The KE Report

This week’s Weekend Show shifts the lens back to the core pillars of asset-based investing: Precious Metals and Energy. We explore the disconnect between market sentiment and physical reality, moving from the technical nuances of silver supply deficits to the high-stakes geopolitical maneuvers in the Strait of Hormuz. Our guests analyze why "scarcity narratives" often miss the mark and how investors can find the "growth wedge" in an energy sector bracing for a volatile summer. 

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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.

Stefan Sklepowicz, CEO of Kirkland Lake Discoveries (TSXV: KLDC) (OTCQB: KLKLF), joins me for an exploration update on the high-grade gold over multiple broad intercepts in the first drill hole returned from KL South at the South Zone of the Mirado target. This is part of their ongoing 25,000 meter ongoing 2026 diamond drilling program at the past-producing Mirado property.  Their district-scale exploration portfolio, spanning KL West, KL East, and now KL South is located in the Kirkland Lake region of Ontario’s Abitibi Greenstone Belt; one of the most prolific mining districts in the world.

Highlights

KLM26-001

KLM26-001B Wedge

Stefan mentioned this is just the first drill hole returned from the Mirado area, but that 9 other holes have also been completed and there will be another 4,000-5,000 meters of drilling here in this area of KL South throughout the balance of this program. The company will be doing some confirmation holes and some step-out or deeper holes under historic drilling to expand the mineralized footprint at both the South Zone and North Zone.   There are also other regional targets at KL South like MZ Zone, Bank, and Gold Hill that are on crown land, and will require different permits to drill in the future.

Additionally, there are still 39 drill holes that were completed up at KL West pending results from a different assay lab, building upon the encouraging drill results from Summer 2025. 12,000 meters have already been drilled at KL West, where only 1,000 meters of assays have been returned back thus far, from the Wolverine Bend target. 

If you have any questions for Stefan about Kirkland Lake Discoveries then please email them into me at [email protected].

Click here to follow the latest news from Kirkland Lake Discoveries

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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, and companies profiled may be sponsors of the KE Report.

José M. García, CEO and Director of Silver X Mining (TSX.V:AGX – OTCQB:AGXPF), joins me for a comprehensive news update highlighting recent announcements on:

First Quarter 2026 Production Highlights

We start off by having José outline some of the step changes in growing the production throughput at Tangana, taking throughput from 500-600 tonnes per day (tpd) up to nameplate capacity of the plant at 720-750 tpd.  They are seeking permits in the middle of this year to expand the Recuperada plant throughput to 1,000 tpd by the end of 2026.  The operations team is also looking at incorporating ore-sorting technology to further upgrade the ore, and discard more waste before running the material through the mill.

Then looking ahead 2-3 years, as outlined in their expanded Preliminary Economic Assessment (PEA) released to the market on September 4th, 2025, they will increase the Recuperada Plant capacity up to 1,500 tpd, and also build a new Tangana Plant also with 1,500 tpd capacity, taking throughput up to 3,000 tpd by 2029.

The vision is to increase mining, development, and grade from the Tangana unit to eventually feed the new plant, with higher grade material from both the Plata Mining Unit and Red Silver Mining Unit eventually feeding the Recuperada Plant.   When both plants are running at full capacity with 3,000 tpd the projected output would be over 6 million silver equivalent ounces of production per annum.

On March 24th, 2026, Silver X announced the acquisition of the 7,712.5-hectare Pampas Gold-Silver Project in Huancavelica, Peru; adding a new high-grade exploration asset to its precious metals portfolio.

We spend the balance of the interview unpacking the ongoing 40,000 meter drill program, and aggressive exploration initiatives across their district-scale land package and recent broad silver mineralization returned from drilling at the Blenda Rubia target.   There are multiple goals for this largest drill program to date focused on further delineating the higher-grade areas of each area, updating the confidence in the continuity of known resources with infill drilling, while still looking to make new discoveries along strike and at depth.

If you have any questions for José regarding Silver X Mining, then please email those into me at [email protected].

Click here to follow the latest news from Silver X Mining

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

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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, and companies profiled may be sponsors of the KE Report.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSX.V:SCZ) (NASDAQ:SCZM) (FSE:1SZ), joins me to highlight their full-year 2025 financial and operational results across their portfolio of producing mines in Bolivia and Mexico. We also review a few of the key growth initiatives that the company has slated for 2026 across multiple projects.

 FULL YEAR 2025 HIGHLIGHTS:

Last year was a milestone year for Santacruz, highlighted by the full debt repayment to Glencore, payment of taxes to Bolivia, and still ending the year with ~$70 million added to the treasury and materially strengthened balance sheet.  Strong silver prices throughout the year and improving mine efficiencies contributed to a revenue increase of 15%, and the margin between the average realized price of silver and AISC improved by 209%.

