The KE Report

Justin Reid, President and CEO of Troilus Mining Corp. (TSX: TLG) (OTCQX: CHXMF) (FSE: CM5R), joins me for a comprehensive update on their recent name change from Troilus Gold due to them having a project of scale with a substantial copper component, at the Gold-Copper Troilus Project located in northcentral Quebec, Canada. 

The potential for large future copper production, in concert with the gold and silver, has been integral in building out the capital stack with ECAs and MCAs, getting offtake agreements in place, and in bringing in key investors into the most recent capital raise.  In addition, we discuss the advancement of basic and detailed engineering studies, get an update on the permitting progress, review peer comparisons on valuations, and discuss the exploration success at the Southwest Zone and the upcoming regional drill program,

We start off noting that at present there are already 13 million gold equivalent ounces in all categories in place at the deposit; but that the 22 year projected mine life and robust economics are only factored on roughly half of these resources at present.

On November 19, 2025,Troilus Mining announced that it has increased its previously announced debt financing mandate from US$700 million to up to US$1 billion. The upsizing of the mandate reflects the strength of current commodity markets and the material uplift in project economics relative to the conservative assumptions used in the Feasibility Study. It also underscores the continued confidence of the Company’s lending partners and Troilus’ growing strategic importance as one of North America’s next major copper-gold mines.

On November 14, 2025, Troilus Mining announced that it has closed its previously announced bought deal public offering, including exercise of the over allotment option issuing 133,722,000 common shares of the Company at a price of $1.29 per Common Share for aggregate gross proceeds of $172,501,380. The net proceeds from the sale of the Offered Shares will be used by the Company to fund ongoing pre-development activities, debt repayment, and for working capital and general corporate purposes.

Basic engineering of the Project led by engineering partner BBA Inc has now mostly been completed, and is moving on to detailed engineering.  Following the completion of trade-off studies and process flowsheet definition earlier this year, the focus shifted to cost estimation, procurement, and execution planning. Major deliverables - including capital cost estimates, vendor evaluations, and project execution plans - are now well advanced, supporting a targeted construction decision in 2026. Key trade-off studies were conducted, resulting in design improvements to support scalability, operational robustness, and energy efficiency, with minimal impact to capex.

Construction Readiness and Commissioning Preparation

Switching over to the permitting progress, on June 25th the Company announced that it had officially filed the Environmental and Social Impact Assessment (“ESIA”) with both the Government of Québec and the Government of Canada. The submission of the ESIA marks a major milestone in the development of the Troilus Project, representing the culmination of over five years of comprehensive baseline studies, robust technical evaluations, and meaningful engagement with Indigenous and local communities. Permitting should time out with remaining economic studies and engineering for a construction decision in 2026.

Wrapping up we discussed all the infill and expansion drilling at the Southwest Zone this year that will continue into next year, which has continued to hit increased grades over broad intercepts.  Raising the grade profile of this key area positively impacts the first 5 years of mining in the development scenario.  Justin also highlights regional drilling opportunities that the exploration team will pursue in 2026.

If you have any questions for Justin regarding Troilus Gold, then please email them over to me at [email protected].

Click here to follow along with the latest news from Troilus Gold

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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.

Roger Rosmus, Founder, CEO, & Director of Goliath Resources (TSX.V: GOT) (OTCQB: GOTRF), joins me to review the most recent batches of high-grade gold drill assay results reported over the last month from the 64,000 meter 9-rig 2025 drill program; at the Surebet Discovery on its 100% controlled Golddigger Property, located in the Golden Triangle, British Columbia.

Select highlights outlined in the news released on December 2nd:

Select highlights outlined in the news released on November 17th, 2025:

Roger outlines that the high-grade gold-mineralization seen in in the Reduced Intrusion Related Gold (RIRG) dyke in hole #383 is right between prior holes #237 and #226 drilled in 2023, showing the broad mineralization and good odd of continuity in the Eocene-aged mineralization.   It adds to the thesis to continue testing and drilling the many other RIRG dykes in the system.

He also points out that the high-grade gold intercepts coming from drillholes into the Bonanza Zone, (a series of stacked veins dipping to the southeast, where the sediment rock packages contact the volcanic rock packages), has been expanded this mineralization to 1.25 km along its east-west orientation. The mineralized trend still remains open for expansion to the northwest where Bonanza extends for 580 meters.  He notes that there are plenty of holes still pending to report from this year’s program, and many targets to keep going after in the Bonanza Zone in next year’s fully funded drill program.

Assays are still pending for 70 holes from this year’s exploration campaign, of which 55 (representing 79% of the total pending) contain up to 12 occurrences of visible gold to the naked eye (VG-NE); see images in the press release from December 2nd. The intercepts reported thus far are approximately true width and reflect gold only assays (AuEq values will be adjusted accordingly once Ag, Cu, Pb and Zn multi-element assays are returned from the lab in the weeks and months to come).

If you have any questions for Roger about Goliath Resources, then please email me at [email protected].

Click here to follow the latest news from Goliath Resources

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

The KE Report: https://kereport.substack.com/

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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.

