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The KE Report episodes
- Silver Tiger Metals – Visually Unpacking The El Tigre Project Underground PEA
[Audio section from Video on 01-21-2026]: Glenn Jessome, President & CEO of Silver Tiger Metals (TSX.V:SLVR) (OTCQX:SLVTF), joins me for a special video segment which visually unpacks the key metrics, maps, and forward-looking plan for the Preliminary Economic Assessment (PEA) for the underground mining second phase of the El Tigre Project. We also review what the combined El Tigre Silver-Gold Project in Sonora, Mexico looks like on a valuation standpoint, when one sees the first phase surface mining stockwork zone in tandem with the underground second phase.
The bolt-on PEA is centered on the underground mining economics of the high-grade El Tigre, Sulphide, Black Shale and Seitz Kelly zones. The PEA mine design can be constructed independently of the Stockwork Zone development and is focused on the underground Mineral Resource. Prospective areas exist outside of the areas defined by the PEA and PFS with the historic “El Tigre North Mine” Mineral Resource located 700 metres to the North.
Highlights of the PEA , with a base case silver price of $38/oz and gold price of $3,200/oz are as follows (all figures in US dollars unless otherwise stated):
- After-Tax net present value (“NPV”) (using a discount rate of 5%) of $304 million with an After-Tax IRR of 42.8% and Payback Period of 2.6 years (Base Case);
- 15-year UG mine life with 3-year historical tailings processing recovering a total of 38 million payable silver equivalent ounces (“AgEq”) or 453 thousand gold equivalent ounces (“AuEq”), consisting of 34 million silver ounces and 130 thousand gold ounces;
- Total Project undiscounted after-tax cash flow of $496 million;
- Initial capital costs of $83.5 million, including $10.9 million in contingency costs, over an expected 18-month build, and sustaining capital costs of $213 million over the life of mine (“LOM”);
- The 2026 PEA mine plan is designed as stand-alone to the PFS, with a potential overlap of initial capital cost of $17M (e.g., grid power, offices);
- Average LOM operating cash costs of $1,351/oz AuEq, and all in sustaining costs (“AISC”) of $2,019/oz AuEq or Average LOM operating cash costs of $16.05/oz AgEq, and AISC of $23.98/oz AgEq;
- Average annual production of approximately 2.3 million AgEq oz or 27.8 thousand AuEq oz, consisting of 2.1 million silver ounces and 8.0 thousand gold ounces (refer to Table 10 footnotes for conversion to Eq ozs); and
- PEA Study of the Southern Veins does not include the 38 million ounces AgEq contained in the Northern Veins (see details in updated Mineral Resource Estimate below).
We also go on to unpack all the #exploration upside still at surface, in the underground, and along the district-scale mineralized trend of a number of historic past-producing mines that will have drill programs for many years into the future.
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.
42 min - Sitka Gold - Expands RC Gold With New Discoveries, 2026 Major Drilling Plans
In this company update, we sit down with Mike Burke, Director and Vice President of Corporate Development at Sitka Gold (TSX.V:SIG | OTCQB:SITKF | Frankfurt:1RF), to recap a transformative 2025 and look ahead to an even larger 2026 drill program.
Key discussion points include:
- 2025 Resource Growth at Blackjack - Resource expansion to over 2 million ounces of gold across indicated and inferred categories, with improving grades and strong market response.
- Rhosgobel Discovery & Expansion - Over 12,000 meters drilled, nearly 1 km of mineralized strike defined, surface exposure, and significant gold-tungsten association.
- New High-Grade Zones Identified - Early-stage but encouraging results from Bear Paw, Contact, and Pukelman zones, demonstrating the broader potential of the RC Gold system.
- Aggressive 2026 Drill Program - Plans for ~60,000 meters of drilling aimed at defining scale, supporting new resource estimates, and advancing toward economic studies.
- De-Risking the Project - Ongoing metallurgical testing, environmental baseline work, and infrastructure advantages that support long-term development.
If you have any follow up questions for Mike 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:
The KE Report - https://kereport.substack.com/Shad’s Substack - 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.21 min - Banyan Gold - High-Grade Silver Drill Results At AurMac
In this KE Report company update, we’re joined by Tara Christie, President & CEO of Banyan Gold, alongside Duncan MacKay, Vice President of Exploration, to break down the company’s growing silver discovery at the AurMac Gold Project in Yukon.