While total production was down 11% due to Bolivar's May 2025 flooding event, the strength and diversification of their multi-asset operating portfolio helped offset the impact, with operations remaining cash-generative and profitable. The Company continues to expect Bolivar's full recovery by Q4 2026, with the dewatering program progressing ahead of plan and driving consistent quarter-over-quarter improvements throughout the year. The Company is beginning to see the benefits of the recovery efforts at Bolivar, now accessing again the high silver-grade Pomabamba and Nané veins.

Next we moved over to the Caballo Blanco Group of mines, which is the lowest cost and thus highest efficiency of their operations.  Colquechaquita and Tres Amigos are the 2 producing mines, but Arturo mentioned that the Company has now brought Esperanza Mine back into production during Q1, and that it should be a profitable smaller zinc-forward mine in this Caballo Blanco complex moving forward.

Next we shifted over to the high-margin San Lucas Group Lucas feed sourcing business (which now includes ore blended from the Reserva Mine, previously part of the Caballo Blanco complex).  Arturo points out that since this is a “margin business” it will always be profitable, but that it will see higher costs in parallel with higher silver prices, and thus the higher amount needed to be paid to the small regional miners that bring in their ore to sell to San Lucas.   The higher costs are not an efficiency issue, but rather reflective of moves up in the metals prices themselves.

Their Zimapán Mine in Mexico will be another area of growth for Santacruz Silver in 2026, after a substantial capital investment last year into plant equipment and improving mine efficiencies and metals recoveries.   Additionally, the operations team had finally gained access to the high-grade 960 Level of the Zimpan Mine at the end of Q4, and so this will be a more significant contributing area of production starting in Q1 2026 and for several years to come.

The operations team is advancing their silver-dominant Soracaya mine towards development and near-term production. There is already a decline ramp into this project with initial stope access in 2 areas, and the plan once the permit is received is to get this mine into initial production by Q4 of 2026.

Wrapping up we discussed the potential for future accretive acquisitions in the Americas.  The board and management team are open to a currently producing mine or development-stage underground mining assets, but only if the acquisition would be accretive for shareholders and if their team can unlock value in these acquired assets.

If you have any follow up questions for Arturo regarding Santacruz Silver, then please email those to me [email protected].

Click here to follow the latest news from Santacruz Silver

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, and companies profiled may be sponsors of the KE Report.

In this Daily Editorial, we are joined by Joel Elconin, Co-Host of the PreMarket Prep show and Founder of the Stock Trader Network. With major indices hitting record territory, Joel provides a technical and fundamental deep dive into why this market seems decoupled from global conflict and focused entirely on growth.

Key discussion points: 

Stocks Mentioned: SPY, QQQ, NVDA, GOOG, AMZN, DAL, JPM, BAC, WFC, ARES

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/

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In this Company Update, I am joined by Mike Burke, Director and VP of Corporate Development at Sitka Gold (TSX.V: SIG | OTCQB: SITKF | FRA: 1RF). Mike provides a comprehensive breakdown of the newly analyzed tungsten data and how it integrates into the existing gold resource at the Rhosgobel gold deposit. We discuss the geological significance of these results, the potential for tungsten as a high-value by-product, and what this means for the project’s future economics.

Key Discussion Points:

If you have any follow up questions for the team at Sitka Gold please email me at [email protected]. 

Click here visit the Sitka Gold website to learn more about the Company - https://sitkagoldcorp.com/

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

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.

In this Company Update, I chat with Simon Dyakowski, President and CEO of Aztec Minerals (TSXV: AZT | OTCQB: AZZTF), to discuss the drill results released on April 15, 2026, from the Tombstone Project in Arizona. Simon provides a deep dive into the 14-holes that targeted the Westside and Contention Main areas, revealing high-grade gold and silver mineralization that continues to expand the project's footprint.

The discussion covers:

Please email me any questions you have for Simon. My email address is [email protected]. 

Click here to visit the Aztec Minerals website - https://aztecminerals.com/

Figure 2 & 3. Plan maps showing drill hole collars from the 2025-2026 drill campaign at the Tombstone Property, southeastern Arizona.

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Paul Jones, President of Versamet Royalties (TSX: VMET) (NASDAQ: VMET), joins us to outline the key benefits and considerations from the news on April 6th which announced their acquisition of a 3.52% existing gold stream, from fund entities managed by Orion Resource Partners LP and fund entities managed by affiliates of Blackstone Inc., in respect of gold production from the Eskay Creek gold-silver project; owned and operated by Skeena Resources Limited, and located in British Columbia, Canada,

Versamet paid an upfront cash payment of $340 million and issued 2,054,906 common shares to the Vendors. Versamet funded the upfront cash payment through an amended and restated credit facility, which includes an increase of the existing revolving facility from $200 million to $250 million, maturing in March 2029, and a new term facility in the amount of $150 million, maturing in March 2028, for a combined total of $400 million, from the Bank of Montreal and National Bank of Canada. The Amended Credit Facility provides for a $100 million accordion on the revolving facility once the term facility has been repaid in full.

