Gold just closed Q1 over $3,100, up nearly 20% year-to-date, marking one of the strongest quarterly performances in recent memory.

Craig Hemke, editor of TF Metals Report, joins us to break down what’s driving this strength and why the equities haven’t fully caught up.

The GDX and GDXJ ETFs continue to lag, weighed down by large-cap underperformers like Newmont and Barrick. However, many individual gold and silver stocks have delivered outsized gains. Craig emphasizes this is a stock picker’s market, not a time to rely on passive ETFs.

We also discuss:

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

Keith Bodnarchuk, President and CEO, and Andy Carmichael, VP of Exploration of Cosa Resources Corp (TSX-V: COSA) (OTCQB: COSAF), both join me to review the news released on March 20, 2025 reporting that the inaugural drill program has confirmed that the Murphy Lake North Uranium Project contains up to 2 kilometres strike length of the extension of geology underpinning the Hurricane deposit. Murphy Lake North is a joint venture between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) and is located in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.

Highlights

Andy walks us through the extension of the Hurricane Trend, where the historic exploration holes were drilled, and where the 4 drill holes from this maiden drill program were located. Not only did they find the right faulting and geological structure, but they also found the alteration zone in the sandstone that tells them they are vectoring in on the right areas. Plans are in development for a fully funded summer drill program to follow up winter drilling results.

Keith wraps us up covering the financial strength of the company, reviews their recent capital raise, and key strategic shareholders.  The company is well-funded to proceed with their summer drill program and initiatives on other properties.

If you have any questions for Keith or Andy regarding Cosa Resources, then please email them in to me at [email protected].

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* In full disclosure, Shad is a shareholder of Cosa Resources at the time of this recording.

Click here to follow the most recent news from Cosa Resources

Mark Brennan,  Founder, CEO, and Director of Cerrado Gold Inc (TSX.V: CERT) (OTCQX: CRDOF), joins me to review a production and exploration update at Minera Don Nicolas in Argentina, the transformative acquisition of Ascendant Resources and their Lagoa Salgada VMS Project in Portugal, and the optionality and value proposition in the Mont Sorcier Iron-Vanadium project in Quebec.

We start off digging into an operations update and review of their Minera Don Nicolas producing gold project in Argentina, and how the production profile can grow by eventually going underground, as well as find more satellite open-pits at surface. The higher gold prices are allowing for a faster repayment of debt along with an aggressive exploration program underway in 2025 to expand resources at depth and at key surface targets.

Next we unpack the key news announced on February 3rd, on the transaction to acquire Ascendant Resources Inc. (TSX: ASND) for their 80% interest in the robust Lagoa Salgada VMS Project with a Post-tax NPV of US$147 million and a 39% IRR in current Feasibility Study. This adds substantial precious metals and critical minerals exposure (34% silver & Gold, 30% Zinc, 15% copper, 14% lead, 7% tin) to the future production profile, with expected lowest cost quartile production with US$0.59/lb Zinc Equivalent All in sustaining cost (AISC) for the first 5 years.  Mark also highlights how there is extensive exploration potential to keep expanding resources at this Project.  There will be an optimized Feasibility Study due in Q3, construction decision by year end 2025 and initial production expected in second half of 2027.

We wrap up discussing the underappreciated value and ongoing derisking work that is moving towards an updated economic study at the Mont Sorcier Iron-Vanadium in Quebec.   The company will have a stronger balance sheet at the end of 2025, growing production and revenues, and 3 strong projects each with key news catalysts for the balance of this year.

Click here to see the latest news from Cerrado Gold.

Welcome to the KE Report Weekend Show! 

With commodities continuing to run higher, on this weekend’s show we focus on where the best opportunities are for investors.  

If you enjoy the show, be sure to explore our website (kereport.com), 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!

US markets are under pressure as capital continues to exit the country. Marc Chandler sees this as the fourth major shock in recent years - after COVID, the war in Ukraine, and US-China decoupling - with a new “US shock” centered around rising tariffs and geopolitical unpredictability.

European investors are unwinding heavy US exposure from 2023, rotating capital into bonds or back into home markets. Meanwhile, gold’s breakout reflects a global search for safety and trend momentum, while the dollar is not benefiting from its usual safe haven role.

Marc believes we’re headed for a pronounced slowdown, not stagflation. The Fed may begin cutting rates mid-year but not because inflation is back at 2%, rather due to a weakening labor market. Until then, risk aversion is high, capital is sitting on the sidelines, and preservation, not growth, is the priority.

Click here to visit Marc’s site - Marc To Market. 

Joel Elconin, co-host of PreMarket Prep, joins us to break down the key drivers behind the significant market weakness and why he sees the combination of deteriorating technicals, poor corporate guidance, and political volatility as a dangerous setup heading into Q2.

Tariffs, inconsistent messaging from the US, and a sharp drop in consumer confidence are adding pressure. International sentiment toward the US is shifting, and even travel stocks are showing strain.

