The KE Report

This is an early preview to the back half of this weekend’s show. 

In this energy-focused interview, we are joined by Josef Schachter, Founder and Editor of the Schachter Energy Report and author of the Eye On Energy report (now on Substack). Josef breaks down a volatile 2025 for oil and natural gas and lays out why 2026 could mark a major inflection point - especially for disciplined stock pickers.

With oil prices ending 2025 near cycle lows but select energy equities quietly delivering outsized gains, this conversation digs into what really mattered last year and where the best opportunities may lie in the year ahead.

Click here to learn more about The Schachter Energy Report - https://schachterenergyreport.ca/

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In this KE Report company update, I’m joined by David Stein, President & CEO of Kuya Silver (CSE: KUYA - OTCQB: KUYAF - FRA: 6MR1), for a year-end wrap-up and a look ahead to 2026. The discussion focuses on production progress at the Bethania Silver Project in Peru, near-term drilling plans, and a new high-grade silver discovery in Saudi Arabia.

Key discussion points include:

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

Click here to visit the Kuya Silver website – https://kuyasilver.com/

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This Weekend’s Show we are replaying two big-picture conversations from earlier in the week. Craig Hemke explains why this metals run looks structural (not just momentum), while Dan Steffens lays out how a “glut” narrative in oil could flip, at the same time LNG-driven natural gas demand tightens and energy stocks offer dividends, buybacks, and M&A-driven upside.

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

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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 may own shares in companies mentioned.

John Rubino, [Substack https://rubino.substack.com/ ], joins me for another nuanced discussion around the fundamental drivers, macro catalysts, and technical momentum factors that are driving silver and the precious metals stocks to new all-time highs here at the end of 2025.   We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, that have lagged where valuations should be, despite their big moves higher on the price charts already seen this year. 

We start off reviewing silver’s continued breakout up above $77 to new all-time weekly highs on both the spot and futures charts, as we spoke on Friday morning. John outlines that there may be a few different types of super whale investors underpinning the silver price, from sovereign governments and select central banks, to large institutions that have been underweight the sector, and even manufacturers trying to secure larger supply inventories to front-run potentially higher longer-term prices.

We review the slightly different demand drivers silver with both the industrial component, and the growing investment demand. Next we consider how much technical pricing momentum may be fueling more generalist speculation into the metal and mining stocks,  where buying simply begets more buying.

While most market participants recognize that there will be strong record Q4 earnings for gold and silver producers, the spread between Q3 and Q4 average metals prices is so vast that it raises the question of whether the market is truly looking forward enough and properly factoring that into current company valuations.

We highlight the disparity between where gold and silver prices have run to and the comparatively low value that ounces in the ground are receiving inside of the PM developers.

We discuss how merger & acquisitions may shift to larger takeover premiums and higher prices for ounces in the ground, if the available assets and companies keep getting picked off the board.  John points out that it could be manufacturing end users that lead the charge in acquiring silver producers, just to guarantee future supply.  That would be a new dynamic for M&A from buyers that are less price sensitive, and just need to have metal for fabrication demand for their end products.

Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from gold and copper, to platinum, and palladium, throughout 2025. John believes that we are entering an environment where the world is waking up to the importance of supply chains and raw materials, which is going to lead to a continued commodities supercycle.

Click here to follow John’s analysis and articles over at Substack

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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.

In this company update, Craig Nichol, Founder and CEO of Graphene Manufacturing Group (TSX-V: GMG | OTCQX: GMGMF), highlights two major catalysts as the company transitions from innovation to commercial execution.

GMG has secured EPA approval in the US for its THERMAL-XR® coating, clearing the path for material sales through its master distributor, Nu-Calgon. Simultaneously, the company released new data for its Graphene Aluminium-Ion Battery, confirming a 6-minute full charge time, We discuss the development roadmap toward 100 Wh/kg energy density and path to market. 

Please keep the questions coming! Email me at [email protected].

Click here to visit the GMG website to learn more about the Company. 

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Elaine Ellingham, President and CEO of Omai Gold Mines Corp. (TSXV: OMG) (OTCQB: OMGGF), joins me for a special video podcast including a comprehensive exploration update expanding upon the updated Resource Estimate of 6.5 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.

The Omai Property hosts two orogenic gold deposits: the shear-hosted Wenot Deposit and the adjacent intrusive-hosted Gilt Creek Deposit, with a combined updated MRE of:

Multiple drills have been turning up until this week, with over 79 drill holes that have been completed to date this year, totaling 35,300 meters from the current exploration program at the Omai Gold property.  All these coming drill assays released and still waiting on results from the lab will then factor into updated  project Resource Estimate that will be incorporated into the upcoming Preliminary Economic Assessment (PEA) in Q2 of 2026.  

This updated Preliminary Economic Assessment will be 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 there at Wenot, nor did it include the underground project economics Gilt Creek.  The updated PEA slated for early next year will be much 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.