Gold Stream Summary

Paul highlights the nuances between streams versus royalties, the positive tax treatment the stream will receive, the importance of partnering on robust projects with strong operators, and the torque that royalty companies can have if they can demonstrate meaningful growth to the market. 

Once Eskay is up and operating at full commercial production, it should augment the projected 20,000-23,000 Gold Equivalent Ounces (GEOs) by an additional 10,000 GEOs per annum.  Paul points out that by borrowing approximately 1/3 of their overall market cap, that they’ve increased the GEOs by essentially half; not including any future exploration or production upside on the Project.

If you have any follow up questions for the team over at West Red Lake Gold please email us at [email protected] and [email protected].

Click here to follow the latest news from Versamet Royalties

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, and companies profiled may be sponsors of the KE Report.

Will Robinson, VP of Exploration at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review some of the recent high-grade gold drill results returned from the Austin 904 Complex, underground at the 13 level of the Madsen Gold Project, in the Red Lake district of Ontario, Canada.  We also discuss some of the exploration news on tap in 2026, with assays pending from Fork and Rowan, underground drilling planned along the 13 East Drive into Austin and Derlak, and surface drilling planned at Starratt-Olsen.

AUSTIN 904 COMPLEX HIGHLIGHTS:

The results from Austin 904 Complex presented in this update were all drilled from the 13 Level of the Madsen Mine at approximately 650m depth. These results are in addition to those recently announced on February 25, 2026 which highlighted 219.73 grams per tonne (“g/t”) gold (“Au”) over 4.8 metres (“m”), 148.36 g/t Au over 3m and 133.13 g/t Au over 2.5m.

The Austin 904 presents a unique opportunity in Madsen as a completely intact panel of gold mineralization approximately 200m by 200m in size. This area of the deposit was not historically mined by the old-timers, (as it contained key ventilation infrastructure at that time which is no longer required).  This is rare for the Madsen deposit and places WRLG in a favorable position to have full access to the entire mineralized zone for mining.  This untapped potential is expected to result in larger stopes and increased efficiency during mine design and extraction.

Recent drilling success from the Austin 904 demonstrates the potential for discovery of additional high-grade lenses of gold mineralization in the main Austin Zone very similar to those that have already been delineated in the South Austin 4447 area during the 2025 campaign.

Will mentions that more assays are still pending from the 3,000 meters of drilling at Fork, and the 6,000 meters of drilling at the satellite Rowan deposit.  With regards to future exploration, there will be upcoming underground drilling planned along the 13 East Drive into Lower Austin and Derlak, and more surface drilling into the prior-producing Starratt-Olsen area; which is near-surface and adjacent to Fork.

If you have any follow up questions for the team over at West Red Lake Gold please email us at [email protected] and [email protected].

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

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, and companies profiled may be sponsors of the KE Report.

Victor Cantore, President and CEO of Amex Exploration Inc. (TSX.V: AMX) (OTCQX: AMXEF), joins me for an exclusive KER video update, with a visual overview of the Perron Gold Project located in Quebec, Canada. We review the constructive advantages to their site infrastructure, get an exploration update on their expanded land package, highlight the key metrics from the Phase 1 Feasibility Study, and outline the next key milestone as the move into a trial-mining bulk sample process.

Feasibility Phase 1 Highlights Released on March 13, 2026:

The next key company milestone, before getting to this Phase 1 scenario outlined in the Feasibility Study, will be moving next into the development process for trial-mining of the high-grade Champagne Zone in a bulk sample, to commence the middle of 2027. 

The revenues generated from the bulk sample in 2027, then the 4-5 years of DSO toll-mining in Phase 1, will fund the exploration and development work that feeds into the Phase 2 studies.  Phase 2 will envision the move into a larger production scenario building a processing plant on site, from the robust revenues projected during Phase 1.

In addition to all the development slated for this year, the company is pressing forward with an aggressive 100,000 meter drill campaign, continuing to delineate and expand resources at the main Perron Project; while also beginning to explore on their expanded land package across the provincial border into Ontario.  The company has substantially increased their land holdings through a combination of staking claims and the 2 recent acquisitions of the Perron West and the Abbotsford/Hepburn properties.

If you have any questions for Victor regarding Amex Exploration, then please email them into me at [email protected], and we’ll get those addressed or covered in future interviews.

Click here to follow the latest news from Amex Exploration

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, and companies profiled may be sponsors of the KE Report.