Banyan Gold is best known for its large-scale gold asset, with over 7.7 million ounces of gold (indicated + inferred) already defined at AurMac. Recent drilling has now uncovered high-grade silver mineralization, introducing a potential new value driver layered on top of the existing gold resource.
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:
https://kereport.substack.com/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.10 min - Luca Mining – Review Of Q4 and FY2025 Operations, Ongoing Metallurgical Studies, And Expanded Exploration Programs Moving Into 2026
Dan Barnholden, CEO of Luca Mining (TSX.V:LUCA – OTCQX:LUCMF – FSE:TSGA), joins me to review their Q4 and full-year 2025 operations and key financial metrics, further debt repayment, ongoing metallurgical studies and development work, and expanded exploration programs moving into 2026. He provides insights on key upcoming growth initiatives through improving grades and better precious metals recoveries across both of Luca’s producing assets – the Campo Morado and Tahuehueto mines, located in the prolific Sierra Madre mineralized belt in Mexico.
For the full calendar year 2025, Luca delivered total payable production within or above revised guidance ranges for gold, silver, zinc, copper and lead across its two operating mines in Mexico (as broken out by each metal at each mine in the news released Jan. 19, 2026). Production reflected stable operations at Campo Morado and the continued ramp-up of underground mining and processing activities at Tahuehueto. The company is also engaged in ongoing metallurgical testing to improve recovery rates and future payability for their 5 metals, and 3 concentrates; with an emphasis on gold and silver recoveries.
As of December 31, 2025, Luca increased its cash position to approximately $25.5 million, compared to $15.9 million at the end of the third quarter of 2025 and $10.2 million at December 31, 2024, the increase in the quarter driven by free cash flow from operations. During 2025, the Company also repaid $10.1 million of debt, reducing outstanding principal to $2.5 million at year end, with the remaining balance expected to be fully repaid by mid-2026.
Dan goes on to highlight both the expanded CAD$25Million exploration program, with both underground drilling and surface drilling going on at Campo Morado and Tahuehueto, in the first meaningful drill campaign in over a decade.
- The exploration work at Campo Morado has been targeting new high-grade gold and silver areas at the Reforma zone. This drill will be ongoing, but is highlighting broad intercepts that will be amenable to bulk mining methods, lower costs and improving efficiencies.
- Surface drillhole CMRF25-13 intersected 25.1 metres ("m") of 8.31 g/t AuEq**, including 4.9 m of 11.32 g/t AuEq
- Surface drillhole CMRF25-15 returned 55.8 m of 5.90 g/t AuEq, including 7.7 m of 10.09 g/t AuEq
- New underground and surface diamond drilling results from its ongoing exploration programs at the Tahuehueto gold-silver mine have been focused on the other side of the mountain at the Santiago Deposit.
- This has successfully extended high-grade gold mineralization by more than 100 metres along strike toward the west, in the direction of the producing Perdido vein, located approximately 600 metres away.
- Dan mentioned the working thesis that these two vein areas of similar mineralization getting closer together may end demonstrating that it is all one larger vein system going through the entire mountain.
- There is also a concerted effort to expand mineralization and extend the mine life for both projects.
Click here to follow the latest news from Luca Mining
If you have any question for Dan regarding Luca Mining, then please email those into me at [email protected].
- In full disclosure Shad is a shareholder of Luca 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.
21 min - Craig Hemke - Comex vs. Shanghai: What’s Really Driving Silver?
Today on the KE Report Daily Editorial (Tuesday, January 20), we’re joined by Craig Hemke, founder and editor of TF Metals Report, for a wide-ranging conversation on the powerful precious metals rally and the macro forces he believes could shape 2026.
Gold and silver continue to surge, with gold pressing higher and silver rapidly approaching the psychologically important $100 level after a dramatic run from late-2025 lows. Craig breaks down why this move looks different from past spikes, what market structure signals are flashing beneath the surface, and where global pricing power may be shifting.
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 - Inflection Resources - New High-Grade Gold Discovery At The Trangie Project, AngloGold Ashanti As Exploration Partner
In this company update, we reconnect with Alistair Waddell, President & CEO of Inflection Resources (CSE:AUCU - OTCQB:AUCUF), to break down the company’s latest exploration results from Australia. The discussion centers on a new high-grade gold discovery at the Trangie Project, which is being advanced in partnership with AngloGold Ashanti, along with updates on several 100%-owned exploration targets that are moving toward drill testing.