Highlights from the recent drill holes include:

Next we reviewed the results from the very long hole, over 2,000 meters in length, that was drilled through the underground deposit at Gilt Creek over into the area deep under the Wenot deposit.  The geological thesis held up proving that there is also deep sheer resources well below the known mineralization at Wenot. 

Highlighted higher grade zones from the upper part of hole 25ODD–122w include:

 Wrapping up we discussed the company valuation compared to peers on a P/NAV basis, metallurgical testing, permitting process, and other derisking work on the Project, gathering 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.

In this KE Report Daily Editorial, we are joined by Dan Steffens, President of Energy Prospectus Group, for an in-depth year-end discussion focused on the oil and natural gas markets, portfolio positioning, and top energy stock ideas heading into 2026.

Dan manages multiple model portfolios spanning large-cap, mid-cap, small-cap, dividend, growth, and royalty/mineral strategies, and this conversation brings together macro market insights with actionable stock ideas across the energy sector.

Stock symbols mentioned:

EOG, NOG, REPX, KRP, VNOM, PAA, PAGP, WCP, BTE, ENB, OKE

Click here to visit the Energy Prospectus Group website for more energy market and stock analysis. - http://www.energyprospectus.com/

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Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me to discuss the acquisition of the Del Toro Silver Mine in the Chalchihuites District in Mexico from First Majestic Silver Corp. for total consideration of up to US$60 million, inclusive of delayed and contingent milestone payments.  We also get a update on operations from the ongoing ramp-up and expansion of silver and gold production from the La Guitarra, Coloso, and Nazareno mines in Mexico. 

Pursuant to the Transaction, Sierra Madre will acquire a 100% interest in the 2,129-hectare Del Toro Property in Zacatecas State that includes three fully-permitted underground mines, a 3,000 tonnes per day ("tpd") flotation processing circuit and numerous historic mines.   Alex outlines that in the near-term, their plan for Del Toro is to advance exploration and prepare an updated resource report while their operating team focuses on completing the two-stage expansion at La Guitarra.  The initial plan is to commence the mine restart process at Del Toro in mid-2027, with silver and base metals production currently slated for mid-2028. However, Alex mentioned that if silver prices continue on their current upward trajectory, there is a possibility of restarting Del Toro within a 12-month time period."

We reviewed that once again this transaction was completed with their largest strategic shareholder, First Majestic Silver, who is excited to see the team at Sierra Madre unlock value from these assets as they participate from an equity perspective. Alex points out that as was the case with La Guitarra, First Majestic has done an exceptional job in keeping permits current and maintaining the mine and plant in an operations-ready state.

Key transaction specifics of the Del Toro acquisition:

Alex then unpacks how Del Toro is an excellent match for their portfolio, not just on a production basis, but with considerable exploration upside; with an already built production plant and a strategic land position in the large, under-explored Chalchihuites District.  This ties into their team’s long-standing corporate business model is to acquire mines, such as La Guitarra, with existing production facilities, and then to build a resource base in under-explored, large historic mining districts.

Alex also just got back from a site visit to Mexico, so we unpacked all the activity on the ground the planned two-stage expansion at their La Guitarra processing plant located in Estado de Mexico, Mexico. Alex discussed how the ongoing purchase of additional milling and processing equipment along with rolling fleet equipment will allow for the implementation of increased production in incremental stages over the next 2 years.

In addition to throughput growth, there will also be grade-driven growth at the La Guitarra complex. This higher-grade ore which will continue be sourced from both the Coloso and Nazareno Mines to augment the material from the La Guitarra Mine, in addition to development work at La Guitarra reaching higher grade material. As production and operations continue ramping up this blended material will raise the grades and recoveries of gold and silver, as well as start lowering costs over the next few quarters.

Wrapping up we discuss the preparations and early targeting work underway to engage in a significant exploration program at the East District concessions, which will include a drill program of over 25,000 meters in 2026.  The property hosts 8 different past-producing mines, with the first 2 priorities being to explore around the El Rincon and Mina de Agua mines.   There will also be more announcements about the exploration plans at the Del Toro complex and land concessions in the new year.

If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either [email protected].

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

In this year-end daily editorial, Craig Hemke, Founder and Editor of the TF Metals Report, joins the KE Report to recap a historic year for precious metals and look ahead to the structural shifts of 2026.

Gold closes the year with a staggering 65% year-to-date gain, while silver has outperformed, nearly doubling that figure. Craig analyzes why the traditional "Trump Trade" of a soaring dollar failed to materialize, replaced instead by a fundamental global shift toward hard assets. We discuss the "structural superfecta" - the rare occurrence of metals hitting weekly, monthly, quarterly, and annual all-time highs simultaneously - and why 2026 could be defined by a new macro era of asset monetization and yield curve control.

Click here to visit Craig’s website - TF Metals Report - https://www.tfmetalsreport.com/

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Northern Shield Resources (TSX-V: NRN) is advancing the Root & Cellar Project in southeastern Newfoundland. In this company introduction, Ian Bliss, President and CEO provides a history of the asset and 2026 plans. 

Click here to visit the Northern Shield Resources website.  

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