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The KE Report episodes
- John Rubino – Have Silver And The PM Stocks Entered Into Their Long-Awaited Catchup Rallies?
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 higher in 2025. We also review trading strategies and the potential for valuation reratings to even higher levels in PM equities, despite the big moves higher already seen this year. Will the silver price keep moving higher in a catchup trade to incentivize new production or development, or could we instead see a sharp pricing correction in the near future?
- We start off reviewing silver’s continued breakout up above $66 on both the spot and futures charts, as we spoke on Wednesday 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 monetary drivers for gold versus silver’s industrial component, but then discuss it is really the large investment demand that is flowing into the whole sector via metals, ETFs, and individual equities which is moving the pricing up in the most dramatic legs higher.
- Next we consider how much technical pricing momentum may be fueling more speculation 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.
- Wrapping up, we broaden out the discussion into the strength being seen across the whole metals complex, from copper, platinum, and palladium, to zinc, antimony, tungsten, rare earths, lithium, and uranium 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
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 - Electra Battery Materials Corp – Advancing North America’s Only Cobalt Sulfate Refinery To Onshore Domestic Critical Minerals Production
Trent Mell, President, CEO, and Founder of Electra Battery Materials Corporation (NASDAQ: ELBM) (TSX-V: ELBM), joins me for a comprehensive overview the value proposition for the Company, as a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries and for the defense industry.
Electra’s primary focus is constructing North America’s only hydrometallurgical facility capable of refining cobalt sulfate, and it has an operating history of previously producing cobalt carbonate and nickel carbonate. This is part of a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. Electra’s cobalt sulfate refinery is located in Ontario, Canada, near some of the largest auto manufacturing centers in North America.
Electra is also advancing black mass recycling opportunities to recover critical materials from end-of-life batteries, while continuing to evaluate growth opportunities in nickel refining and other downstream battery materials like lithium and graphite.
Trent reviewed their strategic government-backed infrastructure with support from U.S. Department of War, the Government of Canada, and the Invest Ontario program. The Company has in place 2 key feedstock contracts with Glencore and Eurasian Resources Group (ERG), as well as commercial offtake agreements with LG Energy Solution and off-book government and manufacturing organizations.
In addition to the main opportunity and contracts in place to feed the refinery, Electra holds a significant land package in Idaho’s Cobalt Belt, including its Iron Creek project and surrounding properties, positioning the Company as a potential cornerstone for North American cobalt and copper production. The potential exists to add future Idaho feedstock to supplement the Ontario refining, to add in the processing of nickel sulfate, in addition to the battery recycling expansion opportunity.
If you have any further questions for Trent regarding Electra Battery Materials Corp, then please email them into me at [email protected].
Click here to follow the latest news from Electra Battery Materials Corp
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 - Founders Metals - Video Update - Building a District-Scale Gold Story at Antino
In this KE Report company update, we’re joined by Colin Padget, President & CEO of Founders Metals, for a concise, big-picture look at the rapidly expanding Antino Gold Project in Suriname. With the land package nearly tripled and multiple drill-ready targets, the focus is on how the company is prioritizing growth heading into 2026.
Key discussion points:
- District-Scale Expansion - Founders has expanded Antino from ~20,000 to ~56,000 hectares, unlocking new high-priority targets adjacent to known mineralization.
- Upper Antino - High-Grade Core - ~75,000 meters drilled to date, with continued strike and depth expansion supporting a multi-million-ounce potential.
- Lower Antino & Buese - Scale and Optionality - Broad, consistent mineralization from surface at Lower Antino and a mix of bulk-tonnage and higher-grade zones at Buese add meaningful upside.
- 2026 Exploration Strategy - Systematic drilling, geophysics, and auger sampling across the expanded land package, including first-pass drilling on large, previously untested anomalies.
If you have any follow up questions or topic you would like Colin to address please email me at [email protected].
Click here to visit the Founders Metals website - https://www.fdrmetals.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.32 min - District-Scale Expansion - Founders has expanded Antino from ~20,000 to ~56,000 hectares, unlocking new high-priority targets adjacent to known mineralization.
- Rio2 - Transitioning to a Multi-Asset Gold & Copper Producer
In this company introduction, Alex Black, Executive Chairman of Rio2 (TSX:RIO | OTCQX:RIOFF), discusses the company’s transition from developer to producer.
Rio2 is nearing first gold production at its Fenix Gold Project in Chile, while simultaneously acquiring the Condestable Copper Mine in Peru to provide immediate cash flow.