In this KE Report daily editorial, we speak with Craig Hemke, founder of TF Metals Report, about silver’s surge toward $60/oz, strong copper performance, and how this week’s Fed meeting may drive the next move in metals and miners.

Key discussion points:

Click here to visit Craig’s website - TF Metals Report

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Investment disclaimer:

In this episode, Greg McKenzie, President & CEO of Silver Storm Mining (TSX.V:SVRS | OTCQB:SVRSF | FSE:SVR), outlines the company’s near-term production restart at the La Parrilla Mine in Mexico and the scale of the San Diego silver project.

Key Discussion Points

Click here to visit the Silver Storm Mining website to learn more about the Company

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In this Company Update, Nick Appleyard, President & CEO of Tristar Gold (TSX.V:TSG | OTCQB:TSGZF), breaks down the positive court ruling tied to the LP environmental permit for the Castelo de Sonhos project. The judge declined an injunction and advanced the case into the evidentiary phase, giving the company clearer timelines as it works toward final permit resolution.

Nick reviews expected next steps, costs so far, and Tristar’s ~US$5M cash balance. He also highlights the strong fundamentals behind the 2.5Moz resource, including 1.4Moz reserve, and outlines the feasibility and drilling work that can restart once the legal process concludes.

Click here to visit the TriStar Gold website to learn more about the Company and Project. 

Email me any follow up questions for Nick - [email protected]. 

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Dave Cole, CEO of Elemental Royalty Corporation (TSXV: ELE) (Nasdaq: ELE) joins me to outline the value proposition of the proforma combination of Elemental Altus Royalties with EMX Royalty Corporation, to form an emerging intermediate royalty company. In addition to circling the globe to highlight various partner projects and operators inside their portfolio of royalties, we also discuss the value of having Tether Investments S.A. de C.V as a key stakeholder.

We start reminding investors of the big-picture rationale for this merger; creating a larger royalty company of scale, graduating up to the intermediate category.  The new combined Company will have more analyst coverage and liquidity, a better cost of capital, the financial strength from the backing of the key strategic shareholder Tether Investments; and the potential to rerate in the future to a better price to net asset value multiple more in alignment with larger royalty peers.

Dave then takes us through a global tour of their diversified portfolio of royalties across precious metals, critical minerals, and battery metals. He touched upon their key cornerstone royalty partner projects like Caserones, Timok, Karlawinda, and Laverton, as well as a number of other solid producing royalties on Leeville, Gediktepe, Balya, and the suite of West African royalties (Korali-Sud, Wahgnion, and Bonikro).  Dave also flagged a few key large development projects with compelling royalty upside as those projects move towards development, like the Cactus and Peak projects in Arizona, Diablillos in Argentina, Viscaria & Vittangi in Sweden, and Laverton in Australia.

In addition to growing royalties year over year, there are also a number of one-off incoming payments on pre-production royalties that are still generating revenues via lease-option payments, stage-gate payments to advance properties, advanced minimum royalty payments, and that come in by way of cash and often times shares in partner companies.

Dave points to the organic development growth still on tap in their portfolio of royalties, the future upside of their continued royalty generation strategy, the potential for larger future royalty acquisitions and royalty financings to create new royalties, and that further down the road they’ll keep their eyes out for accretive M&A opportunities.

Wrapping up Dave highlights the importance of having Tether Investments as their key strategic shareholder, and they financially backstop the kinds of accretive acquisitions that they can now go after. He also explains a bit more background on the use case for Tether stablecoins, how their company generates revenues holding treasuries, and why they are storing so much of their profits in gold, farmland, and royalty company equities.

If you have any follow up questions for Dave or the team ate Elemental Royalty Corp, then please email them to me at [email protected].

Click here to follow the latest news from Elemental Royalty Corp

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The KE Report: https://kereport.substack.com/

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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.

[Webinar Replay from December 4th, 2025]  Trey Wasser, CEO, and Maura Kolb, President, of Dryden Gold Corp (TSX.V: DRY) (OTCQB: DRYGF), join us for an exclusive Webinar recapping the key takeaways from the 2025 exploration program in this comprehensive visual update with management. We touch upon all the various work programs that were completed this year at the 3 regional areas:  Gold Rock Camp, Sherridon, and Hyndman across their Dryden Gold District, in Northwestern Ontario, Canada.

We kick things off with Trey outlining the strength of the management team and board of directors, as well as the very strong list of high profile shareholders like Eric Sprott, Rob McEwen, Bob Quartermain, a number of key funds and institutions, and their 2 key strategic shareholders in Centerra Gold and Alamos Gold.

Next Maura dove into an expanded review of some the key targets drilled this season’s 15,000 meter program along both the Big Master and Elora Gold trends at the Gold Rock Camp,  incorporating the data sets from the D1, D2, and new understanding of the D3 structural faulting trends.  Maura highlights the drill results from around the Elora-Jubilee Target, Pearl Target, and Laurentian Mine Target, and the recent results at the drilling done testing the gap areas between those targets.  We also discuss the significance of the broader bulk tonnage mineralization that is then being upgraded by the multiple high-grade intercepts along the hanging wall and foot wall trends.