Joel warns that “buy the dip” may no longer work in this environment. He suggests holding more cash, focusing on capital preservation. With Q1 ending, he expects institutions to de-risk rather than dress up portfolios.

Click here to visit Joel’s PreMarket Prep website.

Click here to visit the Stock Trader Network.

Gwen Preston, VP of Communication at West Red Lake Gold Mines (TSX.V:WRLG – OTCQB:WRLGF), joins us to review the successful mill restart being achieved and all the ongoing development work and initiatives underway, both at surface and underground; moving towards first gold production towards the end of Q2 at the Madsen Mine and Mill, in the Red Lake district of Ontario, Canada.

We start off reviewing that the test mining bulk sample is currently being run through the mill as an initial first step in the process of restarting production at the Madsen mine and processing center. The mill was started up on Monday March 10th after 28 months of maintained dry shutdown. The processing of this bulk sample ore is the key initiative that the company will report results on in about a month’s time.  They will review the reconciliation of what the production grade and recovery assumptions were, versus what the recovered gold and revenues end up being.

Next we got into all the other mine restart activities well underway with the 185 employees and over 50 contractors busy with so many different initiatives from underground definition drilling, working on completing the connection drift which is approximately 97% complete, and the camp being mostly build and now housing workers. We also looked ahead to the 2nd half of 2025, once the mine is producing gold and revenues, where there is a full slate of exploration targets for the team to go after to keep expanding resources at the Fork deposit, at North Shore, in the confederation package of rocks, and the satellite Rowan Project. There will be a lot of newsflow on tap in the weeks and months to come, as this is a very active time for the company and team at the Madsen Project.

If you have any follow up questions for the team over at West Red Lake Gold please email us at [email protected]  or  [email protected].

Click here to visit the West Red Lake Gold website and read over the recent news we discussed.

Matt Badiali, Editor of The New Energy Investor published under Mangrove Investor, joins us to assess what President Trump’s new executive order to fast-track critical mineral development in the U.S. really means for the mining sector - and where investors should be paying attention.

While the order includes aggressive timelines and a broad list of minerals, even gold, Matt believes it’s more of a political signal than a regulatory breakthrough. Without actual changes to permitting laws and processes, he argues the order won’t speed up mine development on its own. That said, it could succeed in attracting new capital to the sector, especially for U.S.-based projects and companies stuck in permitting limbo.

Matt highlights how high-profile assets like Pebble, Resolution, and projects across Minnesota and South Carolina are now back in focus as permitting plays gain momentum. But he cautions that without deeper policy reform, and funding, many of these projects could remain stalled. 

He also explains why a key section of the executive order, invoking the Defense Production Act to support project financing, might be the most impactful. If capital finally starts flowing from U.S. agencies into early-stage exploration or advanced development projects, it could represent a major turning point for the sector.

Click here to visit the Mangrove Investor website to follow along with what Matt is writing.

Gold above $3,000, silver over $35, and copper near all-time highs - this is the commodity bull market many investors have been waiting for. 

Brien Lundin, Editor of the Gold Newsletter and our host at the New Orleans Investment Conference joins us to share his outlook on the rally across precious and base metals and how it’s translating into momentum for the mining sector, especially junior stocks.

Brien discusses how recent tariff talk and ongoing geopolitical risk have added fuel to a move that’s already being supported by strong monetary fundamentals. Central banks continue to buy gold, and now western investors are starting to rotate into the space. With gold mining equities outperforming the metal itself, and juniors seeing increased access to capital, Brien believes the setup is in place for broader gains across the sector.

He also outlines how the strength in gold is expected to show up in Q1 earnings, with producers benefiting from significantly higher average prices. As generalist investors screen for performance, gold equities could be too strong to ignore.

We also discuss how Brien is positioning his portfolio, why he’s adding exposure to select juniors with strong resources or near-term catalysts, and his take on silver and copper stocks, which have yet to fully follow the underlying metals. He shares several company names currently on his radar and explains how he balances taking profits while staying exposed to the upside.

Click here to learn more about the Gold Newsletter.

Dean Besserer, President and CEO of Zeus North American Mining (CSE:ZEUS - OTCQB:ZUUZF - FRA:092) joins me for a company update focused on the Cuddy Mountain Project in Idaho, located adjacent to Hercules Metals’ Leviathan porphyry discovery. After a comprehensive 2024 surface program, Zeus has now defined a compelling copper-silver-moly porphyry target, supported by geochem and a large, high-chargeability IP anomaly starting at ~100 meters depth.

The anomaly spans a 3x3 km footprint, potentially extending up to 5 km northeast. The company is preparing for an 8-10 hole drill program expected to begin in late summer, pending permits. Dean outlines a $2-2.5M budget for the program.

We also discuss regional activity from neighbors like Hercules, Scout (private, recently raised $10M USD), and NexGold, plus ongoing dialogue with major mining companies.

Dean notes that drilling a porphyry system offers immediate visual confirmation, setting the stage for rapid follow-up if initial holes are successful.

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

Click here to visit the Zeus North American Mining Corp.