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The KE Report episodes
- Sierra Madre Gold and Silver – Q3 Operations Update – Ramping Up At La Guitarra, Coloso, and Nazareno - District-Scale Exploration Strategy In 2026
Alex Langer, President and CEO of Sierra Madre Gold And Silver (TSXV: SM) (OTCQX: SMDRF), joins me for a review of Q3 operations and financials from the ramp-up of silver and gold production from the La Guitarra, Coloso, and Nazareno mines. We also unpack 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.
- These planned expansions would increase the site’s nameplate processing capacity by 50% from the current 500 dry tonnes per day (tpd) to a range of 750 - 800 tpd by Q2 2026.
- This first expansion would involve the construction of a paste fill and thickener plant, the addition of a fourth ball mill and second cone crusher as well as an increase in the conveyor circuit’s material handling capacity.
- Subsequently, construction of a new, fully permitted, Dry Stack Tailings Storage Facility and addition of a second crushing circuit would increase processing capacity to a range of 1,200 tpd to 1,500 tpd by Q3 2027.
- The Company currently has access to the capital to complete these expansions, which we anticipate funding from the Company’s treasury and cash flow, eliminating the need for further near-term capital raises.
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 grad 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. 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.
If you have any questions for Alex regarding Sierra Madre Gold and Silver, then please email them to me at either [email protected].
- In full disclosure, Shad is a shareholder of Sierra Madre Gold and Silver and may choose to buy or sell shares at any time.
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.
17 min - Joel Elconin - Market Momentum, Tech Rotation, and the Path to New Highs
In this episode, we welcome Joel Elconin, co-host of PreMarket Prep and founder of the Stock Trader Network, to break down the market’s steady rebound, shifting sector leadership, and what to watch as we approach year-end.
Key Discussion Highlights
- Market Grind Higher
The S&P and Nasdaq continue a slow climb toward all-time highs, with day-to-day rotation across tech, value, and retail.- AI Trade Reset
META cost cuts, Oracle’s struggles, and Google’s new TPU chips highlight a more competitive, and more selective, AI environment.- Seasonality & Fed Expectations
Santa Claus rally patterns, tax-loss selling, and shifting rate-cut odds are shaping year-end behavior.- 2026 Themes
Guests on Joel’s shows continue to flag healthcare strength, selective value opportunities, and resilient retail trends.Stocks Mentioned: META, ORCL, GOOGL, CRM, BRK.A/B, AMZN
Click here to visit Joel’s PreMarket Prep website
Click here to visit the Stock Trader Network
-----------------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.12 min - Market Grind Higher
- District Metals - New Large-Scale Uranium Targets In Sweden & Answering Your Questions On Share Price Correction and Valuation
In this update, Garrett Ainsworth, President and CEO of District Metals (TSX.V:DMX | OTCQX:DMXDF | Nasdaq First North:DMXSE SDB), addresses the recent stock sell-off and multiple new large and high priority targets across their Swedish uranium assets.
Key Discussion Points:
- New Target Generation - Large Mobile MT surveys across Alum Shale properties highlighting large drill targets.
- 2026 Exploration Path - Permit timing, priority zones, and shallow/scalable drill programs.
- Share-Price Volatility - Garrett addresses the ~50% stock pullback, confirming the Company holds $9M CAD in cash and has no need for short-term financing, despite market rumors.
- Valuation Disconnect - DMX trades at $0.08/lb (Inferred U3O8) versus the peer average of $3.44/lb.
If you have any follow up questions for Garrett please email me at [email protected].
Click here to visit the District Metals website to learn more about the Company.
Note - District Metals is now traded on the OTCQX. The uplisting from the OTQB was announced on November 12.
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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.22 min - Nick Hodge – Pro Trading Tips And Picks In The Silver, Gold, Lithium, and Copper Stocks
Nick Hodge, Co-Owner of Digest Publishing and editor of Foundational Profits and Underground Alpha, joins us for a longer-format discussion with macroeconomic factors, veteran stock tips and opportunities in select silver, gold, lithium, and copper stocks.
We start off discussing the break in silver to all-time highs, coming out of the mid-October through mid-November corrective move in the precious metals sector. Nick points out that in light of this sector resurgence in silver, gold, and also copper over the last few weeks, that we’ve continued to witness large, outsized financings in companies like Vizsla Silver and Arizona Sonoran Copper; that were aggressively taken up in very short periods of time. This underscores the large pools of money on the sidelines that are still quite interested in getting positioned with the highest quality projects as the metals bull market continues to unfold.
