Fred Earnest, President and CEO of Vista Gold Corp. (NYSE American and TSX: VGZ), joins us for comprehensive update on the revised Resource Estimate, and the new optimized Feasibility Study announced July 29th at their Mt Todd Gold Project.  Mt Todd is a ready-to-build development-stage gold deposit located in the Tier-1 mining jurisdiction of Northern Territory, Australia.

Fred reviews the 10.6 million ounces of gold resources in all categories, and the infrastructure and jurisdiction advantages to the working in this area of Australia. We then shifted over to lower capex and key efficiencies outline in the updated 2025 Feasibility Study (“2025 FS”). This new 2025 FS provides a favorable development alternative to Vista’s previous feasibility study completed in 2024 at 50,000 tpd, as it now envisions a 15,000 tonnes per day (“tpd”) mining scenario.  This smaller initial project has a much lower capex, and prioritizes higher grade ore being sent to the processing plant, significantly reducing development capital required and operational risks.

 FEASIBILITY STUDY HIGHLIGHTS

ROBUST PROJECT ECONOMICS

If you have questions for Fred regarding Vista Gold, then please email those into us at [email protected] or [email protected].

Click here to follow the latest news from Vista Gold Corp

Today, Craig Hemke, founder and editor of the TF Metals Report, joins me for his regular Monday commentary on the precious metals markets. We start with a recap of last week’s market action following Jerome Powell’s remarks at Jackson Hole, which signaled that the Fed may be preparing for a September rate cut. The result: strength across equities, bonds, and precious metals, with the U.S. dollar the lone laggard.

Key Discussion Points:

Follow Craig’s work at TF Metals Report.

In this KE Report company update, I speak with Simon Ridgway, Founder & CEO of Rackla Metals (TSX.V:RAK - FSE:RLH1), for a detailed look at the ongoing drill program at the Grad Property in the Northwest Territories, an extension of the Tombstone Gold Belt.

Key topics covered:

While assay results are still pending, investor interest remains strong as Rackla continues to drill through late summer. Simon also provides insights into how bismuth content could prove to be a reliable proxy for gold mineralization in this emerging discovery.

Visit Rackla Metals Website for the latest news releases.

Rick Bensignor, President of Bensignor Investment Strategies and editor of Supposedly Irrelevant Factors, joins the KE Report for a deep dive into today’s market environment. Rick’s institutional insights are followed by some of the most successful hedge funds worldwide, and he also shares strategies through his Tactical Trader and Daily Tip Sheet reports at the In the Know Trader website.

Discussion Highlights:

Rick shares decades of experience as a trader, strategist, and fund manager—offering tools to navigate a bull market that looks unstoppable on the surface but carries hidden risks below.

Click here to visit the In The Know Trader website.

Market rotation broadens beyond big tech, gold equities attract generalist capital, and energy stocks set up for future revaluations.

This weekend’s KE Report brings two perspectives - Mike Larson of MoneyShow breaks down equity rotation, Fed uncertainty, and precious metals momentum, while Dan Steffens of Energy Prospectus Group highlights natural gas fundamentals, oil market geopolitics, and M&A-driven opportunities in energy equities.

If you enjoy the show, be sure to subscribe to our podcast feed (KER Podcast), YouTube channel, and follow us on X for more market commentary and company interviews. Don’t forget to subscribe and leave us a review!

Also check out our Substack where we email you summaries of Daily Editorials and the Weekend Show! Click here to check it out.

Marc Chandler, Managing Partner at Bannockburn Global Forex and editor of the Marc to Market, joins us to discuss the market reactions to Jerome Powell’s dovish comments from his speech today in Jackson Hole Wyoming.   The market signal was that there is now a high-probability of a rate cut at the upcoming September FOMC meeting; and this was like throwing gasoline on the bull market fire.

Key topics discussed:

This speech seemed to nail down an anticipated rate cut in September, even though there may be some dissenting members of the Fed that would prefer to stand pat.

Powell seems more concerned with the deterioration of the labor market statistics than he is with the mild uptick in inflation data.   Despite that some Fed governors and presidents have voiced concerns that we do not yet know the full extent of how the tariffs may affect inflation on a move forward basis.

Marc expects that we’ll have 3 key takeaways from the upcoming September Federal Open Market Committee meeting:

Despite the 6-day pullback in US equities over the last 2 weeks, with market expectations of a more hawkish tone, the market launched up to new all-time highs to end the week.

Marc outlines that he believes the US dollar has more downside ahead of it, with the potential of a pullback below 90 in the high 80s.

When asked if that kind of a move lower in the dollar would hurt consumers Marc highlights why it may be more impactful to foreign dollar holders than domestic, since most goods are priced in dollars once entering the country.  He feels it is more germane to watch the trends in interest rates for a signal as to how the dollar and other currencies may behave.

Click here to visit Marc’s site – Marc To Market.

On today’s KE Report Daily Editorial (Friday, August 22), we’re joined by Dave Erfle, Founder and Editor of Junior Miner Junky. After a month away, Dave shares his outlook on precious metals and mining equities as the sector continues its bullish momentum.

Key Themes:

Dave explains why this bull market still has room to run, what levels to watch for potential corrections, and where he’s seeing the most compelling opportunities across majors, mid-tiers, and juniors.

Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.