Key topics covered include:- New High-Grade Gold Discovery at Trangie - A first-pass drill hole into a blind target intersected nearly 8 g/t gold over 3 meters.
- Skarn Mineralization & Porphyry Upside - Discussion of the skarn-style gold mineralization and its significance as a potential vector toward larger porphyry systems, which remain the company’s primary exploration focus.
- Large-Scale Air-core Drilling Program - An 83-hole air-core program is starting, acting as a broad geochemical survey to systematically vector toward priority targets across the ~15 km² project area.
- 100% Owned Projects & Upcoming Drill Plans - Updates on several fully owned copper-gold targets outside the joint venture, offering additional upside through low-cost air core drilling and potential future partnerships.
- Funding, Budgets & Partner Support - AngloGold Ashanti continues to fully fund exploration at Trangie, while Inflection Resources maintains flexibility to advance its owned assets independently.
If you have any follow up questions for Alistair please email us at [email protected] and [email protected].
Click here to visit the Inflection Resources website to learn more about the Company - https://inflectionresources.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 ho17 min - Erik Wetterling – Value Proposition In Montage Gold, Inflection Resources, and K2 Gold
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the value proposition that caught his attention in the news from 1 advanced developer expediting the move into production, along with 2 earlier-stage gold and copper exploration companies; both going after drill targets on large potential Tier-1 deposits that would be of interest to senior producers if discoveries are made.
>> The companies we discussed in the interview are:
- Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) – On Jan. 19, 2026, Montage announced that rapid construction progress continues to be made at its Koné project, in Côte d’Ivoire; where the first gold pour through the oxide circuit is now anticipated, ahead of schedule in late Q4-2026.
- Inflection Resources Ltd. (CSE: AUCU) (OTCQB: AUCUF) – On January 19, 2026 Inflection provided an update on drilling completed in New South Wales, Australia under the Exploration Agreement with AngloGold Ashanti Australia Ltd. High-grade gold was intersected in a new standalone target area within the Trangie district. Drill hole TRNDH032 returned 3.0 metres grading 7.72 g/t gold from skarn-style alteration. 83 air-core drill holes are planned to commence on the Trangie project in February to follow-up on the recent intercept in hole TRNDH032 and earlier porphyry gold-copper mineralisation intersected in hole TRNDH023; and
- K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) – On January 19, 2026) K2 Gold announced its plan to commence drilling at the Company's Si2 Project, located near Tonopah, Nevada, on or about January 21, 2026. The drill program will test a series of high-priority structural and geochemical targets generated through comprehensive geological studies completed in 2025, along with recently acquired geophysical information, including fluid-inclusion analysis, alteration mineralogy, age dating, an integrated structural interpretation, and IP survey. These studies collectively indicate that Si2 represents the upper levels of a large, intact low-sulphidation epithermal system, and the drill program is fully funded and will consist of up to 2000 metres over 4-6 drill holes.
* 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.
Click here to follow Erik’s analysis over at The Hedgeless Horseman website
For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
27 min - Thor Explorations – Q4 and Full Year 2025 Operations From The Segilola Mine – Exploration Update At Segilola, Douta, Guitry, and Marahui Projects
Segun Lawson, President and CEO of Thor Explorations (TSX.V: THX) (AIM: THX) (OTC: THXPF), joins us for a review of Q4 and full-year 2025 operations, production, and financial metrics from its Segilola Gold mine, and the Company’s ongoing exploration and development programs across Nigeria, Senegal and Cote D’Ivoire.