Project Highlights- Fenix Gold Project (Chile):
- First Production: Construction is nearly complete; first gold pour is scheduled for January 2026.
- Initial Scale: Phase 1 targets 100,000 oz/year via run-of-mine heap leaching.
- Growth: A massive 5-million-ounce resource supports expansion to 300,000 oz/year by 2030.
- Condestable Copper Mine (Peru):
- Strategic Acquisition: Rio2 is acquiring this producing mine for $241M USD, returning to the jurisdiction where the team previously built and sold Rio Alto Mining for $1.2B.
- Financial Strength: Projected to generate $145M USD annual EBITDA at spot prices, funding gold expansions with minimal dilution.
- Stability: Features over 10 years of reserves and a 45,000-hectare underexplored land package.
Key Financials & Team- Fully Funded: Closed an upsized C$191 million bought deal in December 2025 to fund the copper acquisition and general growth.
- Proven Team: Led by Alex Black and President and CEO Andrew Cox, a management group with a history of successful multi-billion dollar exits in Latin America.
If you have any follow up questions for Ian or want more information on any of the projects please email me at [email protected].
Click here to visit the Rio2 website - https://www.rio2.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. 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 - Fenix Gold Project (Chile):
- Kenorland Minerals - 2.55 Moz High-Grade Gold Maiden Resource & The 4% Frotet Royalty
In this company update, Zach Flood, President and CEO of Kenorland Minerals (TSX-V:KLD | OTCQX:KLDCF), discusses the maiden resource at the Regnault gold deposit within the Frotet Project, Quebec.
Zach recaps the path from a 2020 grassroots discovery to a 2.55 million ounce Inferred resource at 5.47 g/t gold. We dive into the valuation of Kenorland’s unique 4% NSR royalty on the project, now 100% owned and operated by Sumitomo Metal Mining. Zach also outlines the expansion potential remaining at Regnault and provides an outlook for Kenorland’s extensive 2026 exploration pipeline.
Key Highlights: Regnault & Beyond- Maiden Resource Milestone: The inaugural estimate outlines 14.5 million tonnes at 5.47 g/t Au for 2.55 Moz of gold. This was achieved in under five years with a discovery cost of roughly $20 per ounce.
- High-Value Royalty: Kenorland holds a 4% NSR royalty (with a 3.25% uncapped floor if buy-downs are exercised), considering the company’s sub-$200M CAD market cap.
- Exploration Blue Sky: The system remains open in multiple directions, with 19 high-grade vein models currently excluded from the resource due to drill spacing.
- Sumitomo Operatorship: With Sumitomo now at the helm, baseline engineering is underway for a potential underground exploration decline to facilitate future bulk sampling.
- Aggressive 2026 Pipeline: Beyond Frotet, Kenorland is preparing for major partner-funded programs at South Uchi (with Auranova) and the Western Wabigoon and Flora projects (with Centerra Gold).
If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at [email protected].
Click here to visit the Kenorland website - https://www.kenorlandminerals.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. 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.18 min - Jim Tassoni - Momentum Check: Small Caps, Silver, US Dollar, Bitcoin Volatility
In this KE Report Daily Editorial, we’re joined by Jim Tassoni, CEO of Armor Wealth Strategies, for a momentum-focused look at equities, metals, energy, and cryptocurrencies. Jim outlines where trends are strengthening, where momentum is fading, and the key technical levels guiding his trades as markets head into year-end.
Key discussion points include:
- Equity Index Momentum & Year-End Positioning - Small caps continue to lead while the S&P 500 and NASDAQ struggle to regain upside momentum. Jim explains how year-end hedging and profit protection may be driving choppy price action and why January could be decisive.
- Silver’s Breakout & Gold’s Steady Trend - Silver’s explosive move into the $60+ range remains a strong momentum trade, though short-term exhaustion is showing. Gold continues to grind higher with longer-term momentum intact.
- Dollar, Bonds, Oil, and Bitcoin Trends - The U.S. dollar has turned lower, bonds suggest a potential yield-curve steepening, oil remains under pressure, and Bitcoin continues to trade with bearish momentum after a sharp pullback.
Click here to visit the Armor Wealth Strategies website to keep up to date with Jim and what he’s trading - https://armorwealthstrategies.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.23 min - Equity Index Momentum & Year-End Positioning - Small caps continue to lead while the S&P 500 and NASDAQ struggle to regain upside momentum. Jim explains how year-end hedging and profit protection may be driving choppy price action and why January could be decisive.
