see the latest news from Omai Gold Mines.

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.
24 min
June 25Sierra Madre Gold and Silver – Q1 Operations and Financial Update At La Guitarra Mining Complex, Phase 1 Plant Expansion, 60k-80k Meters Of Drilling Between La Guitarra and Del Toro Properties
Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to recap the Q1 operations and financial update at their La Guitarra silver-gold mine complex in Mexico, which includes 3 producing mines: La Guitarra, Coloso, and Nazareno. We look ahead to the 2-phase mill expansion and upcoming increased 30,000 meters of drilling planned across the La Guitarra property. Additionally, we discussed the closing of the transaction for the Del Toro mining complex this week, and the increased drill program to 30,000 - 50,000 meters of drilling at the property starting in the second half of this year.

Highlights
Revenues: Gross silver revenues for the quarter totalled $5.9 million ($85.14 per ounce) and gold revenues totalled $5.1 million ($4,906 per ounce). Silver revenues for the quarter ended March 31, 2025 ("Q1 2025") totalled $2.3 million ($31.13 per ounce) and gold revenues totalled $2.9 million ($2,828 per ounce).
Sales: In Q1 2026, the Company sold 69,006 ounces of silver ("Ag") and 1,038 ounces of gold ("Au") or 128,827 silver equivalent ("AgEq") ounces, based on the ratio of silver and gold prices realized for each shipment in the quarter. This compares to 75,137 ounces of Ag and 1,022 ounces of Au or 165,093 AgEq ounces sold in Q1 2025.
Cash Costs for the quarter were $42.55 per AgEq ounce produced, as compared to $33.63 per AgEq ounce produced in Q4 2025 and $22.51 in Q1 2025 due to a number of factors including the ramp up of operations at Coloso and Nazareno and inflationary pressures on our input costs, as detailed below.
Adjusted EBITDA of $2.8 million for Q1 2026 compares to $1.1 million for Q1 2025.
Cash from Operations: the Company generated $3.5 million of cash from operating activities in Q1 2026 as compared to $729 thousand in Q1 2025.
Gross Profit was $3.61 million for Q1 2026, as compared to $1.36 million for Q1 2025.
Cash and cash equivalents and short-term investments at March 31, 2026 totalled $13.2 million and working capital totalled $14.4 million.
Cost Drivers: Ramp-up and development activities at Coloso and Nazareno drove a significant share of the current production from off-book, out-of-resource, lower-grade material, which weighed on unit mining costs. Gold and silver recovery declines stemmed from feed blend optimization across the three mines, further pressuring costs.
Coloso and Nazareno: Mining restarted at the higher-grade Coloso underground mine at the end of Q1 2025 (estimated resource grades at Coloso are significantly higher in both silver and gold compared to the Guitarra mine veins). In September 2025, Sierra Madre also announced the restart of mining at the Nazareno mine. The Company is focused on ramping up operations at Coloso and Nazareno ahead of the increased plant throughput levels anticipated upon completion of Phase I of the Guitarra expansion.
Phase I and II production targets: In late April, Sierra Madre selected a special services contractor to provide equipment and manpower to accelerate mine development at Coloso and Nazareno. The contractor began mobilization to site in early May. Once the contractor is in place, the Company will be able to transfer its miners and equipment to the Guitarra mine to accelerate production.
Expansion Progress: For the two-phase expansion of the La Guitarra plant, Sierra Madre has acquired key equipment— including a second crusher (tested and installed) and a 600-700 tpd ball mill, now refurbished and under contract for installation, with commissioning expected in late Q2 2026. Construction crews for the ball mill foundation work have been mobilized to site and the purchase of critical equipment has begun.
Once the first stage of the expansion is completed, the planned second phase would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027; essentially doubling production capacity once again.

Beyond the production growth, we also focus on the substantial exploration programs planned for the 2nd half of this year both district-scale land packages.
There are 30,000 meters of drilling planned at the La Guitarra complex; and Alex points out that having their own assay lab should allow the company to quickly react to incoming assays at La Guitarra, going from 20 holes, to 40 holes, and then eventually 80 holes.
Now that the acquisition of the Del Toro Silver Mine complex in the Chalchihuites District in Mexico from First Majestic Silver Corp. has closed, there is a 50,000 meter drill program on tap. The goal of this program will be testing a number of high-priority targets and growing existing resources to extend the mine life for when a restart decision is made on these 3 mines and the 3,000 tpd plant.

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either [email protected].
In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.