Q4 and Full Year 2025 Segilola Highlights
- Q4 gold poured of 23,719 ounces ("oz")
- FY 2025 gold poured totaled 91,910oz
- Gold produced from 242,182 tonnes milled at an average grade of 3.31 grammes per tonne ("g/t") of gold ("Au") and process plant recovery of 94.8%
- Gold sales in Q4 2025 of 25,830oz at an average realized price of US$4,189 resulting in record quarterly revenue of US$108 million
- Q4 record cash balance of US$137 million
- Q4 bullion inventory of 3,188oz (unaudited)
Q4 Dividend
- In addition to the standard Q4 Dividend of C$0.0125 per share, the Company will pay an additional bonus dividend payment of C$0.015 per share. The total dividend payable for Q4 will be C$0.0275 per share
FY 2026 Outlook and Catalysts
- FY 2026 production guidance range set at 75,000 to 85,000 oz of gold
- FY 2026 All-in Sustaining Cost ("AISC") guidance range set at US$1,000 to US$1,200 per ounce
- Douta Preliminary Feasibility Study expected on 26 January 2026
- Extensive drilling programs across all the Company's exploration portfolio, with 5 rigs turning at Segilola, 3 rigs turning at Douta, and 2 rigs turning in Ivory Coast
Ongoing Exploration Programs in all 3 jurisdictions:
Segilola - underground drilling program is ongoing, and there is the continuation of scout drilling programs on identified targets across Nigeria
Senegal – expanded Douta license, additional RC drilling targeting additional oxide resources
Cote D'Ivoire - Guitry and Boundiali licenses, continuation of geochemical work programs and initial drill program on identified targets. Marahui Project mapping and rock sampling progressed with early-stage drill targets in focus for 2026.
If you have any questions for Segun regarding Thor Explorations, then please email them into us at [email protected] or [email protected]
- In full disclosure, Shad is a shareholder of Thor Explorations at the time of this interview and may choose to buy or sell shares at any time.
Click here to follow the latest news from Thor Explorations
For more market commentary & interview summaries, subscribe to our Substacks:
The KE Report: https://kereport.substack.com/
Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.
17 min - Capella Minerals - Expands Copper-Gold Portfolio with Earn-In Agreement on the Solana IOCG Project, Southern Spain
In this KE Report company update, we’re joined by Eric Roth, President & CEO of Capella Minerals (TSX-V: CMIL - OTCQB: CMILF), to discuss a newly signed earn-in agreement on the Solana IOCG Project in southern Spain.
Capella has the option to earn up to 75% ownership through a phased exploration and development strategy. This marks a strategic expansion beyond the company’s core Scandinavian focus, while maintaining exposure to high-potential copper-gold systems.
Eric walks us through what attracted Capella to this underexplored historic mining district, outlines the exploration strategy, and explains how Solana fits into a broader, multi-project pipeline that includes active drilling in Finland and upcoming programs in Norway.
If you have any follow up questions for Eric please email me at [email protected].
Click here to visit the Capella Minerals website to learn more about the Company.
------------------
For more market commentary & interview summaries, subscribe to our Substacks:
https://kereport.substack.com/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.13 min - Weekend Show - Mike Larson & Dave Erfle - 2026’s Big Setup: Volatility Ahead, Metals Roaring, and Why Silver Stocks Lag the Spike
This Weekend Show pairs a “big-tent” market roadmap with a boots-on-the-ground metals deep dive. Mike Larson previews what investors can expect at The MoneyShow Las Vegas (Feb 23–25) and the themes gaining traction in 2026 - from AI-adjacent winners to income plays in a choppy tape. Then Dave Erfle tackles the silver surge head-on, arguing this spike is structurally different (supply-driven, not purely speculative) while explaining the disconnect: why silver equities aren’t currently delivering the leverage many investors expected.
- Segment 1 & 2 - Mike Larson, editor-in-chief of MoneyShow, joins the KE Report to preview the upcoming MoneyShow Las Vegas conference and discuss its broad, generalist focus, key 2026 investment themes, and how investors can best navigate education, networking, and market volatility across asset classes including AI, metals, income strategies, and macro trends.
- Click here to find out about the upcoming MoneyShow conferences - https://www.moneyshow.com/
- Segment 3 & 4 - We’re joined by Dave Erfle, founder and editor of Junior Miner Junky, to discuss why silver’s explosive rally is fundamentally different from past spikes - driven by critical industrial demand, ongoing supply deficits, and global physical market dynamics - along with what any correction could mean for physical metal versus equities and where he’s finding opportunity across gold, silver stocks, and copper.
- Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter - https://www.juniorminerjunky.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 1 min
About The KE Report
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The KE Report provides exclusive interviews with fund managers, newsletter writers, technical and fundamental analysts along with sub $10 billion market cap stocks. Interviews are published daily…
to help investors navigate the markets.
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