David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me for a comprehensive exploration update at their wholly owned polymetallic Iberian West Project (IBW), located in southern Spain.  The IBW Project includes three Volcanogenic Massive Sulfide (VMS) deposits: La Romanera, El Cura and La Infanta. We also get another update on the legal proceedings at the Aznalcóllar Project later in the conversation.

We start off reviewing the assay results from the latest batch of drill results at the El Cura deposit, announced on August 20th.

Recent results from the ongoing drilling campaign at El Cura include:

David outlines that the El Cura deposit has potential to significantly increase IBW resource tonnes with additional high-grade gold and copper mineralization. The Company has approved an additional 10,000 meters of diamond drilling at El Cura due to the results of the program to date which demonstrate the deposit remains open for possible expansion at modest depth. This drilling will focus on converting the previously delineated Inferred Mineral Resource Estimate to an Indicated Mineral Resource Estimate in support of economic studies, as well as extending the lower and western regions of the known resource.

El Cura is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Infanta can now drift through El Cura on the way to the development of La Romanera, bringing in El Cura in as a future economic driver much earlier in the mining sequence.  We discuss all the derisking work going on in the background building toward the Pre-Feasibility Study (PFS) later this year, as well as an update on the environmental permits anticipated to come in over the next couple months.

We wrap up with David summarizing that the Third Section of the Provincial Court of Seville has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the Aznalcóllar tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. The Trial judges, Angel Márquez Romero (President of the Court), Luis G. de Oro-Pulido Sanz and Carmen Pilar Caracuel Raya, will now prepare their rulings on the criminal allegations. The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.

If you have any follow up questions for David regarding Emerita Resources, then email those in to me at  [email protected].

Click here to follow the latest news from Emerita Resources

Leif Nilsson, CEO & Director of Surge Copper (TSX.V:SURG – OTCQX:SRGXF), joins me for a comprehensive update covering ongoing field activities, 3 types of drilling, and various derisking work initiatives and development work streams all building towards their updated Resource Estimate and Pre-Feasibility Study (PFS), at their flagship copper-molybdenum-silver-gold Berg Project in British Columbia.

We start off reviewing the resource size and different metals contributions as well as the key economic metrics from the Preliminary Economic Assessment (PEA) that was released in June 2023. The updated Mineral Resource Estimate includes combined Measured & Indicated resource of 1.0 billion tonnes grading 0.23% copper, 0.03% molybdenum, 4.6 g/t silver, and 0.02 g/t gold, containing 5.1 billion pounds of copper, 633 million pounds of molybdenum, 150 million ounces of silver, and 744 thousand ounces of gold, plus an additional 0.5 billion tonnes of material in the Inferred category.  Leif reviewed some of the results from their substantial metallurgical testing program, where a bulk concentrate has been successfully separated into a copper concentrate containing the precious metals and a high-value molybdenum concentrate.

Next we shifted over to the 3 different types of drilling that have been ongoing or are still underway at the Berg Project.

Additional workstreams remain active across the site, including geophysical surveys, environmental baseline studies, and logistical field preparations such as pad construction and line cutting. The Berg camp is currently a hub of coordinated technical activity, with drill contractors, field geologists, environmental and geotechnical engineers, helicopter crew, line cutters, pad builders, geophysical crews, and camp support staff all contributing to the program. Collectively, these efforts are generating the critical datasets required to support robust design parameters and reduce risk ahead of the upcoming pre-feasibility study.

Wrapping up we discussed a number of factors from what the permitting process will look like for EA readiness, the value in the strategic partner they have in African Rainbow Minerals Limited (“ARM”) assisting the Project both financially and technically, and an overall sense of how the size and scale of the Berg stacks up to other large copper development assets in Canada.

If you have any follow-up questions for Leif regarding Surge Copper, then please email them to me at [email protected].

Click here to follow the latest news from Surge Copper

Taj Singh, CEO of First Nordic Metals (TSX.V: FNM) (OTCQB: FNMCF) (FNSE: FNMC SDB) (FRA: HEG0), joins us to review the first set of 14 drill assays returned from the Aida Target at the Paubäcken Project, and what they’ve learned as they have substantially expanded the strike length of the mineralized trend.  We also discuss the summer drilling finishing up soon at the Nippas Target at the Storjuktan Project, and then the drilling set to commence soon at the Harpsund Target at Paubäcken. All of these targets and projects are located on their 100% owned property along the Gold Line Belt of Sweden.

Key Highlights:

Beyond these first 14 drill holes released, there are an additional 25 holed drilled that are still at the lab pending future release from around this high-priority Aida Target.   We also touch upon the drill rig being moved over next to the Harpsund target, which has shown promising Base-of-Till (BOT) drilling, surface till sampling, and geophysics.  The exploration team is gearing up for the maiden drill program Harpsund next in this summer’s program, along with further ongoing targeting work at the adjacent Brokojan target.

Pivoting over to their Storjuktan Project, the 5,000 meter drill program is just finishing up at   Nippas, which is still the most derisked target at Storjuktan.  There are 5 other high priority targets (3 large targets in the south and 2 key targets in the north), across the Storjuktan Project, so this will be an ongoing area of focus for future targeting and drilling.

If you have any questions for Taj or Adam, regarding First Nordic Metals, then please email them in to us at [email protected] or [email protected].

Click here to follow the latest news from First Nordic Metals