We then shifted up to the initial drilling done this year at the Mud Lake target area, and how these same 3 geological deformation faults and folds are present here as well, further northeast along the Gold Rock Camp trend.  There are 4 drill holes here awaiting assays to come back from the lab in the near-term.  Maura highlights that there is a periodicity to this larger system along the 20kms of strike length, which demonstrate similar geological properties to the Elora Gold Shear Zone, and they’ll be following up to exploration work and targeting on more areas of interest in the year to come.

Pivoting out to the regional targets, we discussed the 3rd area of focus from this year’s program at Hyndman, following up on the detailed mapping from 2024, and the channel sampling program along existing outcrop exposures.  Maura outlines where the first drill holes will be drilled at Hyndman in the 2026 season.

Next we reviewed the first 3 drill holes put in at the Sherridon regional area, which is hosted within a large geophysical anomaly with a strike length of five kilometers. Testing to date has focused on a small portion of that trend leaving the Sherridon target open in all directions. Additional drill targets for next year will be designed based on this seasons drill results and geological interpretations from expanded mineral assays, geochemistry and re-logging of historic core.

Wrapping up Trey discussed the financial health of the company and that when the strong cash position of the company is combined with the recent exercise of in-the-money warrants, that the company is fully funded for exploration initiatives heading into 2026.

If you have any questions for Trey or Maura regarding Dryden Gold, then please email them into us at [email protected] or [email protected].

Click here to follow the latest news from Dryden Gold

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

The KE Report: https://kereport.substack.com/

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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.

This KE Report Weekend Show kicks off with Brian Leni laying out a contrarian roadmap for investors caught up in silver’s explosive move above $50, then shifts to fund manager and technician Dana Lyons for a data-driven tour through silver, copper, crypto, and the major equity indices. Together, they map out how to avoid chasing hype, position in quality juniors, and respect what the charts are actually saying into year-end and 2026.

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:

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.

Arturo Préstamo Elizondo, Executive Chairman and CEO of Santacruz Silver Mining Ltd. (TSXV: SCZ) (OTCQX: SCZMF) (FSE: 1SZ), joins me to reiterate their decision to uplist onto the Nasdaq exchange in the US in early 2026, and to delve into the details of Q3 2025 financial and operational results across their portfolio of producing mines in Bolivia and Mexico.

On October 28th, the Company announced that it has applied to list its common shares on the Nasdaq Capital Market (NASDAQ); as a significant milestone in Santacruz’s growth strategy. We discussed how a big board US listing will increase transparency and liquidity to an expanded American shareholder base, and he explains the rationale for going with the NASDAQ over the NYSE. Santacruz Silver paid off their loan to Glencore in September, and is generating record revenues at current metals prices; so they are in a totally different financial position than a pre-revenue junior resource stock that goes through a share consolidation. The only real change will be a higher share price and a reduced number of outstanding shares post-consolidation, simply to meet the NASDAQ listing requirements.

Q3 2025 Highlights (noted in US dollars)

Arturo guides us through a comprehensive review of all their producing operations starting off addressing how Q3 captured the largest impacts of the water inflow event that first occurred at the Bolívar Mine in May 2025. Since then, their operations team has strengthened the pumping system at Bolívar, with the fourth line commissioned in September and then the installation of a fifth submersible line in Q4; which together have increased total pumping capacity to 340 liters per second (l/s). These improvements are facilitating the gradual dewatering and recovery of the affected zones in the Bolívar mine and production is ongoing. The Company expects production from the high-grade Pomabamba and Nané vein areas at Bolívar to resume in February 2026 and ramp up steadily through the remainder of the year.

Next we reviewed the strategic importance of the small but high-margin Porco Mine, giving the company a foothold and good visibility to the Potosi mining district.  Then rounding out the review of Bolivian assets, we moved over to the low-cost Caballo Blanco Group of mines and the high-margin San Lucas Group Lucas feed sourcing business (which now includes ore blended from the Reserva Mine). Arturo highlights how the San Lucas metals sales helped offset the lower silver production at the Bolívar Mine in Q3, and will do so again in Q4, providing a great defensive and growing asset inside their portfolio.

In Mexico, Zimapán continued to deliver stable production, reflecting consistent plant throughput and recoveries. Part of the reason for higher costs in Q2 and Q3 have been all the equipment and development work invested this year into accessing the higher-grade 960 Level at the Zimapan Mine.   This 960 Level is starting to contribute more in the latter part of the Q4 production profile from Zimapan, but will be more significant in Q1 of 2026 and beyond, with capital investment coming down, and grade and metal recoveries going up. 

Wrapping up we looked ahead to 2026 and discussed future growth through exploration around current mines, the development of the Soracaya Project, and the potential for future accretive acquisitions in the Americas.

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

In full disclosure, Shad is a shareholder of Santacruz Silver 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 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.

We’re joined by Caleb Stroup, President & CEO of Headwater Gold (CSE:HWG | OTCQB:HWAUF), to discuss the newly announced $25 million earn-in agreement with Centerra Gold on the Crane Creek Project in Idaho.

Please email your questions for Caleb to us at [email protected] and [email protected]. 

Click here to visit the Headwater Gold website to read over the recent news

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