Click here to follow along with the latest news from Sierra Madre Gold & Silver

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18 min
June 25Nick Hodge – Messy Macro Factors, Navigating Bearish Metals Price Trends, Portfolio Management Strategies in Gold, Copper, Lithium, Rare Earths, and Uranium Stocks
Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for our monthly longer-format discussion on assortment of messy macroeconomic factors, how he is navigating the bearish metals price trends, and portfolio management strategies in select gold, copper, lithium, rare earths, and uranium stocks.

We start off reviewing the mix of messy macroeconomic movers like:
Market effects from the rising US Dollar – over 100 and climbing
Rising short-term interest rates at the short-end of the yield curve due to Fed policy and Warsh’s meeting and press conference last week; contrasted against flattening rates at the long-end of the curve
Rising inflation readings, but wild fluctuations between monthly and quarterly trends
Knock-on effects from geopolitics and continued uncertainty around the US/Iran MOU and supposed reopening of the Strait of Hormuz. Fluid situation causing increased volatility and impulsive reactions in both directions
Sovereign debt loads and how rising rates will pressure global governments
Capex investments in AI data-center build-outs are ongoing.

The majority of the macro news has been a headwind to the commodities sector, but it is a messy situation because there are positive tailwinds present at the same time. We discussed the pullback in oil prices, in precious metals prices, and copper prices and how Nick is navigating these markets.
After touching the hot stove in a few instances, (after taking a nibble at the GDXJ only to see it fall a bit further), he is not interested in trying to pick a bottom or “catch the falling knife” in most commodities.
Nick would prefer to see a sustainable real low put in for each respective commodity, like the PMs or Oil or Copper, and for a new uptrend to assert itself before deploying any more new capital.
He is more than happy to have a certain portfolio weighting to cash to wait out any more near-term market corrections, and is willing to deploy more cash once the turn higher is more clear.

With regards to portfolio management, Nick is concentrating his portfolio into less positions and fortifying his highest conviction investment stories with compelling catalysts. He is more likely to trim or sell positions that were picked up based on bullish metals price direction, or as a result of spinouts, or where he is not as confident on the assets or management teams. He recommends investors take inventory of what they own, and the investment case for why they own it and only be in the higher conviction stories.
Nick highlighted Gladiator Metals Corp. (TSXV: GLAD) (OTCQB: GDTRF) for copper, and Revival Gold Inc. (TSXV: RVG) (OTCQX: RVLGF) for gold as 2 positions he has held for some time in his portfolio that he is happy to hold through any more volatility and even add to in their weighting. He points out that both companies have solid management teams and projects, and both still have a lot of drilling on tap for this season as a catalyst.
There are also gold stocks on his watchlist that are becoming more attractive during this ongoing sector correction, like Mayfair Gold Corp. (TSXV: MFG) (NYSE American: MINE), Tiernan Gold Corp. (TSXV : TNGD), or copper stocks like Amerigo Resources Ltd. (TSX: ARG) (OTCQX: ARREF) or Ero Copper Corp. (TSX: ERO, NYSE: ERO) that he is keeping a close eye on for a potential future position.

When reviewing where he is seeing the most strength in the commodities sector, Nick highlights the Critical Minerals as having been the most resilient.
He points out that the Global X Lithium and Battery ETF (NYSE: LIT) and lithium developers like Q2 Metals Corp. (TSX.V: QTWO) (OTCQB: QUEXF) and PMET Resources Inc. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) have held up better than most other metals or resource stocks.
Nick highlights the ongoing direct investment and policy initiatives into the rare earths processors, separators, recyclers, noting prior investments into USA Rare Earth, Inc. (Nasdaq: USAR), MP Materials (NYSE: MP), or the news this week where Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) was approved for a $725 million financing commitment from the Department of War, U.S. Office of Strategic Capital, to support infrastructure and capacity to process rare earth elements and other critical materials.
Uranium and nuclear stocks have also been soft ever since the big move up in January, but Nick outlined the continued support from many sovereign nations to invest in both their nuclear infrastructure as well as uranium miners with projects of significance.
Cameco Corporation (TSX: CCO; NYSE: CCJ) announced yesterday a conditional commitment for a loan package of up to US$17.5 billion by the US Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) to reenergize the large-scale nuclear reactor supply chain, drive down costs, and accelerate the deployment of AP1000 reactors in the US and globally.

Click here to follow Nick’s analysis and publications over at Digest Publishing

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.
34 min

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