- Great Pacific Gold - High-Grade Results Extend at Wild Dog’s Sinivit Target
In this KE Report company update, we’re joined by Greg McCunn, President & CEO of Great Pacific Gold (TSX.V:GPAC - OTCQX:GPGCF - FRA:V3H), to review new drill results from the Wild Dog Project in Papua New Guinea. The focus remains on the Sinivit target, where ongoing drilling continues to deliver consistent high-grade gold-equivalent intercepts.
Key discussion points include:
- High-Grade Drill Results - Hole 14 returned 9.5 meters at 13.8 g/t gold equivalent, adding to a growing list of strong intercepts from the Northern Sulfide Zone.
- Focus on Depth Potential - Drilling is now testing below 200 meters, targeting extensions of mineralization that management believes could host the most significant ounces.
- Refined Geological Model - Results support a model of high-grade pods within a larger epithermal system rather than continuous grades along strike.
- Strong Cash Position & Next Steps - With ~C$13 million in cash, the company plans to add a second drill rig in early 2026 and continue aggressive exploration.
If you have any follow up questions for Greg please me at [email protected].
Click here to visit the Great Pacific Gold website.
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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.14 min - High-Grade Drill Results - Hole 14 returned 9.5 meters at 13.8 g/t gold equivalent, adding to a growing list of strong intercepts from the Northern Sulfide Zone.
- Craig Hemke - Cutting Through the Silver Market Misinformation
In this KE Report Daily Editorial, I’m joined by Craig Hemke, founder and editor of TF Metals Report, to break down silver’s explosive move above $60, gold’s ongoing bull market, and the growing wave of misinformation surrounding precious metals. Craig explains what’s really driving prices higher, and why investors should stay focused on real data, not viral headlines.
Key discussion points include:
- Silver’s Volatility Above $60 - Strong fundamentals driving big daily swings, not market breakdowns.
- Gold’s Ongoing Bull Market - Why consolidation is healthy and new highs remain likely.
- Debunking Silver Market Myths - Clearing up false narratives around COMEX deliveries and JPMorgan positioning.
- What Actually Matters - Fed liquidity, dollar trends, positioning, and seasonality over click-driven hype.
Click here to visit Craig’s website - TF Metals Report.
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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.20 min - Silver’s Volatility Above $60 - Strong fundamentals driving big daily swings, not market breakdowns.
- Capella Minerals - Maiden Drilling at the Killerö Project, Finland
In this KE Report company update, Eric Roth, President & CEO of Capella Minerals (TSX-V: CMIL - OTCQB: CMILF), joins me to discuss the start of a maiden drill program at the Killerö Project in northern Finland’s highly prospective Lapland Greenstone Belt. The conversation also touches on Capella’s broader Scandinavian strategy across Finland and Norway.
Key discussion points include:- Maiden Drill Program at Killerö - 11-hole, 2,200-meter first-ever drill test of a former Anglo American gold-copper target.
- Target Quality & Geological Upside - Strong historic base-of-till copper and gold anomalies supported by modern geophysics.
- Strategic Joint Venture & Pipeline - Drilling funded through Capella’s earn-in partnership with Tümad, with additional work planned in Finland and 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 - Maiden Drill Program at Killerö - 11-hole, 2,200-meter first-ever drill test of a former Anglo American gold-copper target.
- TG Watkins - Small Caps Outperform, AI Risk & Silver’s Vertical Move
In this KE Report daily editorial (Monday, December 15), TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot, returns with a trader-focused look at shifting market leadership and rising risk as we head toward year-end.
Key discussion points:
- Small Caps Leading, Mega Caps Lagging - Why strength in IWM and equal-weight indices may be masking weakness in mega-cap tech.
- AI Trade Losing Momentum - Signs of fatigue across AI, data centers, and related growth stocks after outsized runs.
- Tesla & Space Speculation - Tesla’s rebound, SpaceX IPO chatter, and why TSLA acts as a proxy for the “Elon trade.”
- Silver’s Sharp Breakout - Technical perspective on silver’s surge and why chasing extended moves carries risk.
Click here to visit TG’s site - Profit Pilot
Click here to visit TG’s YouTube page.
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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.14 min - Small Caps Leading, Mega Caps Lagging - Why strength in IWM and equal-weight indices may be masking weakness in mega-cap tech.
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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