We review how the recent moves in both gold and silver to record levels have become too big to ignore for generalist investors and analysts, that will now shift their gaze to the expanded margins playing out in Q4 and continue to push PM producers to higher levels.
- He flagged the capital flows and stock performance in royalty companies like Royal Gold and Empress Royalties as evidence that more generalists and institutional funds were being drawn into the precious metals sector.
- This led to a discussion about the substantial positioning of Tether Investments recently into a handful of royalty and streaming companies; which may pave the way for more rotation of funds from the crypto space into the PM stocks.
Additionally, Nick sees the most undervalued opportunities in the brownfield developers with defined ounces in the ground, compelling economics, and that are moving down the pathway towards production.
- He pointed to companies like Perpetua Resources and Revival Gold as good examples of developers up near 52 weeks highs, garnering interest from investors, but that still had more runway to keep appreciating in price to NAV metrics.
Even the exploration stocks focused on new discoveries are getting a stronger bid in this environment, and Nick points to the move up this year in Kingsmen Resources, including the move today on the back of a silver/gold discovery in Mexico.
Next we shift over to the uptick in both the lithium carbonate pricing on the global markets, as well as a renewed interest in many lithium stocks.
- Nick unpacked his investing journey and strategy utilizing early positioning in private placements to experience multi-fold returns in lithium stocks like Q2 Metals, and Lion Rock Resources, both with compelling recent exploration results.
Wrapping up we touched about the continued favorable supply/demand fundamentals in the copper sector, the improving pricing strength in copper itself, and the recent surge in copper producers in several ETFs.
- Nick mentioned positions in the (PICK) iShares MSCI Global Metals & Mining Producers ETF, the positive market reaction in Ivanhoe Mines despite reduced production forecasts, and the M&A positioning for Teck Resources from AngloAmerican and BHP as evidence of a pickup in interest in copper and base metals producers.
Click here to follow Nick’s analysis and publications over at Digest Publishing
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.34 min - Total Metals - Building a High-Grade Gold & VMS Portfolio in Ontario and Manitoba
In this company introduction, we chat with Michael Dehn, Executive Chairman of Total Metals (TSX.V:TT | OTCQB:TTTMF | Frankfurt:04N).
Michael introduces the newly listed company and its portfolio of high-grade gold and VMS projects in the prolific Red Lake District. We discuss the upcoming $9 million financing designed to launch an aggressive 2026 drill program, starting in January at the Electrolode VMS project, and accelerating exploration on the newly acquired High Lake and West Hawk Lake gold assets.
Multi-Asset Exploration Strategy
- Electrolode Project (VMS): Located strategically between Kinross's Great Bear and First Mining's Springpole. The project hosts an Inferred resource with a high-grade core of 0.5M tonnes @ 17.87% Zinc (plus Au, Ag, Cu). Drilling to test the Arrow Zone and new targets is planned to start in January 2026.
- High Lake / West Hawk Lake (Gold): Two high-grade gold assets recently acquired. The strategy is to leverage shallow historic drilling and high-grade resources.
- Operational Advantage: The projects benefit from low operating risk due to their proximity to major mining centers (Red Lake, Winnipeg) and existing infrastructure, with six mills within trucking distance for potential toll milling.
Financials & Corporate Goals
- Financing: The Company is set to close a total financing of up to $9 million (flow-through and hard dollar) to fund the exploration budget of at least $5.5 million for 2026.
- Corporate Plan: Plans are in place to move to the TSX Main Board and pursue a potential dual listing on the ASX in 2026.
Click here to visit the Total Metals website to learn more about the Company.
-----------------
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.
19 min - Sitka Gold - RC Gold Project: Resource Expansion Drill Results at Blackjack, Eiger and Saddle Zones
In this company update, Mike Burkey, VP of Corporate Development at Sitka Gold (TSX.V:SIG | OTCQB:SITKF | Frankfurt:1RF), recaps the final 2025 drill results from the Blackjack, Eiger and Saddle zones, aimed at expanding the 2.8 million ounce resource at the RC Gold Project.
We discuss successful resource extensions at the Blackjack and Eiger zones, the value of the Saddle Zone in reducing the strip ratio, and the confirmation of increasing grade with depth. The major catalyst pending is the final batch of 36 drill holes, predominantly from the high-grade Rhosgobel discovery.
Key Discussion Points:
- Resource Expansion & Pit Economics: Final drilling confirms growth at Blackjack margins and the high-grade, near-surface Saddle Zone, improving pit economics.
- Grade-at-Depth Thesis: Confirmed increasing grade with depth at Eiger and Blackjack.
- Low-Hanging Fruit: Follow-up plans for 2026 focused on resource upgrade/expansion and the new Blackjack South discovery.
- Major Catalyst Pending: Update on the 36 drill holes awaiting final assays, predominantly from the high-grade Rhosgobel new discovery.
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
--------------------
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.
15 min - Dave Erfle - Silver's $96/oz Technical Target, Thesis Gold's Impressive PFS & M&A Recaps
In this editorial, Dave Erfle, Founder and Editor of the Junior Miner Junky, breaks down the explosive move in silver, now approaching $60/oz, and the technical long-term target of $96/oz.
We analyze the macro tailwinds and examine the Pre-Feasibility Study (PFS) from Thesis Gold (TSX-V:TAU). The PFS reveals exceptional economics, with an After-Tax NPV of $2.37 Billion (at base case $2,900 Gold and $35 Silver). Dave also covers the accelerating M&A environment, including the bolt-on acquisition by Montage Gold and the strategic divestment by Endeavour Silver.
Key Discussion Points:
- Silver Price Trajectory: The technical and fundamental case for continued upside, including the long-term $96/oz target and the impact of looming Fed rate cuts.
- Thesis Gold PFS Analysis: Breakdown of the economics, emphasizing the 23% silver value often ignored by the market.
- M&A Trends: Examination of the latest merger activity, including the accretive acquisition by Montage Gold and the strategic move by Endeavour Silver to shed non-core assets.
- Valuation Strategy: Advice on navigating the current market volatility, focusing on buying undervalued juniors and trimming fully valued positions.
Click here to visit the Junior Miner Junky website to learn more about Dave’s investment letter.
-------------------
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.
19 min - Blackrock Silver – Final Set Of Drill Assays From Eastern Expansion Step Out Program, Building Towards Expanded Resource Estimate And Updated PEA In Q1 2026
Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins us to discuss the final set of diamond core drill assays, from this year’s exploration program, stepping out into the Eastern Expansion area at their 100% owned Tonopah West project located in West-Central Nevada, United States. The Eastern Expansion Program was a follow-up to the Company’s reverse-circulation scout drill program at Tonopah West completed in February 2025, which showed significant potential to expand the DPB South resource area 1,200 metres in an easterly direction.
EASTERN EXPANSION PROGRAM HIGHLIGHTS:
- At least three mineralized northwest oriented structures have been identified within the 1.2 kilometre eastern expansion trend running parallel to the Pittsburg-Monarch fault that suggest a series of footwall fault splays as opposed to a singular east-west structure;
- TXC25-173 cut 0.92 metres of 2,122.7 grams per tonne (g/t) silver equivalent (AgEq) (1,162 g/t silver (Ag) & 8.79 g/t gold (Au)) from 220.9 metres, and a separate zone of 1.04 metres grading 534.8 g/t AgEq (189.8 g/t Ag & 3.16 g/t Au) from 215.5 metres;
- TXC25-178 drilled 6.4 metres of 296.6 g/t AgEq (135.7 g/t Ag & 1.47 g/t Au), including 0.46 metres of 3,853 g/t AgEq (1,771 g/t Ag & 19.06 g/t Au) from 183.8 metres in a north-south oriented structure within the M&I Conversion Area at DPB South; and
- Results from the Company's drill program targeting expansion potential across a one kilometre trend of vein corridor between the DPB and Northwest Step Out resource areas and the Eastern Expansion Program will be incorporated into an updated mineral resource estimate and preliminary economic assessment on Tonopah West estimated to be completed in February 2026.
Andrew reiterates that the silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, as well as at depth. He also highlights how this new understanding of the North-South orientation to mineralization in the Eastern Expansion area that will inform next year’s follow up drilling. We also discuss how with more drilling this area could be important earlier on in the mining development sequencing.
As it stands today, before all this expansion drilling gets included, the updated MRE released in September, based on just the M&I conversion drilling, contains a total of 0.107 million ounces (“Mozs”) of gold (“Au”) and 9.5Mozs of silver (“Ag”), or 21.1Mozs of silver equivalent (“AgEq”) of indicated mineral resources, and 0.47 Mozs of Au and 35.5Mozs of Ag, or 86.88Mozs of AgEq of inferred mineral resources.
We discussed that this Tonopah West Project really works even at far lower silver and gold prices due to the very high-grade nature of the deposit, and has excellent torque to rising metals prices. At a 180 grams per tonne (“g/t”) AgEq cutoff, the average block-diluted grade of the indicated mineral resources is 493 g/t AgEq and the average block-diluted grade of the inferred mineral resources is 525.9 g/t AgEq. This actually keeps the proposed head grade at much higher levels than other peer development projects, once the economics and stope optimization process is factored in.
The Company is engaged in many derisking and development activities from hydrology and geotechnical drilling, to permitting, engineering, metallurgical studies, and this will all be factored into the updated Preliminary Economic Assessment due out in February of 2026.
If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at [email protected].
- In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.
Click here to visit the Blackrock Silver website to 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.
22 min - Erik Wetterling – Value Proposition Adjustments In Montage Gold, K2 Gold, and Finex Metals
Recorded December 1st, 2025: Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins me to outline any adjustments that he is making to the value proposition in 3 gold exploration stocks, based around recent press releases and milestones.
He sees this newsflow and fundamental catalysts as much more relevant for any changes to the company’s valuation (either up or down), rather than the improving sentiment within the backdrop of rising underlying precious metals price environment.
The companies we discuss in this interview are:
- Montage Gold Corp. (TSX: MAU, OTCQX: MAUTF) – On November 28, 2025 — Montage Gold Corp. announced that it has entered into a binding Scheme Implementation Deed with African Gold Limited (ASX: A1G) pursuant to which Montage will acquire all of the issued share capital of African Gold that it does not already own, by way of an Australian court-approved Scheme of Arrangement. The Transaction adds the high-quality resource-stage Didievi project in Côte d’Ivoire to Montage’s portfolio and strengthens its footprint in the country, where it has established a strong presence through its ongoing build of its Koné project, which remains on-budget and well on schedule.
- K2 Gold Corp. (TSX.V: KTO) (OTCQB: KTGDF) – On December 1, 2025, K2 Gold announced that the United States Bureau of Land Management (BLM) issued a Final Environmental Impact Statement (FEIS) for K2's Mojave Exploration Drilling Project in Inyo County, CA. This milestone follows rigorous independent review, over 100 days of public comment and scoping, and consultation with local communities representing a significant step forward in de-risking and advancing one of the most compelling exploration projects in the United States.
- FinEx Metals Ltd. (TSX.V: FINX) – On November 25, 2025, FinEx Metals announced that it has received initial assay results for the first five drill holes from the East Target of its 100%-owned Ruoppa gold project, located in the Central Lapland Greenstone Belt of northern Finland. The Company completed its first diamond drill program at Ruoppa, comprising fourteen drill holes totalling 2,483 metres, in August and September 2025.
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.
18 min - K2 Gold - Mojave Project Permit Received, Over $10M in Treasury for Drilling In 2026
In this breaking update, Anthony Margarit, President and CEO of K2 Gold (TSX.V:KTO | OTCQB:KTGDF | FSE:23K), confirms receipt of the long-awaited exploration permit for the Mojave Project in California.
The Company is fully funded for its initial Phase I drill program, thanks to the recent exercise of over 30 million warrants, boosting the treasury to $10.8 million. We discuss the immediate roadmap for drilling, which commences in early 2026 and will focus on expanding high-grade, near-surface oxide gold at the Dragonfly and Newmont zones.
Key Discussion Points:
- Permit Secured: The BLM’s issuance of the Final EIS allows for the immediate commencement of exploration on the Mojave Project (22 drill pads permitted) upon publication of the forthcoming Record of Decision (30 days).
- Fully Funded Program: Recent warrant exercises have positioned the Company with $10.8 million in the treasury, fully funding the next year of exploration.
- Phase I Focus: Drilling will target the Dragonfly and Newmont zones, focusing on expanding near-surface oxide gold.
- District Upside: The property hosts multiple poly-metallic trends, including the never-before-drilled Gold Valley target, which returned up to 375 g/t Au at surface.
Click here to sign up for the webinar, tomorrow December 3rd at 9am PT (12pm ET).
If you have any follow up questions for Anthony please comment below or email me at [email protected].
Click here to visit the K2 Gold 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.17 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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